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Loan Participations Sold, Net (Tables)
3 Months Ended
Mar. 31, 2023
Mortgage Loans On Real Estate [Abstract]  
Summary of Loan Participations Sold

The following table details the Company’s loan participations sold as of March 31, 2023 and December 31, 2022:

 

 

 

March 31, 2023

 

Loan Participations Sold

 

Count

 

 

Principal Balance

 

 

Book Value

 

 

Yield/Cost (1)

 

Guarantee (2)

 

Weighted Average Maximum Maturity

 

Total Loans

 

 

6

 

 

$

97,886

 

 

$

93,981

 

 

L+3.1%

 

n/a

 

 

0.98

 

Senior participations (3)

 

 

6

 

 

$

78,329

 

 

$

78,329

 

 

L+2.0%

 

n/a

 

 

0.98

 

 

 

 

December 31, 2022

 

Loan Participations Sold

 

Count

 

 

Principal Balance

 

 

Book Value

 

 

Yield/Cost (1)

 

Guarantee (2)

 

Weighted Average Maximum Maturity

 

Total Loans

 

 

7

 

 

$

124,275

 

 

$

121,431

 

 

L+3.7%

 

n/a

 

 

1.22

 

Senior participations (3)

 

 

7

 

 

$

99,420

 

 

$

99,420

 

 

L+2.0%

 

n/a

 

 

1.22

 

____________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
The yield/cost is the present value of all future principal and interest payments on the loan or participation interest and does not include any origination fees or deferred commitment fees.
(2)
As of March 31, 2023 and December 31, 2022, the loan participations sold were non-recourse to the Company.
(3)
During the three months ended March 31, 2023 and 2022, the Company recorded $1,441 and $599 of interest expense related to loan participations sold, respectively.