| Schedule of Net Gains on Investments and Financings |
Net gains on loans held for sale are summarized below:
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Quarter ended September 30, |
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Nine months ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(in thousands) |
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From nonaffiliates: |
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Cash gains (losses): |
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Sales of loans |
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$ |
(25,916 |
) |
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$ |
5,289 |
|
|
$ |
(66,502 |
) |
|
$ |
(8,244 |
) |
Hedging activities |
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|
36,771 |
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|
(18,535 |
) |
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|
49,673 |
|
|
|
(97,652 |
) |
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|
|
10,855 |
|
|
|
(13,246 |
) |
|
|
(16,829 |
) |
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|
(105,896 |
) |
Non-cash (losses) gains: |
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Receipt of MSRs in mortgage loan sale transactions |
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16,926 |
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45,744 |
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|
88,188 |
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136,783 |
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Provision for losses relating to representations and warranties
provided in loan sales: |
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Pursuant to loan sales |
|
|
(302 |
) |
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(222 |
) |
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|
(960 |
) |
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|
(753 |
) |
Reduction of liability due to change in estimate |
|
|
323 |
|
|
|
39 |
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|
|
1,010 |
|
|
|
2,119 |
|
|
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|
21 |
|
|
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(183 |
) |
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|
50 |
|
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|
1,366 |
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Changes in fair value of loans and derivatives |
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Interest rate lock commitments |
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(19,031 |
) |
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|
(2,033 |
) |
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|
(18,434 |
) |
|
|
5,045 |
|
Loans |
|
|
(86,739 |
) |
|
|
(4,058 |
) |
|
|
(86,203 |
) |
|
|
(26,017 |
) |
Hedging derivatives |
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|
83,164 |
|
|
|
(11,898 |
) |
|
|
76,626 |
|
|
|
28,522 |
|
Total changes in fair value of loans and derivatives |
|
|
(22,606 |
) |
|
|
(17,989 |
) |
|
|
(28,011 |
) |
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|
7,550 |
|
Total non-cash (losses) gains |
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(5,659 |
) |
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|
27,572 |
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|
60,227 |
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|
|
145,699 |
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Total from nonaffiliates |
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|
5,196 |
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|
|
14,326 |
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|
|
43,398 |
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|
|
39,803 |
|
From PFSI ‒ cash gains |
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— |
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|
531 |
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— |
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|
|
5,204 |
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$ |
5,196 |
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$ |
14,857 |
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|
$ |
43,398 |
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|
$ |
45,007 |
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