Segments (Tables)

12 Months Ended

Dec. 31, 2024

Segments

Summary of financial highlights by segment

	Year ended December 31, 2024
	Production		Servicing		Reportable segment total		Corporate and other		Consolidated Total
	(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value	$	726,720	$	90,648	$	817,368	$	—	$	817,368
Loan origination fees		185,700		—		185,700		—		185,700
Fulfillment fees from PennyMac Mortgage Investment Trust		26,291		—		26,291		—		26,291
Net loan servicing fees		—		533,655		533,655		—		533,655
Management fees		—		—		—		28,623		28,623
Net interest income (expense):
Interest income		321,210		470,492		791,702		1,864		793,566
Interest expense		318,750		500,598		819,348		—		819,348
		2,460		(30,106)		(27,646)		1,864		(25,782)
Other		531		1,167		1,698		26,178		27,876
Total net revenue		941,702		595,364		1,537,066		56,665		1,593,731
Expenses:
Compensation		315,838		204,371		520,209		112,529		632,738
Loan origination		164,092		—		164,092		—		164,092
Technology		95,603		39,511		135,114		14,433		149,547
Servicing		—		105,997		105,997		—		105,997
Professional services		11,206		6,906		18,112		19,880		37,992
Occupancy and equipment		15,683		11,142		26,825		6,073		32,898
Marketing and advertising		20,138		280		20,418		1,551		21,969
Legal settlements		—		(30)		(30)		1,621		1,591
Other (2)		7,911		22,185		30,096		15,785		45,881
Total expenses		630,471		390,362		1,020,833		171,872		1,192,705
Income (loss) before provision for income taxes	$	311,231	$	205,002	$	516,233	$	(115,207)	$	401,026
Segment assets at end of year	$	8,431,612	$	17,588,018	$	26,019,630	$	67,257	$	26,086,887
Acquisition of:
Capitalized software	$	16,156	$	3,685	$	19,841	$	541	$	20,382
Furniture, fixtures, equipment and building improvements	$	465	$	1,039	$	1,504	$	211	$	1,715
Amortization of capitalized software	$	39,160	$	7,881	$	47,041	$	1,128	$	48,169
Depreciation and amortization of furniture, fixtures, equipment and building improvements	$	3,743	$	2,804	$	6,547	$	1,268	$	7,815

(1) All revenues are from external customers. The segments do not recognize intersegment revenues.

(2) Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as safekeeping, travel, postage and corporate insurance.

	Year ended December 31, 2023
	Production		Servicing		Reportable segment total		Corporate and other		Consolidated Total
	(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value	$	453,063	$	92,880	$	545,943	$	—	$	545,943
Loan origination fees		146,118		—		146,118		—		146,118
Fulfillment fees from PennyMac Mortgage Investment Trust		27,826		—		27,826		—		27,826
Net loan servicing fees		—		642,600		642,600		—		642,600
Management fees		—		—		—		28,762		28,762
Net interest income (expense):
Interest income		272,307		358,247		630,554		2,370		632,924
Interest expense		254,890		382,887		637,777		—		637,777
		17,417		(24,640)		(7,223)		2,370		(4,853)
Other		250		3,663		3,913		11,347		15,260
Total net revenue		644,674		714,503		1,359,177		42,479		1,401,656
Expenses:
Compensation		274,447		201,002		475,449		101,515		576,964
Loan origination		114,500		—		114,500		—		114,500
Technology		88,086		40,343		128,429		14,723		143,152
Servicing		—		69,433		69,433		—		69,433
Professional services		10,825		7,485		18,310		42,211		60,521
Occupancy and equipment		18,353		10,774		29,127		7,431		36,558
Marketing and advertising		16,125		178		16,303		1,328		17,631
Legal settlements		853		—		853		161,917		162,770
Other (2)		5,407		16,896		22,303		14,193		36,496
Total expenses		528,596		346,111		874,707		343,318		1,218,025
Income (loss) before provision for income taxes	$	116,078	$	368,392	$	484,470	$	(300,839)	$	183,631
Segment assets at end of year	$	4,560,323	$	14,036,203	$	18,596,526	$	248,037	$	18,844,563
Acquisition of:
Capitalized software	$	32,504	$	416	$	32,920	$	1,864	$	34,784
Furniture, fixtures, equipment and building improvements	$	199	$	991	$	1,190	$	196	$	1,386
Amortization of capitalized software	$	31,285	$	9,934	$	41,219	$	2,243	$	43,462
Depreciation and amortization of furniture, fixtures, equipment and building improvements	$	5,225	$	2,965	$	8,190	$	1,562	$	9,752

(1) All revenues are from external customers. The segments do not recognize intersegment revenues.

(2) Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as safekeeping, travel, postage and corporate insurance.

	Year ended December 31, 2022
	Production		Servicing		Reportable segment total		Corporate and other		Consolidated Total
	(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value	$	599,895	$	191,738	$	791,633	$	—	$	791,633
Loan origination fees		169,859		—		169,859		—		169,859
Fulfillment fees from PennyMac Mortgage Investment Trust		67,991		—		67,991		—		67,991
Net loan servicing fees		—		951,329		951,329		—		951,329
Management fees		—		—		—		31,065		31,065
Net interest income (expense):
Interest income		134,206		158,954		293,160		902		294,062
Interest expense		108,072		227,355		335,427		—		335,427
		26,134		(68,401)		(42,267)		902		(41,365)
Other		441		3,119		3,560		11,683		15,243
Total net revenue		864,320		1,077,785		1,942,105		43,650		1,985,755
Expenses:
Compensation		384,884		205,332		590,216		145,015		735,231
Loan origination		173,622		—		173,622		—		173,622
Technology		81,826		41,256		123,082		16,868		139,950
Servicing		—		59,628		59,628		—		59,628
Professional services		22,769		7,500		30,269		43,001		73,270
Occupancy and equipment		21,653		12,353		34,006		6,118		40,124
Marketing and advertising		40,419		679		41,098		5,664		46,762
Legal settlements		—		—		—		4,649		4,649
Other (2)		8,348		19,824		28,172		19,100		47,272
Total expenses		733,521		346,572		1,080,093		240,415		1,320,508
Income (loss) before provision for income taxes	$	130,799	$	731,213	$	862,012	$	(196,765)	$	665,247
Segment assets at end of year	$	3,617,627	$	13,056,461	$	16,674,088	$	148,496	$	16,822,584
Acquisition of:
Capitalized software	$	66,171	$	1,365	$	67,536	$	4,399	$	71,935
Furniture, fixtures, equipment and building improvements	$	5,146	$	1,515	$	6,661	$	498	$	7,159
Amortization of capitalized software	$	11,653	$	9,961	$	21,614	$	2,341	$	23,955
Depreciation and amortization of furniture, fixtures, equipment and building improvements	$	5,832	$	3,044	$	8,876	$	1,578	$	10,454

(1) All revenues are from external customers. The segments do not recognize intersegment revenues.

(2) Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as safekeeping, travel, postage and corporate insurance.