Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Components of debt

The carrying amounts of our debt are as follows:

	March 31, 2026		December 31, 2025
	(in millions)
Corporate – Recourse:
Revolving credit facility	$	—	$	—
Senior notes due 2028, inclusive of unamortized premium of $2.8 and $3.1	602.8		603.1
	602.8		603.1
Less: unamortized debt issuance costs	(4.2)		(4.6)
Total recourse debt	598.6		598.5
Lease fleet – Non-recourse:
Wholly-owned subsidiaries:
Secured railcar equipment notes, net of unamortized discount of $0.2 and $0.3	3,003.2		3,036.3
TRL-2023 term loan, net of unamortized discount of $0.6 and $0.6	1,025.3		1,031.9
TILC warehouse facility	460.4		478.5
Other equipment financing	47.0		47.6
	4,535.9		4,594.3
Less: unamortized debt issuance costs	(19.2)		(20.9)
	4,516.7		4,573.4
Partially-owned subsidiary:
Secured railcar equipment notes, net of unamortized discount of $— and $—	267.5		271.3
Less: unamortized debt issuance costs	(0.5)		(0.7)
	267.0		270.6
Total non-recourse debt	4,783.7		4,844.0
Total debt	$	5,382.3	$	5,442.5

The estimated fair values of our debt are as follows:

	March 31, 2026		December 31, 2025
	(in millions)
Level 2	$	615.6	$	623.9
Level 3	$	3,258.6	$	3,303.6