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Fair Value of Financial Instruments - Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) $ in Thousands | 9 Months Ended
--- | ---
Sep. 30, 2024 USD ($)
ABS Issued |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
Beginning balance - December 31, 2023 | $ 9,151,263
Acquisitions | 4,280,237
Sales | (1,544)
Principal paydowns | (1,122,041)
Gains (losses) in net income, net | 256,114
Other settlements, net | 0
Ending balance - September 30, 2024 | 12,564,029
Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period | 195,951
HEI Securitization Non-controlling interest |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
Beginning balance - December 31, 2023 | 59,752
Acquisitions | 0
Sales | 0
Principal paydowns | 0
Gains (losses) in net income, net | 21,111
Other settlements, net | 0
Ending balance - September 30, 2024 | 80,863
Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period | (21,111)
Residential Consumer Loans |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
Beginning balance - December 31, 2023 | 7,050,637
Acquisitions | 4,931,228
Originations | 0
Sales | (245,771)
Principal paydowns | (790,158)
Gains (losses) in net income, net | 213,491
Unrealized gains in OCI, net | 0
Other settlements, net | (2,268)
Ending balance - September 30, 2024 | 11,157,159
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | 145,485
Residential Investor Loans |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
Beginning balance - December 31, 2023 | 5,220,297
Acquisitions | 19,155
Originations | 1,201,564
Sales | (744,759)
Principal paydowns | (1,016,256)
Gains (losses) in net income, net | 79,288
Unrealized gains in OCI, net | 0
Other settlements, net | (13,115)
Ending balance - September 30, 2024 | 4,746,174
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | 50,712
Consolidated Agency Multifamily Loans |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
Beginning balance - December 31, 2023 | 425,285
Acquisitions | 0
Originations | 0
Sales | 0
Principal paydowns | (6,418)
Gains (losses) in net income, net | 6,781
Unrealized gains in OCI, net | 0
Other settlements, net | 0
Ending balance - September 30, 2024 | 425,648
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | 6,582
Real Estate Trading Securities |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
Beginning balance - December 31, 2023 | 40,424
Acquisitions | 96,810
Originations | 0
Sales | (2,833)
Principal paydowns | (556)
Gains (losses) in net income, net | (5,065)
Unrealized gains in OCI, net | 0
Other settlements, net | 0
Ending balance - September 30, 2024 | 128,780
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | (5,320)
Real Estate AFS Securities |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
Beginning balance - December 31, 2023 | 87,373
Acquisitions | 103,934
Originations | 0
Sales | 0
Principal paydowns | (4,757)
Gains (losses) in net income, net | 1,731
Unrealized gains in OCI, net | 17,080
Other settlements, net | 0
Ending balance - September 30, 2024 | 205,361
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | 17,083
HEI |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
Beginning balance - December 31, 2023 | 550,436
Acquisitions | 1,066
Originations | 0
Sales | 0
Principal paydowns | (36,899)
Gains (losses) in net income, net | 75,477
Unrealized gains in OCI, net | 0
Other settlements, net | 0
Ending balance - September 30, 2024 | 590,080
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | 68,078
Servicer Advance Investments |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
Beginning balance - December 31, 2023 | 225,345
Acquisitions | 0
Originations | 0
Sales | 0
Principal paydowns | (21,151)
Gains (losses) in net income, net | 8,252
Unrealized gains in OCI, net | 0
Other settlements, net | 0
Ending balance - September 30, 2024 | 212,446
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | 8,252
Excess MSRs |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
Beginning balance - December 31, 2023 | 37,367
Acquisitions | 0
Originations | 0
Sales | 0
Principal paydowns | 0
Gains (losses) in net income, net | (3,876)
Unrealized gains in OCI, net | 0
Other settlements, net | 0
Ending balance - September 30, 2024 | 33,491
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | (3,877)
MSRs/Strategic Investments/Other |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
Beginning balance - December 31, 2023 | 28,070
Acquisitions | 185
Originations | 0
Sales | 0
Principal paydowns | (141)
Gains (losses) in net income, net | 1,632
Unrealized gains in OCI, net | 0
Other settlements, net | (100)
Ending balance - September 30, 2024 | 29,646
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | 2,555
Derivatives |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
Beginning balance - December 31, 2023 | 8,104
Acquisitions | 0
Sales | 0
Principal paydowns | 0
Gains (losses) in net income, net | 10,938
Other settlements, net | (19,911)
Ending balance - September 30, 2024 | (869)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period | $ (869)

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