Loan Participations Sold, Net (Tables)

6 Months Ended

Jun. 30, 2025

Loan Participations Sold [Abstract]

Schedule Of Loan Participations Sold

The following table details our loan participations sold ($ in thousands):

	June 30, 2025
Loan Participations Sold		Count	Principal Balance	Book Value(1)	Wtd. Avg. Yield/Cost(2)	Term(3)
Junior Participations
Loan Participation(4)		1	$50,000	$50,000	+ 6.50%	October 2026
Total Loan		1	195,000	195,000	+ 8.86%	October 2026
	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 six months ended June 30, 2025, we recorded $2.4 million and $5.4 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.