Loan Participations Sold, Net (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Loan Participations Sold

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

	September 30, 2023
Loan Participations Sold		Count	Principal  Balance		Book Value		Wtd. Avg.  Yield/Cost(1)		Term(2)
Senior Participations
Loan Participation		1	$	226,901	$	226,557	+ 3.22	%	March 2027
Total Loan		1	283,627		282,227		+ 4.86	%	March 2027
Junior Participations
Loan Participation		1	$	48,796	$	48,627	+ 8.35	%	June 2025
Total Loan		1	174,690		172,890		+ 5.23	%	June 2025
Total
Loan Participation(3)		2	$	275,697	$	275,184
Total Loan		2	$	458,317	$	455,117
	December 31, 2022
Loan Participations Sold		Count	Principal  Balance		Book Value		Wtd. Avg.  Yield/Cost(1)		Term(2)
Senior Participations
Loan Participation		1	$	224,744	$	224,232	+ 3.22	%	March 2027
Total Loan		1	280,930		278,843		+ 4.86	%	March 2027
Total
Loan Participation(3)		1	$	224,744	$	224,232
Total Loan		1	$	280,930	$	278,843

(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 participations sold are inherently non-recourse and term-matched to the corresponding loan.

(3)During the three and nine months ended September 30, 2023, we recorded $5.3 million and $13.3 million, respectively, of interest expense related to our loan participations sold. During the three and nine months ended September 30, 2022 we recorded $2.4 million and $4.8 million, respectively, of interest expense related to our loan participations sold.