Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement (Tables)

v3.21.2
Fair Value Measurement (Tables)
6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Fair Values of Debt Instruments The carrying values and fair values of debt instruments are as follows (in thousands):
June 30, 2021 December 31, 2020
Carrying Value Fair Value Carrying Value Fair Value
Recourse debt $ 606,766  $ 562,832  $ 230,660  $ 230,660 
Senior debt 1,930,662  1,931,429  1,722,730  1,733,767 
Subordinated debt 999,825  1,027,504  934,386  958,880 
Securitization debt 2,072,305  2,143,734  1,908,369  2,012,283 
Total $ 5,609,558  $ 5,665,499  $ 4,796,145  $ 4,935,590 
Schedule of Fair Value, Financial Instruments Measured on Recurring Basis
At June 30, 2021 and December 31, 2020, financial instruments measured at fair value on a recurring basis, based upon the fair value hierarchy, are as follows (in thousands):
June 30, 2021
Level 1 Level 2 Level 3 Total
Derivative assets:
Interest rate swaps $ —  $ 17,084  $ —  $ 17,084 
Total $ —  $ 17,084  $ —  $ 17,084 
Derivative liabilities:
Interest rate swaps $ —  $ 132,312  $ —  $ 132,312 
Total $ —  $ 132,312  $ —  $ 132,312 
Contingent consideration:        
Contingent consideration $ —  $ —  $ 2,253  $ 2,253 
Total $ —  $ —  $ 2,253  $ 2,253 
December 31, 2020
Level 1 Level 2 Level 3 Total
Derivative assets:
Interest rate swaps $ —  $ 5,218  $ —  $ 5,218 
Total $ —  $ 5,218  $ —  $ 5,218 
Derivative liabilities:
Interest rate swaps $ —  $ 175,444  $ —  $ 175,444 
Total $ —  $ 175,444  $ —  $ 175,444 
Contingent consideration:
Contingent consideration: $ —  $ —  $ 4,653  $ 4,653 
Total $ —  $ —  $ 4,653  $ 4,653 
Schedule of Contingent Consideration
The following table summarizes the activity of Level 3 contingent consideration balance in the six months ended June 30, 2021 (in thousands):
Balance at December 31, 2020
$ 4,653 
Change in fair value recognized in earnings within sales and marketing expense (2,400)
Balance at June 30, 2021
$ 2,253