Quarter ended September 30,

Nine months ended September 30,

2026

2025

2026

2025

(in thousands)

From nonaffiliates:

Cash gains (losses):

Sales of loans

$

(25,916

)

$

5,289

$

(66,502

)

$

(8,244

)

Hedging activities

36,771

(18,535

)

49,673

(97,652

)

10,855

(13,246

)

(16,829

)

(105,896

)

Non-cash (losses) gains:

Receipt of MSRs in mortgage loan sale transactions

16,926

45,744

88,188

136,783

Provision for losses relating to representations and warranties
  provided in loan sales:

Pursuant to loan sales

(302

)

(222

)

(960

)

(753

)

Reduction of liability due to change in estimate

323

39

1,010

2,119

21

(183

)

50

1,366

Changes in fair value of loans and derivatives

Interest rate lock commitments

(19,031

)

(2,033

)

(18,434

)

5,045

Loans

(86,739

)

(4,058

)

(86,203

)

(26,017

)

Hedging derivatives

83,164

(11,898

)

76,626

28,522

Total changes in fair value of loans and derivatives

(22,606

)

(17,989

)

(28,011

)

7,550

Total non-cash (losses) gains

(5,659

)

27,572

60,227

145,699

Total from nonaffiliates

5,196

14,326

43,398

39,803

From PFSI ‒ cash gains

—

531

—

5,204

$

5,196

$

14,857

$

43,398

$

45,007