Securitized Debt Obligations, Net (Tables)

9 Months Ended

Sep. 30, 2019

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Schedule of Information on Securitized Debt Obligations

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

	September 30, 2019
Securitized Debt Obligations	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Term(2)
Collateralized Loan Obligation
Collateral assets	20	$	1,000,000	$	1,000,000		L+3.43	%	September 2022
Financing provided	1		817,500		813,852		L+1.71	%	June 2035
2017 Single Asset Securitization
Collateral assets(3)	1		700,197		698,040		L+3.60	%	June 2023
Financing provided	1		474,620		474,537		L+1.65	%	June 2033
Total
Collateral assets	21	$	1,700,197	$	1,698,040		L+3.51	%
Financing provided(4)	2	$	1,292,120	$	1,288,389		L+1.69	%
	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	%

(1)	As of September 30, 2019, all of our loans financed by securitized debt obligations earned a floating rate of interest. As of December 31, 2018, 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 three and nine months ended September 30, 2019, we recorded $11.9 million and $36.9 million, respectively, of interest expense related to our securitized debt obligations. During the three and nine months ended September 30, 2018, we recorded $12.5 million and $35.6 million, respectively, of interest expense related to our securitized debt obligations.