08:35 AM EST, 12/03/2024 (MT Newswires) -- Valley National Bancorp ( VLY ) said Tuesday that it had sold a pool of commercial real estate loans to Brookfield Asset Management ( BAM ) with contractual balances of $925 million.

About $823 million from the sold portfolio had already been identified and transferred to held for sale as of Sept. 30, Valley said.

The 1% discount on loans that had not yet been transferred to held for sale as of that date is expected to result in an incremental immaterial net loss in Q4, Valley said.