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Loan Participations Sold, Net
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Loans Participations Sold, Net LOAN PARTICIPATIONS SOLD, NET
The sale of a non-recourse interest in a loan through a participation agreement generally does not qualify for sale accounting under GAAP. For such transactions, we therefore present the whole loan as an asset and the loan participation sold as a liability on our consolidated balance sheet until the loan is repaid. We generally have no obligation to pay principal and interest under these liabilities, and the gross presentation of loan participations sold does not impact our stockholders’ equity or net income.

The following table details our loan participations sold ($ in thousands):
 March 31, 2024
Loan Participations SoldCount
Principal
 Balance
Book Value(1)
Wtd. Avg.
 Yield/Cost(2)
 
Term(3)
Senior Participations
Loan Participation
1$234,788 $234,552 + 3.22 %March 2027
Total Loan1293,485 292,526 + 4.86 %March 2027
Junior Participations
Loan Participation
2$100,492 $100,357 + 7.42 %February 2026
Total Loan
2416,177 415,004 + 4.73 %February 2026
Total
Loan Participation(4)
3$335,280 $334,909 
Total Loan
3$709,662 $707,530 
 
 December 31, 2023
Loan Participations SoldCountPrincipal
 Balance
Book Value(1)
Wtd. Avg.
 Yield/Cost(2)
 
Term(3)
Senior Participations
Loan Participation
1$236,797 $236,499 + 3.22 %March 2027
Total Loan1295,996 294,783 + 4.86 %March 2027
Junior Participations
Loan Participation
2$100,924 $100,680 + 7.50 %February 2026
Total Loan
2401,569 399,603 + 4.75 %February 2026
Total
Loan Participation(4)
3$337,721 $337,179 
Total Loan
3$697,565 $694,386 
(1)The book value of underlying collateral assets excludes any applicable CECL reserves.
(2)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.
(3)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.
(4)During the three months ended March 31, 2024, we recorded $8.0 million of interest expense related to our loan participations sold. During the year ended December 31, 2023, we recorded $20.6 million of interest expense related to our loan participations sold.