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Loans | 12 Months Ended
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Dec. 31, 2025
Receivables [Abstract] |
Loans | Loans Our loans held-for-investment are accounted for at amortized cost and our loans held-for-sale are accounted for at the lower of cost or fair value, unless we have elected the fair value option for either. 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. 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 | %
Credit Loss Allowances As discussed in Note 2, we do not have a history of realized credit losses on our HFI loans and HTM securities, so we have subscribed to third party database services to provide us with industry losses for both commercial real estate and infrastructure loans. Using these losses as a benchmark, we determine expected credit losses for our loans and securities on a collective basis within our commercial real estate and infrastructure portfolios. For our commercial loans, we utilize a loan loss model that is widely used among banks and commercial mortgage REITs and is marketed by a leading CMBS data analytics provider. It employs logistic regression to forecast expected losses at the loan level based on a commercial real estate loan securitization database that contains activity dating back to 1998. We provide specific loan-level inputs which include loan-to-stabilized-value (“LTV”) and debt service coverage ratio (DSCR) metrics, as well as principal balances, property type, location, coupon, origination year, term, subordination, expected repayment dates and future fundings. We also select from a group of independent five-year macroeconomic forecasts included in the model that are updated regularly based on current economic trends. We categorize the results by LTV range, which we consider the most significant indicator of credit quality for our commercial loans, as set forth in the credit quality indicator table below. A lower LTV ratio typically indicates a lower credit loss risk. The macroeconomic forecasts do not differentiate among property types or asset classes. Instead, these forecasts reference general macroeconomic conditions (i.e. Gross Domestic Product, employment and interest rates) which apply broadly across all assets. For instance, the office sector has been adversely affected by the increase in remote working arrangements, the retail sector has been adversely affected by electronic commerce and the multifamily sector has been strained by sustained higher interest rates. The broad macroeconomic forecasts do not account for such differentiation. Accordingly, we have selected more adverse macroeconomic recovery forecasts for these property types than others in determining our credit loss allowance. We have also selected more adverse macroeconomic recovery forecasts for those loans containing higher risk ratings. For our infrastructure loans, we utilize a database of historical infrastructure loan performance that is shared among a consortium of banks and other lenders and compiled by a major bond credit rating agency. The database is representative of industry-wide project finance activity dating back to 1983. We derive historical loss rates from the database filtered by industry, sub-industry, term and construction status for each of our infrastructure loans. Those historical loss rates reflect global economic cycles over a long period of time as well as average recovery rates. We categorize the results principally between the power and oil and gas industries, which we consider the most significant indicator of credit quality for our infrastructure loans, as set forth in the credit quality indicator table below. As discussed in Note 2, we use a discounted cash flow or collateral value approach, rather than the collective pool approach described above, to determine credit loss allowances for any credit deteriorated loans. 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 |
Non-Credit Deteriorated Loans As of December 31, 2025, we had three commercial loans with a combined amortized cost basis of $628.5 million along with $72.6 million of residential loans that were 90 days or greater past due. All of these loans were on nonaccrual as of December 31, 2025, except for a commercial loan with an amortized cost basis of $269.0 million, for which we acquired the remaining senior mortgage interest in this loan from a third party lender subsequent to year end. We also had five commercial loans with a combined amortized cost basis of $535.6 million on nonaccrual that were not 90 days or greater past due as of December 31, 2025. None of these loans were considered credit deteriorated. As of December 31, 2024, we had a total of $1.0 billion of non-credit deteriorated loans on nonaccrual. During the year ended December 31, 2025, commercial loans placed on nonaccrual totaled $179.0 million and resolutions totaled $238.0 million. Credit Deteriorated Loans As of December 31, 