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Derivative Financial Instruments (Tables)
 9 Months Ended
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, 2025December 31, 2024
Fair
Value		Notional
Amount		Fair
Value		Notional
Amount
(In Thousands)
Assets - Risk Management Derivatives
TBAs$25,583 $4,545,000 $— $— 
Interest rate futures2,573 589,500 16,446 712,500 
Swaptions35,352 6,400,000 23,738 8,245,000 
Assets - Other Derivatives
LPCs and IRLCs34,440 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, 2025Three 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, 2025Nine 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.