v3.26.1
Borrowings and Financing Activities (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt

As of the dates indicated, the carrying value of our debt is as follows.

 

Borrowings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

Interest rate (1)

 

 

March 31,
2026

 

 

December 31,
2025

 

Short-term borrowings

 

 

 

 

 

 

 

 

 

Senior Notes due 2027

 

 

4.875

%

 

$

448,864

 

 

$

—

 

FHLB advances due 2026

 

 

3.905

%

 

 

42,215

 

 

 

33,320

 

FHLB advances due 2027

 

 

1.576

%

 

 

3,651

 

 

 

—

 

Total short-term borrowings

 

 

 

 

$

494,730

 

 

$

33,320

 

 

 

 

 

 

 

 

 

 

 

Long-term borrowings

 

 

 

 

 

 

 

 

 

Senior Notes due 2027

 

 

4.875

%

 

$

—

 

 

$

448,577

 

Senior Notes due 2029

 

 

6.200

%

 

 

619,710

 

 

 

619,331

 

Revolving credit facility

 

 

4.918

%

 

 

150,000

 

 

 

—

 

FHLB advances due 2027

 

 

3.412

%

 

 

4,236

 

 

 

7,887

 

Total long-term borrowings

 

 

 

 

$

773,946

 

 

$

1,075,795

 

 

 

(1)
As of March 31, 2026. Interest on the revolving credit facility is floating rate, subject to change monthly. Interest on the FHLB advances are primarily fixed rate and represent the average rate for all outstanding advances due in a given year.
Schedule of Interest Expense

Interest expense consists of the following.

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
March 31,

 

 

 

 

 

 

 

 

(In thousands)

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior notes

 

$

15,839

 

 

$

15,800

 

Letter of credit fees

 

 

2,290

 

 

 

—

 

Revolving credit facility

 

 

1,996

 

 

 

264

 

FHLB advances

 

 

469

 

 

 

425

 

Total interest expense

 

$

20,594

 

 

$

16,489