Fair Value Measurement (Tables)
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9 Months Ended |
Sep. 30, 2021 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Carrying Values and Fair Values of Debt Instruments |
The carrying values and fair values of debt instruments are as follows (in thousands):
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September 30, 2021 |
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December 31, 2020 |
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Carrying Value |
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Fair Value |
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Carrying Value |
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Fair Value |
| Recourse debt |
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$ |
599,333 |
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$ |
542,088 |
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$ |
230,660 |
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$ |
230,660 |
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| Senior debt |
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1,935,698 |
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1,938,292 |
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1,722,730 |
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1,733,767 |
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| Subordinated debt |
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1,114,488 |
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1,101,339 |
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934,386 |
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958,880 |
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| Securitization debt |
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2,487,287 |
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2,549,224 |
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1,908,369 |
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2,012,283 |
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| Total |
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$ |
6,136,806 |
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$ |
6,130,943 |
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$ |
4,796,145 |
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$ |
4,935,590 |
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| Schedule of Fair Value, Financial Instruments Measured on Recurring Basis |
At September 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):
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September 30, 2021 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
| Derivative assets: |
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| Interest rate swaps |
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$ |
— |
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$ |
26,883 |
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$ |
— |
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$ |
26,883 |
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| Total |
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$ |
— |
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$ |
26,883 |
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$ |
— |
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$ |
26,883 |
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| Derivative liabilities: |
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| Interest rate swaps |
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$ |
— |
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$ |
88,273 |
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$ |
— |
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$ |
88,273 |
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| Total |
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$ |
— |
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$ |
88,273 |
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$ |
— |
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$ |
88,273 |
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| Contingent consideration: |
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| Contingent consideration |
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$ |
— |
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$ |
— |
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$ |
1,653 |
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$ |
1,653 |
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| Total |
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$ |
— |
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$ |
— |
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$ |
1,653 |
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$ |
1,653 |
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December 31, 2020 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
| Derivative assets: |
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| Interest rate swaps |
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$ |
— |
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$ |
5,218 |
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$ |
— |
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$ |
5,218 |
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| Total |
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$ |
— |
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$ |
5,218 |
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$ |
— |
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$ |
5,218 |
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| Derivative liabilities: |
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| Interest rate swaps |
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$ |
— |
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$ |
175,444 |
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$ |
— |
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$ |
175,444 |
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| Total |
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$ |
— |
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$ |
175,444 |
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$ |
— |
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$ |
175,444 |
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| Contingent consideration: |
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| Contingent consideration: |
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$ |
— |
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$ |
— |
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$ |
4,653 |
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$ |
4,653 |
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| Total |
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$ |
— |
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$ |
— |
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$ |
4,653 |
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$ |
4,653 |
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| Schedule of Contingent Consideration |
The following table summarizes the activity of Level 3 contingent consideration balance in the nine months ended September 30, 2021 (in thousands):
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Balance at December 31, 2020 |
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$ |
4,653 |
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| Change in fair value recognized in earnings within sales and marketing expense |
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(3,000) |
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Balance at September 30, 2021 |
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$ |
1,653 |
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