Asset-Specific Debt Agreements, Net

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Asset-Specific Debt Agreements, Net

7. ASSET-SPECIFIC DEBT AGREEMENTS, NET    

The following tables detail our asset-specific debt agreements ($ in thousands):

	December 31, 2020
Asset-Specific Debt Agreements	Count		Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Guarantee(2)		Wtd. Avg. Term(3)
Collateral assets		4	$	512,794	$	499,085		L+4.65	%		n/a		Oct. 2023
Financing provided		4	$	399,699	$	391,269		L+3.48	%	$	33,244		Oct. 2023
	December 31, 2019
Asset-Specific Debt Agreements	Count		Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Guarantee(2)		Wtd. Avg. Term(3)
Collateral assets		4	$	429,983	$	417,820		L+4.90	%		n/a		Mar. 2023
Financing provided		4	$	330,879	$	323,504		L+3.42	%	$	97,930		Mar. 2023

(1) These floating rate loans and related liabilities are indexed to the various benchmark rates relevant in each arrangement in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, yield/cost includes the amortization of deferred origination fees / financing costs.

(2) Other than amounts guaranteed on an asset-by-asset basis, borrowings under our asset-specific debt agreements are non-recourse to us.

(3) The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all extension options are exercised by the borrower. Each of our asset-specific debt agreements is term-matched to the corresponding collateral loans.