Loans - Activity in Portfolio (Details) - USD ($)
$ in Thousands |
1 Months Ended |
3 Months Ended |
Mar. 31, 2026 |
Feb. 28, 2026 |
Jan. 31, 2026 |
Feb. 28, 2025 |
Mar. 31, 2026 |
Mar. 31, 2025 |
| Activity in allowance for loan losses |
|
|
|
|
|
|
| Credit loss allowance at beginning of the period |
|
|
$ 440,842
|
|
$ 440,842
|
|
| Credit loss reversal, net |
|
|
|
|
(17,688)
|
$ (20,228)
|
| Credit loss allowance at the end of the period |
$ 397,695
|
|
|
|
397,695
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
| Balance at the beginning of the period |
|
|
21,186,255
|
|
21,186,255
|
17,953,021
|
| Acquisitions/originations/additional funding |
|
|
|
|
2,111,853
|
1,934,679
|
| Capitalized interest |
|
|
|
|
29,688
|
22,343
|
| Basis of loans sold |
|
|
|
|
(182,087)
|
(297,319)
|
| Loan maturities/principal repayments |
|
|
|
|
(1,197,948)
|
(802,782)
|
| Discount accretion/premium amortization |
|
|
|
|
15,735
|
13,964
|
| Changes in fair value |
|
|
|
|
(12,668)
|
58,404
|
| Foreign currency translation gain (loss), net |
|
|
|
|
(22,170)
|
116,986
|
| Credit loss reversal, net |
|
|
|
|
17,688
|
20,228
|
| Loan foreclosures |
|
|
|
|
(341,874)
|
(50,909)
|
| Transfer to/from other asset classifications or between segments |
|
|
|
|
28
|
|
| Balance at the end of the period |
21,604,500
|
|
|
|
21,604,500
|
18,968,615
|
| Loan foreclosures |
|
|
|
|
341,874
|
50,909
|
| Funded Commitments |
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
| Credit loss allowance at beginning of the period |
|
|
440,842
|
|
440,842
|
|
| Credit loss reversal, net |
|
|
|
|
(17,688)
|
|
| Charge-offs |
|
|
|
|
(25,014)
|
|
| Foreign currency |
|
|
|
|
(445)
|
|
| Credit loss allowance at the end of the period |
397,695
|
|
|
|
397,695
|
|
| Charge-offs |
|
|
|
|
25,014
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
| Credit loss reversal, net |
|
|
|
|
17,688
|
|
| Unfunded commitments |
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
| Credit loss allowance at beginning of the period |
|
|
28,237
|
|
28,237
|
|
| Credit loss reversal, net |
|
|
|
|
7,770
|
|
| Credit loss allowance at the end of the period |
36,007
|
|
|
|
36,007
|
|
| Unfunded commitments |
2,102,033
|
|
|
|
2,102,033
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
| Credit loss reversal, net |
|
|
|
|
(7,770)
|
|
| HTM Preferred Intrests |
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
| Credit loss allowance at beginning of the period |
|
|
13,471
|
|
13,471
|
|
| Credit loss reversal, net |
|
|
|
|
329
|
|
| Credit loss allowance at the end of the period |
13,800
|
|
|
|
13,800
|
|
| Unfunded commitments |
52,363
|
|
|
|
52,363
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
| Credit loss reversal, net |
|
|
|
|
(329)
|
|
| CMBS |
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
| Credit loss allowance at beginning of the period |
|
|
2
|
|
2
|
|
| Credit loss reversal, net |
|
|
|
|
(1)
|
|
| Credit loss allowance at the end of the period |
1
|
|
|
|
1
|
|
| Unfunded commitments |
15,502
|
|
|
|
15,502
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
| Credit loss reversal, net |
|
|
|
|
1
|
|
| Held-for-Investment Loans |
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
| Credit loss allowance at beginning of the period |
|
|
440,842
|
|
440,842
|
|
| Credit loss allowance at the end of the period |
397,695
|
|
|
|
397,695
|
|
| Held-for-Sale Loans |
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
