v3.26.1
Fair Value (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value  
Summary of financial statement items measured at estimated fair value on a recurring basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2026

​

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

​

​

(in thousands)

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Short-term investment

​

$

534,348

​

$

—

​

$

—

​

$

534,348

Principal-only stripped mortgage-backed securities

​

​

—

​

​

609,103

​

​

—

​

​

609,103

Loans held for sale

​

​

—

​

​

7,222,729

​

​

597,161

​

​

7,819,890

Derivative assets from non-affiliates:

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate lock commitments

​

​

—

​

​

—

​

​

145,095

​

​

145,095

Forward purchase contracts

​

​

—

​

​

10,230

​

​

—

​

​

10,230

Forward sales contracts

​

​

—

​

​

15,879

​

​

—

​

​

15,879

Swaptions

​

​

—

​

​

65,152

​

​

—

​

​

65,152

Total return swap

​

​

—

​

​

136

​

​

—

​

​

136

Put options on interest rate futures purchase contracts

​

​

21,453

​

​

—

​

​

—

​

​

21,453

Total derivative assets before netting

​

​

21,453

​

​

91,397

​

​

145,095

​

​

257,945

Netting

​

​

—

​

​

—

​

​

—

​

​

(57,498)

Total derivative assets from non-affiliates

​

​

21,453

​

​

91,397

​

​

145,095

​

​

200,447

Derivative assets from PennyMac Mortgage Investment Trust:

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate lock commitments

​

​

—

​

​

—

​

​

1,234

​

​

1,234

Forward sales contracts

​

​

—

​

​

28

​

​

—

​

​

28

Total before netting

​

​

—

​

​

28

​

​

1,234

​

​

1,262

Netting

​

​

—

​

​

—

​

​

—

​

​

(28)

Total derivative assets from
PennyMac Mortgage Investment Trust

​

​

—

​

​

28

​

​

1,234

​

​

1,234

Mortgage servicing rights

​

​

—

​

​

—

​

​

10,586,794

​

​

10,586,794

Investment in PennyMac Mortgage Investment Trust

​

​

846

​

​

—

​

​

—

​

​

846

​

​

$

556,647

​

$

7,923,257

​

$

11,330,284

​

$

19,752,662

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Derivative liabilities to non-affiliates:

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate lock commitments

​

$

—

​

$

—

​

$

3,887

​

$

3,887

Forward purchase contracts

​

​

—

​

​

9,736

​

​

—

​

​

9,736

Forward sales contracts

​

​

—

​

​

46,426

​

​

—

​

​

46,426

Swaptions

​

​

—

​

​

17,175

​

​

—

​

​

17,175

Total derivative liabilities before netting

​

​

—

​

​

73,337

​

​

3,887

​

​

77,224

Netting

​

​

—

​

​

—

​

​

—

​

​

(42,661)

Total derivative liabilities to non-affiliates

​

​

—

​

​

73,337

​

​

3,887

​

​

34,563

Derivative liabilities to
PennyMac Mortgage Investment Trust:

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate lock commitments

​

​

—

​

​

—

​

​

4,179

​

​

4,179

Forward sales contracts

​

​

—

​

​

1,088

​

​

—

​

​

1,088

Total derivative liabilities to
PennyMac Mortgage Investment Trust before netting

​

​

—

​

​

1,088

​

​

4,179

​

​

5,267

Netting

​

​

—

​

​

—

​

​

—

​

​

(28)

Total derivative liabilities to
PennyMac Mortgage Investment Trust

​

​

—

​

​

1,088

​

​

4,179

​

​

5,239

Mortgage servicing liabilities

​

​

—

​

​

—

​

​

1,522

​

​

1,522

​

​

$

—

​

$

74,425

​

$

9,588

​

$

41,324

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

​

​

(in thousands)

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Short-term investment

​

$

410,037

​

$

—

​

$

—

​

$

410,037

Principal-only stripped mortgage-backed securities

​

​

—

​

​

722,528

​

​

—

​

​

722,528

Loans held for sale

​

​

—

​

​

8,815,699

​

​

307,711

​

​

9,123,410

Derivative assets from non-affiliates:

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate lock commitments

​

​

—

​

​

—

​

​

131,536

​

​

131,536

Forward purchase contracts

​

​

—

​

​

49,499

​

​

—

​

​

49,499

Forward sales contracts

​

​

—

​

​

16,399

​

​

—

​

​

16,399

Total return swap

​

​

—

​

​

8

​

​

—

​

​

8

Put options on interest rate futures purchase contracts

​

​

22,769

​

​

—

​

​

—

​

​

22,769

Call options on interest rate futures purchase contracts

​

​

2,086

​

​

—

​

​

—

​

​

2,086

Total derivative assets before netting

​

​

24,855

​

​

65,906

​

​

131,536

​

​

222,297

Netting

​

​

—

​

​

—

​

​

—

​

​

(36,779)

