v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 124,498 $ 110,218
Equity method investments 4,253,780 4,115,909
Receivables, net of allowance of $67 million and $62 million, respectively ($550 million and $629 million from equity method investees, respectively) 3,251,630 3,280,046
Receivables held-for-sale 35,806 113,938
Real estate and available-for-sale debt securities 75,852 76,291
Retained interests in securitization trusts, net of allowance of $3 million and $3 million, respectively 326,093 299,739
Other assets 134,703 191,824
Total Assets 8,202,362 8,187,965
Liabilities:    
Accounts payable, accrued expenses and other 282,022 380,702
Credit facilities 1,338 46,184
Commercial paper notes 113 225,212
Term loans payable 382,398 386,391
Senior notes 3,379,931 3,466,048
Junior subordinated notes 1,103,383 497,560
Convertible notes 400,109 403,438
Total Liabilities 5,667,548 5,530,096
Stockholders’ Equity:    
Preferred stock, par value $0.01 per share, 50,000,000 shares authorized, no shares issued and outstanding 0 0
Common stock, par value $0.01 per share, 450,000,000 shares authorized, 127,801,066 and 127,644,496 shares issued and outstanding, respectively 1,278 1,276
Additional paid-in capital 2,852,786 2,849,597
Accumulated deficit (449,905) (323,071)
Accumulated other comprehensive income (loss) 38,727 47,076
Non-controlling interest 91,928 82,991
Total Stockholders’ Equity 2,534,814 2,657,869
Total Liabilities and Stockholders’ Equity 8,202,362 8,187,965
Non-recourse debt    
Liabilities:    
Non-recourse debt (secured by assets of $303 million and $311 million, respectively) $ 118,254 $ 124,561