Loans Receivable, Net - Property Type and Geographic Distribution of Properties Securing Loans in Our Loans Receivable Portfolio (Detail)
$ in Thousands |
3 Months Ended |
12 Months Ended |
|
|
Mar. 31, 2025
security_loan
|
Dec. 31, 2025
USD ($)
loan
|
Dec. 31, 2025
USD ($)
security_loan
|
Dec. 31, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
loan
|
Dec. 31, 2023
USD ($)
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans |
130
|
131
|
131
|
|
130
|
|
| Net Book Value |
|
$ 18,069,134
|
$ 18,069,134
|
$ 18,069,134
|
$ 19,047,518
|
$ 23,787,012
|
| CECL reserve |
|
(284,440)
|
(284,440)
|
(284,440)
|
(733,936)
|
$ (576,936)
|
| Loans receivable, net |
|
17,784,694
|
17,784,694
|
17,784,694
|
18,313,582
|
|
| Net Loan Exposure |
|
16,846,034
|
16,846,034
|
16,846,034
|
17,034,303
|
|
| Cost-recovery proceeds |
|
24,500
|
24,500
|
24,500
|
106,700
|
|
| Loan participations sold |
|
0
|
0
|
0
|
100,064
|
|
| Asset-specific debt, net |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Principal balance |
|
999,810
|
999,810
|
999,810
|
1,228,110
|
|
| Long-term debt |
|
$ 997,746
|
997,746
|
$ 997,746
|
1,224,841
|
|
| Junior Loan Participation |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Loan participations sold |
|
|
|
|
$ 100,064
|
|
| Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
100.00%
|
100.00%
|
|
| Subtotal |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
94
|
|
|
100
|
|
| Net Book Value |
|
$ 9,648,889
|
9,648,889
|
$ 9,648,889
|
$ 12,430,396
|
|
| Net Loan Exposure |
|
$ 8,655,786
|
8,655,786
|
$ 8,655,786
|
$ 10,537,164
|
|
| Subtotal | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
52.00%
|
62.00%
|
|
| Sunbelt |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
45
|
|
|
44
|
|
| Net Book Value |
|
$ 4,715,039
|
4,715,039
|
$ 4,715,039
|
$ 4,520,632
|
|
| Net Loan Exposure |
|
$ 3,918,928
|
3,918,928
|
$ 3,918,928
|
$ 4,084,242
|
|
| Sunbelt | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
23.00%
|
24.00%
|
|
| West |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
23
|
|
|
21
|
|
| Net Book Value |
|
$ 1,963,032
|
1,963,032
|
$ 1,963,032
|
$ 1,865,382
|
|
| Net Loan Exposure |
|
$ 1,872,531
|
1,872,531
|
$ 1,872,531
|
$ 1,746,309
|
|
| West | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
11.00%
|
10.00%
|
|
| Northeast |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
17
|
|
|
21
|
|
| Net Book Value |
|
$ 1,893,877
|
1,893,877
|
$ 1,893,877
|
$ 4,614,582
|
|
| Net Loan Exposure |
|
$ 1,800,387
|
1,800,387
|
$ 1,800,387
|
$ 3,452,961
|
|
| Northeast | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
11.00%
|
20.00%
|
|
| Midwest |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
6
|
|
|
10
|
|
| Net Book Value |
|
$ 619,726
|
619,726
|
$ 619,726
|
$ 997,156
|
|
| Net Loan Exposure |
|
$ 609,433
|
609,433
|
$ 609,433
|
$ 820,858
|
|
| Midwest | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
4.00%
|
5.00%
|
|
| Northwest |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
3
|
|
|
4
|
|
| Net Book Value |
|
$ 457,215
|
457,215
|
$ 457,215
|
$ 432,644
|
|
| Net Loan Exposure |
|
$ 454,507
|
454,507
|
$ 454,507
|
$ 432,794
|
|
| Northwest | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
3.00%
|
3.00%
|
|
| Subtotal |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
37
|
|
|
30
|
|
| Net Book Value |
|
$ 8,420,245
|
8,420,245
|
$ 8,420,245
|
$ 6,617,122
|
|
| Net Loan Exposure |
|
$ 8,190,248
|
8,190,248
|
$ 8,190,248
|
$ 6,497,139
|
|
| Subtotal | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
48.00%
|
38.00%
|
|
| United Kingdom |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
19
|
|
|
16
|
|
| Net Book Value |
|
$ 3,595,424
|
3,595,424
|
$ 3,595,424
|
$ 2,916,145
|
|
| Net Loan Exposure |
|
$ 3,582,983
|
3,582,983
|
$ 3,582,983
|
$ 2,839,096
|
|
| United Kingdom | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
21.00%
|
17.00%
|
|
| Ireland |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
3
|
|
|
3
|
|
| Net Book Value |
|
$ 1,141,770
|
1,141,770
|
$ 1,141,770
|
$ 1,050,276
|
|
| Net Loan Exposure |
|
$ 1,135,749
|
1,135,749
|
$ 1,135,749
|
$ 1,048,329
|
|
| Ireland | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
7.00%
|
6.00%
|
|
| Australia |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
4
|
|
|
3
|
|
| Net Book Value |
|
$ 1,104,765
|
1,104,765
