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Loans (Tables) | 12 Months Ended
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Dec. 31, 2025
Receivables [Abstract] |
Schedule of Investments in Mortgages and Loans by Subordination Class | The following tables summarize our investments in mortgages and loans as of December 31, 2025 and 2024 (dollars in thousands):
December 31, 2025 | Carrying Value |  | Face Amount |  | Weighted Average Coupon (1) |  | Weighted Average Life (“WAL”) (years)(2) |
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 |
Other | 51,255 |  |  | 51,688 |  |  | 9.1 | % |  | 2.6 |
Total commercial loans | 16,464,698 |  |  | 16,529,513 |  |  |  |  |  |
Infrastructure first priority loans | 2,838,856 |  |  | 2,890,373 |  |  | 7.4 | % |  | 5.1 |
Total loans held-for-investment | 19,303,554 |  |  | 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 option | 45,476 |  |  | 47,300 |  |  | 6.4 | % |  | 8.5 |
Total loans held-for-sale | 2,323,543 |  |  | 2,502,852 |  |  |  |  |  |
Total gross loans | 21,627,097 |  |  | $ | 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 |  |  |  |  |  |  |  |
December 31, 2024 |  |  |  |  |  |  |  |
Loans held-for-investment: |  |  |  |  |  |  |  |
Commercial loans: |  |  |  |  |  |  |  |
First mortgages (3) | $ | 12,931,333 |  |  | $ | 12,955,038 |  |  | 7.9 | % |  | 2.4 |
Subordinated mortgages (4) | 31,247 |  |  | 31,000 |  |  | 14.3 | % |  | 1.4 |
Mezzanine loans (3) | 323,041 |  |  | 324,021 |  |  | 11.1 | % |  | 1.7 |
Other | 46,255 |  |  | 46,688 |  |  | 13.2 | % |  | 3.8 |
Total commercial loans | 13,331,876 |  |  | 13,356,747 |  |  |  |  |  |
Infrastructure first priority loans | 2,553,432 |  |  | 2,594,267 |  |  | 8.3 | % |  | 4.4 |
Total loans held-for-investment | 15,885,308 |  |  | 15,951,014 |  |  |  |  |  |
Loans held-for-sale: |  |  |  |  |  |  |  |
Residential, fair value option | 2,394,624 |  |  | 2,694,959 |  |  | 4.5 | % |  | N/A | (5)
Commercial, fair value option | 121,384 |  |  | 125,695 |  |  | 7.0 | % |  | 7.3 |
Total loans held-for-sale | 2,516,008 |  |  | 2,820,654 |  |  |  |  |  |
Total gross loans | 18,401,316 |  |  | $ | 18,771,668 |  |  |  |  |  |
Credit loss allowances: |  |  |  |  |  |  |  |
Commercial loans held-for-investment | (436,812) |  |  |  |  |  |  |  |
Infrastructure loans held-for-investment | (11,483) |  |  |  |  |  |  |  |
Total allowances | (448,295) |  |  |  |  |  |  |  |
Total net loans | $ | 17,953,021 |  |  |  |  |  |  |  |
______________________________________________________________________________________________________________________ (1)Calculated using applicable index rates as of December 31, 2025 and 2024 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 $1.3 billion and $0.9 billion being classified as first mortgages as of December 31, 2025 and 2024, 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 25.8 years and 26.8 years as of December 31, 2025 and 2024, respectively.
