Fair Value of Assets and Liabilities (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
Fair Value Disclosures [Abstract] |
|
Fair Value Hierarchy of Assets and Liabilities Measured on a Recurring Basis |
The following tables present the fair value hierarchy for assets and liabilities measured at fair value at March 31, 2018 and December 31, 2017: | | | | | | | | | | | | | | | | | March 31, 2018 | Level 1 Inputs | | Level 2 Inputs | | Level 3 Inputs | | Balance at Fair Value | Assets: | | | | | | | | Loans held for investment | $ | — |
| | $ | — |
| | $ | 2,635,413 |
| | $ | 2,635,413 |
| Loans held for investment by the Company | — |
| | — |
| | 317,458 |
| | 317,458 |
| Loans held for sale by the Company | — |
| | — |
| | 248,344 |
| | 248,344 |
| Securities available for sale: | | | | | | | | Asset-backed senior securities related to Company-sponsored securitizations | — |
| | 45,881 |
| | — |
| | 45,881 |
| Certificates of deposit | — |
| | 20,303 |
| | — |
| | 20,303 |
| Corporate debt securities | — |
| | 19,840 |
| | — |
| | 19,840 |
| Asset-backed securities | — |
| | 14,586 |
| | — |
| | 14,586 |
| Commercial paper | — |
| | 7,685 |
| | — |
| | 7,685 |
| Asset-backed subordinated residual certificates related to Company-sponsored securitizations and CLUB Certificate transactions | — |
| | — |
| | 20,129 |
| | 20,129 |
| Total securities available for sale | — |
| | 108,295 |
| | 20,129 |
| | 128,424 |
| Servicing assets | — |
| | — |
| | 40,884 |
| | 40,884 |
| Total assets | $ | — |
| | $ | 108,295 |
| | $ | 3,262,228 |
| | $ | 3,370,523 |
| | | | | | | | | Liabilities: | | | | | | | | Notes, certificates and secured borrowings | $ | — |
| | $ | — |
| | $ | 2,655,417 |
| | $ | 2,655,417 |
| Payable to securitization residual certificate holders | — |
| | — |
| | 1,354 |
| | 1,354 |
| Servicing liabilities | — |
| | — |
| | 475 |
| | 475 |
| Loan trailing fee liability | — |
| | — |
| | 8,824 |
| | 8,824 |
| Total liabilities | $ | — |
| | $ | — |
| | $ | 2,666,070 |
| | $ | 2,666,070 |
|
| | | | | | | | | | | | | | | | | December 31, 2017 | Level 1 Inputs | | Level 2 Inputs | | Level 3 Inputs | | Balance at Fair Value | Assets: | | | | | | | | Loans held for investment | $ | — |
| | $ | — |
| | $ | 2,932,325 |
| | $ | 2,932,325 |
| Loans held for investment by the Company | — |
| | — |
| | 361,230 |
| | 361,230 |
| Loans held for sale by the Company | — |
| | — |
| | 235,825 |
| | 235,825 |
| Securities available for sale: | | | | | | | | Asset-backed senior securities related to Company-sponsored securitizations | — |
| | 37,020 |
| | — |
| | 37,020 |
| Certificates of deposit | — |
| | 24,758 |
| | — |
| | 24,758 |
| Corporate debt securities | — |
| | 16,258 |
| | — |
| | 16,258 |
| Asset-backed securities | — |
| | 14,843 |
| | — |
| | 14,843 |
| Commercial paper | — |
| | 14,665 |
| | — |
| | 14,665 |
| Asset-backed subordinated residual certificates related to Company-sponsored securitizations and CLUB Certificate transactions | — |
| | — |
| | 10,029 |
| | 10,029 |
| Total securities available for sale | — |
| | 107,544 |
| | 10,029 |
| | 117,573 |
| Servicing assets | — |
| | — |
| | 33,676 |
| | 33,676 |
| Total assets | $ | — |
| | $ | 107,544 |
| | $ | 3,573,085 |
| | $ | 3,680,629 |
| | | | | | | | | Liabilities: | | | | | | | | Notes, certificates and secured borrowings | $ | — |
