Senior Secured Notes, Net

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Senior Secured Notes, Net

SENIOR SECURED NOTES, NET

As of March 31, 2022, the following Senior Secured Notes, were outstanding ($ in thousands):

Senior Secured Notes	Face Value		Interest 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 transaction expenses on the Senior Secured Notes were $6.3 million, which will be amortized into 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):

	March 31, 2022		December 31, 2021
Face value	$	400,000	$	400,000
Deferred financing costs	(5,697)		(5,990)
Net book value	$	394,303	$	394,010

The covenants under our Senior Secured Notes require us to maintain a total debt to total assets ratio, as defined in the agreements, of not greater than 83.33% and, in certain circumstances, a total unencumbered assets to total unsecured indebtedness ratio, as defined in the agreements, of 1.20 or greater. As of March 31, 2022 and December 31, 2021, we were in compliance with these covenants.