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Loan Participations Sold, Net (Tables)
 12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Summary of Statistics for Loan Participations Sold

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

 

     December 31, 2018  

Loan Participations Sold

    Count    Principal
Balance		      Book
Value		      Yield/Cost(1)     Guarantee(2)      Term  

Total loan

    1    $         123,745      $         122,669        L+5.92 %      n/a        Feb. 2022  

Senior participation(3)(4)

    1      94,528        94,418        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 December 31, 2018 and December 31, 2017, our loan participation sold was non-recourse to us.
(3)

During the years ended December 31, 2018 and 2017, we recorded $16.6 million and $10.1 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 $110,000 and $291,000, as of December 31, 2018 and December 31, 2017, respectively.