| | $ | — |
| | $ | 2,954,768 |
| | $ | 2,954,768 |
| Payable to securitization residual certificate holders | — |
| | — |
| | 1,479 |
| | 1,479 |
| Servicing liabilities | — |
| | — |
| | 833 |
| | 833 |
| Loan trailing fee liability | — |
| | — |
| | 8,432 |
| | 8,432 |
| Total liabilities | $ | — |
| | $ | — |
| | $ | 2,965,512 |
| | $ | 2,965,512 |
|
|
Quantitative Information about Significant Unobservable Inputs Used for Fair Value Measurements |
The following tables present quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements at March 31, 2018 and December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2018 | | | | | Loans Held for Investment, Loans Held for Sale, Notes, Certificates and Secured Borrowings (1) | | Asset-Backed Securities Related to Consolidated VIE | | | | | | | | | Minimum | | Maximum | | Weighted Average | | Minimum | | Maximum | | Weighted Average | Discount rates | | 2.7 | % | | 16.7 | % | | 8.9 | % | | 3.2 | % | | 15.0 | % | | 7.4 | % | Net cumulative expected loss rates (2)(4) | | 0.4 | % | | 42.1 | % | | 13.8 | % | | 5.2 | % | | 38.7 | % | | 13.3 | % | Cumulative expected prepayment rates (2)(4) | | 11.3 | % | | 52.3 | % | | 31.3 | % | | 25.7 | % | | 34.2 | % | | 30.3 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2018 | | | | | Servicing Assets/Liabilities | | Loan Trailing Fee Liability | | | | | | | | | Minimum | | Maximum | | Weighted Average | | Minimum | | Maximum | | Weighted Average | Discount rates | | | | | | | | 3.4 | % | | 16.5 | % | | 8.9 | % | | 3.4 | % | | 16.5 | % | | 9.2 | % | Net cumulative expected loss rates (2) | | 0.4 | % | | 42.1 | % | | 12.3 | % | | 0.8 | % | | 42.1 | % | | 13.1 | % | Cumulative expected prepayment rates (2) | | 11.3 | % | | 52.3 | % | | 32.0 | % | | 11.3 | % | | 52.3 | % | | 31.6 | % | Total market servicing rates (% per annum on outstanding principal balance) (3) | | 0.66 | % | | 0.90 | % | | 0.66 | % | | N/A |
| | N/A |
| | N/A |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2017 | | | | | Loans Held for Investment, Loans Held for Sale, Notes, Certificates and Secured Borrowings (1) | | Asset-Backed Securities Related to Consolidated VIE | | | | | | | | | Minimum | | Maximum | | Weighted Average | | Minimum | | Maximum | | Weighted Average | Discount rates | | 1.7 | % | | 17.2 | % | | 8.5 | % | | 5.8 | % | | 15.0 | % | | 9.5 | % | Net cumulative expected loss rates (2) (4) | | 0.4 | % | | 41.8 | % | | 13.8 | % | | 10.9 | % | | 37.2 | % | | 19.7 | % | Cumulative expected prepayment rates (2) (4) | | 11.3 | % | | 51.0 | % | | 31.6 | % | | 28.3 | % | | 33.7 | % | | 30.5 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2017 | | | | | Servicing Assets/Liabilities | | Loan Trailing Fee Liability | | | | | | | | | Minimum | | Maximum | | Weighted Average | | Minimum | | Maximum | | Weighted Average | Discount rates | | | | | | | | 1.9 | % | | 17.1 | % | | 8.8 | % | | 1.9 | % | | 17.1 | % | | 8.9 | % | Net cumulative expected loss rates (2) | | 0.4 | % | | 41.8 | % | | 12.4 | % | | 0.8 | % | | 41.8 | % | | 13.2 | % | Cumulative expected prepayment rates (2) | | 11.3 | % | | 51.0 | % | | 31.7 | % | | 11.3 | % | | 51.0 | % | | 31.4 | % | Total market servicing rates (% per annum on outstanding principal balance) (3) | | 0.66 | % | | 0.90 | % | | 0.66 | % | | N/A |
| | N/A |
| | N/A |
|
