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BALANCE SHEET NETTING | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025, and December 31, 2024, respectively. Refer to Note 9 – Warehouse and Other Lines of Credit for further details on cash collateral requirements.
|  | March 31, 2025
|  | 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 |  | $ | 3,158 |  |  | $ | (2,250) |  |  | $ | 908 |  |  | $ | — |  |  | $ | — |  |  | $ | 908 |
Interest rate swap futures |  | 1,586 |  |  | — |  |  | 1,586 |  |  | — |  |  | — |  |  | 1,586 |
Total Assets |  | $ | 4,744 |  |  | $ | (2,250) |  |  | $ | 2,494 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,494 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Forward sale contracts |  | $ | 12,563 |  |  | $ | (2,250) |  |  | $ | 10,313 |  |  | $ | — |  |  | $ | (6,905) |  |  | $ | 3,408 |
Put options on treasuries |  | 1,843 |  |  | — |  |  | 1,843 |  |  | — |  |  | (1,843) |  |  | — |
Warehouse and other lines of credit |  | 2,490,447 |  |  | — |  |  | 2,490,447 |  |  | (2,490,447) |  |  | — |  |  | — |
Secured debt obligations (1) |  | 1,215,227 |  |  | — |  |  | 1,215,227 |  |  | (1,215,227) |  |  | — |  |  | — |
Total liabilities |  | $ | 3,720,080 |  |  | $ | (2,250) |  |  | $ | 3,717,830 |  |  | $ | (3,705,674) |  |  | $ | (8,748) |  |  | $ | 3,408 |
(1)Secured debt obligations as of March 31, 2025 included secured credit facilities, Term Notes, and other secured financings.
|  | December 31, 2024
|  | Gross amounts recognized |  | Gross amounts offset in consolidated balance sheets |  | Net amounts presented in consolidated balance sheets |  | Gross amounts not offset in consolidated balance sheets |  | Net amount
|  |  |  |  | Financial instruments |  | Cash collateral |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Forward sale contracts |  | $ | 30,547 |  |  | $ | (13,897) |  |  | $ | 16,650 |  |  | $ | — |  |  | $ | (10,179) |  |  | $ | 6,471 |
Total assets |  | $ | 30,547 |  |  | $ | (13,897) |  |  | $ | 16,650 |  |  | $ | — |  |  | $ | (10,179) |  |  | $ | 6,471 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Forward sale contracts |  | $ | 14,793 |  |  | $ | (13,897) |  |  | $ | 896 |  |  | $ | — |  |  | $ | (802) |  |  | $ | 94 |
Put options on treasuries |  | 5,829 |  |  | — |  |  | 5,829 |  |  | — |  |  | (5,829) |  |  | — |
Interest rate swap futures |  | 16,148 |  |  | — |  |  | 16,148 |  |  | — |  |  | (16,148) |  |  | — |
Warehouse and other lines of credit |  | 2,377,127 |  |  | — |  |  | 2,377,127 |  |  | (2,377,127) |  |  | — |  |  | — |
Secured debt obligations (1) |  | 1,216,454 |  |  | — |  |  | 1,216,454 |  |  | (1,216,454) |  |  | — |  |  | — |
Total liabilities |  | $ | 3,630,351 |  |  | $ | (13,897) |  |  | $ | 3,616,454 |  |  | $ | (3,593,581) |  |  | $ | (22,779) |  |  | $ | 94 |
(1)Secured debt obligations as of December 31, 2024 included secured credit facilities and Term Notes.

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