Segments (Tables)

6 Months Ended

Jun. 30, 2022

Segments

Summary of financial highlights by segment

Financial performance and results by segment are as follows:

	Quarter ended June 30, 2022
	Mortgage Banking						Investment
	Production		Servicing		Total		Management		Total
	(in thousands)
Revenue: (1)
Net gains on loans held for sale at fair value	$	152,895	$	69,672	$	222,567	$	—	$	222,567
Loan origination fees		39,945		—		39,945		—		39,945
Fulfillment fees from PennyMac Mortgage Investment Trust		20,646		—		20,646		—		20,646
Net loan servicing fees		—		238,447		238,447		—		238,447
Net interest income (expense):
Interest income		28,379		21,485		49,864		—		49,864
Interest expense		19,207		51,920		71,127		—		71,127
		9,172		(30,435)		(21,263)		—		(21,263)
Management fees		—		—		—		7,910		7,910
Other		583		900		1,483		1,780		3,263
Total net revenue		223,241		278,584		501,825		9,690		511,515
Expenses		213,587		110,959		324,546		9,443		333,989
Income before provision for income taxes	$	9,654	$	167,625	$	177,279	$	247	$	177,526
Segment assets at quarter end	$	3,735,706	$	10,509,950	$	14,245,656	$	26,599	$	14,272,255

(1) All revenues are from external customers.

	Quarter ended June 30, 2021
	Mortgage Banking						Investment
	Production		Servicing		Total		Management		Total
	(in thousands)
Revenue: (1)
Net gains on loans held for sale at fair value	$	419,293	$	163,355	$	582,648	$	—	$	582,648
Loan origination fees		97,291		—		97,291		—		97,291
Fulfillment fees from PennyMac Mortgage Investment Trust		54,020		—		54,020		—		54,020
Net loan servicing fees		—		14,871		14,871		—		14,871
Net interest expense:
Interest income		31,830		48,967		80,797		—		80,797
Interest expense		36,913		65,515		102,428		3		102,431
		(5,083)		(16,548)		(21,631)		(3)		(21,634)
Management fees		—		—		—		11,913		11,913
Other		630		925		1,555		1,588		3,143
Total net revenue		566,151		162,603		728,754		13,498		742,252
Expenses		321,709		131,679		453,388		9,349		462,737
Income before provision for income taxes	$	244,442	$	30,924	$	275,366	$	4,149	$	279,515
Segment assets at quarter end	$	7,670,877	$	16,185,956	$	23,856,833	$	23,305	$	23,880,138

(1) All revenues are from external customers.

	Six months ended June 30, 2022
	Mortgage Banking						Investment
	Production		Servicing		Total		Management		Total
	(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value	$	374,505	$	146,521	$	521,026	$	—	$	521,026
Loan origination fees		107,803		—		107,803		—		107,803
Fulfillment fees from PennyMac Mortgage Investment Trust		37,400		—		37,400		—		37,400
Net loan servicing fees		—		524,756		524,756		—		524,756
Net interest income (expense):
Interest income		59,320		44,426		103,746		—		103,746
Interest expense		46,266		102,168		148,434		—		148,434
		13,054		(57,742)		(44,688)		—		(44,688)
Management fees		—		—		—		16,027		16,027
Other		1,368		1,516		2,884		3,811		6,695
Total net revenue		534,130		615,051		1,149,181		19,838		1,169,019
Expenses		515,206		222,273		737,479		19,494		756,973
Income before provision for income taxes	$	18,924	$	392,778	$	411,702	$	344	$	412,046
Segment assets at period end	$	3,735,706	$	10,509,950	$	14,245,656	$	26,599	$	14,272,255

(1) All revenues are from external customers.

	Six months ended June 30, 2021
	Mortgage Banking						Investment
	Production		Servicing		Total		Management		Total
	(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value	$	935,256	$	401,733	$	1,336,989	$	—	$	1,336,989
Loan origination fees		201,328		—		201,328		—		201,328
Fulfillment fees from PennyMac Mortgage Investment Trust		114,855		—		114,855		—		114,855
Net loan servicing fees		—		54,591		54,591		—		54,591
Net interest expense:
Interest income		61,361		101,517		162,878		—		162,878
Interest expense		74,985		135,153		210,138		6		210,144
		(13,624)		(33,636)		(47,260)		(6)		(47,266)
Management fees		—		—		—		20,362		20,362
Other		1,227		2,122		3,349		2,730		6,079
Total net revenue		1,239,042		424,810		1,663,852		23,086		1,686,938
Expenses		631,705		252,142		883,847		17,568		901,415
Income before provision for income taxes	$	607,337	$	172,668	$	780,005	$	5,518	$	785,523
Segment assets at period end	$	7,670,877	$	16,185,956	$	23,856,833	$	23,305	$	23,880,138

(1) All revenues are from external customers.