Debt (Tables)

6 Months Ended

Jun. 30, 2026

The following table summarizes these borrowing arrangements as of June 30, 2026 (in millions, except interest rates and expiration dates):


	Interest Rate	Expiration Date	Principal Amount		Unamortized Fair Value Discount (Premium) and Debt Issuance Costs		Net Amount
Revolving Credit Facility (1)		November 2030	$	—	*		$	—

Long-term Debt:
9.75% Senior Secured Second Lien Notes	9.75%	April 2030	$	500	$	(39)	$	539
7.00% Senior Secured Second Lien Notes	7.00%	April 2030	640		(4)		644
5.75% Senior Notes	5.75%	January 2029	559		9		550
5.25% Senior Notes	5.25%	April 2030	449		18		431

0.25% Convertible Senior Notes	0.25%	April 2031	1,000		24		976
Total Long-term debt			$	3,148	$	8	$	3,140

Securitization Obligations: (2)
Concierge Facility		January 2028	$	26	*		$	26
Apple Ridge Securitization		May 2027	165		*		165
Total Securitization obligations			$	191			$	191

*The debt issuance costs related to the Revolving Credit Facility and Securitization Obligations are classified as deferred financing assets within Other non-current assets in the condensed consolidated balance sheet. Unamortized debt issuance costs are amortized within Interest expense in the condensed consolidated statements of operations.

(1)See below under the header “Revolving Credit Facility” for additional information.

(2)See below under the header “Securitization Obligations” for additional information.

Schedule of Maturities of Long-Term Debt

As of June 30, 2026, the combined aggregate amount of future maturities for long-term debt are as follows (in millions):


	Amount
Remaining 2026	$	—
2027	—
2028	—
2029	559
2030	1,589
2031 and thereafter	1,000
Total future maturities	$	3,148