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v3.25.1

Fair Value of Financial Instruments - Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2025 USD ($)
Total ABS Issued |
Liabilities |
Beginning balance | $ 12,879,530
Acquisitions | 1,625,956
Sales | 0
Principal paydowns | (503,956)
Gains (losses) in net income (loss), net | 126,144
Other settlements, net | 0
Ending balance | 14,127,674
Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period | 97,883
Non-controlling interest |
Liabilities |
Beginning balance | 99,510
Acquisitions | 0
Sales | 0
Principal paydowns | (1,187)
Gains (losses) in net income (loss), net | 5,997
Other settlements, net | 1,840
Ending balance | 106,160
Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period | (4,640)
Residential Consumer Loans |
Assets |
Beginning balance | 11,077,823
Acquisitions | 2,383,197
Originations | 0
Sales | (423,972)
Principal paydowns | (423,920)
Consolidation of securitized bridge loans | 0
Gains (losses) in net income, net | 139,976
Unrealized gains in OCI, net | 0
Other settlements, net | (846)
Ending balance | 12,752,258
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | 132,299
Total Residential Investor Loans |
Assets |
Beginning balance | 4,587,090
Acquisitions | 6,800
Originations | 454,362
Sales | (346,455)
Principal paydowns | (287,639)
Consolidation of securitized bridge loans | 43,383
Gains (losses) in net income, net | (15,221)
Unrealized gains in OCI, net | 0
Other settlements, net | (2,486)
Ending balance | 4,439,834
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | (16,696)
Liabilities |
Joint venture transferred | 43,000
Consolidated Agency multifamily loans, at fair value |
Assets |
Beginning balance | 424,597
Acquisitions | 0
Originations | 0
Sales | 0
Principal paydowns | (2,294)
Consolidation of securitized bridge loans | 0
Gains (losses) in net income, net | 1,370
Unrealized gains in OCI, net | 0
Other settlements, net | 0
Ending balance | 423,673
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | 1,340
HEIs |
Assets |
Beginning balance | 589,785
Acquisitions | 0
Originations | 1,834
Sales | 0
Principal paydowns | (10,348)
Consolidation of securitized bridge loans | 0
Gains (losses) in net income, net | 19,048
Unrealized gains in OCI, net | 0
Other settlements, net | 67
Ending balance | 600,386
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | 18,495
Real Estate Trading Securities |
Assets |
Beginning balance | 193,749
Acquisitions | 8,359
Originations | 0
Sales | (2,714)
Principal paydowns | (162)
Consolidation of securitized bridge loans | 0
Gains (losses) in net income, net | (27,869)
Unrealized gains in OCI, net | 0
Other settlements, net | 0
Ending balance | 171,363
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | (27,693)
Real Estate AFS Securities |
Assets |
Beginning balance | 211,474
Acquisitions | 844
Originations | 0
Sales | (11,673)
Principal paydowns | (96)
Consolidation of securitized bridge loans | 0
Gains (losses) in net income, net | 681
Unrealized gains in OCI, net | 3,372
Other settlements, net | 0
Ending balance | 204,602
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | 3,422
Servicing Investments |
Assets |
Beginning balance | 297,683
Acquisitions | 0
Originations | 0
Sales | 0
Principal paydowns | 1,956
Consolidation of securitized bridge loans | 0
Gains (losses) in net income, net | (1,349)
Unrealized gains in OCI, net | 0
Other settlements, net | 0
Ending balance | 298,290
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | (1,053)
Strategic Investments |
Assets |
Beginning balance | 3,460
Acquisitions | 0
Originations | 0
Sales | 0
Principal paydowns | 0
Consolidation of securitized bridge loans | 0
Gains (losses) in net income, net | 0
Unrealized gains in OCI, net | 0
Other settlements, net | 0
Ending balance | 3,460
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | 0
Derivatives |
Assets |
Beginning balance | 5,323
Acquisitions | 0
Originations | 0
Sales | 0
Principal paydowns | 0
Consolidation of securitized bridge loans | 0
Gains (losses) in net income, net | 31,254
Unrealized gains in OCI, net | 0
Other settlements, net | (19,770)
Ending balance | 16,807
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period | $ 16,807

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