Term Loans, Net (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

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
USD	13	$	7,334,420	10/17/2025	128	$	10,420,015	11/27/2025	34%	25% - 100%
EUR	6	2,333,523		10/18/2024	10	3,148,250		9/27/2024	47%	25% - 100%
GBP	6	1,743,519		6/15/2025	15	2,323,140		6/27/2025	26%	25% - 50%
Others(5)	4	888,118		5/10/2025	6	1,150,976		4/25/2025	26%	25% - 100%
Total	12	$	12,299,580	7/11/2025	159	$	17,042,381	8/5/2025	35%	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 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.

Schedule of Net Book Value of Our Secured Term Loans on Our Consolidated Balance Sheets

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 following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):

	December 31, 2021		December 31, 2020
Face value	$	622,500	$	622,500
Unamortized discount	(2,472)		(5,715)
Deferred financing costs	(152)		(396)
Net book value	$	619,876	$	616,389