Segments (Tables)

6 Months Ended

Jun. 30, 2025

Segments

Summary of financial highlights by segment

	Quarter ended June 30, 2025
	Production		Servicing		Reportable segment total		Corporate and other		Consolidated total
	(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value	$	203,961	$	30,698	$	234,659	$	—	$	234,659
Loan origination fees		59,091		—		59,091		—		59,091
Fulfillment fees from PennyMac Mortgage Investment Trust		5,814		—		5,814		—		5,814
Net loan servicing fees		—		150,395		150,395		—		150,395
Management fees		—		—		—		6,869		6,869
Net interest income (expense):
Interest income		104,205		117,123		221,328		601		221,929
Interest expense		93,622		145,955		239,577		—		239,577
		10,583		(28,832)		(18,249)		601		(17,648)
Other		132		1,138		1,270		4,280		5,550
Total net revenues		279,581		153,399		432,980		11,750		444,730
Expenses:
Compensation		104,456		51,284		155,740		31,801		187,541
Loan origination		68,836		—		68,836		—		68,836
Technology		27,841		9,505		37,346		4,911		42,257
Servicing		—		28,286		28,286		—		28,286
Marketing and advertising		10,276		384		10,660		1,729		12,389
Professional services		3,545		1,798		5,343		3,037		8,380
Occupancy and equipment		4,109		2,731		6,840		1,539		8,379
Other (2)		2,730		5,259		7,989		4,231		12,220
Total expenses		221,793		99,247		321,040		47,248		368,288
Income (loss) before provision for income taxes	$	57,788	$	54,152	$	111,940	$	(35,498)	$	76,442
Segment assets at end of quarter	$	7,161,516	$	16,994,006	$	24,155,522	$	66,382	$	24,221,904
Acquisition of:
Capitalized software	$	6,970	$	2,176	$	9,146	$	—	$	9,146
Furniture, fixtures, equipment and building improvements	$	617	$	340	$	957	$	348	$	1,305
Amortization of capitalized software	$	11,175	$	1,535	$	12,710	$	103	$	12,813
Depreciation and amortization of furniture, fixtures, equipment and building improvements	$	976	$	652	$	1,628	$	290	$	1,918

(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.

	Quarter ended June 30, 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	$	154,317	$	21,747	$	176,064	$	—	$	176,064
Loan origination fees		42,075		—		42,075		—		42,075
Fulfillment fees from PennyMac Mortgage Investment Trust		4,427		—		4,427		—		4,427
Net loan servicing fees		—		167,604		167,604		—		167,604
Management fees		—		—		—		7,133		7,133
Net interest income (expense):
Interest income		84,645		115,706		200,351		460		200,811
Interest expense		83,376		124,495		207,871		—		207,871
		1,269		(8,789)		(7,520)		460		(7,060)
Other		155		194		349		15,535		15,884
Total net revenues		202,243		180,756		382,999		23,128		406,127
Expenses:
Compensation		70,900		49,460		120,360		21,596		141,956
Loan origination		40,270		—		40,270		—		40,270
Technology		22,977		9,774		32,751		2,939		35,690
Servicing		—		22,920		22,920		—		22,920
Professional services		2,422		1,598		4,020		5,384		9,404
Occupancy and equipment		3,754		2,753		6,507		1,386		7,893
Marketing and advertising		4,793		21		4,814		631		5,445
Other (2)		1,958		3,528		5,486		3,209		8,695
Total expenses		147,074		90,054		237,128		35,145		272,273
Income (loss) before provision for income taxes	$	55,169	$	90,702	$	145,871	$	(12,017)	$	133,854
Segment assets at end of quarter	$	6,454,411	$	15,034,649	$	21,489,060	$	88,505	$	21,577,565
Acquisition of:
Capitalized software	$	3,884	$	775	$	4,659	$	138	$	4,797
Furniture, fixtures, equipment and building improvements	$	109	$	264	$	373	$	28	$	401
Amortization of capitalized software	$	9,772	$	2,013	$	11,785	$	457	$	12,242
Depreciation and amortization of furniture, fixtures, equipment and building improvements	$	925	$	741	$	1,666	$	332	$	1,998

(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.

