v3.25.1
Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 2025
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):
March 31, 2025December 31, 2024
Carrying ValueFair ValueCarrying ValueFair Value
Recourse debt$836,174 $697,758 $863,646 $807,801 
Senior debt4,516,962 4,479,740 4,738,594 4,681,858 
Subordinated debt3,009,568 2,876,855 2,667,010 2,539,930 
Securitization debt5,203,369 5,058,233 4,632,242 4,363,326 
Total$13,566,073 $13,112,586 $12,901,492 $12,392,915 
Schedule of Fair Value, Financial Instruments Measured on Recurring Basis
At March 31, 2025 and December 31, 2024, financial instruments measured at fair value on a recurring basis, based upon the fair value hierarchy, are as follows (in thousands):
March 31, 2025
Level 1Level 2Level 3Total
Derivative assets:
Interest rate swaps$— $112,068 $— $112,068 
Total$— $112,068 $— $112,068 
Derivative liabilities:
Interest rate swaps$— $17,846 $— $17,846 
Total$— $17,846 $— $17,846 
December 31, 2024
Level 1Level 2Level 3Total
Derivative assets:
Interest rate swaps$— $171,758 $— $171,758 
Total$— $171,758 $— $171,758 
Derivative liabilities:
Interest rate swaps$— $7,385 $— $7,385 
Total$— $7,385 $— $7,385