Secured Debt, Net (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

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

	Secured Debt Borrowings Outstanding
	December 31, 2024		December 31, 2023
Secured credit facilities	$	9,705,529	$	12,697,058
Deferred financing costs(1)	(9,195)		(13,963)
Net book value of secured debt	$	9,696,334	$	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 as of December 31, 2024 ($ in thousands):

December 31, 2024
									Recourse Limitation
Currency	Lenders(1)	Borrowings		Wtd. Avg. Maturity(2)	Loan Count	Collateral(3)		Wtd. Avg. Maturity(4)	Wtd. Avg.	Range
USD	13	$	4,796,857	November 2026	85	$	8,302,871	December 2026	37%	25% - 100%
GBP	6	2,161,978		February 2027	16	2,877,608		February 2027	26%	25% - 50%
EUR	7	1,653,370		October 2026	10	2,260,687		October 2026	40%	25% - 100%
Others(5)	4	1,093,324		April 2028	4	1,366,655		April 2028	25%	25%
Total	14	$	9,705,529	January 2027	115	$	14,807,821	February 2027	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)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 December 31, 2024 and 2023 ($ in thousands):

	Year Ended December 31, 2024		December 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	$	165,616	$	3,976,192	+1.53	%	$	6,185,925	+3.18	%	+1.65	%
+ 1.51% to + 1.75%	74,118		2,238,376		+1.78	%	3,140,937		+3.52	%	+1.74	%
+ 1.76% to + 2.00%	—		969,541		+2.09	%	1,802,431		+3.67	%	+1.58	%
+ 2.01% or more	374,407		2,521,420		+2.61	%	3,678,528		+4.31	%	+1.70	%
Total	$	614,141	$	9,705,529	+1.92	%	$	14,807,821	+3.58	%	+1.66	%

	Year Ended December 31, 2023		December 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%	42,908		1,850,809		+2.11	%	2,913,067		+3.92	%	+1.81	%
+ 2.01% or more	69,170		2,518,702		+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 closed during the years ended December 31, 2024 and 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 December 31, 2024 and 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):

	December 31, 2024
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	785,453	$	785,442	+ 1.39	%	May 2038
Underlying Collateral Assets		22	952,764		952,764		+ 2.95	%	August 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	552,664		552,663		+ 1.92	%	November 2037
Underlying Collateral Assets		12	743,914		743,914		+ 2.92	%	June 2026
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	598,850		598,851		+ 1.50	%	February 2038
Underlying Collateral Assets		12	855,725		855,725		+ 2.79	%	August 2026
Total
Senior CLO Securities Outstanding(5)		3	$	1,936,967	$	1,936,956	+1.57	%
Underlying Collateral Assets		46	$	2,552,403	$	2,552,403	+ 2.98	%

(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, and REO assets.

(4)Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all extension options are exercised by the borrower, and excludes REO assets. 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 year ended December 31, 2024, we recorded $157.0 million of interest expense related to our securitized debt obligations.

	December 31, 2023
Securitized Debt Obligations		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)(3)		Term(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	$	803,750	$	801,800	+ 1.70	%	May 2038
Underlying Collateral Assets		26	1,000,000		1,000,000		+ 3.28	%	December 2025
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	714,352		714,352		+ 2.18	%	November 2037
Underlying Collateral Assets		15	905,602		905,602		+ 2.87	%	September 2025
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding		1	989,412		989,265		+ 1.57	%	February 2038
Underlying Collateral Assets		15	1,246,287		1,246,287		+ 2.85	%	October 2025
Total
Senior CLO Securities Outstanding(5)		3	$	2,507,514	$	2,505,417	+1.79	%
Underlying Collateral Assets		56	$	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 year ended December 31, 2023, we recorded $171.4 million of interest expense related to our securitized debt obligations.

The following table details our asset-specific debt ($ in thousands):

	December 31, 2024
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg. Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,228,110	$	1,224,841	+ 3.20	%	June 2026
Collateral assets		2	$	1,467,185	$	1,459,864	+ 4.03	%	June 2026
	December 31, 2023
Asset-Specific Debt		Count	Principal  Balance		Book Value(1)		Wtd. Avg.  Yield/Cost(2)		Wtd. Avg.  Term(3)
Financing provided		2	$	1,004,097	$	1,000,210	+ 3.14	%	March 2026
Collateral assets		2	$	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 December 31, 2024, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):

Term Loans	Face Value		Interest Rate(1)		All-in Cost(1)(2)		Maturity
B-1 Term Loan	$	309,268	+ 2.36	%	+ 2.53	%	April 23, 2026
B-4 Term Loan	805,169		+ 3.50	%	+ 4.11	%	May 9, 2029
B-5 Term Loan	650,000		+ 3.75	%	+ 4.27	%	December 10, 2028
Total face value	$	1,764,437

(1)The B-4 Term Loan and the B-5 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):

	December 31, 2024		December 31, 2023
Face value	$	1,764,437	$	2,135,221
Deferred financing costs and unamortized discount	(32,364)		(33,589)
Net book value	$	1,732,073	$	2,101,632

As of December 31, 2024, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands):

Senior Secured Notes Issuance	Face Value		Interest Rate			All-in Cost(1)		Maturity
October 2021	$	335,316	3.75	%		4.06	%	January 15, 2027
December 2024	450,000		7.75	%	(2)	8.14	%	December 1, 2029

(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.

(2)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts our fixed rate exposure to a SOFR + 3.95% floating rate exposure.

The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in thousands):

	December 31, 2024		December 31, 2023
Face value	$	785,316	$	366,090
Deferred financing costs	(9,857)		(3,327)
Hedging adjustments(1)	(4,424)		—
Net book value	$	771,035	$	362,763

(1)Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the senior secured notes due 2029 into floating rate. Refer to Note 14 for additional discussion.