Loans Held for Sale at Fair Value

3 Months Ended

Mar. 31, 2026

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Note 9—Loans Held for Sale at Fair Value

Following is a summary of the distribution of the Company’s loans held for sale at fair value:


Loan type	March 31, 2026		December 31, 2025
	(in thousands)
Held for sale to nonaffiliates—GSE eligible (1)	$	1,804,198	$	2,232,706
Jumbo		461,054		433,027
Non-qualified		82,559		30,084
Home equity lines of credit		778		942
Repurchased pursuant to representations and warranties		1,306		2,639
	$	2,349,895	$	2,699,398
Loans pledged to secure
Assets sold under agreements to repurchase	$	2,328,824	$	2,676,700

(1)

GSE eligibility refers to the eligibility of loans for sale to Fannie Mae or Freddie Mac. The Company sells or finances a portion of
its GSE eligible loan production to other investors.

- Definition

The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding 3 percent of carrying amount of mortgage.

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