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Loans and Investments - Investment Portfolio and Concentration of Credit Risk (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2024
USD ($)
loan
Dec. 31, 2023
USD ($)
loan
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Loans and Investments        
Loans and investments, gross $ 11,304,956 $ 12,615,006    
Allowance for credit losses (238,967) (195,664) $ (132,559) $ (113,241)
Unearned revenue (31,992) (41,536)    
Loans and investments, net $ 11,033,997 $ 12,377,806 14,254,674 11,981,048
Percent of Total 100.00% 100.00%    
Loan Count | loan 776 747    
Wtd. Avg. Pay Rate (as a percent) 6.90% 8.42%    
Wtd. Avg. Remaining Months to Maturity 13 months 3 days 13 months 6 days    
Wtd. Avg. First Dollar LTV Ratio (as percent) 2.00% 1.00%    
Wtd. Avg. Last Dollar LTV Ratio (as percent) 80.00% 78.00%    
Mortgage loans on real estate remaining maturity period, including extension options 22 months 21 days 29 months 12 days    
Exit fee receivable $ 46,600 $ 38,500    
Single-Family Rental        
Loans and Investments        
Allowance for credit losses (7,524) (1,624) $ (780) $ (319)
Bridge Loans        
Loans and Investments        
Loans and investments, gross $ 10,893,106 $ 12,273,244    
Percent of Total 96.00% 97.00%    
Loan Count | loan 688 679    
Wtd. Avg. Pay Rate (as a percent) 6.89% 8.45%    
Wtd. Avg. Remaining Months to Maturity 11 months 18 days 12 months    
Wtd. Avg. First Dollar LTV Ratio (as percent) 0.00% 0.00%    
Wtd. Avg. Last Dollar LTV Ratio (as percent) 80.00% 78.00%    
Bridge Loans | Single-Family Rental        
Loans and Investments        
Number of loans under the loan portfolio | loan 423 354    
Total loan commitment $ 4,180,000 $ 2,860,000    
Mezzanine loans        
Loans and Investments        
Loans and investments, gross $ 255,556 $ 248,457    
Percent of Total 2.00% 2.00%    
Loan Count | loan 58 49    
Wtd. Avg. Pay Rate (as a percent) 7.52% 8.41%    
Wtd. Avg. Remaining Months to Maturity 51 months 24 days 56 months 18 days    
Wtd. Avg. First Dollar LTV Ratio (as percent) 51.00% 48.00%    
Wtd. Avg. Last Dollar LTV Ratio (as percent) 82.00% 80.00%    
Preferred equity investments        
Loans and Investments        
Loans and investments, gross $ 148,845 $ 85,741    
Percent of Total 1.00% 1.00%    
Loan Count | loan 27 17    
Wtd. Avg. Pay Rate (as a percent) 6.42% 3.95%    
Wtd. Avg. Remaining Months to Maturity 53 months 27 days 60 months 9 days    
Wtd. Avg. First Dollar LTV Ratio (as percent) 62.00% 53.00%    
Wtd. Avg. Last Dollar LTV Ratio (as percent) 79.00% 82.00%    
Multifamily        
Loans and Investments        
Loans and investments, gross $ 4,367      
Percent of Total 1.00%      
Loan Count | loan 2      
Wtd. Avg. Pay Rate (as a percent) 9.97%      
Wtd. Avg. Remaining Months to Maturity 20 months 24 days      
Wtd. Avg. First Dollar LTV Ratio (as percent) 0.00%      
Wtd. Avg. Last Dollar LTV Ratio (as percent) 42.00%      
SFR Permanent Loans        
Loans and Investments        
Loans and investments, gross $ 3,082 $ 7,564    
Percent of Total 1.00% 1.00%    
Loan Count | loan 1 2    
Wtd. Avg. Pay Rate (as a percent) 9.36% 9.84%    
Wtd. Avg. Remaining Months to Maturity 10 months 9 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) 40.00% 56.00%    
SFR Permanent Loans | Single-Family Rental        
Loans and Investments        
Total loan commitment $ 1,990,000 $ 1,320,000