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Other Debt (Tables)

9 Months Ended

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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