2025, we had three loans with a combined amortized cost basis of $132.1 million which were deemed credit deteriorated and are on nonaccrual under the cost recovery method: (i) a $90.7 million commercial first mortgage loan on a multifamily property in Phoenix placed on nonaccrual during 2025, for which we assigned a $19.7 million specific credit loss allowance (based on a third party appraisal). The loan was deemed credit deteriorated as the sponsor was unable to fund required debt service shortfalls and capital expenditures and was foreclosed subsequent to year end; (ii) a $36.5 million commercial mezzanine loan on an office portfolio in Ireland placed on nonaccrual during 2025, for which we assigned a $27.6 million specific credit loss allowance, based on a third party purchase of a portion of the mezzanine loan (see Note 17). The loan was deemed credit deteriorated based on the terms of a modification whereby the sponsor will not fund future debt service shortfalls or capital expenditures; and (iii) a $4.9 million commercial subordinated loan secured by a department store in Chicago which was deemed credit deteriorated and was fully reserved in prior years. Foreclosure and Equity Control During the year ended December 31, 2025, we foreclosed on or otherwise obtained control over the following loan collateral: In June 2025, we obtained a deed in lieu of foreclosure on a first mortgage and mezzanine loan on a life science property in Boston, Massachusetts, which resulted in our obtaining physical possession of the underlying collateral. The net carrying value of our loan related to this property (including previously accrued interest) totaled $55.7 million, net of a specific credit loss allowance of $17.2 million provided during the three months ended June 30, 2025 in accordance with a valuation provided by a third party appraisal. In connection with the foreclosure, we recorded properties of $55.7 million in accordance with the asset acquisition provisions of ASC 805. This loan was placed on nonaccrual during the year ended December 31, 2025. In May 2025, we obtained control over the pledged equity interests of a mezzanine borrower entity related to a multifamily property in Windermere, Florida, which resulted in our consolidating the mezzanine borrower entity including the underlying property collateral. The net carrying value of our loans related to this property totaled $83.9 million and consisted of first mortgage and mezzanine loans. In connection with the consolidation of the mezzanine borrower entity, we recorded properties of $83.9 million in accordance with the asset acquisition provisions of ASC 805. This loan was placed on nonaccrual during the year ended December 31, 2024. In February 2025, we foreclosed on a first mortgage and mezzanine loan on a multifamily property in Conyers, Georgia. The net carrying value of our loan related to this property (including previously accrued interest) totaled $45.0 million. In connection with the foreclosure, we recorded properties of $45.0 million in accordance with the asset acquisition provisions of ASC 805. This loan was placed on nonaccrual during the year ended December 31, 2024. Loan Modifications We may amend or modify a loan based on its specific facts and circumstances. The modified terms and subsequent performance of the modified loans are considered in the determination of our general and specific CECL reserves. During the years ended December 31, 2025, 2024 and 2023, we made modifications to the commercial loans summarized below, which are disclosable under ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures. During the year ended December 31, 2025, we entered into a modification of a credit deteriorated commercial loan that required disclosure pursuant to ASU 2022-02. The loan was deemed credit deteriorated and placed on nonaccrual during 2025 (see related discussion above) and had an amortized cost basis of $33.2 million, representing 0.2% of our commercial loans as of December 31, 2025. We granted an other-than-insignificant payment delay in the form of an initial maturity term extension of 50 months with a one-year extension option, and eliminated the EURIBOR + 7.0% interest rate, making the existing loan non-interest bearing. We also provided an additional mezzanine loan tranche to fund capital expenditures with a total commitment of €25.6 million ($30.1 million) and a fixed interest rate of 15.0% (unfunded as of December 31, 2025). We additionally advanced $3.3 million in a related party transaction which is discussed further in Note 17. During the year ended December 31, 2024, we entered into modifications of nine commercial loans that required disclosure pursuant to ASU 2022-02. They had a combined amortized cost basis of $1.5 billion, representing 11% of our commercial loans as of December 31, 2024. Six of these loans were collateralized by office assets and two were collateralized by mixed-use assets. We also