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Borrowings and Financing Activities (Tables) | 6 Months Ended
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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 |

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