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Borrowings (Tables) | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
Schedule of Borrowings | The table below summarizes the Company’s borrowings.
(dollars in thousands) |  | Borrowings - Principal |  | Unamortized Deferred Issuance Costs |  | Net Borrowings Outstanding |  | Available Capacity (1) |  | Maturity Dates |  | Interest Rates (2)
As of March 31, 2026 |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Secured borrowings: |  |  |  |  |  |  |  |  |  |  |  |
FHLB |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 899,817 |  |  | N/A |  | — | %
FRB: |  |  |  |  |  |  |  |  |  |  |  |
Discount window |  | — |  |  | — |  |  | — |  |  | 1,184,055 |  |  | N/A |  | — | %
Total |  | — |  |  | — |  |  | — |  |  | 2,083,872 |  |  |  |  |
Long-term borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Senior notes |  | 77,665 |  |  | (1,154) |  |  | 76,511 |  |  | — |  |  | September 30, 2029 |  | 10.00 | %
Total borrowings |  | $ | 77,665 |  |  | $ | (1,154) |  |  | $ | 76,511 |  |  | $ | 2,083,872 |  |  |  |  |
As of December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Secured borrowings: |  |  |  |  |  |  |  |  |  |  |  |
FHLB |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,349,351 |  |  | N/A |  | —%
FRB: |  |  |  |  |  |  |  |  |  |  |  |
Discount window |  | — |  |  | — |  |  | — |  |  | 1,373,872 |  |  | N/A |  | —%
Total |  | — |  |  | — |  |  | — |  |  | 2,723,223 |  |  |  |  |
Long-term borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Senior notes |  | 77,665 |  |  | (1,237) |  |  | 76,428 |  |  | — |  |  | September 30, 2029 |  | 10.00%
Total borrowings |  | $ | 77,665 |  |  | $ | (1,237) |  |  | $ | 76,428 |  |  | $ | 2,723,223 |  |  |  |  |
(1)Available capacity on the Company's borrowings arrangements with the FHLB and the FRB comprise pledged collateral that has not been borrowed against. FHLB capacity was reduced by $23.0 million as of March 31, 2026 and $12.4 million as of December 31, 2025 due to the issuance of letters of credit. As of March 31, 2026, the Company had total additional undrawn borrowing capacity of approximately $3.8 billion, comprising unencumbered securities available to be pledged of approximately $1.7 billion and undrawn financing on pledged assets of $2.1 billion. (2)Represents 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.

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