N/A Not applicable | | (1) | Loans held for investment and loans held for sale include loans invested in by the Company. |
| | (2) | Expressed as a percentage of the original principal balance of the loan, note or certificate, except for asset-backed securities. |
| | (3) | Includes collection fees estimated to be paid to a hypothetical third-party servicer. |
| | (4) | For asset-backed securities, expressed as a percentage of the outstanding collateral balance. |
|
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Table |
The following tables present additional information about Level 3 loans held for investment, loans held for sale, and notes, certificates and secured borrowings measured at fair value on a recurring basis for the first quarters of 2018 and 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Loans Held For Investment | | Loans Held For Sale | | Notes, Certificates and Secured Borrowings | | | | Outstanding Principal Balance | | Valuation Adjustment | | Fair Value | | Outstanding Principal Balance | | Valuation Adjustment | | Fair Value | | Outstanding Principal Balance | | Valuation Adjustment | | Fair Value | | Balance at December 31, 2017 | | $ | 3,141,391 |
| | $ | (209,066 | ) | | $ | 2,932,325 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 3,161,080 |
| | $ | (206,312 | ) | | $ | 2,954,768 |
| | Purchases | | 292,114 |
| | 9 |
| | 292,123 |
| | 1,133,277 |
| | (1,772 | ) | | 1,131,505 |
| | — |
| | — |
| | — |
| | Issuances | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 292,461 |
| | — |
| | 292,461 |
| | Sales | | — |
| | — |
| | — |
| | (1,133,277 | ) | | 835 |
| | (1,132,442 | ) | | — |
| | — |
| | — |
| | Principal payments and retirements | | (500,949 | ) | | — |
| | (500,949 | ) | | — |
| | — |
| | — |
| | (503,710 | ) | | 8 |
| | (503,702 | ) | | Charge-offs | | (102,791 | ) | | 102,791 |
| | — |
| | — |
| | — |
| | — |
| | (102,791 | ) | | 102,791 |
| | — |
| | Recoveries | | — |
| | (17,459 | ) | | (17,459 | ) | | — |
| | — |
| | — |
| | — |
| | (17,459 | ) | | (17,459 | ) | | Change in fair value recorded in earnings | | — |
| | (70,627 | ) | | (70,627 | ) | | — |
| | 937 |
| | 937 |
| | — |
| | (70,651 | ) | | (70,651 | ) | | Balance at March 31, 2018 | | $ | 2,829,765 |
| | $ | (194,352 | ) | | $ | 2,635,413 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 2,847,040 |
| | $ | (191,623 | ) | | $ | 2,655,417 |
| | | | | | | | Loans Held For Investment | | Loans Held For Sale | | Notes and Certificates | | | | Outstanding Principal Balance | | Valuation Adjustment | | Fair Value | | Outstanding Principal Balance | | Valuation Adjustment | | Fair Value | | Outstanding Principal Balance | | Valuation Adjustment | | Fair Value | | Balance at December 31, 2016 | | $ | 4,547,138 |
| | $ | (252,017 | ) | | $ | 4,295,121 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 4,572,912 |
| | $ | (252,017 | ) | | $ | 4,320,895 |
| | Purchases | | 523,235 |
| | 2 |
| | 523,237 |
| | 1,170,207 |
| | — |
| | 1,170,207 |
| | — |
| | — |
| | — |
| | Issuances | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 523,305 |
| | — |
| | 523,305 |
| | Sales | | — |
| | — |
| | — |
| | (1,170,207 | ) | | — |
| | (1,170,207 | ) | | — |
| | — |
| | — |
| | Principal payments and retirements | | (638,235 | ) | | — |
| | (638,235 | ) | | — |
| | — |
| | — |
