Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Principal Contractual Obligations

Our contractual principal debt repayments as of September 30, 2023 were as follows ($ in thousands):

Year	Secured Debt(1)		Asset-Specific Debt(1)		Term Loans(2)		Senior Secured Notes		Convertible Notes(3)		Total(4)
2023 (remaining)	$	133,901	$	—	$	5,499	$	—	$	—	$	139,400
2024	2,768,963		—		21,997		—		—		2,790,960
2025	1,306,172		786,633		21,997		—		—		2,114,802
2026	4,260,992		—		1,302,574		—		—		5,563,566
2027	3,265,039		—		8,258		366,590		300,000		3,939,887
Thereafter	1,074,846		148,802		780,395		—		—		2,004,043
Total obligation	$	12,809,913	$	935,435	$	2,140,720	$	366,590	$	300,000	$	16,552,658

(1)Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral. Therefore, the allocation of payments under such agreements 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 debt agreement is used.

(2)The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the initial principal balance due in quarterly installments. Refer to Note 9 for further details on our term loans.

(3)Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 11 for further details on our Convertible Notes.

(4)Total does not include $2.5 billion of consolidated securitized debt obligations, $1.1 billion of non-consolidated senior interests, and $275.7 million of loan participations sold, as the satisfaction of these liabilities will not require cash outlays from us.