Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and December 31, 2021.

Table 15.1 – Long-Term Debt

	March 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	$	133,034	$	(208)	$	132,826	N/A		4.21	%	9/2024
CAFL
Facility B	102,351		(278)		102,073		N/A		4.21	%	2/2025
Facility G	81,995		(313)		81,682		N/A		4.75	%	6/2026
Non-Recourse BPL Financing
Facility H	430,026		(755)		429,271		$	600,000	L + 2.50%		N/A
Recourse BPL Financing
Facility F	301,200		(205)		300,995		450,000		SOFR + 2.25%		9/2023
Facility I	263,836		—		263,836		450,000		SOFR + 3.24%		6/2023
Total Long-Term Debt Facilities	1,312,442		(1,759)		1,310,683
Convertible notes
4.75% convertible senior notes	198,629		(1,571)		197,058		N/A		4.75	%	8/2023
5.625% convertible senior notes	150,200		(1,879)		148,321		N/A		5.625	%	7/2024
5.75% exchangeable senior notes	172,092		(3,182)		168,910		N/A		5.75	%	10/2025
Trust preferred securities and subordinated notes	139,500		(768)		138,732		N/A		L + 2.25%		7/2037
Total Long-Term Debt	$	1,972,863	$	(9,159)	$	1,963,704

	December 31, 2021
(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	$	144,385	$	(313)	$	144,072	N/A		4.21	%	9/2024
CAFL
Facility B	102,351		(353)		101,998		N/A		4.21	%	2/2025
Facility G	91,707		(376)		91,331		N/A		4.75	%	6/2026
Non-Recourse BPL Financing
Facility H	307,215		(507)		306,708		$	400,000	L + 2.75%		N/A
Recourse BPL Financing
Facility F	234,349		(123)		234,226		450,000		L + 2.21%		9/2023
Facility I	110,148		—		110,148		450,000		L + 3.35%		6/2023
Total Long-Term Debt Facilities	990,155		(1,672)		988,483
Convertible notes
4.75% convertible senior notes	198,629		(1,836)		196,793		N/A		4.75	%	8/2023
5.625% convertible senior notes	150,200		(2,072)		148,128		N/A		5.625	%	7/2024
5.75% exchangeable senior notes	172,092		(3,384)		168,708		N/A		5.75	%	10/2025
Trust preferred securities and subordinated notes	139,500		(779)		138,721		N/A		L + 2.25%		7/2037
Total Long-Term Debt	$	1,650,576	$	(9,743)	$	1,640,833

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

The following table summarizes the accrued interest payable on long-term debt at March 31, 2022 and December 31, 2021.

Table 15.3 – Accrued Interest Payable on Long-Term Debt

(In Thousands)	March 31, 2022		December 31, 2021
Long-term debt facilities	$	1,589	$	815
Convertible notes
4.75% convertible senior notes	1,206		3,564
5.625% convertible senior notes	1,784		3,896
5.75% exchangeable senior notes	4,948		2,474
Trust preferred securities and subordinated notes	607		581
Total Accrued Interest Payable on Long-Term Debt	$	10,134	$	11,330

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, 2022 and December 31, 2021.

Table 15.2 – Collateral for Long-Term Debt

(In Thousands)	March 31, 2022		December 31, 2021
Collateral Type
Bridge loans	$	815,580	$	554,597
Single-family rental loans	376,502		244,703
Real estate securities
Sequoia securitizations (1)	226,974		247,227
CAFL securitizations (1)	264,774		260,405
Total Collateral for Long-Term Debt	$	1,683,830	$	1,306,932

(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.