	Six months ended June 30, 2025
	Production		Servicing		Reportable segment total		Corporate and other		Consolidated total
	(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value	$	391,106	$	64,590	$	455,696	$	—	$	455,696
Loan origination fees		105,702		—		105,702		—		105,702
Fulfillment fees from PennyMac Mortgage Investment Trust		11,104		—		11,104		—		11,104
Net loan servicing fees		—		314,681		314,681		—		314,681
Management fees		—		—		—		13,881		13,881
Net interest income (expense):
Interest income		189,493		221,257		410,750		1,050		411,800
Interest expense		170,148		277,511		447,659		—		447,659
		19,345		(56,254)		(36,909)		1,050		(35,859)
Other		263		965		1,228		9,200		10,428
Total net revenue		527,520		323,982		851,502		24,131		875,633
Expenses:
Compensation		203,325		104,254		307,579		61,950		369,529
Loan origination		112,932		—		112,932		—		112,932
Technology		52,941		19,890		72,831		9,623		82,454
Servicing		—		50,161		50,161		—		50,161
Marketing and advertising		18,299		757		19,056		2,765		21,821
Professional services		6,679		3,479		10,158		7,259		17,417
Occupancy and equipment		8,237		5,460		13,697		3,064		16,761
Other (2)		5,376		9,828		15,204		8,716		23,920
Total expenses		407,789		193,829		601,618		93,377		694,995
Income (loss) before provision for income taxes	$	119,731	$	130,153	$	249,884	$	(69,246)	$	180,638
Segment assets at end of period	$	7,161,516	$	16,994,006	$	24,155,522	$	66,382	$	24,221,904
Acquisition of:
Capitalized software	$	12,379	$	3,904	$	16,283	$	—	$	16,283
Furniture, fixtures, equipment and building improvements	$	804	$	369	$	1,173	$	503	$	1,676
Amortization of capitalized software	$	21,396	$	3,201	$	24,597	$	197	$	24,794
Depreciation and amortization of furniture, fixtures, equipment and building improvements	$	1,944	$	1,297	$	3,241	$	592	$	3,833

(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.

	Six months ended June 30, 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	$	295,748	$	42,757	$	338,505	$	—	$	338,505
Loan origination fees		78,446		—		78,446		—		78,446
Fulfillment fees from PennyMac Mortgage Investment Trust		8,443		—		8,443		—		8,443
Net loan servicing fees		—		268,558		268,558		—		268,558
Management fees		—		—		—		14,321		14,321
Net interest income (expense):
Interest income		148,016		208,247		356,263		974		357,237
Interest expense		145,272		228,368		373,640		—		373,640
		2,744		(20,121)		(17,377)		974		(16,403)
Other		271		701		972		18,945		19,917
Total net revenue		385,652		291,895		677,547		34,240		711,787
Expenses:
Compensation		141,093		101,860		242,953		45,379		288,332
Loan origination		70,838		—		70,838		—		70,838
Technology		45,745		19,537		65,282		6,375		71,657
Servicing		—		39,024		39,024		—		39,024
Professional services		4,484		2,946		7,430		11,236		18,666
Occupancy and equipment		7,892		5,658		13,550		3,019		16,569
Marketing and advertising		8,389		50		8,439		677		9,116
Other (2)		3,364		8,464		11,828		8,020		19,848
Total expenses		281,805		177,539		459,344		74,706		534,050
Income (loss) before provision for income taxes	$	103,847	$	114,356	$	218,203	$	(40,466)	$	177,737
Segment assets at end of period	$	6,454,411	$	15,034,649	$	21,489,060	$	88,505	$	21,577,565
Acquisition of:
Capitalized software	$	7,325	$	1,085	$	8,410	$	251	$	8,661
Furniture, fixtures, equipment and building improvements	$	361	$	873	$	1,234	$	85	$	1,319
Amortization of capitalized software	$	19,258	$	4,216	$	23,474	$	949	$	24,423
Depreciation and amortization of furniture, fixtures, equipment and building improvements	$	1,884	$	1,438	$	3,322	$	659	$	3,981

(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.