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Loans and Investments - Investment Portfolio and Concentration of Credit Risk (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |  |  |  |
--- | --- | --- | --- | --- | --- | --- | ---
Jun. 30, 2024 USD ($) loan | Jun. 30, 2024 USD ($) loan | Dec. 31, 2023 USD ($) loan | Mar. 31, 2024 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($)
Loans and Investments |  |  |  |  |  |  |
Loans and investments, gross | $ 11,873,208 | $ 11,873,208 | $ 12,615,006 |  |  |  |
Allowance for credit losses | (238,923) | (238,923) | (195,664) | $ (211,942) | $ (169,054) | $ (153,077) | $ (132,559)
Unearned revenue | (30,341) | (30,341) | (41,536) |  |  |  |
Loans and investments, net | $ 11,603,944 | $ 11,603,944 | $ 12,377,806 |  |  |  |
Percent of Total | 100.00% | 100.00% | 100.00% |  |  |  |
Loan Count | loan |  | 783 | 747 |  |  |  |
Wtd. Avg. Pay Rate (as a percent) |  | 7.79% | 8.42% |  |  |  |
Wtd. Avg. Remaining Months to Maturity |  | 12 months | 13 months 6 days |  |  |  |
Wtd. Avg. First Dollar LTV Ratio (as percent) | 2.00% | 2.00% |  |  |  |  |
Wtd. Avg. Last Dollar LTV Ratio (as percent) | 79.00% | 79.00% |  |  |  |  |
Weighted average remaining months to maturity including extension options | 25 months 18 days |  | 29 months 12 days |  |  |  |
Single-Family Rental |  |  |  |  |  |  |
Loans and Investments |  |  |  |  |  |  |
Allowance for credit losses | $ (3,913) | $ (3,913) | $ (1,624) | (2,737) | (1,077) | $ (973) | $ (781)
Bridge loans |  |  |  |  |  |  |
Loans and Investments |  |  |  |  |  |  |
Loans and investments, gross | $ 11,478,252 | $ 11,478,252 | $ 12,273,244 | $ 13,500 | $ 70,500 |  |
Percent of Total | 97.00% | 97.00% | 97.00% |  |  |  |
Loan Count | loan |  | 696 | 679 |  |  |  |
Wtd. Avg. Pay Rate (as a percent) |  | 7.81% | 8.45% |  |  |  |
Wtd. Avg. Remaining Months to Maturity |  | 10 months 18 days | 12 months |  |  |  |
Wtd. Avg. First Dollar LTV Ratio (as percent) | 0.00% | 0.00% | 0.00% |  |  |  |
Wtd. Avg. Last Dollar LTV Ratio (as percent) | 79.00% | 79.00% | 78.00% |  |  |  |
Bridge loans | Single-Family Rental |  |  |  |  |  |  |
Loans and Investments |  |  |  |  |  |  |
Number of loans under the loan portfolio | loan | 403 | 403 | 354 |  |  |  |
Total loan commitment |  | $ 3,420,000 | $ 2,860,000 |  |  |  |
Mezzanine loans |  |  |  |  |  |  |
Loans and Investments |  |  |  |  |  |  |
Loans and investments, gross | $ 272,550 | $ 272,550 | $ 248,457 |  |  |  |
Percent of Total | 2.00% | 2.00% | 2.00% |  |  |  |
Loan Count | loan |  | 59 | 49 |  |  |  |
Wtd. Avg. Pay Rate (as a percent) |  | 7.87% | 8.41% |  |  |  |
Wtd. Avg. Remaining Months to Maturity |  | 52 months 24 days | 56 months 18 days |  |  |  |
Wtd. Avg. First Dollar LTV Ratio (as percent) | 51.00% | 51.00% | 48.00% |  |  |  |
Wtd. Avg. Last Dollar LTV Ratio (as percent) | 83.00% | 83.00% | 80.00% |  |  |  |
Preferred equity investments |  |  |  |  |  |  |
Loans and Investments |  |  |  |  |  |  |
Loans and investments, gross | $ 117,431 | $ 117,431 | $ 85,741 |  |  |  |
Percent of Total | 1.00% | 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 |  | 55 months | 60 months 9 days |  |  |  |
Wtd. Avg. First Dollar LTV Ratio (as percent) | 55.00% | 55.00% | 53.00% |  |  |  |
Wtd. Avg. Last Dollar LTV Ratio (as percent) | 81.00% | 81.00% | 82.00% |  |  |  |
SFR permanent loans |  |  |  |  |  |  |
Loans and Investments |  |  |  |  |  |  |
Loans and investments, gross | $ 4,975 | $ 4,975 | $ 7,564 |  |  |  |
Percent of Total | 1.00% | 1.00% | 1.00% |  |  |  |
Loan Count | loan |  | 2 | 2 |  |  |  |
Wtd. Avg. Pay Rate (as a percent) |  | 10.02% | 9.84% |  |  |  |
Wtd. Avg. Remaining Months to Maturity |  | 10 months 27 days | 13 months 27 days |  |  |  |
Wtd. Avg. First Dollar LTV Ratio (as percent) | 0.00% | 0.00% | 0.00% |  |  |  |
Wtd. Avg. Last Dollar LTV Ratio (as percent) | 47.00% | 47.00% | 56.00% |  |  |  |
SFR permanent loans | Single-Family Rental |  |  |  |  |  |  |
Loans and Investments |  |  |  |  |  |  |
Unpaid principal balance, funded | $ 1,620,000 | $ 1,620,000 | $ 1,320,000 |  |  |  |

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