| Credit loss reversal, net |
|
|
|
|
0
|
0
|
| Credit loss allowance at the end of the period |
0
|
|
|
|
0
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
| Balance at the beginning of the period |
|
|
2,323,543
|
|
2,323,543
|
2,516,008
|
| Acquisitions/originations/additional funding |
|
|
|
|
232,810
|
231,109
|
| Capitalized interest |
|
|
|
|
0
|
0
|
| Basis of loans sold |
|
|
|
|
(182,087)
|
(297,319)
|
| Loan maturities/principal repayments |
|
|
|
|
(38,077)
|
(54,628)
|
| Discount accretion/premium amortization |
|
|
|
|
0
|
0
|
| Changes in fair value |
|
|
|
|
(12,668)
|
58,404
|
| Foreign currency translation gain (loss), net |
|
|
|
|
0
|
0
|
| Credit loss reversal, net |
|
|
|
|
0
|
0
|
| Loan foreclosures |
|
|
|
|
(609)
|
(6,938)
|
| Transfer to/from other asset classifications or between segments |
|
|
|
|
28
|
|
| Balance at the end of the period |
2,322,940
|
|
|
|
2,322,940
|
2,446,636
|
| Loan foreclosures |
|
|
|
|
609
|
6,938
|
| Commercial loans: |
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
| Credit loss allowance at the end of the period |
383,736
|
|
|
|
383,736
|
|
| Commercial loans: | First mortgage loan participation | ARIZONA |
|
|
|
|
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
| Loan foreclosures |
|
|
(71,000)
|
|
|
|
| Loan foreclosures |
|
|
71,000
|
|
|
|
| Commercial loans: | First mortgage loan participation | TEXAS |
|
|
|
|
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
| Loan foreclosures |
(27,900)
|
$ (242,400)
|
|
|
|
|
| Loan foreclosures |
27,900
|
$ 242,400
|
|
|
|
|
| Commercial loans: | Residential Loans |
|
|
|
|
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
| Loan foreclosures |
|
|
|
|
(600)
|
|
| Loan foreclosures |
|
|
|
|
600
|
|
| Commercial loans: | First Mortgage And Mezzanine Loan | GEORGIA |
|
|
|
|
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
| Loan foreclosures |
|
|
|
$ (44,000)
|
|
|
| Loan foreclosures |
|
|
|
$ 44,000
|
|
|
| Commercial loans: | Funded Commitments |
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
| Credit loss allowance at beginning of the period |
|
|
426,365
|
|
426,365
|
|
| Credit loss reversal, net |
|
|
|
|
(17,170)
|
|
| Charge-offs |
|
|
|
|
(25,014)
|
|
| Foreign currency |
|
|
|
|
(445)
|
|
| Credit loss allowance at the end of the period |
383,736
|
|
|
|
383,736
|
|
| Charge-offs |
|
|
|
|
25,014
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
| Credit loss reversal, net |
|
|
|
|
17,170
|
|
| Commercial loans: | Funded Commitments | ARIZONA |
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
| Charge-offs |
|
|
|
|
(19,700)
|
|
| Charge-offs |
|
|
|
|
19,700
|
|
| Commercial loans: | Funded Commitments | TEXAS |
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
| Charge-offs |
|
|
|
|
(5,300)
|
|
| Charge-offs |
|
|
|
|
5,300
|
|
| Commercial loans: | Loans Held-for-Investment |
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
| Credit loss allowance at beginning of the period |
|
|
13,410
|
|
13,410
|
|
| Credit loss reversal, net |
|
|
|
|
7,856
|
|
| Credit loss allowance at the end of the period |
21,266
|
|
|
|
21,266
|
|
| Unfunded commitments |
1,871,140
|
|
|
|
1,871,140
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
| Credit loss reversal, net |
|
|
|
|
(7,856)
|
|
| Commercial loans: | Held-for-Investment Loans |
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
| Credit loss allowance at beginning of the period |
|
|
426,365
|
|
426,365