| | (641,105 | ) | | 2 |
| | (641,103 | ) | | Charge-offs | | (136,810 | ) | | 136,810 |
| | — |
| | — |
| | — |
| | — |
| | (136,810 | ) | | 136,810 |
| | — |
| | Recoveries | | — |
| | (10,790 | ) | | (10,790 | ) | | — |
| | — |
| | — |
| | — |
| | (10,790 | ) | | (10,790 | ) | | Change in fair value recorded in earnings | | — |
| | (157,950 | ) | | (157,950 | ) | | — |
| | — |
| | — |
| | — |
| | (157,950 | ) | | (157,950 | ) | | Balance at March 31, 2017 | | $ | 4,295,328 |
| | $ | (283,945 | ) | | $ | 4,011,383 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 4,318,302 |
| | $ | (283,945 | ) | | $ | 4,034,357 |
|
The following tables present additional information about Level 3 loans invested in by the Company measured at fair value on a recurring basis for the first quarters of 2018 and 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Loans Held For Investment by the Company | | Loans Held For Sale by the Company | | Total Loans Invested in by the Company | | | | Outstanding Principal Balance | | Valuation Adjustment | | Fair Value | | Outstanding Principal Balance | | Valuation Adjustment | | Fair Value | | Outstanding Principal Balance | | Valuation Adjustment | | Fair Value | | Balance at December 31, 2017 | | $ | 371,379 |
| | $ | (10,149 | ) | | $ | 361,230 |
| | $ | 242,273 |
| | $ | (6,448 | ) | | $ | 235,825 |
| | $ | 613,652 |
| | $ | (16,597 | ) | | $ | 597,055 |
| | Purchases | | 1,496 |
| | (160 | ) | | 1,336 |
| | 791,675 |
| | (280 | ) | | 791,395 |
| | 793,171 |
| | (440 | ) | | 792,731 |
| | Transfers (to) from loans held for investment (from) to loans held for sale | | 106 |
| | — |
| | 106 |
| | (106 | ) | | — |
| | (106 | ) | | — |
| | — |
| | — |
| | Sales | | — |
| | — |
| | — |
| | (742,732 | ) | | 10,048 |
| | (732,684 | ) | | (742,732 | ) | | 10,048 |
| | (732,684 | ) | | Principal payments and retirements | | (32,194 | ) | | — |
| | (32,194 | ) | | (30,418 | ) | | — |
| | (30,418 | ) | | (62,612 | ) | | — |
| | (62,612 | ) | | Charge-offs | | (1,172 | ) | | 1,172 |
| | — |
| | (2,215 | ) | | 2,215 |
| | — |
| | (3,387 | ) | | 3,387 |
| | — |
| | Recoveries | | — |
| | (199 | ) | | (199 | ) | | — |
| | (12 | ) | | (12 | ) | | — |
| | (211 | ) | | (211 | ) | | Change in fair value recorded in earnings | | — |
| | (12,821 | ) | | (12,821 | ) | | — |
| | (15,656 | ) | | (15,656 | ) | | — |
| | (28,477 | ) | | (28,477 | ) | | Balance at March 31, 2018 | | $ | 339,615 |
| | $ | (22,157 | ) | | $ | 317,458 |
| | $ | 258,477 |
| | $ | (10,133 | ) | | $ | 248,344 |
| | $ | 598,092 |
| | $ | (32,290 | ) | | $ | 565,802 |
| | | | | | | | Loans Held For Investment by the Company | | Loans Held For Sale by the Company | | Total Loans Invested in by the Company | | | | Outstanding Principal Balance | | Valuation Adjustment | | Fair Value | | Outstanding Principal Balance | | Valuation Adjustment | | Fair Value | | Outstanding Principal Balance | | Valuation Adjustment | | Fair Value | | Balance at December 31, 2016 | | $ | 18,515 |
| | $ | (1,652 | ) | | $ | 16,863 |
| | $ | 9,345 |
| | $ | (297 | ) | | $ | 9,048 |
| | $ | 27,860 |
| | $ | (1,949 | ) | | $ | 25,911 |
| | Purchases | | 1,181 |
| | (6 | ) | | 1,175 |
| | 5,948 |
| | (1 | ) | | 5,947 |
| | 7,129 |
| | (7 | ) | | 7,122 |
| | Sales | | — |
| | — |
| | — |
| | (4,229 | ) | | 157 |
| | (4,072 | ) | | (4,229 | ) | | 157 |
