Transactions with Related Parties (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Aggregation and Securitization Activities

Following is a summary of our aggregation and securitization activities between the Company and PLS:


	Quarter ended March 31,
	2026		2025
	(in thousands)
Loan fulfillment fees earned by PLS	$	5,737	$	5,290
Unpaid principal balance of loans fulfilled by PLS	$	2,796,544	$	2,781,722

Sourcing fees received from PLS included in Net gains on loans held for sale	$	—	$	2,015
Unpaid principal balance of loans sold to PLS:
Government guaranteed or insured	$	—	$	11,191,880
Conventional conforming		—		8,960,796
	$	—	$	20,152,676

Purchases of loans held for sale from PLS (1)	$	4,380,289	$	654,808

Tax service fees paid to PLS	$	—	$	477

(1)

Amount includes loans purchased from PLS subject to the fulfillment agreement as well as other loans purchased from PLS.

Summary of Loan Servicing Fees Earned and Mortgage Servicing Rights Recaptured Income Earned

Following is a summary of loan servicing and recapture fees earned by PLS:


	Quarter ended March 31,
	2026		2025
	(in thousands)
Loan servicing fees:
Loans held for sale	$	155	$	223
Loans held for investment		516		168
Mortgage servicing rights		19,052		21,338
	$	19,723	$	21,729
Average investment in loans:
Held for sale	$	2,615,661	$	1,997,488
Held for investment	$	9,695,900	$	2,626,335
Average MSR portfolio unpaid principal balance	$	214,185,523	$	225,515,018

Mortgage servicing rights recapture fees	$	5,807	$	1,208
Unpaid principal balance of loans recaptured	$	550,998	$	159,472

Summary of Management Fee Expense

Following is a summary of management fee expenses:


	Quarter ended March 31,
	2026		2025
	(in thousands)
Base management fee	$	6,762	$	7,012
Performance incentive fee		—		—
	$	6,762	$	7,012
Average shareholders' equity amounts used to calculate base management fee expense	$	1,828,237	$	1,895,785

Summary of Expenses

Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses:


	Quarter ended March 31,
	2026		2025
	(in thousands)
Reimbursement of:
Expenses incurred on the Company’s behalf, net	$	6,141	$	4,601
Compensation		1,599		1,629
Common overhead		949		981
	$	8,689	$	7,211
Payments and settlements during the period (1)	$	18,330	$	28,048

(2)

Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PFSI for the operating, investing and financing activities itemized in this Note.

Summary of Amounts Receivable From and Payable to PFSI

Amounts receivable from and payable to PFSI are summarized below:


	March 31, 2026		December 31, 2025
	(in thousands)
Due from PFSI-Miscellaneous receivables	$	16,152	$	19,100

Due to PFSI:
Management fees	$	6,762	$	6,856
Loan servicing fees		6,622		6,669
Allocated expenses and costs		3,931		3,161
Aggregation and securitization costs		185		436
	$	17,500	$	17,122

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 incurred on its behalf. Such amounts are included in various of the Company's balance sheet items as summarized below:


Balance sheet line including advance amount	March 31, 2026		December 31, 2025
	(in thousands)
Servicing advances	$	79,200	$	96,830
Other assets-Real estate acquired in settlement of loans		681		655
	$	79,881	$	97,485