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Equity Investments, at Fair Value - Schedule of Equity Investments Accounted under the Equity Method (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Equity investments | Multi-Family Preferred Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Fair Value $ 130,583   $ 130,583   $ 152,246
Equity investments | Single-Family Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Fair Value 25,000   25,000   27,500
Equity investments | Preferred Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Fair Value $ 155,583   $ 155,583   $ 179,746
FF/RMI 20 Midtown, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 51.00%   51.00%   51.00%
Fair Value $ 28,711   $ 28,711   $ 27,079
Palms at Cape Coral, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 34.00%   34.00%   34.00%
Fair Value $ 5,721   $ 5,721   $ 5,429
EHOF-NYMT Sunset Apartments Preferred, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 57.00%   57.00%   57.00%
Fair Value $ 19,292   $ 19,292   $ 18,139
Lucie at Tradition Holdings, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 70.00%   70.00%   70.00%
Fair Value $ 18,948   $ 18,948   $ 17,576
Syracuse Apartments and Townhomes, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 58.00%   58.00%   58.00%
Fair Value $ 21,241   $ 21,241   $ 20,115
Hudson Bridge Apartments, LLC - Series A, Briar Hill Apartments, LLC, Kings Glen Apartments, LLC, Flagstone Apartments, LLC, Brookfield Apartments II, LLC - Series B, and Silber JBSM Properties, LLC (collectively) | Equity investments | Multi-Family Preferred Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 58.00%   58.00%   58.00%
Fair Value $ 9,724   $ 9,724   $ 9,277
Tides on 27th Investors, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 54.00%   54.00%   0.00%
Fair Value $ 17,320   $ 17,320   $ 0
Rapid City RMI JV LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 50.00%   50.00%   0.00%
Fair Value $ 9,626   $ 9,626   $ 0
America Walks at Port St. Lucie, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 0.00%   0.00%   62.00%
Fair Value $ 0   $ 0   $ 29,873
1122 Chicago DE, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 0.00%   0.00%   53.00%
Fair Value $ 0   $ 0   $ 8,276
Bighaus, LLC | Equity investments | Multi-Family Preferred Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 0.00%   0.00%   42.00%
Fair Value $ 0   $ 0   $ 16,482
Constructive Loans, LLC | Single-Family Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Purchase of residential loans $ 15,300 $ 5,500 $ 55,200 $ 257,800  
Constructive Loans, LLC | Equity investments | Single-Family Equity Ownership Interests          
Schedule of Equity Method Investments [Line Items]          
Ownership Interest 50.00%   50.00%   0.00%
Fair Value $ 25,000   $ 25,000   $ 27,500
Option to purchase issued and outstanding interests, percentage 50.00%   50.00%