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Securitizations Net | 6 Months Ended
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Jun. 30, 2021
Transfers And Servicing [Abstract] |
Securitization, Net | Note 7 — Securitizations, Net From May 2011 through June 2021, the Company completed sixteen securitizations of $3.7 billion of loans, issuing $3.3 billion of securities to third parties through sixteen respective Trusts. The Company is the sole beneficial interest holder of the remaining Trusts, which are variable interest entities included in the consolidated financial statements. The transactions are accounted for as secured borrowings under U.S. GAAP. The securities are subject to redemption by the Company when the stated principal balance is less than a certain percentage, ranging from 5%–30% of the original stated principal balance of loans at issuance. As a result, the actual maturity dates of the securities issued could be earlier than their respective stated maturity dates, ranging from September 2044 through May 2051. The following table summarizes the outstanding balance, net of discounts and deal costs, of the securities and the effective interest rate for the six months ended June 30, 2021 and 2020 (dollars in thousands):
|  | Six Months Ended June 30, |
Securitizations: |  | 2021 |  |  | 2020 |
Securitizations, net |  | $ | 1,558,163 |  |  | $ | 1,599,719 |
Interest expense |  |  | 37,333 |  |  |  | 37,104 |
Average outstanding balance |  |  | 1,545,969 |  |  |  | 1,565,754 |
Effective interest rate (1) |  |  | 4.83 | % |  |  | 4.74 | %
(1) | Represents annualized interest expense divided by average gross outstanding balance and includes average rate of 4.12% and debt issuance cost amortization of 0.71% and average rate of 4.19% and debt issuance cost amortization of 0.55% for the six months ended June 30, 2021 and 2020, respectively.

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