v3.26.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Cash $ 225,238 $ 271,970
Short-term investments at fair value 195,612 190,518
Mortgage-backed securities at fair value pledged to creditors 4,075,660 4,452,859
Loans held for sale at fair value ($3,171,272 and $2,676,700 pledged to creditors, respectively) 3,195,343 2,699,398
Loans held for investment at fair value ($12,456,657 and $8,530,939 pledged to creditors, respectively) 12,458,249 8,532,644
Deposits securing credit risk transfer arrangements pledged to creditors 947,900 1,009,334
Mortgage servicing rights at fair value ($3,503,566 and $3,582,211 pledged to creditors, respectively) 3,575,603 [1] 3,644,702
Servicing advances ($51,147 and $78,430 pledged to creditors, respectively) 64,318 96,830
Due from PennyMac Financial Services, Inc. 28,628 25,458
Other 288,788 373,584
Total assets 25,093,590 21,346,882
LIABILITIES    
Assets sold under agreements to repurchase 8,395,226 8,018,601
Notes payable secured by credit risk transfer and mortgage servicing assets 2,481,131 2,258,128
Unsecured senior notes 685,276 1,028,300
Interest-only security payable at fair value 34,299 37,650
Asset-backed financing of variable interest entities at fair value 11,358,602 7,789,303
Derivative and credit risk transfer strip liabilities with nonaffiliates at fair value 9,047 6,932
Accounts payable and accrued liabilities 135,742 168,498
Income taxes payable 115,490 127,476
Liability for losses under representations and warranties 5,240 5,284
Total liabilities 23,240,216 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, 87,202,362 and 87,016,604 shares, respectively 872 870
Additional paid-in capital 1,929,303 1,927,804
Accumulated deficit (618,283) (582,825)
Total shareholders’ equity 1,853,374 1,887,331
Total liabilities and shareholders’ equity 25,093,590 21,346,882
Nonaffiliates [Member]    
ASSETS    
Derivative assets 55,071 44,551
Derivative assets 44,184 49,696
LIABILITIES    
Derivative and credit risk transfer strip liabilities with nonaffiliates at fair value 9,047 6,932
Derivative liabilities 3,619 933
Variable Interest Entities [Member]    
ASSETS    
Loans held for investment at fair value ($12,456,657 and $8,530,939 pledged to creditors, respectively) 12,456,657 8,530,939
Derivative assets 30,301 32,659
Deposits securing credit risk transfer arrangements pledged to creditors 947,900 1,009,334
Other interest receivable 44,183 35,675
Total assets 13,479,041 9,608,607
LIABILITIES    
Interest-only security payable at fair value 34,299 37,650
Asset-backed financing of variable interest entities at fair value 11,358,602 7,789,303
Derivative and credit risk transfer strip liabilities at fair value 5,428 5,999
Accounts payable and accrued liabilities interest payable 44,183 35,675
Total liabilities 11,442,512 7,868,627
PennyMac Financial Services, Inc. [Member]    
ASSETS    
Derivative assets 5,267 6,389
Derivative assets 5,239 6,247
Due from PennyMac Financial Services, Inc. 17,456 19,100
LIABILITIES    
Derivative liabilities 1,234 2,257
Due to PennyMac Financial Services, Inc. $ 18,929 $ 17,122
[1] During June 2026, the Company entered into an agreement to sell a portfolio of conventional MSRs with an aggregate UPB of approximately $13.0 billion. The transaction is expected to close in August 2026.