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Derivative Financial Instruments (Tables) | 6 Months Ended
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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,
| 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.
Schedule of Offsetting Liabilities | 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.
Schedule of Offsetting Assets | 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.
Schedule of Notional Amounts of Derivative Contracts Outstanding | 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.

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
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