v3.26.1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net gains on loans held for sale at fair value:    
Net gains on loans held for sale at fair value $ 344,985 $ 221,037
Loan origination fees 72,446 46,611
Fulfillment fees from PennyMac Mortgage Investment Trust 5,737 5,290
Loan servicing fees:    
Owned servicing 511,160 466,739
Change in fair value of mortgage servicing rights and mortgage servicing liabilities (171,993) (430,956)
Mortgage servicing rights hedging results (207,287) 106,774
Change in fair value of mortgage servicing rights and mortgage-backed securities (379,280) (324,182)
Net loan servicing fees - owned servicing 131,880 142,557
Subservicing fees 20,950 21,729
Net loan servicing fees 152,830 164,286
Net interest expense:    
Interest income 208,179 189,871
Interest expense 249,722 208,082
Net interest expense (41,543) (18,211)
Management fees from PennyMac Mortgage Investment Trust 6,762 7,012
Results of real estate acquired in settlement of loans (2,316) (225)
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust (37) 185
Other 6,120 4,918
Total net revenues 544,984 430,903
Expenses    
Compensation 216,393 181,988
Loan origination 79,696 44,096
Technology 46,132 40,197
Servicing 38,233 21,875
Marketing and advertising 21,094 9,432
Professional services 14,399 9,037
Occupancy and equipment 9,991 8,382
Other 14,355 11,700
Total expenses 440,293 326,707
Income before provision for income taxes 104,691 104,196
Provision for income taxes 22,369 27,916
Net income $ 82,322 $ 76,280
Earnings per share    
Basic (in dollars per share) $ 1.58 $ 1.48
Diluted (in dollars per share) $ 1.53 $ 1.42
Weighted average shares outstanding    
Basic (in shares) 52,132 51,506
Diluted (in shares) 53,859 53,624
Related Party    
Net gains on loans held for sale at fair value:    
Net gains on loans held for sale at fair value $ 7,749 $ 4,838
Loan origination fees   477
Loan servicing fees:    
Subservicing fees 19,723 21,729
Nonrelated Party    
Net gains on loans held for sale at fair value:    
Net gains on loans held for sale at fair value 337,236 216,199
Loan origination fees 72,446 46,134
Loan servicing fees:    
Subservicing fees 1,227  
Net interest expense:    
Interest expense 249,722 208,082
Non-affiliates | Nonrelated Party    
Loan servicing fees:    
Owned servicing 469,366 417,687
Others | Nonrelated Party    
Loan servicing fees:    
Owned servicing $ 41,794 $ 49,052