v3.26.1
Loans and Investments - Schedule of Risk Ratings and LTV Ratios (Details) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Loans and Investments    
Loans and investments, gross $ 12,107,031 $ 12,113,107
Percentage of Portfolio 100.00% 100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent) 2.00%  
Wtd. Avg. Last Dollar LTV Ratio (as percent) 77.00%  
Charge-offs, Year One $ 0 $ 0
Charge-offs, Year Two 0 3,000
Charge-offs, Year Three 4,911 0
Charge-offs, Year Four 0 24,476
Charge-offs, Year Five 17,322 31,968
Charge-offs, prior years 3,356 68,893
Charge-offs, Total 25,589 128,337
Credit risk concentration    
Loans and Investments    
Origination Year One 1,186,950 2,963,166
Origination Year Two 3,124,915 1,766,551
Origination Year Three 1,549,028 908,608
Origination Year Four 717,058 3,127,360
Origination Year Five 2,582,197 2,998,638
Origination, Prior Years 2,946,883 348,784
Loans and investments, gross $ 12,107,031 $ 12,113,107
Wtd. Avg. First Dollar LTV Ratio (as percent) 2.00% 2.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent) 77.00% 77.00%
Multifamily | Credit risk concentration    
Loans and Investments    
Origination Year One $ 844,305 $ 1,968,607
Origination Year Two 2,048,676 760,535
Origination Year Three 523,865 336,717
Origination Year Four 130,587 2,625,648
Origination Year Five 2,274,686 2,926,722
Origination, Prior Years 2,850,927 255,612
Loans and investments, gross $ 8,673,046 $ 8,873,841
Percentage of Portfolio 72.00% 73.00%
Wtd. Avg. First Dollar LTV Ratio (as percent) 3.00% 3.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent) 82.00% 81.00%
Multifamily | Pass | Credit risk concentration    
Loans and Investments    
Origination Year One $ 574,805 $ 556,801
Origination Year Two 443,399 87,533
Origination Year Three 50,118 22,253
Origination Year Four 18,643 9,832
Origination Year Five 94,477 34,843
Origination, Prior Years 158,803 26,758
Loans and investments, gross 1,340,245 738,020
Multifamily | Pass/Watch | Credit risk concentration    
Loans and Investments    
Origination Year One 269,500 1,195,412
Origination Year Two 1,139,077 429,300
Origination Year Three 234,660 108,276
Origination Year Four 88,374 376,064
Origination Year Five 540,818 526,961
Origination, Prior Years 723,660 159,810
Loans and investments, gross 2,996,089 2,795,823
Multifamily | Special Mention | Credit risk concentration    
Loans and Investments    
Origination Year One 0 211,404
Origination Year Two 464,750 186,984
Origination Year Three 206,869 185,088
Origination Year Four 23,570 1,788,580
Origination Year Five 1,086,717 2,028,742
Origination, Prior Years 1,607,844 44,479
Loans and investments, gross 3,389,750 4,445,277
Multifamily | Substandard | Credit risk concentration    
Loans and Investments    
Origination Year One 0 4,990
Origination Year Two 0 47,258
Origination Year Three 22,758 21,100
Origination Year Four 0 297,729
Origination Year Five 388,659 307,350
Origination, Prior Years 175,894 0
Loans and investments, gross 587,311 678,427
Multifamily | Doubtful | Credit risk concentration    
Loans and Investments    
Origination Year One 0 0
Origination Year Two 1,450 9,460
Origination Year Three 9,460 0
Origination Year Four 0 153,443
Origination Year Five 164,015 28,826
Origination, Prior Years 184,726 24,565
Loans and investments, gross 359,651 216,294
Single-Family Rental | Credit risk concentration    
Loans and Investments    
Origination Year One 342,645 994,559
Origination Year Two 1,076,239 1,006,016
Origination Year Three 1,025,163 571,891
Origination Year Four 586,471 501,712
Origination Year Five 307,511 71,916
Origination, Prior Years 41,106 38,816
Loans and investments, gross $ 3,379,135 $ 3,184,910
Percentage of Portfolio 28.00% 26.00%
Wtd. Avg. First Dollar LTV Ratio (as percent) 0.00% 0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent) 66.00% 64.00%
Single-Family Rental | Pass | Credit risk concentration    
Loans and Investments    
Origination Year One $ 0 $ 98,510
Origination Year Two 27,000 0
Origination Year Three 0 0
