Loan Participations Sold, Net (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Summary of Statistics for Loan Participations Sold

The following tables detail statistics for our loan participations sold ($ in thousands):

	March 31, 2017
Loan Participations Sold	Count	Principal Balance		Book Value		Wtd. Avg. Yield/Cost(1)			Guarantee(2)		Wtd. Avg. Term
Total loan	1	$	426,700	$	423,575		L+4.48	%		n/a	Dec. 2019
Senior participation(3)(4)	1		355,583		354,131		L+2.72	%	$	30,120	Dec. 2019
	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

(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 ($30.1 million and $29.6 million as of March 31, 2017 and December 31, 2016, respectively), our loan participations sold are non-recourse to us.
(3)	During the three months ended March 31, 2017 and December 31, 2016, we recorded $2.6 million and $2.9 million, respectively, of interest expense related to our loan participations sold, of which $2.5 million and $2.8 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 $1.5 million and $1.6 million as of March 31, 2017 and December 31, 2016, respectively.