XML 23 R4.htm IDEA: XBRL DOCUMENT v3.24.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net gains on loans held for sale at fair value:        
Net gains on loans held for sale at fair value $ 176,064 $ 141,419 $ 338,505 $ 245,804
Loan origination fees 42,075 38,968 78,446 70,358
Fulfillment fees from PennyMac Mortgage Investment Trust 4,427 5,441 8,443 17,364
Loan servicing fees:        
Loan servicing fees 440,696 356,471 864,880 694,528
Change in fair value of mortgage servicing rights and mortgage servicing liabilities (101,315) (55,257) (129,900) (291,704)
Mortgage servicing rights hedging results (171,777) (155,136) (466,422) (107,909)
Change in fair value of excess servicing spread financing payable to PennyMac Mortgage Investment Trust (273,092) (210,393) (596,322) (399,613)
Net loan servicing fees 167,604 146,078 268,558 294,915
Net interest expense:        
Interest income 200,811 172,952 357,237 301,430
Interest expense 207,871 178,642 373,640 310,413
Net interest expense (7,060) (5,690) (16,403) (8,983)
Management fees from PennyMac Mortgage Investment Trust 7,133 7,078 14,321 14,335
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust (40) 116 (30) 142
Results of real estate acquired in settlement of loans 193 199 599 341
Other 15,731 2,938 19,348 5,133
Total net revenues 406,127 336,547 711,787 639,409
Expenses        
Compensation 141,956 136,982 288,332 284,917
Technology 35,690 35,244 71,657 71,282
Loan origination 40,270 31,646 70,838 58,732
Servicing 22,920 14,652 39,024 27,284
Professional services 9,404 17,888 18,666 38,895
Occupancy and equipment 7,893 10,066 16,569 18,886
Marketing and advertising 5,445 5,578 9,116 8,819
Other 8,695 11,574 19,848 19,530
Total expenses 272,273 263,630 534,050 528,345
Income before provision for income taxes 133,854 72,917 177,737 111,064
Provision for income taxes 35,596 14,667 40,171 22,436
Net income $ 98,258 $ 58,250 $ 137,566 $ 88,628
Earnings per share        
Basic (in dollars per share) $ 1.93 $ 1.17 $ 2.71 $ 1.77
Diluted (in dollars per share) $ 1.85 $ 1.11 $ 2.59 $ 1.68
Weighted-average shares outstanding        
Basic (in shares) 50,955 49,874 50,751 50,013
Diluted (in shares) 53,204 52,264 53,140 52,803
Related Party        
Net gains on loans held for sale at fair value:        
Net gains on loans held for sale at fair value $ (473) $ (509) $ (826) $ (994)
Loan origination fees 431 701 790 2,111
Nonrelated Party        
Net gains on loans held for sale at fair value:        
Net gains on loans held for sale at fair value 176,537 141,928 339,331 246,798
Loan origination fees 41,644 38,267 77,656 68,247
Net interest expense:        
Interest expense 207,871 178,642 373,640 310,413
Non-affiliates | Nonrelated Party        
Loan servicing fees:        
Loan servicing fees 375,040 307,119 733,066 597,816
PennyMac Mortgage Investment Trust | Related Party        
Net gains on loans held for sale at fair value:        
Net gains on loans held for sale at fair value (473) (509) (826) (994)
Loan servicing fees:        
Loan servicing fees 20,264 20,317 40,526 40,766
Net interest expense:        
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust (40) 116 (30) 142
Others | Nonrelated Party        
Loan servicing fees:        
Loan servicing fees $ 45,392 $ 29,035 $ 91,288 $ 55,946