Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

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, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Recourse debt	$	569,156	$	531,180	$	230,660	$	230,660
Senior debt	1,658,889		1,663,238		1,722,730		1,733,767
Subordinated debt	959,565		975,368		934,386		958,880
Securitization debt	2,086,615		2,164,149		1,908,369		2,012,283
Total	$	5,274,225	$	5,333,935	$	4,796,145	$	4,935,590

Schedule of Fair Value, Financial Instruments Measured on Recurring Basis

At March 31, 2021 and December 31, 2020, financial instruments measured at fair value on a recurring basis, based upon the fair value hierarchy, are as follows (in thousands):

	March 31, 2021
	Level 1		Level 2		Level 3		Total
Derivative assets:
Interest rate swaps	$	—	$	32,019	$	—	$	32,019
Total	$	—	$	32,019	$	—	$	32,019
Derivative liabilities:
Interest rate swaps	$	—	$	102,220	$	—	$	102,220
Total	$	—	$	102,220	$	—	$	102,220
Contingent consideration:
Contingent consideration	$	—	$	—	$	3,453	$	3,453
Total	$	—	$	—	$	3,453	$	3,453

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Derivative assets:
Interest rate swaps	$	—	$	5,218	$	—	$	5,218
Total	$	—	$	5,218	$	—	$	5,218
Derivative liabilities:
Interest rate swaps	$	—	$	175,444	$	—	$	175,444
Total	$	—	$	175,444	$	—	$	175,444
Contingent consideration:
Contingent consideration:	$	—	$	—	$	4,653	$	4,653
Total	$	—	$	—	$	4,653	$	4,653

Schedule of Contingent Consideration

The following table summarizes the activity of Level 3 contingent consideration balance in the three months ended March 31, 2021 (in thousands):

Balance at December 31, 2020	$	4,653
Change in fair value recognized in earnings within sales and marketing expense	(1,200)
Balance at March 31, 2021	$	3,453