|
$ 1,104,765
|
$ 920,182
|
|
| Net Loan Exposure |
|
$ 1,110,648
|
1,110,648
|
$ 1,110,648
|
$ 923,507
|
|
| Australia | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
7.00%
|
5.00%
|
|
| Spain |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
2
|
|
|
3
|
|
| Net Book Value |
|
$ 684,109
|
684,109
|
$ 684,109
|
$ 785,368
|
|
| Net Loan Exposure |
|
$ 638,112
|
638,112
|
$ 638,112
|
$ 744,287
|
|
| Spain | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
4.00%
|
4.00%
|
|
| Sweden |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
1
|
|
|
1
|
|
| Net Book Value |
|
$ 502,124
|
502,124
|
$ 502,124
|
$ 429,084
|
|
| Net Loan Exposure |
|
$ 500,917
|
500,917
|
$ 500,917
|
$ 429,724
|
|
| Sweden | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
3.00%
|
2.00%
|
|
| Canada |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
1
|
|
|
|
|
| Net Book Value |
|
$ 455,407
|
455,407
|
$ 455,407
|
|
|
| Net Loan Exposure |
|
$ 288,504
|
288,504
|
$ 288,504
|
|
|
| Canada | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
2.00%
|
|
|
| Other Europe |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
6
|
|
|
3
|
|
| Net Book Value |
|
$ 875,579
|
875,579
|
$ 875,579
|
$ 455,417
|
|
| Net Loan Exposure |
|
$ 872,527
|
872,527
|
$ 872,527
|
$ 451,245
|
|
| Other Europe | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
4.00%
|
4.00%
|
|
| Other International |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
1
|
|
|
1
|
|
| Net Book Value |
|
$ 61,067
|
61,067
|
$ 61,067
|
$ 60,650
|
|
| Net Loan Exposure |
|
$ 60,808
|
60,808
|
$ 60,808
|
$ 60,951
|
|
| Other International | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
0.00%
|
0.00%
|
|
| Office |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
37
|
|
|
41
|
|
| Net Book Value |
|
$ 4,879,422
|
4,879,422
|
$ 4,879,422
|
$ 7,386,333
|
|
| Net Loan Exposure |
|
$ 4,556,980
|
4,556,980
|
$ 4,556,980
|
$ 5,729,418
|
|
| Office | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
27.00%
|
33.00%
|
|
| Multifamily |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
46
|
|
|
50
|
|
| Net Book Value |
|
$ 4,457,767
|
4,457,767
|
$ 4,457,767
|
$ 5,091,767
|
|
| Net Loan Exposure |
|
$ 4,305,534
|
4,305,534
|
$ 4,305,534
|
$ 4,934,364
|
|
| Multifamily | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
26.00%
|
29.00%
|
|
| Industrial |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
21
|
|
|
11
|
|
| Net Book Value |
|
$ 4,458,487
|
4,458,487
|
$ 4,458,487
|
$ 2,030,627
|
|
| Net Loan Exposure |
|
$ 4,114,141
|
4,114,141
|
$ 4,114,141
|
$ 2,000,831
|
|
| Industrial | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
24.00%
|
12.00%
|
|
| Hospitality |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
12
|
|
|
16
|
|
| Net Book Value |
|
$ 1,940,693
|
1,940,693
|
$ 1,940,693
|
$ 2,768,374
|
|
| Net Loan Exposure |
|
$ 1,827,133
|
1,827,133
|
$ 1,827,133
|
$ 2,663,349
|
|
| Hospitality | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
11.00%
|
16.00%
|
|
| Retail |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
6
|
|
|
5
|
|
| Net Book Value |
|
$ 674,612
|
674,612
|
$ 674,612
|
$ 555,553
|
|
| Net Loan Exposure |
|
$ 596,204
|
596,204
|
$ 596,204
|
$ 532,069
|
|
| Retail | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
3.00%
|
3.00%
|
|
| Self-storage |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
3
|
|
|
|
|
| Net Book Value |
|
$ 659,515
|
659,515
|
$ 659,515
|
|
|
| Net Loan Exposure |
|
$ 492,376
|
492,376
|
$ 492,376
|
|
|
| Self-storage | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
3.00%
|
|
|
| Life Sciences / Studio |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
4
|
|
|
3
|
|
| Net Book Value |
|
$ 284,079
|
284,079
|
$ 284,079
|
$ 342,817
|
|
| Net Loan Exposure |
|
$ 277,373
|
277,373
|
$ 277,373
|
$ 337,687
|
|
| Life Sciences / Studio | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
2.00%
|
2.00%
|
|
| Other |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Number of Loans | loan |
|
2
|
|
|
4
|
|
| Net Book Value |
|
$ 714,559
|
714,559
|
$ 714,559
|
$ 872,047
|
|
| Net Loan Exposure |
|
$ 676,293
|
$ 676,293
|
$ 676,293
|
$ 836,585
|
|
| Other | Loan Exposure Risk | Financing Receivables |
|
|
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
|
|
| Net Loan Exposure Percentage of Portfolio |
|
|
|
4.00%
|
5.00%
|
|