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Term Loans, Net (Tables)
 3 Months Ended
Mar. 31, 2024
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, 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$2,129,723 
(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR.
(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.
Schedule of Net Book Value of Term Loans on Consolidated Balance Sheets
The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

 March 31, 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 $2,101,632 
The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in thousands):
 March 31, 2024December 31, 2023
Face value$300,000 $300,000 
Deferred financing costs and unamortized discount(3,834)(4,153)
Net book value$296,166 $295,847