Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 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 rates, and the maturity information at September 30, 2023 and December 31, 2022.

Table 16.1 – Long-Term Debt

	September 30, 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 B	$	101,247	$	—	$	101,247	N/A		5.71	%	2/2025
Facility C	60,657		—		60,657		N/A		4.75	%	6/2026
Non-Recourse BPL Financing
Facility D	486,099		(596)		485,503		$	750,000	SOFR + 2.89%		N/A
Facility E	225,865		(844)		225,021		335,000		SOFR + 3.25%		12/2025
Recourse BPL Financing
Facility F	21,293		(9)		21,284		500,000		SOFR + 2.35%-2.60%		9/2025
Facility H	234,014		—		234,014		450,000		SOFR + 2.40%-2.60%		7/2025
Facility I	193,007		—		193,007		450,000		SOFR + 2.25%-2.77%		3/2025
Total Long-Term Debt Facilities	1,322,182		(1,449)		1,320,733
Convertible notes
5.75% exchangeable senior notes	162,092		(1,793)		160,299		N/A		5.75	%	10/2025
7.75% convertible senior notes	215,000		(5,274)		209,726		N/A		7.75	%	6/2027
Trust preferred securities and subordinated notes	139,500		(698)		138,802		N/A		SOFR + 2.51%		7/2037
Total Long-Term Debt	$	1,838,774	$	(9,214)	$	1,829,560

	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. As a result of legislation that was passed in the state of New York, our trust preferred securities and subordinated notes converted to SOFR upon the cessation of LIBOR in 2023.

The following table summarizes the accrued interest payable on long-term debt at September 30, 2023 and December 31, 2022.

Table 16.3 – Accrued Interest Payable on Long-Term Debt

(In Thousands)	September 30, 2023		December 31, 2022
Long-term debt facilities	$	5,535	$	3,364
Convertible notes
5.625% exchangeable senior notes	—		3,896
5.75% exchangeable senior notes	4,659		2,332
7.75% convertible senior notes	4,906		741
Trust preferred securities and subordinated notes	1,924		1,633
Total Accrued Interest Payable on Long-Term Debt	$	17,024	$	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 September 30, 2023 and December 31, 2022.

Table 16.2 – Collateral for Long-Term Debt

(In Thousands)	September 30, 2023		December 31, 2022
Collateral Type
BPL bridge loans	$	1,497,589	$	897,782
BPL term loans	46,915		66,567
Real estate securities
Sequoia securitizations (1)	—		178,439
CAFL securitizations (1)	231,473		237,068
Total Collateral for Long-Term Debt	$	1,775,977	$	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.