Loan Participations Sold, Net (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Summary of Statistics for Loan Participations Sold

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

June 30, 2018

Loan Participations Sold

Count

Principal Balance

Book Value

Yield/Cost(1)

Guarantee(2)

Term

Total loan

1

$

200,409

$

198,197

L+5.99

%

n/a

Feb. 2022

Senior participation(3)(4)

1

153,090

152,855

L+4.07

%

n/a

Feb. 2022

December 31, 2017

Loan Participations Sold

Count

Principal Balance

Book Value

Yield/Cost(1)

Guarantee(2)

Term

Total loan

1

$

141,119

$

138,907

L+5.94

%

n/a

Feb. 2022

Senior participation(3)(4)

1

80,706

80,415

L+4.14

%

n/a

Feb. 2022

(1)	Our floating rate loans and related liabilities are 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)	As of June 30, 2018 and December 31, 2017, our loan participations sold was non-recourse to us.
(3)	During the three and six months ended June 30, 2018, we recorded $2.0 million and $3.5 million, respectively, of interest expense related to our loan participations sold. During the three and six months ended June 30, 2017, we recorded $2.7 million and $5.3 million, respectively, of interest expense related to our loan participations sold.
(4)	The difference between principal balance and book value of loan participations sold is due to deferred financing costs of $235,000 and $291,000 as of June 30, 2018 and December 31, 2017, respectively.