Fair Value Measurement

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value Measurement

At September 30, 2025 and December 31, 2024, the carrying value of receivables, accounts payable, accrued expenses and distributions payable to noncontrolling interests approximates fair value due to their short-term nature and falls under the Level 2 hierarchy. The carrying values and fair values of debt instruments are as follows (in thousands):

	September 30, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Recourse debt	$	797,901	$	967,756	$	863,646	$	807,801
Senior debt	4,573,857		4,537,614		4,738,594		4,681,858
Subordinated debt	3,227,361		3,163,466		2,667,010		2,539,930
Securitization debt	6,027,924		5,887,721		4,632,242		4,363,326
Total	$	14,627,043	$	14,556,557	$	12,901,492	$	12,392,915

At September 30, 2025 and December 31, 2024, the fair value of certain recourse debt and certain senior, subordinated and securitization loans approximate their carrying values because their interest rates are variable rates that approximate rates currently available to the Company. At September 30, 2025 and December 31, 2024, the fair value of the Company’s other debt instruments are based on rates currently offered for debt with similar maturities and terms. The Company’s fair value of the debt instruments fell under the Level 2 hierarchy. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market.

At September 30, 2025 and December 31, 2024, financial instruments measured at fair value on a recurring basis, based upon the fair value hierarchy, are as follows (in thousands):

	September 30, 2025
	Level 1		Level 2		Level 3		Total
Derivative assets:
Interest rate swaps	$	—	$	80,886	$	—	$	80,886
Total	$	—	$	80,886	$	—	$	80,886
Derivative liabilities:
Interest rate swaps	$	—	$	25,128	$	—	$	25,128
Total	$	—	$	25,128	$	—	$	25,128

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Derivative assets:
Interest rate swaps	$	—	$	171,758	$	—	$	171,758
Total	$	—	$	171,758	$	—	$	171,758
Derivative liabilities:
Interest rate swaps	$	—	$	7,385	$	—	$	7,385
Total	$	—	$	7,385	$	—	$	7,385

The above balances are recorded in other assets and other liabilities, respectively, in the consolidated balance sheets, except for $11.3 million and $30.6 million as of September 30, 2025 and December 31, 2024, respectively, which is recorded in prepaid expenses and other current assets and $1.1 million and nil as of September 30, 2025 and December 31, 2024, respectively, which is recorded in accrued expenses and other liabilities.

The Company determines the fair value of its interest rate swaps using a discounted cash flow model that incorporates an assessment of the risk of non-performance by the interest rate swap counterparty and an evaluation of the Company’s credit risk in valuing derivative instruments. The valuation model uses various inputs including contractual terms, interest rate curves, credit spreads, and measures of volatility.