Secured Debt Agreements, Net (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Secured Debt Agreements

The following table details our secured debt ($ in thousands):

	Secured Debt
	Borrowings Outstanding
	June 30, 2021			December 31, 2020
Secured credit facilities	$	8,729,281		$	7,896,863
Acquisition facility		—			—
Total secured debt	$	8,729,281		$	7,896,863
Deferred financing costs(1)		(19,463	)		(16,327	)
Net book value of secured debt	$	8,709,818		$	7,880,536

(1) Costs incurred in connection with our secured debt are recorded on our consolidated balance sheet when incurred and recognized as a component of interest expense over the life of each related facility.

Schedule of Secured Credit Facilities

The following table details our secured credit facilities as of June 30, 2021 ($ in thousands):

June 30, 2021
				Wtd Avg.				Wtd Avg.	Recourse Limitation
Currency	Lenders(1)	Borrowings		Maturity(2)	Loan Count	Collateral(3)		Maturity(4)	Wtd. Avg.	Range
USD	12	$	4,589,729	8/1/2024	88	$	7,437,101	9/20/2024	29%	25% - 100%
EUR	6		2,457,542	7/18/2024	9		3,258,275	6/27/2024	49%	25% - 100%
GBP	6		986,145	7/8/2024	11		1,630,785	9/30/2024	27%	25% - 50%
Others(5)	4		695,865	5/5/2025	5		895,872	4/13/2025	27%	25% - 100%
Total	12	$	8,729,281	8/16/2024	113	$	13,222,033	9/14/2024	34%	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) Based on the earlier of (i) the maximum maturity date of each secured credit facility, or (ii) the maximum maturity date of the collateral loans.

(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 Swedish Krona, Australian Dollar, and Canadian Dollar currencies.

Schedule of All in Cost of Secured Credit Facilities

The following tables detail the all-in cost of our secured credit facilities as of June 30, 2021 and December 31, 2020 ($ in thousands):

	Six Months Ended June 30, 2021		June 30, 2021
All-in Cost(1)(2)	New Financings(3)		Total Borrowings		Wtd. Avg. All-in Cost(1)(2)(4)			Collateral(5)		Wtd. Avg. All-in Yield(2)(6)			Net Interest Margin(7)
+ 1.49% or less	$	562,480	$	2,017,600		+ 1.42	%	$	2,520,834		+ 2.88	%		+ 1.46	%
+ 1.50% to + 1.74%		901,070		2,836,242		+ 1.67	%		3,981,023		+ 3.32	%		+ 1.65	%
+ 1.75% to + 1.99%		404,035		1,701,316		+ 1.84	%		2,755,559		+ 3.41	%		+ 1.57	%
+ 2.00% or more		672,999		2,174,123		+ 2.21	%		3,964,617		+ 3.88	%		+ 1.67	%
Total	$	2,540,584	$	8,729,281		+ 1.78	%	$	13,222,033		+ 3.42	%		+ 1.64	%

	Year Ended December 31, 2020		December 31, 2020
All-in Cost(1)(2)	New Financings(3)		Total Borrowings		Wtd. Avg.  All-in Cost(1)(2)(4)			Collateral(5)		Wtd. Avg.  All-in Yield(2)(6)			Net Interest Margin(7)
+ 1.49% or less	$	—	$	1,377,406		+ 1.45	%	$	1,851,104		+ 2.82	%		+ 1.37	%
+ 1.50% to + 1.74%		340,997		2,600,520		+ 1.65	%		4,173,632		+ 3.18	%		+ 1.53	%
+ 1.75% to + 1.99%		35,088		1,639,137		+ 1.87	%		2,459,716		+ 3.54	%		+ 1.67	%
+ 2.00% or more		522,431		2,279,800		+ 2.24	%		3,556,455		+ 3.87	%		+ 1.63	%
Total	$	898,516	$	7,896,863		+ 1.83	%	$	12,040,907		+ 3.40	%		+ 1.57	%

(1) In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings.

(2) The all-in cost and all-in yield are expressed over the relevant floating benchmark rates, which include USD LIBOR, GBP LIBOR, SONIA, EURIBOR, STIBOR, BBSY, and CDOR, as applicable.

(3) Represents borrowings outstanding as of June 30, 2021 and December 31, 2020, respectively, for new financings during the six months ended June 30, 2021 and year ended December 31, 2020, respectively, based on the date collateral was initially pledged to each credit facility.

(4) Represents the weighted-average all-in cost as of June 30, 2021 and is not necessarily indicative of the spread applicable to recent or future borrowings.

(5) Represents the principal balance of the collateral assets.

(6) 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.

(7) Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.