v3.26.1
CREDIT FACILITIES, LONG-TERM DEBT, AND CONVERTIBLE NOTES (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Credit Facilities and Long Term Debt
The following tables summarize certain details related to the Company's non-recourse asset-backed debt as of June 30, 2026 and December 31, 2025 (in millions, except interest rates):
Outstanding Amount
June 30, 2026
Borrowing
Capacity
CurrentNon-Current
Weighted
Average
Interest Rate
End of Revolving / Withdrawal Period
Final Maturity
Date
Non-Recourse Asset-backed Debt:
Asset-backed Senior Revolving Credit Facilities
Revolving Facility 2018-2$1,000 $— $— — %June 25, 2027June 25, 2027
Revolving Facility 2018-3750 275 — 6.56 %December 11, 2028December 11, 2028
Revolving Facility 2019-1300 — — — %February 18, 2027February 18, 2027
Revolving Facility 2019-2450 291 — 6.50 %October 2, 2026October 1, 2027
Revolving Facility 2019-3300 125 — 6.58 %April 5, 2028April 4, 2029
Asset-backed Senior Term Debt Facilities
Term Debt Facility 2021-S1400 — 100 6.41 %February 24, 2027August 24, 2027
Term Debt Facility 2021-S31,000 — 625 3.75 %January 31, 2027July 31, 2027
Total$4,200 $691 $725 
Issuance Costs— (2)
Carrying Value$691 $723 
Asset-backed Mezzanine Term Debt Facilities
Term Debt Facility 2020-M13,000 — 200 12.50 %February 25, 2028February 25, 2029
Term Debt Facility 2022-M1250 — 150 12.50 %January 31, 2027November 1, 2027
Total$3,250 $— $350 
Issuance Costs(2)
Carrying Value$348 
Total Non-Recourse Asset-backed Debt$7,450 $691 $1,071 
Outstanding Amount
December 31, 2025CurrentNon-Current
Weighted
Average
Interest Rate
Non-Recourse Asset-backed Debt:
Asset-backed Senior Revolving Credit Facilities
Revolving Facility 2018-2$— $— — %
Revolving Facility 2018-3— — 7.28 %
Revolving Facility 2019-1— — 7.24 %
Revolving Facility 2019-2— — 7.15 %
Revolving Facility 2019-3— — 7.28 %
Asset-backed Senior Term Debt Facilities
Term Debt Facility 2021-S1— 100 6.03 %
Term Debt Facility 2021-S252 — 3.57 %
Term Debt Facility 2021-S3— 625 3.75 %
Term Debt Facility 2022-S1— — — %
Total$52 $725 
Issuance Costs— (3)
Carrying Value$52 $722 
Asset-backed Mezzanine Term Debt Facilities
Term Debt Facility 2020-M1$— $200 12.12 %
Term Debt Facility 2022-M1$— $150 12.31 %
Total$— $350 
Issuance Costs(4)
Carrying Value$346 
Total Non-Recourse Asset-backed Debt$52 $1,068 
Schedule of Convertible Senior Notes The following tables summarize certain details related to the Convertible Senior Notes (in millions, except interest rates):
June 30, 2026
Remaining Aggregate Principal Amount
Unamortized Debt Discount and Issuance Costs
Net Carrying Amount
2026 Notes$135 $— $135 
2030 Notes
62 (3)59 
Total Convertible Senior Notes
$197 $(3)$194 
December 31, 2025
Remaining Aggregate Principal Amount
Unamortized Debt Discount and Issuance Costs
Net Carrying Amount
2026 Notes$135 $— $135 
2030 Notes
62 (4)58 
Total Convertible Senior Notes$197 $(4)$193 
June 30, 2026Maturity DateStated Cash Interest RateEffective Interest RateSemi-Annual Interest Payment DatesConversion RateConversion Price
2026 Notes
August 15, 20260.25 %0.78 %February 15; August 1553.7097$19.23 
2030 Notes
May 15, 20307.00 %9.48 %May 15; November 15637.105$1.57 
The following table summarizes the interest expense related to the Convertible Senior Notes (in millions):

Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Contractual interest
$1 $3 $2 $3 
Amortization of debt discount and issuance costs
— 1 1 2 
Total Convertible Senior Notes interest expense
$1 $4 $3 $5