Interest Rate Risk For loans held for sale to Fannie Mae, Freddie Mac, and HUD, we are not currently exposed to unhedged interest rate risk during the loan commitment, closing, and delivery processes. The sale or placement of each loan to an investor is negotiated prior to closing on the loan with the borrower, and the sale or placement is typically effectuated within 60 days of closing. The coupon rate for the loan is set at the same time we establish the interest rate with the investor. Some of our assets and liabilities are subject to changes in interest rates. Placement fee revenue from escrow deposits generally track the effective Federal Funds Rate (“EFFR”). The EFFR was 363 basis points and 433 basis points as of June 30, 2026 and 2025, respectively. The following table shows the impact on our placement fee revenue due to a 100-basis point increase and decrease in EFFR based on our escrow balances outstanding at each period end. A portion of these changes in earnings as a result of a 100-basis point increase in the EFFR would be delayed by several months due to the negotiated nature of some of our placement arrangements. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ As of June 30, ​ Change in annual placement fee revenue due to: ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 100 basis point increase in EFFR ​ $ 30,943 ​ $ 26,725 ​ 100 basis point decrease in EFFR ​ (30,943) ​ (26,725) ​ The borrowing cost of our warehouse facilities used to fund loans held for sale is based on SOFR. The base SOFR was 368 basis points and 445 basis points as of June 30, 2026 and 2025, respectively. The following table shows the impact on our annual net warehouse interest income due to a 100-basis point increase and decrease in SOFR, based on our warehouse borrowings outstanding at each period end. The changes shown below do not reflect an increase or decrease in the interest rate earned on our loans held for sale. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ As of June 30, ​ Change in annual net warehouse interest income due to: ​ ​ ​ 2026 ​ ​ ​ 2025 ​ 100 basis point increase in SOFR ​ $ (14,042) ​ $ (11,791) ​ 100 basis point decrease in SOFR ​ 14,042 ​ 11,791 ​ 63 Table of Contents All of our Corporate Debt is effectively based on Adjusted Term SOFR as of June 30, 2026. The following table shows the impact on our annual earnings due to a 100-basis point increase and decrease in SOFR as of June 30, 2026 and 2025, respectively, based on the debt balances outstanding at each period end. ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ As of June 30, ​ Change in annual income before taxes due to: ​ ​ ​ 2026 ​ ​ ​ 2025 ​ 100 basis point increase in SOFR ​ $ (8,444) ​ $ (8,489) ​ 100 basis point decrease in SOFR ​ 8,444 ​ 8,489 ​ ​ Market Value Risk The fair value of our MSRs is subject to market-value risk. A 100-basis point increase or decrease in the weighted average discount rate would decrease or increase, respectively, the fair value of our MSRs by approximately $38.6 million as of June 30, 2026 compared to $40.3 million as of June 30, 2025. Additionally, a 50-basis point increase or decrease in the placement fee rates would increase or decrease, respectively, the fair value of our MSRs by approximately $50.4 million as of June 30, 2026. Our Fannie Mae and Freddie Mac loans include economic deterrents that reduce the risk of loan prepayment prior to the expiration of the prepayment protection period, including prepayment premiums, loan defeasance, or yield maintenance fees. These prepayment protections generally extend the duration of a loan compared to a loan without similar protections. As of both June 30, 2026 and 2025, 90% of the loans for which we earn servicing fees are protected from the risk of prepayment through prepayment provisions; given this significant level of prepayment protection, we do not hedge our servicing portfolio for prepayment risk.