Securitized Debt and Securitized Debt at Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Transfers and Servicing [Abstract]

Summary of Securitized Debt and Securitized Debt at Fair Value

The following tables summarize securitized debt and securitized debt at fair value as of December 31, 2023 and 2022 ($ in thousands):

	December 31, 2023
(in thousands)	Securitized debt, net			Securitized debt at fair value		Total securitized debt
Securitized debt	$	2,458,439		$	876,704	$	3,335,143
Valuation adjustments on FVO securitized debt		—			713		713
Deferred issuance costs and discounts		(39,628	)		—		(39,628	)
Total securitized debt and securitized debt at fair value	$	2,418,811		$	877,417	$	3,296,228

	December 31, 2022
(in thousands)	Securitized debt, net			Securitized debt at fair value		Total securitized debt
Unpaid principal balance	$	2,788,908		$	—	$	2,788,908
Valuation adjustments on FVO securitized debt		—			—		—
Deferred issuance costs and discounts		(52,618	)		—		(52,618	)
Total securitized debt and securitized debt at fair value	$	2,736,290		$	—	$	2,736,290

Summary of Effective Interest Rate of Securitized Debt and Securitized Debt at Fair Value

The following table presents the effective interest rate of securitized debt and securitized debt at fair value for the years ended December 31, 2023 and 2022 ($ in thousands):

	Year Ended December 31,
Securitized debt:	2023			2022
Interest expense	$	164,742		$	110,268
Average outstanding unpaid principal balance		3,113,500			2,458,332
Effective interest rate (1)		5.29	%		4.49	%

Represents annualized interest expense divided by average gross outstanding balance and includes average rate (4.79%) and debt issuance cost amortization (0.50%) and average rate (3.78%) and debt issuance cost amortization (0.71%) as of December 31, 2023 and 2022, respectively.

Summary of Investor Real Estate Loans Securitized, and Securities Issued, Ownership Retained by the Company

The following table summarizes securities issued, ownership retained by the Company at the time of the securitization, and as of December 31, 2023 and 2022, and the stated maturity for each outstanding securitized debt (in thousands):

			Securities Retained as of
Trusts	Securities Issued		Issuance Date		December 31, 2023		December 31, 2022		Stated Maturity Date
2016-1 Trust	$	319,809	$	38,792	$	—	$	17,541	April 2046
2017-2 Trust		245,601		12,927		2,416		2,697	October 2047
2018-1 Trust		176,816		9,308		1,602		2,065	April 2048
2018-2 Trust		307,988		16,210		3,614		4,352	October 2048
2019-1 Trust		235,580		12,399		—		4,178	March 2049
2019-2 Trust		207,020		10,901		—		4,007	July 2049
2019-3 Trust		154,419		8,127		—		3,281	October 2049
2020-1 Trust		248,700		13,159		—		6,746	February 2050
2020-2 Trust		96,352		32,118		12,847		12,847	June 2050
2021-1 Trust		251,301		13,227		—		10,120	May 2051
2021-2 Trust		194,918		10,260		—		—	August 2051
2021-3 Trust		204,205		—		—		—	October 2051
2021-4 Trust		319,116		—		—		—	December 2051
2022-1 Trust		273,594		5,015		4,206		4,718	February 2052
2022-2 Trust		241,388		11,202		10,971		11,170	March 2052
2022-MC1 Trust		84,967		40,911		45,026		44,038	May 2047
2022-3 Trust		296,323		18,914		15,489		18,587	May 2052
2022-4 Trust		308,357		25,190		13,414		25,027	July 2052
2022-5 Trust		188,754		65,459		12,649		65,141	October 2052
2023-1 Trust		198,715		41,593		4,043		—	December 2052
2023-1R Trust		64,833		66,228		66,228		—	October 2025
2023-2 Trust		202,210		24,229		23,948		—	April 2053
2023-RTL1 Trust		81,608		4,296		4,296		—	July 2028
2023-3 Trust		234,741		28,718		28,480		—	July 2053
2023-4 Trust		202,890		26,623		26,482		—	November 2053
Total	$	5,340,205	$	535,806	$	275,711	$	236,515

Summary of Outstanding Bond Balances

The following table summarizes outstanding bond balances for each securitized debt as of December 31, 2023 and 2022 (in thousands):

