Loan Participations Sold, Net (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Summary of Statistics for Loan Participations Sold

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

March 31, 2019

Principal

Book

Yield/

Loan Participations Sold

Count

Balance

Value

Cost (1)

Guarantee (2)

Term

Total loan

1

$

140,504

$

139,504

L+5.96

%

n/a

Feb. 2022

Senior participation (3)(4)

1

107,330

107,237

L+4.06

%

n/a

Feb. 2022

December 31, 2018

Principal

Book

Yield/

Loan Participations Sold

Count

Balance

Value

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

(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 March 31, 2019 and December 31, 2018, our loan participations sold were non-recourse to us.

(3) During the three months ended March 31, 2019 and 2018, we recorded $1.7 million and $1.5 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 $93,000 and $110,000 as of March 31, 2019 and December 31, 2018, respectively.