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Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Cash Flows from Operating Activities:      
Net income $ 443,093 $ 380,577 $ 418,157
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of deferred financing costs, premiums and discounts on secured borrowings 46,650 48,916 50,467
Amortization of discounts and deferred financing costs on unsecured senior notes 11,924 10,860 9,365
Accretion of net discount on investment securities (5,685) (5,868) (8,498)
Accretion of net deferred loan fees and discounts (62,351) (63,775) (67,112)
Share-based compensation 54,094 41,786 39,247
Manager fees paid in stock 11,488 21,061 15,323
Change in fair value of investment securities (2,187) (1,014) (767)
Change in fair value of consolidated VIEs (5,860) 69,749 (33,158)
Change in fair value of servicing rights (5,890) (3,006) (1,594)
Change in fair value of loans (184,440) (75,880) (62,702)
Change in fair value of affordable housing fund investments 346,034 (60,700) (251,831)
Change in fair value of derivatives 153,587 (84,218) 128,218
Foreign currency (gain) loss, net (112,944) 73,928 (60,834)
Gain on sale of investments and other assets (42,913) (100,710) (25,729)
Impairment charges on properties and related intangibles 26,766 0 124,902
Credit loss provision, net 19,370 197,400 243,728
Depreciation and amortization 84,832 46,256 54,296
Earnings from unconsolidated entities (14,553) (13,096) (16,722)
Distributions of earnings from unconsolidated entities 10,863 5,035 8,847
(Gain) loss on extinguishment of debt (17,681) 3,940 1,238
Origination and purchase of loans held-for-sale, net of principal collections (923,497) (1,525,121) (571,005)
Proceeds from sale of loans held-for-sale 1,285,302 1,728,006 770,733
Changes in operating assets and liabilities:      
Related-party payable (7,296) (5,858) 3,630
Accrued and capitalized interest receivable, less purchased interest (103,841) (70,420) (155,831)
Other assets 23,150 (76,250) (65,780)
Accounts payable, accrued expenses and other liabilities (50,163) 104,988 (17,991)
Net cash provided by operating activities 977,852 646,586 528,597
Cash Flows from Investing Activities:      
Origination, purchase and funding of loans held-for-investment (7,787,410) (3,045,851) (2,717,720)
Proceeds from principal collections on loans 4,510,844 4,628,837 3,337,402
Proceeds from loans sold 229,867 87,269 95,271
Purchase and funding of investment securities (81,621) (88,706) (11,578)
Proceeds from sales and redemptions of investment securities 9,256 3,690 3,042
Proceeds from principal collections on investment securities 304,351 274,160 90,348
Proceeds from sales of real estate 100,940 216,825 73,569
Net cash paid in merger (878,493) 0 0
Purchases and additions to properties and other assets (269,043) (27,939) (25,085)
Investments in unconsolidated entities (313) (6,569) (2,603)
Proceeds from sale of interest in an unconsolidated entity 69,819 0 0
Distribution of capital from unconsolidated entities 250 5,640 10,977
Cash acquired through foreclosures 733 4,401 824
Payments for purchase or termination of derivatives (54,515) (19,813) (42,411)
Proceeds from origination or termination of derivatives 68,883 52,010 43,038
Net cash (used in) provided by investing activities (3,776,452) 2,083,954 855,074
Cash Flows from Financing Activities:      
Proceeds from borrowings 14,667,362 7,204,169 6,559,959
Principal repayments on and repurchases of borrowings (11,430,553) (9,242,960) (7,473,900)
Payment of deferred financing costs (89,193) (70,031) (20,990)
Net proceeds from issuances of common stock 567,813 395,487 2,997
Payment of dividends (668,855) (619,996) (601,192)
Contributions from non-controlling interests 7,450 9,306 2,724
Distributions to non-controlling interests (99,985) (45,478) (45,368)
Issuance of debt of consolidated VIEs 0 12,923 0
Repayment of debt of consolidated VIEs (165,052) (187,703) (48,435)
Distributions of cash from consolidated VIEs 130,571 58,383 169,642
Net cash provided by (used in) financing activities 2,919,558 (2,485,900) (1,454,563)
Net increase (decrease) in cash, cash equivalents and restricted cash 120,958 244,640 (70,892)
Cash, cash equivalents and restricted cash, beginning of period 553,995 311,972 382,133
Effect of exchange rate changes on cash (306) (2,617) 731
Cash, cash equivalents and restricted cash, end of period 674,647 553,995 311,972
Supplemental disclosure of cash flow information:      
Cash paid for interest 1,188,901 1,294,131 1,351,533
Income taxes paid, net 696 4,010 1,670
Supplemental disclosure of non-cash investing and financing activities:      
Dividends declared with respect to the fourth quarter, but not yet paid 178,510 162,553 153,705
Consolidation of VIEs (VIE asset/liability additions) 2,278,350 2,808,141 722,039
Deconsolidation of VIEs (VIE asset/liability reductions) 62,461 891,494 0
Net assets acquired in merger:      
Assets acquired, less cash 2,204,987 0 0
Liabilities assumed 1,326,494 0 0
Net assets acquired through foreclosure or equity control:      
Assets acquired, less cash 201,885 356,871 101,963
Liabilities assumed 2,489 6,857 983
Loan principal collections temporarily held at master servicer 35,392 46,648 124,314
Redemption of Class A Units for common stock 1,389 0 0
Debt assumed by purchaser in sale of real estate 0 (194,900) 0
Reclassification of loans held-for-investment to loans held-for-sale 0 48,695 41,392
Net assets acquired from consolidated VIEs 0 7,650 0
Lease liabilities arising from obtaining right-of-use assets $ 0 $ 0 $ 29,821