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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