Total used commitment of secured credit facilities

[Table of Contents](#i6f5a02f7aeae4b00b01c55901eb4a1a5_4)private providers was $3.8 billion, none of which was drawn. As of December 31, 2021, the total commitment of secured credit facilities through private providers was $4.0 billion, $500 million of which was outstanding as a short-term draw. Access to the unused portions of the secured credit facilities is subject to the terms of the agreements with each of the providers. The secured credit facilities have various expirations in 2023 and 2024. Borrowings outstanding under each facility bear interest at a margin above LIBOR, Term Secured Overnight Financing Rate ("SOFR") or the asset-backed commercial paper costs of each provider. The terms of each agreement provide for a commitment fee to be paid on the unused capacity and include various affirmative and negative covenants, including performance metrics and legal requirements similar to those required to issue any term securitization transaction.7.    Preferred StockThe table below presents a summary of the Company's non-cumulative perpetual preferred stock that is outstanding at March 31, 2022 (dollars in millions, except per depositary share amounts):

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| Series |  | Description |  | Initial Issuance Date |  | Liquidation Preference and Redemption Price per Depositary Share(1) |  | Per Annum Dividend Rate in effect at March 31, 2022 |  | Total Depositary Shares Authorized, Issued and Outstanding |  | Carrying Value |
|  |  |  |  |  | March 31, 2022 |  | December 31, 2021 |  | March 31, 2022 |  | December 31, 2021 |
| C(2)(3)(4) |  | Fixed-to-Floating Rate |  | 10/31/2017 |  | $ | 1,000  |  |  | 5.500  | % |  | 570,000  |  |  | 570,000  |  |  | $ | 563  |  |  | $ | 563  |  |
| D(2)(5)(6) |  | Fixed-Rate Reset |  | 6/22/2020 |  | $ | 1,000  |  |  | 6.125  | % |  | 500,000  |  |  | 500,000  |  |  | 493  |  |  | 493  |  |
| Total Preferred Stock |  | 1,070,000  |  |  | 1,070,000  |  |  | $ | 1,056  |  |  | $ | 1,056  |  |
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(1)Redeemable at the redemption price plus declared and unpaid dividends.(2)Issued as depositary shares, each representing 1/100th interest in a share of the corresponding series of preferred stock. Each preferred share has a par value of $0.01.(3)Redeemable at the Company’s option, subject to regulatory approval, either (i) in whole or in part on any dividend payment date on or after October 30, 2027, or (ii) in whole but not in part, at any time within 90 days following a regulatory capital treatment event (as defined in the certificate of designations for the Series C preferred stock).(4)Any dividends declared are payable semi-annually in arrears at a rate of 5.50% per annum until October 30, 2027. Thereafter, dividends declared will be payable quarterly in arrears at a floating rate equal to 3-month LIBOR plus a spread of 3.076% per annum.(5)Redeemable at the Company’s option, subject to regulatory approval, either (i) in whole or in part during the three-month period prior to, and including, each reset date (as defined in the certificate of designations for the Series D preferred stock) or (ii) in whole but not in part, at any time within 90 days following a regulatory capital treatment event (as defined in the certificate of designations for the Series D Preferred Stock).(6)Any dividends declared are payable semi-annually in arrears at a rate of 6.125% per annum until September 23, 2025, after which the dividend rate will reset every five years to a fixed annual rate equal to the 5-year Treasury plus a spread of 5.783%.19
