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Securitized Debt Obligations, Net (Tables)
12 Months Ended
Dec. 31, 2017
Text Block [Abstract]  
Schedule of Information on Securitized Debt Obligations

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

 

     December 31, 2017  

Securitized Debt Obligations

   Count      Principal
Balance
     Book Value      Wtd. Avg.
Yield/Cost(1)
    Term(2)  

Collateralized Loan Obligation

             

Collateral assets

     31      $ 1,000,000      $ 1,000,000        5.16         Nov. 2021  

Financing provided

     1        817,500        808,083        L+1.76     June 2035  

Single Asset Securitization

             

Collateral assets(3)

     1        656,406        652,880        L+3.60     June 2023  

Financing provided

     1        474,620        474,328        L+1.94     June 2033  

Total

             

Collateral assets

     32      $ 1,656,406      $ 1,652,880        5.17  
  

 

 

    

 

 

    

 

 

    

 

 

   

Financing provided(4)

     2      $     1,292,120      $     1,282,411                  L+1.83  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

(1)

As of December 31, 2017, 98% of our loans financed by securitized debt obligations earned a floating rate of interest. 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. All-in yield for the total portfolio assume applicable floating benchmark rates for weighted-average calculation.

(2)

Loan term represents final maturity, 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.

(3)

The collateral assets for the Single Asset Securitization include the total loan amount, of which we securitized $500.0 million.

(4)

During the year ended December 31, 2017, we recorded $8.5 million of interest expense related to our securitized debt obligations.