Total derivative assets from non-affiliates

​

​

24,855

​

​

65,906

​

​

131,536

​

​

185,518

Derivative assets from PennyMac Mortgage Investment Trust:

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate lock commitments

​

​

—

​

​

—

​

​

2,257

​

​

2,257

Forward sales contracts

​

​

—

​

​

142

​

​

—

​

​

142

Total before netting

​

​

—

​

​

142

​

​

2,257

​

​

2,399

Netting

​

​

—

​

​

—

​

​

—

​

​

(142)

Total derivative assets from
PennyMac Mortgage Investment Trust

​

​

—

​

​

142

​

​

2,257

​

​

2,257

Mortgage servicing rights

​

​

—

​

​

—

​

​

9,598,941

​

​

9,598,941

Investment in PennyMac Mortgage Investment Trust

​

​

941

​

​

—

​

​

—

​

​

941

​

​

$

435,833

​

$

9,604,275

​

$

10,040,445

​

$

20,043,632

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Derivative liabilities to non-affiliates:

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate lock commitments

​

$

—

​

$

—

​

$

4,260

​

$

4,260

Forward purchase contracts

​

​

—

​

​

2,845

​

​

—

​

​

2,845

Forward sales contracts

​

​

—

​

​

47,692

​

​

—

​

​

47,692

Total derivative liabilities before netting

​

​

—

​

​

50,537

​

​

4,260

​

​

54,797

Netting

​

​

—

​

​

—

​

​

—

​

​

(45,238)

Total derivative liabilities to non-affiliates

​

​

—

​

​

50,537

​

​

4,260

​

​

9,559

Derivative liabilities to
PennyMac Mortgage Investment Trust:

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate lock commitments

​

​

—

​

​

—

​

​

4,605

​

​

4,605

Forward sales contracts

​

​

—

​

​

1,784

​

​

—

​

​

1,784

Total derivative liabilities to
PennyMac Mortgage Investment Trust before netting

​

​

—

​

​

1,784

​

​

4,605

​

​

6,389

Netting

​

​

—

​

​

—

​

​

—

​

​

(142)

Total derivative liabilities to
PennyMac Mortgage Investment Trust

​

​

—

​

​

1,784

​

​

4,605

​

​

6,247

Mortgage servicing liabilities

​

​

—

​

​

—

​

​

1,572

​

​

1,572

​

​

$

—

​

$

52,321

​

$

10,437

​

$

17,378

​

​

​

​

​

​

​

​

​

​

​

​

​

Summary of roll forward of items measured using Level 3 inputs on a recurring basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter ended June 30, 2026

​

​

​

​

Interest rate lock

​

Interest rate lock

​

Mortgage 

​

​

​

​

​

Loans held

​

commitments to

​

commitments to

​

servicing 

​

​

​

Assets

  ​ ​ ​

for sale

  ​ ​ ​

non-affiliates, net (1)

  ​ ​ ​

PMT, net (1)

  ​ ​ ​

rights

  ​ ​ ​

Total

​

​

(in thousands)

Balance, March 31, 2026

​

$

428,957

​

$

102,663

​

$

3,273

​

$

10,149,036

​

$

10,683,929

Purchases and issuances, net

​

​

1,709,010

​

​

203,079

​

​

(8,958)

​

​

—

​

​

1,903,131

Capitalization of interest and servicing advances

​

​

28,449

​

​

—

​

​

—

​

​

—

​

​

28,449

Sales and repayments, net

​

​

(505,947)

​

​

—

​

​

—

​

​

(6,370)

​

​

(512,317)

Mortgage servicing rights resulting from loan sales

​

​

—

​

​

—

​

​

—

​

​

648,681

​

​

648,681

Changes in fair value included in income arising from:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Changes in instrument-specific credit risk

​

​

477

​

​

—

​

​

—

​

​

—

​

​

477

Other factors

​

​

51,073

​

​

109,573

​

​

(490)

​

​

(204,553)

​

​

(44,397)

​

​

​

51,550

​

​

109,573

​

​

(490)

​

​

(204,553)

​

​

(43,920)

Transfers:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

From Level 3 to Level 2

​

​

(1,114,273)

​

​

—

​

​

—

​

​

—

​

​

(1,114,273)

To real estate acquired in settlement of loans

​

​

(585)

​

​

—

​

​

—

​

​

—

​

​

(585)

To loans held for sale

​

​

—

​

​

(274,107)

​

​

3,230

​

​

—

​

​

(270,877)

Balance, June 30, 2026

​

$

597,161

​

$

141,208

​

$

(2,945)

​

$

10,586,794

​

$

11,322,218

Changes in fair value recognized during the quarter relating to assets still held at June 30, 2026

​

$

28,826

​

$

141,208

​

$

(2,945)

​

$

(204,605)

​

$

(37,516)

(1)For the purpose of this table, the IRLC asset and liability positions are shown net.

