Segments (Tables)

9 Months Ended

Sep. 30, 2025

Segments

Summary of financial highlights by segment

	Quarter ended September 30, 2025
	Production		Servicing		Reportable segment total		Corporate and other		Consolidated total
	(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value	$	280,092	$	34,363	$	314,455	$	—	$	314,455
Loan origination fees		61,696		—		61,696		—		61,696
Fulfillment fees from PennyMac Mortgage Investment Trust		6,162		—		6,162		—		6,162
Net loan servicing fees		—		241,238		241,238		—		241,238
Management fees		—		—		—		6,912		6,912
Net interest (expense) income :
Interest income		111,332		137,098		248,430		323		248,753
Interest expense		97,680		152,220		249,900		—		249,900
		13,652		(15,122)		(1,470)		323		(1,147)
Other		172		(980)		(808)		4,390		3,582
Total net revenues		361,774		259,499		621,273		11,625		632,898
Expenses:
Compensation		114,491		52,061		166,552		38,762		205,314
Loan origination		69,407		—		69,407		—		69,407
Technology		30,841		10,130		40,971		3,801		44,772
Servicing		—		29,105		29,105		—		29,105
Marketing and advertising		12,342		466		12,808		1,208		14,016
Professional services		3,493		1,799		5,292		4,853		10,145
Occupancy and equipment		4,333		2,625		6,958		1,646		8,604
Other (2)		3,985		5,912		9,897		5,264		15,161
Total expenses		238,892		102,098		340,990		55,534		396,524
Income (loss) before provision for income taxes	$	122,882	$	157,401	$	280,283	$	(43,909)	$	236,374
Segment assets at end of quarter	$	7,784,267	$	17,555,497	$	25,339,764	$	61,356	$	25,401,120
Acquisition of:
Capitalized software	$	8,115	$	—	$	8,115	$	86	$	8,201
Furniture, fixtures, equipment and building improvements	$	1,205	$	503	$	1,708	$	367	$	2,075
Amortization of capitalized software	$	9,594	$	1,475	$	11,069	$	151	$	11,220
Impairment of capitalized software	$	4,333	$	—	$	4,333	$	—	$	4,333
Depreciation and amortization of furniture, fixtures, equipment and building improvements	$	931	$	600	$	1,531	$	205	$	1,736

(1) All revenues are from external customers. The segments do not recognize intersegment revenues.

(2) Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as safekeeping, travel, postage and corporate insurance.

	Quarter ended September 30, 2024
	Production		Servicing		Reportable segment total		Corporate and other		Consolidated total
	(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value	$	235,902	$	20,917	$	256,819	$	—	$	256,819
Loan origination fees		49,430		—		49,430		—		49,430
Fulfillment fees from PennyMac Mortgage Investment Trust		11,492		—		11,492		—		11,492
Net loan servicing fees		—		75,830		75,830		—		75,830
Management fees		—				—		7,153		7,153
Net interest (expense) income:
Interest income		79,427		145,567		224,994		476		225,470
Interest expense		81,496		136,101		217,597		—		217,597
		(2,069)		9,466		7,397		476		7,873
Other		172		(269)		(97)		3,334		3,237
Total net revenues		294,927		105,944		400,871		10,963		411,834
Expenses:
Compensation		82,991		52,553		135,544		35,772		171,316
Loan origination		45,208		—		45,208		—		45,208
Technology		24,115		9,866		33,981		3,078		37,059
Servicing		—		28,885		28,885		—		28,885
Professional services		2,853		1,575		4,428		4,911		9,339
Occupancy and equipment		3,840		2,823		6,663		1,493		8,156
Marketing and advertising		4,830		28		4,858		230		5,088
Other (2)		1,716		6,866		8,582		4,276		12,858
Total expenses		165,553		102,596		268,149		49,760		317,909
Income (loss) before provision for income taxes	$	129,374	$	3,348	$	132,722	$	(38,797)	$	93,925
Segment assets at end of quarter	$	6,822,284	$	15,932,593	$	22,754,877	$	116,661	$	22,871,538
Acquisition of:
Capitalized software	$	3,252	$	988	$	4,240	$	100	$	4,340
Furniture, fixtures, equipment and building improvements	$	23	$	95	$	118	$	30	$	148
Amortization of capitalized software	$	9,872	$	1,870	$	11,742	$	94	$	11,836
Depreciation and amortization of furniture, fixtures, equipment and building improvements	$	918	$	698	$	1,616	$	309	$	1,925

(1) All revenues are from external customers. The segments do not recognize intersegment revenues.

(2) Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as safekeeping, travel, postage and corporate insurance.

