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Loan Participations Sold, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Loan Participations Sold [Abstract]  
Schedule Of Loan Participations Sold
The following table details our loan participations sold ($ in thousands):
 December 31, 2024
Loan Participations SoldCount
Principal
 Balance
Book Value(1)
Wtd. Avg.
 Yield/Cost(2)
 
Term(3)
Junior Participations
Loan Participation
2$100,064 $100,064 + 9.75 %February 2026
Total Loan
2442,142 442,008 + 6.14 %February 2026
 
 December 31, 2023
Loan Participations SoldCountPrincipal
 Balance
Book Value(1)
Wtd. Avg.
 Yield/Cost(2)
 
Term(3)
Senior Participations
Loan Participation
1$236,797 $236,499 + 3.22 %March 2027
Total Loan1295,996 294,783 + 4.86 %March 2027
Junior Participations
Loan Participation
2$100,924 $100,680 + 7.50 %February 2026
Total Loan
2401,569 399,603 + 4.75 %February 2026
Total
Loan Participation(4)
3$337,721 $337,179 
Total Loan
3$697,565 $694,386 
(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 years ended December 31, 2024 and 2023, we recorded $22.6 million and $20.6 million, respectively, of interest expense related to our loan participations sold.