v3.26.1
Net Gains on Loans Held for Sale
6 Months Ended
Jun. 30, 2026
Net Gains on Loans Held for Sale  
Net Gains on Loans Held for Sale

Note 20—Net Gains on Loans Held for Sale

Net gains on loans held for sale at fair value are summarized below:

Quarter ended June 30, 

Six months ended June 30, 

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

(in thousands)

From non-affiliates:

Cash losses:

Loans

$

(279,801)

$

(573,210)

$

(808,152)

  ​ ​ ​

$

(849,520)

Hedging activities

(307,618)

(105,772)

16,421

(416,471)

(587,419)

(678,982)

(791,731)

(1,265,991)

Non-cash gains:

Mortgage servicing rights resulting from loan sales

648,681

814,538

1,368,267

1,464,887

Provisions for losses relating to representations and warranties:

Pursuant to loan sales

(5,807)

(4,054)

(10,275)

(7,601)

Reductions in liability due to changes in estimate

3,662

2,220

6,652

3,635

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

Interest rate lock commitments

32,326

32,211

13,335

108,588

Loans

(73,829)

(15,268)

(8,829)

(102,307)

Hedging derivatives

248,608

76,919

26,039

242,572

266,222

227,584

603,458

443,783

From PennyMac Mortgage Investment Trust (1)

14,097

7,075

21,846

11,913

$

280,319

$

234,659

$

625,304

$

455,696

(1) The terms of loan sales to PMT are described in Note 5–Related Party TransactionsPennyMac Mortgage Investment Trust–Operating Activities.