v3.26.1
Loans (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Schedule of Investments in Mortgages and Loans by Subordination Class The following tables summarize our investments in mortgages and loans as of March 31, 2026 and December 31, 2025 (dollars in thousands):
March 31, 2026Carrying
Value		Face
Amount		Weighted
Average
Coupon (1)		Weighted
Average Life
(“WAL”)
(years)(2)
Loans held-for-investment:
Commercial loans:
First mortgages (3)$16,234,675 $16,303,095 6.9 %2.7
Subordinated mortgages (4)4,925 4,925 — %— 
Mezzanine loans (3)307,472 309,673 10.7 %2.5
Other51,418 51,688 9.1 %2.4
Total commercial loans16,598,490 16,669,381 
Infrastructure first priority loans
3,080,765 3,139,752 7.4 %5.0
Total loans held-for-investment19,679,255 19,809,133 
Loans held-for-sale:
Residential, fair value option 2,218,429 2,417,176 4.4 %N/A(5)
Commercial, fair value option
104,511 106,088 6.3 %6.4
Total loans held-for-sale2,322,940 2,523,264 
Total gross loans22,002,195 $22,332,397 
Credit loss allowances:
Commercial loans held-for-investment(383,736)
Infrastructure loans held-for-investment(13,959)
Total allowances(397,695)
Total net loans$21,604,500 
December 31, 2025
Loans held-for-investment:
Commercial loans:
First mortgages (3)$16,086,585 $16,148,916 7.0 %2.7
Subordinated mortgages (4)15,683 15,290 11.1 %0.1
Mezzanine loans (3)311,175 313,619 10.8 %2.8
Other51,255 51,688 9.1 %2.6
Total commercial loans16,464,698 16,529,513 
Infrastructure first priority loans2,838,856 2,890,373 7.4 %5.1
Total loans held-for-investment19,303,554 19,419,886 
Loans held-for-sale:
Residential, fair value option 2,278,067 2,455,552 4.4 %N/A(5)
Commercial, fair value option45,476 47,300 6.4 %8.5
Total loans held-for-sale2,323,543 2,502,852 
Total gross loans21,627,097 $21,922,738 
Credit loss allowances:
Commercial loans held-for-investment(426,365)
Infrastructure loans held-for-investment(14,477)
Total allowances(440,842)
Total net loans$21,186,255 
______________________________________________________________________________________________________________________
(1)Calculated using applicable index rates as of March 31, 2026 and December 31, 2025 for variable rate loans and excludes loans for which interest income is not recognized.
(2)Represents the WAL of each respective group of loans, excluding loans for which interest income is not recognized, as of the respective balance sheet date. For commercial loans held-for-investment, the WAL is calculated assuming all extension options are exercised by the borrower, although our loans may be repaid prior to such date. For infrastructure loans, the WAL is calculated using the amounts and timing of future principal payments, as projected at origination or acquisition of each loan.
(3)First mortgages include first mortgage loans and any contiguous mezzanine loan components because as a whole, the expected credit quality of these loans is more similar to that of a first mortgage loan. The application of this methodology resulted in mezzanine loans with carrying values of $1.4 billion and $1.3 billion being classified as first mortgages as of March 31, 2026 and December 31, 2025, respectively.
(4)Subordinated mortgages include B-Notes and junior participation in first mortgages where we do not own the senior A-Note or senior participation. If we own both the A-Note and B-Note, we categorize the loan as a first mortgage loan.
(5)Residential loans have a weighted average remaining contractual life of 25.6 years and 25.8 years as of March 31, 2026 and December 31, 2025, respectively.
Schedule of Variable Rate Loans Held-for-Investment
As of March 31, 2026, our variable rate loans held-for-investment, excluding loans for which interest income is not recognized, were as follows (dollars in thousands):
March 31, 2026Carrying
Value		Weighted-average
Spread Above Index
Commercial loans$15,209,268 3.3 %
Infrastructure loans3,080,765 3.6 %
Total variable rate loans held-for-investment$18,290,033 3.4 %
Schedule of Risk Ratings by Class of Loan
The significant credit quality indicators for our loans measured at amortized cost, which excludes loans held-for-sale, were as follows as of March 31, 2026 (dollars in thousands):
Term Loans
Amortized Cost Basis by Origination Year		Total
Amortized
Cost Basis		Credit
Loss
Allowance
As of March 31, 202620262025202420232022Prior
Commercial loans:
Credit quality indicator:
LTV < 60%$— $1,560,352 $289,219 $365,769 $640,271 $706,653 $3,562,264 $2,965 
LTV 60% - 70%274,776 2,967,017 411,258 446,316 1,728,499 1,664,261 7,492,127 16,903 
LTV > 70%415,471 610,949 281,138 64,669 1,175,934 2,945,525 5,493,686 331,787 
Credit deteriorated— — — — — 40,863 40,863 32,081 
Defeased and other— 5,000 — 4,550 — — 9,550 — 
Total commercial$690,247 $5,143,318 $981,615 $881,304 $3,544,704 $5,357,302 $16,598,490 $383,736 
Infrastructure loans:
Credit quality indicator:
Power$407,215 $1,044,860 $252,557 $108,484 $46,095 $36,988 $1,896,199 $8,116 
Oil and gas99,251 610,502 280,654 155,133 — 39,026 1,184,566 5,843 
Total infrastructure$506,466 $1,655,362 $533,211 $263,617 $46,095 $76,014 $3,080,765 $13,959 
Loans held-for-sale2,322,940 — 
Total gross loans$22,002,195 $397,695 
Schedule of Activity in Allowance for Loan Losses
The following tables present the activity in our credit loss allowance for funded loans and unfunded commitments (amounts in thousands):
Funded Commitments Credit Loss Allowance
Loans Held-for-InvestmentTotal
Funded Loans
Three Months Ended March 31, 2026
CommercialInfrastructure
Credit loss allowance at December 31, 2025$426,365 $14,477 $440,842 
Credit loss reversal, net
(17,170)(518)(17,688)
Charge-offs (1)(25,014)— (25,014)
Foreign currency(445)— (445)
Credit loss allowance at March 31, 2026$383,736 $13,959 $397,695 
______________________________________________________________________________________________________________________
(1)Represents the charge-offs of (i) a $19.7 million specific credit loss allowance that was established during the year ended December 31, 2025 related to a first mortgage loan on a multifamily property in Phoenix, Arizona and (ii) a $5.3 million specific credit loss allowance that was established during the three months ended March 31, 2026 related to a first mortgage loan on a multifamily property in Dallas, Texas. The loans were originated in 2022 and 2021, respectively, and foreclosed in January 2026 and March 2026, respectively.

