Certain of our derivatives and debt obligations are subject to master netting arrangements or similar agreements. Under GAAP, in certain circumstances we may elect to present certain financial assets, liabilities and related collateral subject to master netting arrangements in a net position on our balance sheets. However, we do not elect to report any of these financial assets or liabilities on a net basis, and instead present them on a gross basis on our consolidated balance sheets. Refer to Note 3 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional information regarding our master netting arrangements.

The following table presents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with the corresponding financial instruments and corresponding collateral received or pledged at June 30, 2026 and December 31, 2025.

Table 14.1 – Offsetting of Financial Assets, Liabilities, and Collateral


	Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in Consolidated Balance Sheet		Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		Gross Amounts Not Offset in Consolidated Balance Sheet (1)				Net Amount
June 30, 2026 (In Thousands)							Financial Instruments		Cash Collateral (Received) Pledged
Assets (2)
Swaptions	$	29,616	$	—	$	29,616	$	—	$	(29,616)	$	—
TBAs	5,636		—		5,636		(2,734)		(2,902)		—
Interest rate futures	2,463		—		2,463		(1,058)		—		1,405
Total Assets	$	37,715	$	—	$	37,715	$	(3,792)	$	(32,518)	$	1,405

Liabilities (2)

TBAs	$	(3,168)	$	—	$	(3,168)	$	2,734	$	—	$	(434)
Interest rate futures	(1,121)		—		(1,121)		1,058		63		—
Loan warehouse debt	(1,087,587)		—		(1,087,587)		1,087,587		—		—

Total Liabilities	$	(1,091,876)	$	—	$	(1,091,876)	$	1,091,379	$	63	$	(434)


	Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in Consolidated Balance Sheet		Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		Gross Amounts Not Offset in Consolidated Balance Sheet (1)				Net Amount
December 31, 2025 (In Thousands)							Financial Instruments		Cash Collateral (Received) Pledged
Assets (2)
Interest rate agreements	$	31,119	$	—	$	31,119	$	—	$	(21,546)	$	9,573

TBAs	38,686		—		38,686		(19,346)		(19,340)		—
Futures	17,772		—		17,772		(4,660)		—		13,112
Total Assets	$	87,577	$	—	$	87,577	$	(24,006)	$	(40,886)	$	22,685

Liabilities (2)

TBAs	$	(22,252)	$	—	$	(22,252)	$	19,346	$	—	$	(2,906)
Futures	(4,721)		—		(4,721)		4,660		61		—
Loan warehouse debt	(1,506,143)		—		(1,506,143)		1,506,143		—		—

Total Liabilities	$	(1,533,116)	$	—	$	(1,533,116)	$	1,530,149	$	61	$	(2,906)

(1)Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, we have pledged excess cash collateral or financial assets to a counterparty (which, in certain circumstances, may be a clearinghouse) that exceed the financial liabilities subject to a master netting arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to us that exceeds our corresponding financial assets. In each case, these excess amounts are excluded from the table; they are separately reported in our consolidated balance sheets as assets or liabilities, respectively.

(2)Interest rate agreements, TBAs and futures are components of derivative instruments on our consolidated balance sheets. Loan warehouse debt, which is secured by certain Residential consumer and Residential investor loans, is a component of Debt obligations on our consolidated balance sheets.