Net Gains on Loans Held for Sale (Tables)

6 Months Ended

Jun. 30, 2025

Net Gains on Loans Held for Sale

Net Gains on Loans Held for Sale

	Quarter ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
	(in thousands)
From non-affiliates:
Cash losses:
Loans	$	(573,210)	$	(413,822)	$	(849,520)	$	(723,012)
Hedging activities		(105,772)		92,552		(416,471)		242,771
		(678,982)		(321,270)		(1,265,991)		(480,241)
Non-cash gains:
Mortgage servicing rights resulting from loan sales		814,538		541,207		1,464,887		953,727
Provisions for losses relating to representations and warranties:
Pursuant to loan sales		(4,054)		(4,129)		(7,601)		(8,081)
Reductions in liability due to changes in estimate		2,220		4,076		3,635		7,396
Changes in fair values of loans and derivatives held at end of period:
Interest rate lock commitments		32,211		(1,055)		108,588		(20,841)
Loans		(15,268)		(2,695)		(102,307)		24,950
Hedging derivatives		76,919		(39,597)		242,572		(137,579)
		227,584		176,537		443,783		339,331
From PennyMac Mortgage Investment Trust (1)		7,075		(473)		11,913		(826)
	$	234,659	$	176,064	$	455,696	$	338,505

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