Segments (Tables)

9 Months Ended

Sep. 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 September 30, 2024	strategies			strategies			production			Corporate			Total
	(in thousands)
Net investment income:
Net gains (losses) on investments and financings	$	27,113		$	119,582		$	—		$	—		$	146,695
Net gains on loans acquired for sale		—			—			20,059			—			20,059
Net loan servicing fees		—			(85,080	)		—			—			(85,080	)
Net interest expense:
Interest income		21,389			128,458			23,853			3,034			176,734
Interest expense		21,921			136,873			24,273			1,104			184,171
		(532	)		(8,415	)		(420	)		1,930			(7,437	)
Other		(65	)		—			6,692			—			6,627
		26,516			26,087			26,331			1,930			80,864
Expenses:
Loan fulfillment and servicing fees    payable to PFSI		20			22,220			11,492			—			33,732
Management fees		—			—			—			7,153			7,153
Other		47			3,376			1,590			8,432			13,445
		67			25,596			13,082			15,585			54,330
Pretax income	$	26,449		$	491		$	13,249		$	(13,655	)	$	26,534
Total assets at end of quarter	$	1,453,245		$	9,429,883		$	1,724,696		$	447,830		$	13,055,654

	Credit			Interest rate
	sensitive			sensitive			Correspondent
Quarter ended September 30, 2023	strategies			strategies			production			Corporate			Total
	(in thousands)
Net investment income:
Net gains (losses) on investments and financings	$	38,772		$	(148,316	)	$	—		$	—		$	(109,544	)
Net gains on loans acquired for sale		—			—			13,558			—			13,558
Net loan servicing fees		—			281,298			—			—			281,298
Net interest expense:
Interest income		26,235			114,430			14,656			3,605			158,926
Interest expense		23,235			142,942			16,388			1,353			183,918
		3,000			(28,512	)		(1,732	)		2,252			(24,992	)
Other		(251	)		—			3,360			—			3,109
		41,521			104,470			15,186			2,252			163,429
Expenses:
Loan fulfillment and servicing fees    payable to PFSI		33			20,224			5,531			—			25,788
Management fees		—			—			—			7,175			7,175
Other		492			2,683			809			8,062			12,046
		525			22,907			6,340			15,237			45,009
Pretax income	$	40,996		$	81,563		$	8,846		$	(12,985	)	$	118,420
Total assets at end of quarter	$	1,620,322		$	10,079,073		$	1,134,812		$	389,129		$	13,223,336

	Credit			Interest rate
	sensitive			sensitive			Correspondent
Nine months ended September 30, 2024	strategies			strategies			production			Corporate			Total
	(in thousands)
Net investment income:
Net gains (losses) on investments and financings	$	104,114		$	62,591		$	—		$	—		$	166,705
Net gains on loans acquired for sale		—			—			46,737			—			46,737
Net loan servicing fees		—			57,119			—			—			57,119
Net interest expense:
Interest income		68,520			343,954			50,652			9,002			472,128
Interest expense		69,204			403,262			51,541			3,532			527,539
		(684	)		(59,308	)		(889	)		5,470			(55,411	)
Other		(155	)		—			11,272			—			11,117
		103,275			60,402			57,120			5,470			226,267
Expenses:
Loan fulfillment and servicing fees    payable to PFSI		60			62,706			19,935			—			82,701
Management fees		—			—			—			21,474			21,474
Other		202			7,574			2,716			24,076			34,568
		262			70,280			22,651			45,550			138,743
Pretax income	$	103,013		$	(9,878	)	$	34,469		$	(40,080	)	$	87,524
Total assets at end of period	$	1,453,245		$	9,429,883		$	1,724,696		$	447,830		$	13,055,654

	Credit			Interest rate
	sensitive			sensitive			Correspondent
Nine months ended September 30, 2023	strategies			strategies			production			Corporate			Total
	(in thousands)
Net investment income:
Net gains (losses) on investments and financings	$	161,867		$	(148,106	)	$	—		$	—		$	13,761
Net gains on loans acquired for sale		—			—			24,477			—			24,477
Net loan servicing fees		—			366,438			—			—			366,438
Net interest expense:
Interest income		72,775			315,168			77,292			9,394			474,629
Interest expense		62,790			406,098			78,259			3,298			550,445
		9,985			(90,930	)		(967	)		6,096			(75,816	)
Other		(251	)		—			15,638			—			15,387
		171,601			127,402			39,148			6,096			344,247
Expenses:
Loan fulfillment and servicing fees    payable to PFSI		142			60,881			22,895			—			83,918
Management fees		—			—			—			21,510			21,510
Other		2,039			5,155			4,224			23,327			34,745
		2,181			66,036			27,119			44,837			140,173
Pretax income	$	169,420		$	61,366		$	12,029		$	(38,741	)	$	204,074
Total assets at end of period	$	1,620,322		$	10,079,073		$	1,134,812		$	389,129		$	13,223,336