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Other Debt (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding | The following table summarizes the maximum borrowing capacity, current gross balances outstanding, and effective interest rates of the Company’s warehouse facilities and loan agreements as of September 30, 2025 and December 31, 2024:
|  |  |  |  |  | September 30, 2025 |  |  |  | December 31, 2024 |  |
|  | Contract Date |  | Maturity Date |  | Period End Balance (1) |  |  | Maximum Borrowing Capacity |  |  | Effective Interest Rate |  |  |  | Period End Balance (1) |  |  | Maximum Borrowing Capacity |  |  | Effective Interest Rate |  |
|  |  |  |  |  | ($ in thousands)
The September 2022 term repurchase agreement |  | 01/04/11 |  | 07/31/26 |  | $ | 2,071 |  |  | $ | 60,000 |  |  |  | 6.0 |  | % |  | $ | — |  |  | $ | 60,000 |  |  |  | 6.5 |  | %
The 2013 repurchase agreement |  | 05/17/13 |  | 09/23/26 |  |  | 126,935 |  |  |  | 400,000 |  |  |  | 7.8 |  |  |  |  | 106,675 |  |  |  | 300,000 |  |  |  | 9.0 |  |
The 2021/2024 repurchase agreements |  | 1/29/2021 7/25/2024 |  | 05/20/26 |  |  | 106,457 |  |  |  | 200,000 |  |  |  | 8.0 |  |  |  |  | 126,815 |  |  |  | 200,000 |  |  |  | 9.0 |  |
The 2021 term repurchase agreement |  | 04/16/21 |  | 04/14/28 |  |  | 28,448 |  |  |  | 100,000 |  |  |  | 7.7 |  |  |  |  | 52,408 |  |  |  | 100,000 |  |  |  | 8.5 |  |
The 2023 repurchase agreement |  | 12/27/23 |  | 12/27/26 |  |  | 43,200 |  |  |  | 125,000 |  |  |  | 8.4 |  |  |  |  | 44,900 |  |  |  | 75,000 |  |  |  | 9.7 |  |
The 2024 bank credit agreement |  | 11/07/24 |  | 05/07/27 |  |  | 27,585 |  |  |  | 50,000 |  |  |  | 8.8 |  |  |  |  | 19,248 |  |  |  | 50,000 |  |  |  | 9.2 |  |
Total |  |  |  |  |  | $ | 334,696 |  |  | $ | 935,000 |  |  |  |  |  |  | $ | 350,046 |  |  | $ | 785,000 |  |  |  |  |
(1) Warehouse repurchase facilities amounts on the Consolidated Balance Sheets are net of debt issuance costs, amounting to $2.3 million and $2.0 million as of September 30, 2025 and December 31, 2024, respectively.
Schedule of Activity and Effective Interest Rate | The following table provides an overview of the activity and effective interest rates of the Company’s warehouse facilities and loan agreements for the three and nine months ended September 30, 2025 and 2024:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | ($ in thousands) |
Average outstanding balance |  | $ | 404,509 |  |  | $ | 311,560 |  |  | $ | 417,247 |  |  | $ | 280,716 |
Highest outstanding balance at any month-end |  |  | 570,059 |  |  |  | 435,700 |  |  |  | 571,834 |  |  |  | 435,700 |
Effective interest rate (1) |  |  | 8.18 | % |  |  | 9.12 | % |  |  | 8.00 | % |  |  | 9.32 | %
(1) Effective interest rate represents annualized interest expense divided by average gross outstanding balance. The rate includes average rate of 7.69% and 8.71%, and debt issuance cost amortization of 0.49% and 0.41%, for the three months ended September 30, 2025 and 2024, respectively, and includes average rate of 7.54% and 8.76%, and debt issuance cost amortization of 0.46% and 0.56%, for the nine months ended September 30, 2025 and 2024, respectively.
Summary of Interest Expense | The following table provides a summary of interest expense that includes interest, amortization of discount, and deal cost amortization of the Company’s warehouse facilities, securitizations and other financing for the three and nine months ended September 30, 2025 and 2024:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands) |
Warehouse and repurchase facilities |  | $ | 8,277 |  |  | $ | 7,105 |  |  | $ | 25,037 |  |  | $ | 19,612 |
Securitized debt |  |  | 80,622 |  |  |  | 56,766 |  |  |  | 220,788 |  |  |  | 159,122 |
Interest expense — portfolio related |  |  | 88,899 |  |  |  | 63,871 |  |  |  | 245,825 |  |  |  | 178,734 |
Interest expense — corporate debt |  |  | 6,144 |  |  |  | 6,143 |  |  |  | 18,429 |  |  |  | 17,677 |
Total interest expense |  | $ | 95,043 |  |  | $ | 70,014 |  |  | $ | 264,254 |  |  | $ | 196,411 |

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