Debt (Tables)

9 Months Ended

Sep. 30, 2022

The table below summarizes the Company's key terms and carrying value of debt:


	September 30, 2022					December 31, 2021
	Outstanding Borrowings (in thousands)		Contractual Weighted Avg Interest Rate(1)	Maturity Range(1)		Outstanding Borrowings (in thousands)
				From	To

Secured Debt Financings
Asset-backed securitization term instruments	$	2,967,550	2.04%	February 2028	February 2031	$	3,801,777
Asset-backed securitization warehouse	452,000		4.68%	April 2029	April 2029	225,000
Finance lease obligations	—			—	—	15,042
Total secured debt financings	3,419,550					4,041,819
Unsecured Debt Financings
Senior notes	2,900,000		2.11%	August 2023	March 2032	2,300,000
Term loan facilities	1,104,000		4.50%	May 2026	May 2026	1,176,000
Revolving credit facilities	930,000		4.49%	October 2026	October 2026	1,112,000
Total unsecured debt financings	4,934,000					4,588,000
Unamortized debt costs	(58,192)					(63,794)
Unamortized debt premiums & discounts	(5,065)					(3,508)

Debt, net of unamortized costs	$	8,290,293				$	8,562,517

(1) Data as of September 30, 2022.

The following table summarizes the Company's outstanding fixed-rate and floating-rate debt as of September 30, 2022:


	Balance Outstanding (in thousands)	Contractual Weighted Avg Interest Rate	Maturity Range		Weighted Avg Remaining Term
			From	To
Excluding impact of derivative instruments:
Fixed-rate debt	$5,867,550	2.08%	Aug 2023	Mar 2032	4.7 years
Floating-rate debt	$2,486,000	4.53%	May 2026	Apr 2029	4.0 years

Including impact of derivative instruments:
Fixed-rate debt	$5,867,550	2.08%
Hedged floating-rate debt	$1,339,750	3.62%
Total fixed and hedged debt	$7,207,300	2.36%
Unhedged floating-rate debt	$1,146,250	4.53%
Total	$8,353,550	2.67%