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Loans - Investments in Mortgages and Loans (Details) $ in Thousands, € in Millions | 12 Months Ended |  |  |
--- | --- | --- | --- | ---
Dec. 31, 2025 USD ($) | Dec. 31, 2024 USD ($) | Dec. 31, 2025 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($)
Investments in loans |  |  |  |  |
Carrying Value | $ 21,627,097 | $ 18,401,316 |  |  |
Face Amount | 21,922,738 | 18,771,668 |  |  |
Credit loss allowances: | (440,842) | (448,295) |  |  |
Total net loans | $ 21,186,255 | $ 17,953,021 |  | $ 20,219,886 | $ 21,186,033
Residential, fair value option |  |  |  |  |
Investments in loans |  |  |  |  |
Weighted Average Life (in years) | 25 years 9 months 18 days | 26 years 9 months 18 days |  |  |
Commercial loans: |  |  |  |  |
Investments in loans |  |  |  |  |
Carrying Value | $ 16,464,698 |  |  |  |
Credit loss allowances: | (426,365) |  |  |  |
Infrastructure loans: |  |  |  |  |
Investments in loans |  |  |  |  |
Carrying Value | 2,838,856 |  |  |  |
Credit loss allowances: | (14,477) |  |  |  |
Loans held for investment |  |  |  |  |
Investments in loans |  |  |  |  |
Carrying Value | 19,303,554 | $ 15,885,308 |  |  |
Face Amount | 19,419,886 | 15,951,014 |  |  |
Credit loss allowances: | (440,842) | (448,295) |  |  |
Loans held for investment | Commercial loans: |  |  |  |  |
Investments in loans |  |  |  |  |
Carrying Value | 16,464,698 | 13,331,876 |  |  |
Face Amount | 16,529,513 | 13,356,747 |  |  |
Credit loss allowances: | (426,365) | (436,812) |  |  |
Total net loans | 16,038,333 | 12,895,064 |  | 15,078,589 | 16,048,507
Loans held for investment | Infrastructure loans: |  |  |  |  |
Investments in loans |  |  |  |  |
Carrying Value | 2,838,856 | 2,553,432 |  |  |
Face Amount | $ 2,890,373 | $ 2,594,267 |  |  |
Weighted Average Life (in years) | 5 years 1 month 6 days | 4 years 4 months 24 days |  |  |
Credit loss allowances: | $ (14,477) | $ (11,483) |  |  |
Total net loans | $ 2,824,379 | $ 2,541,949 |  | 2,495,660 | 2,352,932
Loans held for investment | Weighted Average Coupon | Infrastructure loans: |  |  |  |  |
Investments in loans |  |  |  |  |
Weighted Average Coupon | 7.40% | 8.30% |  |  |
Loans held-for-sale |  |  |  |  |
Investments in loans |  |  |  |  |
Carrying Value | $ 2,323,543 | $ 2,516,008 |  |  |
Face Amount | 2,502,852 | 2,820,654 |  |  |
Credit loss allowances: | 0 |  |  |  |
Total net loans | 2,323,543 | 2,516,008 |  | $ 2,645,637 | $ 2,784,594
Loans held-for-sale | Residential, fair value option |  |  |  |  |
Investments in loans |  |  |  |  |
Carrying Value | 2,278,067 | 2,394,624 |  |  |
Face Amount | 2,455,552 | 2,694,959 |  |  |
Loans held-for-sale | Commercial, fair value option |  |  |  |  |
Investments in loans |  |  |  |  |
Carrying Value | 45,476 | 121,384 |  |  |
Face Amount | $ 47,300 | $ 125,695 |  |  |
Weighted Average Life (in years) | 8 years 6 months | 7 years 3 months 18 days |  |  |
Loans held-for-sale | Weighted Average Coupon | Residential, fair value option |  |  |  |  |
Investments in loans |  |  |  |  |
Weighted Average Coupon | 4.40% | 4.50% |  |  |
Loans held-for-sale | Weighted Average Coupon | Commercial, fair value option |  |  |  |  |
Investments in loans |  |  |  |  |
Weighted Average Coupon | 6.40% | 7.00% |  |  |
First Mortgages | Loans held for investment |  |  |  |  |
Investments in loans |  |  |  |  |
Carrying Value | $ 16,086,585 | $ 12,931,333 |  |  |
Face Amount | $ 16,148,916 | $ 12,955,038 |  |  |
Weighted Average Life (in years) | 2 years 8 months 12 days | 2 years 4 months 24 days |  |  |
First Mortgages | Loans held for investment | Weighted Average Coupon |  |  |  |  |
Investments in loans |  |  |  |  |
Weighted Average Coupon | 7.00% | 7.90% |  |  |
Subordinated Mortgages | Loans held for investment |  |  |  |  |
Investments in loans |  |  |  |  |
Carrying Value | $ 15,683 | $ 31,247 |  |  |
Face Amount | $ 15,290 | $ 31,000 |  |  |
Weighted Average Life (in years) | 1 month 6 days | 1 year 4 months 24 days |  |  |
Subordinated Mortgages | Loans held for investment | Weighted Average Coupon |  |  |  |  |
Investments in loans |  |  |  |  |
Weighted Average Coupon | 11.10% | 14.30% |  |  |
Mezzanine Loans |  |  |  |  |
Investments in loans |  |  |  |  |
Total net loans | $ 1,300,000 | $ 900,000 |  |  |
Mezzanine Loans | Commercial loans: |  |  |  |  |
Investments in loans |  |  |  |  |
Face Amount | $ 30,100 |  | € 25.6 |  |
Weighted Average Coupon | 15.00% |  |  |  |
Mezzanine Loans | Loans held for investment |  |  |  |  |
Investments in loans |  |  |  |  |
Carrying Value | $ 311,175 | 323,041 |  |  |
Face Amount | $ 313,619 | $ 324,021 |  |  |
Weighted Average Life (in years) | 2 years 9 months 18 days | 1 year 8 months 12 days |  |  |
Mezzanine Loans | Loans held for investment | Weighted Average Coupon |  |  |  |  |
Investments in loans |  |  |  |  |
Weighted Average Coupon | 10.80% | 11.10% |  |  |
Other | Loans held for investment |  |  |  |  |
Investments in loans |  |  |  |  |
Carrying Value | $ 51,255 | $ 46,255 |  |  |
Face Amount | $ 51,688 | $ 46,688 |  |  |
Weighted Average Life (in years) | 2 years 7 months 6 days | 3 years 9 months 18 days |  |  |
Other | Loans held for investment | Weighted Average Coupon |  |  |  |  |
Investments in loans |  |  |  |  |
Weighted Average Coupon | 9.10% | 13.20% |  |  |

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