Loan Participations Sold (Tables)

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Summary of Statistics for Loan Participations Sold

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

	September 30, 2015						December 31, 2014
	Participations			Underlying			Participations			Underlying
	Sold(2)			Loans			Sold(2)			Loans
Number of loans		3			3			4			4
Principal balance	$	507,200		$	618,470		$	499,433		$	635,701
Weighted-average cash coupon(1)		L+2.38	%		L+3.93	%		L+2.51	%		L+4.10	%
Weighted-average all-in cost / yield(1)		L+2.49	%		L+4.15	%		L+2.71	%		L+4.71	%

(1) Our floating rate loans and related liabilities were indexed to the various benchmark rates relevant in each arrangement in terms of currency and payment frequency. Therefore the net exposure to each benchmark rate is in direct proportion to our net assets indexed to that rate. In addition to cash coupon, all-in cost / yield includes the amortization of deferred origination fees / financing costs.

(2) During the three and nine months ended September 30, 2015, we recorded $5.2 million and $14.4 million, respectively, of interest expense related to our loan participations sold, compared to $4.2 million and $8.1 million for the same periods in 2014.