Schedule of Variable Rate Loans Held-for-Investment | As of December 31, 2025, our variable rate loans held-for-investment, excluding loans for which interest income is not recognized, were as follows (dollars in thousands):
December 31, 2025 | Carrying Value |  | Weighted-average Spread Above Index
Commercial loans | $ | 15,226,555 |  |  | 3.4 | %
Infrastructure loans | 2,838,856 |  |  | 3.6 | %
Total variable rate loans held-for-investment | $ | 18,065,411 |  |  | 3.4 | %
Schedule of Risk Ratings by Class of Loan | The significant credit quality indicators for our loans measured at amortized cost, which excludes loans held-for-sale, were as follows as of December 31, 2025 (dollars in thousands):
|  | Term Loans Amortized Cost Basis by Origination Year |  |  |  | Total Amortized Cost Basis |  | Credit Loss Allowance
As of December 31, 2025 |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  |  |
Commercial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit quality indicator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV < 60% |  | $ | 1,451,764 |  |  | $ | 313,145 |  |  | $ | 366,195 |  |  | $ | 778,968 |  |  | $ | 372,722 |  |  | $ | 386,450 |  |  |  |  | $ | 3,669,244 |  |  | $ | 3,076 |
LTV 60% - 70% |  | 2,549,701 |  |  | 293,835 |  |  | 447,568 |  |  | 1,699,336 |  |  | 1,708,043 |  |  | 332,383 |  |  |  |  | 7,030,866 |  |  | 21,581 |
LTV > 70% |  | 752,167 |  |  | 433,138 |  |  | 207,100 |  |  | 930,497 |  |  | 1,964,030 |  |  | 1,335,917 |  |  |  |  | 5,622,849 |  |  | 349,446 |
Credit deteriorated |  | — |  |  | — |  |  | — |  |  | 90,735 |  |  | — |  |  | 41,454 |  |  |  |  | 132,189 |  |  | 52,262 |
Defeased and other |  | 5,000 |  |  | — |  |  | 4,550 |  |  | — |  |  | — |  |  | — |  |  |  |  | 9,550 |  |  | — |
Total commercial |  | $ | 4,758,632 |  |  | $ | 1,040,118 |  |  | $ | 1,025,413 |  |  | $ | 3,499,536 |  |  | $ | 4,044,795 |  |  | $ | 2,096,204 |  |  |  |  | $ | 16,464,698 |  |  | $ | 426,365 |
Infrastructure loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit quality indicator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Power |  | $ | 1,150,766 |  |  | $ | 314,051 |  |  | $ | 108,363 |  |  | $ | 46,095 |  |  | $ | 23,326 |  |  | $ | 33,628 |  |  |  |  | $ | 1,676,229 |  |  | $ | 7,672 |
Oil and gas |  | 730,659 |  |  | 235,374 |  |  | 155,249 |  |  | — |  |  | — |  |  | 41,345 |  |  |  |  | 1,162,627 |  |  | 6,805 |
Total infrastructure |  | $ | 1,881,425 |  |  | $ | 549,425 |  |  | $ | 263,612 |  |  | $ | 46,095 |  |  | $ | 23,326 |  |  | $ | 74,973 |  |  |  |  | $ | 2,838,856 |  |  | $ | 14,477 |
Loans held-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,323,543 |  |  | — |
Total gross loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 21,627,097 |  |  | $ | 440,842 |
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-Investment |  | Total Funded Loans
| Commercial |  | Infrastructure |
Credit loss allowance at December 31, 2022 | $ | 88,801 |  |  | $ | 10,612 |  |  | $ | 99,413 |
Credit loss provision, net | 222,266 |  |  | 10,446 |  |  | 232,712 |
Charge-offs (1) | (12,292) |  |  | (10,794) |  |  | (23,086) |
Credit loss allowance at December 31, 2023 | 298,775 |  |  | 10,264 |  |  | 309,039 |
Credit loss provision, net | 162,724 |  |  | 1,219 |  |  | 163,943 |
Charge-offs (2) | (24,687) |  |  | — |  |  | (24,687) |
Credit loss allowance at December 31, 2024 | 436,812 |  |  | 11,483 |  |  | 448,295 |
Credit loss provision, net | 6,752 |  |  | 2,994 |  |  | 9,746 |
Charge-offs (3) | (17,225) |  |  | — |  |  | (17,225) |
Foreign currency | 26 |  |  | — |  |  | 26 |
Credit loss allowance at December 31, 2025 | $ | 426,365 |  |  | $ | 14,477 |  |  | $ | 440,842 |
______________________________________________________________________________________________________________________ (1)Represents the net charge-off of (i) a $12.3 million credit loss allowance related to the portion of a credit deteriorated commercial mortgage loan on an office and retail complex in Arizona deemed uncollectible and (ii) a $10.8 million credit loss allowance related to the portion of a credit deteriorated infrastructure loan participation collateralized by a first priority lien on two natural gas fired power plants near Chicago, which was deemed uncollectible due to a third party’s then nearly completed acquisition of the power plants. Such loans were originated in 2015 and 2017, respectively, with the infrastructure loan acquired as part of the Infrastructure Lending Segment acquisition in 2018. (2)Represents the charge-offs of (i) a $14.9 million specific credit loss allowance related to a first mortgage loan on a multifamily property in Arizona and (ii) a $9.8 million specific credit loss allowance related to a senior mortgage loan on a vacant office building in Washington, D.C. The loans were originated in 2022 and 2021, respectively, and foreclosed in November 2024 and May 2024, respectively. (3)Represents the charge-off of a $17.2 million specific credit loss allowance that was established during the year ended December 31, 2025 related to a first mortgage and mezzanine loan on a life science property in Boston, Massachusetts. The loan was originated in December 2021 and foreclosed in June 2025.
