Debt and Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Debt

The following represents the Company’s debt obligations as of September 30, 2021 and December 31, 2020:

Secured Debt Facilities, Revolving Credit Facilities, Term Loan and Bonds Payable	September 30, 2021					December 31, 2020
	Outstanding		Average Interest			Outstanding		Average Interest			Final Maturity
TL Revolving Credit Facility	$	1,164,532		1.58	%	$	1,433,919		1.65	%	September 2023
TL 2019 Term Loan		140,204		3.50	%		148,131		3.50	%	December 2026
TL 2021 Term Loan		66,444		2.65	%		—		0.00	%	February 2028
TMCL II Secured Debt Facility (1)		904,521		1.83	%		646,551		1.91	%	July 2026
TMCL VI Term Loan		—		0.00	%		223,630		4.29	%	February 2038
TMCL VII 2019-1 Bonds		—		0.00	%		300,305		4.02	%	April 2044
TMCL VII 2020-1 Bonds		395,571		3.07	%		429,600		3.07	%	August 2045
TMCL VII 2020-2 Bonds		544,706		2.26	%		587,183		2.26	%	September 2045
TMCL VII 2020-3 Bonds		199,355		2.15	%		214,168		2.15	%	September 2045
TMCL VII 2021-1 Bonds		518,744		1.72	%		—		0.00	%	February 2046
TMCL VII 2021-2 Bonds		622,808		2.27	%		—		0.00	%	April 2046
TMCL VII 2021-3 Bonds		589,397		1.98	%		—		0.00	%	August 2046
TAP Funding Revolving Credit Facility		—		0.00	%		131,857		2.11	%	December 2021
Total debt obligations	$	5,146,282				$	4,115,344
Amount due within one year	$	346,287				$	408,365
Amounts due beyond one year	$	4,799,995				$	3,706,979

(1)

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

Summary of Outstanding Borrowings and Borrowing Capacities

The following is a schedule of the Company’s outstanding borrowings and borrowing capacities, as of September 30, 2021:


	Total Borrowing		Available Borrowing, as limited by the Borrowing Base		Current and Available Borrowing, as limited by the Borrowing Base		Total Commitment
TL Revolving Credit Facility	$	1,167,858	$	226,934	$	1,394,792	$	1,500,000
TL 2019 Term Loan		141,339		—		141,339		141,339
TL 2021 Term Loan		67,155		—		67,155		67,155
TMCL II Secured Debt Facility		906,241		18,123		924,364		1,500,000
TMCL VII 2020-1 Bonds (1)		399,418		—		399,418		399,418
TMCL VII 2020-2 Bonds (1)		550,158		—		550,158		550,158
TMCL VII 2020-3 Bonds (1)		200,889		—		200,889		200,889
TMCL VII 2021-1 Bonds (1)		524,333		—		524,333		524,333
TMCL VII 2021-2 Bonds (1)		629,493		—		629,493		629,493
TMCL VII 2021-3 Bonds (1)		596,000		—		596,000		596,000
Total (2)	$	5,182,884	$	245,057	$	5,427,941	$	6,108,785

(1)

Amounts on the bonds payable exclude unamortized discounts in an aggregate amount of $648.

(2)

Total borrowing for all debts excludes unamortized prepaid debt issuance costs in an aggregate amount of $35,954.

Summary of Fair Value of Derivative Instruments Reflected on Gross Basis on Condensed Consolidated Balance Sheets

The following table summarizes the fair value of the derivative instruments that were reflected on a gross basis on the condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020:

	September 30, 2021		December 31, 2020
Assets
Interest rate swaps - designated as hedges	$	2,514	$	47
Total	$	2,514	$	47
Liabilities
Interest rate swaps - designated as hedges	$	3,671	$	9,665
Interest rate swaps - not designated as hedges		—		19,570
Total	$	3,671	$	29,235

Summary of Pre-tax Impact of Derivative Instruments on Condensed Consolidated Statements of Operations

The following table summarizesthe pre-tax impact of derivative instruments on the condensed consolidated statements of operations during the three and nine months ended September 30, 2021 and 2020:

		Three Months Ended September 30,				Nine Months Ended September 30,
Derivative instruments	Financial Statement Caption	2021		2020		2021		2020
Non-designated	Realized loss on financial instruments, net	$	4	$	4,107	$	5,408	$	8,900
Non-designated	Unrealized gain (loss) on financial instruments, net	$	43	$	4,161	$	5,220	$	(9,434	)
Designated	Other comprehensive income (loss)	$	3,288	$	158	$	3,084	$	(13,093	)
Designated	Interest expense	$	2,887	$	1,130	$	5,378	$	1,658