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Investments in Real Estate-Related Securities (Tables)
 6 Months Ended
Jun. 30, 2017
Investments Schedule [Abstract]  
Summary of Investments in CMBS

The following table details the Company’s investments in CMBS as of June 30, 2017 ($ in thousands):

 

Number of

Investments

 

 

Credit

Rating(1)

 

Collateral

 

Weighted

Average

Coupon(2)

 

Face

Amount

 

 

Cost

Basis

 

 

Fair

Value

 

 

 

4

 

 

BBB

 

Office, Industrial, Hospitality

 

L+2.15%

 

$

114,659

 

 

$

114,659

 

 

$

115,307

 

 

 

5

 

 

BB

 

Office, Hospitality, Multifamily

 

L+3.29%

 

 

150,899

 

 

 

150,942

 

 

 

151,800

 

 

 

3

 

 

B

 

Office, Multifamily

 

L+3.79%

 

 

24,313

 

 

 

24,313

 

 

 

24,442

 

 

 

12

 

 

 

 

 

 

 

 

$

289,871

 

 

$

289,914

 

 

$

291,549

 

 

 

 

(1)

BBB represents credit ratings of BBB+, BBB, and BBB-, BB represents credit ratings of BB+, BB, and BB-, and B represents credit ratings of B+, B, and B-.

 

(2)

The term “L” refers to the three-month U.S. dollar-denominated London Interbank Offer Rate. As of June 30, 2017, three-month U.S. dollar-denominated LIBOR was equal to 1.3%.