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Debt (Tables)

12 Months Ended

Dec. 31, 2022

The following represents the Company’s debt obligations as of December 31, 2022 and 2021:


	2022						2021
	Outstanding			Average Interest			Outstanding			Average Interest			Final Maturity
TL Revolving Credit Facility	$	1,367,858			5.78	%	$	1,062,858			1.60	%	August 2027
TL 2019 Term Loan		127,293			3.50	%		138,578			3.50	%	December 2026
TL 2021-1 Term loan		60,314			2.65	%		65,804			2.65	%	February 2028
TL 2021-2 Term Loan		192,202			2.90	%		206,635			2.90	%	October 2028
TMCL II Secured Debt Facility (1)		1,239,440			6.00	%		1,073,741			1.75	%	November 2028
TMCL VII 2020-1 Bonds		332,413			3.06	%		388,194			3.07	%	August 2045
TMCL VII 2020-2 Bonds		476,279			2.26	%		535,690			2.26	%	September 2045
TMCL VII 2020-3 Bonds		175,750			2.15	%		195,861			2.15	%	September 2045
TMCL VII 2021-1 Bonds		467,881			1.72	%		513,333			1.72	%	February 2046
TMCL VII 2021-2 Bonds		564,373			2.27	%		616,469			2.27	%	April 2046
TMCL VII 2021-3 Bonds		536,000			1.98	%		584,000			1.98	%	August 2046
Total debt outstanding (2)		5,539,803						5,381,163
Unamortized debt premiums and discounts		(34,884	)					(40,643	)
Debt, net of unamortized costs	$	5,504,919					$	5,340,520
Debt, net of unamortized costs - current	$	377,898					$	380,207
Debt, net of unamortized costs - non-current	$	5,127,021					$	4,960,313

(1)

Final maturity of the TMCL II Secured Debt Facility is based on the assumption that the facility will not be extended on its scheduled conversion date.

(2)

The fair value of total debt based on the borrowing rates available to the Company was approximately $5,107,874 and $5,320,366 at December 31, 2022 and 2021, respectively, and was measured using Level 2 inputs.

Estimated Future Scheduled Repayments

The following is a schedule of future scheduled repayments, by year, and borrowing capacities, as of December 31, 2022:


	Twelve months ending December 31,														Available borrowing,		Current and Available Borrowing,
	2023		2024		2025		2026		2027		2028 and thereafter		Total Borrowing		as limited by the Borrowing Base		as limited by the Borrowing Base
TL Revolving Credit Facility	$	—	$	—	$	121,409	$	131,386	$	1,115,063	$	—	$	1,367,858	$	272,748	$	1,640,606
TL 2019 Term Loan		11,687		12,102		12,532		90,972		—		—		127,293		—		127,293
TL 2021-1 Term loan		5,637		5,789		5,944		6,103		6,267		30,574		60,314		—		60,314
TL 2021-2 Term Loan		14,858		15,294		15,743		16,205		16,681		113,421		192,202		—		192,202
TMCL II Secured Debt Facility (1)		64,792		100,446		102,631		92,825		83,957		794,789		1,239,440		34,977		1,274,417
TMCL VII 2020-1 Bonds (2)		57,816		58,560		57,552		51,869		57,117		49,499		332,413		—		332,413
TMCL VII 2020-2 Bonds (2)		66,975		69,541		69,827		68,492		73,971		127,473		476,279		—		476,279
TMCL VII 2020-3 Bonds (2)		20,111		20,111		20,111		20,111		20,111		75,195		175,750		—		175,750
TMCL VII 2021-1 Bonds (2)		43,864		43,864		43,864		43,864		43,864		248,561		467,881		—		467,881
TMCL VII 2021-2 Bonds (2)		52,096		52,096		52,096		52,096		52,096		303,893		564,373		—		564,373
TMCL VII 2021-3 Bonds (2)		48,000		48,000		48,000		48,000		48,000		296,000		536,000		—		536,000
Total (3)	$	385,836	$	425,803	$	549,709	$	621,923	$	1,517,127	$	2,039,405	$	5,539,803	$	307,725	$	5,847,528

(1)

The estimated future scheduled repayments for TMCL II Secured Debt Facility are based on the assumption that the facility will not be extended on its associated conversion date.

(2)

Future scheduled payments for all bonds payable exclude unamortized discounts in an aggregate amount of $485.

(3)

Future scheduled payments for all debts exclude prepaid debt issuance costs in an aggregate amount of $34,399.

Summary of Outstanding Fixed-Rate and Floating-Rate Debt

The following table summarizes the Company's outstanding fixed-rate and floating-rate debt as of December 31, 2022:


	Balance Outstanding		Contractual Weighted Average Interest Rate
Excluding impact of derivative instruments:
Fixed-rate debt	$	2,932,505	2.32%
Floating-rate debt		2,607,298	5.88%

Including impact of derivative instruments:
Fixed-rate debt		2,932,505	2.32%
Hedged floating-rate debt		2,071,125	2.88%
Total fixed and hedged debt		5,003,630	2.55%
Unhedged floating-rate debt		536,173	5.83%
Total	$	5,539,803	2.87%