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Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Revolving Credit Facilities and Lines of Credit

The following table summarizes certain details related to our outstanding master repurchase agreements as of the dates presented (in millions, except interest rates):

Lender						Maturity Date						Maximum Borrowing Capacity(1)						Outstanding Borrowings at September 30, 2025						Outstanding Borrowings at December 31, 2024						Weighted-Average Interest Rate at September 30, 2025
JPMorgan Chase Bank, N.A.(2)						April 28, 2026						$	200					$	120					$	72					5.87		%
UBS AG(3)						September 4, 2026						150						78						73						5.88		%
Bank of Montreal(4)						February 26, 2026						150						74						—						5.85		%
Bank of Nova Scotia(5)						June 8, 2026						100						—						—						—		%
						Total						$	600					$	272					$	145

(1) Available borrowing capacity under our master repurchase agreements is primarily uncommitted.

(2) Agreement was amended and renewed on April 29, 2025 to increase the total maximum borrowing capacity from $150 million to $200 million and to extend the maturity date to April 28, 2026.

(3) Agreement was amended and renewed on September 5, 2025 to extend the maturity date to September 4, 2026.

(4) Agreement was entered into on February 27, 2025.

(5) Agreement was entered into on June 9, 2025.

Schedule of Convertible Senior Notes

The following table summarizes the interest expense related to our convertible senior notes for the nine months ended September 30, 2024 (in millions):

						Contractual Coupon Interest						Amortization of Debt Issuance Costs						Interest Expense
2026 Notes						$	5					$	1					$	6
2025 Notes						9						2						11
2024 Notes						3						1						4
Total						$	17					$	4					$	21

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Tabular disclosure of convertible debt instrument. Includes, but is not limited to, principal amount and amortized premium or discount.

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Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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