​

​

Quarter ended March 31, 

​

  ​ ​ ​

2026

  ​ ​ ​

2025

​

​

(in thousands)

From non-affiliates:

​

​

​

​

​

​

Cash losses:

​

​

​

​

​

​

Loans

​

$

(528,351)

​

$

(276,310)

Hedging activities

​

​

324,039

​

​

(310,699)

​

​

​

(204,312)

​

​

(587,009)

Non-cash gains:

​

​

​

​

​

​

Mortgage servicing rights resulting from loan sales

​

​

719,586

​

​

650,349

Provisions for losses relating to representations and warranties:

​

​

​

​

​

​

Pursuant to loan sales

​

​

(4,468)

​

​

(3,547)

Reductions in liability due to changes in estimate

​

​

2,990

​

​

1,415

Changes in fair values of loans and derivatives held at end of quarter:

​

​

​

​

​

​

Interest rate lock commitments

​

​

(18,991)

​

​

76,377

Loans

​

​

65,000

​

​

(87,039)

Hedging derivatives

​

​

(222,569)

​

​

165,653

​

​

​

337,236

​

​

216,199

From PennyMac Mortgage Investment Trust (1)

​

​

7,749

​

​

4,838

​

​

$

344,985

​

$

221,037