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BALANCE SHEET NETTING (Tables)

3 Months Ended

Mar. 31, 2025

Offsetting [Abstract]

Offsetting Assets

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.

Offsetting Liabilities

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.

X

- References

No definition available.

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- Definition

Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-4

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

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X

- Definition

Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-4

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

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