Loans - Activity in Portfolio (Details) - USD ($)
$ in Thousands |
1 Months Ended |
3 Months Ended |
6 Months Ended |
Mar. 31, 2026 |
Feb. 28, 2026 |
Jan. 31, 2026 |
Jun. 30, 2025 |
May 31, 2025 |
Feb. 28, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
| Activity in allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
| Credit loss allowance at beginning of the period |
|
|
$ 440,842
|
|
|
|
|
|
$ 440,842
|
|
| Credit loss provision (reversal), net |
|
|
|
|
|
|
|
|
4,087
|
$ (13,750)
|
| Credit loss allowance at the end of the period |
|
|
|
|
|
|
$ 419,156
|
|
419,156
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
|
|
|
|
| Balance at the beginning of the period |
|
|
21,186,255
|
|
|
|
|
|
21,186,255
|
17,953,021
|
| Acquisitions/originations/additional funding |
|
|
|
|
|
|
|
|
3,590,582
|
4,578,253
|
| Capitalized interest |
|
|
|
|
|
|
|
|
66,663
|
49,359
|
| Basis of loans sold |
|
|
|
|
|
|
|
|
(523,911)
|
(973,431)
|
| Loan maturities/principal repayments |
|
|
|
|
|
|
|
|
(2,144,426)
|
(1,633,464)
|
| Discount accretion/premium amortization |
|
|
|
|
|
|
|
|
34,503
|
26,589
|
| Changes in fair value |
|
|
|
|
|
|
(61)
|
$ 29,867
|
(12,729)
|
88,271
|
| Foreign currency translation gain (loss), net |
|
|
|
|
|
|
|
|
(45,973)
|
408,242
|
| Credit loss (provision) reversal, net |
|
|
|
|
|
|
|
|
(4,087)
|
13,750
|
| Loan foreclosures |
|
|
|
|
|
|
|
|
(342,284)
|
(190,366)
|
| Transfer to/from other asset classifications or between segments |
|
|
|
|
|
|
|
|
229,856
|
|
| Balance at the end of the period |
|
|
|
$ 20,320,224
|
|
|
22,034,449
|
20,320,224
|
22,034,449
|
20,320,224
|
| Loan foreclosures |
|
|
|
|
|
|
|
|
342,284
|
190,366
|
| Funded Commitments |
|
|
|
|
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
| Credit loss allowance at beginning of the period |
|
|
440,842
|
|
|
|
|
|
440,842
|
|
| Credit loss provision (reversal), net |
|
|
|
|
|
|
|
|
4,087
|
|
| Charge-offs |
|
|
|
|
|
|
|
|
(25,014)
|
|
| Foreign currency |
|
|
|
|
|
|
|
|
(759)
|
|
| Credit loss allowance at the end of the period |
|
|
|
|
|
|
419,156
|
|
419,156
|
|
| Charge-offs |
|
|
|
|
|
|
|
|
25,014
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
|
|
|
|
| Credit loss (provision) reversal, net |
|
|
|
|
|
|
|
|
(4,087)
|
|
| Unfunded commitments |
|
|
|
|
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
| Credit loss allowance at beginning of the period |
|
|
28,237
|
|
|
|
|
|
28,237
|
|
| Credit loss provision (reversal), net |
|
|
|
|
|
|
|
|
7,811
|
|
| Credit loss allowance at the end of the period |
|
|
|
|
|
|
36,048
|
|
36,048
|
|
| Unfunded commitments |
|
|
|
|
|
|
2,563,394
|
|
2,563,394
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
|
|
|
|
| Credit loss (provision) reversal, net |
|
|
|
|
|
|
|
|
(7,811)
|
|
| HTM Preferred Intrests |
|
|
|
|
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
| Credit loss allowance at beginning of the period |
|
|
13,471
|
|
|
|
|
|
13,471
|
|
| Credit loss provision (reversal), net |
|
|
|
|
|
|
|
|
(2,098)
|
|
| Credit loss allowance at the end of the period |
|
|
|
|
|
|
11,373
|
|
11,373
|
|
| Unfunded commitments |
|
|
|
|
|
|
40,890
|
|
40,890
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
|
|
|
|
| Credit loss (provision) reversal, net |
|
|
|
|
|
|
|
|
2,098
|
|
| CMBS |
|
|
|
|
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
| Credit loss allowance at beginning of the period |
|
|
2
|
|
|
|
|
|
2
|
|
| Credit loss provision (reversal), net |
|
|
|
|
|
|
|
|
(1)
|
|
| Credit loss allowance at the end of the period |
|
|
|
|
|
|
1
|
|
1
|
|
| Unfunded commitments |
|
|
|
|
|
|
13,179
|
|
13,179
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
|
|
|
|
| Credit loss (provision) 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 |
|
|
|
|
|
|
419,156
|
|
419,156
|
|
| Held-for-Sale Loans |
|
|
|
|
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
