v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Components of debt
The carrying amounts of our debt are as follows:
September 30, 2026December 31, 2025
(in millions)
Corporate – Recourse:
Revolving credit facility$— $— 
Senior notes due 2028, inclusive of unamortized premium of $2.2 and $3.1
602.2 603.1 
602.2 603.1 
Less: unamortized debt issuance costs(3.3)(4.6)
Total recourse debt598.9 598.5 
Lease fleet – Non-recourse:
Wholly-owned subsidiaries:
Secured railcar equipment notes, net of unamortized discount of $0.4 and $0.3
3,041.5 3,036.3 
TRL-2023 term loan, net of unamortized discount of $0.5 and $0.6
1,006.6 1,031.9 
TILC warehouse facility653.5 478.5 
Other equipment financing45.7 47.6 
4,747.3 4,594.3 
Less: unamortized debt issuance costs(21.2)(20.9)
4,726.1 4,573.4 
Partially-owned subsidiary:
Secured railcar equipment notes, net of unamortized discount of $— and $—
— 271.3 
Less: unamortized debt issuance costs— (0.7)
— 270.6 
Total non-recourse debt4,726.1 4,844.0 
Total debt$5,325.0 $5,442.5 
The estimated fair values of our debt are as follows:
September 30, 2026December 31, 2025
(in millions)
Level 2$608.6 $623.9 
Level 3$2,970.7 $3,303.6