Securitized Debt and Securitized Debt at Fair Value (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2024 and December 31, 2023 ($ in thousands):

	March 31, 2024
(in thousands)	Securitized debt, net			Securitized debt at fair value			Total securitized debt
Securitized debt	$	2,367,132		$	1,073,793		$	3,440,925
Valuation adjustments on FVO securitized debt		—			11,320			11,320
Valuation at issuance on FVO securitized debt		—			(11,270	)		(11,270	)
Deferred issuance costs and discounts		(37,226	)		—			(37,226	)
Total securitized debt and securitized debt at fair value	$	2,329,906		$	1,073,843		$	3,403,749

	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		—			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 three months ended March 31, 2024 and 2023 ($ in thousands):

	Three Months Ended March 31,
Securitized debt:	2024			2023
Interest expense	$	49,283		$	37,196
Average outstanding unpaid principal balance		3,486,173			2,926,153
Effective interest rate (1)		5.65	%		5.08	%

(1)Effective interest rate represents annualized interest expense divided by average gross outstanding balance, which includes average rates of 5.38% and 4.44%, and debt issuance cost amortization of 0.27% and 0.64% for the three months ended March 31, 2024 and 2023, respectively.