| 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, 2022 | | December 31, 2021 | | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | Recourse debt | | $ | 898,277 | | | $ | 782,473 | | | $ | 601,684 | | | $ | 518,168 | | | Senior debt | | 2,918,726 | | | 2,861,306 | | | 2,269,623 | | | 2,261,071 | | | Subordinated debt | | 1,592,597 | | | 1,472,963 | | | 1,160,115 | | | 1,160,432 | | | Securitization debt | | 2,575,564 | | | 2,231,126 | | | 2,471,468 | | | 2,494,070 | | | Total | | $ | 7,985,164 | | | $ | 7,347,868 | | | $ | 6,502,890 | | | $ | 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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2022 | | | Level 1 | | Level 2 | | Level 3 | | Total | | Derivative assets: | | | | | | | | | | Interest rate swaps | | $ | — | | | $ | 241,516 | | | $ | — | | | $ | 241,516 | | | Total | | $ | — | | | $ | 241,516 | | | $ | — | | | $ | 241,516 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | | Level 1 | | Level 2 | | Level 3 | | Total | | Derivative assets: | | | | | | | | | | Interest rate swaps | | $ | — | | | $ | 26,673 | | | $ | — | | | $ | 26,673 | | | Total | | $ | — | | | $ | 26,673 | | | $ | — | | | $ | 26,673 | | | Derivative liabilities: | | | | | | | | | | Interest rate swaps | | $ | — | | | $ | 83,873 | | | $ | — | | | $ | 83,873 | | | Total | | $ | — | | | $ | 83,873 | | | $ | — | | | $ | 83,873 | |
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