Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 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):

	June 30, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Recourse debt	$	606,766	$	562,832	$	230,660	$	230,660
Senior debt	1,930,662		1,931,429		1,722,730		1,733,767
Subordinated debt	999,825		1,027,504		934,386		958,880
Securitization debt	2,072,305		2,143,734		1,908,369		2,012,283
Total	$	5,609,558	$	5,665,499	$	4,796,145	$	4,935,590

Schedule of Fair Value, Financial Instruments Measured on Recurring Basis

At June 30, 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):

	June 30, 2021
	Level 1		Level 2		Level 3		Total
Derivative assets:
Interest rate swaps	$	—	$	17,084	$	—	$	17,084
Total	$	—	$	17,084	$	—	$	17,084
Derivative liabilities:
Interest rate swaps	$	—	$	132,312	$	—	$	132,312
Total	$	—	$	132,312	$	—	$	132,312
Contingent consideration:
Contingent consideration	$	—	$	—	$	2,253	$	2,253
Total	$	—	$	—	$	2,253	$	2,253

	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 six months ended June 30, 2021 (in thousands):

Balance at December 31, 2020	$	4,653
Change in fair value recognized in earnings within sales and marketing expense	(2,400)
Balance at June 30, 2021	$	2,253