v3.25.4
Asset-Specific Debt, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt The following table details our secured debt ($ in thousands):
Secured Debt
Borrowings Outstanding
December 31, 2025
December 31, 2024
Secured credit facilities
$10,125,839
$9,705,529
Deferred financing costs(1)
(8,547)
(9,195)
Net book value of secured debt
$10,117,292
$9,696,334
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred
and recognized as a component of interest expense over the life of each related facility.The following table details our secured credit facilities as of December 31, 2025 ($ in thousands):
December 31, 2025
Recourse Limitation
Currency
Lenders(1)
Borrowings
Wtd. Avg.
Maturity(2)
Loan
Count
Collateral(3)
Wtd. Avg.
Maturity(4)
Wtd.
Avg.
Range
USD
12
$4,284,949
November 2027
80
$6,478,546
December 2027
32%
25% - 100%
GBP
7
2,635,148
November 2028
17
3,568,084
December 2028
25%
25%
EUR
6
1,716,537
August 2027
10
2,421,382
October 2027
42%
25% - 100%
Others(5)
4
1,489,205
April 2029
6
1,870,394
May 2029
25%
25%
Total
15
$10,125,839
April 2028
113
$14,338,406
May 2028
31%
25% - 100%
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of
facility lenders. The total number of facility lenders includes one additional lender that had no fundings advanced as
of December 31, 2025.
(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-
average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all
extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured
credit facility is used.
(3)Represents the principal balance of the collateral loan assets and the carrying value of the collateral owned real
estate assets.
(4)Maximum maturity assumes all extension options are exercised by the borrower; however, our loans may be repaid
prior to such date.
(5)Includes Australian Dollar, Canadian Dollar, and Swedish Krona currencies.
The following tables detail the spread of our secured credit facilities as of December 31, 2025 and December 31, 2024 ($ in
thousands):
Year Ended
December 31, 2025
December 31, 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(7)
$2,018,709
$5,098,876
+1.54%
$6,936,909
+2.97%
+1.43%
+ 1.51% to + 1.75%
660,636
2,419,595
+1.75%
3,232,654
+3.50%
+1.75%
+ 1.76% to + 2.00%
325,160
1,088,336
+2.08%
1,797,080
+2.94%
+0.86%
+ 2.01% or more
153,625
1,519,032
+2.74%
2,371,763
+4.25%
+1.51%
Total
$3,158,130
$10,125,839
+1.83%
$14,338,406
+3.29%
+1.46%
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 years ended December 31, 2025 and 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 owned real estate assets.
(4)Represents the weighted-average all-in cost as of December 31, 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 carrying value of the collateral owned real
estate assets.
(6)Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.
(7)Includes an interest rate swap with a $35.6 million notional amount that effectively converts our floating rate
liability to a fixed rate liability to align with the financed fixed rate loan exposure.
The following tables detail our securitized debt obligations
and the underlying collateral assets that are financed by our CLOs and the European Loan Securitization ($ in thousands):
December 31, 2025
Securitized Debt Obligations
Count
Principal
Balance
Book
Value(1)
Wtd. Avg.
Yield/Cost(2)(3)
Term(4)
CLOs
2025 FL5 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
$831,250
$822,243
+ 2.15%
October 2042
Underlying Collateral Assets
18
944,537
944,537
+ 3.49%
October 2028
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
605,613
605,613
+ 1.45%
May 2038
Underlying Collateral Assets
16
736,360
736,360
+ 3.18%
February 2027
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
519,967
519,967
+ 1.82%
February 2038
Underlying Collateral Assets
11
691,964
691,964
+ 2.84%
January 2027
Total CLOs
Senior CLO Securities Outstanding
3
$1,956,830
$1,947,823
+ 1.84%
Underlying Collateral Assets
45
2,372,861
2,372,861
+ 3.22%
European Loan Securitization
Financing Provided
1
$192,666
$191,896
+ 1.53%
July 2030
Underlying Collateral Assets(5)
1
249,160
246,421
+ 2.97%
July 2030
Total
Senior CLO Securities Outstanding /
Financing Provided(5)
4
$2,149,496
$2,139,719
+ 1.82%
Underlying Collateral Assets
46
2,622,021
2,619,282
+ 3.22%
(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 the relevant floating benchmark rates,
which is SOFR for the CLOs and EURIBOR for the European Loan Securitization. All-in yield excludes loans
accounted for under the cost-recovery and nonaccrual methods, if any, and owned real estate 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 owned real estate 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)We financed our $55.8 million retained interests in the securitization under a repurchase agreement structured
without capital markets-based mark-to-market provisions. The amount of the financing is included in other liabilities
on our consolidated balance sheets.
(6)During the year ended December 31, 2025, we recorded $140.0 million 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 year ended December 31, 2024, we recorded $157.0 million of interest expense related to our securitized
debt obligations.
The following tables detail our asset-specific debt ($ in thousands):
December 31, 2025
Asset-Specific Debt
Count
Principal
Balance
Book Value(1)
Wtd. Avg.
Yield/Cost(2)
Wtd. Avg.
Term(3)
Financing provided
4
$999,810
$997,746
+ 2.66%
February 2030
Collateral assets
4
$1,243,500
$1,234,205
+ 4.02%
February 2030
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
December 31, 2025
December 31, 2024
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%
+ 3.99%
May 9, 2029
B-5 Term Loan
—
650,000
+ 3.75%
+ 4.27%
December 10, 2028
B-6 Term Loan
695,754
—
+ 3.00%
+ 3.61%
December 10, 2030
B-7 Term Loan
451,972
—
+ 2.50%
+ 2.95%
May 9, 2029
B-8 Term Loan
700,000
—
+ 2.50%
+ 2.95%
December 19, 2032
Total face value
$1,847,726
$1,764,437
Deferred financing costs and
unamortized discounts
(39,726)
(32,364)
Net book value
$1,808,000
$1,732,073
(1)The B-6 Term Loan and B-7 Term Loan borrowings are subject to a benchmark interest rate floor of 0.50%. The
Term loans are indexed to one-month SOFR.
(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the
applicable Term Loans.
The following table details our interest expense related to the Term Loans ($ in thousands):
Year Ended December 31,
2025
2024
2023
Cash coupon
$132,350
$173,138
$171,834
Discount and issuance cost amortization
11,386
11,799
9,266
Total interest expense
$143,736
$184,937
$181,100
The following table details the net book value of our senior secured notes, or Senior Secured Notes, on our consolidated
balance sheets ($ in thousands):
Face Value
Senior Secured Notes Issuance
December 31, 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
(7,280)
(9,857)
Hedging adjustments(3)
6,840
(4,424)
Net book value
$784,876
$771,035
(1)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.
(2)Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts
our fixed rate exposure to a SOFR + 3.95% floating rate exposure.
(3)Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the
December 2024 Senior Secured Notes into floating rate. Refer to Note 14 for further discussion.
The following table details our interest expense related to the Senior Secured Notes ($ in thousands):
Year Ended December 31,
2025
2024
2023
Cash coupon
$47,449
$14,976
$14,506
Discount and issuance cost amortization
2,658
1,124
1,158
Total interest expense
$50,107
$16,100
$15,664