Transactions with Related Parties (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Related Party Transactions [Abstract] |
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| Summary of Correspondent Production Activity |
Following is a summary of correspondent production activity between the Company and PLS:
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Quarter ended June 30, |
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Six months ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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(in thousands) |
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Loan fulfillment fees earned by PLS |
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$ |
5,814 |
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$ |
4,427 |
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$ |
11,104 |
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$ |
8,443 |
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Unpaid principal balance of loans fulfilled by PLS |
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$ |
3,085,840 |
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$ |
2,229,397 |
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$ |
5,867,562 |
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$ |
4,001,078 |
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Sourcing fees received from PLS included in
Net gains on loans acquired for sale |
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$ |
2,658 |
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$ |
2,050 |
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$ |
4,673 |
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$ |
3,655 |
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Unpaid principal balance of loans sold to PLS: |
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Government guaranteed or insured |
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$ |
12,966,563 |
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$ |
10,500,415 |
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$ |
24,158,443 |
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$ |
18,357,340 |
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Conventional conforming |
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13,520,693 |
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10,006,706 |
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22,481,489 |
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18,196,636 |
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$ |
26,487,256 |
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$ |
20,507,121 |
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$ |
46,639,932 |
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$ |
36,553,976 |
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Purchases of loans acquired for sale from PLS |
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$ |
1,034,884 |
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$ |
— |
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$ |
1,689,692 |
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$ |
— |
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Tax service fees paid to PLS |
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$ |
502 |
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$ |
431 |
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$ |
979 |
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$ |
790 |
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June 30, 2025 |
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December 31, 2024 |
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(in thousands) |
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Loans included in Loans acquired for sale at fair value pending sale to PLS |
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$ |
1,584,212 |
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$ |
602,108 |
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| Summary of Loan Servicing Fees Earned and Mortgage Servicing Rights Recaptured Income Earned |
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Quarter ended June 30, |
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Six months ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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(in thousands) |
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Loan servicing fees: |
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Loans acquired for sale |
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$ |
285 |
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$ |
94 |
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$ |
508 |
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$ |
184 |
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Loans held for investment |
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226 |
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63 |
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394 |
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125 |
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Mortgage servicing rights |
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21,134 |
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20,107 |
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42,472 |
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40,217 |
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$ |
21,645 |
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$ |
20,264 |
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$ |
43,374 |
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$ |
40,526 |
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Average investment in loans: |
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Acquired for sale |
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$ |
2,204,825 |
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$ |
854,406 |
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$ |
2,101,729 |
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$ |
779,997 |
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Held for investment |
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$ |
3,766,027 |
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$ |
1,380,857 |
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$ |
3,199,308 |
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$ |
1,403,094 |
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Average MSR portfolio unpaid principal balance |
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$ |
222,991,951 |
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$ |
229,124,554 |
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$ |
224,208,538 |
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$ |
229,767,433 |
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Mortgage servicing rights recapture fees |
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$ |
1,474 |
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$ |
473 |
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$ |
2,682 |
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$ |
826 |
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Unpaid principal balance of loans recaptured |
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$ |
183,050 |
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$ |
74,208 |
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$ |
342,522 |
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$ |
136,281 |
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| Summary of Management Fee Expense |
Following is a summary of management fee expenses:
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Quarter ended June 30, |
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Six months ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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(in thousands) |
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Base management fee |
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$ |
6,869 |
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$ |
7,133 |
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$ |
13,881 |
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$ |
14,321 |
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Performance incentive fee |
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— |
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— |
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— |
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— |
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$ |
6,869 |
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$ |
7,133 |
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$ |
13,881 |
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$ |
14,321 |
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Average shareholders' equity amounts used to calculate
base management fee expense |
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$ |
1,836,690 |
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$ |
1,912,522 |
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$ |
1,866,238 |
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$ |
1,919,962 |
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| Summary of Expenses |
Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses:
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Quarter ended June 30, |
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Six months ended June 30, |
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2025 |
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|
2024 |
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|
2025 |
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|
2024 |
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(in thousands) |
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Reimbursement of: |
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Expenses incurred on the Company’s behalf, net |
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$ |
4,963 |
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$ |
2,779 |
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$ |
9,564 |
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$ |
9,193 |
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Compensation |
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1,628 |
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165 |
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3,257 |
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330 |
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Common overhead |
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982 |
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2,000 |
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1,963 |
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3,944 |
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$ |
7,573 |
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$ |
4,944 |
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$ |
14,784 |
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$ |
13,467 |
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Payments and settlements during the period (1) |
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$ |
32,628 |
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$ |
29,263 |
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$ |
60,676 |
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$ |
59,348 |
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(1)Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PCM and its affiliates for the operating, investing and financing activities itemized in this Note.
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| Summary of Amounts Receivable From and Payable to PFSI |
Amounts receivable from and payable to PFSI are summarized below:
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June 30, 2025 |
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December 31, 2024 |
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(in thousands) |
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Due from PFSI-Miscellaneous receivables |
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$ |
14,894 |
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$ |
16,015 |
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Due to PFSI: |
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Correspondent production fees |
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$ |
10,528 |
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$ |
11,122 |
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Loan servicing fees |
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7,213 |
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6,822 |
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Management fees |
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6,869 |
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7,149 |
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Allocated expenses and expenses and costs |
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5,994 |
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3,508 |
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Fulfillment fees |
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— |
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|
1,605 |
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$ |
30,604 |
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$ |
30,206 |
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| Summary of Transfer Cash to Fund Loan Servicing Advances |
The Company has also transferred cash to PLS to fund loan servicing advances and REO property acquisition and preservation costs on its behalf. Such amounts are included in various of the Company's balance sheet items as summarized below:
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Balance sheet line including advance amount |
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June 30, 2025 |
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December 31, 2024 |
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(in thousands) |
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Servicing advances |
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$ |
70,480 |
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$ |
105,037 |
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Other assets-Real estate acquired in settlement of loans |
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|
800 |
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1,265 |
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$ |
71,280 |
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$ |
106,302 |
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