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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of debt instruments | The table below summarizes the Company's key terms and carrying value of debt as of the periods indicated:
| December 31, 2024 |  | December 31, 2023
| Outstanding Borrowings (in thousands) |  | Contractual Weighted Avg Interest Rate |  | Maturity Range |  | Outstanding Borrowings (in thousands)
|  |  | From |  | To |
Secured Debt Financings |  |  |  |  |  |  |  |  |
Asset-backed securitization term notes | $ | 3,032,700 |  |  | 2.93 | % |  | February 2028 |  | February 2035 |  | $ | 2,579,832 |
Asset-backed securitization warehouse | 60,000 |  |  | 6.16 | % |  | January 2031 |  | January 2031 |  | 240,000 |
Total secured debt financings | 3,092,700 |  |  |  |  |  |  |  |  | 2,819,832 |
Unsecured Debt Financings |  |  |  |  |  |  |  |  |
Senior notes | 1,800,000 |  |  | 2.82 | % |  | April 2026 |  | March 2032 |  | 2,300,000 |
Credit facility: |  |  |  |  |  |  |  |  |
Revolving credit tranche | 1,085,000 |  |  | 5.76 | % |  | July 2029 |  | July 2029 |  | 930,000 |
Term loan tranche | 1,680,000 |  |  | 5.76 | % |  | July 2029 |  | July 2029 |  | 1,468,496 |
Total unsecured debt financings | 4,565,000 |  |  |  |  |  |  |  |  | 4,698,496 |
Total debt financings | $ | 7,657,700 |  |  |  |  |  |  |  |  | $ | 7,518,328 |
Unamortized debt costs | (48,743) |  |  |  |  |  |  |  |  | (43,924) |
Unamortized debt premium & discounts | (3,237) |  |  |  |  |  |  |  |  | (3,770) |
Debt, net of unamortized costs | $ | 7,605,720 |  |  |  |  |  |  |  |  | $ | 7,470,634 |
The following table summarizes the Company's outstanding fixed-rate and floating-rate debt as of December 31, 2024:
| 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 | $ | 4,832,700 |  |  | 2.89% |  | Apr 2026 |  | Feb 2035 |  | 4.2 years
Floating-rate debt | $ | 2,825,000 |  |  | 5.77% |  | Jul 2029 |  | Jan 2031 |  | 4.1 years
Including impact of derivative instruments: |  |  |  |  |  |  |  |  |
Fixed-rate debt | $ | 4,832,700 |  |  | 2.89% |  |  |  |  |  |
Hedged floating rate debt | 1,866,250 |  |  | 3.84% |  |  |  |  |  |
Total fixed and hedged floating-rate debt | 6,698,950 |  |  | 3.15% |  |  |  |  |  |
Unhedged floating rate debt | 958,750 |  |  | 5.77% |  |  |  |  |  |
Total debt outstanding | $ | 7,657,700 |  |  | 3.46% |  |  |  |  |  |
Schedule of Maturities of Debt | At December 31, 2024, the Company's scheduled principal repayments and maturities were as follows (in thousands):
Years ending December 31, |
2025 | $ | 511,937 |
2026 | 1,114,080 |
2027 | 572,058 |
2028 | 776,614 |
2029 | 2,739,848 |
2030 and thereafter | 1,943,163 |
Total debt outstanding | $ | 7,657,700 |

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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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