Securitizations Net (Tables)

6 Months Ended

Jun. 30, 2022

Transfers And Servicing [Abstract]

Summary of Outstanding Balance Net of Discounts and Deals Costs of Securities and Effective Interest Rate

The following table summarizes the outstanding balance, net of discounts and deal costs, of the securities and the effective interest rate for the six months ended June 30, 2022 and 2021 ($ in thousands):

	Six Months Ended June 30,
Securitizations:	2022			2021
Securitizations, net	$	2,477,226		$	1,558,163
Interest expense		44,428			37,333
Average outstanding balance		2,175,263			1,545,969
Effective interest rate (1)		4.08	%		4.83	%

(1)Represents annualized interest expense divided by average gross outstanding balance and includes average rate of 3.38% and debt issuance cost amortization of 0.70% and average rate of 4.12% and debt issuance cost amortization of 0.71% for the six months ended June 30, 2022 and 2021, respectively.