Segments (Tables)

9 Months Ended

Sep. 30, 2022

Segments

Summary of financial highlights by segment

Financial performance and results by segment are as follows:

	Quarter ended September 30, 2022
	Mortgage Banking						Investment
	Production		Servicing		Total		Management		Total
	(in thousands)
Revenue: (1)
Net gains on loans held for sale at fair value	$	140,683	$	28,011	$	168,694	$	—	$	168,694
Loan origination fees		34,037		—		34,037		—		34,037
Fulfillment fees from PennyMac Mortgage Investment Trust		18,407		—		18,407		—		18,407
Net loan servicing fees		—		243,742		243,742		—		243,742
Net interest income (expense):
Interest income		30,825		52,169		82,994		—		82,994
Interest expense		24,970		57,995		82,965		—		82,965
		5,855		(5,826)		29		—		29
Management fees		—		—		—		7,731		7,731
Other		474		556		1,030		2,620		3,650
Total net revenue		199,456		266,483		465,939		10,351		476,290
Expenses		160,884		121,200		282,084		8,734		290,818
Income before provision for income taxes	$	38,572	$	145,283	$	183,855	$	1,617	$	185,472
Segment assets at quarter end	$	4,708,512	$	11,626,311	$	16,334,823	$	26,988	$	16,361,811

(1) All revenues are from external customers.

	Quarter ended September 30, 2021
	Mortgage Banking						Investment
	Production		Servicing		Total		Management		Total
	(in thousands)
Revenue: (1)
Net gains on loans held for sale at fair value	$	496,568	$	130,186	$	626,754	$	—	$	626,754
Loan origination fees		94,581		—		94,581		—		94,581
Fulfillment fees from PennyMac Mortgage Investment Trust		43,922		—		43,922		—		43,922
Net loan servicing fees		—		33,630		33,630		—		33,630
Net interest income (expense):
Interest income		33,307		35,005		68,312		—		68,312
Interest expense		28,570		62,139		90,709		2		90,711
		4,737		(27,134)		(22,397)		(2)		(22,399)
Management fees		—		—		—		8,520		8,520
Other		218		148		366		1,238		1,604
Total net revenue		640,026		136,830		776,856		9,756		786,612
Expenses		309,460		128,876		438,336		8,727		447,063
Income before provision for income taxes	$	330,566	$	7,954	$	338,520	$	1,029	$	339,549
Segment assets at quarter end	$	7,926,709	$	11,797,702	$	19,724,411	$	20,727	$	19,745,138

(1) All revenues are from external customers.

	Nine months ended September 30, 2022
	Mortgage Banking						Investment
	Production		Servicing		Total		Management		Total
	(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value	$	515,188	$	174,532	$	689,720	$	—	$	689,720
Loan origination fees		141,840		—		141,840		—		141,840
Fulfillment fees from PennyMac Mortgage Investment Trust		55,807		—		55,807		—		55,807
Net loan servicing fees		—		768,498		768,498		—		768,498
Net interest income (expense):
Interest income		90,145		96,595		186,740		—		186,740
Interest expense		71,236		160,163		231,399		—		231,399
		18,909		(63,568)		(44,659)		—		(44,659)
Management fees		—		—		—		23,758		23,758
Other		1,842		2,072		3,914		6,431		10,345
Total net revenue		733,586		881,534		1,615,120		30,189		1,645,309
Expenses		676,090		343,473		1,019,563		28,228		1,047,791
Income before provision for income taxes	$	57,496	$	538,061	$	595,557	$	1,961	$	597,518
Segment assets at period end	$	4,708,512	$	11,626,311	$	16,334,823	$	26,988	$	16,361,811

(1) All revenues are from external customers.

	Nine months ended September 30, 2021
	Mortgage Banking						Investment
	Production		Servicing		Total		Management		Total
	(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value	$	1,431,824	$	531,919	$	1,963,743	$	—	$	1,963,743
Loan origination fees		295,909		—		295,909		—		295,909
Fulfillment fees from PennyMac Mortgage Investment Trust		158,777		—		158,777		—		158,777
Net loan servicing fees		—		88,221		88,221		—		88,221
Net interest income (expense):
Interest income		94,668		136,522		231,190		—		231,190
Interest expense		103,555		197,292		300,847		8		300,855
		(8,887)		(60,770)		(69,657)		(8)		(69,665)
Management fees		—		—		—		28,882		28,882
Other		1,445		2,270		3,715		3,968		7,683
Total net revenue		1,879,068		561,640		2,440,708		32,842		2,473,550
Expenses		941,165		381,018		1,322,183		26,295		1,348,478
Income before provision for income taxes	$	937,903	$	180,622	$	1,118,525	$	6,547	$	1,125,072
Segment assets at period end	$	7,926,709	$	11,797,702	$	19,724,411	$	20,727	$	19,745,138

(1) All revenues are from external customers.