XML 86 R69.htm IDEA: XBRL DOCUMENT v3.25.4
Loans - Activity in Portfolio (Details)
$ in Thousands
1 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
May 31, 2025
USD ($)
Feb. 28, 2025
USD ($)
Nov. 30, 2024
USD ($)
Oct. 31, 2024
USD ($)
Jun. 30, 2024
USD ($)
May 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
power_plant
May 31, 2023
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
power_plant
Activity in allowance for loan losses                        
Credit loss allowance at beginning of the period                   $ 448,295    
Credit loss (reversal) provision, net                   9,746 $ 165,489 $ 232,712
Credit loss allowance at the end of the period                   440,842 448,295  
Activity in loan portfolio                        
Balance at the beginning of the period                   17,953,021 20,219,886 21,186,033
Acquisitions/originations/additional funding                   8,934,637 4,781,916 3,474,242
Capitalized interest                   110,063 95,093 125,747
Basis of loans sold                   (1,515,569) (1,814,929) (866,104)
Loan maturities/principal repayments                   (4,724,079) (4,762,055) (3,647,171)
Discount accretion/premium amortization                   62,351 63,775 67,112
Changes in fair value                   184,440 75,880 62,702
Foreign currency translation gain, net                   387,680 (189,925) 153,472
Credit loss provision, net                   (9,746) (165,489) (232,712)
Loan foreclosures                   (196,543) (351,131) (102,774)
Transfer to/from other asset/liability classifications or between segments                     0 (661)
Balance at the end of the period               $ 20,219,886   21,186,255 17,953,021 20,219,886
Loan foreclosure and equity control                   196,543 351,131 $ 102,774
Chicago                        
Activity in loan portfolio                        
Number of natural gas power plants | power_plant               2       2
Funded Commitments                        
Activity in allowance for loan losses                        
Credit loss allowance at beginning of the period                   448,295 309,039 $ 99,413
Credit loss (reversal) provision, net                   9,746 163,943 232,712
Charge-offs                   (17,225) (24,687) (23,086)
Foreign currency                   26    
Credit loss allowance at the end of the period               $ 309,039   440,842 448,295 309,039
Charge-offs                   17,225 24,687 23,086
Activity in loan portfolio                        
Credit loss provision, net                   (9,746) (163,943) (232,712)
Unfunded commitments                        
Activity in allowance for loan losses                        
Credit loss allowance at beginning of the period                   31,519 10,928 9,873
Credit loss (reversal) provision, net                   (3,282) 20,591 1,055
Credit loss allowance at the end of the period               10,928   28,237 31,519 10,928
Unfunded commitments                   1,723,772    
Activity in loan portfolio                        
Credit loss provision, net                   3,282 (20,591) (1,055)
HTM Preferred Intrests                        
Activity in allowance for loan losses                        
Credit loss allowance at beginning of the period                   14,018 1,548 0
Credit loss (reversal) provision, net                   (547) 12,470 1,548
Credit loss allowance at the end of the period               1,548   13,471 14,018 1,548
Unfunded commitments                   64,372    
Activity in loan portfolio                        
Credit loss provision, net                   547 (12,470) (1,548)
CMBS                        
Activity in allowance for loan losses                        
Credit loss allowance at beginning of the period                   21 74 52
Credit loss (reversal) provision, net                   (19) (53) 22
Credit loss allowance at the end of the period               74   2 21 74
Unfunded commitments                   16,121    
Activity in loan portfolio                        
Credit loss provision, net                   19 53 (22)
Held-for-Investment Loans                        
Activity in allowance for loan losses                        
Credit loss allowance at beginning of the period                   448,295    
Credit loss allowance at the end of the period                   440,842 448,295  
Loans at Fair Value                        
Activity in allowance for loan losses                        
Credit loss (reversal) provision, net                   0 1,546 0
Credit loss allowance at the end of the period                   0    
Activity in loan portfolio                        
Balance at the beginning of the period                   2,516,008 2,645,637 2,784,594
Acquisitions/originations/additional funding                   1,147,227 1,736,065 757,355
Capitalized interest                   0 0 172
Basis of loans sold                   (1,285,302) (1,775,155) (813,104)
Loan maturities/principal repayments                   (224,490) (210,884) (185,884)
Discount accretion/premium amortization                   0 0 0
Changes in fair value                   184,440 75,880 62,702
Foreign currency translation gain, net                   0 0 0
Credit loss provision, net                   0 (1,546) 0
Loan foreclosures                   (14,340) (2,683) (929)
Transfer to/from other asset/liability classifications or between segments                     48,694 40,731
Balance at the end of the period               2,645,637   2,323,543 2,516,008 2,645,637
Loan foreclosure and equity control                   14,340 2,683 929
Commercial loans:                        
Activity in allowance for loan losses                        
