v3.26.1
Term Loans, Net (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt The following table details our secured debt ($ in thousands):
Secured Debt
Borrowings Outstanding
June 30, 2026
December 31, 2025
Secured credit facilities
$8,717,351
$10,125,839
Deferred financing costs(1)
(8,407)
(8,547)
Net book value of secured debt
$8,708,944
$10,117,292
(1)Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred
and recognized as a component of interest expense over the life of each related facility.
The following table details our secured credit facilities as of June 30, 2026 ($ in thousands):
Recourse Limitation
Currency
Lenders(1)
Borrowings
Wtd. Avg.
Maturity(2)
Wtd. Avg.
All-in
Cost(3)(4)(5)
Loan
Count
Collateral(6)
Wtd. Avg.
All-in
Yield(3)(4)
Wtd.
Avg.
Range
USD
14
$3,668,157
May 2028
+1.74%
78
$6,042,859
+2.76%
36%
25% - 100%
GBP
6
1,906,500
Mar 2029
+1.68%
14
2,647,180
+3.17%
25%
25%
EUR
6
1,618,548
Feb 2030
+1.64%
13
2,380,828
+2.99%
37%
15% - 100%
Others(7)
4
1,524,146
May 2029
+2.21%
6
1,910,983
+4.34%
25%
25%
Total
16
$8,717,351
Jan 2029
+1.79%
111
$12,981,850
+3.16%
32%
25% - 100%
(1)Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of
facility lenders.
(2)Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-
average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all
extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured
credit facility is used.
(3)The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include
SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable.
(4)In addition to spread, the cost includes the associated deferred fees and expenses related to the respective
borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension
fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans
accounted for under the cost-recovery and nonaccrual methods, if any, and owned real estate assets.
(5)Represents the weighted-average all-in cost as of June 30, 2026 and is not necessarily indicative of the spread
applicable to recent or future borrowings.
(6)Represents the principal balance of the collateral loan assets and the carrying value of the collateral owned real
estate assets.
(7)Includes Australian Dollar, Canadian Dollar, and Swedish Krona currencies.
The following tables detail our securitized debt obligations
and the underlying collateral assets that are financed by our CLOs and the European Loan Securitization ($ in thousands):
June 30, 2026
Securitized Debt Obligations
Count
Principal
Balance
Book
Value(1)
Wtd. Avg.
Yield/Cost(2)
Term(3)
CLOs
2026 FL6 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
$880,000
$872,474
+ 1.84%
August 2043
Underlying Collateral Assets
19
998,448
998,448
+ 3.04%
September 2029
2025 FL5 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
831,250
823,296
+ 2.15%
October 2042
Underlying Collateral Assets
19
997,984
997,984
+ 3.44%
February 2029
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
421,346
421,346
+ 1.83%
May 2038
Underlying Collateral Assets
13
551,661
551,661
+ 4.17%
July 2027
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
428,673
428,673
+ 1.93%
February 2038
Underlying Collateral Assets
9
595,239
595,239
+ 3.04%
February 2027
Total CLOs
Senior CLO Securities Outstanding
4
$2,561,269
$2,545,789
+ 1.95%
Underlying Collateral Assets
60
3,143,332
3,143,332
+ 3.35%
European Loan Securitization
Financing Provided
1
$189,541
$187,175
+ 1.71%
July 2030
Underlying Collateral Assets(4)
1
244,367
241,995
+ 2.97%
July 2030
Total
Senior CLO Securities Outstanding /
Financing Provided(5)
5
$2,750,810
$2,732,964
+ 1.93%
Underlying Collateral Assets
61
3,387,699
3,385,327
+ 3.35%
(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, while all-in cost includes the amortization of deferred
origination fees and financing costs. 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,
owned real estate assets, and cash from repayment proceeds held in certain of our CLOs that may be used to add
new eligible collateral assets.
(3)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.
(4)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.
