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


	June 30, 2016
Loan Participations Sold	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost⁽¹⁾			Guarantee⁽²⁾		Wtd. Avg. Term
Total loan	2	$	511,586	$	507,396		L+4.51	%	$	n/a	Sep., 2019
Senior participation⁽³⁾⁽⁴⁾	2		424,488		422,585		L+2.51	%		32,330	Sep., 2019

	December 31, 2015
Loan Participations Sold	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost⁽¹⁾			Guarantee⁽²⁾		Wtd. Avg. Term
Total loan	3	$	608,554	$	604,321		L+4.15	%	$	n/a	Nov., 2018
Senior participation⁽³⁾⁽⁴⁾	3		498,992		497,032		L+2.49	%		35,558	Nov., 2018

(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, yield/cost includes the amortization of deferred fees / financing costs.

(2)	Other than one instance where we entered into a related guarantee agreement for £24.0 million ($32.2 million as of June 30, 2016), our loan participations sold are non-recourse to us.

(3)

During the three and six months ended June 30, 2016, we recorded $3.7 million and $7.4 million, respectively, of interest expense related to our loan participations sold, of which $3.6 million and $7.1 million was paid in cash. During the three and six months ended June 30, 2015, we recorded $4.9 million and $9.2 million, respectively, of interest expense related to our loan participations sold, of which $4.7 million and $8.7 million was paid in cash.

(4)	The difference between principal balance and book value of loan participations sold is due to deferred financing costs of $1.9 million and $2.0 million as of June 30, 2016 and December 31, 2015, respectively.