	December 31,
	2023		2022
2016-1 Trust	$	—	$	22,369
2017-2 Trust		45,869		59,183
2018-1 Trust		33,505		43,596
2018-2 Trust		76,871		93,792
2019-1 Trust		76,391		91,167
2019-2 Trust		66,340		82,508
2019-3 Trust		58,089		67,899
2020-1 Trust		106,976		136,643
2020-2 Trust		45,180		60,445
2021-1 Trust		171,748		196,969
2021-2 Trust		143,797		170,072
2021-3 Trust		158,043		178,038
2021-4 Trust		244,919		273,489
2022-1 Trust		236,358		256,667
2022-2 Trust		210,217		233,045
2022-MC1 Trust		31,508		54,528
2022-3 Trust		257,047		280,066
2022-4 Trust		274,419		301,856
2022-5 Trust		162,925		186,577
2023-1 Trust		177,250		—
2023-1R Trust		58,237		—
2023-2 Trust		188,805		—
2023-RTL1 Trust		81,608		—
2023-3 Trust		227,228		—
2023-4 Trust		201,813		—
Total outstanding bond balance	$	3,335,143	$	2,788,909

Summary of Unamortized Discounts or Premiums

As of December 31, 2023 and 2022, unamortized discounts or premiums associated with the securities carried at amortized costs are as follows (in thousands):

	December 31,
	2023		2022
2016-1 Trust	$	—	$	(150	)
2017-2 Trust		6		8
2018-1 Trust		3		6
2018-2 Trust		8		11
2019-1 Trust		6		9
2019-2 Trust		4		6
2019-3 Trust		3		4
2020-1 Trust		2		3
2020-2 Trust		294		786
2021-Trust		11		15
2021-2 Trust		127		162
2021-3 Trust		473		660
2021-4 Trust		474		642
2022-1 Trust		2,622		3,546
2022-2 Trust		2,784		3,665
2022-MC1 Trust		189		388
2022-3 Trust		4,552		6,161
2022-4 Trust		3,689		4,878
2022-5 Trust		544		727
2023-1R Trust		967		—
Total unamortized discounts (premiums)	$	16,758	$	21,527

Summary of Capitalized Issuance Costs Associated with Trusts

As of December 31, 2023 and 2022, capitalized issuance costs associated with the Trusts are as follows (in thousands):

	December 31,
	2023		2022
2016-1 Trust	$	—	$	8
2017-2 Trust		392		535
2018-1 Trust		185		303
2018-2 Trust		627		908
2019-1 Trust		432		687
2019-2 Trust		597		866
2019-3 Trust		471		675
2020-1 Trust		927		1,351
2020-2 Trust		115		369
2021-1 Trust		1,392		1,978
2021-2 Trust		1,347		1,924
2021-3 Trust		1,563		2,178
2021-4 Trust		2,382		3,177
2022-1 Trust		2,252		3,045
2022-2 Trust		2,188		2,880
2022-MC1 Trust		426		877
2022-3 Trust		2,721		3,679
2022-4 Trust		2,498		3,303
2022-5 Trust		1,760		2,349
2023-1R Trust		595		—
Total capitalized issuance costs	$	22,870	$	31,092

Summary of Weighted Average Rate on Securities and Certificates Sold

As of December 31, 2023 and 2022, the weighted average rate on the sold securities and certificates for the Trusts are as follows:

	December 31,
	2023			2022
2016-1 Trust		9.07	%		8.59	%
2017-2 Trust		3.97			3.92
2018-1 Trust		4.03			4.05
2018-2 Trust		4.48			4.46
2019-1 Trust		4.07			4.06
2019-2 Trust		3.42			3.46
2019-3 Trust		3.29			3.25
2020-1 Trust		2.85			2.89
2020-2 Trust		4.61			4.60
2021-1 Trust		1.76			1.73
2021-2 Trust		2.02			2.02
2021-3 Trust		2.46			2.44
2021-4 Trust		3.22			3.20
2022-1 Trust		3.93			3.93
2022-2 Trust		5.07			5.07
2022-MC1 Trust		6.90			6.91
2022-3 Trust		5.70			5.67
2022-4 Trust		6.24			6.23
2022-5 Trust		7.06			7.10
2023-1 Trust		7.02			—
2023-1R Trust		7.68			—
2023-2 Trust		7.19			—
2023-RTL1 Trust		8.24			—
2023-3 Trust		7.82			—
2023-4 Trust		8.38			—