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Borrowings and Financing Activities (Tables) | 3 Months Ended
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Mar. 31, 2024
Long-Term Debt, Unclassified [Abstract] |
Schedule of Debt | The carrying value of our debt as of the dates indicated was as follows.
Borrowings
($ in thousands) |  | Interest rate |  | March 31, 2024 |  | December 31, 2023
Senior notes |  |  |  |  |  |
Senior Notes due 2024 |  | 4.500 | % |  | $ | 449,354 |  |  | $ | 449,037 |
Senior Notes due 2025 |  | 6.625 | % |  | — |  |  | 522,343 |
Senior Notes due 2027 |  | 4.875 | % |  | 446,661 |  |  | 446,401 |
Senior Notes due 2029 |  | 6.200 | % |  | 616,845 |  |  | — |
Total senior notes |  |  |  | $ | 1,512,860 |  |  | $ | 1,417,781 |
($ in thousands) |  | Average interest rate (1) |  | March 31, 2024 |  | December 31, 2023
Secured borrowings |  |  |  |  |  |
FHLB advances |  |  |  |  |  |
FHLB advances due 2024 (2) |  | 4.730 | % |  | $ | 56,875 |  |  | $ | 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 |  |  |  | 79,281 |  |  | 95,277 |
Mortgage loan financing facilities |  | 7.097 | % |  | 128,320 |  |  | 24,199 |
Total secured borrowings |  |  |  | $ | 207,601 |  |  | $ | 119,476 |
(1)As of March 31, 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 5.532% and 5.602% as of March 31, 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 March 31,
|  |  |  |  |  | 2024 |  | 2023
Senior notes |  |  |  |  |  | $ | 22,128 |  |  | $ | 20,288 |
Loss on extinguishment of debt |  |  |  |  |  | 4,275 |  |  | — |
Mortgage loan financing facilities |  |  |  |  |  | 1,438 |  |  | 77 |
FHLB advances |  |  |  |  |  | 945 |  |  | 745 |
Revolving credit facility |  |  |  |  |  | 260 |  |  | 311 |
Other |  |  |  |  |  | — |  |  | 18 |
Total interest expense |  |  |  |  |  | $ | 29,046 |  |  | $ | 21,439 |

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