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Borrowings (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Borrowings
The table below summarizes the Company’s borrowings.
(dollars in thousands)Borrowings - PrincipalUnamortized Deferred Issuance CostsNet Borrowings Outstanding
Available Capacity (1)
Maturity Dates
Interest Rates (2)
As of June 30, 2026
Short-term borrowings:
Secured borrowings:
FHLB$100,000 $— $100,000 $719,130 
July 7, 2026 (3)
3.82 %
FRB: Discount window— — — 1,195,914 N/A— %
Total100,000 — 100,000 1,915,044 
Long-term borrowings:
Senior notes77,665 (1,072)76,593 — September 30, 202910.00 %
Total borrowings$177,665 $(1,072)$176,593 $1,915,044 
As of December 31, 2025
Short-term borrowings:
Secured borrowings:
FHLB$— $— $— $1,349,351 N/A—%
FRB: Discount window— — — 1,373,872 N/A—%
Total— — — 2,723,223 
Long-term borrowings:
Senior notes77,665 (1,237)76,428 — September 30, 202910.00%
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 $173.4 million as of June 30, 2026 and $12.4 million as of December 31, 2025 due to borrowing and the issuance of letters of credit. As of June 30, 2026, the Company had total additional undrawn borrowing capacity of approximately $3.5 billion, comprising unencumbered securities available to be pledged of approximately $1.6 billion and undrawn financing on pledged assets of $1.9 billion.
(2)Represents the weighted average interest rate on borrowings outstanding and the coupon interest rate on the senior notes, which approximates the effective interest rate.
(3)FHLB borrowings of $100 million were paid off upon its maturity on July 7, 2026.