Indebtedness - Schedule of Debt (Details)
$ / shares in Units, $ in Thousands, shares in Millions |
3 Months Ended |
6 Months Ended |
|
|
|
Jun. 30, 2025
USD ($)
$ / shares
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2025
USD ($)
$ / shares
shares
|
Jun. 30, 2024
USD ($)
|
Dec. 31, 2024
USD ($)
$ / shares
|
Oct. 31, 2024
USD ($)
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Total debt, net |
$ 14,038,766
|
|
$ 14,038,766
|
|
$ 12,901,492
|
|
| Unused borrowing capacity |
$ 97,100
|
|
$ 97,100
|
|
|
|
| Common stock, par value (in dollars per share) | $ / shares |
$ 0.0001
|
|
$ 0.0001
|
|
$ 0.0001
|
|
| Debt discount amortization |
$ 618
|
$ 883
|
$ 1,258
|
$ 3,900
|
|
|
| Recourse debt |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Total debt, gross |
825,166
|
|
825,166
|
|
$ 875,100
|
|
| Unamortized debt discount |
(10,463)
|
|
(10,463)
|
|
(11,454)
|
|
| Total debt, net |
814,703
|
|
814,703
|
|
863,646
|
|
| Unused borrowing capacity |
0
|
|
0
|
|
|
|
| Recourse debt | Bank Line Of Credit |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Total debt, gross |
336,522
|
|
336,522
|
|
$ 384,226
|
|
| Unused borrowing capacity |
$ 0
|
|
$ 0
|
|
|
|
| Weighted average interest rate |
8.07%
|
|
8.07%
|
|
8.45%
|
|
| Line of credit, maximum borrowing capacity |
|
|
|
|
|
$ 447,500
|
| Recourse debt | Bank Line Of Credit | Secured Overnight Financing Rate (SOFR) | Minimum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate during period |
|
|
3.25%
|
|
|
|
| Recourse debt | Bank Line Of Credit | Secured Overnight Financing Rate (SOFR) | Maximum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate during period |
|
|
3.75%
|
|
|
|
| Recourse debt | Bank Line Of Credit | Federal Funds Rate |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate |
0.50%
|
|
0.50%
|
|
|
|
| Recourse debt | Bank Line Of Credit | Prime Rate |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate |
1.00%
|
|
1.00%
|
|
|
|
| Recourse debt | 0% Convertible Senior Notes |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Total debt, gross |
$ 5,457
|
|
$ 5,457
|
|
$ 7,687
|
|
| Unused borrowing capacity |
$ 0
|
|
$ 0
|
|
|
|
| Weighted average interest rate |
0.00%
|
|
0.00%
|
|
0.00%
|
|
| Interest rate |
0.00%
|
|
0.00%
|
|
|
|
| Recourse debt | 0% Convertible Senior Notes | Minimum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate during period |
|
|
0.00%
|
|
|
|
| Recourse debt | 4% Convertible Senior Notes |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Total debt, gross |
$ 483,187
|
|
$ 483,187
|
|
$ 483,187
|
|
| Unused borrowing capacity |
$ 0
|
|
$ 0
|
|
|
|
| Weighted average interest rate |
4.00%
|
|
4.00%
|
|
4.00%
|
|
| Interest rate |
4.00%
|
|
4.00%
|
|
|
|
| Recourse debt | 4% Convertible Senior Notes | Minimum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate during period |
|
|
4.00%
|
|
|
|
| Recourse debt | Line of Credit | Base Rate | Minimum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate |
2.25%
|
|
2.25%
|
|
|
|
| Recourse debt | Line of Credit | Base Rate | Maximum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate |
2.75%
|
|
2.75%
|
|
|
|
| Non Recourse Debt |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Total debt, gross |
$ 13,358,325
|
|
$ 13,358,325
|
|
$ 12,155,441
|
|
| Total debt, net |
13,224,063
|
|
13,224,063
|
|
12,037,846
|
|
| Unused borrowing capacity |
97,100
|
|
97,100
|
|
|
|
| Non Recourse Debt | Senior revolving and delayed draw loans |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Total debt, gross |
2,363,800
|
|
2,363,800
|
