| Financial Highlights by Segment |
Financial highlights by segment are summarized below:
|
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|
Quarter ended September 30, 2026 |
|
Credit sensitive strategies |
|
|
Interest rate sensitive strategies |
|
|
Aggregation and securitization |
|
|
Reportable segment total |
|
|
Corporate |
|
|
Consolidated total |
|
|
|
(in thousands) |
|
Net investment income (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan servicing fees |
|
$ |
— |
|
|
$ |
241,879 |
|
|
$ |
— |
|
|
$ |
241,879 |
|
|
$ |
— |
|
|
$ |
241,879 |
|
Net (losses) gains on investments and financings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
|
(67 |
) |
|
|
(166,880 |
) |
|
|
— |
|
|
|
(166,947 |
) |
|
|
— |
|
|
|
(166,947 |
) |
Loans held for investment |
|
|
(54,345 |
) |
|
|
49,025 |
|
|
|
— |
|
|
|
(5,320 |
) |
|
|
— |
|
|
|
(5,320 |
) |
Credit risk transfer arrangements |
|
|
10,002 |
|
|
|
— |
|
|
|
— |
|
|
|
10,002 |
|
|
|
— |
|
|
|
10,002 |
|
|
|
|
(44,410 |
) |
|
|
(117,855 |
) |
|
|
— |
|
|
|
(162,265 |
) |
|
|
— |
|
|
|
(162,265 |
) |
Net gains on loans held for sale |
|
|
— |
|
|
|
— |
|
|
|
5,196 |
|
|
|
5,196 |
|
|
|
— |
|
|
|
5,196 |
|
Net interest (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
23,689 |
|
|
|
241,987 |
|
|
|
46,798 |
|
|
|
312,474 |
|
|
|
1,928 |
|
|
|
314,402 |
|
Interest expense |
|
|
20,933 |
|
|
|
304,760 |
|
|
|
37,269 |
|
|
|
362,962 |
|
|
|
1,328 |
|
|
|
364,290 |
|
|
|
|
2,756 |
|
|
|
(62,773 |
) |
|
|
9,529 |
|
|
|
(50,488 |
) |
|
|
600 |
|
|
|
(49,888 |
) |
Other |
|
|
(52 |
) |
|
|
— |
|
|
|
1,374 |
|
|
|
1,322 |
|
|
|
— |
|
|
|
1,322 |
|
|
|
|
(41,706 |
) |
|
|
61,251 |
|
|
|
16,099 |
|
|
|
35,644 |
|
|
|
600 |
|
|
|
36,244 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earned by PennyMac Financial Services, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan servicing fees |
|
|
1 |
|
|
|
20,448 |
|
|
|
— |
|
|
|
20,449 |
|
|
|
— |
|
|
|
20,449 |
|
Management fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,762 |
|
|
|
6,762 |
|
Loan fulfillment fees |
|
|
— |
|
|
|
— |
|
|
|
3,206 |
|
|
|
3,206 |
|
|
|
— |
|
|
|
3,206 |
|
Professional services |
|
|
— |
|
|
|
— |
|
|
|
10,783 |
|
|
|
10,783 |
|
|
|
1,720 |
|
|
|
12,503 |
|
Compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,628 |
|
|
|
2,628 |
|
Loan collection and liquidation |
|
|
6 |
|
|
|
2,616 |
|
|
|
— |
|
|
|
2,622 |
|
|
|
— |
|
|
|
2,622 |
|
Safekeeping |
|
|
— |
|
|
|
914 |
|
|
|
7 |
|
|
|
921 |
|
|
|
— |
|
|
|
921 |
|
Loan origination |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other (2) |
|
|
57 |
|
|
|
1,263 |
|
|
|
33 |
|
|
|
1,353 |
|
|
|
2,241 |
|
|
|
3,594 |
|
|
|
|
64 |
|
|
|
25,241 |
|
|
|
14,029 |
|
|
|
39,334 |
|
|
|
13,351 |
|
|
|
52,685 |
|
Pretax (loss) income |
|
$ |
(41,770 |
) |
|
$ |
36,010 |
|
|
$ |
2,070 |
|
|
$ |
(3,690 |
) |
|
$ |
(12,751 |
) |
|
$ |
(16,441 |
) |
Total assets at end of quarter |
|
$ |
1,870,296 |
|
|
$ |
21,681,759 |
|
|
$ |
2,980,128 |
|
|
$ |
26,532,183 |
|
|
$ |
321,680 |
|
|
$ |
26,853,863 |
|
(1)All investment income is from external customers. The segments do not recognize intersegment income. (2)Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as insurance and technology.