	Nine months ended September 30, 2025
	Production		Servicing		Reportable segment total		Corporate and other		Consolidated total
	(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value	$	671,198	$	98,953	$	770,151	$	—	$	770,151
Loan origination fees		167,398		—		167,398		—		167,398
Fulfillment fees from PennyMac Mortgage Investment Trust		17,266		—		17,266		—		17,266
Net loan servicing fees		—		555,919		555,919		—		555,919
Management fees		—		—		—		20,793		20,793
Net interest (expense) income:
Interest income		300,825		358,355		659,180		1,373		660,553
Interest expense		267,828		429,731		697,559		—		697,559
		32,997		(71,376)		(38,379)		1,373		(37,006)
Other		435		(15)		420		13,590		14,010
Total net revenue		889,294		583,481		1,472,775		35,756		1,508,531
Expenses:
Compensation		317,816		156,315		474,131		100,712		574,843
Loan origination		182,339		—		182,339		—		182,339
Technology		83,782		30,020		113,802		13,424		127,226
Servicing		—		79,266		79,266		—		79,266
Marketing and advertising		30,641		1,223		31,864		3,973		35,837
Professional services		10,172		5,278		15,450		12,112		27,562
Occupancy and equipment		12,570		8,085		20,655		4,710		25,365
Other (2)		9,361		15,740		25,101		13,980		39,081
Total expenses		646,681		295,927		942,608		148,911		1,091,519
Income (loss) before provision for income taxes	$	242,613	$	287,554	$	530,167	$	(113,155)	$	417,012
Segment assets at end of period	$	7,784,267	$	17,555,497	$	25,339,764	$	61,356	$	25,401,120
Acquisition of:
Capitalized software	$	20,494	$	3,904	$	24,398	$	86	$	24,484
Furniture, fixtures, equipment and building improvements	$	2,009	$	872	$	2,881	$	870	$	3,751
Amortization of capitalized software	$	30,990	$	4,676	$	35,666	$	348	$	36,014
Impairment of capitalized software	$	4,333	$	—	$	4,333	$	—	$	4,333
Depreciation and amortization of furniture, fixtures, equipment and building improvements	$	2,875	$	1,897	$	4,772	$	797	$	5,569

(1) All revenues are from external customers. The segments do not recognize intersegment revenues.

(2) Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as safekeeping, travel, postage and corporate insurance.

	Nine months ended September 30, 2024
	Production		Servicing		Reportable segment total		Corporate and other		Consolidated total
	(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value	$	531,650	$	63,674	$	595,324	$	—	$	595,324
Loan origination fees		127,876		—		127,876		—		127,876
Fulfillment fees from PennyMac Mortgage Investment Trust		19,935		—		19,935		—		19,935
Net loan servicing fees		—		344,388		344,388		—		344,388
Management fees		—		—		—		21,474		21,474
Net interest (expense) income:				—				—
Interest income		227,443		353,814		581,257		1,450		582,707
Interest expense		226,768		364,469		591,237		—		591,237
		675		(10,655)		(9,980)		1,450		(8,530)
Other		443		432		875		22,279		23,154
Total net revenue		680,579		397,839		1,078,418		45,203		1,123,621
Expenses:
Compensation		224,084		154,413		378,497		81,151		459,648
Loan origination		116,046		—		116,046		—		116,046
Technology		69,860		29,403		99,263		9,453		108,716
Servicing		—		67,909		67,909		—		67,909
Professional services		7,337		4,521		11,858		16,147		28,005
Occupancy and equipment		11,732		8,481		20,213		4,512		24,725
Marketing and advertising		13,219		78		13,297		907		14,204
Other (2)		5,080		15,330		20,410		12,296		32,706
Total expenses		447,358		280,135		727,493		124,466		851,959
Income (loss) before provision for income taxes	$	233,221	$	117,704	$	350,925	$	(79,263)	$	271,662
Segment assets at end of period	$	6,822,284	$	15,932,593	$	22,754,877	$	116,661	$	22,871,538
Acquisition of:
Capitalized software	$	10,577	$	2,073	$	12,650	$	351	$	13,001
Furniture, fixtures, equipment and building improvements	$	384	$	968	$	1,352	$	115	$	1,467
Amortization of capitalized software	$	29,130	$	6,087	$	35,217	$	1,042	$	36,259
Depreciation and amortization of furniture, fixtures, equipment and building improvements	$	2,802	$	2,136	$	4,938	$	968	$	5,906

(1) All revenues are from external customers. The segments do not recognize intersegment revenues.

(2) Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as safekeeping, travel, postage and corporate insurance.