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BALANCE SHEET NETTING | 12 Months Ended
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Dec. 31, 2023
Offsetting [Abstract] |
BALANCE SHEET NETTING | BALANCE SHEET NETTING The Company has entered into agreements with counterparties, which include netting arrangements whereby the counterparties are entitled to settle their positions on a net basis. In certain circumstances, the Company is required to provide certain counterparties financial instruments and cash collateral against derivative financial instruments, warehouse and other lines of credit, or debt obligations. Cash collateral is held in margin accounts and included in restricted cash on the Company's consolidated balance sheets. The table below represents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged. In circumstances where right of set off criteria is met, the related asset and liability are presented in a net position on the consolidated balance sheets. Warehouse and other lines of credit and secured debt obligations were secured by financial instruments and cash collateral with fair values that exceeded the liability amount recorded on the consolidated balance sheets as of December 31, 2023 and 2022, respectively. Refer to Note 11 – Warehouse and Other Lines of Credit for further details on cash collateral requirements.
|  | December 31, 2023
|  | Gross amounts recognized |  | Gross amounts offset in consolidated balance sheet |  | Net amounts presented in consolidated balance sheet |  | Gross amounts not offset in consolidated balance sheet |  | Net amount
|  |  |  |  | Financial instruments |  | Cash collateral |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Forward sale contracts |  | $ | 33,591 |  |  | $ | (16,981) |  |  | $ | 16,610 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,610 |
MBS put options |  | 1,376 |  |  | — |  |  | 1,376 |  |  | — |  |  | — |  |  | 1,376 |
Interest rate swap futures |  | 26,476 |  |  | — |  |  | 26,476 |  |  | — |  |  | — |  |  | 26,476 |
Total assets |  | $ | 61,443 |  |  | $ | (16,981) |  |  | $ | 44,462 |  |  | $ | — |  |  | $ | — |  |  | $ | 44,462 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Forward sale contracts |  | $ | 100,709 |  |  | $ | (16,981) |  |  | $ | 83,728 |  |  | $ | — |  |  | $ | (60,188) |  |  | $ | 23,540 |
Put options on treasuries |  | 62 |  |  | — |  |  | 62 |  |  | — |  |  | — |  |  | 62 |
Warehouse and other lines of credit |  | 1,947,057 |  |  | — |  |  | 1,947,057 |  |  | (1,947,057) |  |  | — |  |  | — |
Secured debt obligations (1) |  | 1,287,418 |  |  | — |  |  | 1,287,418 |  |  | (1,287,418) |  |  | — |  |  | — |
Total liabilities |  | $ | 3,335,246 |  |  | $ | (16,981) |  |  | $ | 3,318,265 |  |  | $ | (3,234,475) |  |  | $ | (60,188) |  |  | $ | 23,602 |
(1)Secured debt obligations as of December 31, 2023 included secured credit facilities and Term Notes.
|  | December 31, 2022
|  | Gross amounts recognized |  | Gross amounts offset in consolidated balance sheet |  | Net amounts presented in consolidated balance sheet |  | Gross amounts not offset in consolidated balance sheet |  | Net amount
|  |  |  |  | Financial instruments |  | Cash collateral |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Forward sale contracts |  | $ | 39,386 |  |  | $ | (32,710) |  |  | $ | 6,676 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,676 |
MBS put options |  | 3,361 |  |  | — |  |  | 3,361 |  |  | — |  |  | — |  |  | 3,361 |
Total assets |  | $ | 42,747 |  |  | $ | (32,710) |  |  | $ | 10,037 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,037 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Forward sale contracts |  | $ | 76,192 |  |  | $ | (32,710) |  |  | $ | 43,482 |  |  | $ | — |  |  | $ | (36,270) |  |  | $ | 7,212 |
Put options on treasuries |  | 10,831 |  |  | — |  |  | 10,831 |  |  | — |  |  | (10,831) |  |  | — |
Interest rate swap futures |  | 7,395 |  |  | — |  |  | 7,395 |  |  | — |  |  | (7,395) |  |  | — |
Warehouse and other lines of credit |  | 2,146,602 |  |  | — |  |  | 2,146,602 |  |  | (2,146,602) |  |  | — |  |  | — |
Secured debt obligations (1) |  | 1,298,853 |  |  | — |  |  | 1,298,853 |  |  | (1,298,853) |  |  | — |  |  | — |
Total liabilities |  | $ | 3,539,873 |  |  | $ | (32,710) |  |  | $ | 3,507,163 |  |  | $ | (3,445,455) |  |  | $ | (54,496) |  |  | $ | 7,212 |
(1) Secured debt obligations as of December 31, 2022 included the secured credit facilities and Term Notes.

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