v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following summarizes the Company’s outstanding derivative instruments:
Fair Value
NotionalBalance Sheet LocationAssetLiability
June 30, 2026:
Interest rate lock commitments $2,050,340 Derivative asset, at fair value$46,369 $— 
Interest rate lock commitments 477,218 Derivative liabilities, at fair value— 1,104 
Forward sale contracts 304,331 Derivative asset, at fair value1,308 — 
Forward sale contracts 1,030,541 Derivative liabilities, at fair value— 5,237 
Put options on treasuries 6,365 Derivative asset, at fair value560 — 
Put options on treasuries — Derivative liabilities, at fair value— — 
Interest rate swap futures 310 Derivative asset, at fair value10,988 — 
Interest rate swap futures — Derivative liabilities, at fair value— — 
Total derivative financial instruments$59,225 $6,341 

Fair Value
NotionalBalance Sheet LocationAssetLiability
December 31, 2025:
Interest rate lock commitments $2,010,276 Derivative asset, at fair value$42,207 $— 
Interest rate lock commitments 481,579 Derivative liabilities, at fair value— 1,870 
Forward sale contracts 388,361 Derivative asset, at fair value158 — 
Forward sale contracts 1,839,101 Derivative liabilities, at fair value— 3,416 
Put options on treasuries — Derivative asset, at fair value— — 
Put options on treasuries 8,750 Derivative liabilities, at fair value— 2,012 
Interest rate swap futures — Derivative asset, at fair value— — 
Interest rate swap futures 760 Derivative liabilities, at fair value— 3,420 
Total derivative financial instruments$42,365 $10,718 
Summary Net Gains (Losses) on Derivative Financial Instruments
The following summarizes the realized and unrealized net gains or losses on derivative financial instruments and the consolidated statements of operations line items where such gains and losses are included:
Three Months Ended
June 30,		Six Months Ended
June 30,
Derivative instrumentStatements of Operations Location2026202520262025
Interest rate lock commitments, netGain on origination and sale of loans, net$8,192 $8,394 $4,928 $28,813 
Forward sale contractsGain on origination and sale of loans, net(4,465)(1,247)20,836 (28,078)
Interest rate swap futuresGain on origination and sale of loans, net2,006 (10,756)5,642 (18,159)
Put optionsGain on origination and sale of loans, net(1,770)10,909 840 15,424 
Forward sale contractsChange in fair value of servicing rights, net(2,066)(396)(9,626)4,307 
Interest rate swap futuresChange in fair value of servicing rights, net(4,686)(5,651)(8,415)6,984 
Put optionsChange in fair value of servicing rights, net433 (3,517)(700)(2,052)
Total realized and unrealized (losses) gains on derivative financial instruments
$(2,356)$(2,264)$13,505 $7,239