The kidneys perform several important functions: 1. They regulate homeostasis by filtering waste from the blood and precisely controlling water, electrolyte, and acid-base balance. 2. They play a role in hematopoiesis by secreting erythropoietin and thrombopoietin which stimulate red blood cell and platelet production. 3. The kidneys have an endocrine function through the secretion of hormones including erythropoietin, renin, and calcitriol which help regulate blood pressure, calcium levels, and other processes.