BALANCE SHEET NETTING

9 Months Ended

Sep. 30, 2025

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 offset 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 September 30, 2025, and December 31, 2024, respectively. Refer to Note 9 – Warehouse and Other Lines of Credit for further details on cash collateral requirements.


	September 30, 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	$	8,829	$	(8,163)	$	666	$	—	$	(98)	$	568


Interest rate swap futures	3,191		—		3,191		—		—		3,191
Total Assets	$	12,020	$	(8,163)	$	3,857	$	—	$	(98)	$	3,759

Liabilities:
Forward sale contracts	$	15,310	$	(8,163)	$	7,147	$	—	$	(4,872)	$	2,275
Put options on treasuries	2,166		—		2,166		—		(2,166)		—


Warehouse and other lines of credit	2,382,706		—		2,382,706		(2,382,706)		—		—
Secured debt obligations (1)	1,281,938		—		1,281,938		(1,281,938)		—		—
Total liabilities	$	3,682,120	$	(8,163)	$	3,673,957	$	(3,664,644)	$	(7,038)	$	2,275

(1)Secured debt obligations as of September 30, 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.