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Loans and Investments - Investment Portfolio and Concentration of Credit Risk (Details)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
loan
Mar. 31, 2025
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Loans and Investments            
Loans and investments, gross $ 11,609,235 $ 11,304,956        
Allowance for credit losses (243,278) (238,967) $ (240,937) $ (238,923) $ (211,942) $ (195,664)
Unearned revenue (32,934) (31,992)        
Loans and investments, net $ 11,333,023 $ 11,033,997        
Percent of Total 100.00% 100.00%        
Loan Count | loan 706 776        
Wtd. Avg. Pay Rate (as a percent) 7.03% 6.90%        
Wtd. Avg. Remaining Months to Maturity 12 months 21 days 13 months 3 days        
Wtd. Avg. First Dollar LTV Ratio (as percent) 2.00%          
Wtd. Avg. Last Dollar LTV Ratio (as percent) 78.00%          
Weighted average remaining months to maturity including extension options 20 months 18 days 22 months 21 days        
Exit fee receivable $ 44,300 $ 46,600        
Single-Family Rental            
Loans and Investments            
Allowance for credit losses (7,312) (7,524) $ (6,524) $ (3,913) $ (2,737) $ (1,624)
Bridge loans            
Loans and Investments            
Loans and investments, gross $ 11,105,463 $ 10,893,106        
Percent of Total 96.00% 96.00%        
Loan Count | loan 611 688        
Wtd. Avg. Pay Rate (as a percent) 6.98% 6.89%        
Wtd. Avg. Remaining Months to Maturity 11 months 3 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 364 423        
Total loan commitment $ 4,450,000 $ 4,180,000        
Mezzanine loans            
Loans and Investments            
Loans and investments, gross $ 250,858 $ 255,556        
Percent of Total 2.00% 2.00%        
Loan Count | loan 61 58        
Wtd. Avg. Pay Rate (as a percent) 7.78% 7.52%        
Wtd. Avg. Remaining Months to Maturity 50 months 21 days 51 months 24 days        
Wtd. Avg. First Dollar LTV Ratio (as percent) 53.00% 51.00%        
Wtd. Avg. Last Dollar LTV Ratio (as percent) 82.00% 82.00%        
Preferred equity investments            
Loans and Investments            
Loans and investments, gross $ 149,776 $ 148,845        
Percent of Total 1.00% 1.00%        
Loan Count | loan 27 27        
Wtd. Avg. Pay Rate (as a percent) 6.77% 6.42%        
Wtd. Avg. Remaining Months to Maturity 48 months 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 $ 100,070 $ 4,367        
Percent of Total 1.00% 1.00%        
Loan Count | loan 6 2        
Wtd. Avg. Pay Rate (as a percent) 9.94% 9.97%        
Wtd. Avg. Remaining Months to Maturity 34 months 15 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) 66.00% 42.00%        
SFR permanent loans            
Loans and Investments            
Loans and investments, gross $ 3,068 $ 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 4 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) 39.00% 40.00%        
SFR permanent loans | Single-Family Rental            
Loans and Investments            
Unpaid principal balance, funded $ 2,530,000 $ 1,990,000