Credit loss allowance at the end of the period                   426,365    
Commercial loans: | Credit deteriorated                        
Activity in allowance for loan losses                        
Credit loss allowance at the end of the period                   52,262    
Commercial loans: | New York                        
Activity in loan portfolio                        
Loan foreclosures           $ (9,200)            
Loan foreclosure and equity control           $ 9,200            
Commercial loans: | First Mortgage and Mezzanine Loan | Windermere, Florida                        
Activity in loan portfolio                        
Loan foreclosures   $ (83,900)                    
Loan foreclosure and equity control   83,900                    
Commercial loans: | First Mortgage and Mezzanine Loan | Massachusetts                        
Activity in loan portfolio                        
Loan foreclosures $ (54,300)                      
Loan foreclosure and equity control 54,300                      
Commercial loans: | First Mortgage and Mezzanine Loan | Georgia                        
Activity in loan portfolio                        
Loan foreclosures     $ (44,000)                  
Loan foreclosure and equity control     44,000                  
Commercial loans: | Residential Loans                        
Activity in loan portfolio                        
Loan foreclosures                   (14,300)    
Loan foreclosure and equity control                   14,300    
Commercial loans: | Senior Loans | Chicago                        
Activity in loan portfolio                        
Loan foreclosures                 $ (41,100)      
Loan foreclosure and equity control                 $ 41,100      
Commercial loans: | Senior Loans | WASHINGTON                        
Activity in loan portfolio                        
Loan foreclosures             $ (114,200)          
Loan foreclosure and equity control             114,200          
Commercial loans: | First Mortgage and Mezzanine | Windermere, Florida                        
Activity in loan portfolio                        
Loan foreclosures   (83,900)                    
Loan foreclosure and equity control   $ 83,900                    
Commercial loans: | First Mortgage and Mezzanine | Massachusetts                        
Activity in loan portfolio                        
Loan foreclosures (55,700)                      
Loan foreclosure and equity control $ 55,700                      
Commercial loans: | First Mortgage and Mezzanine | Georgia                        
Activity in loan portfolio                        
Loan foreclosures     (45,000)                  
Loan foreclosure and equity control     $ 45,000                  
Commercial loans: | First Mortgage and Mezzanine | Pacific Northwest                        
Activity in loan portfolio                        
Loan foreclosures               (60,800)        
Loan foreclosure and equity control               60,800        
Commercial loans: | Funded Commitments                        
Activity in allowance for loan losses                        
Credit loss allowance at beginning of the period                   436,812 298,775 88,801
Credit loss (reversal) provision, net                   6,752 162,724 222,266
Charge-offs                   (17,225) (24,687) (12,292)
Foreign currency                   26    
Credit loss allowance at the end of the period               298,775   426,365 436,812 298,775
Charge-offs                   17,225 24,687 12,292
Activity in loan portfolio                        
Credit loss provision, net                   (6,752) (162,724) (222,266)
Commercial loans: | Funded Commitments | ARIZONA                        
Activity in allowance for loan losses                        
Charge-offs                     (14,900) (12,300)
Charge-offs                     14,900 12,300
Commercial loans: | Funded Commitments | WASHINGTON                        
Activity in allowance for loan losses                        
Charge-offs                     (9,800)  
Charge-offs                     9,800  
Commercial loans: | Funded Commitments | Massachusetts                        
Activity in allowance for loan losses                        
Charge-offs                   (17,200)    
Charge-offs                   17,200    
Commercial loans: | Loans Held-for-Investment                        
Activity in allowance for loan losses                        
Credit loss allowance at beginning of the period                   16,530 8,742 9,749
Credit loss (reversal) provision, net                   (3,120) 7,788 (1,007)
Credit loss allowance at the end of the period               8,742   13,410 16,530 8,742
Unfunded commitments                   1,478,675    
Activity in loan portfolio                        
Credit loss provision, net                   3,120 (7,788) 1,007
Commercial loans: | Held-for-Investment Loans                        
Activity in allowance for loan losses                        
Credit loss allowance at beginning of the period                   436,812    
Credit loss (reversal) provision, net                   6,752 162,724 222,266
Credit loss allowance at the end of the period                   426,365 436,812  
Activity in loan portfolio                        
Balance at the beginning of the period                   12,895,064 15,078,589 16,048,507
Acquisitions/originations/additional funding                   5,555,371 1,721,307 1,713,979
Capitalized interest                   110,063 95,093 125,057
Basis of loans sold                   (230,267) (39,774) (53,000)
Loan maturities/principal repayments                   (2,518,619) (3,301,358) (2,596,738)
