XML 45 R32.htm IDEA: XBRL DOCUMENT v3.25.1
CREDIT FACILITIES AND LONG-TERM DEBT (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Credit Facilities and Long Term Debt
The following tables summarize certain details related to the Company's credit facilities and long-term debt as of March 31, 2025 and December 31, 2024 (in millions, except interest rates):
Outstanding Amount
March 31, 2025
Borrowing
Capacity
CurrentNon-Current
Weighted
Average
Interest Rate
End of Revolving / Withdrawal Period
Final Maturity
Date
Non-Recourse Asset-backed Debt:
Asset-backed Senior Revolving Credit Facilities
Revolving Facility 2018-2$1,000 $— $— — %June 24, 2026June 24, 2026
Revolving Facility 2018-31,000 258 — 7.29 %September 29, 2026September 29, 2026
Revolving Facility 2019-1300 92 — 7.31 %February 18, 2027February 18, 2027
Revolving Facility 2019-2300 86 — 7.19 %October 2, 2026October 1, 2027
Revolving Facility 2019-3100 16 — 7.27 %April 5, 2027April 3, 2028
Asset-backed Senior Term Debt Facilities
Term Debt Facility 2021-S1400 — 100 4.61 %February 24, 2026August 24, 2026
Term Debt Facility 2021-S2400 300 — 3.57 %September 10, 2025March 10, 2026
Term Debt Facility 2021-S31,000 — 750 3.75 %January 31, 2027July 31, 2027
Term Debt Facility 2022-S1194 194 — 4.22 %March 1, 2025September 1, 2025
Total$4,694 $946 $850 
Issuance Costs— (7)
Carrying Value$946 $843 
Asset-backed Mezzanine Term Debt Facilities
Term Debt Facility 2020-M13,000 — 200 10.97 %February 25, 2028February 25, 2029
Term Debt Facility 2022-M1250 — 150 11.72 %January 31, 2027November 1, 2027
Total$3,250 $— $350 
Issuance Costs(6)
Carrying Value$344 
Total Non-Recourse Asset-backed Debt$7,944 $946 $1,187 
Outstanding Amount
December 31, 2024CurrentNon-Current
Weighted
Average
Interest Rate
Non-Recourse Asset-backed Debt:
Asset-backed Senior Revolving Credit Facilities
Revolving Facility 2018-2$— $— — %
Revolving Facility 2018-3182 — 8.00 %
Revolving Facility 2019-1— — — %
Revolving Facility 2019-2— — — %
Revolving Facility 2019-3— — 8.13 %
Asset-backed Senior Term Debt Facilities
Term Debt Facility 2021-S1— 100 3.48 %
Term Debt Facility 2021-S2— 300 3.31 %
Term Debt Facility 2021-S3— 750 3.75 %
Term Debt Facility 2022-S1250 — 4.07 %
Total$432 $1,150 
Issuance Costs— (7)
Carrying Value$432 $1,143 
Asset-backed Mezzanine Term Debt Facilities
Term Debt Facility 2020-M1$— $200 10.00 %
Term Debt Facility 2022-M1$— $150 10.00 %
Total$— $350 
Issuance Costs(1)
Carrying Value$349 
Total Non-Recourse Asset-backed Debt$432 $1,492 
Schedule of Convertible Debt The tables below summarize certain details related to the 2026 Notes (in millions, except interest rates):
March 31, 2025
Remaining Aggregate Principal Amount
Unamortized Debt Issuance CostsNet Carrying Amount
2026 Notes$381 $(3)$378 
March 31, 2025Maturity DateStated Cash Interest RateEffective Interest RateSemi-Annual Interest Payment DatesConversion RateConversion Price
2026 NotesAugust 15, 20260.25 %0.78 %February 15; August 1551.9926$19.23