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Secured Debt, Net (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Secured Debt Agreements The following table details our secured debt ($ in thousands):
 
Secured Debt
Borrowings Outstanding
 March 31, 2022December 31, 2021
Secured credit facilities$13,117,249 $12,299,580 
Acquisition facility——
Total secured debt$13,117,249 $12,299,580 
Deferred financing costs(1)
(24,841)(19,538)
Net book value of secured debt$13,092,408 $12,280,042 
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.
As of March 31, 2022, the following Senior Secured Notes, were outstanding ($ 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):
 March 31, 2022December 31, 2021
Face value$400,000 $400,000 
Deferred financing costs(5,697)(5,990)
Net book value$394,303 $394,010 
Credit Facilities
The following table details our secured credit facilities by spread over the applicable base rates as of March 31, 2022 ($ in thousands):
March 31, 2022
     Recourse Limitation
Currency
Lenders(1)
Borrowings
Wtd Avg. Maturity(2)
Loan Count
Collateral(3)
Wtd Avg.
Maturity(4)
Wtd. Avg.Range
USD14$7,961,788 12/13/2025153$11,890,070 2/5/202635%
25% - 100%
EUR62,288,852 7/6/2025103,060,9917/13/202546%
25% - 100%
GBP61,901,230 10/16/2025172,511,88011/5/202526%
25% - 50%
Others(5)
4965,379 6/2/202571,247,7657/24/202525%
25%
Total14$13,117,249 10/23/2025185$18,710,706 12/8/202535%
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, Swiss Franc, and Danish Krone currencies.
As of March 31, 2022, 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$927,500 + 2.25 %+ 2.53 %April 23, 2026
B-2 Term Loan$418,337 + 2.75 %+ 3.42 %April 23, 2026
(1)The B-2 Term Loan borrowing is subject to a LIBOR floor of 0.50%.
(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.
Schedule Of All In Cost Of Secured Credit Facilities
The following tables detail the spread of our secured debt as of March 31, 2022 and December 31, 2021 ($ in thousands):
 Three Months Ended March 31, 2022March 31, 2022
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 $1,267,118 $8,320,043 +1.51 %$11,497,642 +3.18 %+1.67 %
+ 1.51% to + 1.75%283,9242,825,032 +1.87 %4,124,634 +3.60 %+1.73 %
+ 1.76% to + 2.00%74,5961,060,611 +2.17 %1,623,549 +4.35 %+2.18 %
+ 2.01% or more26,091911,563 +2.52 %1,464,881 +4.79 %+2.27 %
Total$1,651,729 $13,117,249 +1.71 %$18,710,706 +3.50 %+1.79 %
 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 more310,991844,186+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 %
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include USD LIBOR, SOFR, SONIA, GBP LIBOR, EURIBOR, and other indices as applicable.
(2)Represents borrowings outstanding as of March 31, 2022 and December 31, 2021, respectively, for new financings during the three months ended March 31, 2022 and year ended December 31, 2021, 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 March 31, 2022 and December 31, 2021, 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.