Borrowings and Financing Activities (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

the carrying value of our debt, other than our securitized nonrecourse debt related to consolidated VIEs as discussed in Note 7, is as follows.

Borrowings
($ in thousands)	Interest rate			March 31, 2025		December 31, 2024
Senior notes
Senior Notes due 2027		4.875	%	$	447,734	$	447,461
Senior Notes due 2029		6.200	%		618,231		617,876
Total senior notes				$	1,065,965	$	1,065,337
($ in thousands)	Average interest rate (1)			March 31, 2025		December 31, 2024
Secured borrowings
Mortgage loan financing facilities		5.963	%	$	240,545	$	492,429
FHLB advances
FHLB advances due 2025		4.604	%		22,400		36,143
FHLB advances due 2026		4.469	%		1,835		1,835
FHLB advances due 2027		2.562	%		7,887		7,887
Total FHLB advances					32,122		45,865
Total secured borrowings				$	272,667	$	538,294

(1)As of March 31, 2025. See “Mortgage Loan Financing Facilities” and “FHLB Advances” below for more information.

Schedule of Interest Expense

Interest expense consists of the following.

Interest expense
	Three Months Ended March 31,
(In thousands)	2025		2024
Senior notes	$	15,800	$	22,128
Mortgage loan financing facilities		6,010		1,438
FHLB advances		425		945
Revolving credit facility		264		260
Loss on extinguishment of debt		—		4,275
Total interest expense	$	22,499	$	29,046