v3.26.1
Loans - Investments in Mortgages and Loans (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Investments in loans        
Carrying Value $ 22,002,195 $ 21,627,097    
Face Amount 22,332,397 21,922,738    
Credit loss allowances: (397,695) (440,842)    
Total net loans $ 21,604,500 $ 21,186,255 $ 18,968,615 $ 17,953,021
Residential, fair value option        
Investments in loans        
Weighted Average Life (in years) 25 years 7 months 6 days 25 years 9 months 18 days    
Commercial loans:        
Investments in loans        
Carrying Value $ 16,598,490      
Credit loss allowances: (383,736)      
Infrastructure loans:        
Investments in loans        
Carrying Value 3,080,765      
Credit loss allowances: (13,959)      
Loans held for investment        
Investments in loans        
Carrying Value 19,679,255 $ 19,303,554    
Face Amount 19,809,133 19,419,886    
Credit loss allowances: (397,695) (440,842)    
Loans held for investment | Commercial loans:        
Investments in loans        
Carrying Value 16,598,490 16,464,698    
Face Amount 16,669,381 16,529,513    
Credit loss allowances: (383,736) (426,365)    
Total net loans 16,214,754 16,038,333 13,813,047 12,895,064
Loans held for investment | Infrastructure loans:        
Investments in loans        
Carrying Value 3,080,765 2,838,856    
Face Amount $ 3,139,752 $ 2,890,373    
Weighted Average Life (in years) 5 years 5 years 1 month 6 days    
Credit loss allowances: $ (13,959) $ (14,477)    
Total net loans $ 3,066,806 $ 2,824,379 2,708,932 2,541,949
Loans held for investment | Weighted Average Coupon | Infrastructure loans:        
Investments in loans        
Weighted Average Coupon 7.40% 7.40%    
Loans held-for-sale        
Investments in loans        
Carrying Value $ 2,322,940 $ 2,323,543    
Face Amount 2,523,264 2,502,852    
Credit loss allowances: 0      
Total net loans 2,322,940 2,323,543 $ 2,446,636 $ 2,516,008
Loans held-for-sale | Residential, fair value option        
Investments in loans        
Carrying Value 2,218,429 2,278,067    
Face Amount 2,417,176 2,455,552    
Loans held-for-sale | Commercial, fair value option        
Investments in loans        
Carrying Value 104,511 45,476    
Face Amount $ 106,088 $ 47,300    
Weighted Average Life (in years) 6 years 4 months 24 days 8 years 6 months    
Loans held-for-sale | Weighted Average Coupon | Residential, fair value option        
Investments in loans        
Weighted Average Coupon 4.40% 4.40%    
Loans held-for-sale | Weighted Average Coupon | Commercial, fair value option        
Investments in loans        
Weighted Average Coupon 6.30% 6.40%    
First Mortgage | Loans held for investment        
Investments in loans        
Carrying Value $ 16,234,675 $ 16,086,585    
Face Amount $ 16,303,095 $ 16,148,916    
Weighted Average Life (in years) 2 years 8 months 12 days 2 years 8 months 12 days    
First Mortgage | Loans held for investment | Weighted Average Coupon        
Investments in loans        
Weighted Average Coupon 6.90% 7.00%    
Subordinated Mortgages | Loans held for investment        
Investments in loans        
Carrying Value $ 4,925 $ 15,683    
Face Amount $ 4,925 $ 15,290    
Weighted Average Life (in years) 0 years 1 month 6 days    
Subordinated Mortgages | Loans held for investment | Weighted Average Coupon        
Investments in loans        
Weighted Average Coupon 0.00% 11.10%    
Mezzanine Loans        
Investments in loans        
Total net loans $ 1,400,000 $ 1,300,000    
Mezzanine Loans | Loans held for investment        
Investments in loans        
Carrying Value 307,472 311,175    
Face Amount $ 309,673 $ 313,619    
Weighted Average Life (in years) 2 years 6 months 2 years 9 months 18 days    
Mezzanine Loans | Loans held for investment | Weighted Average Coupon        
Investments in loans        
Weighted Average Coupon 10.70% 10.80%    
Other | Loans held for investment        
Investments in loans        
Carrying Value $ 51,418 $ 51,255    
Face Amount $ 51,688 $ 51,688    
Weighted Average Life (in years) 2 years 4 months 24 days 2 years 7 months 6 days    
Other | Loans held for investment | Weighted Average Coupon        
Investments in loans        
Weighted Average Coupon 9.10% 9.10%