Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The tables below summarize our long-term debt, including the facilities that are available to us, the outstanding balances, the weighted average interest rate, and the maturity information at March 31, 2023 and December 31, 2022.

Table 16.1 – Long-Term Debt

	March 31, 2023
(Dollars in Thousands)	Borrowings		Unamortized Deferred Issuance Costs / Discount		Net Carrying Value		Limit		Weighted Average Interest Rate (1)		Final Maturity
Facilities
Recourse Subordinate Securities Financing
Facility A	$	129,329	$	—	$	129,329	N/A		5.71	%	9/2024
Facility B	101,691		—		101,691		N/A		5.71	%	2/2025
Facility C	66,197		(63)		66,134		N/A		4.75	%	6/2026
Non-Recourse BPL Financing
Facility D	427,310		(68)		427,242		$	750,000	SOFR + 2.87%		N/A
Facility E	305,159		(912)		304,247		335,000		SOFR + 3.25%		12/2025
Recourse BPL Financing
Facility F	—		—		—		500,000		SOFR + 2.25%-2.50%		9/2024
Recourse MSR Financing
Facility G	47,456		—		47,456		50,000		SOFR + 3.25%		9/2024
Total Long-Term Debt Facilities	1,077,142		(1,043)		1,076,099
Convertible notes
5.625% convertible senior notes	150,200		(1,076)		149,124		N/A		5.625	%	7/2024
5.75% exchangeable senior notes	162,092		(2,207)		159,885		N/A		5.75	%	10/2025
7.75% convertible senior notes	215,000		(5,859)		209,141		N/A		7.75	%	6/2027
Trust preferred securities and subordinated notes	139,500		(721)		138,779		N/A		L + 2.25%		7/2037
Total Long-Term Debt	$	1,743,934	$	(10,906)	$	1,733,028

	December 31, 2022
(Dollars in Thousands)	Borrowings		Unamortized Deferred Issuance Costs / Discount		Net Carrying Value		Limit		Weighted Average Interest Rate (1)		Final Maturity
Facilities
Recourse Subordinate Securities Financing
Facility A	$	130,408	$	—	$	130,408	N/A		5.71	%	9/2024
Facility B	101,706		(50)		101,656		N/A		4.21	%	2/2025
Facility C	68,995		(125)		68,870		N/A		4.75	%	6/2026
Non-Recourse BPL Financing
Facility D	404,622		(667)		403,955		$	750,000	SOFR + 2.87%		N/A
Facility E	308,933		(838)		308,095		335,000		SOFR + 3.25%		12/2025
Recourse BPL Financing
Facility F	64,689		(473)		64,216		500,000		SOFR + 2.25%-2.50%		9/2024
Total Long-Term Debt Facilities	1,079,353		(2,153)		1,077,200
Convertible notes
5.625% convertible senior notes	150,200		(1,282)		148,918		N/A		5.625	%	7/2024
5.75% exchangeable senior notes	162,092		(2,410)		159,682		N/A		5.75	%	10/2025
7.75% convertible senior notes	215,000		(6,142)		208,858		N/A		7.75	%	6/2027
Trust preferred securities and subordinated notes	139,500		(733)		138,767		N/A		L + 2.25%		7/2037
Total Long-Term Debt	$	1,746,145	$	(12,720)	$	1,733,425

(1)Variable rate borrowings are based on 1- or 3-month LIBOR ("L" in the table above) or SOFR, plus an applicable spread.

The following table summarizes the accrued interest payable on long-term debt at March 31, 2023 and December 31, 2022.

Table 16.3 – Accrued Interest Payable on Long-Term Debt

(In Thousands)	March 31, 2023		December 31, 2022
Long-term debt facilities	$	3,058	$	3,364
Convertible notes
5.625% convertible senior notes	1,784		3,896
5.75% exchangeable senior notes	4,662		2,332
7.75% convertible senior notes	4,906		741
Trust preferred securities and subordinated notes	1,659		1,633
Total Accrued Interest Payable on Long-Term Debt	$	16,069	$	11,966

Schedule of Financial Instruments Owned and Pledged as Collateral

The following table below presents the value of loans, securities, and other assets pledged as collateral under our long-term debt at March 31, 2023 and December 31, 2022.

Table 16.2 – Collateral for Long-Term Debt

(In Thousands)	March 31, 2023		December 31, 2022
Collateral Type
BPL bridge loans	$	922,296	$	897,782
BPL term loans	—		66,567
Mortgage servicing rights (including certified MSRs)	73,366		—
Real estate securities
Sequoia securitizations (1)	181,897		178,439
CAFL securitizations (1)	236,540		237,068
Total Collateral for Long-Term Debt	$	1,414,099	$	1,379,856

(1)Represents securities we have retained from consolidated securitization entities. For GAAP purposes, we consolidate the loans and non-recourse ABS debt issued from these securitizations.