The Company’s reportable segments are identified based on PMT’s investment strategies. The Company’s chief operating decision maker is its chief executive officer. The following disclosures about the Company’s business segments are presented consistent with the way the Company’s chief operating decision maker organizes and evaluates financial information for making operating decisions and assessing performance.

Financial highlights by operating segment are summarized below:


	Credit			Interest rate
	sensitive			sensitive			Correspondent
Quarter ended June 30, 2024	strategies			strategies			production			Corporate			Total
	(in thousands)
Net investment income:
Net loan servicing fees	$	—		$	96,494		$	—		$	—		$	96,494
Net gains on loans acquired for sale		—			—			12,160			—			12,160
Net (losses) gains on investments and financings		17,410			(37,153	)		—			—			(19,743	)
Net interest expense:
Interest income		22,923			111,316			14,907			2,689			151,835
Interest expense		24,272			131,566			15,006			997			171,841
		(1,349	)		(20,250	)		(99	)		1,692			(20,006	)
Other		(224	)		—			2,517			—			2,293
		15,837			39,091			14,578			1,692			71,198
Expenses:
Loan fulfillment and servicing fees payable to PFSI		21			20,243			4,427			—			24,691
Management fees		—			—			—			7,133			7,133
Other		78			1,972			600			8,115			10,765
		99			22,215			5,027			15,248			42,589
Pretax income	$	15,738		$	16,876		$	9,551		$	(13,556	)	$	28,609
Total assets at end of quarter	$	1,471,470		$	9,421,790		$	719,756		$	467,934		$	12,080,950


	Credit			Interest rate
	sensitive			sensitive			Correspondent
Quarter ended June 30, 2023	strategies			strategies			production			Corporate			Total
	(in thousands)
Net investment income:
Net loan servicing fees	$	—		$	108,833		$	—		$	—		$	108,833
Net gains on loans acquired for sale		—			—			4,446			—			4,446
Net (losses) gains on investments and financings		68,707			(71,206	)		—			—			(2,499	)
Net interest expense:
Interest income		25,146			108,656			25,708			3,174			162,684
Interest expense		21,752			137,987			26,740			911			187,390
		3,394			(29,331	)		(1,032	)		2,263			(24,706	)
Other		(56	)		—			4,434			—			4,378
		72,045			8,296			7,848			2,263			90,452
Expenses:
Loan fulfillment and servicing fees payable to PFSI		32			20,285			5,441			—			25,758
Management fees		—			—			—			7,078			7,078
Other		911			1,183			1,007			7,662			10,763
		943			21,468			6,448			14,740			43,599
Pretax income	$	71,102		$	(13,172	)	$	1,400		$	(12,477	)	$	46,853
Total assets at end of quarter	$	1,638,662		$	10,099,868		$	1,161,519		$	484,873		$	13,384,922


	Credit			Interest rate
	sensitive			sensitive			Correspondent
Six months ended June 30, 2024	strategies			strategies			production			Corporate			Total
	(in thousands)
Net investment income:
Net loan servicing fees	$	—		$	142,199		$	—		$	—		$	142,199
Net gains on loans acquired for sale		—			—			26,678			—			26,678
Net (losses) gains on investments and financings		77,001			(56,991	)		—			—			20,010
Net interest expense:
Interest income		47,132			215,496			26,798			5,968			295,394
Interest expense		47,283			266,389			27,268			2,428			343,368
		(151	)		(50,893	)		(470	)		3,540			(47,974	)
Other		(90	)		—			4,580			—			4,490
		76,760			34,315			30,788			3,540			145,403
Expenses:
Loan fulfillment and servicing fees payable to PFSI		41			40,485			8,443			—			48,969
Management fees		—			—			—			14,321			14,321
Other		155			4,197			1,127			15,644			21,123
		196			44,682			9,570			29,965			84,413
Pretax income	$	76,564		$	(10,367	)	$	21,218		$	(26,425	)	$	60,990
Total assets at end of period	$	1,471,470		$	9,421,790		$	719,756		$	467,934		$	12,080,950


	Credit		Interest rate
	sensitive		sensitive			Correspondent
Six months ended June 30, 2023	strategies		strategies			production		Corporate			Total
	(in thousands)
Net investment income:
Net loan servicing fees	$	—	$	85,140		$	—	$	—		$	85,140
Net gains on loans acquired for sale		—		—			10,919		—			10,919
Net (losses) gains on investments and financings		123,096		209			—		—			123,305
Net interest expense:
Interest income		46,540		200,738			62,635		5,790			315,703
Interest expense		39,554		263,156			61,872		1,945			366,527
		6,986		(62,418	)		763		3,845			(50,824	)
Other		—		—			12,278		—			12,278
		130,082		22,931			23,960		3,845			180,818
Expenses:
Loan fulfillment and servicing fees payable to PFSI		109		40,658			17,363		—			58,130
Management fees		—		—			—		14,335			14,335
Other		1,547		2,472			3,415		15,265			22,699
		1,656		43,130			20,778		29,600			95,164
Pretax income	$	128,426	$	(20,199	)	$	3,182	$	(25,755	)	$	85,654
Total assets at end of period	$	1,638,662	$	10,099,868		$	1,161,519	$	484,873		$	13,384,922