Securitizations and Securitizations at Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

Transfers and Servicing [Abstract]

Summary of Securitizations and Securitizations at Fair Value

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

	March 31, 2023
(in thousands)	Securitizations, net			Securitizations at fair value		Total securitizations
Securitizations	$	2,705,404		$	194,771	$	2,900,175
Valuation adjustments on FVO securitizations		—			170		170
Deferred issuance costs and discounts		(47,935	)		—		(47,935	)
Total securitizations and securitizations at fair value	$	2,657,469		$	194,941	$	2,852,410

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

Summary of Effective Interest Rate of Securitizations and Securitizations at Fair Value

The following table presents the effective interest rate of securitizations and securitizations at fair value for the three months ended March 31, 2023 and 2022 ($ in thousands):

	Three Months Ended March 31,
Securitizations:	2023			2022
Interest expense	$	37,196		$	19,791
Average outstanding unpaid principal balance		2,926,153			2,018,186
Effective interest rate (1)		5.08	%		3.92	%

(1)Effective interest rate represents annualized interest expense divided by average gross outstanding balance, which includes average rates of 4.44% and 3.22%, and debt issuance cost amortization of 0.64% and 0.70% for the three months ended March 31, 2023 and 2022, respectively.