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Secured Debt, Net (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Secured Debt Agreements The following table details our secured debt ($ in thousands):
 
Secured Debt
Borrowings Outstanding
 March 31, 2024December 31, 2023
Secured credit facilities$12,403,449 $12,697,058 
Acquisition facility——
Total secured debt$12,403,449 $12,697,058 
Deferred financing costs(1)
(16,160)(13,963)
Net book value of secured debt$12,387,289 $12,683,095 
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.
As of March 31, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands):

Senior Secured NotesFace ValueInterest Rate
All-in Cost(1)
Maturity
Senior Secured Notes$339,918 3.75 %4.02 %January 15, 2027
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.
The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands):
March 31, 2024December 31, 2023
Face value$339,918 $366,090 
Deferred financing costs(2,835)(3,327)
Net book value$337,083 $362,763 
Credit Facilities
The following table details our secured credit facilities by spread over the applicable base rates as of March 31, 2024 ($ in thousands):

March 31, 2024
     Recourse Limitation
Currency
Lenders(1)
Borrowings
Wtd. Avg. Maturity(2)
Loan Count
Collateral(3)
Wtd. Avg.
Maturity(4)
Wtd. Avg.Range
USD14$6,465,606 July 2026123$10,312,999 July 202635%
25% - 100%
GBP72,340,817 September 2026183,106,835 September 202626%
25% - 50%
EUR72,025,182 September 2025112,728,563 September 202540%
25% - 100%
Others(5)
41,571,844 July 202771,984,069 July 202725%
25%
Total15$12,403,449 July 2026159$18,132,466 July 202633%
25% - 100%
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders.
(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used.
(3)Represents the principal balance of the collateral assets and the book value of the REO asset.
(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date.
(5)Includes Australian Dollar, Danish Krone, Swedish Krona, and Swiss Franc currencies.
As of March 31, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ 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$2,129,723 
(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR.
(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.
Schedule Of All In Cost Of Secured Credit Facilities
The following tables detail the spread of our secured debt as of March 31, 2024 and December 31, 2023 ($ in thousands):
 Three Months Ended March 31, 2024March 31, 2024
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 $23,000 $5,632,133 +1.52 %$8,305,372 +3.24 %+1.72 %
+ 1.51% to + 1.75%— 2,496,771 +1.81 %3,471,486 +3.52 %+1.71 %
+ 1.76% to + 2.00%— 1,649,419 +2.10 %2,582,739 +3.86 %+1.76 %
+ 2.01% or more384,6162,625,126 +2.62 %3,772,869 +4.25 %+1.63 %
Total$407,616 $12,403,449 +1.89 %$18,132,466 +3.58 %+1.69 %
 Year Ended December 31, 2023December 31, 2023
Spread(1)
New Financings(2)
Total
Borrowings
Wtd. Avg.
All-in Cost(1)(3)(4)
Collateral(5)
Wtd. Avg.
All-in Yield(1)(3)
Net Interest
Margin(7)
+ 1.50% or less$— $5,647,848 +1.53 %$8,341,383 +3.24 %+1.71 %
+ 1.51% to + 1.75%— 2,679,699+1.82 %3,723,365+3.49 %+1.67 %
+ 1.76% to + 2.00%42,9081,850,809+2.11 %2,913,067+3.92 %+1.81 %
+ 2.01% or more69,1702,518,702+2.64 %3,616,503+4.30 %+1.66 %
Total$112,078 $12,697,058 +1.89 %$18,594,318 +3.58 %+1.69 %
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable.
(2)Represents the amount of new borrowings we obtained approval for during the three months ended March 31, 2024 and year ended December 31, 2023, respectively.
(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. All-in yield excludes loans accounted for under the cost-recovery method and the REO asset.
(4)Represents the weighted-average all-in cost as of March 31, 2024 and December 31, 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings.
(5)Represents the principal balance of the collateral assets and the book value of the REO asset.
(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.