|
|
|
|
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|
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|
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|
|
|
|
|
|
|
|
|
Quarter ended September 30, 2025 |
|
Credit sensitive strategies |
|
|
Interest rate sensitive strategies |
|
|
Aggregation and securitization |
|
|
Reportable segment total |
|
|
Corporate |
|
|
Consolidated
total |
|
|
|
(in thousands) |
|
Net investment income (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan servicing fees |
|
$ |
— |
|
|
$ |
15,429 |
|
|
$ |
— |
|
|
$ |
15,429 |
|
|
$ |
— |
|
|
$ |
15,429 |
|
Net (losses) gains on investments and financings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
|
(817 |
) |
|
|
38,389 |
|
|
|
— |
|
|
|
37,572 |
|
|
|
— |
|
|
|
37,572 |
|
Loans held for investment |
|
|
4,655 |
|
|
|
8,118 |
|
|
|
— |
|
|
|
12,773 |
|
|
|
— |
|
|
|
12,773 |
|
Credit risk transfer arrangements |
|
|
13,742 |
|
|
|
— |
|
|
|
— |
|
|
|
13,742 |
|
|
|
— |
|
|
|
13,742 |
|
|
|
|
17,580 |
|
|
|
46,507 |
|
|
|
— |
|
|
|
64,087 |
|
|
|
— |
|
|
|
64,087 |
|
Net gains on loans held for sale |
|
|
— |
|
|
|
— |
|
|
|
14,857 |
|
|
|
14,857 |
|
|
|
— |
|
|
|
14,857 |
|
Net interest (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
20,912 |
|
|
|
173,810 |
|
|
|
33,071 |
|
|
|
227,793 |
|
|
|
2,295 |
|
|
|
230,088 |
|
Interest expense |
|
|
19,615 |
|
|
|
179,206 |
|
|
|
28,214 |
|
|
|
227,035 |
|
|
|
1,359 |
|
|
|
228,394 |
|
|
|
|
1,297 |
|
|
|
(5,396 |
) |
|
|
4,857 |
|
|
|
758 |
|
|
|
936 |
|
|
|
1,694 |
|
Other |
|
|
(28 |
) |
|
|
— |
|
|
|
3,193 |
|
|
|
3,165 |
|
|
|
— |
|
|
|
3,165 |
|
|
|
|
18,849 |
|
|
|
56,540 |
|
|
|
22,907 |
|
|
|
98,296 |
|
|
|
936 |
|
|
|
99,232 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earned by PennyMac Financial Services, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan servicing fees |
|
|
1 |
|
|
|
21,011 |
|
|
|
— |
|
|
|
21,012 |
|
|
|
— |
|
|
|
21,012 |
|
Management fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,912 |
|
|
|
6,912 |
|
Loan fulfillment fees |
|
|
— |
|
|
|
— |
|
|
|
6,162 |
|
|
|
6,162 |
|
|
|
— |
|
|
|
6,162 |
|
Professional services |
|
|
— |
|
|
|
— |
|
|
|
6,589 |
|
|
|
6,589 |
|
|
|
2,019 |
|
|
|
8,608 |
|
Compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,817 |
|
|
|
2,817 |
|
Loan collection and liquidation |
|
|
9 |
|
|
|
1,494 |
|
|
|
— |
|
|
|
1,503 |
|
|
|
— |
|
|
|
1,503 |
|
Safekeeping |
|
|
— |
|
|
|
1,112 |
|
|
|
82 |
|
|
|
1,194 |
|
|
|
— |
|
|
|
1,194 |
|
Loan origination |
|
|
— |
|
|
|
— |
|
|
|
794 |
|
|
|
794 |
|
|
|
— |
|
|
|
794 |
|
Other (2) |
|
|
85 |
|
|
|
577 |
|
|
|
36 |
|
|
|
698 |
|
|
|
2,534 |
|
|
|
3,232 |
|
|
|
|
95 |
|
|
|
24,194 |
|
|
|
13,663 |
|
|
|
37,952 |
|
|
|
14,282 |
|
|
|
52,234 |
|
Pretax (loss) income |
|
$ |
18,754 |
|
|
$ |
32,346 |
|
|
$ |
9,244 |
|
|
$ |
60,344 |
|
|
$ |
(13,346 |
) |
|
$ |
46,998 |
|
Total assets at end of quarter |
|
$ |
1,442,766 |
|
|
$ |
14,161,304 |
|
|
$ |
2,477,016 |
|
|
$ |
18,081,086 |
|
|
$ |
444,585 |
|
|
$ |
18,525,671 |
|
(1)All investment income is from external customers. The segments do not recognize intersegment income. (2)Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as insurance and technology.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2026 |
