| 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, 2026 | | December 31, 2025 | | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | Recourse debt | | $ | 626,459 | | | $ | 715,370 | | | $ | 717,529 | | | $ | 919,709 | | | Senior debt | | 5,098,837 | | | 5,043,582 | | | 4,759,238 | | | 4,739,577 | | | Subordinated debt | | 3,197,493 | | | 3,125,086 | | | 3,279,002 | | | 3,220,986 | | | Securitization debt | | 5,872,556 | | | 5,697,424 | | | 5,939,802 | | | 5,861,033 | | | Total | | $ | 14,795,345 | | | $ | 14,581,462 | | | $ | 14,695,571 | | | $ | 14,741,305 | |
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| Schedule of Fair Value, Financial Instruments Measured on Recurring Basis |
At March 31, 2026 and December 31, 2025, financial instruments measured at fair value on a recurring basis, based upon the fair value hierarchy, are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | | Level 1 | | Level 2 | | Level 3 | | Total | | Derivative assets: | | | | | | | | | | Interest rate swaps | | $ | — | | | $ | 119,067 | | | $ | — | | | $ | 119,067 | | | Total | | $ | — | | | $ | 119,067 | | | $ | — | | | $ | 119,067 | | | Derivative liabilities: | | | | | | | | | | Interest rate swaps | | $ | — | | | $ | 10,091 | | | $ | — | | | $ | 10,091 | | | Total | | $ | — | | | $ | 10,091 | | | $ | — | | | $ | 10,091 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Level 1 | | Level 2 | | Level 3 | | Total | | Derivative assets: | | | | | | | | | | Interest rate swaps | | $ | — | | | $ | 102,346 | | | $ | — | | | $ | 102,346 | | | Total | | $ | — | | | $ | 102,346 | | | $ | — | | | $ | 102,346 | | | Derivative liabilities: | | | | | | | | | | Interest rate swaps | | $ | — | | | $ | 14,860 | | | $ | — | | | $ | 14,860 | | | Total | | $ | — | | | $ | 14,860 | | | $ | — | | | $ | 14,860 | |
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