Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Comparison of the Carrying Value and Estimated Fair Value of Financial Instruments

A comparison of the carrying amount and estimated fair value of these financial instruments is as follows:


(In millions)	As of June 30, 2025				As of December 31, 2024
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	$	70.0	$	70.0	$	343.7	$	343.7
Restricted cash and cash equivalents	493.8		493.8		501.3		501.3
Restricted securities available for sale	107.1		107.1		106.4		106.4
Loans receivable, net	8,001.9		9,098.3		7,850.3		8,922.7
Liabilities
Revolving secured lines of credit	$	1.5	$	1.5	$	0.1	$	0.1
Secured financing	5,383.3		5,448.5		5,361.5		5,431.9
Senior notes	1,086.4		1,141.0		991.3		1,035.3

Schedule of Assets and Liabilities, Measured at Fair Value on a Recurring Basis

The following table provides the level of measurement used to determine the fair value for each of our financial instruments measured or disclosed at fair value:


(In millions)	As of June 30, 2025
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash and cash equivalents (1)	$	70.0	$	—	$	—	$	70.0
Restricted cash and cash equivalents (1)	493.8		—		—		493.8
Restricted securities available for sale (2)	86.9		20.2		—		107.1
Loans receivable, net (1)	—		—		9,098.3		9,098.3
Liabilities
Revolving secured lines of credit (1)	$	—	$	1.5	$	—	$	1.5
Secured financing (1)	3,848.4		1,600.1		—		5,448.5
Senior notes (1)	1,141.0		—		—		1,141.0


(In millions)	As of December 31, 2024
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash and cash equivalents (1)	$	343.7	$	—	$	—	$	343.7
Restricted cash and cash equivalents (1)	501.3		—		—		501.3
Restricted securities available for sale (2)	84.5		21.9		—		106.4
Loans receivable, net (1)	—		—		8,922.7		8,922.7
Liabilities
Revolving secured lines of credit (1)	$	—	$	0.1	$	—	$	0.1
Secured financing (1)	3,831.7		1,600.2		—		5,431.9
Senior notes (1)	1,035.3		—		—		1,035.3

(1)Measured at amortized cost with fair value disclosed.

(2)Measured at fair value on a recurring basis