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v3.25.1

Borrowings and Financing Activities (Tables) | 3 Months Ended
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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 |

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