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DERIVATIVES AND HEDGING (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives
Derivatives and economic hedges are recorded at fair value and presented in other assets or accrued expenses and other liabilities on the consolidated balance sheets, as follows:
December 31,
20242023
Derivative and Hedging Assets:
Interest rate swaps(A)
$6 $106 
IRLCs21,496 26,482 
TBAs50,809 1,492 
Foreign exchange forwards2,836 — 
$75,147 $28,080 
Derivative and Hedging Liabilities:
IRLCs$10,202 $2,678 
TBAs15,628 49,087 
Treasury short sales(B)
1,245 — 
Other commitments(C)
25,521 — 
Stock options14 — 
$52,610 $51,765 
(A)Net of $42.0 million and $342.0 million of related variation margin accounts as of December 31, 2024 and 2023, respectively.
(B)As of December 31, 2024, all Treasury short sales are covered with no economic exposure. Carrying value represents the net of repurchase agreements and $503.9 million of related reverse repurchase agreement lending facilities used to borrow securities to effectuate short sales of Treasury securities. As of December 31, 2023, Treasury securities payable and related reverse repurchase agreements are presented on a gross basis on the consolidated balance sheets.
(C)During the first quarter of 2024, a subsidiary of the Company entered into an agreement with an affiliate, which could result in the subsidiary being required to make a payment under certain circumstances dependent upon amounts realized from an investment of the affiliate, subject to a maximum amount of $25.5 million. The agreement is classified as a derivative liability and measured at fair value.
The following table summarizes notional amounts related to derivatives and hedging:
December 31,
20242023
Interest rate swaps(A)
$8,995,000 $7,979,988 
IRLCs3,413,043 2,757,060 
Treasury short sales(B)
— 1,800,000 
TBAs(C)
17,402,824 6,013,100 
Other commitments25,057 — 
Foreign exchange forwards17,300 — 
(A)Includes $3.1 billion notional of receive Secured Overnight Financing Rate (“SOFR”)/pay fixed of 3.6% and $5.9 billion notional of receive fixed of 3.8%/pay SOFR with weighted average maturities of 71 months and 32 months, respectively, as of December 31, 2024. Includes $8.0 billion notional of receive SOFR/pay fixed of 2.5% and $0.0 billion notional of receive fixed of 0.0%/pay SOFR with weighted average maturities of 32 months and 0 months, respectively, as of December 31, 2023.
(B)Represents the notional amount of Treasury notes sold short.
(C)Represents the notional amount of Agency RMBS, classified as derivatives.

The following table summarizes gain (loss) on derivatives and other hedging instruments and the related presentation on the consolidated statements of operations:
Year Ended December 31,
202420232022
Servicing Revenue, Net(A):
TBAs$— $— $(15,205)
Treasury futures— — (1,746)
Options on Treasury futures— — 5,635 
— — (11,316)
Gain (Loss) on Originated Residential Mortgage Loans, HFS, Net(A):
IRLCs(12,449)15,018 (102,992)
TBAs 90,675 (62,924)25,700 
Interest rate swaps— (1,110)— 
78,226 (49,016)(77,292)
Realized and Unrealized Gains (Losses), Net(B)(C):
Interest rate swaps 63,448 20,990 1,159,777 
TBAs(269,862)(7,326)309,154 
Treasury short sales(D)
23,783 (68,006)— 
Other commitments(25,535)— — 
Stock options(3)— — 
Foreign exchange forwards2,019 — — 
(206,150)(54,342)1,468,931 
Total Gain (Loss)$(127,924)$(103,358)$1,380,323 
(A)Represents unrealized gain (loss).
(B)Excludes no loss for the years ended December 31, 2024 and 2023 and $79.0 million loss for the year ended December 31, 2022 included within servicing revenue, net (Note 5) in the consolidated statements of operations.
(C)Excludes $28.2 million gain, $73.5 million gain and $1.3 billion gain for the years ended December 31, 2024, 2023 and 2022, respectively, reflected as gain (loss) on settlement of residential mortgage loan origination derivative instruments presented within gain on originated residential mortgage loans, HFS, net (Note 7) in the consolidated statements of operations.
(D)As of December 31, 2024, all Treasury short sales are covered with no economic exposure.