Segments (Tables)

3 Months Ended

Mar. 31, 2026

Summary of financial highlights by segment


		Quarter ended March 31, 2026
		Production			Servicing			Reportable segment total			Corporate and other			Consolidated total

		(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value		$	311,201		$	33,784		$	344,985		$	—		$	344,985
Loan origination fees			72,446			—			72,446			—			72,446
Fulfillment fees from PennyMac Mortgage Investment Trust			5,737			—			5,737			—			5,737
Net loan servicing fees			—			152,830			152,830			—			152,830
Net interest (expense) income :
Interest income			112,999			94,922			207,921			258			208,179
Interest expense			95,588			154,134			249,722			—			249,722
			17,411			(59,212)			(41,801)			258			(41,543)
Management fees			—			—			—			6,762			6,762
Other			125			(2,316)			(2,191)			5,958			3,767
Total net revenues			406,920			125,086			532,006			12,978			544,984
Expenses:
Compensation			136,264			52,537			188,801			27,592			216,393
Loan origination			79,696			—			79,696			—			79,696
Technology			30,054			11,117			41,171			4,961			46,132
Servicing			—			38,233			38,233			—			38,233
Marketing and advertising			11,951			514			12,465			8,629			21,094
Professional services			5,649			2,080			7,729			6,670			14,399
Occupancy and equipment			5,332			2,502			7,834			2,157			9,991
Other (2)			4,399			5,452			9,851			4,504			14,355
Total expenses			273,345			112,435			385,780			54,513			440,293
Income (loss) before provision for income taxes		$	133,575		$	12,651		$	146,226		$	(41,535)		$	104,691
Segment assets at end of quarter		$	10,435,743		$	21,416,481		$	31,852,224		$	91,774		$	31,943,998
Acquisition of:
Capitalized software		$	6,737		$	284		$	7,021		$	8,904		$	15,925
Furniture, fixtures, equipment and building improvements		$	1,458		$	506		$	1,964		$	286		$	2,250
Amortization of capitalized software		$	9,766		$	1,530		$	11,296		$	405		$	11,701
Impairment of capitalized software		$	317		$	—		$	317		$	—		$	317
Depreciation and amortization of furniture, fixtures, equipment and building improvements		$	993		$	434		$	1,427		$	382		$	1,809

(1)	All revenues are from external customers. The segments do not recognize intersegment revenues.

(2)	Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as safekeeping, travel, postage and corporate insurance.


		Quarter ended March 31, 2025
		Production			Servicing			Reportable segment total			Corporate and other			Consolidated total

		(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value		$	187,145		$	33,892		$	221,037		$	—		$	221,037
Loan origination fees			46,611			—			46,611			—			46,611
Fulfillment fees from PennyMac Mortgage Investment Trust			5,290			—			5,290			—			5,290
Net loan servicing fees			—			164,286			164,286			—			164,286
Net interest income (expense):
Interest income			85,288			104,134			189,422			449			189,871
Interest expense			76,526			131,556			208,082			—			208,082
			8,762			(27,422)			(18,660)			449			(18,211)
Management fees			—			—			—			7,012			7,012
Other			131			(173)			(42)			4,920			4,878
Total net revenues			247,939			170,583			418,522			12,381			430,903
Expenses:
Compensation			98,869			52,970			151,839			30,149			181,988
Loan origination			44,096			—			44,096			—			44,096
Technology			25,100			10,385			35,485			4,712			40,197
Servicing			—			21,875			21,875			—			21,875
Professional services			3,134			1,681			4,815			4,222			9,037
Occupancy and equipment			4,128			2,729			6,857			1,525			8,382
Marketing and advertising			8,023			373			8,396			1,036			9,432
Other (2)			2,646			4,569			7,215			4,485			11,700
Total expenses			185,996			94,582			280,578			46,129			326,707
Income (loss) before provision for income taxes		$	61,943		$	76,001		$	137,944		$	(33,748)		$	104,196
Segment assets at end of quarter		$	7,346,079		$	16,461,624		$	23,807,703		$	65,173		$	23,872,876
Acquisition of:
Capitalized software		$	5,409		$	1,728		$	7,137		$	—		$	7,137
Furniture, fixtures, equipment and building improvements		$	187		$	29		$	216		$	155		$	371
Amortization of capitalized software		$	10,221		$	1,666		$	11,887		$	94		$	11,981
Depreciation and amortization of furniture, fixtures, equipment and building improvements		$	968		$	645		$	1,613		$	302		$	1,915

(1)	All revenues are from external customers. The segments do not recognize intersegment revenues.

(2)	Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as safekeeping, travel, postage and corporate insurance.