| | (4,072 | ) | | Principal payments and retirements | | (1,484 | ) | | — |
| | (1,484 | ) | | (1,180 | ) | | — |
| | (1,180 | ) | | (2,664 | ) | | — |
| | (2,664 | ) | | Charge-offs | | (1,288 | ) | | 1,288 |
| | — |
| | (160 | ) | | 160 |
| | — |
| | (1,448 | ) | | 1,448 |
| | — |
| | Recoveries | | — |
| | (99 | ) | | (99 | ) | | — |
| | — |
| | — |
| | — |
| | (99 | ) | | (99 | ) | | Change in fair value recorded in earnings | | — |
| | (1,083 | ) | | (1,083 | ) | | — |
| | (334 | ) | | (334 | ) | | — |
| | (1,417 | ) | | (1,417 | ) | | Balance at March 31, 2017 | | $ | 16,924 |
| | $ | (1,552 | ) | | $ | 15,372 |
| | $ | 9,724 |
| | $ | (315 | ) | | $ | 9,409 |
| | $ | 26,648 |
| | $ | (1,867 | ) | | $ | 24,781 |
|
The following tables present additional information about Level 3 servicing assets and liabilities measured at fair value on a recurring basis for the first quarters of 2018 and 2017: | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2018 | | Three Months Ended March 31, 2017 | | | Servicing Assets | | Servicing Liabilities | | Servicing Assets | | Servicing Liabilities | Fair value at beginning of period | | $ | 33,676 |
| | $ | 833 |
| | $ | 21,398 |
| | $ | 2,846 |
| Issuances (1) | | 11,980 |
| | — |
| | 5,317 |
| | 274 |
| Change in fair value, included in investor fees | | (5,606 | ) | | (358 | ) | | (4,047 | ) | | (809 | ) | Other net changes included in deferred revenue | | 834 |
| | — |
| | (308 | ) | | — |
| Fair value at end of period | | $ | 40,884 |
| | $ | 475 |
| | $ | 22,360 |
| | $ | 2,311 |
|
| | (1) | Represents the gains or losses on sales of the related loans, recorded in other revenue. |
|
Fair Value, Liabilities Measured on Recurring Basis |
The following table presents additional information about Level 3 loan trailing fee liability measured at fair value on a recurring basis for the first quarters of 2018 and 2017: | | | | | | | | | | Three Months Ended March 31, | | 2018 | | 2017 | Fair value at beginning of period | $ | 8,432 |
| | $ | 4,913 |
| Issuances | 1,775 |
| | 1,663 |
| Cash payment of loan trailing fee | (1,554 | ) | | (826 | ) | Change in fair value, included in origination and servicing | 171 |
| | 64 |
| Fair value at end of period | $ | 8,824 |
| | $ | 5,814 |
|
|
Fair Value Sensitivity of Loans |
The fair value sensitivity of loans invested in by the Company to adverse changes in key assumptions as of March 31, 2018 and December 31, 2017 are as follows: | | | | | | | | | | March 31, 2018 | | December 31, 2017 | Fair value of loans invested in by the Company | $ | 565,802 |
| | $ | 597,055 |
| Expected weighted-average life (in years) | 1.5 |
| | 1.5 |
| Discount rates | | | | 100 basis point increase | $ | (6,708 | ) | | $ | (7,449 | ) | 200 basis point increase | $ | (13,258 | ) | | $ | (14,715 | ) | Expected credit loss rates on underlying loans | | | | 10% adverse change | $ | (9,249 | ) | | $ | (10,090 | ) | 20% adverse change | $ | (18,356 | ) | | $ | (18,935 | ) | Expected prepayment rates | | | | 10% adverse change | $ | (2,355 | ) | | $ | (3,548 | ) | 20% adverse change | $ | (4,616 | ) | | $ | (5,894 | ) |
|
Fair Value Disclosure And Measurement |
