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Borrowings and Financing Activities (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | As of the dates indicated, 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 |  |  | June 30, 2025 |  |  | December 31, 2024 |
Senior notes |  |  |  |  |  |  |  |  |
Senior Notes due 2027 |  |  | 4.875 | % |  | $ | 448,011 |  |  | $ | 447,461 |
Senior Notes due 2029 |  |  | 6.200 | % |  |  | 618,592 |  |  |  | 617,876 |
Total senior notes |  |  |  |  | $ | 1,066,603 |  |  | $ | 1,065,337 |
($ in thousands) |  | Average interest rate (1) |  |  | June 30, 2025 |  |  | December 31, 2024 |
Secured borrowings |  |  |  |  |  |  |  |  |
Mortgage loan financing facilities |  |  | 6.028 | % |  | $ | 664,248 |  |  | $ | 492,429 |
FHLB advances |  |  |  |  |  |  |  |  |
FHLB advances due 2025 |  |  | 4.663 | % |  |  | 87,528 |  |  |  | 36,143 |
FHLB advances due 2026 |  |  | 4.465 | % |  |  | 3,270 |  |  |  | 1,835 |
FHLB advances due 2027 |  |  | 2.562 | % |  |  | 7,887 |  |  |  | 7,887 |
Total FHLB advances |  |  |  |  |  | 98,685 |  |  |  | 45,865 |
Total secured borrowings |  |  |  |  | $ | 762,933 |  |  | $ | 538,294 |
(1) As of June 30, 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 June 30, |  |  | Six Months Ended June 30, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Senior notes |  | $ | 15,810 |  |  | $ | 21,156 |  |  | $ | 31,610 |  |  | $ | 43,284 |
Mortgage loan financing facilities |  |  | 8,446 |  |  |  | 5,108 |  |  |  | 14,456 |  |  |  | 6,546 |
FHLB advances |  |  | 877 |  |  |  | 544 |  |  |  | 1,302 |  |  |  | 1,489 |
Revolving credit facility |  |  | 741 |  |  |  | 256 |  |  |  | 1,005 |  |  |  | 516 |
Loss on extinguishment of debt |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,275 |
Total interest expense |  | $ | 25,874 |  |  | $ | 27,064 |  |  | $ | 48,373 |  |  | $ | 56,110 |

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