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Debt (Tables)

12 Months Ended

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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- References

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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

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- Definition

Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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