Loan Participations Sold, Net (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Loan Participations Sold

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

	March 31, 2024
Loan Participations Sold		Count	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 Loan		1	293,485		292,526		+ 4.86	%	March 2027
Junior Participations
Loan Participation		2	$	100,492	$	100,357	+ 7.42	%	February 2026
Total Loan		2	416,177		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 Sold		Count	Principal  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 Loan		1	295,996		294,783		+ 4.86	%	March 2027
Junior Participations
Loan Participation		2	$	100,924	$	100,680	+ 7.50	%	February 2026
Total Loan		2	401,569		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.