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CONDENSED FINANCIAL INFORMATION OF REGISTRANT Parent Company Only Information (Tables)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Consolidated Balance Sheets
(Parent Company Only)
Condensed Balance Sheets
(Dollars in thousands)
December 31,
2023		December 31,
2022
Assets:
Assets:
Cash and cash equivalents$1,147 $27,786 
Investment in consolidated subsidiaries2,002,325 2,198,902 
Other assets52,153 32,766 
Total assets$2,055,625 $2,259,454 
Liabilities and Stockholders' Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities$77,558 $57,266 
Dividends payable18,929 33,923 
Senior notes payable, net1,668,021 1,721,751 
Total liabilities1,764,508 1,812,940 
Total stockholders' equity291,117 446,514 
Total liabilities and stockholders' equity$2,055,625 $2,259,454 
See Notes to Condensed Financial Statements
Consolidated Statements of Operations
Condensed Statements of Operations
(Dollars in thousands, except per share data)
Year Ended December 31,
202320222021
Revenues$17,066 $805 $10,697 
Operating expenses:
Selling, general and administrative expenses40,053 39,146 41,369 
Interest expense - Securities lending and loan participations sold— — 323 
Total operating expenses40,053 39,146 41,692 
Operating (loss) income(22,987)(38,341)(30,995)
Other income (expense):
Interest and dividend income201 272 4,591 
Realized and unrealized (losses) gains on investments— — 129,351 
Change in fair value of financial instruments and other— — (6,514)
Loss from equity investments— — (384)
Interest expense(103,212)(100,087)(81,479)
(Loss) income before income taxes(125,998)(138,156)14,570 
Benefit from (provision for) income taxes32,192 34,788 (4,237)
Income (loss) before income in equity investees(93,806)(103,368)10,333 
Equity in (loss) income of subsidiaries(6,104)(56,461)434,721 
Net (loss) income(99,910)(159,829)445,054 
Other comprehensive income (loss)2,699 (4,720)(257)
Comprehensive (loss) income$(97,211)$(164,549)$444,797 
Consolidated Statements of Cash Flows
Condensed Statements of Cash Flows
(Dollars in thousands)
Year Ended December 31,
202320222021
Cash flows from operating activities:
Net (loss) income$(99,910)$(159,829)$445,054 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in net loss of subsidiaries6,104 56,461 (434,721)
Share-based compensation16,241 21,743 13,419 
Non-cash interest and other5,228 4,631 3,041 
Depreciation and amortization606 646 686 
Loss on extinguishment of debt— — 6,514 
Change in operating assets and liabilities:
Other assets7,994 32,006 348,837 
Accounts payable, accrued expenses and other liabilities22,562 1,721 11,685 
Other liabilities(2,268)(42,411)(27,561)
Net cash (used in) provided by operating activities(43,443)(85,032)366,954 
Cash flows from investing activities:
Contributions to subsidiaries(392,984)(342,031)(1,349,077)
Distributions from subsidiaries580,000 519,213 522,824 
Net cash provided by (used in) investing activities187,016 177,182 (826,253)
Cash flows from financing activities:
Proceeds from issuance of senior notes185 51,601 1,249,083 
Redemption of senior notes(58,924)— (507,348)
Payment of debt issuance and offering costs(714)(1,041)(15,768)
ESPP and payment of employment taxes on vesting of restricted stock(7,591)(10,286)(9,620)
Common dividends paid(141,099)(119,454)(347,134)
Preferred dividends paid(8,057)(8,008)(7,458)
Repurchase of common stock(69,479)(6,516)(2,656)
Proceeds from issuance of common stock115,000 — 64,713 
Proceeds from issuance of preferred stock467 874 14,712 
Net cash (used in) provided by financing activities(170,212)(92,830)438,524 
Decrease in cash, cash equivalents and restricted cash(26,639)(680)(20,775)
Cash, cash equivalents and restricted cash, beginning of year27,786 28,466 49,241 
Cash, cash equivalents and restricted cash, end of year$1,147 $27,786 $28,466