Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The table below summarizes the location and fair value of the derivatives reported in the Consolidated Statements of Financial Condition after counterparty netting and posting of cash collateral as of June 30, 2026 and December 31, 2025.


			June 30, 2026
			Derivative Assets			Derivative Liabilities
Derivative Instruments	Notional Amount Outstanding		Location on Consolidated Statements of Financial Condition	Net Estimated Fair Value/Carrying Value		Location on Consolidated Statements of Financial Condition	Net Estimated Fair Value/Carrying Value
			(dollars in thousands)
Interest rate swaps (1)	$	3,126,000	Derivatives, at fair value, net	$	39,638	Derivatives, at fair value, net	$	—
Swap futures	340,000		Derivatives, at fair value, net	3,864		Derivatives, at fair value, net	—
Swaptions	—		Derivatives, at fair value, net	—		Derivatives, at fair value, net	—
Interest rate cap	3,400,000		Derivatives, at fair value, net	1,908		Derivatives, at fair value, net	—
TBA	18,000		Derivatives, at fair value, net	—		Derivatives, at fair value, net	(52)
U.S. Treasury futures	232,200		Derivatives, at fair value, net	234		Derivatives, at fair value, net	—
Interest rate lock commitments	294,819		Derivatives, at fair value, net	4,055		Derivatives, at fair value, net	—
Total	$	7,411,019		$	49,699		$	(52)

(1) Interest rate swaps include no notional amount of cancellable swaps under which the Company retains the right to terminate the swap on specified future dates.


			December 31, 2025
			Derivative Assets			Derivative Liabilities
Derivative Instruments	Notional Amount Outstanding		Location on Consolidated Statements of Financial Condition	Net Estimated Fair Value/Carrying Value		Location on Consolidated Statements of Financial Condition	Net Estimated Fair Value/Carrying Value
			(dollars in thousands)
Interest rate swaps (1)	$	3,014,000	Derivatives, at fair value, net	$	21,158	Derivatives, at fair value, net	$	—
Swap futures	340,000		Derivatives, at fair value, net	57		Derivatives, at fair value, net	(1,759)
Swaptions	600,000		Derivatives, at fair value, net	117		Derivatives, at fair value, net	—
Interest rate cap	1,000,000		Derivatives, at fair value, net	—		Derivatives, at fair value, net	—
U.S. Treasury futures	172,700		Derivatives, at fair value, net	—		Derivatives, at fair value, net	—
Interest rate lock commitments	199,828		Derivatives, at fair value, net	3,855		Derivatives, at fair value, net	—
Total	$	5,326,528		$	25,187		$	(1,759)

(1) Interest rate swaps include no notional amount of cancellable swaps under which the Company retains the right to terminate the swap on specified future dates.

Schedule of Derivative Instruments, Gains (Losses)

The effect of the Company’s derivatives on the Consolidated Statements of Operations for the quarter and six months ended June 30, 2026 and 2025, respectively, is presented below.


		Net gains (losses) on derivatives
		For the Quarter Ended
Derivative Instruments	Location on Consolidated Statements of Operations and Comprehensive Income	June 30, 2026		June 30, 2025
		(dollars in thousands)
Interest rate swaps	Net unrealized gains (losses) on derivatives	$	7,655	$	(26)
Interest rate swaps	Realized gains (losses) on derivatives	11,554		(11,941)
Interest rate swaps	Periodic interest on derivatives, net	228		3,756
Interest rate swaps	Gain on origination and sale of loans, net	4,241		N/A
Swap futures	Net unrealized gains (losses) on derivatives	2,936		(400)
Swap futures	Realized gains (losses) on derivatives	—		(390)
Swap futures	Periodic interest on derivatives, net	436		293
U.S. Treasury futures	Realized gains (losses) on derivatives	—		—
U.S. Treasury futures	Net unrealized gains (losses) on derivatives	—		—
Swaptions	Net unrealized gains (losses) on derivatives	—		—
Swaptions	Realized gains (losses) on derivatives	—		(5,623)
Interest rate cap	Net unrealized gains (losses) on derivatives	6,365		(2,128)
Interest rate cap	Realized gains (losses) on derivatives	(3,377)		—
Interest rate cap	Periodic interest on derivatives, net	2,335		1,018
TBAs	Net unrealized gains (losses) on derivatives	(1,558)		N/A
TBAs	Realized gains (losses) on derivatives	1,350		N/A
TBAs	Periodic interest on derivatives, net	(938)		N/A
TBAs	Gain on origination and sale of loans, net	(23)		N/A
U.S. Treasury futures	Gain on origination and sale of loans, net	1,359		N/A
Interest rate lock commitments	Gain on origination and sale of loans, net	(103)		N/A


		Net gains (losses) on derivatives
		For the Six Months Ended
Derivative Instruments	Location on Consolidated Statements of Operations and Comprehensive Income	June 30, 2026		June 30, 2025
		(dollars in thousands)
Interest rate swaps	Net unrealized gains (losses) on derivatives	$	16,997	$	(3,896)
Interest rate swaps	Realized gains (losses) on derivatives	8,145		(11,941)
Interest rate swaps	Periodic interest on derivatives, net	2,855		7,844
Interest rate swaps	Gain on origination and sale of loans, net	4,241		N/A
Swap futures	Net unrealized gains (losses) on derivatives	4,716		(641)
Swap futures	Realized gains (losses) on derivatives	—		(390)
Swap futures	Periodic interest on derivatives, net	1,435		340
U.S. Treasury futures	Realized gains (losses) on derivatives	—		82
U.S. Treasury futures	Net unrealized gains (losses) on derivatives	—		(117)
Swaptions	Net unrealized gains (losses) on derivatives	1,045		—
Swaptions	Realized gains (losses) on derivatives	2,022		(5,623)
Interest rate cap	Net unrealized gains (losses) on derivatives	10,790		(4,370)
Interest rate cap	Realized gains (losses) on derivatives	(7,089)		—
Interest rate cap	Periodic interest on derivatives, net	981		1,018
TBAs	Net unrealized gains (losses) on derivatives	—		N/A
TBAs	Realized gains (losses) on derivatives	9,319		N/A
TBAs	Periodic interest on derivatives, net	(1,376)		N/A
TBAs	Gain on origination and sale of loans, net	(23)		N/A
U.S. Treasury futures	Gain on origination and sale of loans, net	2,624		N/A
Interest rate lock commitments	Gain on origination and sale of loans, net	200		N/A