| Summary of net gains on loans held for sale at fair value |
| | | | | | | | | | | | | | | 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 Transactions–PennyMac Mortgage Investment Trust–Operating Activities. |
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