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Fair Value of Financial Instruments - Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2025 | Jun. 30, 2025
Total ABS Issued |  |
Liabilities |  |
Beginning balance |  | $ 12,879,530
Acquisitions |  | 3,908,558
Sales |  | 0
Principal paydowns |  | (1,293,470)
Gains (losses) in net income (loss), net |  | 219,774
Other settlements, net |  | 0
Ending balance | $ 15,714,392 | 15,714,392
Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period |  | 150,222
Non-controlling interest |  |
Liabilities |  |
Beginning balance |  | 99,510
Acquisitions |  | 0
Sales |  | 0
Principal paydowns |  | 9,707
Gains (losses) in net income (loss), net |  | 16,926
Other settlements, net |  | 1,469
Ending balance | 127,612 | 127,612
Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period |  | (6,773)
Residential Consumer Loans |  |
Assets |  |
Beginning balance |  | 11,077,823
Acquisitions |  | 5,242,364
Originations |  | 0
Sales |  | (1,212,672)
Principal paydowns |  | (1,095,924)
Consolidation of securitized bridge loans |  | 0
Gains (losses) in net income, net |  | 194,373
Unrealized gains in OCI, net |  | 0
Other settlements, net |  | (4,071)
Ending balance | 14,201,893 | 14,201,893
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period |  | 186,838
Residential Investor Loans |  |
Assets |  |
Beginning balance |  | 4,587,090
Acquisitions |  | 43,037
Originations |  | 932,588
Sales |  | (826,649)
Principal paydowns |  | (662,975)
Consolidation of securitized bridge loans |  | 306,422
Gains (losses) in net income, net |  | (54,972)
Unrealized gains in OCI, net |  | 0
Other settlements, net |  | (10,606)
Ending balance | 4,313,935 | 4,313,935
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period |  | (59,577)
Liabilities |  |
Joint venture transferred | 222,000 | 222,000
Consolidated Agency multifamily loans |  |
Assets |  |
Beginning balance |  | 424,597
Acquisitions |  | 0
Originations |  | 0
Sales |  | 0
Principal paydowns |  | (4,512)
Consolidation of securitized bridge loans |  | 0
Gains (losses) in net income, net |  | 3,012
Unrealized gains in OCI, net |  | 0
Other settlements, net |  | 0
Ending balance | 423,097 | 423,097
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period |  | 2,953
HEI |  |
Assets |  |
Beginning balance |  | 589,785
Acquisitions |  | 0
Originations | 4,000 | 6,060
Sales |  | 0
Principal paydowns |  | (21,711)
Consolidation of securitized bridge loans |  | 0
Gains (losses) in net income, net |  | 13,363
Unrealized gains in OCI, net |  | 0
Other settlements, net |  | 139
Ending balance | 587,636 | 587,636
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period |  | 14,713
Real Estate Trading Securities |  |
Assets |  |
Beginning balance |  | 193,749
Acquisitions |  | 21,243
Originations |  | 0
Sales |  | (12,903)
Principal paydowns |  | (318)
Consolidation of securitized bridge loans |  | 0
Gains (losses) in net income, net |  | (51,273)
Unrealized gains in OCI, net |  | 0
Other settlements, net |  | 0
Ending balance | 150,498 | 150,498
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period |  | (48,732)
Real Estate AFS Securities |  |
Assets |  |
Beginning balance |  | 211,474
Acquisitions |  | 844
Originations |  | 0
Sales |  | (102,378)
Principal paydowns |  | (218)
Consolidation of securitized bridge loans |  | 0
Gains (losses) in net income, net |  | 1,510
Unrealized gains in OCI, net |  | 3,267
Other settlements, net |  | 0
Ending balance | 114,499 | 114,499
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period |  | 3,960
Servicing Investments |  |
Assets |  |
Beginning balance |  | 297,683
Acquisitions |  | 0
Originations |  | 0
Sales |  | 0
Principal paydowns |  | 5,583
Consolidation of securitized bridge loans |  | 0
Gains (losses) in net income, net |  | (5,262)
Unrealized gains in OCI, net |  | 0
Other settlements, net |  | 0
Ending balance | 298,004 | 298,004
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period |  | (4,575)
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 | 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 |  | 39,888
Unrealized gains in OCI, net |  | 0
Other settlements, net |  | (31,903)
Ending balance | $ 13,308 | 13,308
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period |  | $ 13,308

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