Year ended December 31,

2021

2020

2019

(in thousands)

Cash paid for interest

$

389,527

$

272,970

$

188,346

Cash paid for income taxes, net

$

293,131

$

475,594

$

32,457

Non-cash investing activity:

Mortgage servicing rights resulting from loan sales

$

1,861,949

$

1,138,045

$

884,876

Operating right-of-use assets recognized

$

28,401

$

14,128

$

83,248

Non-cash financing activity:

Mortgage servicing liabilities resulting from loan sales

$

106,631

$

23,325

$

37,988

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

$

557

$

2,093

$

1,757

Issuance of common stock in settlement of directors' fees

$

200

$

194

$

233