Securitizations Net (Tables)

6 Months Ended

Jun. 30, 2020

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 deals costs, of the securities and the effective interest rate for the six months ended June 30, 2020 and 2019 (dollars in thousands):

	Six Months Ended June 30,
	2020			2019
Securitizations:
Securitizations, net	$	1,599,719		$	1,261,456
Interest expense		37,104			33,553
Average outstanding balance		1,565,754			1,277,009
Effective interest rate (1)		4.74	%		5.25	%

(1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate (4.19%) and debt issue cost amortization (0.55%) and average rate (4.65%) and debt issue cost amortization (0.60%) for the six months ended June 30, 2020 and 2019, respectively.