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v3.23.3

Securitized Debt and Securitized Debt at Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2023
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 September 30, 2023 and December 31, 2022 ($ in thousands):
|  | September 30, 2023 |
(in thousands) |  | Securitized debt, net |  |  | Securitized debt at fair value |  |  | Total securitized debt |
Securitized debt |  | $ | 2,546,709 |  |  | $ | 690,371 |  |  | $ | 3,237,080 |
Valuation adjustments on FVO securitized debt |  |  | — |  |  |  | (21,232 | ) |  |  | (21,232 | )
Deferred issuance costs and discounts |  |  | (42,375 | ) |  |  | — |  |  |  | (42,375 | )
Total securitized debt and securitized debt at fair value |  | $ | 2,504,334 |  |  | $ | 669,139 |  |  | $ | 3,173,473 |
|  | December 31, 2022 |
(in thousands) |  | Securitized debt, net |  |  | Securitized debt at fair value |  |  | Total securitized debt |
Unpaid principal balance |  | $ | 2,788,908 |  |  | $ | — |  |  | $ | 2,788,908 |
Valuation adjustments on FVO securitized debt |  |  | — |  |  |  | — |  |  |  | — |
Deferred issuance costs and discounts |  |  | (52,618 | ) |  |  | — |  |  |  | (52,618 | )
Total securitized debt and securitized debt at fair value |  | $ | 2,736,290 |  |  | $ | — |  |  | $ | 2,736,290 |
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 nine months ended September 30, 2023 and 2022 ($ in thousands):
|  | Nine Months Ended September 30, |
Securitized debt: |  | 2023 |  |  | 2022 |
Interest expense |  | $ | 119,377 |  |  | $ | 75,191 |
Average outstanding unpaid principal balance |  |  | 3,044,511 |  |  |  | 2,331,672 |
Effective interest rate (1) |  |  | 5.23 | % |  |  | 4.30 | %
(1) Effective interest rate represents annualized interest expense divided by average gross outstanding balance, which includes average rates of 4.67% and 3.59%, and debt issuance cost amortization of 0.56% and 0.71% for the nine months ended September 30, 2023 and 2022, respectively.

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