Loan Participations Sold, Net (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Loan Participations Sold

The following table details our loan participations sold ($ in thousands):

	June 30, 2023
Loan Participations Sold		Count	Principal  Balance		Book Value		Wtd. Avg.  Yield/Cost(1)		Term(2)
Senior Participation(3)		1	$	236,276	$	235,857	+ 3.22	%	March 2027
Total Loan		1	$	295,345	$	293,639	+ 4.86	%	March 2027
	December 31, 2022
Loan Participations Sold		Count	Principal  Balance		Book Value		Wtd. Avg.  Yield/Cost(1)		Term(2)
Senior Participation(3)		1	$	224,744	$	224,232	+ 3.22	%	March 2027
Total Loan		1	$	280,930	$	278,843	+ 4.86	%	March 2027

(1)This non-debt participation sold structure is inherently matched in terms of currency and interest rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees and financing costs.

(2)The term is determined based on the maximum maturity of the loan, assuming all extension options are exercised by the borrower. Our loan participation sold is inherently non-recourse and term-matched to the corresponding collateral loan.

(3)During the three and six months ended June 30, 2023, we recorded $4.2 million and $8.0 million, respectively, of interest expense related to our loan participations sold. During the three and six months ended June 30, 2022 we recorded $2.2 million and $2.4 million, respectively, of interest expense related to our loan participations sold.