Variable Interest Entities

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

15. VARIABLE INTEREST ENTITIES

We have financed a portion of our loans through the CLO and the Single Asset Securitization, both of which are VIEs. We are the primary beneficiary and consolidate the CLO and the Single Asset Securitization on our balance sheet as we (i) control the relevant interests of the CLO and the Single Asset Securitization that give us power to direct the activities that most significantly affect the CLO and the Single Asset Securitization, and (ii) have the right to receive benefits and obligation to absorb losses of the CLO and the Single Asset Securitization through the subordinate interests we own.

The following table details the assets and liabilities of our consolidated CLO and Single Asset Securitization VIEs ($ in thousands):

	June 30, 2018		December 31, 2017
Assets:
Loans receivable, net	$	1,500,000	$	1,500,000
Other assets		4,809		2,407
Total assets	$	1,504,809	$	1,502,407
Liabilities:
Securitized debt obligations, net	$	1,283,311	$	1,282,412
Other liabilities		1,977		1,379
Total liabilities	$	1,285,288	$	1,283,791

Assets held by these VIEs are restricted and can be used only to settle obligations of the VIEs, including the subordinate interests owned by us. The liabilities of these VIEs are non-recourse to us and can only be satisfied from the assets of the VIEs. The consolidation of these VIEs results in an increase in our gross assets, liabilities, interest income and interest expense, however it does not affect our stockholders’ equity or net income. We are not obligated to provide, have not provided, and do not intend to provide financial support to these VIEs.