modified a related party loan which is discussed further in Note 17. For two loans with an aggregate amortized cost basis of $358.7 million and an unfunded commitment of $6.3 million as of December 31, 2024, we granted other-than-insignificant payment delays in the form of initial maturity term extensions for a weighted average of 30 months. We also provided additional commitments, one in the form of a mezzanine loan ($98.2 million, of which $76.6 million was unfunded as of December 31, 2024), and the other in the form of preferred equity ($30.0 million, of which $21.8 million was unfunded as of December 31, 2024). For seven loans with an aggregate amortized cost basis of $1.1 billion and unfunded commitments of $42.6 million as of December 31, 2024, we granted a combination of other-than-insignificant payment delays in the form of initial maturity term extensions for a weighted average of 21 months, as well as deferral of a portion of interest due under one of the loans, and interest rate reductions with a weighted average of 2.36%. For certain of these loans, the interest rate reduction is partially or fully recovered in a new exit fee. In connection with four of the above loan modifications, we also provided a total of $31.5 million of preferred equity commitments (of which $29.3 million was unfunded as of December 31, 2024) and an $18.2 million junior mezzanine loan commitment (of which $8.8 million was unfunded as of December 31, 2024). During the year ended December 31, 2023, we entered into modifications of three commercial loans that required disclosure pursuant to ASC 2022-02. They had a combined amortized cost basis of $337.6 million, representing 2% of our commercial loans as of December 31, 2023. For a $197.2 million first mortgage loan on an office park, we granted a 19-month term extension and provided a $25.1 million preferred equity commitment (of which $15.5 million was unfunded as of December 31, 2023). For a $95.5 million first mortgage loan on an office campus, the interest rate was reduced to a fixed rate of 6.00% (the reduction was partially recaptured in a new exit fee), with the borrower contributing $2.5 million. For a $44.9 million first mortgage loan on a multifamily property, the interest rate was reduced by 50 bps, and the loan was ultimately foreclosed in November 2024. Performance of Previously Modified Loans: Loans with modifications disclosed above were performing during the period up to twelve months since their respective modifications, except for the first mortgage loan on a multifamily property in Arizona which was foreclosed in November 2024, as mentioned above. Other Modifications: In connection with the loan modifications disclosed above for the year ended December 31, 2024, we restructured a $277.0 million first mortgage and mezzanine loan on a college and office condominium in Brooklyn, New York into separate loans: (i) $152.3 million for the component fully leased to a college with a 27-year remaining lease term, and (ii) $124.7 million for the vacant office component. During the year ended December 31, 2025, in connection with the execution of a new lease, we further restructured the vacant office loan into two separate loans with extended maturities, increased interest rates and an overall increased funding commitment. The loan had an amortized cost basis of $139.6 million with an unfunded commitment of $8.8 million prior to this modification. After the modification, there are two separate loans: (i) $102.5 million (including a $53.5 million unfunded commitment) for the component fully leased to a charter school, and (ii) $99.4 million (including a $1.2 million unfunded commitment) for the vacant office component. The loan for the fully leased component was extended by 3.6 years (with two one-year extension options) and the loan on the remaining vacant space component was extended by 13 months, pending further modification upon execution of a final new lease that will bring occupancy to 100%. While not required to be disclosed pursuant to ASU 2022-02 because the financial difficulty criteria is not met, we modified 4 and 12 loans during the years ended December 31, 2025 and 2024, respectively, by reducing the interest rate spread on the loans, with such reductions partially or fully recoverable by new exit fees. The amortized cost basis of these loans totaled $299.8 million and $784.9 million, respectively. Four of the loans modified in 2024 with a total amortized cost basis of $303.0 million as of December 31, 2025 had further spread reductions in 2025. In each case, the borrowers contributed additional equity in order to receive the modifications. There were no such modifications made during the year ended December 31, 2023. Credit Loss Allowance Activity 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). Loan Portfolio Activity 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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