v3.26.1
Loans (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2026 and December 31, 2025 (dollars in thousands):
June 30, 2026Carrying
Value		Face
Amount		Weighted
Average
Coupon (1)		Weighted
Average Life
(“WAL”)
(years)(2)
Loans held-for-investment:
Commercial loans:
First mortgages (3)$16,799,181 $16,877,748 7.0 %2.7
Subordinated mortgages (4)4,925 4,925 — %— 
Mezzanine loans (3)289,855 291,722 10.4 %2.2
Other50,630 50,738 9.5 %2.1
Total commercial loans17,144,591 17,225,133 
Infrastructure first priority loans
2,864,012 2,918,632 7.3 %5.0
Residential loans, fair value option227,521 235,976 5.5 %N/A(5)
Total loans held-for-investment20,236,124 20,379,741 
Loans held-for-sale:
Residential, fair value option 2,154,653 2,364,897 4.4 %N/A(5)
Commercial, fair value option
62,828 65,038 6.2 %6.1
Total loans held-for-sale2,217,481 2,429,935 
Total gross loans22,453,605 $22,809,676 
Credit loss allowances:
Commercial loans held-for-investment(406,224)
Infrastructure loans held-for-investment(12,932)
Total allowances(419,156)
Total net loans$22,034,449 
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 June 30, 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 June 30, 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 25.4 years and 25.8 years as of June 30, 2026 and December 31, 2025, respectively. Loans held-for-investment represent residential loans transferred from VIE assets upon redemption of a consolidated RMBS trust.
Schedule of Variable Rate Loans Held-for-Investment
As of June 30, 2026, our variable rate loans held-for-investment, excluding loans for which interest income is not recognized, were as follows (dollars in thousands):
June 30, 2026Carrying
Value		Weighted-average
Spread Above Index
Commercial loans$15,856,863 3.3 %
Infrastructure loans2,864,012 3.5 %
Total variable rate loans held-for-investment$18,720,875 3.3 %
Schedule of Risk Ratings by Class of Loan
The significant credit quality indicators for our loans measured at amortized cost, which excludes loans held at fair value, were as follows as of June 30, 2026 (dollars in thousands):
Term Loans
Amortized Cost Basis by Origination Year		Total
Amortized
Cost Basis		Credit
Loss
Allowance
As of June 30, 202620262025202420232022Prior
Commercial loans:
Credit quality indicator:
LTV < 60%$— $1,624,744 $426,948 $427,599 $518,037 $618,905 $3,616,233 $1,929 
LTV 60% - 70%476,445 3,095,397 182,719 232,705 1,481,136 1,695,115 7,163,517 10,569 
LTV > 70%895,624 588,612 280,485 205,211 1,450,495 2,895,366 6,315,793 361,959 
Credit deteriorated— — — — — 40,448 40,448 31,767 
Defeased and other— 4,050 — 4,550 — — 8,600 — 
Total commercial$1,372,069 $5,312,803 $890,152 $870,065 $3,449,668 $5,249,834 $17,144,591 $406,224 
Infrastructure loans:
Credit quality indicator:
Power$540,425 $966,325 $171,790 $97,460 $— $36,008 $1,812,008 $7,582 
Oil and gas99,189 650,670 277,583 24,562 — — 1,052,004 5,350 
Total infrastructure$639,614 $1,616,995 $449,373 $122,022 $— $36,008 $2,864,012 $12,932 
Residential loans held-for-investment, fair value option227,521 — 
Loans held-for-sale2,217,481 — 
Total gross loans$22,453,605 $419,156 
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
Six Months Ended June 30, 2026
CommercialInfrastructure
Credit loss allowance at December 31, 2025$426,365 $14,477 $440,842 
Credit loss provision (reversal), net5,632 (1,545)4,087 
Charge-offs (1)(25,014)— (25,014)
Foreign currency(759)— (759)
Credit loss allowance at June 30, 2026$406,224 $12,932 $419,156 
______________________________________________________________________________________________________________________
(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
Six Months Ended June 30, 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
9,453 457 (2,098)(1)7,811 
Credit loss allowance at June 30, 2026$22,863 $1,811 $11,373 $1 $36,048 
Memo: Unfunded commitments as of June 30, 2026 (3)
$2,238,594 $270,731 $40,890 $13,179 $2,563,394 
______________________________________________________________________________________________________________________
(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
Six Months Ended June 30, 2026
CommercialInfrastructureResidentialHeld-for-Sale LoansTotal Loans
Balance at December 31, 2025$16,038,333 $2,824,379 $— $2,323,543 $21,186,255 
Acquisitions/originations/additional funding2,292,856 777,426 — 520,300 3,590,582 
Capitalized interest (1)66,663 — — — 66,663 
Basis of loans sold (2)— — — (523,911)(523,911)
Loan maturities/principal repayments(1,288,037)(765,351)(1,106)(89,932)(2,144,426)
Discount accretion/premium amortization21,422 13,081 — — 34,503 
Changes in fair value— — (1,201)(11,528)(12,729)
Foreign currency translation loss, net
(45,973)— — — (45,973)
Credit loss (provision) reversal, net(5,632)1,545 — — (4,087)
Loan foreclosures(341,265)— — (1,019)(342,284)(3)
Transfer to/from other asset classifications or between segments— — 229,828 28 229,856 (4)
Balance at June 30, 2026$16,738,367 $2,851,080 $227,521 $2,217,481 $22,034,449 
Held-for-Investment Loans
Six Months Ended June 30, 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 funding2,594,744 1,227,414 756,095 4,578,253 
Capitalized interest (1)49,359 — — 49,359 
Basis of loans sold (2)(230,267)— (743,164)(973,431)
Loan maturities/principal repayments(795,505)(723,750)(114,209)(1,633,464)
Discount accretion/premium amortization14,365 12,224 — 26,589 
Changes in fair value— — 88,271 88,271 
Foreign currency translation gain, net
403,248 4,994 — 408,242 
Credit loss reversal (provision), net
16,259 (2,509)— 13,750 
Loan foreclosures
(182,203)— (8,163)(190,366)(5)
Balance at June 30, 2025$14,765,064 $3,060,322 $2,494,838 $20,320,224 
______________________________________________________________________________________________________________________
(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) $1.0 million of residential mortgage loans foreclosed.
(4)Net transfers primarily represent residential loans transferred from VIE assets upon redemption of a consolidated RMBS trust.
(5)Represents (i) the $83.9 million carrying value of a first mortgage and mezzanine loan on a multifamily property in Windermere, Florida foreclosed in May 2025, (ii) the $54.3 million carrying value of a first mortgage and mezzanine loan on a life science property in Boston, Massachusetts foreclosed in June 2025, (iii) 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 (iv) $8.2 million of residential mortgage loans foreclosed.