| Schedule of Long-Term Debt Instrument |
Debt instruments, excluding finance leases, which are discussed in Note 15 — Leases, as of June 30, 2025 and December 31, 2024 consisted of the following:
| | | | | | | | | | | | | June 30,
2025 | | December 31,
2024 | | | | | | (in millions) | | Asset-based financing: | | | | | Floor plan facility | $ | 72 | | | $ | 67 | | | | | | Financing of beneficial interests in securitizations | 357 | | | 354 | | | | | | | Real estate financing | 485 | | | 485 | | | Total asset-based financing | 914 | | | 906 | | Senior Secured Notes (1) | 4,452 | | | 4,358 | | Senior Unsecured Notes | 205 | | | 205 | | | Total debt | 5,571 | | | 5,469 | | | Less: current portion | (312) | | | (302) | | Less: unamortized debt issuance costs (2) | (42) | | | (46) | | Plus: unamortized premium (3) | 23 | | | 27 | | | Total included in long-term debt, net | $ | 5,240 | | | $ | 5,148 | |
(1) Includes $112 million and $105 million of accrued paid-in-kind ("PIK") interest as of June 30, 2025 and December 31, 2024, respectively. Accrued PIK interest increases the principal amount of Senior Secured Notes on each semi-annual interest payment date. (2) The unamortized debt issuance costs related to long-term debt are presented as a reduction of the carrying amount of the corresponding liabilities on the accompanying unaudited condensed consolidated balance sheets. Unamortized debt issuance costs related to revolving debt arrangements are presented within other assets on the accompanying unaudited condensed consolidated balance sheets and not included here. (3) The unamortized premium relates to a portion of the notes exchange offers completed in September 2023 which were accounted for as a debt modification. The Company has issued various tranches of Senior Secured Notes (collectively, the "Senior Secured Notes") as further described below:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Senior Secured Notes | June 30,
2025 | | December 31,
2024 | | Year 1 PIK Interest Rate | | Year 2 Cash/PIK Toggle Interest Rate | | Thereafter Cash Interest Rate | | | | | | | | | | | | (in millions, except percentages) | Notes due December 1, 2028 (the "2028 Senior Secured Notes") | $ | 559 | | | $ | 611 | | | 12% | | 9%/12% | | 9% | Notes due June 1, 2030 (the "2030 Senior Secured Notes") | 1,660 | | | 1,660 | | | 13% | | 11%/13% | | 9% | Notes due June 1, 2031 (the "2031 Senior Secured Notes") | 2,121 | | | 1,982 | | | 14% | | --/14% | | 9% | Accrued PIK interest | 112 | | | 105 | | | | | | | | | Total principal amount | $ | 4,452 | | | $ | 4,358 | | | | | | | | Less: unamortized debt issuance costs | (36) | | | (40) | | | | | | | | Plus: unamortized premium | 23 | | | 27 | | | | | | | | Total Senior Secured debt | $ | 4,439 | | | $ | 4,345 | | | | | | | |
The Company has issued various tranches of Senior Unsecured Notes (the "Senior Unsecured Notes") each under a separate indenture, as further described below: | | | | | | | | | | | | | | | | | | Senior Unsecured Notes | June 30,
2025 | | December 31,
2024 | | Interest Rate | | | | | | | | (in millions, except percentages) | Notes due October 1, 2025 ("2025 Senior Unsecured Notes") | $ | 98 | | | $ | 98 | | | 5.625% | Notes due April 15, 2027 ("2027 Senior Unsecured Notes") | 32 | | | 32 | | | 5.500% | Notes due October 1, 2028 ("2028 Senior Unsecured Notes") | 22 | | | 22 | | | 5.875% | Notes due September 1, 2029 ("2029 Senior Unsecured Notes") | 26 | | | 26 | | | 4.875% | Notes due May 1, 2030 ("2030 Senior Unsecured Notes") | 27 | | | 27 | | | 10.250% | | Total principal amount | 205 | | | 205 | | | | Less: current portion | (98) | | | (98) | | | | Less: unamortized debt issuance costs | (1) | | | (1) | | | | Total included in long-term debt, net | $ | 106 | | | $ | 106 | | | |
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