| Unfunded Commitments Credit Loss Allowance (1)
| Loans Held-for-Investment |  | HTM Preferred |  |  |  |
| Commercial |  | Infrastructure |  | Interests (2) |  | CMBS (2) |  | Total
Credit loss allowance at December 31, 2022 | $ | 9,749 |  |  | $ | 72 |  |  | $ | — |  |  | $ | 52 |  |  | $ | 9,873 |
Credit loss (reversal) provision, net | (1,007) |  |  | 492 |  |  | 1,548 |  |  | 22 |  |  | 1,055 |
Credit loss allowance at December 31, 2023 | 8,742 |  |  | 564 |  |  | 1,548 |  |  | 74 |  |  | 10,928 |
Credit loss provision (reversal), net | 7,788 |  |  | 386 |  |  | 12,470 |  |  | (53) |  |  | 20,591 |
Credit loss allowance at December 31, 2024 | 16,530 |  |  | 950 |  |  | 14,018 |  |  | 21 |  |  | 31,519 |
Credit loss (reversal) provision, net | (3,120) |  |  | 404 |  |  | (547) |  |  | (19) |  |  | (3,282) |
Credit loss allowance at December 31, 2025 | $ | 13,410 |  |  | $ | 1,354 |  |  | $ | 13,471 |  |  | $ | 2 |  |  | $ | 28,237 |
Memo: Unfunded commitments as of December 31, 2025 (3) | $ | 1,478,675 |  |  | $ | 164,604 |  |  | $ | 64,372 |  |  | $ | 16,121 |  |  | $ | 1,723,772 |
______________________________________________________________________________________________________________________ (1)Included in accounts payable, accrued expenses and other liabilities in our consolidated balance sheets. (2)See Note 6 for further details. (3)Represents amounts expected to be funded (see Note 23).
Schedule of Activity in Loan Portfolio | The activity in our loan portfolio was as follows (amounts in thousands):
|  | Held-for-Investment Loans |  |  |  |  |
Year Ended December 31, 2025 |  | Commercial |  | Infrastructure |  | Residential |  | Held-for-Sale Loans |  | Total Loans |
Balance at December 31, 2024 |  | $ | 12,895,064 |  |  | $ | 2,541,949 |  |  | $ | — |  |  | $ | 2,516,008 |  |  | $ | 17,953,021 |  |
Acquisitions/originations/additional funding |  | 5,555,371 |  |  | 2,232,039 |  |  | — |  |  | 1,147,227 |  |  | 8,934,637 |  |
Capitalized interest (1) |  | 110,063 |  |  | — |  |  | — |  |  | — |  |  | 110,063 |  |
Basis of loans sold (2) |  | (230,267) |  |  | — |  |  | — |  |  | (1,285,302) |  |  | (1,515,569) |  |
Loan maturities/principal repayments |  | (2,518,619) |  |  | (1,980,970) |  |  | — |  |  | (224,490) |  |  | (4,724,079) |  |
Discount accretion/premium amortization |  | 30,814 |  |  | 31,537 |  |  | — |  |  | — |  |  | 62,351 |  |
Changes in fair value |  | — |  |  | — |  |  | — |  |  | 184,440 |  |  | 184,440 |  |
Foreign currency translation gain, net |  | 384,862 |  |  | 2,818 |  |  | — |  |  | — |  |  | 387,680 |  |
Credit loss provision, net |  | (6,752) |  |  | (2,994) |  |  | — |  |  | — |  |  | (9,746) |  |
Loan foreclosures |  | (182,203) |  |  | — |  |  | — |  |  | (14,340) |  |  | (196,543) |  | (3)
Balance at December 31, 2025 |  | $ | 16,038,333 |  |  | $ | 2,824,379 |  |  | $ | — |  |  | $ | 2,323,543 |  |  | $ | 21,186,255 |  |
|  | Held-for-Investment Loans |  |  |  |  |
Year Ended December 31, 2024 |  | Commercial |  | Infrastructure |  | Residential |  | Held-for-Sale Loans |  | Total Loans |
Balance at December 31, 2023 |  | $ | 15,078,589 |  |  | $ | 2,495,660 |  |  | $ | — |  |  | $ | 2,645,637 |  |  | $ | 20,219,886 |  |
Acquisitions/originations/additional funding |  | 1,721,307 |  |  | 1,324,544 |  |  | — |  |  | 1,736,065 |  |  | 4,781,916 |  |
Capitalized interest (1) |  | 95,093 |  |  | — |  |  | — |  |  | — |  |  | 95,093 |  |
Basis of loans sold (2) |  | (39,774) |  |  | — |  |  | — |  |  | (1,775,155) |  |  | (1,814,929) |  |
Loan maturities/principal repayments |  | (3,301,358) |  |  | (1,249,813) |  |  | — |  |  | (210,884) |  |  | (4,762,055) |  |
Discount accretion/premium amortization |  | 41,398 |  |  | 22,377 |  |  | — |  |  | — |  |  | 63,775 |  |
Changes in fair value |  | — |  |  | — |  |  | — |  |  | 75,880 |  |  | 75,880 |  |
