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Derivative Financial Instruments | 6 Months Ended
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Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Note 11. Derivative Financial Instruments
The following table presents the gains (losses) recognized on our derivative instruments:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
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 risk | 212,282 |  |  | (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. The following table presents information about derivative instruments subject to enforceable master netting arrangements:
| June 30, 2026 |  | December 31, 2025
| Gross Derivative Assets |  | Gross Derivative Liabilities |  | Gross Derivative Assets |  | Gross Derivative Liabilities
Interest rate swaps | $ | 228,476 |  |  | $ | (426) |  |  | $ | 61,583 |  |  | $ | (133) |
Home loan pipeline hedges | 173 |  |  | (9,816) |  |  | — |  |  | (4,547) |
Total, gross | 228,649 |  |  | (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. The following table presents the notional amount of derivative contracts outstanding:
| June 30, 2026 |  | December 31, 2025
Derivative contracts to manage future loan sale execution risk: |  |  |
Interest rate swaps | $ | 25,958,950 |  |  | $ | 19,113,953 |
Home loan pipeline hedges | 2,048,000 |  |  | 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. While the notional amounts of derivative instruments give an indication of the volume of our derivative activity, they do not necessarily represent amounts exchanged by parties and are not a direct measure of our financial exposure. See Note 12. Fair Value Measurements for additional information on our derivative assets and liabilities.

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