Segments (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Financial Highlights by Operating Segment

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