Foreign currency translation gain, net |  | (189,019) |  |  | (906) |  |  | — |  |  | — |  |  | (189,925) |  |
Credit loss provision, net |  | (162,724) |  |  | (1,219) |  |  | — |  |  | (1,546) |  |  | (165,489) |  |
Loan foreclosures |  | (348,448) |  |  | — |  |  | — |  |  | (2,683) |  |  | (351,131) |  | (4)
Transfer to/from other asset/liability classifications or between segments |  | — |  |  | (48,694) |  |  | — |  |  | 48,694 |  |  | — |  |
Balance at December 31, 2024 |  | $ | 12,895,064 |  |  | $ | 2,541,949 |  |  | $ | — |  |  | $ | 2,516,008 |  |  | $ | 17,953,021 |  |
|  | Held-for-Investment Loans |  |  |  |  |
Year Ended December 31, 2023 |  | Commercial |  | Infrastructure |  | Residential |  | Held-for-Sale Loans |  | Total Loans |
Balance at December 31, 2022 |  | $ | 16,048,507 |  |  | $ | 2,352,932 |  | $ | — |  | $ | 2,784,594 |  | $ | 21,186,033 |  |
Acquisitions/originations/additional funding |  | 1,713,979 |  |  | 1,002,908 |  |  | — |  |  | 757,355 |  | 3,474,242 |  |
Capitalized interest (1) |  | 125,057 |  |  | 518 |  |  | — |  |  | 172 |  | 125,747 |  |
Basis of loans sold (2) |  | (53,000) |  |  | — |  |  | — |  |  | (813,104) |  | (866,104) |  |
Loan maturities/principal repayments |  | (2,596,738) |  |  | (864,549) |  |  | — |  |  | (185,884) |  | (3,647,171) |  |
Discount accretion/premium amortization |  | 53,418 |  |  | 13,694 |  |  | — |  |  | — |  | 67,112 |  |
Changes in fair value |  | — |  |  | — |  |  | — |  |  | 62,702 |  | 62,702 |  |
Foreign currency translation gain, net |  | 152,869 |  |  | 603 |  |  | — |  |  | — |  | 153,472 |  |
Credit loss provision, net |  | (222,266) |  |  | (10,446) |  |  | — |  |  | — |  | (232,712) |  |
Loan foreclosure and equity control |  | (101,845) |  |  | — |  |  | — |  |  | (929) |  | (102,774) |  | (5)
Transfer to/from other asset classifications or between segments |  | (41,392) |  |  | — |  |  | — |  |  | 40,731 |  | (661) |  |
Balance at December 31, 2023 |  | $ | 15,078,589 |  | $ | 2,495,660 |  | $ | — |  | $ | 2,645,637 |  | $ | 20,219,886 |
______________________________________________________________________________________________________________________ (1)Represents accrued interest income on loans whose terms do not require current payment of interest. (2)See Note 13 for additional disclosure on these transactions. (3)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 (iv) $14.3 million of residential mortgage loans foreclosed. (4)Represents (i) the $114.2 million carrying value of a first mortgage loan on an office building in Washington, D.C. foreclosed in May 2024, (ii) the $88.4 million carrying value of a first mortgage loan for the acquisition and renovation of a multifamily property in Dallas, Texas foreclosed in October 2024, (iii) the $55.1 million carrying value of a first mortgage loan on a multifamily property in Fort Worth, Texas foreclosed in October 2024, (iv) the $51.5 million carrying value of a first mortgage and mezzanine loan on a multifamily property in Nashville, Tennessee foreclosed in May 2024, (v) the $30.0 million carrying value of a first mortgage loan on a multifamily property in Arizona foreclosed in November 2024, (vi) the $9.2 million carrying value of a loan on a hospitality asset in New York City foreclosed in June 2024 and (vii) $2.7 million of residential mortgage loans foreclosed. (5)Represents (i) the $41.1 million carrying value of a mortgage loan on the retail portion of a hotel located in Chicago foreclosed in May 2023, (ii) the $60.8 million carrying value of a first mortgage and mezzanine loan on a multifamily property in the Pacific Northwest consolidated upon obtaining equity control in December 2023 and (iii) $0.9 million in residential mortgage loans foreclosed.

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