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Loan Participations Payable, net (Notes)
6 Months Ended
Jun. 30, 2016
Loan Participations Payable [Abstract]  
Loan Participations Payable, net
Loan Participations Payable, net

During the six months ended June 30, 2016, the Company transferred to a third party a $50.0 million senior loan commitment that it had previously originated. The Company had not funded the senior loan commitment prior to transfer. The transferee is responsible for funding the $50.0 million senior loan commitment, which bears interest at a rate of LIBOR + 4.50% with a LIBOR floor of 0.43%.
During the six months ended June 30, 2016, the Company transferred to a third party a $169.0 million senior loan commitment that it had previously originated. The Company had funded $22.8 million of the senior loan prior to transfer and received net proceeds of $22.7 million upon transfer. The transferee is responsible for funding the remaining $146.2 million of the senior loan commitment, which bears interest at a rate of LIBOR + 5.00% with a LIBOR floor of 0.50%. The Company is entitled to receive interest from the transferee at a rate of 3.0% on the funded balance. For the six months ended June 30, 2016, the transferee funded $5.6 million directly to the borrower.
During the six months ended June 30, 2015, the Company transferred to a third party a $100.0 million junior loan participation in a $250.0 million mezzanine loan commitment that it had previously originated. The Company had funded $38.9 million of the junior loan prior to transfer and received proceeds of $38.9 million upon transfer. The transferee is responsible for funding the remaining $61.1 million under the junior loan commitment, which bears interest at a rate of 5.90%. The Company will fund these commitments if the transferee defaults. For the six months ended June 30, 2016 and 2015, the transferee funded an additional $6.7 million and $3.4 million, respectively, directly to the borrower. As of June 30, 2016, the balance of the loan was $59.7 million.
During the six months ended June 30, 2015, the Company transferred to a third party a $100.0 million senior loan participation in a $220.2 million senior loan commitment that it had previously originated. The transferred participation bears interest at a rate of LIBOR+ 3.50% with a LIBOR floor of 0.25%. The Company had fully funded the $100.0 million transferred participation prior to transfer and received net proceeds of $99.2 million.
These transfers of financial assets did not meet the sales criteria established under ASC Topic 860 and have been accounted for as loan participations payable as of June 30, 2016 and December 31, 2015, with balances, net of discounts and debt issuance costs, of $186.9 million and $152.1 million, respectively. As of June 30, 2016 and December 31, 2015, the corresponding loan receivable balances were $186.6 million and $153.0 million, respectively, and are included in "Loans receivable and other lending investments, net" on the Company's consolidated balance sheets. The principal and interest due on these loan participations payable are paid from cash flows of the corresponding loans receivable, which serve as collateral for the participations.