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Debt (Tables) | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Schedule of debt | The table below summarizes the Company's key terms and carrying value of debt:
| September 30, 2023 |  | December 31, 2022
| Outstanding Borrowings (in thousands) |  | Contractual Weighted Avg Interest Rate |  | Maturity Range |  | Outstanding Borrowings (in thousands)
|  |  | From |  | To |
Secured Debt Financings |  |  |  |  |  |  |  |  |
Asset-backed securitization ("ABS") term instruments | $ | 2,657,543 |  |  | 2.04% |  | February 2028 |  | February 2031 |  | $ | 2,890,467 |
Asset-backed securitization warehouse | 295,000 |  |  | 6.92% |  | April 2029 |  | April 2029 |  | 320,000 |
Total secured debt financings | 2,952,543 |  |  |  |  |  |  |  |  | 3,210,467 |
Unsecured Debt Financings |  |  |  |  |  |  |  |  |
Senior notes | 2,300,000 |  |  | 2.45% |  | June 2024 |  | March 2032 |  | 2,900,000 |
Term loan facility | 1,504,124 |  |  | 6.67% |  | May 2026 |  | May 2026 |  | 1,080,000 |
Revolving credit facility | 1,060,000 |  |  | 6.67% |  | October 2027 |  | October 2027 |  | 945,000 |
Total unsecured debt financings | 4,864,124 |  |  |  |  |  |  |  |  | 4,925,000 |
Total debt financings | 7,816,667 |  |  |  |  |  |  |  |  | 8,135,467 |
Unamortized debt costs | (47,680) |  |  |  |  |  |  |  |  | (55,863) |
Unamortized debt premiums & discounts | (3,990) |  |  |  |  |  |  |  |  | (4,784) |
Debt, net of unamortized costs | $ | 7,764,997 |  |  |  |  |  |  |  |  | $ | 8,074,820 |
The following table summarizes the Company's outstanding fixed-rate and floating-rate debt as of September 30, 2023:
| 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 | $4,957,543 |  | 2.23% |  | Jun 2024 |  | Mar 2032 |  | 4.4 years
Floating-rate debt | $2,859,124 |  | 6.69% |  | May 2026 |  | Apr 2029 |  | 3.3 years
Including impact of derivative instruments: |  |  |  |  |  |  |  |  |
Fixed-rate debt | $4,957,543 |  | 2.23% |  |  |  |  |  |
Hedged floating-rate debt | $1,609,000 |  | 3.87% |  |  |  |  |  |
Total fixed and hedged debt | $6,566,543 |  | 2.63% |  |  |  |  |  |
Unhedged floating-rate debt | $1,250,124 |  | 6.69% |  |  |  |  |  |
Total debt | $7,816,667 |  | 3.27% |  |  |  |  |  |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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