|
$ 2,412,400
|
|
| Unused borrowing capacity |
$ 97,100
|
|
$ 97,100
|
|
|
|
| Weighted average interest rate |
6.94%
|
|
6.94%
|
|
7.24%
|
|
| Aggregate principal amount |
$ 2,900,000
|
|
$ 2,900,000
|
|
|
|
| Non Recourse Debt | Senior revolving and delayed draw loans | Secured Overnight Financing Rate (SOFR) | Minimum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate during period |
|
|
2.35%
|
|
|
|
| Non Recourse Debt | Senior revolving and delayed draw loans | Secured Overnight Financing Rate (SOFR) | Maximum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate during period |
|
|
3.10%
|
|
|
|
| Non Recourse Debt | Senior non-revolving loans |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Total debt, gross |
2,652,812
|
|
$ 2,652,812
|
|
$ 2,325,558
|
|
| Unused borrowing capacity |
$ 0
|
|
$ 0
|
|
|
|
| Weighted average interest rate |
6.29%
|
|
6.29%
|
|
6.66%
|
|
| Non Recourse Debt | Senior non-revolving loans | Minimum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate during period |
|
|
4.66%
|
|
|
|
| Non Recourse Debt | Senior non-revolving loans | Maximum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate during period |
|
|
6.93%
|
|
|
|
| Non Recourse Debt | Senior non-revolving loans | Secured Overnight Financing Rate (SOFR) | Minimum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate during period |
|
|
1.90%
|
|
|
|
| Non Recourse Debt | Senior non-revolving loans | Secured Overnight Financing Rate (SOFR) | Maximum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate during period |
|
|
2.25%
|
|
|
|
| Non Recourse Debt | Subordinated revolving and delayed draw loans |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Total debt, gross |
$ 25,650
|
|
$ 25,650
|
|
$ 20,400
|
|
| Unused borrowing capacity |
$ 0
|
|
$ 0
|
|
|
|
| Weighted average interest rate |
13.42%
|
|
13.42%
|
|
13.62%
|
|
| Non Recourse Debt | Subordinated revolving and delayed draw loans | Secured Overnight Financing Rate (SOFR) | Minimum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate during period |
|
|
9.10%
|
|
|
|
| Non Recourse Debt | Subordinated Loans |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Total debt, gross |
$ 3,078,780
|
|
$ 3,078,780
|
|
$ 2,691,534
|
|
| Total debt, net |
156,500
|
|
156,500
|
|
|
|
| Unused borrowing capacity |
$ 0
|
|
$ 0
|
|
|
|
| Weighted average interest rate |
9.37%
|
|
9.37%
|
|
9.36%
|
|
| Non Recourse Debt | Subordinated Loans | Minimum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate during period |
|
|
7.00%
|
|
|
|
| Non Recourse Debt | Subordinated Loans | Maximum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate during period |
|
|
10.61%
|
|
|
|
| Non Recourse Debt | Subordinated Loans | Secured Overnight Financing Rate (SOFR) | Minimum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate during period |
|
|
6.50%
|
|
|
|
| Non Recourse Debt | Subordinated Loans | Secured Overnight Financing Rate (SOFR) | Maximum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate during period |
|
|
6.90%
|
|
|
|
| Non Recourse Debt | Securitized loans |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Total debt, gross |
$ 5,237,283
|
|
$ 5,237,283
|
|
$ 4,705,549
|
|
| Unused borrowing capacity |
$ 0
|
|
$ 0
|
|
|
|
| Weighted average interest rate |
5.25%
|
|
5.25%
|
|
5.08%
|
|
| Non Recourse Debt | Securitized loans | Minimum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate during period |
|
|
2.27%
|
|
|
|
| Non Recourse Debt | Securitized loans | Maximum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate during period |
