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Borrowings
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
The following table summarizes the Company’s borrowings, which include repurchase agreements with the Company’s customers and borrowings as of March 31, 2025 and December 31, 2024:
(dollars in thousands)Borrowings - PrincipalUnamortized Deferred Issuance CostsNet Borrowings Outstanding
Available Capacity (1)
Maturity Dates
Interest Rates (2)
March 31, 2025
Customer repurchase agreements$32,357 $— $32,357 $— N/A2.87 %
Short-term borrowings:
Secured borrowings:
FHLB490,000 — 490,000 1,070,435 
Various(3)
4.80 %
FRB:
Discount window— — — 1,806,205 N/AN/A
Total490,000 — 490,000 2,876,640 
Long-term borrowings:
Senior notes
77,665 (1,484)76,181 — September 30, 202910.00 %
Total borrowings$600,022 $(1,484)$598,538 $2,876,640 
December 31, 2024
Customer repurchase agreements$33,157 $— $33,157 $— N/A2.67 %
Short-term borrowings:
Secured borrowings:
FHLB490,000 — 490,000 874,270 Various4.81%
FRB:
Discount window— — — 1,800,646 N/AN/A
Raymond James repurchase agreement— — — — N/AN/A
Total490,000 — 490,000 2,674,916 
Long-term borrowings:
Senior notes
77,665 (1,557)76,108 — September 30, 202910.00%
Total borrowings$600,822 $(1,557)$599,265 $2,674,916 
(1)Available capacity on the Company's borrowings arrangements with the FHLB, the FRB and the Raymond James repurchase line comprise pledged collateral that has not been borrowed against. As of March 31, 2025, the Company had total additional undrawn borrowing capacity of approximately $4.2 billion, comprising unencumbered securities available to be pledged of approximately $1.3 billion and undrawn financing on pledged assets of $2.9 billion.
(2)Represent the weighted average interest rate on customer repurchase agreements, borrowings outstanding and the coupon interest rate on the subordinated notes, which approximates the effective interest rate.
(3)FHLB borrowings of $240.0 million were paid off on April 1, 2025 and a balance of $250.0 million remains outstanding as of the filing of this report.
The Company’s repurchase agreements operate on a rolling basis and do not contain contractual maturity dates. The contractual maturity dates on FHLB secured borrowings represent the maturity dates of current advances and are not evidence of a termination date on the line.
There are no prepayment penalties nor unused commitment fees on any of the Company’s borrowing arrangements.

Senior Notes
On September 30, 2024, the Company closed a private placement of its 10.00% senior unsecured debt totaling $77.7 million maturing on September 30, 2029 (the "2029 Senior Notes" or "Original Notes"). As of March 31, 2025, the carrying value of these 2029 Senior Notes was $76.2 million which reflected $1.5 million in unamortized deferred financing costs that are being amortized over the life of the 2029 Senior Notes.
In connection with the issuance of the 2029 Senior Notes, the Company also entered into a registration rights agreement dated September 30, 2024 with the purchasers of the 2029 Senior Notes (the “Registration Rights Agreement”). Pursuant to the Registration Rights Agreement, the Company filed an exchange offer registration statement with the SEC to exchange the Senior Notes for substantially identical notes registered under the Securities Act (the "Exchange Notes"). The terms of the Exchange Notes are identical to the terms of the Original Notes, except that the transfer restrictions and registration rights applicable to the Original Notes do not apply to the Exchange Notes. The Company completed the exchange offer on January 16, 2025.