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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2025 and December 31, 2024. Table 13.1 – Fair Value and Notional Amount of Derivatives
|  | September 30, 2025 |  | December 31, 2024
|  | Fair Value |  | Notional Amount |  | Fair Value |  | Notional Amount
(In Thousands) |  |  |  |
Assets - Risk Management Derivatives |  |  |  |  |  |  |  |
TBAs |  | $ | 25,583 |  |  | $ | 4,545,000 |  |  | $ | — |  |  | $ | — |
Interest rate futures |  | 2,573 |  |  | 589,500 |  |  | 16,446 |  |  | 712,500 |
Swaptions |  | 35,352 |  |  | 6,400,000 |  |  | 23,738 |  |  | 8,245,000 |
Assets - Other Derivatives |  |  |  |  |  |  |  |
LPCs and IRLCs |  | 34,440 |  |  | 2,761,105 |  |  | 5,819 |  |  | 919,888 |
Total Assets (1) |  | $ | 97,948 |  |  | $ | 14,295,605 |  |  | $ | 46,003 |  |  | $ | 9,877,388 |
Liabilities - Risk Management Derivatives |  |  |  |  |  |  |  |
TBAs |  | $ | (27,722) |  |  | $ | 6,365,000 |  |  | $ | (16,249) |  |  | $ | 1,350,000 |
Interest rate futures |  | (21,108) |  |  | 3,585,700 |  |  | (6,915) |  |  | 830,500 |
Liabilities - Other Derivatives |  |  |  |  |  |  |  |
LPCs |  | (8,217) |  |  | 1,271,788 |  |  | (496) |  |  | 157,985 |
Total Liabilities (1) |  | $ | (57,047) |  |  | $ | 11,222,488 |  |  | $ | (23,660) |  |  | $ | 2,338,485 |
Total Derivatives, Net (1) |  | $ | 40,901 |  |  | $ | 25,518,093 |  |  | $ | 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.
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 and nine months ended September 30, 2025 and 2024. Table 13.2 – Market Valuation Gains (Losses) on Derivatives, net
|  | Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
(In Thousands) |  |
Risk Management Derivatives (1) |  | $ | (4,341) |  |  | $ | 27,419 |
LPCs and IRLCs (2) |  | 41,990 |  |  | 9,801 |
Market Valuation Gains (Losses) on Derivatives, net |  | $ | 37,649 |  |  | $ | 37,220 |
|  | Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
(In Thousands) |  |
Risk Management Derivatives (1) |  | $ | 99,251 |  |  | $ | 27,556 |
LPCs and IRLCs (2) |  | 81,879 |  |  | 11,331 |
Market Valuation Gains on Derivatives, net |  | $ | 181,130 |  |  | $ | 38,887 |
(1)Market valuation (losses) 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 on LPCs and IRLCs are recorded in Mortgage banking activities, net on our consolidated statements of income.

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
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