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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 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Liabilities        
Total Investment fair value changes, net $ 6,971 $ 12,202 $ 96,863 $ (10,733)
Total Residential Investor Loans        
Liabilities        
Total Investment fair value changes, net     136,000  
Total ABS Issued        
Liabilities        
Beginning balance     12,879,530  
Acquisitions     6,046,604  
Sales     0  
Principal paydowns     (2,661,532)  
Gains (losses) in net income (loss), net     345,479  
Other settlements, net     0  
Ending balance 16,610,081   16,610,081  
Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period     813,558  
Non-controlling interest        
Liabilities        
Beginning balance     99,510  
Acquisitions     0  
Sales     (46,086)  
Principal paydowns     9,707  
Gains (losses) in net income (loss), net     15,955  
Other settlements, net     (987)  
Ending balance 78,099   78,099  
Change in unrealized gains or (losses) for the period included in earnings for liabilities held at the end of the reporting period     1,577  
Residential Consumer Loans        
Assets        
Beginning balance     11,077,823  
Acquisitions     9,186,044  
Originations     0  
Sales     (2,090,189)  
Transfer to fair value option     0  
Principal paydowns     (1,703,261)  
Consolidation of securitized bridge loans     0  
Gains (losses) in net income, net     317,296  
Unrealized gains in OCI, net     0  
Other settlements, net     (4,432)  
Ending balance 16,783,281   16,783,281  
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period     278,972  
Total Residential Investor Loans        
Assets        
Beginning balance     4,587,090  
Acquisitions     43,804  
Originations     1,419,506  
Sales     (1,620,187)  
Transfer to fair value option     0  
Principal paydowns     (1,059,564)  
Consolidation of securitized bridge loans     475,326  
Gains (losses) in net income, net     (39,391)  
Unrealized gains in OCI, net     0  
Other settlements, net     (50,823)  
Ending balance 3,755,761   3,755,761  
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period     1,569  
Liabilities        
Joint venture transferred     339,000  
Consolidated Agency Multifamily Loans        
Assets        
Beginning balance     424,597  
Acquisitions     0  
Originations     0  
Sales     0  
Transfer to fair value option     0  
Principal paydowns     (430,230)  
Consolidation of securitized bridge loans     0  
Gains (losses) in net income, net     5,633  
Unrealized gains in OCI, net     0  
Other settlements, net     0  
Ending balance 0   0  
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period     0  
HEI        
Assets        
Beginning balance     589,785  
Acquisitions     0  
Originations 3,000   8,986  
Sales     (262,447)  
Transfer to fair value option     0  
Principal paydowns     (26,796)  
Consolidation of securitized bridge loans     0  
Gains (losses) in net income, net     16,521  
Unrealized gains in OCI, net     0  
Other settlements, net     174  
Ending balance 326,223   326,223  
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period     17,269  
Real Estate Trading Securities        
Assets        
Beginning balance     193,749  
Acquisitions     46,475  
Originations     0  
Sales     (31,839)  
Transfer to fair value option     0  
Principal paydowns     (447)  
Consolidation of securitized bridge loans     0  
Gains (losses) in net income, net     (73,392)  
Unrealized gains in OCI, net     0  
Other settlements, net     0  
Ending balance 134,546   134,546  
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period     (56,323)  
Real Estate AFS Securities        
Assets        
Beginning balance     211,474  
Acquisitions     182,850  
Originations     0  
Sales     (102,378)  
Transfer to fair value option     0  
Principal paydowns     (15,309)  
Consolidation of securitized bridge loans     0  
Gains (losses) in net income, net     4,468  
Unrealized gains in OCI, net     3,267  
Other settlements, net     0  
Ending balance 284,372   284,372  
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period     6,322  
Servicing Investments        
Assets        
Beginning balance     297,683  
Acquisitions     0  
Originations     0  
Sales     0  
Transfer to fair value option     0  
Principal paydowns     (8,067)  
Consolidation of securitized bridge loans     0  
Gains (losses) in net income, net     (7,361)  
Unrealized gains in OCI, net     0  
Other settlements, net     0  
Ending balance 282,255   282,255  
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period     (6,247)  
Strategic Investments        
Assets        
Beginning balance     3,460  
Acquisitions     0  
Originations     0  
Sales     0  
Transfer to fair value option     1,150  
Principal paydowns     0  
Consolidation of securitized bridge loans     0  
Gains (losses) in net income, net     1,850  
Unrealized gains in OCI, net     0  
Other settlements, net     0  
Ending balance 6,460   6,460  
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period     1,850  
Derivatives        
Assets        
Beginning balance     5,323  
Acquisitions     0  
Originations     0  
Sales     0  
Transfer to fair value option     0  
Principal paydowns     0  
Consolidation of securitized bridge loans     0  
Gains (losses) in net income, net     80,763  
Unrealized gains in OCI, net     0  
Other settlements, net     (59,863)  
Ending balance $ 26,223   26,223  
Change in unrealized gains or (losses) for the period included in earnings for assets held at the end of the reporting period     $ 26,223