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Loans and Investments - Schedule of Investment Portfolio and Concentration of Credit Risk (Details)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
loan
Dec. 31, 2025
USD ($)
loan
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Loans and Investments        
Loans and investments, gross $ 11,997,293 $ 12,113,107    
Allowance for credit losses (131,223) (145,971) $ (240,937) $ (238,967)
Unearned revenue (30,689) (32,888)    
Loans and investments, net $ 11,835,381 $ 11,934,248    
Percent of Total 100.00% 100.00%    
Loan Count | loan 545 632    
Wtd. Avg. Pay Rate (as a percent) 6.49% 6.49%    
Wtd. Avg. Remaining Months to Maturity 15 months 21 days 14 months 21 days    
Wtd. Avg. First Dollar LTV Ratio (as percent) 2.00%      
Wtd. Avg. Last Dollar LTV Ratio (as percent) 77.00%      
Weighted average remaining months to maturity including extension options 20 months 24 days 19 months 27 days    
Exit fee receivable $ 40,600 $ 43,000    
Single-Family Rental        
Loans and Investments        
Allowance for credit losses (7,910) (8,817) $ (6,524) $ (7,524)
Bridge loans        
Loans and Investments        
Loans and investments, gross $ 11,209,443 $ 11,371,758    
Percent of Total 93.00% 94.00%    
Loan Count | loan 439 524    
Wtd. Avg. Pay Rate (as a percent) 6.37% 6.39%    
Wtd. Avg. Remaining Months to Maturity 14 months 3 days 12 months 27 days    
Wtd. Avg. First Dollar LTV Ratio (as percent) 0.00% 0.00%    
Wtd. Avg. Last Dollar LTV Ratio (as percent) 77.00% 77.00%    
Bridge loans | Single-Family Rental        
Loans and Investments        
Number of loans under the loan portfolio | loan 224 298    
Total loan commitment $ 4,620,000 $ 4,730,000    
Mezzanine loans        
Loans and Investments        
Loans and investments, gross $ 295,843 $ 290,212    
Percent of Total 3.00% 2.00%    
Loan Count | loan 62 65    
Wtd. Avg. Pay Rate (as a percent) 8.04% 7.84%    
Wtd. Avg. Remaining Months to Maturity 48 months 18 days 52 months 9 days    
Wtd. Avg. First Dollar LTV Ratio (as percent) 58.00% 59.00%    
Wtd. Avg. Last Dollar LTV Ratio (as percent) 79.00% 78.00%    
Construction - multifamily        
Loans and Investments        
Loans and investments, gross $ 289,889 $ 249,019    
Percent of Total 2.00% 2.00%    
Loan Count | loan 10 9    
Wtd. Avg. Pay Rate (as a percent) 9.12% 9.13%    
Wtd. Avg. Remaining Months to Maturity 22 months 18 days 24 months 18 days    
Wtd. Avg. First Dollar LTV Ratio (as percent) 0.00% 0.00%    
Wtd. Avg. Last Dollar LTV Ratio (as percent) 62.00% 60.00%    
Preferred equity investments        
Loans and Investments        
Loans and investments, gross $ 202,118 $ 202,118    
Percent of Total 2.00% 2.00%    
Loan Count | loan 34 34    
Wtd. Avg. Pay Rate (as a percent) 6.87% 6.87%    
Wtd. Avg. Remaining Months to Maturity 43 months 46 months    
Wtd. Avg. First Dollar LTV Ratio (as percent) 62.00% 62.00%    
Wtd. Avg. Last Dollar LTV Ratio (as percent) 81.00% 80.00%    
SFR permanent loans | Single-Family Rental        
Loans and Investments        
Unpaid principal balance, funded $ 3,270,000 $ 3,180,000