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Loans and Investments - Summary of Impaired Loans (Details)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
loan
Loans and Investments    
UPB $ 617,789 $ 611,696
Carrying Value 596,940 589,036
Allowance for Credit Losses $ 144,649 $ 143,749
Wtd. Avg. First Dollar LTV Ratio 0 0
Wtd. Avg. Last Dollar LTV Ratio 0.99 0.99
Number of impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class | loan 27 27
Multifamily    
Loans and Investments    
UPB $ 462,354 $ 456,261
Carrying Value 452,304 444,400
Allowance for Credit Losses $ 61,787 $ 60,887
Wtd. Avg. First Dollar LTV Ratio 0 0
Wtd. Avg. Last Dollar LTV Ratio 0.99 0.99
Land    
Loans and Investments    
UPB $ 134,215 $ 134,215
Carrying Value 127,868 127,868
Allowance for Credit Losses $ 77,869 $ 77,869
Wtd. Avg. First Dollar LTV Ratio 0 0
Wtd. Avg. Last Dollar LTV Ratio 0.99 0.99
Retail    
Loans and Investments    
UPB $ 19,520 $ 19,520
Carrying Value 15,068 15,068
Allowance for Credit Losses $ 3,293 $ 3,293
Wtd. Avg. First Dollar LTV Ratio 0 0
Wtd. Avg. Last Dollar LTV Ratio 0.87 0.87
Commercial    
Loans and Investments    
UPB $ 1,700 $ 1,700
Carrying Value 1,700 1,700
Allowance for Credit Losses $ 1,700 $ 1,700
Wtd. Avg. First Dollar LTV Ratio 0 0
Wtd. Avg. Last Dollar LTV Ratio 1 1