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Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Activity
The table below summarizes the fair value, notional and maturity of our derivative instruments. The notional amount of our contracts does not represent our exposure to credit loss. None of the derivatives were designated as a hedge for accounting purposes as of or during any of the periods presented.
September 30, 2025December 31, 2024
MaturitiesNotionalFair valueMaturitiesNotionalFair value
Derivative Assets (Other assets)
Forward sales of Reverse loansN/A$— $— January 2025$60.0 $0.4 
Forward loans IRLCsOctober 2025 - February 2026 2,367.7 11.4 N/A— — 
Reverse loans IRLCsNovember 2025 - January 202633.9 1.2 February 202525.6 0.2 
TBA forward MBS tradesOctober 2025 - December 2025 1,670.9 5.7 January - March 20251,391.1 10.0 
Forward sales of Forward loansOctober 20250.4 — January 2025215.0 1.5 
Interest rate futures
December 202550.0 — March 2025225.0 3.2 
Total$4,122.8 $18.3 $1,916.6 $15.4 
Derivative Liabilities (Other liabilities)
Forward loans IRLCsN/A$— $— January - May 2025$1,311.6 $(0.7)
Forward sales of Reverse loansOctober 202530.0 (0.1)NA— — 
TBA forward MBS tradesOctober 2025 - December 2025 1,968.8 (8.7)January - February 2025789.0 (5.0)
Interest rate futures
December 20251,675.0 (18.0)March 2025875.0 (21.9)
Interest rate option contractsNovember 2025100.0 — N/A— — 
Total$3,773.8 $(26.8)$2,975.6 $(27.6)
The table below summarizes the net gains and losses of our derivative instruments recognized in our unaudited consolidated statements of operations.
Three Months Ended September 30,Nine Months Ended September 30,Financial Statement Line
Gain (Loss)
2025202420252024
Derivative Instruments
Forward loans IRLCs$(5.7)$1.1 $12.1 $(0.4)Gain on loans held for sale, net
Reverse loans IRLCs0.1 (0.1)0.9 — Gain on reverse loans held for investment and HMBS-related borrowings, net
Forward trades (economically hedging forward pipeline trades and EBO pipeline)1.2 0.5 (1.5)0.5 Gain on loans held for sale, net (Economic hedge)
TBA trades (economically hedging forward pipeline trades and EBO pipeline)(27.8)(36.5)(53.2)(26.8)Gain on loans held for sale, net (Economic hedge)
Interest rate futures, TBA trades and interest rate option contracts
10.6 54.3 25.9 (50.0)MSR valuation adjustments, net
Forward sales of Reverse loans— — (0.5)0.1 Gain on reverse loans held for investment and HMBS-related borrowings, net
Total$(21.5)$19.4 $(16.3)$(76.7)