Segments (Tables)

3 Months Ended

Mar. 31, 2024

Segments

Summary of financial highlights by segment

Financial performance and results by segment are as follows:

	Quarter ended March 31, 2024
	Mortgage Banking						Investment
	Production		Servicing		Total		Management		Total
	(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value	$	141,431	$	21,010	$	162,441	$	—	$	162,441
Loan origination fees		36,371		—		36,371		—		36,371
Fulfillment fees from PennyMac Mortgage Investment Trust		4,016		—		4,016		—		4,016
Net loan servicing fees		—		100,954		100,954		—		100,954
Net interest expense:
Interest income		63,931		92,411		156,342		84		156,426
Interest expense		61,896		103,873		165,769		—		165,769
		2,035		(11,462)		(9,427)		84		(9,343)
Management fees		—		—		—		7,188		7,188
Other		818		1,096		1,914		2,119		4,033
Total net revenues		184,671		111,598		296,269		9,391		305,660
Expenses		148,779		106,662		255,441		6,336		261,777
Income before provision for income taxes	$	35,892	$	4,936	$	40,828	$	3,055	$	43,883
Segment assets at quarter end	$	5,413,277	$	14,373,780	$	19,787,057	$	14,684	$	19,801,741

(1) All revenues are from external customers.

	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 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.