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Securitizations Net (Tables)

9 Months Ended

Sep. 30, 2022

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 nine months ended September 30, 2022 and 2021 ($ in thousands):


	Nine Months Ended September 30,
Securitizations:	2022			2021
Securitizations, net	$	2,651,895		$	1,623,674
Interest expense		75,191			55,288
Average outstanding balance		2,331,672			1,574,999
Effective interest rate (1)		4.30	%		4.68	%

(1)

Represents annualized interest expense divided by average gross outstanding balance and includes average rate of 3.59% and debt issuance cost amortization of 0.71% and average rate of 3.97% and debt issuance cost amortization of 0.71% for the nine months ended September 30, 2022 and 2021, respectively.