Transactions with Related Parties (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Related Party Transactions [Abstract] |
|
| Summary of Aggregation and Securitization Activities |
Following is a summary of aggregation and securitization activities between the Company and PLS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended September 30, |
|
|
Nine months ended September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
|
(in thousands) |
|
Loan fulfillment fees earned by PLS |
|
$ |
3,206 |
|
|
$ |
6,162 |
|
|
$ |
13,966 |
|
|
$ |
17,266 |
|
Unpaid principal balance of loans fulfilled by PLS |
|
$ |
1,198,776 |
|
|
$ |
3,343,181 |
|
|
$ |
6,559,831 |
|
|
$ |
9,210,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sourcing fees received from PLS included in
Net gains on loans held for sale |
|
|
|
|
$ |
531 |
|
|
|
|
|
$ |
5,204 |
|
Unpaid principal balance of loans sold to PLS: |
|
|
|
|
|
|
|
|
|
|
|
|
Government guaranteed or insured |
|
|
|
|
$ |
3,081,974 |
|
|
|
|
|
$ |
27,060,094 |
|
Conventional conforming |
|
|
|
|
|
2,322,914 |
|
|
|
|
|
|
24,984,726 |
|
|
|
|
|
|
$ |
5,404,888 |
|
|
|
|
|
$ |
52,044,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of loans held for sale from PLS (1) |
|
$ |
3,324,262 |
|
|
$ |
3,983,322 |
|
|
$ |
12,702,942 |
|
|
$ |
5,673,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax service fees paid to PLS |
|
|
|
|
$ |
558 |
|
|
|
|
|
$ |
1,537 |
|
(1)Amount includes loans purchased from PLS subject to the fulfillment agreement as well as other loans purchased from PLS.
|
| Summary of Loan Servicing Fees Earned and Mortgage Servicing Rights Recaptured Income Earned |
Following is a summary of loan servicing and recapture fees earned by PLS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended September 30, |
|
|
Nine months ended September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
|
(in thousands) |
|
Loan servicing fees: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
$ |
144 |
|
|
$ |
383 |
|
|
$ |
444 |
|
|
$ |
891 |
|
Loans held for investment |
|
|
1,803 |
|
|
|
(233 |
) |
|
|
3,437 |
|
|
|
161 |
|
Mortgage servicing rights |
|
|
18,502 |
|
|
|
20,862 |
|
|
|
55,931 |
|
|
|
63,334 |
|
|
|
$ |
20,449 |
|
|
$ |
21,012 |
|
|
$ |
59,812 |
|
|
$ |
64,386 |
|
Average investment in loans: |
|
|
|
|
|
|
|
|
|
|
|
|
Held for sale |
|
$ |
2,963,582 |
|
|
$ |
2,058,167 |
|
|
$ |
2,749,705 |
|
|
$ |
2,087,048 |
|
Held for investment |
|
$ |
13,511,698 |
|
|
$ |
5,235,047 |
|
|
$ |
11,627,812 |
|
|
$ |
3,885,345 |
|
Average MSR portfolio unpaid principal balance |
|
$ |
200,144,607 |
|
|
$ |
220,178,747 |
|
|
$ |
207,765,234 |
|
|
$ |
222,854,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage servicing rights recapture fees |
|
$ |
2,948 |
|
|
$ |
3,345 |
|
|
$ |
13,612 |
|
|
$ |
6,027 |
|
Unpaid principal balance of loans recaptured |
|
$ |
226,618 |
|
|
$ |
205,055 |
|
|
$ |
1,258,774 |
|
|
$ |
547,577 |
|
|
| Summary of Management Fee Expense |
Following is a summary of management fee expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended September 30, |
|
|
Nine months ended September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
|
(in thousands) |
|
Base management fee |
|
$ |
6,762 |
|
|
$ |
6,912 |
|
|
$ |
20,334 |
|
|
$ |
20,793 |
|
Performance incentive fee |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
$ |
6,762 |
|
|
$ |
6,912 |
|
|
$ |
20,334 |
|
|
$ |
20,793 |
|
Average shareholders' equity amounts used to calculate
base management fee expense |
|
$ |
1,788,469 |
|
|
$ |
1,828,365 |
|
|
$ |
1,812,550 |
|
|
$ |
1,853,613 |
|
|
| Summary of Expenses |
Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended September 30, |
|
|
Nine months ended September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
|
(in thousands) |
|
Reimbursement of: |
|
|
|
|
|
|
|
|
|
|
|
|
Expenses incurred on the Company’s behalf, net |
|
$ |
5,336 |
|
|
$ |
6,873 |
|
|
$ |
15,734 |
|
|
$ |
16,437 |
|
Overhead |
|
|
949 |
|
|
|
982 |
|
|
|
5,920 |
|
|
|
2,945 |
|
Compensation |
|
|
1,599 |
|
|
|
1,629 |
|
|
|
4,797 |
|
|
|
4,886 |
|
|
|
$ |
7,884 |
|
|
$ |
9,484 |
|
|
$ |
26,451 |
|
|
$ |
24,268 |
|
Payments and settlements during the period (1) |
|
$ |
12,680 |
|
|
$ |
27,709 |
|
|
$ |
44,024 |
|
|
$ |
88,385 |
|
(1)Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PFSI for the operating, investing and financing activities itemized in this Note.
|
| Summary of Amounts Receivable From and Payable to PFSI |
Amounts receivable from and payable to PFSI are summarized below:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
|
|
(in thousands) |
|
Due from PFSI-Miscellaneous receivables |
|
$ |
14,588 |
|
|
$ |
19,100 |
|
|
|
|
|
|
|
|
Due to PFSI: |
|
|
|
|
|
|
Loan servicing fees |
|
$ |
7,477 |
|
|
$ |
6,669 |
|
Management fees |
|
|
6,762 |
|
|
|
6,856 |
|
Allocated expenses and costs |
|
|
6,056 |
|
|
|
3,161 |
|
Aggregation and securitization costs |
|
|
— |
|
|
|
436 |
|
|
|
$ |
20,295 |
|
|
$ |
17,122 |
|
|
| Summary of Transfer Cash to Fund Loan Servicing Advances |
The Company has also transferred cash to PLS to fund loan servicing advances and REO property acquisition and preservation costs incurred on its behalf. Such amounts are included in certain of the Company's balance sheet items as summarized below:
|
|
|
|
|
|
|
|
|
Balance sheet line including advance amount |
|
September 30, 2026 |
|
|
December 31, 2025 |
|
|
|
(in thousands) |
|
Servicing advances |
|
$ |
62,281 |
|
|
$ |
96,830 |
|
Other assets-Real estate acquired in settlement of loans |
|
|
783 |
|
|
|
655 |
|
|
|
$ |
63,064 |
|
|
$ |
97,485 |
|
|