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Loan Participations Sold, Net (Tables) | 9 Months Ended
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Sep. 30, 2025
Loan Participations Sold [Abstract] |
Schedule Of Loan Participations Sold | The following table details our loan participations sold as of December 31, 2024 ($ in thousands):
| December 31, 2024
Loan Participations Sold |  | Count |  | Principal Balance |  | Book Value(1) |  | Wtd. Avg. Yield/Cost(2) |  | Term(3)
Junior Participations |  |  |  |  |  |  |  |  |  |
Loan Participation(4) |  | 2 |  | $100,064 |  | $100,064 |  | + 9.75% |  | February 2026
Total Loan |  | 2 |  | 442,142 |  | 442,008 |  | + 6.14% |  | February 2026
(1)The book value of underlying collateral assets excludes any applicable CECL reserves. (2)The weighted-average all-in yield and cost are expressed over the relevant floating benchmark rates, which include SOFR and SONIA, as applicable. This non-debt participation sold structure is inherently matched in terms of currency and interest rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees and financing costs. (3)The term is determined based on the maximum maturity of the loan, assuming all extension options are exercised by the borrower. Our loan participations sold are inherently non-recourse and term-matched to the corresponding loan. (4)During the three and nine months ended September 30, 2025, we recorded $1.6 million and $6.9 million, respectively, of interest expense related to our loan participations sold. During the year ended December 31, 2024, we recorded $22.6 million of interest expense related to our loan participations sold.

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