| 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, 2023 | | December 31, 2022 | | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | Recourse debt | | $ | 945,907 | | | $ | 835,907 | | | $ | 898,040 | | | $ | 787,340 | | | Senior debt | | 3,971,785 | | | 3,916,048 | | | 3,238,633 | | | 3,176,774 | | | Subordinated debt | | 1,911,283 | | | 1,798,785 | | | 1,743,048 | | | 1,625,258 | | | Securitization debt | | 2,774,862 | | | 2,436,519 | | | 2,519,428 | | | 2,169,247 | | | Total | | $ | 9,603,837 | | | $ | 8,987,259 | | | $ | 8,399,149 | | | $ | 7,758,619 | |
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| Schedule of Fair Value, Financial Instruments Measured on Recurring Basis |
At June 30, 2023 and December 31, 2022, financial instruments measured at fair value on a recurring basis, based upon the fair value hierarchy, are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | | Level 1 | | Level 2 | | Level 3 | | Total | | Derivative assets: | | | | | | | | | | Interest rate swaps | | $ | — | | | $ | 174,625 | | | $ | — | | | $ | 174,625 | | | Total | | $ | — | | | $ | 174,625 | | | $ | — | | | $ | 174,625 | | | Derivative liabilities: | | | | | | | | | | Interest rate swaps | | $ | — | | | $ | 16,239 | | | $ | — | | | $ | 16,239 | | | Total | | $ | — | | | $ | 16,239 | | | $ | — | | | $ | 16,239 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | | Level 1 | | Level 2 | | Level 3 | | Total | | Derivative assets: | | | | | | | | | | Interest rate swaps | | $ | — | | | $ | 177,827 | | | $ | — | | | $ | 177,827 | | | Total | | $ | — | | | $ | 177,827 | | | $ | — | | | $ | 177,827 | | | Derivative liabilities: | | | | | | | | | | Interest rate swaps | | $ | — | | | $ | 8,247 | | | $ | — | | | $ | 8,247 | | | Total | | $ | — | | | $ | 8,247 | | | $ | — | | | $ | 8,247 | |
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