Unfunded Commitments Credit Loss Allowance (1)
Loans Held-for-InvestmentHTM Preferred
Three Months Ended March 31, 2026
CommercialInfrastructureInterests (2)CMBS (2)Total
Credit loss allowance at December 31, 2025$13,410 $1,354 $13,471 $2 $28,237 
Credit loss provision (reversal), net
7,856 (414)329 (1)7,770 
Credit loss allowance at March 31, 2026$21,266 $940 $13,800 $1 $36,007 
Memo: Unfunded commitments as of March 31, 2026 (3)
$1,871,140 $163,028 $52,363 $15,502 $2,102,033 
______________________________________________________________________________________________________________________
(1)Included in accounts payable, accrued expenses and other liabilities in our consolidated balance sheets.
(2)See Note 5 for further details.
(3)Represents amounts expected to be funded (see Note 22).
Schedule of Activity in Loan Portfolio
The activity in our loan portfolio was as follows (amounts in thousands):
Held-for-Investment Loans
Three Months Ended March 31, 2026
CommercialInfrastructureHeld-for-Sale LoansTotal Loans
Balance at December 31, 2025$16,038,333 $2,824,379 $2,323,543 $21,186,255 
Acquisitions/originations/additional funding1,323,569 555,474 232,810 2,111,853 
Capitalized interest (1)29,688 — — 29,688 
Basis of loans sold (2)— — (182,087)(182,087)
Loan maturities/principal repayments(840,936)(318,935)(38,077)(1,197,948)
Discount accretion/premium amortization10,365 5,370 — 15,735 
Changes in fair value— — (12,668)(12,668)
Foreign currency translation loss, net
(22,170)— — (22,170)
Credit loss reversal, net
17,170 518 — 17,688 
Loan foreclosures
(341,265)— (609)(341,874)(3)
Transfer to/from other asset classifications or between segments— — 28 28 
Balance at March 31, 2026$16,214,754 $3,066,806 $2,322,940 $21,604,500 
Held-for-Investment Loans
Three Months Ended March 31, 2025
CommercialInfrastructureHeld-for-Sale LoansTotal Loans
Balance at December 31, 2024$12,895,064 $2,541,949 $2,516,008 $17,953,021 
Acquisitions/originations/additional funding1,108,511 595,059 231,109 1,934,679 
Capitalized interest (1)22,343 — — 22,343 
Basis of loans sold (2)— — (297,319)(297,319)
Loan maturities/principal repayments(312,601)(435,553)(54,628)(802,782)
Discount accretion/premium amortization7,241 6,723 — 13,964 
Changes in fair value— — 58,404 58,404 
Foreign currency translation gain, net
115,323 1,663 — 116,986 
Credit loss reversal (provision), net
21,137 (909)— 20,228 
Loan foreclosures
(43,971)— (6,938)(50,909)(4)
Balance at March 31, 2025$13,813,047 $2,708,932 $2,446,636 $18,968,615 
______________________________________________________________________________________________________________________
(1)Represents accrued interest income on loans whose terms do not require current payment of interest.
(2)See Note 12 for additional disclosure on these transactions.
(3)Represents (i) the $242.4 million carrying value of a first mortgage loan on a mixed use property in Dallas, Texas foreclosed in February 2026, (ii) the $71.0 million carrying value of a first mortgage loan on a multifamily property in Phoenix, Arizona foreclosed in January 2026, (iii) the $27.9 million carrying value of a first mortgage loan on a multifamily property in Dallas, Texas foreclosed in March 2026 and (iv) a $0.6 million residential mortgage loan foreclosed.
(4)Represents (i) the $44.0 million carrying value of a first mortgage and mezzanine loan on a multifamily property in Conyers, Georgia foreclosed in February 2025 and sold during the three months ended March 31, 2026 (see Notes 3 and 6) and (ii) $6.9 million of residential mortgage loans foreclosed.