Borrowings and Financing Activities (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

he carrying value of our debt, excluding our securitized nonrecourse debt related to consolidated VIEs as discussed in Note 7, was as follows.

Borrowings
($ in thousands)	Interest rate			September 30, 2024		December 31, 2023
Senior notes
Senior Notes due 2024		4.500	%	$	—	$	449,037
Senior Notes due 2025		6.625	%		—		522,343
Senior Notes due 2027		4.875	%		447,191		446,401
Senior Notes due 2029		6.200	%		617,527		—
Total senior notes				$	1,064,718	$	1,417,781

($ in thousands)	Average interest rate (1)			September 30, 2024		December 31, 2023
Secured borrowings
FHLB advances
FHLB advances due 2024 (2)		4.776	%	$	31,958	$	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					54,364		95,277
Mortgage loan financing facilities		6.507	%		497,552		24,199
Total secured borrowings				$	551,916	$	119,476

(1)As of September 30, 2024. See “FHLB Advances” and “Mortgage Loan Financing Facilities” below for more information.

(2)Includes 5.602% as of December 31, 2023, which resets daily based on changes in SOFR.

Schedule of Interest Expense

Interest expense consisted of the following.

Interest expense
	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Senior notes	$	20,945	$	20,320	$	64,229	$	60,911
Mortgage loan financing facilities		7,500		1,609		14,045		2,086
Loss on extinguishment of debt		—		—		4,275		—
FHLB advances		538		1,039		2,027		2,395
Revolving credit facility		408		310		925		1,020
Other		—		4		—		114
Total interest expense	$	29,391	$	23,282	$	85,501	$	66,526