Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash	$ 104,056	$ 59,845
Short-term investments at fair value	90,836	74,850
Mortgage-backed securities at fair value pledged to creditors	2,839,633	2,610,422
Loans acquired for sale at fair value ($4,070,134 and $1,621,879 pledged to creditors, respectively)	4,148,425	1,643,957
Loans at fair value ($268,757 and $399,266 pledged to creditors, respectively)	270,793	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	178,586	216,110
Derivative and credit risk transfer strip assets ($142,183 and $87,976 pledged to creditors, respectively)	202,318	167,165
Firm commitment to purchase credit risk transfer securities at fair value	109,513	37,994
Real estate acquired in settlement of loans ($40,938 and $40,198 pledged to creditors, respectively)	65,583	85,681
Real estate held for investment ($23,262 pledged to creditors at December 31, 2018)	0	43,110
Deposits securing credit risk transfer arrangements pledged to creditors	1,969,784	1,146,501
Mortgage servicing rights at fair value ($1,510,651 and $1,139,582 pledged to creditors, respectively)	1,535,705	1,162,369
Servicing advances	48,971	67,666
Other	204,388	85,309
Total assets	11,771,351	7,813,361
LIABILITIES
Assets sold under agreements to repurchase	6,648,890	4,777,027
Mortgage loan participation purchase and sale agreements	0	178,639
Notes payable secured by credit risk transfer and mortgage servicing assets	1,696,295	445,573
Exchangeable senior notes	443,506	248,350
Asset-backed financing of a variable interest entity at fair value	243,360	276,499
Interest-only security payable at fair value	25,709	36,011
Derivative liabilities	6,423	5,914
Accounts payable and accrued liabilities	91,149	70,687
Income taxes payable	1,819	36,526
Liability for losses under representations and warranties	7,614	7,514
Total liabilities	9,320,436	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, 100,182,227 and 60,951,444 common shares, respectively	1,002	610
Additional paid-in capital	2,127,889	1,285,533
Retained earnings (accumulated deficit)	22,317	(19,718)
Total shareholders’ equity	2,450,915	1,566,132
Total liabilities and shareholders’ equity	11,771,351	7,813,361
Variable Interest Entities [Member]
ASSETS
Loans at fair value ($268,757 and $399,266 pledged to creditors, respectively)	256,367	290,573
Derivative and credit risk transfer strip assets ($142,183 and $87,976 pledged to creditors, respectively)	170,793	123,987
Deposits securing credit risk transfer arrangements pledged to creditors	1,969,784	1,146,501
Other—interest receivable	712	839
Total assets	2,397,656	1,561,900
LIABILITIES
Asset-backed financing of a variable interest entity at fair value	243,360	276,499
Interest-only security payable at fair value	25,709	36,011
Accounts payable and accrued liabilities—interest payable	712	839
Total liabilities	269,781	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	178,586	216,110
Due from PennyMac Financial Services, Inc.	2,760	4,077
LIABILITIES
Assets sold under agreements to repurchase	107,512	131,025
Due to PennyMac Financial Services, Inc.	$ 48,159	$ 33,464