That appears to be a priority flow control valve that receives the flow from the hydraulic pump and sends a certain amount (1 or 2 gpm) to the power steering through the "PF" (priority flow) port. The remaining flow (excess flow) passes through the "EF" port to the TPH. The valve insures that the power steering always gets enough fluid to operate even when other circuits (TPH) are being used.
Unless the "brass" (probably steel with a coating) fitting has loosened, I suspect the prolonged vibration of the engine has caused the fitting to crack. Note that the priority flow valve is connected to the pump only by the fitting, and further that the valve has two steel lines that may tend to add to the stress on the top fitting.
The only thing you said that doesn't fit this analysis is that it leaks only when the TPH is used, but not the loader. Unless the loader has a separate pump (possible, but unlikely), the loader, TPH, and power steering will all cause the pressure on the fitting to increase (since each tends to block flow from the pump) and therefore leak. You might check again to be sure the leak does not occur when the PS or FEL loader are used. If all systems use this pump, the fitting should leak when any one of them is used, and my analysis is not correct.