Securitized Debt and Securitized Debt at Fair Value (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023:

	June 30, 2024
	Securitized Debt, Net			Securitized Debt at Fair Value			Total Securitized Debt
	(In thousands)
Securitized debt	$	2,263,958		$	1,507,381		$	3,771,339
Valuation adjustments on FVO securitized debt		—			15,964			15,964
Valuation at issuance on FVO securitized debt		—			(13,393	)		(13,393	)
Deferred issuance costs and discounts		(35,017	)		—			(35,017	)
Total securitized debt and securitized debt at fair value	$	2,228,941		$	1,509,952		$	3,738,893

	December 31, 2023
	Securitized Debt, Net			Securitized Debt at Fair Value			Total Securitized Debt
	(In thousands)
Securitized debt	$	2,458,439		$	876,704		$	3,335,143
Valuation adjustments on FVO securitized debt		—			9,002			9,002
Valuation at issuance on FVO securitized debt		—			(8,289	)		(8,289	)
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

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 six months ended June 30, 2024 and 2023:

	Six Months Ended June 30,
	2024			2023
	($ in thousands)
Interest expense	$	102,355		$	76,737
Average outstanding unpaid principal balance		3,602,754			2,973,388
Effective interest rate (1)		5.68	%		5.16	%

(1)Effective interest rate represents annualized interest expense divided by average gross outstanding balance, which includes average rates of 5.43% and 4.54%, and debt issuance cost amortization of 0.25% and 0.62% for the six months ended June 30, 2024 and 2023, respectively.