v3.26.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Gains (Losses) Recognized on Derivative Instruments
The following table presents the gains (losses) recognized on our derivative instruments:
Three Months Ended March 31,
20262025
Interest rate swaps(1)
$149,518 $(131,736)
Home loan pipeline hedges(1)
11,936 (2,143)
Derivative contracts to manage future loan sale execution risk161,454 (133,879)
Interest rate swaps(1)(2)
389 (1,094)
IRLCs(1)
(2,410)

6,847 
Total$159,433 

$(128,126)
_____________________
(1) Recorded within noninterest income—loan origination, sales, securitizations and servicing in the condensed consolidated statements of operations and comprehensive income.
(2) Represents gains (losses) on derivative contracts to manage securitization investment interest rate risk.
Schedule of Offsetting Liabilities
The following table presents information about derivative instruments subject to enforceable master netting arrangements:
March 31, 2026December 31, 2025
Gross Derivative AssetsGross Derivative LiabilitiesGross Derivative AssetsGross Derivative Liabilities
Interest rate swaps$145,668 $(1,334)$61,583 $(133)
Home loan pipeline hedges9,614 (172)— (4,547)
Total, gross155,282 (1,506)61,583 (4,680)
Derivative netting(1,395)1,395 (133)133 
Total, net(1)
$153,887 $(111)$61,450 $(4,547)
_____________________
(1) As of March 31, 2026, we did not have a cash collateral requirement related to these instruments. As of December 31, 2025, we had a cash collateral requirement related to these instruments of $3,364.
Schedule of Offsetting Assets
The following table presents information about derivative instruments subject to enforceable master netting arrangements:
March 31, 2026December 31, 2025
Gross Derivative AssetsGross Derivative LiabilitiesGross Derivative AssetsGross Derivative Liabilities
Interest rate swaps$145,668 $(1,334)$61,583 $(133)
Home loan pipeline hedges9,614 (172)— (4,547)
Total, gross155,282 (1,506)61,583 (4,680)
Derivative netting(1,395)1,395 (133)133 
Total, net(1)
$153,887 $(111)$61,450 $(4,547)
_____________________
(1) As of March 31, 2026, we did not have a cash collateral requirement related to these instruments. As of December 31, 2025, we had a cash collateral requirement related to these instruments of $3,364.
Schedule of Notional Amounts of Derivative Contracts Outstanding
The following table presents the notional amount of derivative contracts outstanding:
March 31, 2026December 31, 2025
Derivative contracts to manage future loan sale execution risk:
Interest rate swaps$21,718,947 $19,113,953 
Home loan pipeline hedges2,342,000 1,244,000 
Interest rate swaps(1)
21,053 21,047 
IRLCs(2)
695,367 532,172 
Total$24,777,367 

$20,911,172 
_____________________
(1) Represents interest rate swaps utilized to manage interest rate risk associated with certain of our securitization investments.
(2) Amounts correspond with home loan funding commitments subject to IRLC agreements.