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Term Loans, Net
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Term Loans, Net TERM LOANS, NET
As of March 31, 2024, 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$908,474 + 2.36 %+ 2.65 %April 23, 2026
B-3 Term Loan409,886 + 2.86 %+ 3.54 %April 23, 2026
B-4 Term Loan811,363 + 3.50 %+ 4.11 %May 9, 2029
Total face value$2,129,723 
(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.
The Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the aggregate initial principal balance due in quarterly installments. The issue discount and transaction expenses on the B-1 Term Loan were $3.1 million and $12.6 million, respectively. The issue discount and transaction expenses of the B-3 Term Loan were $9.6 million and $5.4 million, respectively. The issue discount and transaction expenses of the B-4 Term Loan were $17.3 million and $10.3 million, respectively. These discounts and expenses are amortized into interest expense over the life of each Term Loan. During the three months ended March 31, 2024, we recorded $46.7 million of interest expense related to our Term Loans, including $2.3 million of amortization of deferred fees and expenses.
The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

 March 31, 2024December 31, 2023
Face value$2,129,723 $2,135,221 
Deferred financing costs and unamortized discount(31,308)(33,589)
Net book value$2,098,415 $2,101,632 
The Term Loans contain the financial covenant that our indebtedness shall not exceed 83.33% of our total assets. As of March 31, 2024 and December 31, 2023, we were in compliance with this covenant. Refer to Note 2 for additional discussion of our accounting policies for the Term Loans.