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Fair Value Measurement (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025 |  | December 31, 2024
|  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Recourse debt |  | $ | 836,174 |  |  | $ | 697,758 |  |  | $ | 863,646 |  |  | $ | 807,801 |
Senior debt |  | 4,516,962 |  |  | 4,479,740 |  |  | 4,738,594 |  |  | 4,681,858 |
Subordinated debt |  | 3,009,568 |  |  | 2,876,855 |  |  | 2,667,010 |  |  | 2,539,930 |
Securitization debt |  | 5,203,369 |  |  | 5,058,233 |  |  | 4,632,242 |  |  | 4,363,326 |
Total |  | $ | 13,566,073 |  |  | $ | 13,112,586 |  |  | $ | 12,901,492 |  |  | $ | 12,392,915 |
Schedule of Fair Value, Financial Instruments Measured on Recurring Basis | At March 31, 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):
|  | March 31, 2025
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Derivative assets: |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | — |  |  | $ | 112,068 |  |  | $ | — |  |  | $ | 112,068 |
Total |  | $ | — |  |  | $ | 112,068 |  |  | $ | — |  |  | $ | 112,068 |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | — |  |  | $ | 17,846 |  |  | $ | — |  |  | $ | 17,846 |
Total |  | $ | — |  |  | $ | 17,846 |  |  | $ | — |  |  | $ | 17,846 |
|  | 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 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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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 + Details
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