XML 55 R44.htm IDEA: XBRL DOCUMENT v3.26.1
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
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, 2026 and December 31, 2025.
Table 13.1 – Fair Value and Notional Amount of Derivatives
June 30, 2026December 31, 2025
Fair
Value		Notional
Amount		Fair
Value		Notional
Amount
(In Thousands)
Assets - Risk Management Derivatives
TBAs$5,636 $2,425,000 $38,686 $14,690,000 
Interest rate futures2,463 1,072,400 17,772 2,431,300 
Swaptions29,616 5,700,000 31,119 9,850,000 
Assets - Other Derivatives
LPCs and IRLCs21,721 3,305,004 18,020 3,497,565 
Total Assets (1)
$59,436 $12,502,404 $105,597 $30,468,865 
Liabilities - Risk Management Derivatives
TBAs$(3,168)$1,137,500 $(22,252)$8,750,000 
Interest rate futures(1,121)566,700 (4,721)1,969,000 
Liabilities - Other Derivatives
LPCs(6,623)1,017,720 (1,177)369,734 
Total Liabilities (1)
$(10,912)$2,721,920 $(28,150)$11,088,734 
Total Derivatives, Net (1)
$48,524 $15,224,324 $77,447 $41,557,599 
(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, 2026 and 2025.
Table 13.2 – Market Valuation Gains (Losses) on Derivatives, net
Three Months Ended June 30, 2026Three Months Ended June 30, 2025
(In Thousands)
Risk Management Derivatives (1)
$(66,857)$65,119 
LPCs and IRLCs (2)
42,012 8,635 
Market Valuation (Losses) Gains on Derivatives, net$(24,845)$73,754 
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
(In Thousands)
Risk Management Derivatives (1)
$(136,513)$103,592 
LPCs and IRLCs (2)
43,918 39,889 
Market Valuation (Losses) Gains on Derivatives, net$(92,595)$143,481 
(1)Market valuation (losses) gains on risk management derivatives used to manage the mark-to-market risks associated with our Mortgage Banking platforms 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.