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Secured Debt, Net (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Secured Debt Agreements The following table details our secured debt ($ in thousands):
 
Secured Debt
Borrowings Outstanding
 December 31, 2021December 31, 2020
Secured credit facilities$12,299,580 $7,896,863 
Acquisition facility——
Total secured debt$12,299,580 $7,896,863 
Deferred financing costs(1)
(19,538)(16,327)
Net book value of secured debt$12,280,042 $7,880,536 
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheet when incurred and recognized as a component of interest expense over the life of each related facility.
As of December 31, 2021, the following Senior Secured Notes, were outstanding ($ in thousands):
Senior Secured NotesFace ValueInterest Rate
All-in Cost(1)
Maturity
Senior Secured Notes$400,000 3.75 %4.04 %January 15, 2027
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.
The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands):
 December 31, 2021December 31, 2020
Face value$400,000 $— 
Deferred financing costs(5,990)—
Net book value$394,010 $— 
Credit Facilities
The following table details our secured credit facilities as of December 31, 2021 ($ in thousands):
December 31, 2021
   Wtd Avg.   Wtd Avg.Recourse Limitation
Currency
Lenders(1)
Borrowings
Maturity(2)
Loan Count
Collateral(3)
Maturity(4)
Wtd. Avg.Range
USD13$7,334,420 10/17/2025128$10,420,015 11/27/202534%
25% - 100%
EUR62,333,523 10/18/2024103,148,2509/27/202447%
25% - 100%
GBP61,743,519 6/15/2025152,323,1406/27/202526%
25% - 50%
Others(5)
4888,118 5/10/202561,150,9764/25/202526%
25% - 100%
Total12$12,299,580 7/11/2025159$17,042,381 8/5/202535%
25% - 100%

(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders.
(2)Based on the earlier of (i) the maximum maturity date of each secured credit facility, or (ii) the maximum maturity date of the collateral loans.
(3)Represents the principal balance of the collateral assets.
(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date.
(5)Includes Swedish Krona, Australian Dollar, Canadian Dollar, and Swiss Franc currencies.
As of December 31, 2021, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):
Term LoansFace 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$419,393 + 2.75 %+ 3.42 %April 23, 2026
(1)The B-2 Term Loan borrowing is subject to a LIBOR floor of 0.50%.
(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.
Schedule Of All In Cost Of Secured Credit Facilities
The following tables detail the spread of our secured debt as of December 31, 2021 and December 31, 2020 ($ in thousands):
 Year Ended December 31, 2021December 31, 2021
Spread(1)
New Financings(2)
Total
Borrowings
Wtd. Avg.
All-in Cost(1)(3)(4)
Collateral(5)
Wtd. Avg.
All-in Yield(1)(6)
Net Interest
 Margin(7)
+ 1.50% or less
$5,306,925 $7,746,026 +1.52 %$10,193,801 +3.18 %+1.66 %
+ 1.51% to + 1.75%
1,477,1772,710,587 +1.88 %3,977,492 +3.55 %+1.67 %
+ 1.76% to + 2.00%
668,470998,781 +2.13 %1,458,074 +4.28 %+2.15 %
+ 2.01% or more
310,991844,186 +2.49 %1,413,014 +4.75 %+2.26 %
Total$7,763,563 $12,299,580 +1.72 %$17,042,381 +3.49 %+1.77 %
 Year Ended December 31, 2020December 31, 2020
Spread(1)
New Financings(2)
Total
Borrowings
Wtd. Avg.
All-in Cost(1)(3)(4)
Collateral(5)
Wtd. Avg.
All-in Yield(1)(6)
Net Interest
Margin(7)
+ 1.50% or less
$376,085 $4,192,280 +1.59 %$6,338,626 +3.09 %+1.50 %
+ 1.51% to + 1.75%
172,4471,945,692+1.95 %2,975,581+3.43 %+1.48 %
+ 1.76% to + 2.00%
215,056926,666+2.06 %1,212,546+3.83 %+1.77 %
+ 2.01% or more
134,928832,225+2.49 %1,514,154+4.34 %+1.85 %
Total$898,516 $7,896,863 +1.83 %$12,040,907 +3.40 %+1.57 %
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include USD LIBOR, SOFR, GBP LIBOR, SONIA, EURIBOR, and other indices as applicable.
(2)Represents borrowings outstanding as of December 31, 2021 and December 31, 2020, respectively, for new financings during the year ended December 31, 2021 and December 31, 2020, respectively, based on the date collateral was initially pledged to each credit facility.
(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings.
(4)Represents the weighted-average all-in cost as of December 31, 2021 and December 31, 2020, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings.
(5)Represents the principal balance of the collateral assets.
(6)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees.
(7)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.