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Investment Securities - HTM Debt Securities, Amortized Cost​ (Details) - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023
HTM Securities |  |  |
Amortized Cost Basis | $ 216,936 | $ 431,424 |
Credit Loss Allowance | (37,369) | (24,463) | $ (13,143)
Net Carrying Amount | 179,567 | 406,961 |
Gross Unrealized Holding Gains | 1,253 | 336 |
Gross Unrealized Holding Losses | (34,378) | (24,903) |
Fair Value | 146,442 | 382,394 |
Activity in credit loss allowance for HTM debt securities |  |  |
Credit loss allowance at beginning | 24,463 | 13,143 | 3,182
Credit loss (reversal) provision, net | 12,906 | 11,320 | 9,961
Credit loss allowance at ending | 37,369 | 24,463 | 13,143
HTM preferred equity interests |  |  |
Less than one year | 49,447 |  |
One to three years | 21,796 |  |
Three to five years | 88,426 |  |
Thereafter | 19,898 |  |
Total | 179,567 |  |
CMBS |  |  |
HTM Securities |  |  |
Amortized Cost Basis | 92,629 | 357,012 |
Credit Loss Allowance | (13) | (85) | (164)
Net Carrying Amount | 92,616 | 356,927 |
Gross Unrealized Holding Gains | 603 | 315 |
Gross Unrealized Holding Losses | (11,436) | (21,326) |
Fair Value | 81,783 | 335,916 |
Activity in credit loss allowance for HTM debt securities |  |  |
Credit loss allowance at beginning | 85 | 164 | 172
Credit loss (reversal) provision, net | (72) | (79) | (8)
Credit loss allowance at ending | 13 | 85 | 164
HTM preferred equity interests |  |  |
Less than one year | 25,453 |  |
One to three years | 0 |  |
Three to five years | 67,163 |  |
Thereafter | 0 |  |
Total | 92,616 |  |
Preferred interests |  |  |
HTM Securities |  |  |
Amortized Cost Basis | 82,844 | 47,069 |
Credit Loss Allowance | (27,166) | (14,308) | (2,898)
Net Carrying Amount | 55,678 | 32,761 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | (22,942) | (3,568) |
Fair Value | 32,736 | 29,193 |
Activity in credit loss allowance for HTM debt securities |  |  |
Credit loss allowance at beginning | 14,308 | 2,898 | 0
Credit loss (reversal) provision, net | 12,858 | 11,410 | 2,898
Credit loss allowance at ending | 27,166 | 14,308 | 2,898
HTM preferred equity interests |  |  |
Less than one year | 23,994 |  |
One to three years | 15,359 |  |
Three to five years | 16,325 |  |
Thereafter | 0 |  |
Total | 55,678 |  |
Infrastructure bonds |  |  |
HTM Securities |  |  |
Amortized Cost Basis | 41,463 | 27,343 |
Credit Loss Allowance | (10,190) | (10,070) | (10,081)
Net Carrying Amount | 31,273 | 17,273 |
Gross Unrealized Holding Gains | 650 | 21 |
Gross Unrealized Holding Losses | 0 | (9) |
Fair Value | 31,923 | 17,285 |
Activity in credit loss allowance for HTM debt securities |  |  |
Credit loss allowance at beginning | 10,070 | 10,081 | 3,010
Credit loss (reversal) provision, net | 120 | (11) | 7,071
Credit loss allowance at ending | 10,190 | $ 10,070 | $ 10,081
HTM preferred equity interests |  |  |
Less than one year | 0 |  |
One to three years | 6,437 |  |
Three to five years | 4,938 |  |
Thereafter | 19,898 |  |
Total | $ 31,273 |  |

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