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Debt (Tables)

9 Months Ended

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.

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