XML 58 R38.htm IDEA: XBRL DOCUMENT v3.22.4
Term Loans, Net (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Debt
The following table details our secured credit facilities by spread over the applicable base rates as of December 31, 2022 ($ in thousands):

December 31, 2022
     Recourse Limitation
Currency
Lenders(1)
Borrowings
Wtd Avg. Maturity(2)
Loan Count
Collateral(3)
Wtd Avg.
Maturity(4)
Wtd. Avg.Range
USD14$7,497,992 2/21/2026145$11,719,558 3/4/202636%
25% - 100%
GBP72,320,720 4/7/2026233,081,729 4/30/202627%
25% - 50%
EUR72,128,248 8/12/2025122,866,848 8/15/202542%
25% - 100%
Others(5)
41,602,788 7/4/202772,026,655 6/23/202725%
25%
Total15$13,549,748 3/29/2026185$19,694,790 4/2/202634%
25% - 100%
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders.
(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used.
(3)Represents the principal balance of the collateral assets.
(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date.
(5)Includes Australian Dollar, Canadian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies.
As of December 31, 2022, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):
Term LoansFace Value
Interest Rate(1)
All-in Cost(1)(2)
Maturity
B-1 Term Loan$920,365 + 2.25 %+ 2.53 %April 23, 2026
B-3 Term Loan$415,168 + 2.75 %+ 3.42 %April 23, 2026
B-4 Term Loan$821,685 + 3.50 %+ 4.11 %May 9, 2029
(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The B-1 Term Loan and B-3 Term Loan are indexed to one-month USD LIBOR and the B-4 Term Loan is indexed to one-month SOFR.
(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.
Schedule of Net Book Value of Term Loans on Consolidated Balance Sheets
The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

 December 31, 2022December 31, 2021
Face value$2,157,218 $1,349,271 
Deferred financing costs and unamortized discount(42,669)(21,865)
Net book value$2,114,549 $1,327,406 
The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):
 December 31, 2022December 31, 2021
Face value$520,000 $622,500 
Deferred financing costs and unamortized discount(5,743)(2,624)
Net book value$514,257 $619,876