XML 50 R31.htm IDEA: XBRL DOCUMENT v3.25.3
BALANCE SHEET NETTING (Tables)
 9 Months Ended
Sep. 30, 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 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 recognizedGross amounts offset in consolidated balance sheetNet amounts presented in consolidated balance sheetGross amounts not offset in consolidated balance sheetNet amount
Financial instrumentsCash collateral
Assets:
Forward sale contracts$8,829 $(8,163)$666 $— $(98)$568 
Interest rate swap futures3,191 — 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 treasuries2,166 — 2,166 — (2,166)— 
Warehouse and other lines of credit2,382,706 — 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 recognizedGross amounts offset in consolidated balance sheetsNet amounts presented in consolidated balance sheetsGross amounts not offset in consolidated balance sheetsNet amount
Financial instrumentsCash 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 treasuries5,829 — 5,829 — (5,829)— 
Interest rate swap futures16,148 — 16,148 — (16,148)— 
Warehouse and other lines of credit2,377,127 — 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 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 recognizedGross amounts offset in consolidated balance sheetNet amounts presented in consolidated balance sheetGross amounts not offset in consolidated balance sheetNet amount
Financial instrumentsCash collateral
Assets:
Forward sale contracts$8,829 $(8,163)$666 $— $(98)$568 
Interest rate swap futures3,191 — 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 treasuries2,166 — 2,166 — (2,166)— 
Warehouse and other lines of credit2,382,706 — 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 recognizedGross amounts offset in consolidated balance sheetsNet amounts presented in consolidated balance sheetsGross amounts not offset in consolidated balance sheetsNet amount
Financial instrumentsCash 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 treasuries5,829 — 5,829 — (5,829)— 
Interest rate swap futures16,148 — 16,148 — (16,148)— 
Warehouse and other lines of credit2,377,127 — 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.