Loan Participations Sold, Net (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Summary of Statistics for Loan Participations Sold

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

	December 31, 2016
Loan Participations Sold	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Guarantee(2)		Wtd. Avg. Term
Total loan	1	$	419,560	$	416,233		L+4.48	%		n/a		Dec. 2019
Senior participation(3)(4)	1		349,633		348,077		L+2.72	%	$	29,616		Dec. 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 ($29.6 million and $35.6 million as of December 31, 2016 and 2015, respectively), our loan participations sold are non-recourse to us.

(3) During the years ended December 31, 2016 and 2015, we recorded $13.7 million and $18.3 million, respectively, of interest expense related to our loan participations sold, of which $13.1 million and $16.9 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 $1.6 million and $2.0 million as of December 31, 2016 and 2015, respectively.