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Secured Debt, Net (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt The following table details our secured debt ($ in thousands):
 
Secured Debt
Borrowings Outstanding
 September 30, 2024December 31, 2023
Secured credit facilities$11,012,558 $12,697,058 
Deferred financing costs(1)
(11,067)(13,963)
Net book value of secured debt$11,001,491 $12,683,095 
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred and recognized as a component of interest expense over the life of each related facility.
The following table details our secured credit facilities by spread over the applicable base rates as of September 30, 2024 ($ in thousands):
September 30, 2024
     Recourse Limitation
Currency
Lenders(1)
Borrowings
Wtd. Avg. Maturity(2)
Loan Count
Collateral(3)
Wtd. Avg.
Maturity(4)
Wtd. Avg.Range
USD13$5,700,943 August 2026103$9,456,409 September 202636%
25% - 100%
GBP62,290,098 March 2027163,028,733 March 202726%
25% - 50%
EUR71,810,878 September 2026112,453,143 September 202641%
25% - 100%
Others(5)
41,210,639 April 202841,513,298 April 202825%
25%
Total14$11,012,558 December 2026134$16,451,583 December 202634%
25% - 100%
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of facility lenders.
(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured credit facility is used.
(3)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets.
(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid prior to such date.
(5)Includes Australian Dollar, Swedish Krona, and Swiss Franc currencies.
The following tables detail the spread of our secured debt as of September 30, 2024 and December 31, 2023 ($ in thousands):
 Nine Months Ended September 30, 2024September 30, 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 $4,437,843 +1.53 %$6,695,441 +3.20 %+1.67 %
+ 1.51% to + 1.75%74,118 2,861,825 +1.79 %3,969,387 +3.54 %+1.75 %
+ 1.76% to + 2.00%— 1,328,211 +2.10 %2,255,736 +3.75 %+1.65 %
+ 2.01% or more434,4122,384,679 +2.65 %3,531,019 +4.49 %+1.84 %
Total$531,530 $11,012,558 +1.91 %$16,451,583 +3.62 %+1.71 %
 Year Ended December 31, 2023December 31, 2023
Spread(1)
New Financings(2)
Total
Borrowings
Wtd. Avg.
All-in Cost(1)(3)(4)
Collateral(5)
Wtd. Avg.
All-in Yield(1)(3)
Net Interest
Margin(6)
+ 1.50% or less$— $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 %$18,594,318 +3.58 %+1.69 %
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable.
(2)Represents the amount of new borrowings we obtained approval for during the nine months ended September 30, 2024 and year ended December 31, 2023, respectively.
(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.
(4)Represents the weighted-average all-in cost as of September 30, 2024 and December 31, 2023, respectively, and is not necessarily indicative of the spread applicable to recent or future borrowings.
(5)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets.
(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.
The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):
 September 30, 2024
Securitized Debt ObligationsCount
Principal
 Balance
Book
Value(1)
Wtd. Avg.
 Yield/Cost(2)(3)
Term(4)
2021 FL4 Collateralized Loan Obligation     
Senior CLO Securities Outstanding1$785,453 $785,371 + 1.40 %May 2038
Underlying Collateral Assets25981,703 981,703 + 3.26 %January 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding1659,495 659,494 + 1.86 %November 2037
Underlying Collateral Assets14850,745 850,745 + 3.06 %February 2026
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding1803,484 803,442 + 1.38 %February 2038
Underlying Collateral Assets141,060,359 1,060,359 + 2.82 %April 2026
Total
Senior CLO Securities Outstanding(5)
3$2,248,432 $2,248,307 +1.53 %
Underlying Collateral Assets53$2,892,807 $2,892,807 + 3.03 %
(1)The book value of underlying collateral assets excludes any applicable CECL reserves.
(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.
(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.
(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.
(5)During the three and nine months ended September 30, 2024, we recorded $40.6 million and $123.9 million, respectively, of interest expense related to our securitized debt obligations.
 December 31, 2023
Securitized Debt ObligationsCount
Principal
 Balance
Book Value(1)
Wtd. Avg.
 Yield/Cost(2)(3)
Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding1$803,750 $801,800 + 1.70 %May 2038
Underlying Collateral Assets261,000,000 1,000,000 + 3.28 %December 2025
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding1714,352 714,352 + 2.18 %November 2037
Underlying Collateral Assets15905,602 905,602 + 2.87 %September 2025
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding1989,412 989,265 + 1.57 %February 2038
Underlying Collateral Assets151,246,287 1,246,287 + 2.85 %October 2025
Total
Senior CLO Securities Outstanding(5)
3$2,507,514 $2,505,417 +1.79 %
Underlying Collateral Assets56$3,151,889 $3,151,889 +2.99 %
(1)The book value of underlying collateral assets excludes any applicable CECL reserves.
(2)In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, purchase discounts, and accrual of exit fees.
(3)The weighted-average all-in yield and cost are expressed as a spread over SOFR. All-in yield excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.
(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of the securitizations.
(5)During the three and nine months ended September 30, 2023, we recorded $44.5 million and $127.6 million, respectively, of interest expense related to our securitized debt obligations.
The following table details our asset-specific debt ($ in thousands):

 September 30, 2024
Asset-Specific DebtCount
Principal
 Balance
Book Value(1)
Wtd. Avg.
Yield/Cost(2)
Wtd. Avg.
 Term(3)
Financing provided2$1,201,237 $1,197,056 + 3.19 %June 2026
Collateral assets2$1,433,807 $1,425,388 + 4.06 %June 2026
 
 December 31, 2023
Asset-Specific DebtCount
Principal
 Balance
Book Value(1)
Wtd. Avg.
 Yield/Cost(2)
Wtd. Avg.
 Term(3)
Financing provided2$1,004,097 $1,000,210 + 3.14 %March 2026
Collateral assets2$1,194,408 $1,186,559 + 3.98 %March 2026
(1)The book value of underlying collateral assets excludes any applicable CECL reserves.
(2)The weighted-average all-in yield and cost are expressed as a spread over SOFR. These floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees and financing costs.
(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case to the corresponding collateral loans.
As of September 30, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):

Term LoansFace Value
Interest Rate(1)
All-in Cost(1)(2)
Maturity
B-1 Term Loan$901,418 + 2.36 %+ 2.65 %April 23, 2026
B-3 Term Loan407,773 + 2.86 %+ 3.54 %April 23, 2026
B-4 Term Loan807,234 + 3.50 %+ 4.11 %May 9, 2029
Total face value$2,116,425 
(1)The B-3 Term Loan and the B-4 Term Loan borrowings are subject to a floor of 0.50%. The Term Loans are indexed to one-month SOFR.
(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the Term Loans.
The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):

 September 30, 2024December 31, 2023
Face value$2,116,425 $2,135,221 
Deferred financing costs and unamortized discount(26,710)(33,589)
Net book value$2,089,715 $2,101,632 
As of September 30, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands):

Senior Secured NotesFace ValueInterest Rate
All-in Cost(1)
Maturity
Senior Secured Notes$335,316 3.75 %4.02 %January 15, 2027
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.
The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands):
September 30, 2024December 31, 2023
Face value$335,316 $366,090 
Deferred financing costs(2,293)(3,327)
Net book value$333,023 $362,763