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Securitizations Net (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2021 and 2020 (dollars in thousands):

		Nine Months Ended September 30,
Securitizations:		2021				2020
Securitizations, net		$	1,623,674			$	1,670,930
Interest expense			55,288				58,749
Average outstanding balance			1,574,999				1,728,131
Effective interest rate (1)			4.68	%			4.53	%

⁽¹⁾ Represents annualized interest expense divided by average gross outstanding balance and includes average rate of 3.97% and debt issuance cost amortization of 0.71% and average rate of 3.94% and debt issuance cost amortization of 0.59% for the nine months ended September 30, 2021 and 2020, respectively.

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Summary of outstanding balance net of discounts and deals costs of securities and effective interest rate.

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