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Equity Investments, at Fair Value (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]          
Gain (loss) from equity investments $ 8,015,000 $ 9,966,000 $ 22,021,000 $ 14,573,000  
Preferred Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Gain (loss) from equity investments (300,000) 6,700 600,000 (4,100,000)  
Investment in unconsolidated entities | Morrocroft Neighborhood Stabilization Fund II, LP          
Schedule of Equity Method Investments [Line Items]          
Change in fair value, gain (loss) 2,137,000 515,000 4,324,000 1,080,000  
Investment in unconsolidated entities | Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (1)          
Schedule of Equity Method Investments [Line Items]          
Change in fair value, gain (loss) 0 5,027,000 (15,000) 7,078,000  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Fair Value 227,635,000   227,635,000   $ 182,765,000
Change in fair value, gain (loss) $ 5,878,000 4,302,000 $ 17,712,000 7,363,000  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | BBA-EP320 II, L.L.C., BBA-Ten10 II, L.L.C., and Lexington on the Green Apartments, L.L.C. (collectively)          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 45.00%   45.00%   45.00%
Fair Value $ 12,476,000   $ 12,476,000   $ 11,441,000
Change in fair value, gain (loss) $ 331,000 295,000 $ 1,035,000 898,000  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Somerset Deerfield Investor, LLC          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 45.00%   45.00%   45.00%
Fair Value $ 19,661,000   $ 19,661,000   $ 18,792,000
Change in fair value, gain (loss) $ 569,000 472,000 $ 1,711,000 1,259,000  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | RS SWD Owner, LLC, RS SWD Mitchell Owner, LLC, RS SWD IF Owner, LLC, RS SWD Mullis Owner, LLC, RS SWD JH Mullis Owner, LLC and RS SWD Saltzman Owner, LLC (collectively)          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 43.00%   43.00%   43.00%
Fair Value $ 5,590,000   $ 5,590,000   $ 5,140,000
Change in fair value, gain (loss) $ 152,000 125,000 $ 450,000 217,000  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Audubon Mezzanine Holdings, L.L.C. (Series A)          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 57.00%   57.00%   57.00%
Fair Value $ 12,118,000   $ 12,118,000   $ 11,456,000
Change in fair value, gain (loss) $ 251,000 365,000 $ 972,000 541,000  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | EP 320 Growth Fund, L.L.C. (Series A) and Turnbury Park Apartments - BC, L.L.C. (Series A) (collectively)          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 46.00%   46.00%   46.00%
Fair Value $ 7,464,000   $ 7,464,000   $ 7,234,000
Change in fair value, gain (loss) $ 151,000 181,000 $ 571,000 305,000  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Walnut Creek Properties Holdings, L.L.C.          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 36.00%   36.00%   36.00%
Fair Value $ 9,180,000   $ 9,180,000   $ 8,803,000
Change in fair value, gain (loss) $ 257,000 280,000 $ 797,000 402,000  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Towers Property Holdings, LLC          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 37.00%   37.00%   37.00%
Fair Value $ 12,712,000   $ 12,712,000   $ 12,119,000
Change in fair value, gain (loss) $ 348,000 380,000 $ 1,087,000 502,000  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Mansions Property Holdings, LLC          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 34.00%   34.00%   34.00%
Fair Value $ 12,249,000   $ 12,249,000   $ 11,679,000
Change in fair value, gain (loss) $ 335,000 366,000 $ 1,048,000 484,000  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Sabina Montgomery Holdings, LLC - Series B and Oakley Shoals Apartments, LLC - Series A (collectively)          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 43.00%   43.00%   43.00%
Fair Value $ 4,465,000   $ 4,465,000   $ 4,320,000
Change in fair value, gain (loss) $ 89,000 137,000 $ 355,000 190,000  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Gen1814, LLC - Series A, Highlands - Mtg. Holdings, LLC - Series A, and Polos at Hudson Investments, LLC - Series A (collectively)          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 37.00%   37.00%   37.00%
Fair Value $ 10,297,000   $ 10,297,000   $ 9,966,000
Change in fair value, gain (loss) $ 204,000 317,000 $ 819,000 430,000  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Axis Apartments Holdings, LLC, Arbor-Stratford Holdings II, LLC - Series B, Highlands - Mtg. Holdings, LLC - Series B, Oakley Shoals Apartments, LLC - Series C, and Woodland Park Apartments II, LLC (collectively)          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 53.00%   53.00%   53.00%
