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, 2022 |
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December 31, 2021 |
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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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$ |
898,277 |
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$ |
782,473 |
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$ |
601,684 |
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$ |
518,168 |
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Senior debt |
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2,918,726 |
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2,861,306 |
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2,269,623 |
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2,261,071 |
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Subordinated debt |
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1,592,597 |
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1,472,963 |
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1,160,115 |
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1,160,432 |
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Securitization debt |
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2,575,564 |
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2,231,126 |
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2,471,468 |
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2,494,070 |
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Total |
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$ |
7,985,164 |
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$ |
7,347,868 |
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$ |
6,502,890 |
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$ |
6,433,741 |
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Schedule of Fair Value, Financial Instruments Measured on Recurring Basis |
At September 30, 2022 and December 31, 2021, 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, 2022 |
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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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$ |
241,516 |
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$ |
— |
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$ |
241,516 |
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Total |
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$ |
— |
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$ |
241,516 |
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$ |
— |
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$ |
241,516 |
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December 31, 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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$ |
26,673 |
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$ |
— |
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$ |
26,673 |
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Total |
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$ |
— |
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$ |
26,673 |
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$ |
— |
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$ |
26,673 |
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Derivative liabilities: |
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Interest rate swaps |
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$ |
— |
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$ |
83,873 |
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$ |
— |
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$ |
83,873 |
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Total |
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$ |
— |
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$ |
83,873 |
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$ |
— |
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$ |
83,873 |
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