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Term Loans, Net (Tables)
 12 Months Ended
Dec. 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 December 31, 2023 ($ in thousands):

December 31, 2023
     Recourse Limitation
Currency
Lenders(1)
Borrowings
Wtd. Avg. Maturity(2)
Loan Count
Collateral(3)
Wtd. Avg.
Maturity(4)
Wtd. Avg.Range
USD14$6,643,853 June 2026125$10,584,023 June 202635%
25% - 100%
GBP72,337,852 June 2026193,143,684 August 202627%
25% - 50%
EUR72,068,449 September 2025112,786,896 September 202541%
25% - 100%
Others(5)
41,646,904 July 202772,079,715 July 202725%
25%
Total15$12,697,058 June 2026162$18,594,318 June 202633%
25% - 100%
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders.
(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used.
(3)Represents the principal balance of the collateral assets.
(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date.
(5)Includes Australian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies.
As of December 31, 2023, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):

Term LoansFace Value
Interest Rate(1)
All-in Cost(1)(2)
Maturity
B-1 Term Loan$910,852 + 2.36 %+ 2.65 %April 23, 2026
B-3 Term Loan410,942 + 2.86 %+ 3.54 %April 23, 2026
B-4 Term Loan813,427 + 3.50 %+ 4.11 %May 9, 2029
Total face value$2,135,221 
(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR.
(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.
Schedule of Net Book Value of Term Loans on Consolidated Balance Sheets
The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

 December 31, 2023December 31, 2022
Face value$2,135,221 $2,157,218 
Deferred financing costs and unamortized discount(33,589)(42,669)
Net book value$2,101,632 $2,114,549 
The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):
 December 31, 2023December 31, 2022
Face value$300,000 $520,000 
Deferred financing costs and unamortized discount(4,153)(5,743)
Net book value$295,847 $514,257