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Borrowings and Financing Activities (Tables)
12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt

 

Borrowings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

($ in thousands)

 

Interest rate

 

 

2025

 

 

2024

 

Senior notes

 

 

 

 

 

 

 

 

 

Senior Notes due 2027

 

 

4.875

%

 

$

448,577

 

 

$

447,461

 

Senior Notes due 2029

 

 

6.200

%

 

 

619,331

 

 

 

617,876

 

Total senior notes

 

 

 

 

$

1,067,908

 

 

$

1,065,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

($ in thousands)

 

Average
interest rate
(1)

 

 

2025

 

 

2024

 

Other Borrowings

 

 

 

 

 

 

 

 

 

FHLB advances due 2025

 

n/a

 

 

$

 

 

$

36,143

 

FHLB advances due 2026

 

 

4.036

%

 

 

33,320

 

 

 

1,835

 

FHLB advances due 2027

 

 

2.562

%

 

 

7,887

 

 

 

7,887

 

Total other borrowings

 

 

 

 

$

41,207

 

 

$

45,865

 

 

(1)
As of December 31, 2025. See “FHLB Advances” below for more information.
Schedule of Interest Expense

Interest expense consists of the following.

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

(In thousands)

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior notes

 

$

63,258

 

 

$

80,020

 

 

$

81,246

 

FHLB advances

 

 

2,867

 

 

 

2,430

 

 

 

3,454

 

Revolving credit facility

 

 

1,652

 

 

 

1,281

 

 

 

1,374

 

Loss on extinguishment of debt

 

 

513

 

 

 

4,275

 

 

 

 

Other

 

 

 

 

 

 

 

 

114

 

Total interest expense

 

$

68,290

 

 

$

88,006

 

 

$

86,188