Segments (Tables)

6 Months Ended

Jun. 30, 2026

Summary of financial highlights by segment


		Quarter ended June 30, 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		$	245,030		$	35,289		$	280,319		$	—		$	280,319
Loan origination fees			69,518			—			69,518			—			69,518
Fulfillment fees from PennyMac Mortgage Investment Trust			5,023			—			5,023			—			5,023
Net loan servicing fees			—			145,821			145,821			—			145,821
Net interest income (expense):
Interest income			119,095			123,126			242,221			231			242,452
Interest expense			104,821			165,889			270,710			—			270,710
			14,274			(42,763)			(28,489)			231			(28,258)
Management fees			—			—			—			6,810			6,810
Other			3,239			(1,766)			1,473			16,259			17,732
Total net revenues			337,084			136,581			473,665			23,300			496,965
Expenses:
Compensation			145,940			51,634			197,574			25,246			222,820
Loan origination			93,855			—			93,855			—			93,855
Technology			30,089			8,480			38,569			5,873			44,442
Servicing			—			42,505			42,505			—			42,505
Marketing and advertising			12,075			133			12,208			4,673			16,881
Professional services			5,023			2,359			7,382			8,509			15,891
Occupancy and equipment			6,160			2,567			8,727			1,971			10,698
Other (2)			5,503			7,177			12,680			5,668			18,348
Total expenses			298,645			114,855			413,500			51,940			465,440
Income (loss) before provision for income taxes		$	38,439		$	21,726		$	60,165		$	(28,640)		$	31,525
Segment assets at end of quarter		$	8,035,988		$	21,716,901		$	29,752,889		$	106,562		$	29,859,451
Acquisition of:
Capitalized software		$	1,476		$	2,103		$	3,579		$	9,204		$	12,783
Furniture, fixtures, equipment and building improvements		$	1,628		$	283		$	1,911		$	1,464		$	3,375
Amortization of capitalized software		$	10,724		$	1,335		$	12,059		$	547		$	12,606
Impairment of capitalized software		$	1,218		$	—		$	1,218		$	—		$	1,218
Depreciation and amortization of furniture, fixtures, equipment and building improvements		$	1,129		$	405		$	1,534		$	282		$	1,816

(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 June 30, 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		$	203,961		$	30,698		$	234,659		$	—		$	234,659
Loan origination fees			59,091			—			59,091			—			59,091
Fulfillment fees from PennyMac Mortgage Investment Trust			5,814			—			5,814			—			5,814
Net loan servicing fees			—			150,395			150,395			—			150,395
Net interest income (expense):
Interest income			104,205			117,123			221,328			601			221,929
Interest expense			93,622			145,955			239,577			—			239,577
			10,583			(28,832)			(18,249)			601			(17,648)
Management fees			—			—			—			6,869			6,869
Other			132			1,138			1,270			4,280			5,550
Total net revenues			279,581			153,399			432,980			11,750			444,730
Expenses:
Compensation			104,456			51,284			155,740			31,801			187,541
Loan origination			68,836			—			68,836			—			68,836
Technology			27,841			9,505			37,346			4,911			42,257
Servicing			—			28,286			28,286			—			28,286
Professional services			3,545			1,798			5,343			3,037			8,380
Occupancy and equipment			4,109			2,731			6,840			1,539			8,379
Marketing and advertising			10,276			384			10,660			1,729			12,389
Other (2)			2,730			5,259			7,989			4,231			12,220
Total expenses			221,793			99,247			321,040			47,248			368,288
Income (loss) before provision for income taxes		$	57,788		$	54,152		$	111,940		$	(35,498)		$	76,442
Segment assets at end of quarter		$	7,161,516		$	16,994,006		$	24,155,522		$	66,382		$	24,221,904
Acquisition of:
Capitalized software		$	6,970		$	2,176		$	9,146		$	—		$	9,146
Furniture, fixtures, equipment and building improvements		$	617		$	340		$	957		$	348		$	1,305
Amortization of capitalized software		$	11,175		$	1,535		$	12,710		$	103		$	12,813
Depreciation and amortization of furniture, fixtures, equipment and building improvements		$	976		$	652		$	1,628		$	290		$	1,918

(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.


