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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Value and Notional Amount of Derivatives | The following table presents the fair value and notional amount of our derivatives at March 31, 2025 and December 31, 2024. Table 13.1 – Fair Value and Notional Amount of Derivatives
|  | March 31, 2025 |  | December 31, 2024
|  | Fair Value |  | Notional Amount |  | Fair Value |  | Notional Amount
(In Thousands) |  |  |  |
Assets - Risk Management Derivatives |  |  |  |  |  |  |  |
TBAs |  | $ | 7,488 |  |  | $ | 1,180,000 |  |  | $ | — |  |  | $ | — |
Interest rate futures |  | 3,666 |  |  | 324,000 |  |  | 16,446 |  |  | 712,500 |
Swaptions |  | 126,250 |  |  | 7,950,000 |  |  | 23,738 |  |  | 8,245,000 |
Assets - Other Derivatives |  |  |  |  |  |  |  |
LPCs and IRLCs (2) |  | 21,505 |  |  | 1,638,757 |  |  | 5,819 |  |  | 919,888 |
Total Assets (1) |  | $ | 158,909 |  |  | $ | 11,092,757 |  |  | $ | 46,003 |  |  | $ | 9,877,388 |
Liabilities - Risk Management Derivatives |  |  |  |  |  |  |  |
TBAs |  | $ | (3,454) |  |  | $ | 800,500 |  |  | $ | (16,249) |  |  | $ | 1,350,000 |
Interest rate futures |  | (4,683) |  |  | 784,500 |  |  | (6,915) |  |  | 830,500 |
Liabilities - Other Derivatives |  |  |  |  |  |  |  |
LPCs (2) |  | (4,698) |  |  | 638,878 |  |  | (496) |  |  | 157,985 |
Total Liabilities (1) |  | $ | (12,835) |  |  | $ | 2,223,878 |  |  | $ | (23,660) |  |  | $ | 2,338,485 |
Total Derivatives, Net (1) |  | $ | 146,074 |  |  | $ | 13,316,635 |  |  | $ | 22,343 |  |  | $ | 12,215,873 |
(1)For the purpose of this presentation, derivative assets and liabilities are presented on a gross and a net basis. (2)Included in this balance is a $1 billion loan purchase commitment we executed during the three months ended March 31, 2025 with a large money-center bank to acquire a pool of primarily seasoned jumbo loans. This trade has subsequently settled in the second quarter of 2025. See further details in Note 7.
Schedule of Market Valuation Gains (Losses) on Derivatives, Net | The following table presents the market valuation gains and losses on our derivatives for the three months ended March 31, 2025 and 2024. Table 13.2 – Market Valuation Gains (Losses) on Derivatives, net
|  | Three Months Ended March 31, 2025 |  | Three Months Ended March 31, 2024
(In Thousands) |  |
Risk Management Derivatives (1) |  | $ | 38,473 |  |  | $ | 9,979 |
LPCs and IRLCs (2) |  | 31,254 |  |  | (6,351) |
Market Valuation Gains on Derivatives, net |  | $ | 69,727 |  |  | $ | 3,628 |
(1)Market valuation gains on risk management derivatives used to manage the mark-to-market risks associated with our Mortgage Banking operations are recorded in Mortgage banking activities, net and market valuation gains (losses) on all other derivatives are recorded in Investment fair value changes, net on our consolidated statements of income. (2)Market valuation gains (losses) on LPCs and IRLCs are recorded in Mortgage banking activities, net on our consolidated statements of income.

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