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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 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 June 30, 2025 and December 31, 2024.
Table 13.1 – Fair Value and Notional Amount of Derivatives
June 30, 2025December 31, 2024
Fair
Value		Notional
Amount		Fair
Value		Notional
Amount
(In Thousands)
Assets - Risk Management Derivatives
TBAs$61,249 $5,960,000 $— $— 
Interest rate futures19,876 2,006,800 16,446 712,500 
Swaptions124,518 6,550,000 23,738 8,245,000 
Assets - Other Derivatives
LPCs and IRLCs14,154 2,008,104 5,819 919,888 
Total Assets (1)
$219,797 $16,524,904 $46,003 $9,877,388 
Liabilities - Risk Management Derivatives
Interest rate swaps$(10,519)$1,000,000 $— $— 
TBAs(27,082)2,760,000 (16,249)1,350,000 
Interest rate futures(30,379)1,739,500 (6,915)830,500 
Liabilities - Other Derivatives
LPCs (2)
(846)341,616 (496)157,985 
Total Liabilities (1)
$(68,826)$5,841,116 $(23,660)$2,338,485 
Total Derivatives, Net (1)
$150,971 $22,366,020 $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 six months ended June 30, 2025 and 2024.
Table 13.2 – Market Valuation Gains (Losses) on Derivatives, net
Three Months Ended June 30, 2025Three Months Ended June 30, 2024
(In Thousands)
Risk Management Derivatives (1)
$65,119 $(9,842)
LPCs and IRLCs (2)
8,635 7,881 
Market Valuation Gains (Losses) on Derivatives, net$73,754 $(1,961)
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
(In Thousands)
Risk Management Derivatives (1)
$103,592 $137 
LPCs and IRLCs (2)
39,889 1,530 
Market Valuation Gains on Derivatives, net$143,481 $1,667 
(1)Market valuation gains (losses) 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.