| 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, 2025 | | December 31, 2024 | | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | Recourse debt | | $ | 814,703 | | | $ | 676,548 | | | $ | 863,646 | | | $ | 807,801 | | | Senior debt | | 5,014,613 | | | 4,983,936 | | | 4,738,594 | | | 4,681,858 | | | Subordinated debt | | 3,054,028 | | | 2,945,636 | | | 2,667,010 | | | 2,539,930 | | | Securitization debt | | 5,155,422 | | | 5,026,212 | | | 4,632,242 | | | 4,363,326 | | | Total | | $ | 14,038,766 | | | $ | 13,632,332 | | | $ | 12,901,492 | | | $ | 12,392,915 | |
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| Schedule of Fair Value, Financial Instruments Measured on Recurring Basis |
At June 30, 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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | Level 1 | | Level 2 | | Level 3 | | Total | | Derivative assets: | | | | | | | | | | Interest rate swaps | | $ | — | | | $ | 101,324 | | | $ | — | | | $ | 101,324 | | | Total | | $ | — | | | $ | 101,324 | | | $ | — | | | $ | 101,324 | | | Derivative liabilities: | | | | | | | | | | Interest rate swaps | | $ | — | | | $ | 29,743 | | | $ | — | | | $ | 29,743 | | | Total | | $ | — | | | $ | 29,743 | | | $ | — | | | $ | 29,743 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Level 1 | | Level 2 | | Level 3 | | Total | | 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 | |
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