		Six months ended June 30, 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		$	556,231		$	69,073		$	625,304		$	—		$	625,304
Loan origination fees			141,964			—			141,964			—			141,964
Fulfillment fees from PennyMac Mortgage Investment Trust			10,760			—			10,760			—			10,760
Net loan servicing fees			—			298,651			298,651			—			298,651
Net interest income (expense):
Interest income			232,094			218,048			450,142			489			450,631
Interest expense			200,409			320,023			520,432			—			520,432
			31,685			(101,975)			(70,290)			489			(69,801)
Management fees			—			—			—			13,572			13,572
Other			3,364			(4,082)			(718)			22,217			21,499
Total net revenue			744,004			261,667			1,005,671			36,278			1,041,949
Expenses:
Compensation			282,204			104,171			386,375			52,838			439,213
Loan origination			173,551			—			173,551			—			173,551
Technology			60,143			19,597			79,740			10,834			90,574
Servicing			—			80,738			80,738			—			80,738
Marketing and advertising			24,026			647			24,673			13,302			37,975
Professional services			10,672			4,439			15,111			15,179			30,290
Occupancy and equipment			11,492			5,069			16,561			4,128			20,689
Other (2)			9,902			12,629			22,531			10,172			32,703
Total expenses			571,990			227,290			799,280			106,453			905,733
Income (loss) before provision for income taxes		$	172,014		$	34,377		$	206,391		$	(70,175)		$	136,216
Segment assets at end of period		$	8,035,988		$	21,716,901		$	29,752,889		$	106,562		$	29,859,451
Acquisition of:
Capitalized software		$	8,213		$	2,387		$	10,600		$	18,108		$	28,708
Furniture, fixtures, equipment and building improvements		$	3,086		$	789		$	3,875		$	1,750		$	5,625
Amortization of capitalized software		$	20,489		$	2,865		$	23,354		$	953		$	24,307
Impairment of capitalized software		$	1,535		$	—		$	1,535		$	—		$	1,535
Depreciation and amortization of furniture, fixtures, equipment and building improvements		$	2,122		$	839		$	2,961		$	664		$	3,625

(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.


		Six months ended June 30, 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		$	391,106		$	64,590		$	455,696		$	—		$	455,696
Loan origination fees			105,702			—			105,702			—			105,702
Fulfillment fees from PennyMac Mortgage Investment Trust			11,104			—			11,104			—			11,104
Net loan servicing fees			—			314,681			314,681			—			314,681
Net interest (expense) income:
Interest income			189,493			221,257			410,750			1,050			411,800
Interest expense			170,148			277,511			447,659			—			447,659
			19,345			(56,254)			(36,909)			1,050			(35,859)
Management fees			—			—			—			13,881			13,881
Other			263			965			1,228			9,200			10,428
Total net revenue			527,520			323,982			851,502			24,131			875,633
Expenses:
Compensation			203,325			104,254			307,579			61,950			369,529
Loan origination			112,932			—			112,932			—			112,932
Technology			52,941			19,890			72,831			9,623			82,454
Servicing			—			50,161			50,161			—			50,161
Professional services			6,679			3,479			10,158			7,259			17,417
Occupancy and equipment			8,237			5,460			13,697			3,064			16,761
Marketing and advertising			18,299			757			19,056			2,765			21,821
Other (2)			5,376			9,828			15,204			8,716			23,920
Total expenses			407,789			193,829			601,618			93,377			694,995
Income (loss) before provision for income taxes		$	119,731		$	130,153		$	249,884		$	(69,246)		$	180,638
Segment assets at end of period		$	7,161,516		$	16,994,006		$	24,155,522		$	66,382		$	24,221,904
Acquisition of:
Capitalized software		$	12,379		$	3,904		$	16,283		$	—		$	16,283
Furniture, fixtures, equipment and building improvements		$	804		$	369		$	1,173		$	503		$	1,676
Amortization of capitalized software		$	21,396		$	3,201		$	24,597		$	197		$	24,794
Depreciation and amortization of furniture, fixtures, equipment and building improvements		$	1,944		$	1,297		$	3,241		$	592		$	3,833

(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.