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Loans and Investments - Investment Portfolio and Concentration of Credit Risk (Details)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
USD ($)
loan
Sep. 30, 2024
USD ($)
loan
Dec. 31, 2023
USD ($)
loan
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Loans and Investments                
Loans and investments, gross $ 11,565,538 $ 11,565,538 $ 12,615,006          
Allowance for credit losses (243,588) (243,588) (195,664) $ (238,923)   $ (184,069) $ (169,054) $ (132,559)
Unearned revenue (29,303) (29,303) (41,536)          
Loans and investments, net $ 11,292,647 $ 11,292,647 $ 12,377,806          
Percent of Total 100.00% 100.00% 100.00%          
Loan Count | loan   789 747          
Wtd. Avg. Pay Rate (as a percent)   7.25% 8.42%          
Wtd. Avg. Remaining Months to Maturity   11 months 24 days 13 months 6 days          
Wtd. Avg. First Dollar LTV Ratio (as percent) 2.00% 2.00%            
Wtd. Avg. Last Dollar LTV Ratio (as percent) 80.00% 80.00%            
Weighted average remaining months to maturity including extension options 24 months 3 days   29 months 12 days          
Single-Family Rental                
Loans and Investments                
Allowance for credit losses $ (4,220) $ (4,220) $ (1,624) $ (3,913)   $ (1,239) (1,077) $ (781)
Bridge loans                
Loans and Investments                
Loans and investments, gross $ 11,169,284 $ 11,169,284 $ 12,273,244   $ 13,500   $ 70,500  
Percent of Total 97.00% 97.00% 97.00%          
Loan Count | loan   702 679          
Wtd. Avg. Pay Rate (as a percent)   7.26% 8.45%          
Wtd. Avg. Remaining Months to Maturity   10 months 15 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) 80.00% 80.00% 78.00%          
Bridge loans | Single-Family Rental                
Loans and Investments                
Number of loans under the loan portfolio | loan 425 425 354          
Total loan commitment   $ 3,750,000 $ 2,860,000          
Mezzanine loans                
Loans and Investments                
Loans and investments, gross $ 273,086 $ 273,086 $ 248,457          
Percent of Total 2.00% 2.00% 2.00%          
Loan Count | loan   59 49          
Wtd. Avg. Pay Rate (as a percent)   7.84% 8.41%          
Wtd. Avg. Remaining Months to Maturity   50 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) 82.00% 82.00% 80.00%          
Preferred equity investments                
Loans and Investments                
Loans and investments, gross $ 120,082 $ 120,082 $ 85,741          
Percent of Total 1.00% 1.00% 1.00%          
Loan Count | loan   27 17          
Wtd. Avg. Pay Rate (as a percent)   5.27% 3.95%          
Wtd. Avg. Remaining Months to Maturity   52 months 6 days 60 months 9 days          
Wtd. Avg. First Dollar LTV Ratio (as percent) 56.00% 56.00% 53.00%          
Wtd. Avg. Last Dollar LTV Ratio (as percent) 80.00% 80.00% 82.00%          
SFR permanent loans                
Loans and Investments                
Loans and investments, gross $ 3,086 $ 3,086 $ 7,564          
Percent of Total 1.00% 1.00% 1.00%          
Loan Count | loan   1 2          
Wtd. Avg. Pay Rate (as a percent)   9.88% 9.84%          
Wtd. Avg. Remaining Months to Maturity   13 months 9 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) 40.00% 40.00% 56.00%          
SFR permanent loans | Single-Family Rental                
Loans and Investments                
Unpaid principal balance, funded $ 1,780,000 $ 1,780,000 $ 1,320,000