v3.26.1
Loans - Risk Ratings by Class of Loan (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Investments in loans    
Total Amortized Cost Basis $ 22,002,195 $ 21,627,097
Credit Loss Allowance 397,695 440,842
Loans held-for-sale    
Investments in loans    
Total Amortized Cost Basis 2,322,940 $ 2,323,543
Credit Loss Allowance 0  
Commercial loans:    
Investments in loans    
2026 690,247  
2025 5,143,318  
2024 981,615  
2023 881,304  
2022 3,544,704  
Prior 5,357,302  
Total Amortized Cost Basis 16,598,490  
Credit Loss Allowance 383,736  
Commercial loans: | LTV less than 60%    
Investments in loans    
2026 0  
2025 1,560,352  
2024 289,219  
2023 365,769  
2022 640,271  
Prior 706,653  
Total Amortized Cost Basis 3,562,264  
Credit Loss Allowance 2,965  
Commercial loans: | LTV 60% - 70%    
Investments in loans    
2026 274,776  
2025 2,967,017  
2024 411,258  
2023 446,316  
2022 1,728,499  
Prior 1,664,261  
Total Amortized Cost Basis 7,492,127  
Credit Loss Allowance 16,903  
Commercial loans: | LTV > 70%    
Investments in loans    
2026 415,471  
2025 610,949  
2024 281,138  
2023 64,669  
2022 1,175,934  
Prior 2,945,525  
Total Amortized Cost Basis 5,493,686  
Credit Loss Allowance 331,787  
Commercial loans: | Credit deteriorated    
Investments in loans    
2026 0  
2025 0  
2024 0  
2023 0  
2022 0  
Prior 40,863  
Total Amortized Cost Basis 40,863  
Credit Loss Allowance 32,081  
Commercial loans: | Defeased and other    
Investments in loans    
2026 0  
2025 5,000  
2024 0  
2023 4,550  
2022 0  
Prior 0  
Total Amortized Cost Basis 9,550  
Credit Loss Allowance 0  
Infrastructure loans:    
Investments in loans    
2026 506,466  
2025 1,655,362  
2024 533,211  
2023 263,617  
2022 46,095  
Prior 76,014  
Total Amortized Cost Basis 3,080,765  
Credit Loss Allowance 13,959  
Infrastructure loans: | Power    
Investments in loans    
2026 407,215  
2025 1,044,860  
2024 252,557  
2023 108,484  
2022 46,095  
Prior 36,988  
Total Amortized Cost Basis 1,896,199  
Credit Loss Allowance 8,116  
Infrastructure loans: | Oil and gas    
Investments in loans    
2026 99,251  
2025 610,502  
2024 280,654  
2023 155,133  
2022 0  
Prior 39,026  
Total Amortized Cost Basis 1,184,566  
Credit Loss Allowance $ 5,843