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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Comparison of the Carrying Value and Estimated Fair Value of Financial Instruments

A comparison of the carrying amount and estimated fair value of these financial instruments is as follows:

(In millions)			As of September 30, 2025												As of December 31, 2024
			Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Assets
Cash and cash equivalents			$	15.9					$	15.9					$	343.7					$	343.7
Restricted cash and cash equivalents			482.9						482.9						501.3						501.3
Restricted securities available for sale			108.9						108.9						106.4						106.4
Loans receivable, net			7,975.5						9,065.2						7,850.3						8,922.7
Liabilities
Revolving secured lines of credit			$	148.7					$	148.7					$	0.1					$	0.1
Secured financing			5,133.1						5,207.9						5,361.5						5,431.9
Senior notes			1,087.2						1,139.1						991.3						1,035.3

Schedule of Assets and Liabilities, Measured at Fair Value on a Recurring Basis

The following table provides the level of measurement used to determine the fair value for each of our financial instruments measured or disclosed at fair value:

(In millions)			As of September 30, 2025
			Level 1						Level 2						Level 3						Total Fair Value
Assets
Cash and cash equivalents (1)			$	15.9					$	—					$	—					$	15.9
Restricted cash and cash equivalents (1)			482.9						—						—						482.9
Restricted securities available for sale (2)			87.5						21.4						—						108.9
Loans receivable, net (1)			—						—						9,065.2						9,065.2
Liabilities
Revolving secured lines of credit (1)			$	—					$	148.7					$	—					$	148.7
Secured financing (1)			3,607.8						1,600.1						—						5,207.9
Senior notes (1)			1,139.1						—						—						1,139.1

(In millions)			As of December 31, 2024
			Level 1						Level 2						Level 3						Total Fair Value
Assets
Cash and cash equivalents (1)			$	343.7					$	—					$	—					$	343.7
Restricted cash and cash equivalents (1)			501.3						—						—						501.3
Restricted securities available for sale (2)			84.5						21.9						—						106.4
Loans receivable, net (1)			—						—						8,922.7						8,922.7
Liabilities
Revolving secured lines of credit (1)			$	—					$	0.1					$	—					$	0.1
Secured financing (1)			3,831.7						1,600.2						—						5,431.9
Senior notes (1)			1,035.3						—						—						1,035.3

(1)Measured at amortized cost with fair value disclosed.

(2)Measured at fair value on a recurring basis

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-13

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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