v3.26.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
ASSETS      
Cash $ 213,958 $ 271,970  
Short-term investments at fair value 187,689 190,518  
Mortgage-backed securities at fair value pledged to creditors 3,765,539 4,452,859  
Loans held for sale at fair value ($2,328,824 and $2,676,700 pledged to creditors, respectively) 2,349,895 2,699,398  
Loans held for investment at fair value ($10,866,292 and $8,530,939 pledged to creditors, respectively) 10,867,942 8,532,644  
Deposits securing credit risk transfer arrangements pledged to creditors 969,725 1,009,334  
Mortgage servicing rights at fair value ($3,560,828 and $3,582,211 pledged to creditors, respectively) 3,623,979 3,644,702 $ 3,770,034
Servicing advances ($67,604 and $78,430 pledged to creditors, respectively) 79,200 96,830  
Due from PennyMac Financial Services, Inc. 27,228 25,458  
Other 374,024 373,584  
Total assets 22,502,692 21,346,882 14,876,226
LIABILITIES      
Assets sold under agreements to repurchase 7,300,692 8,018,601  
Notes payable secured by credit risk transfer and mortgage servicing assets 2,396,545 2,258,128  
Unsecured senior notes 684,506 1,028,300  
Interest-only security payable at fair value 34,232 37,650  
Asset-backed financing of variable interest entities at fair value 9,903,515 7,789,303  
Derivative and credit risk transfer strip liabilities with nonaffiliates at fair value 21,329 6,932  
Accounts payable and accrued liabilities 137,102 168,498  
Income taxes payable 129,677 127,476  
Liability for losses under representations and warranties 5,152 5,284 5,955
Total liabilities 20,636,136 19,459,551  
Commitments and contingencies ─ Note 17  
SHAREHOLDERS’ EQUITY      
Preferred shares of beneficial interest, $0.01 par value per share - authorized 100,000,000 shares, issued and outstanding 22,400,000, liquidation preference $560,000,000 541,482 541,482  
Common shares of beneficial interest, $0.01 par value - authorized, 500,000,000 issued and outstanding, 87,191,663 and 87,016,604 shares, respectively 872 870  
Additional paid-in capital 1,927,759 1,927,804  
Accumulated deficit (603,557) (582,825)  
Total shareholders’ equity 1,866,556 1,887,331 $ 1,902,718
Total liabilities and shareholders’ equity 22,502,692 21,346,882  
Nonaffiliates [Member]      
ASSETS      
Derivative assets 76,623 44,551  
Derivative assets 50,766 49,696  
LIABILITIES      
Derivative and credit risk transfer strip liabilities with nonaffiliates at fair value 21,329 6,932  
Derivative liabilities 17,267 933  
Variable Interest Entities [Member]      
ASSETS      
Loans held for investment at fair value ($10,866,292 and $8,530,939 pledged to creditors, respectively) 10,866,292 8,530,939  
Derivative assets 30,174 32,659  
Deposits securing credit risk transfer arrangements pledged to creditors 969,725 1,009,334  
Other interest receivable 39,444 35,675  
Total assets 11,905,635 9,608,607  
LIABILITIES      
Interest-only security payable at fair value 34,232 37,650  
Asset-backed financing of variable interest entities at fair value 9,903,515 7,789,303  
Derivative and credit risk transfer strip liabilities at fair value 4,062 5,999  
Accounts payable and accrued liabilities interest payable 39,444 35,675  
Total liabilities 9,981,253 7,868,627  
PennyMac Financial Services, Inc. [Member]      
ASSETS      
Derivative assets 3,838 6,389  
Derivative assets 3,823 6,247  
Due from PennyMac Financial Services, Inc. 16,152 19,100  
LIABILITIES      
Derivative liabilities 5,886 2,257  
Due to PennyMac Financial Services, Inc. $ 17,500 $ 17,122