Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurement (Tables)

v3.21.2
Fair Value Measurement (Tables)
9 Months Ended
Sep. 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):
September 30, 2021 December 31, 2020
Carrying Value Fair Value Carrying Value Fair Value
Recourse debt $ 599,333  $ 542,088  $ 230,660  $ 230,660 
Senior debt 1,935,698  1,938,292  1,722,730  1,733,767 
Subordinated debt 1,114,488  1,101,339  934,386  958,880 
Securitization debt 2,487,287  2,549,224  1,908,369  2,012,283 
Total $ 6,136,806  $ 6,130,943  $ 4,796,145  $ 4,935,590 
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):
September 30, 2021
Level 1 Level 2 Level 3 Total
Derivative assets:
Interest rate swaps $ —  $ 26,883  $ —  $ 26,883 
Total $ —  $ 26,883  $ —  $ 26,883 
Derivative liabilities:
Interest rate swaps $ —  $ 88,273  $ —  $ 88,273 
Total $ —  $ 88,273  $ —  $ 88,273 
Contingent consideration:        
Contingent consideration $ —  $ —  $ 1,653  $ 1,653 
Total $ —  $ —  $ 1,653  $ 1,653 
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 nine months ended September 30, 2021 (in thousands):
Balance at December 31, 2020
$ 4,653 
Change in fair value recognized in earnings within sales and marketing expense (3,000)
Balance at September 30, 2021
$ 1,653