Guaranteed loan financing

3 Months Ended

Mar. 31, 2024

Guaranteed loan financing.

Guaranteed loan financing

Note 12. Guaranteed loan financing

Participations or other partial loan sales which do not meet the definition of a participating interest remain as an investment in the consolidated balance sheets and the portion sold is recorded as guaranteed loan financing in the liabilities section of the consolidated balance sheets. For these partial loan sales, the interest earned on the entire loan balance is recorded as interest income and the interest earned by the buyer in the partial loan sale is recorded within interest expense in the accompanying consolidated statements of income. Guaranteed loan financings are secured by loans of $815.2 million and $845.0 million as of March 31, 2024 and December 31, 2023, respectively.

The table below presents guaranteed loan financing and the related interest rates and maturity dates.

	Weighted Average		Range of		Range of
(in thousands)	Interest Rate		Interest Rates		Maturities (Years)	Ending Balance
March 31, 2024	9.17	%	1.45-10.50	%	2024-2048	$	814,784
December 31, 2023	9.17	%	1.45-10.50	%	2023-2048	$	844,540

The table below presents the contractual maturities of guaranteed loan financing.

(in thousands)	March 31, 2024
2024	$	238
2025		501
2026		2,250
2027		8,345
2028		9,124
Thereafter		794,326
Total	$	814,784