v3.25.4
Debt (Tables)
 6 Months Ended
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 facilities5.55%
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 notes5.37%0.30%20321,350,000 597,176 594,402 
Sales and repurchase agreements6.61%—
2028 - 2029
—13,716 13,716 
Notes issued by securitization trusts5.18%—
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 Notes0.75%—2030—920,000 906,802 
Revolving credit facility—0.20%2027330,000 — — 
$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 $8.6 billion as of December 31, 2025.
(4)As of December 31, 2025, international facilities finance loan receivables originated in Canada.
Schedule of Aggregate Future Maturities
The aggregate future maturities of our funding debt, notes issued by securitization trusts and convertible notes consists of the following (in thousands):
December 31, 2025
2026$— 
2027757,188 
20281,156,719 
20291,262,831 
20301,861,149 
Thereafter4,017,210 
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,
2025202420252024
Amortization of debt issuance costs (1)
2026 Notes$135 $658 $271 $1,427 
2029 Notes841 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.