Fair Value $ 12,721,000   $ 12,721,000   $ 12,337,000
Change in fair value, gain (loss) $ 252,000 392,000 $ 1,014,000 527,000  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | DCP Gold Creek, LLC          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 44.00%   44.00%   44.00%
Fair Value $ 6,615,000   $ 6,615,000   $ 6,357,000
Change in fair value, gain (loss) $ 189,000 203,000 $ 589,000 305,000  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | 1122 Chicago DE, LLC          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 53.00%   53.00%   53.00%
Fair Value $ 7,593,000   $ 7,593,000   $ 7,222,000
Change in fair value, gain (loss) $ 229,000 226,000 $ 675,000 462,000  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Rigsbee Ave Holdings, LLC          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 56.00%   56.00%   56.00%
Fair Value $ 11,126,000   $ 11,126,000   $ 10,222,000
Change in fair value, gain (loss) $ 120,000 326,000 $ 1,335,000 604,000  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Bighaus, LLC          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 42.00%   42.00%   42.00%
Fair Value $ 15,224,000   $ 15,224,000   $ 14,525,000
Change in fair value, gain (loss) $ 450,000 237,000 $ 1,328,000 237,000  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | FF/RMI 20 Midtown, LLC          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 51.00%   51.00%   51.00%
Fair Value $ 25,067,000   $ 25,067,000   $ 23,936,000
Change in fair value, gain (loss) $ 771,000 0 $ 2,275,000 0  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Lurin-RMI, LLC          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 38.00%   38.00%   38.00%
Fair Value $ 7,521,000   $ 7,521,000   $ 7,216,000
Change in fair value, gain (loss) $ 216,000 0 $ 687,000 0  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | Palms at Cape Coral, LLC          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 34.00%   34.00%   0.00%
Fair Value $ 5,096,000   $ 5,096,000   $ 0
Change in fair value, gain (loss) $ 189,000 0 $ 189,000 0  
Investment in unconsolidated entities | Multi-Family Preferred Equity Ownership Interests | America Walks at Port St. Lucie, LLC          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 62.00%   62.00%   0.00%
Fair Value $ 30,460,000   $ 30,460,000   $ 0
Change in fair value, gain (loss) 775,000 0 775,000 0  
Investment in unconsolidated entities | Joint venture equity investments in multi-family properties          
Schedule of Equity Method Investments [Line Items]          
Fair Value 10,290,000   10,290,000   $ 0
Change in fair value, gain (loss) $ 0 122,000 $ 0 (949,000)  
Loss from equity method investments, gross   8,600,000   9,700,000  
Income from equity method investments, gross   8,800,000   8,800,000  
Investment in unconsolidated entities | Joint venture equity investments in multi-family properties | GWR Cedars Partners, LLC          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 70.00%   70.00%   0.00%
Fair Value $ 3,710,000   $ 3,710,000   $ 0
Investment in unconsolidated entities | Joint venture equity investments in multi-family properties | GWR Gateway Partners, LLC          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 70.00%   70.00%   0.00%
Fair Value $ 6,580,000   $ 6,580,000   $ 0
Investment in unconsolidated entities | Joint venture equity investments in multi-family properties | The Preserve at Port Royal Venture, LLC          
Schedule of Equity Method Investments [Line Items]          
Change in fair value, gain (loss) 0 122,000 0 (949,000)  
Investment in unconsolidated entities | Single-Family Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Fair Value 17,089,000   17,089,000   $ 76,330,000
Change in fair value, gain (loss) $ 2,137,000 $ 5,542,000 $ 4,309,000 $ 8,158,000  
Investment in unconsolidated entities | Single-Family Equity Ownership Interests | Morrocroft Neighborhood Stabilization Fund II, LP          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 11.00%   11.00%   11.00%
Fair Value $ 17,089,000   $ 17,089,000   $ 13,040,000
Investment in unconsolidated entities | Single-Family Equity Ownership Interests | Headlands Asset Management Fund III (Cayman), LP (Headlands Flagship Opportunity Fund Series I) (1)          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 0.00%   0.00%   49.00%
Fair Value $ 0   $ 0   $ 63,290,000
Investment in unconsolidated entities | Preferred Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Fair Value $ 255,014,000   $ 255,014,000   $ 259,095,000