v3.26.1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Net gains on loans held for sale at fair value:        
Net gains on loans held for sale at fair value $ 280,319 $ 234,659 $ 625,304 $ 455,696
Loan origination fees 69,518 59,091 141,964 105,702
Fulfillment fees from PennyMac Mortgage Investment Trust 5,023 5,814 10,760 11,104
Loan servicing fees:        
Owned servicing 515,293 485,022 1,026,453 951,761
Change in fair value of mortgage servicing rights and mortgage servicing liabilities (204,507) (247,170) (376,500) (678,126)
Mortgage servicing rights hedging results (185,581) (109,102) (392,868) (2,328)
Change in fair value of mortgage servicing rights and mortgage-backed securities (390,088) (356,272) (769,368) (680,454)
Net loan servicing fees - owned servicing 125,205 128,750 257,085 271,307
Subservicing fees 20,616 21,645 41,566 43,374
Net loan servicing fees 145,821 150,395 298,651 314,681
Net interest expense:        
Interest income 242,452 221,929 450,631 411,800
Interest expense 270,710 239,577 520,432 447,659
Net interest expense (28,258) (17,648) (69,801) (35,859)
Management fees from PennyMac Mortgage Investment Trust 6,810 6,869 13,572 13,881
Results of real estate acquired in settlement of loans (1,766) 47 (4,082) (178)
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust 2 (105) (35) 80
Repricing of payable to exchanged Private National Mortgage Acceptance Company , LLC unitholders under tax receivable agreement   1,092   1,092
Other 19,496 4,516 25,616 9,434
Total net revenues 496,965 444,730 1,041,949 875,633
Expenses        
Compensation 222,820 187,541 439,213 369,529
Loan origination 93,855 68,836 173,551 112,932
Technology 44,442 42,257 90,574 82,454
Servicing 42,505 28,286 80,738 50,161
Marketing and advertising 16,881 12,389 37,975 21,821
Professional services 15,891 8,380 30,290 17,417
Occupancy and equipment 10,698 8,379 20,689 16,761
Other 18,348 12,220 32,703 23,920
Total expenses 465,440 368,288 905,733 694,995
Income before provision for income taxes 31,525 76,442 136,216 180,638
Provision for income taxes 9,799 (60,021) 32,168 (32,105)
Net income $ 21,726 $ 136,463 $ 104,048 $ 212,743
Earnings per share        
Basic (in dollars per share) $ 0.42 $ 2.64 $ 2 $ 4.12
Diluted (in dollars per share) $ 0.41 $ 2.54 $ 1.94 $ 3.97
Weighted average shares outstanding        
Basic (in shares) 51,932 51,667 52,031 51,587
Diluted (in shares) 53,251 53,635 53,549 53,626
Related Party        
Net gains on loans held for sale at fair value:        
Net gains on loans held for sale at fair value $ 14,097 $ 7,075 $ 21,846 $ 11,913
Loan origination fees   502   979
Loan servicing fees:        
Subservicing fees 19,640 21,645 39,363 43,374
Nonrelated Party        
Net gains on loans held for sale at fair value:        
Net gains on loans held for sale at fair value 266,222 227,584 603,458 443,783
Loan origination fees 69,518 58,589 141,964 104,723
Loan servicing fees:        
Subservicing fees 976   2,203  
Net interest expense:        
Interest expense 270,710 239,577 520,432 447,659
Non-affiliates | Nonrelated Party        
Loan servicing fees:        
Owned servicing 470,775 435,517 940,141 853,204
Others | Nonrelated Party        
Loan servicing fees:        
Owned servicing $ 44,518 $ 49,505 $ 86,312 $ 98,557