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Other Debt (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2026 and December 31, 2025:

						June 30, 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		07/31/27		$	—			$	100,000				5.3		%		$	—			$	60,000				6.0		%
The 2013 repurchase agreement		05/17/13		09/23/26			89,802				400,000				7.7					132,100				400,000				7.6
The 2021/2024 repurchase agreements		01/29/21 07/25/24		06/20/27			106,923				200,000				8.3					105,712				200,000				7.9
The 2021 term repurchase agreement		04/16/21		04/14/28			8,318				100,000				7.9					18,132				100,000				7.7
The 2023 repurchase agreement		12/27/23		12/27/26			79,300				125,000				9.3					24,400				125,000				8.8
The 2024 bank credit agreement		11/07/24		05/07/27			28,834				50,000				8.0					30,095				50,000				8.7
Total						$	313,177			$	975,000								$	310,439			$	935,000

(1)Warehouse repurchase facilities amounts on the Consolidated Balance Sheets are net of debt issuance costs, amounting to $1.5 million and $1.9 million as of June 30, 2026 and December 31, 2025, 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 six months ended June 30, 2026 and 2025:

		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
		($ in thousands)
Average outstanding balance		$	201,023			$	413,441			$	188,891			$	423,615
Highest outstanding balance at any month-end			313,177				556,752				313,177				571,834
Effective interest rate (1)			8.07	%			7.99	%			8.23	%			7.91	%

(1)Effective interest rate represents annualized interest expense divided by average gross outstanding balance. The rate includes an average rate of 6.81% and 7.48%, and debt issuance cost amortization of 1.26% and 0.51%, for the three months ended June 30, 2026 and 2025, respectively, and includes an average rate of 6.94% and 7.46%, and debt issuance cost amortization of 1.29% and 0.45%, for the six months ended June 30, 2026 and 2025, 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 six months ended June 30, 2026 and 2025:

		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
		(In thousands)
Warehouse and repurchase facilities		$	4,054			$	8,254			$	7,777			$	16,760
Securitized debt			93,573				73,584				183,877				140,166
Interest expense — portfolio related			97,627				81,838				191,654				156,926
Interest expense — Corporate — Secured debt			2,004				6,143				8,685				12,285
Interest expense — Corporate — Unsecured debt			12,465				—				20,917				—
Total interest expense		$	112,096			$	87,981			$	221,256			$	169,211

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