|
|
| Credit loss reversal, net |
|
|
|
|
(17,170)
|
(21,137)
|
| Credit loss allowance at the end of the period |
383,736
|
|
|
|
383,736
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
| Balance at the beginning of the period |
|
|
16,038,333
|
|
16,038,333
|
12,895,064
|
| Acquisitions/originations/additional funding |
|
|
|
|
1,323,569
|
1,108,511
|
| Capitalized interest |
|
|
|
|
29,688
|
22,343
|
| Basis of loans sold |
|
|
|
|
0
|
0
|
| Loan maturities/principal repayments |
|
|
|
|
(840,936)
|
(312,601)
|
| Discount accretion/premium amortization |
|
|
|
|
10,365
|
7,241
|
| Changes in fair value |
|
|
|
|
0
|
0
|
| Foreign currency translation gain (loss), net |
|
|
|
|
(22,170)
|
115,323
|
| Credit loss reversal, net |
|
|
|
|
17,170
|
21,137
|
| Loan foreclosures |
|
|
|
|
(341,265)
|
(43,971)
|
| Transfer to/from other asset classifications or between segments |
|
|
|
|
0
|
|
| Balance at the end of the period |
16,214,754
|
|
|
|
16,214,754
|
13,813,047
|
| Loan foreclosures |
|
|
|
|
341,265
|
43,971
|
| Infrastructure loans: |
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
| Credit loss allowance at the end of the period |
13,959
|
|
|
|
13,959
|
|
| Infrastructure loans: | Funded Commitments |
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
| Credit loss allowance at beginning of the period |
|
|
14,477
|
|
14,477
|
|
| Credit loss reversal, net |
|
|
|
|
(518)
|
|
| Charge-offs |
|
|
|
|
0
|
|
| Foreign currency |
|
|
|
|
0
|
|
| Credit loss allowance at the end of the period |
13,959
|
|
|
|
13,959
|
|
| Charge-offs |
|
|
|
|
0
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
| Credit loss reversal, net |
|
|
|
|
518
|
|
| Infrastructure loans: | Loans Held-for-Investment |
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
| Credit loss allowance at beginning of the period |
|
|
1,354
|
|
1,354
|
|
| Credit loss reversal, net |
|
|
|
|
(414)
|
|
| Credit loss allowance at the end of the period |
940
|
|
|
|
940
|
|
| Unfunded commitments |
163,028
|
|
|
|
163,028
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
| Credit loss reversal, net |
|
|
|
|
414
|
|
| Infrastructure loans: | Held-for-Investment Loans |
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
| Credit loss allowance at beginning of the period |
|
|
14,477
|
|
14,477
|
|
| Credit loss reversal, net |
|
|
|
|
(518)
|
909
|
| Credit loss allowance at the end of the period |
13,959
|
|
|
|
13,959
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
| Balance at the beginning of the period |
|
|
$ 2,824,379
|
|
2,824,379
|
2,541,949
|
| Acquisitions/originations/additional funding |
|
|
|
|
555,474
|
595,059
|
| Capitalized interest |
|
|
|
|
0
|
0
|
| Basis of loans sold |
|
|
|
|
0
|
0
|
| Loan maturities/principal repayments |
|
|
|
|
(318,935)
|
(435,553)
|
| Discount accretion/premium amortization |
|
|
|
|
5,370
|
6,723
|
| Changes in fair value |
|
|
|
|
0
|
0
|
| Foreign currency translation gain (loss), net |
|
|
|
|
0
|
1,663
|
| Credit loss reversal, net |
|
|
|
|
518
|
(909)
|
| Loan foreclosures |
|
|
|
|
0
|
0
|
| Transfer to/from other asset classifications or between segments |
|
|
|
|
0
|
|
| Balance at the end of the period |
$ 3,066,806
|
|
|
|
3,066,806
|
2,708,932
|
| Loan foreclosures |
|
|
|
|
$ 0
|
0
|
| Residential Loans | Residential Loans |
|
|
|
|
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
| Loan foreclosures |
|
|
|
|
|
(6,900)
|
| Loan foreclosures |
|
|
|
|
|
$ 6,900
|