Loan Participations Sold (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Summary of Statistics for Loan Participations Sold

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

	March 31, 2016						December 31, 2015
	Participations			Underlying			Participations			Underlying
	Sold(1)			Loans			Sold(1)			Loans
Number of loans		3			3			3			3
Principal balance(2)	$	478,661		$	583,589		$	498,992		$	608,554
Book value(2)	$	476,894		$	579,742		$	497,032		$	604,321
Weighted-average cash coupon(3)		L+2.38	%		L+3.93	%		L+2.38	%		L+3.93	%
Weighted-average cost / all-in yield(3)		L+2.49	%		L+4.16	%		L+2.49	%		L+4.15	%

(1) During the three months ended March 31, 2016 and 2015, we recorded $3.6 million and $4.3 million, respectively, of interest expense related to our loan participations sold, of which $3.5 million and $4.0 million, respectively, was paid in cash.

(2) The difference between principal balance and book value of loan participations sold is due to deferred financing costs of $1.8 million and $2.0 million as of March 31, 2016 and December 31, 2015, respectively.

(3) 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, cost / all-in yield includes the amortization of deferred origination fees / financing costs.