|
Credit sensitive strategies |
|
|
Interest rate sensitive strategies |
|
|
Aggregation and securitization |
|
|
Reportable segment total |
|
|
Corporate |
|
|
Consolidated total |
|
|
|
(in thousands) |
|
Net investment income (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan servicing fees |
|
$ |
— |
|
|
$ |
365,506 |
|
|
$ |
— |
|
|
$ |
365,506 |
|
|
$ |
— |
|
|
$ |
365,506 |
|
Net (losses) gains on investments and financings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
|
(75 |
) |
|
|
(199,853 |
) |
|
|
— |
|
|
|
(199,928 |
) |
|
|
— |
|
|
|
(199,928 |
) |
Loans held for investment |
|
|
(51,944 |
) |
|
|
55,221 |
|
|
|
— |
|
|
|
3,277 |
|
|
|
— |
|
|
|
3,277 |
|
Credit risk transfer arrangements |
|
|
33,624 |
|
|
|
— |
|
|
|
— |
|
|
|
33,624 |
|
|
|
— |
|
|
|
33,624 |
|
|
|
|
(18,395 |
) |
|
|
(144,632 |
) |
|
|
— |
|
|
|
(163,027 |
) |
|
|
— |
|
|
|
(163,027 |
) |
Net gains on loans held for sale |
|
|
— |
|
|
|
— |
|
|
|
43,398 |
|
|
|
43,398 |
|
|
|
— |
|
|
|
43,398 |
|
Net interest (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
64,465 |
|
|
|
693,310 |
|
|
|
129,810 |
|
|
|
887,585 |
|
|
|
7,158 |
|
|
|
894,743 |
|
Interest expense |
|
|
59,746 |
|
|
|
789,058 |
|
|
|
101,284 |
|
|
|
950,088 |
|
|
|
5,297 |
|
|
|
955,385 |
|
|
|
|
4,719 |
|
|
|
(95,748 |
) |
|
|
28,526 |
|
|
|
(62,503 |
) |
|
|
1,861 |
|
|
|
(60,642 |
) |
Other |
|
|
(161 |
) |
|
|
— |
|
|
|
6,033 |
|
|
|
5,872 |
|
|
|
— |
|
|
|
5,872 |
|
|
|
|
(13,837 |
) |
|
|
125,126 |
|
|
|
77,957 |
|
|
|
189,246 |
|
|
|
1,861 |
|
|
|
191,107 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earned by PennyMac Financial Services, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan servicing fees |
|
|
3 |
|
|
|
59,809 |
|
|
|
— |
|
|
|
59,812 |
|
|
|
— |
|
|
|
59,812 |
|
Management fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,334 |
|
|
|
20,334 |
|
Loan fulfillment fees |
|
|
— |
|
|
|
— |
|
|
|
13,966 |
|
|
|
13,966 |
|
|
|
— |
|
|
|
13,966 |
|
Professional services |
|
|
— |
|
|
|
— |
|
|
|
30,876 |
|
|
|
30,876 |
|
|
|
6,755 |
|
|
|
37,631 |
|
Compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,994 |
|
|
|
8,994 |
|
Loan collection and liquidation |
|
|
25 |
|
|
|
6,401 |
|
|
|
— |
|
|
|
6,426 |
|
|
|
— |
|
|
|
6,426 |
|
Safekeeping |
|
|
— |
|
|
|
2,607 |
|
|
|
100 |
|
|
|
2,707 |
|
|
|
— |
|
|
|
2,707 |
|
Loan origination |
|
|
— |
|
|
|
— |
|
|
|
227 |
|
|
|
227 |
|
|
|
— |
|
|
|
227 |
|
Other (2) |
|
|
197 |
|
|
|
3,318 |
|
|
|
3,171 |
|
|
|
6,686 |
|
|
|
7,050 |
|
|
|
13,736 |
|
|
|
|
225 |
|
|
|
72,135 |
|
|
|
48,340 |
|
|
|
120,700 |
|
|
|
43,133 |
|
|
|
163,833 |
|
Pretax (loss) income |
|
$ |
(14,062 |
) |
|
$ |
52,991 |
|
|
$ |
29,617 |
|
|
$ |
68,546 |
|
|
$ |
(41,272 |
) |
|
$ |
27,274 |
|
Total assets at end of period |
|
$ |
1,870,296 |
|
|
$ |
21,681,759 |
|
|
$ |
2,980,128 |
|
|
$ |
26,532,183 |
|
|
$ |
321,680 |
|
|
$ |
26,853,863 |
|
(1)All investment income is from external customers. The segments do not recognize intersegment income. (2)Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as insurance and technology.
