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Securitized Debt Obligations, Net (Tables)
 12 Months Ended
Dec. 31, 2018
Text Block [Abstract]  
Schedule of Information on Securitized Debt Obligations

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

 

     December 31, 2018  

Securitized Debt Obligations

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

Collateralized Loan Obligation

              

Collateral assets

      26      $ 1,000,000      $ 1,000,000        6.25 %          Apr. 2022  

Financing provided

      1        817,500        811,023        L+1.74 %      June 2035  

2017 Single Asset Securitization

              

Collateral assets(3)

      1        682,297        678,770        L+3.60 %      June 2023  

Financing provided

      1        474,620        474,448        L+1.65 %      June 2033  

Total

              

Collateral assets

      27      $ 1,682,297      $ 1,678,770        6.19 %   
  

 

 

     

 

 

     

 

 

     

 

 

    

Financing provided(4)

      2      $     1,292,120      $     1,285,471                  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        808,084        L+1.76 %      June 2035  

2017 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      $ 1,282,412        L+1.83 %   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

(1)

As of December 31, 2018 and 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 2017 Single Asset Securitization include the total loan amount, of which we securitized $500.0 million.
(4)

During the years ended December 31, 2018 and 2017, we recorded $48.8 million and $8.5 million, respectively, of interest expense related to our securitized debt obligations.