v3.26.1
Loans and Investments - Schedule of Investment Portfolio and Concentration of Credit Risk (Details)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
loan
Dec. 31, 2025
USD ($)
loan
Mar. 31, 2026
USD ($)
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Loans and Investments            
Loans and investments, gross $ 12,107,031 $ 12,113,107        
Allowance for credit losses (163,431) (145,971) $ (131,223) $ (243,278) $ (240,937) $ (238,967)
Unearned revenue (28,384) (32,888)        
Loans and investments, net $ 11,915,216 $ 11,934,248        
Percent of Total 100.00% 100.00%        
Loan Count | loan 490 632        
Wtd. Avg. Pay Rate (as a percent) 6.50% 6.49%        
Wtd. Avg. Remaining Months to Maturity 15 months 27 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 21 months 15 days 19 months 27 days        
First dollar LTV ratio, senior most position 0          
Exit fee receivable $ 41,500 $ 43,000        
Single-Family Rental            
Loans and Investments            
Allowance for credit losses (9,535) (8,817) $ (7,910) $ (7,312) $ (6,524) $ (7,524)
Bridge loans            
Loans and Investments            
Loans and investments, gross $ 11,318,551 $ 11,371,758        
Percent of Total 93.00% 94.00%        
Loan Count | loan 386 524        
Wtd. Avg. Pay Rate (as a percent) 6.39% 6.39%        
Wtd. Avg. Remaining Months to Maturity 14 months 15 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) 78.00% 77.00%        
Bridge loans | Single-Family Rental            
Loans and Investments            
Number of loans under the loan portfolio | loan 176 298        
Total loan commitment $ 4,530,000 $ 4,730,000        
Mezzanine loans            
Loans and Investments            
Loans and investments, gross $ 300,880 $ 290,212        
Percent of Total 3.00% 2.00%        
Loan Count | loan 61 65        
Wtd. Avg. Pay Rate (as a percent) 8.01% 7.84%        
Wtd. Avg. Remaining Months to Maturity 45 months 3 days 52 months 9 days        
Wtd. Avg. First Dollar LTV Ratio (as percent) 57.00% 59.00%        
Wtd. Avg. Last Dollar LTV Ratio (as percent) 80.00% 78.00%        
Construction - multifamily            
Loans and Investments            
Loans and investments, gross $ 285,482 $ 249,019        
Percent of Total 2.00% 2.00%        
Loan Count | loan 9 9        
Wtd. Avg. Pay Rate (as a percent) 9.00% 9.13%        
Wtd. Avg. Remaining Months to Maturity 22 months 15 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) 59.00% 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 40 months 3 days 46 months        
Wtd. Avg. First Dollar LTV Ratio (as percent) 63.00% 62.00%        
Wtd. Avg. Last Dollar LTV Ratio (as percent) 82.00% 80.00%        
SFR permanent loans | Single-Family Rental            
Loans and Investments            
Unpaid principal balance, funded $ 3,380,000 $ 3,180,000