Origination Year Four 0 0
Origination Year Five 0 0
Origination, Prior Years 0 0
Loans and investments, gross 27,000 98,510
Single-Family Rental | Pass/Watch | Credit risk concentration    
Loans and Investments    
Origination Year One 342,645 859,819
Origination Year Two 1,023,989 1,006,016
Origination Year Three 1,004,907 571,891
Origination Year Four 456,066 448,769
Origination Year Five 287,836 71,916
Origination, Prior Years 41,106 34,216
Loans and investments, gross 3,156,549 2,992,627
Single-Family Rental | Special Mention | Credit risk concentration    
Loans and Investments    
Origination Year One 0 36,230
Origination Year Two 25,250 0
Origination Year Three 20,256 0
Origination Year Four 130,405 52,943
Origination Year Five 19,675 0
Origination, Prior Years 0 4,600
Loans and investments, gross 195,586 93,773
Office | Credit risk concentration    
Loans and Investments    
Origination Year One 0 0
Origination Year Two 0 0
Origination Year Three 0 0
Origination Year Four 0 0
Origination Year Five 0 0
Origination, Prior Years 33,410 33,410
Loans and investments, gross $ 33,410 $ 33,410
Percentage of Portfolio 1.00% 1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent) 0.00% 0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent) 88.00% 88.00%
Office | Pass/Watch | Credit risk concentration    
Loans and Investments    
Origination Year One $ 0 $ 0
Origination Year Two 0 0
Origination Year Three 0 0
Origination Year Four 0 0
Origination Year Five 0 0
Origination, Prior Years 33,410 33,410
Loans and investments, gross 33,410 33,410
Retail | Credit risk concentration    
Loans and Investments    
Origination Year One 0 0
Origination Year Two 0 0
Origination Year Three 0 0
Origination Year Four 0 0
Origination Year Five 0 0
Origination, Prior Years 16,955 16,955
Loans and investments, gross $ 16,955 $ 16,955
Percentage of Portfolio 1.00% 1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent) 0.00% 0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent) 100.00% 97.00%
Retail | Substandard | Credit risk concentration    
Loans and Investments    
Origination Year One $ 0 $ 0
Origination Year Two 0 0
Origination Year Three 0 0
Origination Year Four 0 0
Origination Year Five 0 0
Origination, Prior Years 16,424 16,424
Loans and investments, gross 16,424 16,424
Retail | Doubtful | Credit risk concentration    
Loans and Investments    
Origination Year One 0 0
Origination Year Two 0 0
Origination Year Three 0 0
Origination Year Four 0 0
Origination Year Five 0 0
Origination, Prior Years 531 531
Loans and investments, gross 531 531
Land | Credit risk concentration    
Loans and Investments    
Origination Year One 0 0
Origination Year Two 0 0
Origination Year Three 0 0
Origination Year Four 0 0
Origination Year Five 0 0
Origination, Prior Years 2,785 2,291
Loans and investments, gross $ 2,785 $ 2,291
Percentage of Portfolio 1.00% 1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent) 0.00% 0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent) 14.00% 77.00%
Land | Pass/Watch | Credit risk concentration    
Loans and Investments    
Origination Year One $ 0 $ 0
Origination Year Two 0 0
Origination Year Three 0 0
Origination Year Four 0 0
Origination Year Five 0 0
Origination, Prior Years 2,785 2,291
Loans and investments, gross 2,785 2,291
Commercial | Credit risk concentration    
Loans and Investments    
Origination Year One 0 0
Origination Year Two 0 0
Origination Year Three 0 0
Origination Year Four 0 0
Origination Year Five 0 0
Origination, Prior Years 1,700 1,700
Loans and investments, gross $ 1,700 $ 1,700
Percentage of Portfolio 1.00% 1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent) 0.00% 0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent) 100.00% 100.00%
Commercial | Doubtful | Credit risk concentration    
Loans and Investments    
Origination Year One $ 0 $ 0
Origination Year Two 0 0
Origination Year Three 0 0
Origination Year Four 0 0
Origination Year Five 0 0
Origination, Prior Years 1,700 1,700
Loans and investments, gross $ 1,700 $ 1,700