v3.26.1
Loans - Risk Ratings by Class of Loan (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Investments in loans    
Total Amortized Cost Basis $ 22,453,605 $ 21,627,097
Credit Loss Allowance 419,156 440,842
Total loans held-for-investment    
Investments in loans    
Total Amortized Cost Basis 20,236,124 19,303,554
Credit Loss Allowance 419,156 440,842
Total loans held-for-investment | Residential loans, fair value option    
Investments in loans    
Total Amortized Cost Basis 227,521  
Loans held-for-sale    
Investments in loans    
Total Amortized Cost Basis 2,217,481 2,323,543
Credit Loss Allowance 0  
Commercial loans:    
Investments in loans    
2026 1,372,069  
2025 5,312,803  
2024 890,152  
2023 870,065  
2022 3,449,668  
Prior 5,249,834  
Total Amortized Cost Basis 17,144,591  
Credit Loss Allowance 406,224  
Commercial loans: | Total loans held-for-investment    
Investments in loans    
Total Amortized Cost Basis 17,144,591 16,464,698
Credit Loss Allowance 406,224 426,365
Commercial loans: | LTV less than 60%    
Investments in loans    
2026 0  
2025 1,624,744  
2024 426,948  
2023 427,599  
2022 518,037  
Prior 618,905  
Total Amortized Cost Basis 3,616,233  
Credit Loss Allowance 1,929  
Commercial loans: | LTV 60% - 70%    
Investments in loans    
2026 476,445  
2025 3,095,397  
2024 182,719  
2023 232,705  
2022 1,481,136  
Prior 1,695,115  
Total Amortized Cost Basis 7,163,517  
Credit Loss Allowance 10,569  
Commercial loans: | LTV > 70%    
Investments in loans    
2026 895,624  
2025 588,612  
2024 280,485  
2023 205,211  
2022 1,450,495  
Prior 2,895,366  
Total Amortized Cost Basis 6,315,793  
Credit Loss Allowance 361,959  
Commercial loans: | Credit deteriorated    
Investments in loans    
2026 0  
2025 0  
2024 0  
2023 0  
2022 0  
Prior 40,448  
Total Amortized Cost Basis 40,448  
Credit Loss Allowance 31,767  
Commercial loans: | Defeased and other    
Investments in loans    
2026 0  
2025 4,050  
2024 0  
2023 4,550  
2022 0  
Prior 0  
Total Amortized Cost Basis 8,600  
Credit Loss Allowance 0  
Infrastructure loans:    
Investments in loans    
2026 639,614  
2025 1,616,995  
2024 449,373  
2023 122,022  
2022 0  
Prior 36,008  
Total Amortized Cost Basis 2,864,012  
Credit Loss Allowance 12,932  
Infrastructure loans: | Total loans held-for-investment    
Investments in loans    
Total Amortized Cost Basis 2,864,012 2,838,856
Credit Loss Allowance 12,932 $ 14,477
Infrastructure loans: | Power    
Investments in loans    
2026 540,425  
2025 966,325  
2024 171,790  
2023 97,460  
2022 0  
Prior 36,008  
Total Amortized Cost Basis 1,812,008  
Credit Loss Allowance 7,582  
Infrastructure loans: | Oil and gas    
Investments in loans    
2026 99,189  
2025 650,670  
2024 277,583  
2023 24,562  
2022 0  
Prior 0  
Total Amortized Cost Basis 1,052,004  
Credit Loss Allowance 5,350  
Residential Loans | Total loans held-for-investment | Residential loans, fair value option    
Investments in loans    
Total Amortized Cost Basis 227,521  
Credit Loss Allowance $ 0