v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Components of debt
The carrying amounts of our debt are as follows:
June 30, 2025December 31, 2024
 (in millions)
Corporate – Recourse:
Revolving credit facility$— $— 
Senior notes due 2028, inclusive of unamortized premium of $3.7 and $4.3
603.7 604.3 
603.7 604.3 
Less: unamortized debt issuance costs(5.6)(6.5)
Total recourse debt598.1 597.8 
Lease fleet – Non-recourse:
Wholly-owned subsidiaries:
Secured railcar equipment notes, net of unamortized discount of $0.3 and $0.3
2,389.8 2,447.3 
2017 promissory notes, net of unamortized discount of $— and $1.5
— 631.3 
TRL-2023 term loan, net of unamortized discount of $0.7 and $—
1,044.9 323.4 
TILC warehouse facility751.5 584.6 
Other equipment financing48.9 50.0 
4,235.1 4,036.6 
Less: unamortized debt issuance costs(17.9)(15.3)
4,217.2 4,021.3 
Partially-owned subsidiaries:
Secured railcar equipment notes, net of unamortized discount of $0.1 and $0.1
1,045.3 1,076.8 
Less: unamortized debt issuance costs(3.8)(5.0)
1,041.5 1,071.8 
Total non-recourse debt5,258.7 5,093.1 
Total debt$5,856.8 $5,690.9 
The estimated fair values of our debt are as follows:
June 30, 2025December 31, 2024
(in millions)
Level 2$624.8 $623.2 
Level 3$3,368.6 $3,430.5