v3.25.4

Debt (Tables) | 6 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Components Secured and Unsecured Debt | The following table summarizes the components and terms of our secured and unsecured debt as of December 31, 2025 (in thousands):
| Interest Rate (1) |  | Unused Commitment Fees |  | Maturity by Fiscal Year |  | Borrowing Capacity (2) |  | Debt Outstanding (3) |  | Debt Outstanding net of unamortized premiums and discount
Secured debt |  |  |  |  |  |  |  |  |  |  |
Funding debt |  |  |  |  |  |  |  |  |  |  |
US warehouse facilities | 5.55% |  | 0.20% - 0.50% |  | 2027 - 2032 |  | 5,250,000 |  |  | 1,904,902 |  |  | 1,892,470 |
International warehouse facilities (4) | 4.60% |  | 0.30% - 0.45% |  | 2028 - 2030 |  | 693,780 |  |  | 547,982 |  |  | 546,258 |
Variable funding notes | 5.37% |  | 0.30% |  | 2032 |  | 1,350,000 |  |  | 597,176 |  |  | 594,402 |
Sales and repurchase agreements | 6.61% |  | — |  | 2028 - 2029 |  | — |  | 13,716 |  |  | 13,716 |
Notes issued by securitization trusts | 5.18% |  | — |  | 2029 - 2035 |  | 4,850,000 |  |  | 4,850,000 |  |  | 4,834,736 |
|  |  |  |  |  |  | $ | 12,143,780 |  |  | $ | 7,913,776 |  |  | $ | 7,881,581 |
Unsecured debt |  |  |  |  |  |  |  |  |  |  |
Convertible senior notes: |  |  |  |  |  |  |  |  |  |  |
2026 Notes | — |  | — |  | 2027 |  | — |  | 221,321 |  |  | 220,856 |
2029 Notes | 0.75% |  | — |  | 2030 |  | — |  | 920,000 |  |  | 906,802 |
Revolving credit facility | — |  | 0.20% |  | 2027 |  | 330,000 |  |  | — |  |  | — |
|  |  |  |  |  |  | $ | 330,000 |  |  | $ | 1,141,321 |  |  | $ | 1,127,658 |
Total |  |  |  |  |  |  | $ | 12,473,780 |  |  | $ | 9,055,097 |  |  | $ | 9,009,240 |
(1)The stated interest rate reflects the fixed or variable interest rate in effect for each of our contractual arrangements as of December 31, 2025, weighted by the outstanding principal balance as of that date. The interest rate resets periodically for our variable rate debt, typically based on a reference rate such as Secured Overnight Financing Rate (“SOFR”) or Canadian Overnight Repo Rate Average (“CORRA”) plus a spread, or an alternative rate based on the cost funds for the lender. (2)Represents total revolving commitment amount, inclusive of debt outstanding as of December 31, 2025. (3)Certain loans are pledged as collateral for borrowings in our secured debt facilities, except for our sales and repurchase agreements which are collateralized by securitization notes receivable and certificates retained by the Company and classified as securities available for sale at fair value. The carrying value of these pledged assets was $8.6 billion as of December 31, 2025. (4)As of December 31, 2025, international facilities finance loan receivables originated in Canada.
Schedule of Aggregate Future Maturities | The aggregate future maturities of our funding debt, notes issued by securitization trusts and convertible notes consists of the following (in thousands):
|  | December 31, 2025
2026 |  | $ | — |
2027 |  | 757,188 |
2028 |  | 1,156,719 |
2029 |  | 1,262,831 |
2030 |  | 1,861,149 |
Thereafter |  | 4,017,210 |
Total |  | $ | 9,055,097 |
Deferred debt issuance costs |  | (45,857) |
Total funding debt, net of deferred debt issuance costs |  | $ | 9,009,240 |
Schedule of Interest Expense Recognized Related to the Convertible Senior Notes | The following table summarizes the interest expense recognized related to the convertible senior notes (in thousands):
|  | Three Months Ended December 31, |  | Six Months Ended December 31,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Amortization of debt issuance costs (1) |  |  |  |  |  |  |  |
2026 Notes |  | $ | 135 |  |  | $ | 658 |  |  | $ | 271 |  |  | $ | 1,427 |
2029 Notes |  | 841 |  |  | 110 |  |  | 1,682 |  |  | 110 |
Total amortization of debt issuance costs |  | $ | 975 |  |  | $ | 768 |  |  | $ | 1,953 |  |  | $ | 1,537 |
Coupon interest expense (1) (2) |  | 1,736 |  |  | 227 |  |  | 3,471 |  |  | 227 |
Total interest expenses related to the convertible notes |  | $ | 2,712 |  |  | $ | 995 |  |  | $ | 5,423 |  |  | $ | 1,764 |
(1)Included in our interim condensed consolidated statement of operations and comprehensive income (loss) within other income, net. (2)The coupon interest expense is related to the 2029 Notes.

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