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Borrowings and Financing Activities (Tables) | 12 Months Ended
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Dec. 31, 2024
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, was as follows.
Borrowings |
|  |  |  |  | December 31, |
($ in thousands) |  | Interest rate |  |  | 2024 |  |  | 2023 |
Senior notes |  |  |  |  |  |  |  |  |
Senior Notes due 2024 |  |  | 4.500 | % |  | $ | — |  |  | $ | 449,037 |
Senior Notes due 2025 |  |  | 6.625 | % |  |  | — |  |  |  | 522,343 |
Senior Notes due 2027 |  |  | 4.875 | % |  |  | 447,461 |  |  |  | 446,401 |
Senior Notes due 2029 |  |  | 6.200 | % |  |  | 617,876 |  |  |  | — |
Total senior notes |  |  |  |  | $ | 1,065,337 |  |  | $ | 1,417,781 |
|  |  |  |  | December 31, |
($ in thousands) |  | Average interest rate (1) |  |  | 2024 |  |  | 2023 |
Secured borrowings |  |  |  |  |  |  |  |  |
Mortgage loan financing facilities |  |  | 6.647 | % |  | $ | 492,429 |  |  | $ | 24,199 |
FHLB advances |  |  |  |  |  |  |  |  |
FHLB advances due 2024 |  | N/A |  |  |  | — |  |  |  | 72,871 |
FHLB advances due 2025 |  |  | 3.878 | % |  |  | 36,143 |  |  |  | 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 |  |  |  |  |  | 45,865 |  |  |  | 95,277 |
Total secured borrowings |  |  |  |  | $ | 538,294 |  |  | $ | 119,476 |
N/A – Not applicable (1) As of December 31, 2024. See “FHLB Advances” and “Mortgage Loan Financing Facilities” below for more information.
Schedule of Interest Expense | Interest expense consisted of the following.
Interest expense |  |  |  |
|  | Years Ended December 31, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Senior notes |  | $ | 80,020 |  |  | $ | 81,246 |  |  | $ | 80,999 |
Mortgage loan financing facilities |  |  | 20,008 |  |  |  | 3,507 |  |  |  | 14 |
Loss on extinguishment of debt |  |  | 4,275 |  |  |  | — |  |  |  | — |
FHLB advances |  |  | 2,430 |  |  |  | 3,454 |  |  |  | 1,923 |
Revolving credit facility |  |  | 1,281 |  |  |  | 1,374 |  |  |  | 1,282 |
Other |  |  | — |  |  |  | 114 |  |  |  | 236 |
Total interest expense |  | $ | 108,014 |  |  | $ | 89,695 |  |  | $ | 84,454 |

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