Borrowings and Financing Activities (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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

Borrowings
($ in thousands)	Interest rate		June 30, 2024		December 31, 2023
Senior notes
Senior Notes due 2024	4.500	%	$	449,675	$	449,037
Senior Notes due 2025	6.625	%	—		522,343
Senior Notes due 2027	4.875	%	446,924		446,401
Senior Notes due 2029	6.200	%	617,183		—
Total senior notes			$	1,513,782	$	1,417,781
($ in thousands)	Average interest rate (1)		June 30, 2024		December 31, 2023
Secured borrowings
FHLB advances
FHLB advances due 2024 (2)	5.220	%	$	40,125	$	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			62,531		95,277
Mortgage loan financing facilities	7.073	%	422,134		24,199
Total secured borrowings			$	484,665	$	119,476

(1)As of June 30, 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 5.542% and 5.602% as of June 30, 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Senior notes	$	21,156	$	20,303	$	43,284	$	40,591
Mortgage loan financing facilities	5,108		400		6,546		477
Loss on extinguishment of debt	—		—		4,275		—
FHLB advances	544		611		1,489		1,356
Revolving credit facility	256		399		516		710
Other	—		92		—		110
Total interest expense	$	27,064	$	21,805	$	56,110	$	43,244