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Securitized Debt at Amortized Cost and Securitized Debt at Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2025
Transfers and Servicing [Abstract] |
Summary of Securitized Debt at Amortized Cost and Securitized Debt at Fair Value | The following tables summarize securitized debt at amortized cost and securitized debt at fair value as of September 30, 2025 and December 31, 2024:
Securitized Debt, at Amortized Cost |  | September 30, 2025 |  |  | December 31, 2024 |
|  | (In thousands) |
Unpaid principal balance |  | $ | 1,813,334 |  |  | $ | 2,049,790 |
Deferred issuance costs and discounts |  |  | (30,184 | ) |  |  | (30,734 | )
Total securitized debt, at amortized cost |  | $ | 1,783,150 |  |  | $ | 2,019,056 |
Securitized Debt, at Fair Value |  | September 30, 2025 |  |  | December 31, 2024 |
|  | (In thousands) |
Unpaid principal balance |  | $ | 3,739,705 |  |  | $ | 2,219,218 |
Adjustment at issuance to recognize fair value (1) |  |  | (26,608 | ) |  |  | (18,231 | )
Fair value at issuance |  |  | 3,713,097 |  |  |  | 2,200,987 |
Valuation adjustment subsequent to issuance (2) |  |  | 37,675 |  |  |  | 6,421 |
Fair value adjustment related to refinance of securitization trust |  |  | (1,883 | ) |  |  | — |
Total securitized debt at fair value |  | $ | 3,748,889 |  |  | $ | 2,207,408 |
(1) Balance sheet adjustment to recognize fair value at issuance. This valuation adjustment is not recognized in net income. (2) Valuation adjustment recognized in net income. No valuation change is due to instrument specific credit risk as the Company’s (issuer) credit risk has not changed.
Summary of Difference Between Aggregate Fair Value and Aggregate Unpaid Principal Balance of Securitized Debt at Fair Value | The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of securitized debt at fair value as of September 30, 2025 and December 31, 2024:
|  | Fair Value |  |  | Unpaid Principal Balance |  |  | Difference |
|  | (In thousands) |
September 30, 2025 |  | $ | 3,748,889 |  |  | $ | 3,739,705 |  |  | $ | 9,184 |
December 31, 2024 |  |  | 2,207,408 |  |  |  | 2,219,218 |  |  |  | (11,810 | )
Summary of Effective Interest Rate of Securitized Debt at Amortized Cost and Securitized Debt at Fair Value | The following table presents the effective interest rate of securitized debt at amortized cost and securitized debt at fair value for the nine months ended September 30, 2025 and 2024:
|  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |
|  | ($ in thousands) |
Interest expense |  | $ | 220,788 |  |  | $ | 159,122 |
Average outstanding unpaid principal balance |  |  | 4,829,808 |  |  |  | 3,668,377 |
Effective interest rate (1) |  |  | 6.10 | % |  |  | 5.78 | %
(1) Effective interest rate represents annualized interest expense divided by average gross outstanding balance, which includes average rates of 5.96% and 5.53%, and debt issuance cost amortization of 0.14% and 0.25% for the nine months ended September 30, 2025 and 2024, respectively.

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