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|
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|
Nine months ended September 30, 2025 |
|
Credit sensitive strategies |
|
|
Interest rate sensitive strategies |
|
|
Aggregation and securitization |
|
|
Reportable segment total |
|
|
Corporate |
|
|
Consolidated total |
|
|
|
(in thousands) |
|
Net investment income (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan servicing fees |
|
$ |
— |
|
|
$ |
12,166 |
|
|
$ |
— |
|
|
$ |
12,166 |
|
|
$ |
— |
|
|
$ |
12,166 |
|
Net (losses) gains on investments and financings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
|
(1,321 |
) |
|
|
118,312 |
|
|
|
— |
|
|
|
116,991 |
|
|
|
— |
|
|
|
116,991 |
|
Loans held for investment |
|
|
6,465 |
|
|
|
4,432 |
|
|
|
— |
|
|
|
10,897 |
|
|
|
— |
|
|
|
10,897 |
|
Credit risk transfer arrangements |
|
|
32,192 |
|
|
|
— |
|
|
|
— |
|
|
|
32,192 |
|
|
|
— |
|
|
|
32,192 |
|
|
|
|
37,336 |
|
|
|
122,744 |
|
|
|
— |
|
|
|
160,080 |
|
|
|
— |
|
|
|
160,080 |
|
Net gains on loans held for sale |
|
|
— |
|
|
|
— |
|
|
|
45,007 |
|
|
|
45,007 |
|
|
|
— |
|
|
|
45,007 |
|
Net interest (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
61,432 |
|
|
|
431,199 |
|
|
|
102,155 |
|
|
|
594,786 |
|
|
|
7,874 |
|
|
|
602,660 |
|
Interest expense |
|
|
56,557 |
|
|
|
469,151 |
|
|
|
86,009 |
|
|
|
611,717 |
|
|
|
3,963 |
|
|
|
615,680 |
|
|
|
|
4,875 |
|
|
|
(37,952 |
) |
|
|
16,146 |
|
|
|
(16,931 |
) |
|
|
3,911 |
|
|
|
(13,020 |
) |
Other |
|
|
(169 |
) |
|
|
— |
|
|
|
9,834 |
|
|
|
9,665 |
|
|
|
— |
|
|
|
9,665 |
|
|
|
|
42,042 |
|
|
|
96,958 |
|
|
|
70,987 |
|
|
|
209,987 |
|
|
|
3,911 |
|
|
|
213,898 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earned by PennyMac Financial Services, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan servicing fees |
|
|
5 |
|
|
|
64,381 |
|
|
|
— |
|
|
|
64,386 |
|
|
|
— |
|
|
|
64,386 |
|
Management fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,793 |
|
|
|
20,793 |
|
Loan fulfillment fees |
|
|
— |
|
|
|
— |
|
|
|
17,266 |
|
|
|
17,266 |
|
|
|
— |
|
|
|
17,266 |
|
Professional services |
|
|
— |
|
|
|
— |
|
|
|
17,850 |
|
|
|
17,850 |
|
|
|
6,102 |
|
|
|
23,952 |
|
Compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,623 |
|
|
|
8,623 |
|
Loan collection and liquidation |
|
|
72 |
|
|
|
5,785 |
|
|
|
— |
|
|
|
5,857 |
|
|
|
— |
|
|
|
5,857 |
|
Safekeeping |
|
|
— |
|
|
|
3,290 |
|
|
|
242 |
|
|
|
3,532 |
|
|
|
— |
|
|
|
3,532 |
|
Loan origination |
|
|
— |
|
|
|
— |
|
|
|
2,146 |
|
|
|
2,146 |
|
|
|
— |
|
|
|
2,146 |
|
Other (2) |
|
|
267 |
|
|
|
1,520 |
|
|
|
388 |
|
|
|
2,175 |
|
|
|
7,463 |
|
|
|
9,638 |
|
|
|
|
344 |
|
|
|
74,976 |
|
|
|
37,892 |
|
|
|
113,212 |
|
|
|
42,981 |
|
|
|
156,193 |
|
Pretax (loss) income |
|
$ |
41,698 |
|
|
$ |
21,982 |
|
|
$ |
33,095 |
|
|
$ |
96,775 |
|
|
$ |
(39,070 |
) |
|
$ |
57,705 |
|
Total assets at end of period |
|
$ |
1,442,766 |
|
|
$ |
14,161,304 |
|
|
$ |
2,477,016 |
|
|
$ |
18,081,086 |
|
|
$ |
444,585 |
|
|
$ |
18,525,671 |
|
(1)All investment income is from external customers. The segments do not recognize intersegment income. (2)Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as insurance and technology.
|