v3.25.3
Loan Participations Sold, Net - Summary of Loan Participations Sold (Details)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2025
USD ($)
Loan
Dec. 31, 2024
USD ($)
Loan
Loan Participations    
Mortgage Loans On Real Estate [Line Items]    
Number of loans sold to third party | Loan 1 2
Principal Balance $ 12,700 $ 36,528
Book Value $ 12,715 $ 29,294
Yield/Cost [1] 1.80% 3.60%
Weighted Average Maximum Maturity [2] 4 months 9 days 9 months 7 days
Senior Loan Participations    
Mortgage Loans On Real Estate [Line Items]    
Number of loans sold to third party | Loan [3],[4] 3 3
Principal Balance [3],[4] $ 47,141 $ 48,524
Book Value [3],[4] $ 47,141 $ 48,524
Yield/Cost [1],[3],[4] 2.00% 2.00%
Weighted Average Maximum Maturity [2],[3],[4] 4 months 9 days 9 months 7 days
[1] The yield/cost is the present value of all future principal and interest payments on the loan or participation interest and does not include any origination fees or deferred commitment fees. The yield/cost excludes maturity default interest and interest on loans placed on nonaccrual status.
[2] Based on the furthest maximum maturity date of all the loans subject to the participation agreement.
[3] During the nine months ended September 30, 2025 and 2024, the Company recorded $2,252 and $2,673, respectively, of interest expense related to loan participations sold.
[4] Includes participation interest related to the foreclosed properties described above.