Borrowings (Tables)

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Schedule of Borrowings

The table below summarizes the Company’s borrowings.

(dollars in thousands)	Borrowings - Principal		Unamortized Deferred Issuance Costs		Net Borrowings Outstanding		Available Capacity (1)		Maturity Dates	Interest Rates (2)
As of September 30, 2026
Short-term borrowings:
Secured borrowings:
FHLB	$	—	$	—	$	—	$	1,384,817	N/A	—	%
FRB: Discount window	—		—		—		1,226,354		N/A	—	%
Total	—		—		—		2,611,171
Long-term borrowings:
Senior notes	77,665		(989)		76,676		—		September 30, 2029	10.00	%
Total borrowings	$	77,665	$	(989)	$	76,676	$	2,611,171
As of December 31, 2025
Short-term borrowings:
Secured borrowings:
FHLB	$	—	$	—	$	—	$	1,349,351	N/A	—%
FRB: Discount window	—		—		—		1,373,872		N/A	—%
Total	—		—		—		2,723,223
Long-term borrowings:
Senior notes	77,665		(1,237)		76,428		—		September 30, 2029	10.00%
Total borrowings	$	77,665	$	(1,237)	$	76,428	$	2,723,223

(1)Available capacity on the Company's borrowings arrangements with the FHLB and the FRB comprise pledged collateral that has not been borrowed against. FHLB capacity was reduced by $151.6 million as of September 30, 2026 and $12.4 million as of December 31, 2025 due to the issuance of letters of credit. As of September 30, 2026, the Company had total additional undrawn borrowing capacity of approximately $4.2 billion, comprising unencumbered securities available to be pledged of approximately $1.6 billion and undrawn financing on pledged assets of $2.6 billion.

(2)Represents the weighted average interest rate on borrowings outstanding and the coupon interest rate on the senior notes, which approximates the effective interest rate.