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Loans and Investments - Narrative (Details)
$ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
USD ($)
loan
Jul. 31, 2022
USD ($)
loan
Sep. 30, 2023
USD ($)
loan
Jun. 30, 2023
USD ($)
loan
Sep. 30, 2022
USD ($)
loan
Jun. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
loan
borrower
Sep. 30, 2022
USD ($)
loan
Dec. 31, 2022
USD ($)
loan
borrower
Dec. 31, 2021
USD ($)
Loans and Investments                    
Number of loans | loan             723   747  
Provision for credit losses     $ 15,015   $ 965   $ 51,510 $ 9,055    
Accrued interest receivable related to loans $ 116,400   $ 116,400       $ 116,400   $ 108,500  
Number of loans for which no provision for loan loss made | loan 0   0       0   0  
Loans and investments, allowance for credit losses $ 184,069   $ 184,069 $ 169,054 $ 122,296 $ 121,331 $ 184,069 122,296 $ 132,559 $ 113,241
Interest income recognized on nonaccrual loans             2,800 $ 0    
Multifamily bridge loan $ 13,122,395   $ 13,122,395       13,122,395   14,456,123  
Interest reserve             $ 125,800   123,700  
Loan modification, refinancing, and extensions | loan     0   0   0 0    
Number of loans sold | loan             4      
Bridge loans, total UPB             $ 293,055   $ 157,960  
Number of loans covered under interest reserve | loan 516   516       516   480  
Aggregate UPB covered under interest reserve $ 8,310,000   $ 8,310,000       $ 8,310,000   $ 7,700,000  
Bridge loans                    
Loans and Investments                    
Number of loans | loan             664   692  
Multifamily bridge loan $ 12,790,972   $ 12,790,972 $ 70,500     $ 12,790,972   $ 14,096,054  
Variable rate, spread       3.40%            
Financing receivable, fixed interest rate 0.0300                  
Financing receivable, accrual rate 0.0300                  
Financing receivable, total fixed rate 0.0600                  
Financing receivable, borrower required funding $ 10,500                  
Interest reserve 2,500                  
Financing receivable, borrower requirement, capital improvements $ 8,000                  
Number of loans sold | loan   4                
Bridge loans, total UPB   $ 296,900   $ 182,000     $ 217,400      
Capital released   $ 78,000                
Unrealized impairment loss           2,000        
Number of loans repurchased | loan       2,000,000            
Bridge Loan and Mezzanine Loan                    
Loans and Investments                    
Bridge loan and mezzanine loans sold           110,500        
Loans, purchased with credit deterioration, discount           102,200        
Capital released           66,300        
Fees and expenses on mortgage loan           9,200        
Recovery of additional potential loan           2,800        
Six loans collateralized by a land development project                    
Loans and Investments                    
Number of loans with unpaid principal balance | loan 6   6       6      
Unpaid principal balance on loans $ 121,400   $ 121,400       $ 121,400      
Five loans collateralized by a land development project                    
Loans and Investments                    
Number of loans with unpaid principal balance | loan 5   5       5      
Unpaid principal balance on loans $ 112,100   $ 112,100       $ 112,100      
Weighted average accrual rate of interest (as a percent)             7.91%      
Loans collateralized by a land development project                    
Loans and Investments                    
Loans and investments, allowance for credit losses 71,400   71,400       $ 71,400   $ 71,400  
Non-performing loans                    
Loans and Investments                    
Number of loans | loan             12   4  
Carrying value of loans 137,900   137,900       $ 137,900   $ 2,600  
Loan loss reserves 12,600   12,600       12,600   5,100  
Bridge loans, total UPB             157,862   7,750  
Non-performing loans | Greater Than 90 Days Past Due                    
Loans and Investments                    
Interest receivable 0   0       0   0  
Multifamily bridge loan 35,015   35,015       35,015   7,750  
Land                    
Loans and Investments                    
Provision for credit losses     60   $ (8)   (106) $ (60)    
Outstanding unfunded commitments 1,080,000   1,080,000       1,080,000   1,150,000  
Loans and investments, allowance for credit losses 77,962   77,962 $ 77,902 $ 77,910 $ 77,918 77,962 $ 77,910 78,068 $ 77,970
Bridge loans, total UPB             134,215   $ 134,215  
Credit risk concentration                    
Loans and Investments                    
Multifamily bridge loan 13,122,395   13,122,395       13,122,395      
Credit risk concentration | Land                    
Loans and Investments                    
Multifamily bridge loan $ 136,028   $ 136,028       $ 136,028      
Total Assets | Credit risk concentration                    
Loans and Investments                    
Number of loans | loan             92   38  
Number of different borrowers | borrower             5   5  
Total Assets | Credit risk concentration | Five Borrowers                    
Loans and Investments                    
Concentration risk, percentage             12.00%   11.00%  
Loans and investments portfolio | Credit risk concentration | Texas                    
Loans and Investments                    
Concentration risk, percentage             24.00%   22.00%  
Loans and investments portfolio | Credit risk concentration | Florida                    
Loans and Investments                    
Concentration risk, percentage             16.00%   14.00%