Segments (Tables)

6 Months Ended

Jun. 30, 2020

Segments

Schedule of change in expense allocation, by segment

	Quarter ended June 30, 2020
	Mortgage Banking						Investment
	Production		Servicing		Total		Management		Total
	(in thousands)
Revenue: (1)
Net gains on loans held for sale at fair value	$	619,728	$	62,445	$	682,173	$	—	$	682,173
Loan origination fees		58,948		—		58,948		—		58,948
Fulfillment fees from PennyMac Mortgage Investment Trust		52,815		—		52,815		—		52,815
Net loan servicing fees		—		22,337		22,337		—		22,337
Net interest income (expense):
Interest income		19,205		28,113		47,318		—		47,318
Interest expense		12,642		40,560		53,202		5		53,207
		6,563		(12,447)		(5,884)		(5)		(5,889)
Management fees		—		—		—		8,288		8,288
Other		361		351		712		2,250		2,962
Total net revenue		738,415		72,686		811,101		10,533		821,634
Expenses		200,352		135,098		335,450		5,822		341,272
Income before provision for income taxes	$	538,063	$	(62,412)	$	475,651	$	4,711	$	480,362
Segment assets at quarter end	$	5,419,219	$	17,789,046	$	23,208,265	$	18,210	$	23,226,475

(1) All revenues are from external customers.

	Quarter ended June 30, 2019
	Mortgage Banking						Investment
	Production		Servicing		Total		Management		Total
	(in thousands)
Revenue: (1)
Net gains on loans held for sale at fair value	$	124,860	$	22,673	$	147,533	$	—	$	147,533
Loan origination fees		36,924		—		36,924		—		36,924
Fulfillment fees from PennyMac Mortgage Investment Trust		29,590		—		29,590		—		29,590
Net loan servicing fees		—		59,134		59,134		—		59,134
Net interest income (expense):
Interest income		18,900		52,000		70,900		—		70,900
Interest expense		13,898		39,015		52,913		11		52,924
		5,002		12,985		17,987		(11)		17,976
Management fees		—		—		—		8,832		8,832
Other		117		1,332		1,449		1,539		2,988
Total net revenue		196,493		96,124		292,617		10,360		302,977
Expenses		98,249		98,797		197,046		6,341		203,387
Income before provision for income taxes	$	98,244	$	(2,673)	$	95,571	$	4,019	$	99,590
Segment assets at quarter end	$	3,556,575	$	4,823,468	$	8,380,043	$	18,333	$	8,398,376

(1) All revenues are from external customers.

	Six months ended June 30, 2020
	Mortgage Banking						Investment
	Production		Servicing		Total		Management		Total
	(in thousands)
Revenue: (1)
Net gains on loans held for sale at fair value	$	936,363	$	90,092	$	1,026,455	$	—	$	1,026,455
Loan origination fees		116,519		—		116,519		—		116,519
Fulfillment fees from PennyMac Mortgage Investment Trust		94,755		—		94,755		—		94,755
Net loan servicing fees		—		280,145		280,145		—		280,145
Net interest income (expense):
Interest income		45,790		74,092		119,882		—		119,882
Interest expense		32,799		81,906		114,705		14		114,719
		12,991		(7,814)		5,177		(14)		5,163
Management fees		—		—		—		17,343		17,343
Other		351		(329)		22		3,057		3,079
Total net revenue		1,160,979		362,094		1,523,073		20,386		1,543,459
Expenses		382,785		253,664		636,449		11,918		648,367
Income before provision for income taxes	$	778,194	$	108,430	$	886,624	$	8,468	$	895,092
Segment assets at period end	$	5,419,219	$	17,789,046	$	23,208,265	$	18,210	$	23,226,475

(1) All revenues are from external customers.

	Six months ended June 30, 2019
	Mortgage Banking						Investment
	Production		Servicing		Total		Management		Total
	(in thousands)
Revenue: (1)
Net gains on loans held for sale at fair value	$	191,581	$	40,728	$	232,309	$	—	$	232,309
Loan origination fees		60,854		—		60,854		—		60,854
Fulfillment fees from PennyMac Mortgage Investment Trust		57,164		—		57,164		—		57,164
Net loan servicing fees		—		139,705		139,705		—		139,705
Net interest income (expense):
Interest income		33,269		95,964		129,233		—		129,233
Interest expense		17,813		72,636		90,449		18		90,467
		15,456		23,328		38,784		(18)		38,766
Management fees		—		—		—		16,080		16,080
Other		605		2,097		2,702		3,102		5,804
Total net revenue		325,660		205,858		531,518		19,164		550,682
Expenses		180,410		197,368		377,778		13,023		390,801
Income before provision for income taxes	$	145,250	$	8,490	$	153,740	$	6,141	$	159,881
Segment assets at period end	$	3,556,575	$	4,823,468	$	8,380,043	$	18,333	$	8,398,376

(1) All revenues are from external customers.