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Loans - Risk Ratings by Class of Loan (Details) - USD ($) $ in Thousands | Dec. 31, 2025 | Dec. 31, 2024
--- | --- | ---
Investments in loans |  |
Total Amortized Cost Basis | $ 21,627,097 | $ 18,401,316
Credit Loss Allowance | 440,842 | 448,295
Loans held-for-sale |  |
Investments in loans |  |
Total Amortized Cost Basis | 2,323,543 | $ 2,516,008
Credit Loss Allowance | 0 |
Commercial loans: |  |
Investments in loans |  |
2025 | 4,758,632 |
2024 | 1,040,118 |
2023 | 1,025,413 |
2022 | 3,499,536 |
2021 | 4,044,795 |
Prior | 2,096,204 |
Total Amortized Cost Basis | 16,464,698 |
Credit Loss Allowance | 426,365 |
Commercial loans: | LTV less than 60% |  |
Investments in loans |  |
2025 | 1,451,764 |
2024 | 313,145 |
2023 | 366,195 |
2022 | 778,968 |
2021 | 372,722 |
Prior | 386,450 |
Total Amortized Cost Basis | 3,669,244 |
Credit Loss Allowance | 3,076 |
Commercial loans: | LTV 60% - 70% |  |
Investments in loans |  |
2025 | 2,549,701 |
2024 | 293,835 |
2023 | 447,568 |
2022 | 1,699,336 |
2021 | 1,708,043 |
Prior | 332,383 |
Total Amortized Cost Basis | 7,030,866 |
Credit Loss Allowance | 21,581 |
Commercial loans: | LTV > 70% |  |
Investments in loans |  |
2025 | 752,167 |
2024 | 433,138 |
2023 | 207,100 |
2022 | 930,497 |
2021 | 1,964,030 |
Prior | 1,335,917 |
Total Amortized Cost Basis | 5,622,849 |
Credit Loss Allowance | 349,446 |
Commercial loans: | Credit deteriorated |  |
Investments in loans |  |
2025 | 0 |
2024 | 0 |
2023 | 0 |
2022 | 90,735 |
2021 | 0 |
Prior | 41,454 |
Total Amortized Cost Basis | 132,189 |
Credit Loss Allowance | 52,262 |
Commercial loans: | Defeased and other |  |
Investments in loans |  |
2025 | 5,000 |
2024 | 0 |
2023 | 4,550 |
2022 | 0 |
2021 | 0 |
Prior | 0 |
Total Amortized Cost Basis | 9,550 |
Credit Loss Allowance | 0 |
Infrastructure loans: |  |
Investments in loans |  |
2025 | 1,881,425 |
2024 | 549,425 |
2023 | 263,612 |
2022 | 46,095 |
2021 | 23,326 |
Prior | 74,973 |
Total Amortized Cost Basis | 2,838,856 |
Credit Loss Allowance | 14,477 |
Infrastructure loans: | Power |  |
Investments in loans |  |
2025 | 1,150,766 |
2024 | 314,051 |
2023 | 108,363 |
2022 | 46,095 |
2021 | 23,326 |
Prior | 33,628 |
Total Amortized Cost Basis | 1,676,229 |
Credit Loss Allowance | 7,672 |
Infrastructure loans: | Oil and gas |  |
Investments in loans |  |
2025 | 730,659 |
2024 | 235,374 |
2023 | 155,249 |
2022 | 0 |
2021 | 0 |
Prior | 41,345 |
Total Amortized Cost Basis | 1,162,627 |
Credit Loss Allowance | $ 6,805 |

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