v3.26.1
Loans - Investments in Mortgages and Loans (Details) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Investments in loans        
Carrying Value $ 22,453,605 $ 21,627,097    
Face Amount 22,809,676 21,922,738    
Credit loss allowances: (419,156) (440,842)    
Total net loans $ 22,034,449 $ 21,186,255 $ 20,320,224 $ 17,953,021
Residential, fair value option        
Investments in loans        
Weighted Average Life (in years) 25 years 4 months 24 days 25 years 9 months 18 days    
Commercial loans:        
Investments in loans        
Carrying Value $ 17,144,591      
Credit loss allowances: (406,224)      
Infrastructure first priority loans        
Investments in loans        
Carrying Value 2,864,012      
Credit loss allowances: (12,932)      
Loans held for investment        
Investments in loans        
Carrying Value 20,236,124 $ 19,303,554    
Face Amount 20,379,741 19,419,886    
Credit loss allowances: (419,156) (440,842)    
Loans held for investment | Commercial loans:        
Investments in loans        
Carrying Value 17,144,591 16,464,698    
Face Amount 17,225,133 16,529,513    
Credit loss allowances: (406,224) (426,365)    
Total net loans 16,738,367 16,038,333 14,765,064 12,895,064
Loans held for investment | Infrastructure first priority loans        
Investments in loans        
Carrying Value 2,864,012 2,838,856    
Face Amount $ 2,918,632 $ 2,890,373    
Weighted Average Life (in years) 5 years 5 years 1 month 6 days    
Credit loss allowances: $ (12,932) $ (14,477)    
Total net loans $ 2,851,080 $ 2,824,379 3,060,322 2,541,949
Loans held for investment | Weighted Average Coupon | Infrastructure first priority loans        
Investments in loans        
Weighted Average Coupon 7.30% 7.40%    
Loans held-for-sale        
Investments in loans        
Carrying Value $ 2,217,481 $ 2,323,543    
Face Amount 2,429,935 2,502,852    
Credit loss allowances: 0      
Total net loans 2,217,481 2,323,543 $ 2,494,838 $ 2,516,008
Loans held-for-sale | Residential, fair value option        
Investments in loans        
Carrying Value 2,154,653 2,278,067    
Face Amount 2,364,897 2,455,552    
Loans held-for-sale | Commercial, fair value option        
Investments in loans        
Carrying Value 62,828 45,476    
Face Amount $ 65,038 $ 47,300    
Weighted Average Life (in years) 6 years 1 month 6 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 6.20% 6.40%    
First Mortgage | Loans held for investment        
Investments in loans        
Carrying Value $ 16,799,181 $ 16,086,585    
Face Amount $ 16,877,748 $ 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 7.00% 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 289,855 311,175    
Face Amount $ 291,722 $ 313,619    
Weighted Average Life (in years) 2 years 2 months 12 days 2 years 9 months 18 days    
Mezzanine Loans | Loans held for investment | Weighted Average Coupon        
Investments in loans        
Weighted Average Coupon 10.40% 10.80%    
Other | Loans held for investment        
Investments in loans        
Carrying Value $ 50,630 $ 51,255    
Face Amount $ 50,738 $ 51,688    
Weighted Average Life (in years) 2 years 1 month 6 days 2 years 7 months 6 days    
Other | Loans held for investment | Weighted Average Coupon        
Investments in loans        
Weighted Average Coupon 9.50% 9.10%    
Residential loans, fair value option | Loans held for investment        
Investments in loans        
Carrying Value $ 227,521      
Face Amount $ 235,976      
Residential loans, fair value option | Loans held for investment | Weighted Average Coupon        
Investments in loans        
Weighted Average Coupon 5.50%