Segments and Related Information (Tables)

9 Months Ended

Sep. 30, 2013

Segments and Related Information

Summary of financial highlights by operating segment

	Quarter ended September 30, 2013
	Mortgage banking			Investment management		Total
	(in thousands)
Revenues:
Net gains on mortgage loans held for sale at fair value	$	25,949		$	—	$	25,949
Loan origination fees	6,280			—		6,280
Fulfillment fees from PMT	18,327			—		18,327
Net servicing income	21,399			—		21,399
Management fees	—			10,540		10,540
Carried Interest from Investment Funds	—			2,812		2,812
Net interest income:
Interest income	5,089			4		5,093
Interest expense	(4,156		)	—		(4,156		)
	933			4		937
Other	(22		)	972		950
	72,866			14,328		87,194
Expenses:
Compensation	33,969			1,861		35,830
Other	16,240			207		16,447
	50,209			2,068		52,277
Income before provision for income taxes	$	22,657		$	12,260	$	34,917
Segment assets at period end	$	1,208,156		$	46,228	$	1,254,384

	Quarter ended September 30, 2012
	Mortgage banking			Investment management		Total
	(in thousands)
Revenues:
Net gains on mortgage loans held for sale at fair value	$	39,760		$	—	$	39,760
Loan origination fees	2,752			—		2,752
Fulfillment fees from PMT	17,258			—		17,258
Net servicing income	6,112			—		6,112
Management fees	—			6,114		6,114
Carried Interest from Investment Funds	—			3,355		3,355
Net interest income (expense):
Interest income	1,913			1		1,914
Interest expense	(2,042		)	—		(2,042		)
	(129		)	1		(128		)
Other	1			1,008		1,009
	65,754			10,478		76,232
Expenses:
Compensation	29,089			2,767		31,856
Other	6,375			138		6,513
	35,464			2,905		38,369
Income before provision for income taxes	$	30,290		$	7,573	$	37,863
Segment assets at period end	$	709,733		$	17,529	$	727,262

	Nine months ended September 30, 2013
	Mortgage banking			Investment management		Total
	(in thousands)
Revenues:
Net gains on mortgage loans held for sale at fair value	$	108,560		$	—	$	108,560
Loan origination fees	18,260			—		18,260
Fulfillment fees from PMT	68,625			—		68,625
Net servicing income	59,510			—		59,510
Management fees	—			29,375		29,375
Carried Interest from Investment Funds	—			10,411		10,411
Net interest income (expense):
Interest income	11,296			14		11,310
Interest expense	(11,686		)	—		(11,686		)
	(390		)	14		(376		)
Other	(22		)	1,796		1,774
	254,543			41,596		296,139
Expenses:
Compensation	106,584			7,266		113,850
Other	41,354			496		41,850
	147,938			7,762		155,700
Income before provision for income taxes	$	106,605		$	33,834	$	140,439
Segment assets at period end	$	1,208,156		$	46,228	$	1,254,384

	Nine months ended September 30, 2012
	Mortgage banking			Investment management		Total
	(in thousands)
Revenues:
Net gains on mortgage loans held for sale at fair value	$	68,487		$	—	$	68,487
Loan origination fees	5,439			—		5,439
Fulfillment fees from PMT	31,097			—		31,097
Net servicing income	25,346			—		25,346
Management fees	—			15,163		15,163
Carried Interest from Investment Funds	—			7,255		7,255
Net interest income:
Interest income	4,488			3		4,491
Interest expense	(4,226		)	—		(4,226		)
	262			3		265
Other	1			2,514		2,515
	130,632			24,935		155,567
Expenses:
Compensation	71,541			6,214		77,755
Other	14,443			466		14,909
	85,984			6,680		92,664
Income before provision for income taxes	$	44,648		$	18,255	$	62,903
Segment assets at period end	$	709,733		$	17,529	$	727,262