| Credit loss provision (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 |
|
|
|
|
|
|
|
|
520,300
|
756,095
|
| Capitalized interest |
|
|
|
|
|
|
|
|
0
|
0
|
| Basis of loans sold |
|
|
|
|
|
|
|
|
(523,911)
|
(743,164)
|
| Loan maturities/principal repayments |
|
|
|
|
|
|
|
|
(89,932)
|
(114,209)
|
| Discount accretion/premium amortization |
|
|
|
|
|
|
|
|
0
|
0
|
| Changes in fair value |
|
|
|
|
|
|
|
|
(11,528)
|
88,271
|
| Foreign currency translation gain (loss), net |
|
|
|
|
|
|
|
|
0
|
0
|
| Credit loss (provision) reversal, net |
|
|
|
|
|
|
|
|
0
|
0
|
| Loan foreclosures |
|
|
|
|
|
|
|
|
(1,019)
|
(8,163)
|
| Transfer to/from other asset classifications or between segments |
|
|
|
|
|
|
|
|
28
|
|
| Balance at the end of the period |
|
|
|
2,494,838
|
|
|
2,217,481
|
2,494,838
|
2,217,481
|
2,494,838
|
| Loan foreclosures |
|
|
|
|
|
|
|
|
1,019
|
8,163
|
| Commercial loans: |
|
|
|
|
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
| Credit loss allowance at the end of the period |
|
|
|
|
|
|
406,224
|
|
406,224
|
|
| 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 |
|
|
|
|
|
|
|
|
(1,000)
|
|
| Loan foreclosures |
|
|
|
|
|
|
|
|
1,000
|
|
| Commercial loans: | First Mortgage And Mezzanine Loan | GEORGIA |
|
|
|
|
|
|
|
|
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
|
|
|
|
| Loan foreclosures |
|
|
|
|
|
$ (44,000)
|
|
|
|
|
| Loan foreclosures |
|
|
|
|
|
$ 44,000
|
|
|
|
|
| Commercial loans: | First Mortgage And Mezzanine Loan | Windermere, Florida |
|
|
|
|
|
|
|
|
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
|
|
|
|
| Loan foreclosures |
|
|
|
|
$ (83,900)
|
|
|
|
|
|
| Loan foreclosures |
|
|
|
|
$ 83,900
|
|
|
|
|
|
| Commercial loans: | First Mortgage And Mezzanine Loan | MASSACHUSETTS |
|
|
|
|
|
|
|
|
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
|
|
|
|
| Loan foreclosures |
|
|
|
(54,300)
|
|
|
|
|
|
|
| Loan foreclosures |
|
|
|
54,300
|
|
|
|
|
|
|
| Commercial loans: | Funded Commitments |
|
|
|
|
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
| Credit loss allowance at beginning of the period |
|
|
426,365
|
|
|
|
|
|
426,365
|
|
| Credit loss provision (reversal), net |
|
|
|
|
|
|
|
|
5,632
|
|
| Charge-offs |
|
|
|
|
|
|
|
|
(25,014)
|
|
| Foreign currency |
|
|
|
|
|
|
|
|
(759)
|
|
| Credit loss allowance at the end of the period |
|
|
|
|
|
|
406,224
|
|
406,224
|
|
| Charge-offs |
|
|
|
|
|
|
|
|
25,014
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
|
|
|
|
| Credit loss (provision) reversal, net |
|
|
|
|
|
|
|
|
(5,632)
|
|
| 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 provision (reversal), net |
|
|
|
|
|
|
|
|
9,453
|
|
| Credit loss allowance at the end of the period |
|
|
|
|
|
|
22,863
|
|
22,863
|
|
| Unfunded commitments |
|
|
|
|
|
|
2,238,594
|
|
2,238,594
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
|
|
|
|
| Credit loss (provision) reversal, net |
|
|
|
|
|
|
|
|
(9,453)
|
|
| 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 provision (reversal), net |
|
|
|
|
|
|
|
|
5,632
|
(16,259)
|
| Credit loss allowance at the end of the period |
|
|
|
|
|
|
406,224
|
|
406,224
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
|
|
|
|
| Balance at the beginning of the period |
|
|
16,038,333
|
|
|
|
|
|
16,038,333
|
12,895,064
|
| Acquisitions/originations/additional funding |
|
|
|
|
|
|
|
|
2,292,856
|
2,594,744
|
| Capitalized interest |
|
|
|
|
|
|
|
|
66,663
|
49,359
|
| Basis of loans sold |
|
|
|
|
|
|
|
|
0
|
(230,267)
|
| Loan maturities/principal repayments |
|
|
|
|
|
|
|
|
(1,288,037)
|
(795,505)
|
| Discount accretion/premium amortization |
|
|
|
|
|
|
|
|
21,422
|
14,365
|
| Changes in fair value |
|
|
|
|
|
|
|
|
0
|
0
|
| Foreign currency translation gain (loss), net |
|
|
|
|
|
|
|
|
(45,973)
|
403,248
|
| Credit loss (provision) reversal, net |
|
|
|
|
|
|
|
|
(5,632)
|
16,259
|
| Loan foreclosures |
|
|
|
|
