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Securitized Debt Obligations, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Loans Managed, Securitized or Asset-Backed Financing Arrangement [Abstract]  
Schedule of Information on Securitized Debt Obligations The following tables detail our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):
 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 Assets261,000,0001,000,000+ 3.28 %December 2025
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding1714,352714,352+ 2.18 %November 2037
Underlying Collateral Assets15905,602905,602+ 2.87 %September 2025
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding1989,412989,265+ 1.57 %February 2038
Underlying Collateral Assets151,246,2871,246,287+ 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, which is the relevant floating benchmark rate for each securitized debt obligation. All-in yield excludes loans accounted for under the cost-recovery method.
(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.
 December 31, 2022
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 $799,626 + 1.57 %May 2038
Underlying Collateral Assets301,000,0001,000,000+ 3.47 %May 2025
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding1808,750806,757+ 2.14 %November 2037
Underlying Collateral Assets161,000,000 1,000,000 + 3.25 %November 2024
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding11,061,0411,057,627+ 1.55 %February 2038
Underlying Collateral Assets171,317,9161,317,916+ 3.42 %November 2024
Total
Senior CLO Securities Outstanding(4)
3$2,673,541 $2,664,010 +1.73 %
Underlying Collateral Assets63$3,317,916 $3,317,916 +3.38 %
(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 include SOFR and USD LIBOR, as applicable to each securitized debt obligation. All-in yield excludes loans accounted for under the cost-recovery method.
(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, 2022, we recorded $87.6 million of interest expense related to our securitized debt obligations.