| Schedule of debt instruments |
The table below summarizes the Company's key terms and carrying value of debt as of the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Outstanding Borrowings (in thousands) | | Contractual Weighted Avg Interest Rate | | Maturity Range | | Outstanding Borrowings (in thousands) | | | | From | | To | | | Secured Debt Financings | | | | | | | | | | | Securitization ("ABS") term instruments | $ | 2,436,873 | | | 4.17 | % | | February 2028 | | August 2035 | | $ | 2,023,819 | | | Securitization warehouse | 95,000 | | | 5.18 | % | | November 2032 | | November 2032 | | 260,000 | | | Total secured debt financings | 2,531,873 | | | | | | | | | 2,283,819 | | | Unsecured Debt Financings | | | | | | | | | | | Senior notes | 1,800,000 | | | 3.85 | % | | June 2031 | | February 2033 | | 1,800,000 | | | Credit facility: | | | | | | | | | | | Revolving credit tranche | 59,500 | | | 4.93 | % | | August 2030 | | August 2030 | | 960,000 | | | Term loan tranche | 1,499,600 | | | 4.93 | % | | August 2030 | | August 2030 | | 1,564,800 | | | Commercial paper | 512,970 | | | 4.38 | % | | July 2026 | | September 2026 | | — | | | Total unsecured debt financings | 3,872,070 | | | | | | | | | 4,324,800 | | | Total debt financings | $ | 6,403,943 | | | | | | | | | $ | 6,608,619 | | | Unamortized debt costs | (46,398) | | | | | | | | | (39,373) | | | Unamortized debt premium & discounts | (5,532) | | | | | | | | | (2,168) | | | Debt, net of unamortized costs | $ | 6,352,013 | | | | | | | | | $ | 6,567,078 | |
The following table summarizes the Company's outstanding fixed-rate and floating-rate debt as of June 30, 2026:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance Outstanding (in thousands) | | Contractual Weighted Avg Interest Rate | | Maturity Range | | Weighted Avg Remaining Term | | | | From | | To | | | Excluding impact of derivative instruments: | | | | | | | | | | | Fixed-rate debt | $ | 4,236,873 | | | 4.03% | | Feb 2028 | | Aug 2035 | | 4.7 years | Floating-rate debt (1) | $ | 2,167,070 | | | 4.81% | | Aug 2030 | | Nov 2032 | | 3.7 years | | | | | | | | | | | | Including impact of derivative instruments: | | | | | | | | | | | Fixed-rate debt | $ | 4,236,873 | | | 4.03% | | | | | | | | Hedged floating rate debt | 1,148,000 | | | 3.27% | | | | | | | | Total fixed and hedged floating-rate debt | 5,384,873 | | | 3.87% | | | | | | | | Unhedged floating rate debt | 1,019,070 | | | 4.81% | | | | | | | | Total debt financings | $ | 6,403,943 | | | 4.00% | | | | | | |
(1) Includes commercial paper which has a weighted average remaining term of less than three months. The Company regularly rolls its commercial paper issuances and maturities, and for the purposes of the table above, aligns the maturity with the revolving credit tranche of the credit facility, which serves as the backstop for the commercial paper program.
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