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Loans (Tables)
 12 Months Ended
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, 2025Carrying
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
Other51,255 51,688 9.1 %2.6
Total commercial loans16,464,698 16,529,513 
Infrastructure first priority loans 2,838,856 2,890,373 7.4 %5.1
Total loans held-for-investment19,303,554 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-sale2,323,543 2,502,852 
Total gross loans21,627,097 $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
Other46,255 46,688 13.2 %3.8
Total commercial loans13,331,876 13,356,747 
Infrastructure first priority loans 2,553,432 2,594,267 8.3 %4.4
Total loans held-for-investment15,885,308 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 option121,384 125,695 7.0 %7.3
Total loans held-for-sale2,516,008 2,820,654 
Total gross loans18,401,316 $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, 2025Carrying
Value		Weighted-average
Spread Above Index
Commercial loans$15,226,555 3.4 %
Infrastructure loans2,838,856 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, 202520252024202320222021Prior
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 other5,000 — 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 gas730,659 235,374 155,249 — — 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-sale2,323,543 — 
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
CommercialInfrastructure
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, net6,752 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-InvestmentHTM Preferred
CommercialInfrastructure
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
CommercialInfrastructureResidentialHeld-for-Sale LoansTotal Loans
Balance at December 31, 2024$12,895,064 $2,541,949 $— $2,516,008 $17,953,021 
Acquisitions/originations/additional funding5,555,371 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 amortization30,814 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
CommercialInfrastructureResidentialHeld-for-Sale LoansTotal Loans
Balance at December 31, 2023$15,078,589 $2,495,660 $— $2,645,637 $20,219,886 
Acquisitions/originations/additional funding1,721,307 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 amortization41,398 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 InfrastructureResidentialHeld-for-Sale LoansTotal 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 — 757,3553,474,242 
Capitalized interest (1)
125,057  518 — 172125,747 
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
—  — — 62,70262,702 
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.