Discount accretion/premium amortization                   30,814 41,398 53,418
Changes in fair value                   0 0 0
Foreign currency translation gain, net                   384,862 (189,019) 152,869
Credit loss provision, net                   (6,752) (162,724) (222,266)
Loan foreclosures                   (182,203) (348,448) (101,845)
Transfer to/from other asset/liability classifications or between segments                     0 (41,392)
Balance at the end of the period               15,078,589   16,038,333 12,895,064 15,078,589
Loan foreclosure and equity control                   182,203 348,448 101,845
Infrastructure loans:                        
Activity in allowance for loan losses                        
Credit loss allowance at the end of the period                   14,477    
Infrastructure loans: | Infrastructure Loans | Chicago | Credit deteriorated                        
Activity in allowance for loan losses                        
Charge-offs                       (10,800)
Charge-offs                       10,800
Infrastructure loans: | Funded Commitments                        
Activity in allowance for loan losses                        
Credit loss allowance at beginning of the period                   11,483 10,264 10,612
Credit loss (reversal) provision, net                   2,994 1,219 10,446
Charge-offs                   0 0 (10,794)
Foreign currency                   0    
Credit loss allowance at the end of the period               10,264   14,477 11,483 10,264
Charge-offs                   0 0 10,794
Activity in loan portfolio                        
Credit loss provision, net                   (2,994) (1,219) (10,446)
Infrastructure loans: | Loans Held-for-Investment                        
Activity in allowance for loan losses                        
Credit loss allowance at beginning of the period                   950 564 72
Credit loss (reversal) provision, net                   404 386 492
Credit loss allowance at the end of the period               564   1,354 950 564
Unfunded commitments                   164,604    
Activity in loan portfolio                        
Credit loss provision, net                   (404) (386) (492)
Infrastructure loans: | Held-for-Investment Loans                        
Activity in allowance for loan losses                        
Credit loss allowance at beginning of the period                   11,483    
Credit loss (reversal) provision, net                   2,994 1,219 10,446
Credit loss allowance at the end of the period                   14,477 11,483  
Activity in loan portfolio                        
Balance at the beginning of the period                   2,541,949 2,495,660 2,352,932
Acquisitions/originations/additional funding                   2,232,039 1,324,544 1,002,908
Capitalized interest                   0 0 518
Basis of loans sold                   0 0 0
Loan maturities/principal repayments                   (1,980,970) (1,249,813) (864,549)
Discount accretion/premium amortization                   31,537 22,377 13,694
Changes in fair value                   0 0 0
Foreign currency translation gain, net                   2,818 (906) 603
Credit loss provision, net                   (2,994) (1,219) (10,446)
Loan foreclosures                   0 0 0
Transfer to/from other asset/liability classifications or between segments                     (48,694) 0
Balance at the end of the period               2,495,660   2,824,379 2,541,949 2,495,660
Loan foreclosure and equity control                   0 0 0
Residential | Residential Loans                        
Activity in loan portfolio                        
Loan foreclosures                     (2,700) (900)
Loan foreclosure and equity control                     2,700 900
Residential | First Mortgage Loan | ARIZONA                        
Activity in loan portfolio                        
Loan foreclosures       $ (30,000)                
Loan foreclosure and equity control       $ 30,000                
Residential | First Mortgage Loan | Dallas, Texas                        
Activity in loan portfolio                        
Loan foreclosures             (88,400)          
Loan foreclosure and equity control             88,400          
Residential | First Mortgage Loan | Fort Worth Texas                        
Activity in loan portfolio                        
Loan foreclosures         $ (55,100)              
Loan foreclosure and equity control         $ 55,100              
Residential | First Mortgage and Mezzanine | Nashville, Tennessee                        
Activity in loan portfolio                        
Loan foreclosures             (51,500)          
Loan foreclosure and equity control             $ 51,500          
Residential | Held-for-Investment Loans                        
Activity in allowance for loan losses                        
Credit loss (reversal) provision, net                   0 0 0
Activity in loan portfolio                        
Balance at the beginning of the period                   0 0 0
Acquisitions/originations/additional funding                   0 0 0
Capitalized interest                   0 0 0
Basis of loans sold                   0 0 0
Loan maturities/principal repayments                   0 0 0
Discount accretion/premium amortization                   0 0 0
Changes in fair value                   0 0 0
Foreign currency translation gain, net                   0 0 0
Credit loss provision, net                   0 0 0
Loan foreclosures                   0 0 0
Transfer to/from other asset/liability classifications or between segments                     0 0
Balance at the end of the period               $ 0   0 0 0
Loan foreclosure and equity control                   $ 0 $ 0 $ 0