|
|
6.60%
|
|
|
|
| Non Recourse Debt | Convertible Senior Notes |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Total debt, net |
$ 5,500
|
|
$ 5,500
|
|
|
|
| Non Recourse Debt | Fixed Rate Senior Non Revolving Loans |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Total debt, net |
1,200,000
|
|
1,200,000
|
|
|
|
| Non Recourse Debt | Floating Rate Subordinated Loans |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Total debt, net |
662,200
|
|
662,200
|
|
|
|
| Unamortized debt (discount) premium, net |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Unamortized debt (discount) premium, net |
(134,262)
|
|
(134,262)
|
|
$ (117,595)
|
|
| Unused borrowing capacity |
$ 0
|
|
$ 0
|
|
|
|
| Line of Credit | Secured Overnight Financing Rate (SOFR) | Minimum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate |
3.25%
|
|
3.25%
|
|
|
|
| Line of Credit | Secured Overnight Financing Rate (SOFR) | Maximum |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Interest rate |
3.75%
|
|
3.75%
|
|
|
|
| Line of Credit | 2022 Credit Agreement, Base Rate Loans | Base Rate |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
0.00%
|
|
|
|
| Line of Credit | 2022 Credit Agreement, SOFR Rate Loans | Secured Overnight Financing Rate (SOFR) |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
0.00%
|
|
|
|
| Line of Credit | 2022 Credit Agreement, SOFR Rate Loans | One Month, Secured Overnight Financing Rate |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
0.11448%
|
|
|
|
| Line of Credit | 2022 Credit Agreement, SOFR Rate Loans | Three Month, Secured Overnight Financing Rate |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
0.26161%
|
|
|
|
| Line of Credit | 2022 Credit Agreement, SOFR Rate Loans | Six Month, Secured Overnight Financing Rate |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
0.42826%
|
|
|
|
| Convertible Debt | Convertible Senior Notes |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Total debt, net |
$ 483,200
|
|
$ 483,200
|
|
|
|
| Interest rate |
4.00%
|
|
4.00%
|
|
|
|
| Equivalent conversion price (in USD per share) | $ / shares |
$ 117.91
|
|
$ 117.91
|
|
|
|
| Initial conversion rate |
|
|
0.0084807
|
|
|
|
| Common stock, par value (in dollars per share) | $ / shares |
$ 0.0001
|
|
$ 0.0001
|
|
|
|
| Effective interest rate |
0.57%
|
|
0.57%
|
|
|
|
| Debt discount amortization |
|
|
$ 7,700
|
|
|
|
| Conversion price (in dollars per share) | $ / shares |
$ 0.0613704
|
|
$ 0.0613704
|
|
|
|
| Convertible Debt | Convertible Senior Notes | Capped Call |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Payments for capped call transaction |
|
|
$ 28,000
|
|
|
|
| Capped call price per share (in dollars per share) | $ / shares |
|
|
$ 117.91
|
|
|
|
| Conversion price (in dollars per share) | $ / shares |
$ 157.22
|
|
$ 157.22
|
|
|
|
| Number of shares covered by capped calls (in shares) | shares |
|
|
3.4
|
|
|
|
| Convertible Debt | Convertible Senior Notes | Base Rate |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Effective interest rate |
4.51%
|
|
4.51%
|
|
|
|
| Debt discount amortization |
|
|
$ 2,600
|
|
|
|
| Conversion price (in dollars per share) | $ / shares |
$ 16.29
|
|
$ 16.29
|
|
|
|
| Convertible Debt | Convertible Senior Notes | Base Rate | Capped Call |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Payments for capped call transaction |
|
|
$ 38,400
|
|
|
|
| Conversion price (in dollars per share) | $ / shares |
$ 22.37
|
|
$ 22.37
|
|
|
|
| Number of shares covered by capped calls (in shares) | shares |
|
|
29.7
|
|
|
|