Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Investment securities—Interest-only stripped CRT securities	$ 62,479
Cash	77,676	$ 59,845
Short-term investments at fair value	76,731	74,850
Mortgage-backed securities at fair value pledged to creditors	2,600,357	2,610,422
Loans acquired for sale at fair value (includes $2,459,483 and $1,621,879 pledged to creditors, respectively)	2,477,267	1,643,957
Loans at fair value (includes $356,337 and $399,266 pledged to creditors, respectively)	358,570	408,305
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	194,156	216,110
Derivative and credit risk transfer strip assets (includes $160,156 and $87,976 pledged to creditors, respectively)	258,782	167,165
Firm commitment to purchase credit risk transfer securities at fair value	15,581	37,994
Real estate acquired in settlement of loans (includes $65,008 and $40,198 pledged to creditors, respectively)	97,808	85,681
Real estate held for investment (includes $23,262 pledged to creditors at December 31, 2018)	0	43,110
Deposits securing credit risk transfer arrangements pledged to creditors	2,060,612	1,146,501
Mortgage servicing rights at fair value (includes $1,105,099 and $1,139,582 pledged to creditors, respectively)	1,126,427	1,162,369
Servicing advances	35,143	67,666
Other	85,194	85,309
Total assets	9,465,789	7,813,361
LIABILITIES
Assets sold under agreements to repurchase	5,364,551	4,777,027
Mortgage loan participation purchase and sale agreements	0	178,639
Exchangeable senior notes	248,958	248,350
Notes payable	1,370,074	445,573
Asset-backed financing of a variable interest entity at fair value	270,077	276,499
Interest-only security payable at fair value	26,356	36,011
Derivative liabilities	22,454	5,914
Accounts payable and accrued liabilities	36,373	70,687
Income taxes payable	21,873	36,526
Liability for losses under representations and warranties	7,728	7,514
Total liabilities	7,521,855	6,247,229
Commitments and contingencies ─ Note 20
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, 78,607,436 and 60,951,444 common shares, respectively	786	610
Additional paid-in capital	1,647,186	1,285,533
Accumulated deficit	(3,745)	(19,718)
Total shareholders’ equity	1,943,934	1,566,132
Total liabilities and shareholders’ equity	9,465,789	7,813,361
Variable Interest Entities [Member]
ASSETS
Loans at fair value (includes $356,337 and $399,266 pledged to creditors, respectively)	284,097	290,573
Derivative and credit risk transfer strip assets (includes $160,156 and $87,976 pledged to creditors, respectively)	186,512	123,987
Deposits securing credit risk transfer arrangements pledged to creditors	2,060,612	1,146,501
Other—interest receivable	799	839
Total assets of Consolidated Variable Interest Entity	2,532,020	1,561,900
LIABILITIES
Asset-backed financing of a variable interest entity at fair value	270,077	276,499
Interest-only security payable at fair value	26,356	36,011
Accounts payable and accrued liabilities—interest payable	799	839
SHAREHOLDERS’ EQUITY
Total liabilities of Consolidated Variable Interest Entity	297,232	313,349
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	194,156
Due from PennyMac Financial Services, Inc.	1,485	4,077
LIABILITIES
Assets sold under agreements to repurchase	118,716	131,025
Due to PennyMac Financial Services, Inc.	$ 34,695	$ 33,464