|
|
|
|
(341,265)
|
(182,203)
|
| Transfer to/from other asset classifications or between segments |
|
|
|
|
|
|
|
|
0
|
|
| Balance at the end of the period |
|
|
|
14,765,064
|
|
|
16,738,367
|
14,765,064
|
16,738,367
|
14,765,064
|
| Loan foreclosures |
|
|
|
|
|
|
|
|
341,265
|
182,203
|
| Infrastructure loans: |
|
|
|
|
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
| Credit loss allowance at the end of the period |
|
|
|
|
|
|
12,932
|
|
12,932
|
|
| Infrastructure loans: | Funded Commitments |
|
|
|
|
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
| Credit loss allowance at beginning of the period |
|
|
14,477
|
|
|
|
|
|
14,477
|
|
| Credit loss provision (reversal), net |
|
|
|
|
|
|
|
|
(1,545)
|
|
| Charge-offs |
|
|
|
|
|
|
|
|
0
|
|
| Foreign currency |
|
|
|
|
|
|
|
|
0
|
|
| Credit loss allowance at the end of the period |
|
|
|
|
|
|
12,932
|
|
12,932
|
|
| Charge-offs |
|
|
|
|
|
|
|
|
0
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
|
|
|
|
| Credit loss (provision) reversal, net |
|
|
|
|
|
|
|
|
1,545
|
|
| 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 provision (reversal), net |
|
|
|
|
|
|
|
|
457
|
|
| Credit loss allowance at the end of the period |
|
|
|
|
|
|
1,811
|
|
1,811
|
|
| Unfunded commitments |
|
|
|
|
|
|
270,731
|
|
270,731
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
|
|
|
|
| Credit loss (provision) reversal, net |
|
|
|
|
|
|
|
|
(457)
|
|
| 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 provision (reversal), net |
|
|
|
|
|
|
|
|
(1,545)
|
2,509
|
| Credit loss allowance at the end of the period |
|
|
|
|
|
|
12,932
|
|
12,932
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
|
|
|
|
| Balance at the beginning of the period |
|
|
2,824,379
|
|
|
|
|
|
2,824,379
|
2,541,949
|
| Acquisitions/originations/additional funding |
|
|
|
|
|
|
|
|
777,426
|
1,227,414
|
| Capitalized interest |
|
|
|
|
|
|
|
|
0
|
0
|
| Basis of loans sold |
|
|
|
|
|
|
|
|
0
|
0
|
| Loan maturities/principal repayments |
|
|
|
|
|
|
|
|
(765,351)
|
(723,750)
|
| Discount accretion/premium amortization |
|
|
|
|
|
|
|
|
13,081
|
12,224
|
| Changes in fair value |
|
|
|
|
|
|
|
|
0
|
0
|
| Foreign currency translation gain (loss), net |
|
|
|
|
|
|
|
|
0
|
4,994
|
| Credit loss (provision) reversal, net |
|
|
|
|
|
|
|
|
1,545
|
(2,509)
|
| Loan foreclosures |
|
|
|
|
|
|
|
|
0
|
0
|
| Transfer to/from other asset classifications or between segments |
|
|
|
|
|
|
|
|
0
|
|
| Balance at the end of the period |
|
|
|
$ 3,060,322
|
|
|
2,851,080
|
$ 3,060,322
|
2,851,080
|
3,060,322
|
| Loan foreclosures |
|
|
|
|
|
|
|
|
0
|
0
|
| Residential Loans | Residential Loans |
|
|
|
|
|
|
|
|
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
|
|
|
|
| Loan foreclosures |
|
|
|
|
|
|
|
|
|
(8,200)
|
| Loan foreclosures |
|
|
|
|
|
|
|
|
|
$ 8,200
|
| Residential Loans | Held-for-Investment Loans |
|
|
|
|
|
|
|
|
|
|
| Activity in allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
| Credit loss provision (reversal), net |
|
|
|
|
|
|
|
|
0
|
|
| Activity in loan portfolio |
|
|
|
|
|
|
|
|
|
|
| Balance at the beginning of the period |
|
|
$ 0
|
|
|
|
|
|
0
|
|
| Acquisitions/originations/additional funding |
|
|
|
|
|
|
|
|
0
|
|
| Capitalized interest |
|
|
|
|
|
|
|
|
0
|
|
| Basis of loans sold |
|
|
|
|
|
|
|
|
0
|
|
| Loan maturities/principal repayments |
|
|
|
|
|
|
|
|
(1,106)
|
|
| Discount accretion/premium amortization |
|
|
|
|
|
|
|
|
0
|
|
| Changes in fair value |
|
|
|
|
|
|
|
|
(1,201)
|
|
| Foreign currency translation gain (loss), net |
|
|
|
|
|
|
|
|
0
|
|
| Credit loss (provision) reversal, net |
|
|
|
|
|
|
|
|
0
|
|
| Loan foreclosures |
|
|
|
|
|
|
|
|
0
|
|
| Transfer to/from other asset classifications or between segments |
|
|
|
|
|
|
|
|
229,828
|
|
| Balance at the end of the period |
|
|
|
|
|
|
$ 227,521
|
|
227,521
|
|
| Loan foreclosures |
|
|
|
|
|
|
|
|
$ 0
|
|