Term Loans, Net

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Secured Term Loans, Net

TERM LOANS, NET

During the year ended December 31, 2021, we (i) increased our borrowings under our B-1 senior term loan facility, or B-1 Term Loan, by $200.0 million and (ii) increased our borrowings under our B-2 senior term loan facility, or B-2 Term Loan, by $100.0 million and decreased the interest rate by 2.50% to USD LIBOR plus 2.75%.

As of December 31, 2021, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):

Term Loans	Face Value		Interest Rate(1)		All-in Cost(1)(2)		Maturity
B-1 Term Loan	$	929,878	+ 2.25	%	+ 2.53	%	April 23, 2026
B-2 Term Loan	$	419,393	+ 2.75	%	+ 3.42	%	April 23, 2026

(1)The B-2 Term Loan borrowing is subject to a LIBOR floor of 0.50%.

(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.

The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate principal balance due in quarterly installments. The issue discount and transaction expenses on the B-1 Term Loan were $3.1 million and $12.6 million, respectively, which will be amortized into interest expense over the life of the B-1 Term Loan. The issue discount and transaction expenses of the B-2 Term Loan were $9.6 million and $5.4 million, respectively, which will be amortized into interest expense over the life of the B-2 Term Loan.

The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

	December 31, 2021		December 31, 2020
Face value	$	1,349,271	$	1,062,766
Unamortized discount	(9,209)		(9,807)
Deferred financing costs	(12,656)		(11,255)
Net book value	$	1,327,406	$	1,041,704

The guarantee under our Term Loans contains the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of December 31, 2021 and December 31, 2020, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans.