Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019				December 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
Bank line of credit	$	239,035	$	239,035	$	247,000	$	247,000
Senior debt	913,787		913,710		828,517		828,309
Subordinated debt	278,910		284,887		273,337		272,937
Securitization debt	392,490		406,818		400,068		394,756
Total	$	1,824,222	$	1,844,450	$	1,748,922	$	1,743,002

Schedule of fair value, financial instruments measured on recurring basis

At March 31, 2019 and December 31, 2018, financial instruments measured at fair value on a recurring basis, based upon the fair value hierarchy, are as follows (in thousands):



	March 31, 2019
	Level 1		Level 2		Level 3		Total
Derivative assets:
Interest rate swaps	$	—	$	590	$	—	$	590
Total	$	—	$	590	$	—	$	590
Derivative liabilities:
Interest rate swaps	$	—	$	28,314	$	—	$	28,314
Total	$	—	$	28,314	$	—	$	28,314



	December 31, 2018
	Level 1		Level 2		Level 3		Total
Derivative assets:
Interest rate swaps	$	—	$	6,958	$	—	$	6,958
Total	$	—	$	6,958	$	—	$	6,958
Derivative liabilities:
Interest rate swaps	$	—	$	11,910	$	—	$	11,910
Total	$	—	$	11,910	$	—	$	11,910