v3.25.2
Agreements and Transactions with Related Parties - 2025 Activity (Details)
$ in Thousands
1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Apr. 30, 2025
USD ($)
May 31, 2025
USD ($)
officer
Feb. 28, 2025
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2020
USD ($)
Jan. 31, 2025
USD ($)
Agreements and Transactions with Related Parties                  
Loans and investments funded, originated and purchased           $ 1,484,429 $ 615,518    
Interest income       $ 240,303 $ 297,188 $ 480,997 618,480    
Related Party                  
Agreements and Transactions with Related Parties                  
Percentage of ownership interest of related party in the entity           50.00%      
Other Related Party Transactions | Related Party | Maturity Date February 2027                  
Agreements and Transactions with Related Parties                  
Base spread, percentage     4.75%           5.50%
Other Related Party Transactions | Immediate Family Member of Management or Principal Owner | Maturity Date February 2027                  
Agreements and Transactions with Related Parties                  
Percentage of ownership interest of related party in the entity     10.00%            
Other Related Party Transactions | Immediate Family Member of Management or Principal Owner | Single-Family Rental | Preferred equity interest financing agreement | Maturity Date May 2026                  
Agreements and Transactions with Related Parties                  
Proceeds from interest received   $ 1,900              
Interest income       1,000 1,100 $ 2,000 2,100    
Bridge loans | Related Party | Maturity Date May 2027, Committed In May 2025                  
Agreements and Transactions with Related Parties                  
Interest income       1,200 600 2,600 1,000    
Bridge loans | Related Party | Maturity Date February 2027                  
Agreements and Transactions with Related Parties                  
Interest income       300 200 600 400    
Bridge loans | Other Related Party Transactions | Related Party | Maturity Date May 2027, Committed In May 2025                  
Agreements and Transactions with Related Parties                  
Principal amount $ 56,900 $ 58,400              
Equity participation interest (as a percentage)   4.00%              
Base spread, percentage 5.50% 2.75%              
SOFR floor, percentage 3.25% 3.50%              
Number of officers making minority equity investments | officer   2              
Equity investments   $ 500              
Bridge loans | Other Related Party Transactions | Related Party | Maturity Date February 2027                  
Agreements and Transactions with Related Parties                  
Principal amount     $ 52,600           $ 46,200
Equity participation interest (as a percentage)     70.00%            
Loan committed           12,800      
Bridge loans | Other Related Party Transactions | Related Party | Single-Family Rental | Maturity Date May 2026                  
Agreements and Transactions with Related Parties                  
Principal amount $ 32,500 43,000              
Loans and investments funded, originated and purchased   1,200           $ 3,500  
Bridge loans | Other Related Party Transactions | Related Party | Single-Family Rental | Maturity Date November 2025                  
Agreements and Transactions with Related Parties                  
Principal amount $ 30,500 $ 36,200              
Equity participation interest (as a percentage)   33.70%           18.90%  
Base spread, percentage 4.25% 3.00%              
SOFR floor, percentage 1.00% 3.25%              
Proceeds from interest received   $ 1,300              
Interest income       $ 900 $ 1,100 $ 1,900 $ 2,300    
Bridge loans | Other Related Party Transactions | Immediate Family Member of Management or Principal Owner | Single-Family Rental | Maturity Date May 2026                  
Agreements and Transactions with Related Parties                  
Equity participation interest (as a percentage)   26.60%           21.80%  
Base spread, percentage 3.75% 3.00%              
SOFR floor, percentage 0.75% 3.25%              
Preferred equity investments | Other Related Party Transactions | Related Party | Single-Family Rental | Maturity Date November 2025                  
Agreements and Transactions with Related Parties                  
Loans and investments funded, originated and purchased               $ 4,600  
Fixed rate of interest               12.00%  
Preferred equity investments | Other Related Party Transactions | Immediate Family Member of Management or Principal Owner | Single-Family Rental | Maturity Date May 2026                  
Agreements and Transactions with Related Parties                  
Fixed rate of interest   12.00%