v3.26.1
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
2026202520262025
Interest rate swaps(1)
$223,530 $(70,572)$373,048 $(202,308)
Home loan pipeline hedges(1)
(11,248)(714)688 (2,857)
Derivative contracts to manage future loan sale execution risk212,282 (71,286)373,736 (205,165)
Interest rate swaps(1)(2)
516 (240)905 (1,334)
IRLCs(1)
3,516 

1,980 

1,106 

8,827 
Total$216,314 

$(69,546)

$375,747 

$(197,672)
_____________________
(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:
June 30, 2026December 31, 2025
Gross Derivative AssetsGross Derivative LiabilitiesGross Derivative AssetsGross Derivative Liabilities
Interest rate swaps$228,476 $(426)$61,583 $(133)
Home loan pipeline hedges173 (9,816)— (4,547)
Total, gross228,649 (10,242)61,583 (4,680)
Derivative netting(599)599 (133)133 
Total, net(1)
$228,050 $(9,643)$61,450 $(4,547)
_____________________
(1) As of June 30, 2026 and December 31, 2025, we had a cash collateral requirement related to these instruments of $9,352 and $3,364, respectively.
Schedule of Offsetting Assets
The following table presents information about derivative instruments subject to enforceable master netting arrangements:
June 30, 2026December 31, 2025
Gross Derivative AssetsGross Derivative LiabilitiesGross Derivative AssetsGross Derivative Liabilities
Interest rate swaps$228,476 $(426)$61,583 $(133)
Home loan pipeline hedges173 (9,816)— (4,547)
Total, gross228,649 (10,242)61,583 (4,680)
Derivative netting(599)599 (133)133 
Total, net(1)
$228,050 $(9,643)$61,450 $(4,547)
_____________________
(1) As of June 30, 2026 and December 31, 2025, we had a cash collateral requirement related to these instruments of $9,352 and $3,364, respectively.
Schedule of Notional Amounts of Derivative Contracts Outstanding
The following table presents the notional amount of derivative contracts outstanding:
June 30, 2026December 31, 2025
Derivative contracts to manage future loan sale execution risk:
Interest rate swaps$25,958,950 $19,113,953 
Home loan pipeline hedges2,048,000 1,244,000 
Interest rate swaps(1)
21,050 21,047 
IRLCs(2)
695,525 532,172 
Total$28,723,525 

$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.