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Asset-Specific Debt, Net (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt The following table details our secured debt ($ in thousands):
Secured Debt
Borrowings Outstanding
September 30, 2025
December 31, 2024
Secured credit facilities
$9,548,332
$9,705,529
Deferred financing costs(1)
(8,108)
(9,195)
Net book value of secured debt
$9,540,224
$9,696,334
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred
and recognized as a component of interest expense over the life of each related facility.The following table details our secured credit facilities as of September 30, 2025 ($ in thousands):
September 30, 2025
Recourse Limitation
Currency
Lenders(1)
Borrowings
Wtd. Avg.
Maturity(2)
Loan
Count
Collateral(3)
Wtd. Avg.
Maturity(4)
Wtd.
Avg.
Range
USD
12
$3,954,253
July 2027
81
$6,522,111
July 2027
32%
25% - 100%
GBP
6
2,265,827
August 2028
14
3,098,509
September 2028
25%
25%
EUR
7
1,835,792
September 2027
10
2,588,781
October 2027
42%
25% - 100%
Others(5)
4
1,492,460
January 2029
7
1,873,776
January 2029
25%
25%
Total
13
$9,548,332
January 2028
112
$14,083,177
January 2028
31%
25% - 100%
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of
facility lenders.
(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-
average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all
extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured
credit facility is used.
(3)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets.
(4)Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid
prior to such date.
(5)Includes Australian Dollar, Canadian Dollar, and Swedish Krona currencies.
The following tables detail the spread of our secured credit facilities as of September 30, 2025 and December 31, 2024 ($
in thousands):
Nine Months Ended
September 30, 2025
September 30, 2025
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
$1,385,800
$4,547,118
+1.54%
$6,600,493
+2.99%
+1.45%
+ 1.51% to + 1.75%
555,478
2,564,711
+1.75%
3,375,095
+3.48%
+1.73%
+ 1.76% to + 2.00%
104,841
935,067
+2.10%
1,766,876
+3.28%
+1.18%
+ 2.01% or more
137,147
1,501,436
+2.63%
2,340,713
+4.24%
+1.61%
Total
$2,183,266
$9,548,332
+1.82%
$14,083,177
+3.35%
+1.53%
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%
$14,807,821
+3.58%
+1.66%
(1)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include
SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable.
(2)Represents the amount of new borrowings we closed during the nine months ended September 30, 2025 and year
ended December 31, 2024, respectively.
(3)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective
borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension
fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans
accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.
(4)Represents the weighted-average all-in cost as of September 30, 2025 and December 31, 2024, respectively, and is
not necessarily indicative of the spread applicable to recent or future borrowings.
(5)Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets.
(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.
The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our
CLOs ($ in thousands):
September 30, 2025
Securitized Debt Obligations
Count
Principal
Balance
Book
Value(1)
Wtd. Avg.
Yield/Cost(2)(3)
Term(4)
2025 FL5 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
$831,250
$821,900
+ 2.15%
October 2042
Underlying Collateral Assets
17
898,950
898,950
+ 3.50%
September 2028
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
609,741
609,741
+ 1.45%
May 2038
Underlying Collateral Assets
18
759,956
759,956
+ 2.66%
March 2027
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
457,129
457,129
+ 2.51%
November 2037
Underlying Collateral Assets
12
625,580
625,580
+ 2.78%
February 2027
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
581,297
581,297
+ 1.76%
February 2038
Underlying Collateral Assets
12
813,742
813,742
+ 2.71%
March 2027
Total
Senior CLO Securities Outstanding(5)
4
$2,479,417
$2,470,067
+ 1.95%
Underlying Collateral Assets
59
$3,098,228
$3,098,228
+ 3.15%
(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 three and nine months ended September 30, 2025, we recorded $40.0 million and $107.8 million,
respectively, of interest expense related to our securitized debt obligations.
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.
(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 $123.9 million,
respectively, of interest expense related to our securitized debt obligations.
The following table details our asset-specific debt ($ in thousands):
September 30, 2025
Asset-Specific Debt
Count
Principal
Balance
Book Value(1)
Wtd. Avg.
Yield/Cost(2)
Wtd. Avg.
Term(3)
Financing provided
3
$629,890
$627,916
+ 3.18%
October 2029
Collateral assets
3
$781,189
$775,248
+ 4.52%
October 2029
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
$1,459,864
+ 4.03%
June 2026
(1)The book value of underlying collateral assets excludes any applicable CECL reserves.
(2)The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates,
which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and
index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost
includes the amortization of deferred origination fees and financing costs.
(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all
extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case
to the corresponding collateral loans.
The following table details the net book value of each of our senior term loan facilities, or Term Loans, on our consolidated
balance sheets ($ in thousands):
Face Value
Term Loans
September 30, 2025
December 31, 2024
Interest
Rate(1)
All-in
Cost(1)(2)
Maturity
B-1 Term Loan
$309,268
$309,268
+ 2.36%
+ 2.53%
April 23, 2026
B-4 Term Loan
—
805,169
+ 3.50%
+ 3.99%
May 9, 2029
B-5 Term Loan
—
650,000
+ 3.75%
+ 4.27%
December 10, 2028
B-6 Term Loan
1,045,754
—
+ 3.00%
+ 3.55%
December 10, 2030
B-7 Term Loan
453,105
—
+ 2.50%
+ 3.05%
May 9, 2029
Total face value
$1,808,127
$1,764,437
Deferred financing costs and
unamortized discounts
(33,214)
(32,364)
Net book value
$1,774,913
$1,732,073
(1)The B-6 Term Loan and the B-7 Term Loan borrowings are subject to a benchmark interest rate floor of 0.50%. The
Term Loans are indexed to one-month SOFR.
(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the
applicable Term Loans.
The following table details our interest expense related to the Term Loans ($ in thousands):
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Cash coupon
$32,898
$44,242
$101,041
$132,906
Discount and issuance cost amortization
2,266
2,283
8,381
6,848
Total interest expense
$35,164
$46,525
$109,422
$139,754
The following table details the net book value of our senior secured notes, or Senior Secured Notes, on our consolidated
balance sheets ($ in thousands):
Face Value
Senior Secured Notes Issuance
September 30, 2025
December 31, 2024
Interest
Rate
All-in
Cost(1)
Maturity
October 2021
$335,316
$335,316
3.75%
4.06%
January 15, 2027
December 2024
450,000
450,000
7.75%
(2)
8.14%
December 1, 2029
Total face value
$785,316
$785,316
Deferred financing costs and
unamortized discounts
(7,935)
(9,857)
Hedging adjustments(3)
7,834
(4,424)
Net book value
$785,215
$771,035
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.
(2)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts
our fixed rate exposure to a SOFR + 3.95% floating rate exposure.
(3)Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the
December 2024 Senior Secured Notes into floating rate. Refer to Note 14 for further discussion.
The following table details our interest expense related to the Senior Secured Notes ($ in thousands):
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Cash coupon
$11,862
$3,160
$35,587
$9,701
Discount and issuance cost amortization
654
254
2,003
775
Total interest expense
$12,516
$3,414
$37,590
$10,476