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Indebtedness (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Debt
As of September 30, 2020, debt consisted of the following (in thousands, except percentages):
Carrying Values, net of debt discount
Unused Borrowing Capacity(2)
Interest
Rate (1)
Maturity Date
CurrentLong TermTotal
Recourse debt:
Bank line of credit$— $224,910 $224,910 $10,000 
3.43% - 3.60%
April 2022
Total recourse debt— 224,910 224,910 10,000 
Non-recourse debt:
Senior29,254 783,114 812,368 1,229 
2.39% - 5.61%
April 2022 - August 2027
Subordinated64,974 529,878 594,852 705 
6.00% - 10.50%
March 2023 - November 2030
Securitization Class A28,079 815,846 843,925 — 
3.61% - 5.31%
July 2024 - February 2055
Securitization Class B505 8,316 8,821 — 5.38%July 2024
Total non-recourse debt
122,812 2,137,154 2,259,966 1,934 
Total debt$122,812 $2,362,064 $2,484,876 $11,934 
(1)     Reflects contractual, unhedged rates. See Note 9, Derivatives for hedge rates.
(2)     Represents the additional amount the Company could borrow, if any, based on the state of its existing assets as of September 30, 2020. For a description of the amount of capital commitments the Company can draw from as it constructs new assets, please see Item 2. Management’s Discussion and Analysis of Financial Conditions and Result of Operations, Debt and Financing Fund Commitments.
As of December 31, 2019, debt consisted of the following (in thousands, except percentages):
Carrying Values, net of debt discountUnused
Borrowing
Capacity
Interest
Rate (1)
Maturity Date
CurrentLong TermTotal
Recourse debt:
Bank line of credit$— $239,485 $239,485 $— 
5.09% - 5.38%
April 2022
Total recourse debt— 239,485 239,485 — 
Non-recourse debt:
Senior8,020 617,499 625,519 14,639 
3.94% - 5.61%
April 2022 - July 2027
Subordinated— 513,938 513,938 — 
6.93% - 10.80%
March 2023 - July 2030
Securitization Class A26,838 839,981 866,819 — 
3.61% - 5.31%
July 2024 - February 2055
Securitization Class B490 8,689 9,179 — 5.38%July 2024
Total non-recourse debt
35,348 1,980,107 2,015,455 14,639 
Total debt$35,348 $2,219,592 $2,254,940 $14,639 
(1)     Reflects contractual, unhedged rates. See Note 9, Derivatives for hedge rates.