v3.26.3
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
ASSETS    
Cash $ 161,459 $ 271,970
Short-term investments at fair value 148,630 190,518
Mortgage-backed securities at fair value pledged to creditors 4,305,991 4,452,859
Loans held for sale at fair value ($2,843,528 and $2,676,700 pledged to creditors, respectively) 2,870,751 2,699,398
Loans held for investment at fair value ($14,400,024 and $8,530,939 pledged to creditors, respectively) 14,401,385 8,532,644
Deposits securing credit risk transfer arrangements pledged to creditors 887,188 1,009,334
Mortgage servicing rights at fair value ($3,430,494 and $3,582,211 pledged to creditors, respectively) 3,513,760 [1] 3,644,702
Servicing advances ($48,584 and $78,430 pledged to creditors, respectively) 62,281 96,830
Due from PennyMac Financial Services, Inc. 27,488 25,458
Other 429,161 373,584
Total assets 26,853,863 21,346,882
LIABILITIES    
Assets sold under agreements to repurchase 8,381,973 8,018,601
Notes payable secured by credit risk transfer and mortgage servicing assets 2,503,473 2,258,128
Unsecured senior notes 686,065 1,028,300
Interest-only security payable at fair value 34,608 37,650
Asset-backed financing of variable interest entities at fair value 13,146,200 7,789,303
Derivative and credit risk transfer strip liabilities with nonaffiliates at fair value 11,333 6,932
Accounts payable and accrued liabilities 140,810 168,498
Income taxes payable 124,349 127,476
Liability for losses under representations and warranties 5,219 5,284
Total liabilities 25,070,781 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 1,930,055 1,927,804
Accumulated deficit (689,327) (582,825)
Total shareholders’ equity 1,783,082 1,887,331
Total liabilities and shareholders’ equity 26,853,863 21,346,882
Nonaffiliates [Member]    
ASSETS    
Derivative assets 180,190 44,551
Derivative assets 53,001 49,696
LIABILITIES    
Derivative and credit risk transfer strip liabilities with nonaffiliates at fair value 11,333 6,932
Derivative liabilities 6,102 933
Variable Interest Entities [Member]    
ASSETS    
Loans held for investment at fair value ($14,400,024 and $8,530,939 pledged to creditors, respectively) 14,400,024 8,530,939
Derivative assets 30,695 32,659
Deposits securing credit risk transfer arrangements pledged to creditors 887,188 1,009,334
Other interest receivable 53,323 35,675
Total assets 15,371,230 9,608,607
LIABILITIES    
Interest-only security payable at fair value 34,608 37,650
Asset-backed financing of variable interest entities at fair value 13,146,200 7,789,303
Derivative and credit risk transfer strip liabilities at fair value 5,231 5,999
Accounts payable and accrued liabilities interest payable 53,323 35,675
Total liabilities 13,239,362 7,868,627
PennyMac Financial Services, Inc. [Member]    
ASSETS    
Derivative assets 5,832 6,389
Derivative assets 5,668 6,247
Due from PennyMac Financial Services, Inc. 14,588 19,100
LIABILITIES    
Derivative liabilities 16,456 2,257
Due to PennyMac Financial Services, Inc. $ 20,295 $ 17,122
[1] During the third quarter of 2026, the Company entered into an agreement to sell a portfolio of Agency MSRs with an aggregate UPB of approximately $10.0 billion. The transaction is expected to close in the fourth quarter of 2026.