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Loans and Investments - Investment Portfolio and Concentration of Credit Risk (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2023
USD ($)
loan
Dec. 31, 2022
USD ($)
loan
Jun. 30, 2023
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Loans and Investments          
Loans and investments, gross $ 12,615,006 $ 14,456,123      
Allowance for credit losses (195,664) (132,559)   $ (113,241) $ (148,329)
Unearned revenue (41,536) (68,890)      
Loans and investments, net $ 12,377,806 $ 14,254,674   11,981,048 5,285,868
Percent of Total 100.00% 100.00%      
Loan Count | loan 747 747      
Wtd. Avg. Pay Rate (as a percent) 8.42% 8.17%      
Wtd. Avg. Remaining Months to Maturity 13 months 6 days 20 months 18 days      
Wtd. Avg. First Dollar LTV Ratio (as percent) 1.00% 1.00%      
Wtd. Avg. Last Dollar LTV Ratio (as percent) 78.00% 76.00%      
Mortgage loans on real estate remaining maturity period, including extension options 29 months 12 days 37 months 27 days      
Single- Family Rental          
Loans and Investments          
Allowance for credit losses $ (1,624) $ (780)   $ (319) $ (586)
Bridge Loans          
Loans and Investments          
Loans and investments, gross $ 12,273,244 $ 14,096,054 $ 70,500    
Percent of Total 97.00% 98.00%      
Loan Count | loan 679 692      
Wtd. Avg. Pay Rate (as a percent) 8.45% 8.17%      
Wtd. Avg. Remaining Months to Maturity 12 months 19 months 24 days      
Wtd. Avg. First Dollar LTV Ratio (as percent) 0.00% 0.00%      
Wtd. Avg. Last Dollar LTV Ratio (as percent) 78.00% 76.00%      
Bridge Loans | Single- Family Rental          
Loans and Investments          
Number of loans under the loan portfolio | loan 354 241      
Total loan commitment $ 2,510,000 $ 1,570,000      
Mezzanine loans          
Loans and Investments          
Loans and investments, gross $ 248,457 $ 213,499      
Percent of Total 2.00% 1.00%      
Loan Count | loan 49 44      
Wtd. Avg. Pay Rate (as a percent) 8.41% 8.13%      
Wtd. Avg. Remaining Months to Maturity 56 months 18 days 63 months 3 days      
Wtd. Avg. First Dollar LTV Ratio (as percent) 48.00% 42.00%      
Wtd. Avg. Last Dollar LTV Ratio (as percent) 80.00% 77.00%      
Preferred equity investments          
Loans and Investments          
Loans and investments, gross $ 85,741 $ 110,725      
Percent of Total 1.00% 1.00%      
Loan Count | loan 17 8      
Wtd. Avg. Pay Rate (as a percent) 3.95% 7.63%      
Wtd. Avg. Remaining Months to Maturity 60 months 9 days 39 months 6 days      
Wtd. Avg. First Dollar LTV Ratio (as percent) 53.00% 46.00%      
Wtd. Avg. Last Dollar LTV Ratio (as percent) 82.00% 79.00%      
SFR Permanent Loans          
Loans and Investments          
Loans and investments, gross $ 7,564 $ 35,845      
Percent of Total 1.00% 1.00%      
Loan Count | loan 2 3      
Wtd. Avg. Pay Rate (as a percent) 9.84% 8.76%      
Wtd. Avg. Remaining Months to Maturity 13 months 27 days 32 months 24 days      
Wtd. Avg. First Dollar LTV Ratio (as percent) 0.00% 0.00%      
Wtd. Avg. Last Dollar LTV Ratio (as percent) 56.00% 58.00%      
SFR Permanent Loans | Single- Family Rental          
Loans and Investments          
Total loan commitment $ 1,320,000 $ 927,400