Quarter ended March 31,

2021

2020

(in thousands)

Cash paid for interest

$

112,730

$

64,527

(Refunds received) cash paid for income taxes, net

$

(15)

$

13

Non-cash investing activity:

Mortgage servicing rights resulting from loan sales

$

470,533

$

282,315

Unsettled portion of MSR acquisitions

$

—

$

1,656

Operating right-of-use assets recognized

$

3,243

$

1,534

Non-cash financing activity:

Mortgage servicing liabilities resulting from loan sales

$

6,962

$

6,576

Issuance of Excess servicing spread payable to PennyMac Mortgage Investment Trust pursuant to a recapture agreement

$

557

$

379

Issuance of common stock in settlement of directors' fees

$

51

$

48