Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Cash	$ 59,845	$ 77,647
Short-term investments at fair value	74,850	18,398
Mortgage-backed securities at fair value pledged to creditors	2,610,422	989,461
Mortgage loans acquired for sale at fair value (includes $1,621,879 and $1,249,277 pledged to creditors, respectively)	1,643,957	1,269,515
Mortgage loans at fair value (includes $399,266 and $1,081,893 pledged to creditors, respectively)	408,305	1,089,473
Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value pledged to secure Assets sold to PennyMac Financial Services, Inc. under agreements to repurchase	216,110	236,534
Derivative assets (includes $87,976 and $26,058 pledged to creditors, respectively)	167,165	113,881
Firm commitment to purchase credit risk transfer securities at fair value	37,994	0
Real estate acquired in settlement of loans (includes $40,198 and $124,532 pledged to creditors, respectively)	85,681	162,865
Real estate held for investment (includes $23,262 and $31,128 pledged to creditors, respectively)	43,110	44,224
Deposits securing credit risk transfer agreements (includes $1,146,501 and $400,778 pledged to creditors, respectively)	1,146,501	588,867
Mortgage servicing rights (includes $1,162,369 and $91,459 at fair value; $1,139,582 and $831,892 pledged to creditors)	1,162,369	844,781
Servicing advances	67,666	77,158
Other	85,309	87,975
Total assets	7,813,361	5,604,933
LIABILITIES
Assets sold under agreements to repurchase	4,777,027	3,180,886
Mortgage loan participation purchase and sale agreements	178,639	44,488
Exchangeable senior notes	248,350	247,186
Notes payable	445,573	0
Asset-backed financing of a variable interest entity at fair value	276,499	307,419
Interest-only security payable at fair value	36,011	7,070
Derivative liabilities	5,914	1,306
Accounts payable and accrued liabilities	70,687	64,751
Income taxes payable	36,526	27,317
Liability for losses under representations and warranties	7,514	8,678
Total liabilities	6,247,229	4,060,348
Commitments and contingencies ─ Note 19	0	0
SHAREHOLDERS’ EQUITY
Preferred shares of beneficial interest, $0.01 par value per share, authorized 100,000,000 shares, issued and outstanding 12,400,000 shares, liquidation preference $310,000,000	299,707	299,707
Common shares of beneficial interest—authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding, 60,951,444 and 61,334,087 common shares, respectively	610	613
Additional paid-in capital	1,285,533	1,290,931
Accumulated deficit	(19,718)	(46,666)
Total shareholders’ equity	1,566,132	1,544,585
Total liabilities and shareholders’ equity	7,813,361	5,604,933
Variable Interest Entities [Member]
ASSETS
Mortgage loans at fair value (includes $399,266 and $1,081,893 pledged to creditors, respectively)	290,573	321,040
Derivative assets (includes $87,976 and $26,058 pledged to creditors, respectively)	123,987	98,640
Deposits securing credit risk transfer agreements (includes $1,146,501 and $400,778 pledged to creditors, respectively)	1,146,501	588,867
Other—interest receivable	839	904
Total assets of Consolidated Variable Interest Entity	1,561,900	1,009,451
LIABILITIES
Asset-backed financing of a variable interest entity at fair value	276,499	307,419
Interest-only security payable at fair value	36,011	7,070
Accounts payable and accrued liabilities—interest payable	839	904
SHAREHOLDERS’ EQUITY
Total liabilities of Consolidated Variable Interest Entity	313,349	315,393
PennyMac Financial Services, Inc. [Member]
ASSETS
Excess servicing spread purchased from PennyMac Financial Services, Inc. at fair value pledged to secure Assets sold to PennyMac Financial Services, Inc. under agreements to repurchase	216,110	236,534
Due from PennyMac Financial Services, Inc.	4,077	4,154
LIABILITIES
Assets sold under agreements to repurchase	131,025	144,128
Due to PennyMac Financial Services, Inc.	$ 33,464	$ 27,119