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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, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
loan
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Loans and Investments        
Loans and investments, gross $ 11,489,393 $ 11,304,956    
Allowance for credit losses (240,937) (238,967) $ (211,942) $ (195,664)
Unearned revenue (32,831) (31,992)    
Loans and investments, net $ 11,215,625 $ 11,033,997    
Percent of Total 100.00% 100.00%    
Loan Count | loan 719 776    
Wtd. Avg. Pay Rate (as a percent) 6.94% 6.90%    
Wtd. Avg. Remaining Months to Maturity 13 months 13 months 3 days    
Wtd. Avg. First Dollar LTV Ratio (as percent) 2.00%      
Wtd. Avg. Last Dollar LTV Ratio (as percent) 79.00%      
Weighted average remaining months to maturity including extension options 21 months 24 days 22 months 21 days    
Exit fee receivable $ 43,500 $ 46,600    
Single-Family Rental        
Loans and Investments        
Allowance for credit losses (6,524) (7,524) $ (2,737) $ (1,624)
Bridge loans        
Loans and Investments        
Loans and investments, gross $ 11,057,542 $ 10,893,106    
Percent of Total 96.00% 96.00%    
Loan Count | loan 627 688    
Wtd. Avg. Pay Rate (as a percent) 6.92% 6.89%    
Wtd. Avg. Remaining Months to Maturity 11 months 18 days 11 months 18 days    
Wtd. Avg. First Dollar LTV Ratio (as percent) 0.00% 0.00%    
Wtd. Avg. Last Dollar LTV Ratio (as percent) 79.00% 80.00%    
Bridge loans | Single-Family Rental        
Loans and Investments        
Number of loans under the loan portfolio | loan 372 423    
Total loan commitment $ 4,350,000 $ 4,180,000    
Mezzanine loans        
Loans and Investments        
Loans and investments, gross $ 256,925 $ 255,556    
Percent of Total 2.00% 2.00%    
Loan Count | loan 60 58    
Wtd. Avg. Pay Rate (as a percent) 7.70% 7.52%    
Wtd. Avg. Remaining Months to Maturity 51 months 51 months 24 days    
Wtd. Avg. First Dollar LTV Ratio (as percent) 52.00% 51.00%    
Wtd. Avg. Last Dollar LTV Ratio (as percent) 81.00% 82.00%    
Preferred equity investments        
Loans and Investments        
Loans and investments, gross $ 148,845 $ 148,845    
Percent of Total 1.00% 1.00%    
Loan Count | loan 27 27    
Wtd. Avg. Pay Rate (as a percent) 6.62% 6.42%    
Wtd. Avg. Remaining Months to Maturity 50 months 27 days 53 months 27 days    
Wtd. Avg. First Dollar LTV Ratio (as percent) 62.00% 62.00%    
Wtd. Avg. Last Dollar LTV Ratio (as percent) 80.00% 79.00%    
Construction - multifamily        
Loans and Investments        
Loans and investments, gross $ 23,005 $ 4,367    
Percent of Total 1.00% 1.00%    
Loan Count | loan 4 2    
Wtd. Avg. Pay Rate (as a percent) 9.76% 9.97%    
Wtd. Avg. Remaining Months to Maturity 22 months 12 days 20 months 24 days    
Wtd. Avg. First Dollar LTV Ratio (as percent) 0.00% 0.00%    
Wtd. Avg. Last Dollar LTV Ratio (as percent) 36.00% 42.00%    
SFR permanent loans        
Loans and Investments        
Loans and investments, gross $ 3,076 $ 3,082    
Percent of Total 1.00% 1.00%    
Loan Count | loan 1 1    
Wtd. Avg. Pay Rate (as a percent) 9.35% 9.36%    
Wtd. Avg. Remaining Months to Maturity 7 months 9 days 10 months 9 days    
Wtd. Avg. First Dollar LTV Ratio (as percent) 0.00% 0.00%    
Wtd. Avg. Last Dollar LTV Ratio (as percent) 40.00% 40.00%    
SFR permanent loans | Single-Family Rental        
Loans and Investments        
Unpaid principal balance, funded $ 2,250,000 $ 1,990,000