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Secured Debt, Net (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Secured Debt Agreements The following table details our secured debt ($ in thousands):
 
Secured Debt
Borrowings Outstanding
 March 31, 2023December 31, 2022
Secured credit facilities$14,051,435 $13,549,748 
Acquisition facility——
Total secured debt$14,051,435 $13,549,748 
Deferred financing costs(1)
(21,949)(21,584)
Net book value of secured debt$14,029,486 $13,528,164 
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.
As of March 31, 2023, the following Senior Secured Notes, were outstanding ($ 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, 2023December 31, 2022
Face value$400,000 $400,000 
Deferred financing costs(4,539)(4,834)
Net book value$395,461 $395,166 
Credit Facilities
The following table details our secured credit facilities by spread over the applicable base rates as of March 31, 2023 ($ in thousands):

March 31, 2023
     Recourse Limitation
Currency
Lenders(1)
Borrowings
Wtd Avg. Maturity(2)
Loan Count
Collateral(3)
Wtd Avg.
Maturity(4)
Wtd. Avg.Range
USD14$7,924,192 February 2026132$11,686,034 March 202635%
25% - 100%
GBP72,413,082 March 2026223,213,057 May 202627%
25% - 50%
EUR72,059,273 August 2025112,783,712 August 202542%
25% - 100%
Others(5)
41,654,888 June 202782,091,735 June 202725%
25%
Total15$14,051,435 March 2026173$19,774,538 April 202633%
25% - 100%
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders.
(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used.
(3)Represents the principal balance of the collateral assets.
(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date.
(5)Includes Australian Dollar, Canadian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies.
As of March 31, 2023, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):

Term LoansFace Value
Interest Rate(1)
All-in Cost(1)(2)
Maturity
B-1 Term Loan$917,987 + 2.25 %+ 2.53 %April 23, 2026
B-3 Term Loan414,111 + 2.75 %+ 3.42 %April 23, 2026
B-4 Term Loan819,621 + 3.50 %+ 4.11 %May 9, 2029
Total face value$2,151,719 
(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The B-1 Term Loan and B-3 Term Loan are indexed to one-month USD LIBOR and the B-4 Term Loan is indexed to one-month SOFR.
(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.
Schedule Of All In Cost Of Secured Credit Facilities
The following tables detail the spread of our secured debt as of March 31, 2023 and December 31, 2022 ($ in thousands):
 Three Months Ended March 31, 2023March 31, 2023
Spread(1)
New Financings(2)
Total
Borrowings
Wtd. Avg.
All-in Cost(1)(3)(4)
Collateral(5)
Wtd. Avg.
All-in Yield(1)(3)
Net Interest
 Margin(6)
+ 1.50% or less $— $7,134,303 +1.55 %$9,688,226 +3.27 %+1.72 %
+ 1.51% to + 1.75%— 2,617,621 +1.86 %3,795,012 +3.65 %+1.79 %
+ 1.76% to + 2.00%— 1,867,336 +2.16 %2,967,903 +4.05 %+1.89 %
+ 2.01% or more69,5242,432,175 +2.62 %3,323,397 +4.78 %+2.16 %
Total$69,524 $14,051,435 +1.88 %$19,774,538 +3.71 %+1.83 %
 Year Ended December 31, 2022December 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)(3)
Net Interest
Margin(6)
+ 1.50% or less$1,329,508 $7,433,204 +1.53 %$10,465,647 +3.24 %+1.71 %
+ 1.51% to + 1.75%368,2652,246,223+1.88 %3,538,815+3.73 %+1.85 %
+ 1.76% to + 2.00%405,7231,514,541+2.16 %2,483,240+4.14 %+1.98 %
+ 2.01% or more1,246,6502,355,780+2.63 %3,207,088+4.78 %+2.15 %
Total$3,350,146 $13,549,748 +1.85 %$19,694,790 +3.70 %+1.85 %
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, USD LIBOR, SONIA, EURIBOR, and other indices as applicable.
(2)Represents borrowings outstanding as of March 31, 2023 and December 31, 2022, respectively, for new financings during the three months ended March 31, 2023 and year ended December 31, 2022, 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. 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. Excludes loans accounted for under the cost recovery method.
(4)Represents the weighted-average all-in cost as of March 31, 2023 and December 31, 2022, 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)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.