Borrowings and Financing Activities (Tables)

3 Months Ended

Mar. 31, 2024

Long-Term Debt, Unclassified [Abstract]

Schedule of Debt

The carrying value of our debt as of the dates indicated was as follows.

Borrowings
($ in thousands)	Interest rate		March 31, 2024		December 31, 2023
Senior notes
Senior Notes due 2024	4.500	%	$	449,354	$	449,037
Senior Notes due 2025	6.625	%	—		522,343
Senior Notes due 2027	4.875	%	446,661		446,401
Senior Notes due 2029	6.200	%	616,845		—
Total senior notes			$	1,512,860	$	1,417,781
($ in thousands)	Average interest rate (1)		March 31, 2024		December 31, 2023
Secured borrowings
FHLB advances
FHLB advances due 2024 (2)	4.730	%	$	56,875	$	72,871
FHLB advances due 2025	2.340	%	12,684		12,684
FHLB advances due 2026	4.469	%	1,835		1,835
FHLB advances due 2027	2.562	%	7,887		7,887
Total FHLB advances			79,281		95,277
Mortgage loan financing facilities	7.097	%	128,320		24,199
Total secured borrowings			$	207,601	$	119,476

(1)As of March 31, 2024. See “FHLB Advances” and “Mortgage Loan Financing Facilities” below for more information.

(2)Includes $13 million of floating-rate advances with a weighted average interest rate of 5.532% and 5.602% as of March 31, 2024, and December 31, 2023, respectively, which resets daily based on changes in SOFR.

Schedule of Interest Expense

Interest expense consisted of the following.

Interest expense
	Three Months Ended March 31,
	2024		2023
Senior notes	$	22,128	$	20,288
Loss on extinguishment of debt	4,275		—
Mortgage loan financing facilities	1,438		77
FHLB advances	945		745
Revolving credit facility	260		311
Other	—		18
Total interest expense	$	29,046	$	21,439