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Securitizations Net (Tables) | 6 Months Ended
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Jun. 30, 2021
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 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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