v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flow from operating activities    
Net income $ 82,322 $ 76,280
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Net gains on loans held for sale at fair value (344,985) (221,037)
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)
Accrual of unearned discounts on principal-only stripped mortgage-backed securities 5,185 (11,335)
Capitalization of interest on loans held for sale (3,632) (210)
Amortization of debt issuance costs 8,650 7,072
Results of real estate acquired in settlement in loans 2,316 225
Change in fair value of investment in common shares of PennyMac Mortgage Investment Trust 66 (155)
Stock-based compensation expense 2,447 11,084
Provision for servicing advance losses 19,962 4,184
Depreciation and amortization 13,510 13,896
Impairment of capitalized software 317  
Amortization of operating lease right-of-use assets 4,227 3,405
Purchase of loans held for sale from non-affiliates (27,031,441) (815,720)
Origination of loans held for sale (10,510,064) (5,084,079)
Purchase of loans held for sale from PennyMac Mortgage Investment Trust   (20,437,666)
Purchase of loans from Ginnie Mae securities and early buyout investors (661,341) (1,079,557)
Sale to non-affiliates and principal payment of loans held for sale 32,611,319 27,587,429
Sale of loans held for sale to PennyMac Mortgage Investment Trust 4,380,289 654,808
Repurchase of loans subject to representations and warranties (24,922) (19,942)
(Increase) decrease in servicing advances (97,071) 25,134
Increase in receivable from PennyMac Mortgage Investment Trust (4,096) (229)
Sale of real estate acquired in settlement of loans 25,695 19,992
Increase in other assets (15,605) (9,458)
(Decrease) increase in accounts payable and accrued expenses (182,123) 14,769
Decrease in operating lease liabilities (3,935) (4,630)
Decrease in payable to PennyMac Mortgage Investment Trust (20,814) (20,126)
Increase in income taxes payable 22,471 27,641
Net cash (used in) provided by operating activities (1,341,973) 1,065,957
Cash flow from investing activities    
Increase in short-term investment (24,183) (22,840)
Repayment of principal-only stripped mortgage-backed securities 58,069 37,738
Net settlement of derivative financial instruments used for hedging of mortgage servicing rights (171,613) 74,572
Adjustment to sales of mortgage servicing rights to non-affiliates (6,429)  
Sale of mortgage servicing rights to PennyMac Mortgage Investment Trust 3,922  
Acquisition of capitalized software (15,925) (7,137)
Purchase of furniture, fixtures, equipment and leasehold improvements (2,250) (371)
Increase in margin deposits 13,884 (51,578)
Net cash (used in) provided by investing activities (144,525) 30,384
Cash flow from financing activities    
Sale of assets under agreements to repurchase 38,971,144 27,533,478
Repurchase of assets sold under agreements to repurchase (37,588,456) (29,161,286)
Issuance of mortgage loan participation purchase and sale certificates 6,985,112 5,807,294
Repayment of mortgage loan participation purchase and sale certificates (6,990,883) (5,793,836)
Issuance of notes payable secured by mortgage servicing assets 100,000  
Repayment of notes payable secured by mortgage servicing assets   (325,000)
Issuance of unsecured senior notes   850,000
Payment of debt issuance costs (4,504) (21,064)
Issuance of common stock by exercise of stock options 3,710 5,452
Payment of withholding taxes relating to stock-based compensation (6,186) (3,763)
Payment of dividends to holders of common stock (15,595) (15,005)
Repurchase of common stock (50,011)  
Net cash provided by (used in) financing activities 1,404,331 (1,123,730)
Net decrease in cash (82,167) (27,389)
Cash at beginning of quarter 301,680 238,482
Cash at end of quarter 219,513 211,093
Supplemental cash flow information:    
Cash paid for interest 249,269 205,446
(Refunds received) cash paid for income taxes, net (103) 274
Non-cash investing activities:    
Mortgage servicing rights received from loan sales 719,586 650,349
Operating right-of-use assets recognized 1,169 561
Non-cash financing activities:    
Issuance of common stock in settlement of directors' fees $ 96 $ 57