The table below shows the impact on the estimated fair value of servicing assets and liabilities, calculated using different market servicing rate assumptions as of March 31, 2018 and December 31, 2017: | | | | | | | | | | | | | | | | | | March 31, 2018 | | December 31, 2017 | | Servicing Assets | | Servicing Liabilities | | Servicing Assets | | Servicing Liabilities | Weighted-average market servicing rate assumptions | 0.66 | % | | 0.66 | % | | 0.66 | % | | 0.66 | % | Change in fair value from: | | | | | | | | Servicing rate increase by 0.10% | $ | (8,340 | ) | | $ | 154 |
| | $ | (7,749 | ) | | $ | 233 |
| Servicing rate decrease by 0.10% | $ | 8,343 |
| | $ | (151 | ) | | $ | 7,760 |
| | $ | (222 | ) |
|
Fair Value, by Balance Sheet Grouping |
The following tables present the fair value hierarchy for financial instruments, assets, and liabilities not recorded at fair value at March 31, 2018 and December 31, 2017: | | | | | | | | | | | | | | | | | | | | | March 31, 2018 | Carrying Amount | | Level 1 Inputs | | Level 2 Inputs | | Level 3 Inputs | | Balance at Fair Value | Assets: | | | | | | | | | | Cash and cash equivalents (1) | $ | 405,078 |
| | $ | — |
| | $ | 405,078 |
| | $ | — |
| | $ | 405,078 |
| Restricted cash | 226,818 |
| | — |
| | 226,818 |
| | — |
| | 226,818 |
| Servicer reserve receivable | 5,895 |
| | — |
| | 5,895 |
| | — |
| | 5,895 |
| Deposits | 855 |
| | — |
| | 855 |
| | — |
| | 855 |
| Total assets | $ | 638,646 |
| | $ | — |
| | $ | 638,646 |
| | $ | — |
| | $ | 638,646 |
| Liabilities: | | | | | | | | | | Accrued expenses and other liabilities | $ | 14,014 |
| | $ | — |
| | $ | — |
| | $ | 14,014 |
| | $ | 14,014 |
| Accounts payable | 3,389 |
| | — |
| | 3,389 |
| | — |
| | 3,389 |
| Payables to investors | 108,247 |
| | — |
| | 108,247 |
| | — |
| | 108,247 |
| Payable to securitization note holders | 279,561 |
| | — |
| | 279,561 |
| | — |
| | 279,561 |
| Payable to revolving credit facilities | 74,000 |
| | — |
| | — |
| | 74,000 |
| | 74,000 |
| Total liabilities | $ | 479,211 |
| | $ | — |
| | $ | 391,197 |
| | $ | 88,014 |
| | $ | 479,211 |
|
| | (1) | Carrying amount approximates fair value due to the short maturity of these financial instruments. |
| | | | | | | | | | | | | | | | | | | | | December 31, 2017 | Carrying Amount | | Level 1 Inputs | | Level 2 Inputs | | Level 3 Inputs | | Balance at Fair Value | Assets: | | | | | | | | | | Cash and cash equivalents (1) | $ | 401,719 |
| | $ | — |
| | $ | 401,719 |
| | $ | — |
| | $ | 401,719 |
| Restricted cash | 242,570 |
| | — |
| | 242,570 |
| | — |
| | 242,570 |
| Servicer reserve receivable | 13,685 |
| | — |
| | 13,685 |
| | — |
| | 13,685 |
| Deposits | 855 |
| | — |
| | 855 |
| | — |
| | 855 |
| Total assets | $ | 658,829 |
| | $ | — |
| | $ | 658,829 |
| | $ | — |
| | $ | 658,829 |
| Liabilities: | | | | | | | | | | Accrued expenses and other liabilities | $ | 13,856 |
| | $ | — |
| | $ | — |
| | $ | 13,856 |
| | $ | 13,856 |
| Accounts payable | 11,151 |
| | — |
| | 11,151 |
| | — |
| | 11,151 |
| Payables to investors | 143,310 |
| | — |
| | 143,310 |
| | — |
| | 143,310 |
| Payable to securitization note holders | 310,644 |
| | — |
| | 310,644 |
| | — |
| | 310,644 |
| Payable to revolving credit facilities | 32,100 |
| | — |
| | — |
| | 32,100 |
| | 32,100 |
| Total liabilities | $ | 511,061 |
| | $ | — |
| | $ | 465,105 |
| | $ | 45,956 |
| | $ | 511,061 |
|
| | (1) | Carrying amount approximates fair value due to the short maturity of these financial instruments. |
|