Offsetting Assets and Liabilities

12 Months Ended

Dec. 31, 2025

Certain of our derivatives and debt obligations are subject to master netting arrangements or similar agreements. Under GAAP, in certain circumstances we may elect to present certain financial assets, liabilities and related collateral subject to master netting arrangements in a net position on our balance sheets. However, we do not elect to report any of these financial assets or liabilities on a net basis, and instead present them on a gross basis on our consolidated balance sheets.

The following table presents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with the corresponding financial instruments and corresponding collateral received or pledged at December 31, 2025 and 2024.

Table 14.1 - Offsetting of Financial Assets, Liabilities, and Collateral


December 31, 2025	Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in Consolidated Balance Sheet		Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		Gross Amounts Not Offset in Consolidated Balance Sheet (1)				Net Amount
(In Thousands)							Financial Instruments		Cash Collateral (Received) Pledged
Assets (2)
Swaptions	$	31,119	$	—	$	31,119	$	—	$	(21,546)	$	9,573
TBAs	38,686		—		38,686		(19,346)		(19,340)		—
Interest rate futures	17,772		—		17,772		(4,660)		—		13,112
Total Assets	$	87,577	$	—	$	87,577	$	(24,006)	$	(40,886)	$	22,685

Liabilities (2)

TBAs	$	(22,252)	$	—	$	(22,252)	$	19,346	$	—	$	(2,906)
Interest rate futures	(4,721)		—		(4,721)		4,660		61		—
Loan warehouse debt	(1,506,143)		—		(1,506,143)		1,506,143		—		—
Total Liabilities	$	(1,533,116)	$	—	$	(1,533,116)	$	1,530,149	$	61	$	(2,906)


December 31, 2024	Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in Consolidated Balance Sheet		Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet		Gross Amounts Not Offset in Consolidated Balance Sheet (1)				Net Amount
(In Thousands)							Financial Instruments		Cash Collateral (Received) Pledged
Assets (2)
Interest rate agreements	$	23,738	$	—	$	23,738	$	—	$	(19,989)	$	3,749
TBAs	—		—		—		—		—		—
Futures	16,446		—		16,446		(3,588)		—		12,858
Total Assets	$	40,184	$	—	$	40,184	$	(3,588)	$	(19,989)	$	16,607

Liabilities (2)
Interest rate agreements	$	—	$	—	$	—	$	—	$	—	$	—
TBAs	(16,249)		—		(16,249)		—		12,904		(3,345)
Futures	(6,915)		—		(6,915)		3,588		3,327		—
Loan warehouse facilities	(253,962)		—		(253,962)		253,962		—		—
Total Liabilities	$	(277,126)	$	—	$	(277,126)	$	257,550	$	16,231	$	(3,345)

(1)Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, we have pledged excess cash collateral or financial assets to a counterparty (which, in certain circumstances, may be a clearinghouse) that exceed the financial liabilities subject to a master netting arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to us that exceeds our corresponding financial assets. In each case, these excess amounts are excluded from the table; they are separately reported in our consolidated balance sheets as assets or liabilities, respectively.

(2)Interest rate agreements, TBAs and futures are components of derivative instruments on our consolidated balance sheets. Loan warehouse debt, which is secured by certain Residential consumer and Residential investor loans, is a component of Debt obligations on our consolidated balance sheets.