| Schedule of Long-Term Debt Instrument |
Debt instruments, excluding finance leases, which are discussed in Note 15 — Leases, as of September 30, 2026 and December 31, 2025 consisted of the following:
| | | | | | | | | | | | | September 30,
2026 | | December 31,
2025 | | | | | | (in millions) | | Asset-based financing: | | | | Floor plan facility | $ | 71 | | | $ | 58 | | | | | | Financing of beneficial interests in securitizations | 427 | | | 374 | | | | | | | | | | | Real estate financing | 485 | | | 485 | | Transportation fleet financing | 142 | | | 23 | | | Total asset-based financing | 1,125 | | | 940 | | Senior Secured Notes | 2,269 | | | 3,929 | | | Term Loan B | 1,660 | | | — | | Senior Unsecured Notes | 107 | | | 107 | | | Total debt | 5,161 | | | 4,976 | | | Less: current portion | (302) | | | (211) | | Less: unamortized debt issuance costs (1) | (37) | | | (36) | | Less: unamortized original issue discount (1) | (4) | | | — | | Plus: unamortized premium (2) | 9 | | | 18 | | | Total included in long-term debt, net | $ | 4,827 | | | $ | 4,747 | |
(1) The unamortized debt issuance costs and original issue discount 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. (2) 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 | September 30,
2026 | | December 31,
2025 | | | | | | Cash Interest Rate | | | | | | | | | | | | (in millions, except percentages) | | | | | | | | | | | Notes due June 1, 2030 (the "2030 Senior Secured Notes") | $ | — | | | $ | 1,660 | | | | | | | 9% | Notes due June 1, 2031 (the "2031 Senior Secured Notes") | 2,269 | | | 2,269 | | | | | | | 9% | | | | | | | | | | | | Total principal amount | $ | 2,269 | | | $ | 3,929 | | | | | | | | Less: unamortized debt issuance costs | (14) | | | (29) | | | | | | | | Plus: unamortized premium | 9 | | | 18 | | | | | | | | Total Senior Secured debt | $ | 2,264 | | | $ | 3,918 | | | | | | | |
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 | September 30,
2026 | | December 31,
2025 | | Interest Rate | | | | | | | | (in millions, except percentages) | | | | | | | 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 | $ | 107 | | | $ | 107 | | | | Less: current portion | (32) | | | — | | | | Less: unamortized debt issuance costs | — | | | (1) | | | | Total included in long-term debt, net | $ | 75 | | | $ | 106 | | | |
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