Securitized Debt Obligations, Net (Tables)

6 Months Ended

Jun. 30, 2018

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Schedule of Information on Securitized Debt Obligations

The following tables detail our securitized debt obligations ($ in thousands):

	June 30, 2018
Securitized Debt Obligations	Count		Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Term(2)
Collateralized Loan Obligation
Collateral assets		29	$	1,000,000	$	1,000,000		5.63	%		Jan. 2022
Financing provided		1		817,500		808,923		L+1.74	%		June 2035
Single Asset Securitization
Collateral assets(3)		1		675,001		671,475		L+3.60	%		June 2023
Financing provided		1		474,620		474,388		L+1.65	%		June 2033
Total
Collateral assets		30	$	1,675,001	$	1,671,475		5.65	%
Financing provided(4)		2	$	1,292,120	$	1,283,311		L+1.71	%
	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 June 30, 2018, 98% of our loans financed by securitized debt obligations earned a floating rate of interest. 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 weighted-average 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 three and six months ended June 30, 2018, we recorded $12.0 million and $23.1 million of interest expense, respectively, related to our securitized debt obligations. During both the three and six months ended June 30, 2017, we recorded $37,000 of interest expense related to our securitized debt obligations.