Term Loans, Net (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

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
USD	14	$	7,924,192	February 2026	132	$	11,686,034	March 2026	35%	25% - 100%
GBP	7	2,413,082		March 2026	22	3,213,057		May 2026	27%	25% - 50%
EUR	7	2,059,273		August 2025	11	2,783,712		August 2025	42%	25% - 100%
Others(5)	4	1,654,888		June 2027	8	2,091,735		June 2027	25%	25%
Total	15	$	14,051,435	March 2026	173	$	19,774,538	April 2026	33%	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 Loans	Face 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 Loan	414,111		+ 2.75	%	+ 3.42	%	April 23, 2026
B-4 Term Loan	819,621		+ 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 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):

	March 31, 2023		December 31, 2022
Face value	$	2,151,719	$	2,157,218
Deferred financing costs and unamortized discount	(40,487)		(42,669)
Net book value	$	2,111,232	$	2,114,549

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

	March 31, 2023		December 31, 2022
Face value	$	300,000	$	520,000
Deferred financing costs and unamortized discount	(5,112)		(5,743)
Net book value	$	294,888	$	514,257