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Loans and Investments - Investment Portfolio and Concentration of Credit Risk (Details)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2024
USD ($)
loan
Dec. 31, 2023
USD ($)
loan
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Loans and Investments          
Loans and investments, gross $ 12,249,862 $ 12,615,006      
Allowance for credit losses (211,942) (195,664)   $ (153,077) $ (132,559)
Unearned revenue (36,376) (41,536)      
Loans and investments, net $ 12,001,544 $ 12,377,806      
Percent of Total 100.00% 100.00%      
Loan Count | loan 781 747      
Wtd. Avg. Pay Rate (as a percent) 8.07% 8.42%      
Wtd. Avg. Remaining Months to Maturity 12 months 24 days 13 months 6 days      
Wtd. Avg. First Dollar LTV Ratio (as percent) 2.00%        
Wtd. Avg. Last Dollar LTV Ratio (as percent) 81.00%        
Weighted average remaining months to maturity including extension options 27 months 18 days 29 months 12 days      
Single-Family Rental          
Loans and Investments          
Allowance for credit losses $ (2,737) $ (1,624)   $ (973) $ (781)
Bridge loans          
Loans and Investments          
Loans and investments, gross $ 11,866,289 $ 12,273,244 $ 70,500    
Percent of Total 97.00% 97.00%      
Loan Count | loan 698 679      
Wtd. Avg. Pay Rate (as a percent) 8.11% 8.45%      
Wtd. Avg. Remaining Months to Maturity 11 months 12 days 12 months      
Wtd. Avg. First Dollar LTV Ratio (as percent) 0.00% 0.00%      
Wtd. Avg. Last Dollar LTV Ratio (as percent) 81.00% 78.00%      
Bridge loans | Single-Family Rental          
Loans and Investments          
Number of loans under the loan portfolio | loan 389 354      
Total loan commitment $ 3,210,000 $ 2,860,000      
Mezzanine loans          
Loans and Investments          
Loans and investments, gross $ 260,414 $ 248,457      
Percent of Total 2.00% 2.00%      
Loan Count | loan 55 49      
Wtd. Avg. Pay Rate (as a percent) 7.87% 8.41%      
Wtd. Avg. Remaining Months to Maturity 53 months 9 days 56 months 18 days      
Wtd. Avg. First Dollar LTV Ratio (as percent) 49.00% 48.00%      
Wtd. Avg. Last Dollar LTV Ratio (as percent) 82.00% 80.00%      
Preferred equity investments          
Loans and Investments          
Loans and investments, gross $ 117,431 $ 85,741      
Percent of Total 1.00% 1.00%      
Loan Count | loan 26 17      
Wtd. Avg. Pay Rate (as a percent) 5.09% 3.95%      
Wtd. Avg. Remaining Months to Maturity 57 months 27 days 60 months 9 days      
Wtd. Avg. First Dollar LTV Ratio (as percent) 54.00% 53.00%      
Wtd. Avg. Last Dollar LTV Ratio (as percent) 78.00% 82.00%      
SFR permanent loans          
Loans and Investments          
Loans and investments, gross $ 5,728 $ 7,564      
Percent of Total 1.00% 1.00%      
Loan Count | loan 2 2      
Wtd. Avg. Pay Rate (as a percent) 9.94% 9.84%      
Wtd. Avg. Remaining Months to Maturity 12 months 24 days 13 months 27 days      
Wtd. Avg. First Dollar LTV Ratio (as percent) 0.00% 0.00%      
Wtd. Avg. Last Dollar LTV Ratio (as percent) 53.00% 56.00%      
SFR permanent loans | Single-Family Rental          
Loans and Investments          
Unpaid principal balance, funded $ 1,450,000 $ 1,320,000