Segments (Tables)

3 Months Ended

Mar. 31, 2023

Segments

Summary of financial highlights by segment

Financial performance and results by segment are as follows:

	Quarter ended March 31, 2023
	Mortgage Banking						Investment
	Production		Servicing		Total		Management		Total
	(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value	$	74,726	$	29,659	$	104,385	$	—	$	104,385
Loan origination fees		31,390		—		31,390		—		31,390
Fulfillment fees from PennyMac Mortgage Investment Trust		11,923		—		11,923		—		11,923
Net loan servicing fees		—		148,837		148,837		—		148,837
Net interest income (expense):
Interest income		56,993		71,485		128,478		—		128,478
Interest expense		54,083		77,688		131,771		—		131,771
		2,910		(6,203)		(3,293)		—		(3,293)
Management fees		—		—		—		7,257		7,257
Other		574		(223)		351		2,012		2,363
Total net revenues		121,523		172,070		293,593		9,269		302,862
Expenses		141,163		114,623		255,786		8,929		264,715
Income before provision for income taxes	$	(19,640)	$	57,447	$	37,807	$	340	$	38,147
Segment assets at quarter end	$	7,543,466	$	12,534,419	$	20,077,885	$	25,300	$	20,103,185

(1) All revenues are from external customers.

	Quarter ended March 31, 2022
	Mortgage Banking						Investment
	Production		Servicing		Total		Management		Total
	(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value	$	221,610	$	76,849	$	298,459	$	—	$	298,459
Loan origination fees		67,858		—		67,858		—		67,858
Fulfillment fees from PennyMac Mortgage Investment Trust		16,754		—		16,754		—		16,754
Net loan servicing fees		—		286,309		286,309		—		286,309
Net interest income (expense):
Interest income		30,941		22,941		53,882		—		53,882
Interest expense		27,059		50,248		77,307		—		77,307
		3,882		(27,307)		(23,425)		—		(23,425)
Management fees		—		—		—		8,117		8,117
Other		785		616		1,401		2,031		3,432
Total net revenues		310,889		336,467		647,356		10,148		657,504
Expenses		301,619		111,314		412,933		10,051		422,984
Income before provision for income taxes	$	9,270	$	225,153	$	234,423	$	97	$	234,520
Segment assets at quarter end	$	4,905,974	$	9,689,282	$	14,595,256	$	22,646	$	14,617,902

(1) All revenues are from external customers.