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Other Debt (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025:

						March 31, 2026													December 31, 2025
		Contract Date		Current 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		$	—			$	60,000				—		%		$	—			$	60,000				6.0		%
The 2013 repurchase agreement		05/17/13		09/23/26			—				400,000				7.6					132,100				400,000				7.6
The 2021/2024 repurchase agreements		1/29/2021 7/25/2024		05/20/26			—				200,000				8.2					105,712				200,000				7.9
The 2021 term repurchase agreement		04/16/21		04/14/28			—				100,000				7.9					18,132				100,000				7.7
The 2023 repurchase agreement		12/27/23		12/27/26			50,000				125,000				11.0		(2)			24,400				125,000				8.8
The 2024 bank credit agreement		11/07/24		05/07/27			49,354				50,000				7.9					30,095				50,000				8.7
Total						$	99,354			$	935,000								$	310,439			$	935,000

(1)Warehouse repurchase facilities amounts on the Consolidated Balance Sheets are net of debt issuance costs, amounting to $1.3 million and $1.9 million as of March 31, 2026 and December 31, 2025, respectively.

(2)The higher effective interest rate for the 2023 repurchase agreement reflects the lower average outstanding balance during the quarter, which resulted from the paydown of the warehouse line using proceeds from the Company's unsecured debt issuance.

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 months ended March 31, 2026 and 2025:

		Three Months Ended March 31,
		2026				2025
		($ in thousands)
Average outstanding balance		$	176,760			$	433,790
Highest outstanding balance at any month-end			201,390				571,834
Effective interest rate (1)			8.43	%			7.84	%

(1)Effective interest rate represents annualized interest expense divided by average gross outstanding balance. The rate includes average rate of 7.10% and 7.45%, and debt issuance cost amortization of 1.33% and 0.39%, for the three months ended March 31, 2026 and 2025, respectively. The 1.33% debt cost amortization rate for the three months ended March 31, 2026, reflects the lower average outstanding balance during the quarter, which resulted from the paydown of warehouse lines with proceeds from the Company's unsecured debt issuance.

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 months ended March 31, 2026 and 2025:

		Three Months Ended March 31,
		2026				2025
		(In thousands)
Warehouse and repurchase facilities		$	3,723			$	8,505
Securitized debt			90,304				66,583
Interest expense — portfolio related			94,027				75,088
Interest expense — Corporate - Secured debt			6,681				6,142
Interest expense — Corporate - Unsecured debt			8,452				—
Total interest expense		$	109,160			$	81,230

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