(5)During the three and six months ended June 30, 2026, we recorded $40.1 million and $74.8 million, respectively, of
interest expense related to our securitized debt obligations.
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(6)
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, owned real estate assets, and cash from
repayment proceeds held in certain of our CLOs that may be used to add new eligible collateral assets.
(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)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 $140.0 million of interest expense related to our securitized
debt obligations.
The following tables detail our asset-specific debt ($ in thousands):
June 30, 2026
Asset-Specific Debt
Count
Principal
Balance
Book Value(1)
Wtd. Avg.
Yield/Cost(2)
Wtd. Avg.
Term(3)
Financing provided
4
$972,635
$971,305
+ 2.73%
February 2030
Collateral assets
4
$1,209,740
$1,202,445
+ 4.10%
February 2030
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
$1,234,205
+ 4.02%
February 2030
(1)The book value of underlying collateral assets excludes any applicable CECL reserves.
(2)The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates,
which include SOFR and CORRA, as applicable. These floating rate loans and related liabilities are currency and
index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost
includes the amortization of deferred origination fees and financing costs.
(3)The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all
extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case
to the corresponding collateral loans.
The following table details the net book value of each of our senior term loan facilities, or Term Loans, on our consolidated
balance sheets ($ in thousands):
Face Value
Term Loans
June 30, 2026
December 31, 2025
Interest Rate(1)
All-in Cost(1)(2)
Maturity
B-6 Term Loan
—
695,754
+ 3.00%
+ 3.61%
December 10, 2030
B-7 Term Loan
449,706
451,972
+ 2.50%
+ 3.11%
May 9, 2029
B-8 Term Loan
696,500
700,000
+ 2.50%
+ 2.95%
December 19, 2032
B-9 Term Loan
768,827
—
+ 2.50%
+ 2.95%
December 10, 2030
Total face value
$1,915,033
$1,847,726
Deferred financing costs and
unamortized discounts
(36,471)
(39,726)
Net book value
$1,878,562
$1,808,000
(1)The B-7 Term Loan and B-9 Term Loan borrowings are subject to a benchmark interest rate floor of 0.50%. The
Term loans are indexed to one-month SOFR.
(2)Includes issue discount and transaction expenses that are amortized through interest expense over the life of the
applicable Term Loans.
The following table details our interest expense related to the Term Loans ($ in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Cash coupon
$29,825
$34,096
$59,506
$68,144
Discount and issuance cost amortization
2,023
1,886
4,472
4,068
Total interest expense
$31,848
$35,982
$63,978
$72,212
The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in
thousands):
Face Value
Senior Secured Notes Issuance
June 30, 2026
December 31,
2025
Interest
Rate
Swapped
Rate(1)
All-in
Cost(2)
Maturity
October 2021
$335,316
$335,316
3.75%
n/a
4.06%
January 15, 2027
December 2024
450,000
450,000
7.75%
+ 3.95%
8.14%
December 1, 2029
May 2026
450,000
—
6.25%
+ 2.50%
6.68%
June 1, 2031
Total face value
$1,235,316
$785,316
Deferred financing costs and
unamortized discounts
(13,111)
(7,280)
Hedging adjustments(3)
(4,706)
6,840
Net book value
$1,217,499
$784,876
(1)For certain of the Senior Secured Notes, we have entered into interest rate swaps that effectively convert our fixed
rate exposure to floating rate exposure. The interest rate swaps are indexed to one-month SOFR. Refer to Note 13
for further discussion.
(2)Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.
(3)Represents the aggregate fair value of interest rate swaps that we entered into to convert the fixed rate exposure of
both the December 2024 and May 2026 Senior Secured Notes into floating rate. Refer to Note 13 for further
discussion.
The following table details our interest expense related to the Senior Secured Notes ($ in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Cash coupon
$15,222
$11,862
$27,084
$23,725
Discount and issuance cost amortization
818
651
1,459
1,349
Total interest expense
$16,040
$12,513
$28,543
$25,074