Our primary market risk results from fluctuations in interest rates. We are exposed to interest rate risk through borrowings under our revolving credit facilities, consisting of the Credit Facility, the MIF Mortgage Repurchase Facility and the MIF Master Repurchase Facility, which permitted borrowings of up to $1.2 billion as of June 30, 2026, subject to availability constraints. Additionally, M/I Financial is exposed to interest rate risk associated with its mortgage loan origination services. Interest Rate Lock Commitments: Interest rate lock commitments (“IRLCs”) are extended to certain homebuying customers who have applied for a mortgage loan and meet certain defined credit and underwriting criteria. Typically, the IRLCs will have a duration of less than six months; however, in certain markets, the duration could extend to twelve months. Some IRLCs are committed to a specific third party investor through the use of whole loan delivery commitments matching the exact terms of the IRLC loan. Uncommitted IRLCs are considered derivative instruments and are fair value adjusted, with the resulting gain or loss recorded in current earnings. Forward Sales of Mortgage-Backed Securities: Forward sales of mortgage-backed securities (“FMBSs”) are used to protect uncommitted IRLC loans against the risk of changes in interest rates between the lock date and the funding date. FMBSs related to uncommitted IRLCs are classified and accounted for as non-designated derivative instruments and are recorded at fair value, with gains and losses recorded in current earnings. Mortgage Loans Held for Sale: Mortgage loans held for sale consist primarily of single-family residential loans collateralized by the underlying property. During the period between when a loan is closed and when it is sold to an investor, the interest rate risk is covered through the use of a whole loan contract or by FMBSs. The FMBSs are classified and accounted for as non-designated derivative instruments, with gains and losses recorded in current earnings. The table below shows the notional amounts of our financial instruments at June 30, 2026 and December 31, 2025: June 30, December 31, Description of Financial Instrument (in thousands) 2026 2025 Whole loan contracts and related committed IRLCs $ 434 $ — Uncommitted IRLCs 644,526 300,595 FMBSs related to uncommitted IRLCs 697,000 335,000 Whole loan contracts and related mortgage loans held for sale 12,231 15,044 FMBSs related to mortgage loans held for sale 270,000 290,000 Mortgage loans held for sale covered by FMBSs 256,787 302,790 The table below shows the measurement of assets and liabilities at June 30, 2026 and December 31, 2025: June 30, December 31, Description of Financial Instrument (in thousands) 2026 2025 Mortgage loans held for sale $ 258,965 $ 309,100 Forward sales of mortgage-backed securities 1,898 (635) Interest rate lock commitments 2,841 3,661 Whole loan contracts (1,143) (817) Total $ 262,561 $ 311,309 The following table sets forth the amount of gain (loss) recognized on assets and liabilities for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, Description (in thousands) 2026 2025 2026 2025 Mortgage loans held for sale $ 588 $ 5,544 $ (2,918) $ 5,452 Forward sales of mortgage-backed securities (5,378) (3,701) 2,533 (9,144) Interest rate lock commitments 244 1,404 (1,257) 4,621 Whole loan contracts 1,148 1,235 110 644 Total gain (loss) recognized $ (3,398) $ 4,482 $ (1,532) $ 1,573 41 The following table provides the expected future cash flows and current fair values of borrowings under our credit facilities and mortgage loan origination services that are subject to market risk as interest rates fluctuate, as of June 30, 2026. Because the MIF Mortgage Repurchase Facility and MIF Master Repurchase Facility are effectively secured by certain mortgage loans held for sale which are typically sold within 30 to 45 days, their outstanding balances are included in the most current period presented. The interest rates for our variable rate debt represent the weighted average interest rates in effect at June 30, 2026. For fixed-rate debt, changes in interest rates generally affect the fair market value of the debt instrument, but not our earnings or cash flow. Conversely, for variable rate debt, changes in interest rates generally do not affect the fair market value of the debt instrument, but do affect our earnings and cash flow. We do not have the obligation to prepay fixed-rate debt prior to maturity, and, as a result, interest rate risk and changes in fair market value should not have a significant impact on our fixed-rate debt until we are required or elect to refinance it. Expected Cash Flows by Period Fair Value (Dollars in thousands) 2026 2027 2028 2029 2030 Thereafter Total 6/30/2026 ASSETS: Mortgage loans held for sale: Fixed rate $264,159 — — — — — $264,159 $258,230 Weighted average interest rate 5.04% — — — — — 5.04% Variable rate $742 — — — — — $742 $735 Weighted average interest rate 2.66% — — — — — 2.66% LIABILITIES: Long-term debt — fixed rate — — $400,000 — $300,000 — $700,000 $682,125 Weighted average interest rate — — 2.83% — 1.69% — 4.52% Short-term debt — variable rate $252,366 — — — — — $252,366 $252,366 Weighted average interest rate 5.37% — — — — — 5.37% 42