​

​

​

​

​

​

​

​

Quarter ended

Liabilities

  ​ ​ ​

June 30, 2026

​

​

(in thousands)

Mortgage servicing liabilities:

​

​

​

Balance, March 31, 2026

​

$

1,568

Changes in fair value included in income

​

​

(46)

Balance, June 30, 2026

​

$

1,522

Changes in fair value recognized during the quarter relating to liabilities still outstanding at June 30, 2026

​

$

(46)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter ended June 30, 2025

​

​

​

​

Interest 

​

Mortgage

​

​

​

​

​

Loans held

​

rate lock

​

servicing

​

​

​

Assets

​

for sale

  ​ ​ ​

commitments, net (1)

  ​ ​ ​

rights

  ​ ​ ​

​

Total

​

  ​

(in thousands)

Balance, March 31, 2025

​

$

441,621

​

$

109,942

​

$

8,963,889

​

$

9,515,452

Purchases and issuances, net

​

​

1,513,042

​

​

172,987

​

​

—

​

​

1,686,029

Capitalization of interest and servicing advances

​

​

27,315

​

​

—

​

​

—

​

​

27,315

Sales and repayments

​

​

(537,122)

​

​

—

​

​

—

​

​

(537,122)

Mortgage servicing rights resulting from loan sales

​

​

—

​

​

—

​

​

814,538

​

​

814,538

Changes in fair value included in income arising from:

​

​

​

​

​

​

​

​

​

​

​

​

Changes in instrument-specific credit risk

​

​

38,010

​

​

—

​

​

—

​

​

38,010

Other factors

​

​

4,853

​

​

67,548

​

​

(247,178)

​

​

(174,777)

​

​

​

42,863

​

​

67,548

​

​

(247,178)

​

​

(136,767)

Transfers:

​

​

​

​

​

​

​

​

​

​

​

—

From Level 3 to Level 2

​

​

(976,806)

​

​

—

​

​

—

​

​

(976,806)

To loans held for sale

​

​

—

​

​

(208,324)

​

​

—

​

​

(208,324)

Balance, June 30, 2025

​

$

510,913

​

$

142,153

​

$

9,531,249

​

$

10,184,315

Changes in fair value recognized during the quarter relating to assets still held at June 30, 2025

​

$

25,494

​

$

142,153

​

$

(247,178)

​

$

(79,531)

(1)For the purpose of this table, the IRLC asset and liability positions are shown net.

​

​

​

​

​

​

Liabilities

​

Quarter ended June 30, 2025

​

​

(in thousands)

Mortgage servicing liabilities:

​

​

​

Balance, March 31, 2025

​

$

1,651

Changes in fair value included in income

​

​

(8)

Balance, June 30, 2025

​

$

1,643

Changes in fair value recognized during the quarter relating to liabilities still outstanding at June 30, 2025

​

$

(8)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six months ended June 30, 2026

​

​

​

​

Interest rate lock

​

Interest rate lock

​

Mortgage 

​

​

​

​

​

Loans held

​

commitments to

​

commitments to

​

servicing 

​

​

​

Assets

​

for sale

  ​

non-affiliates, net (1)

  ​

PMT, net (1)

  ​

rights

  ​

Total

​

  ​ ​ ​

(in thousands)

Balance, December 31, 2025

​

$

307,711

​

$

127,276

​

$

(2,348)

​

$

9,598,941

​

$

10,031,580

Purchases and issuances, net

​

​

2,656,566

​

​

457,416

​

​

(14,228)

​

​

—

​

​

3,099,754

Capitalization of interest and servicing advances

​

​

45,951

​

​

—

​

​

—

​

​

—

​

​

45,951

Sales and repayments, net

​

​

(848,551)

​

​

—

​

​

—

​

​

(3,864)

​

​

(852,415)

Mortgage servicing rights resulting from loan sales

​

​

—

​

​

—

​

​

—

​

​

1,368,267

​

​

1,368,267

Changes in fair value included in income arising from:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Changes in instrument-specific credit risk

​

​

341

​

​

—

​

​

—

​

​

—

​

​

341

Other factors

​

​

75,990

​

​

128,920

​

​

3,446

​

​

(376,550)

​

​

(168,194)

​

​

​

76,331

​

​

128,920

​

​

3,446

​

​

(376,550)

​

​

(167,853)

Transfers:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

From Level 3 to Level 2

​

​

(1,639,414)

​

​

—

​

​

—

​

​

—

​

​

(1,639,414)

To real estate acquired in settlement of loans

​

​

(1,433)

​

​

—

​

​

—

​

​

—

​

​

(1,433)

To loans held for sale

​

​

—

​

​

(572,404)

​

​

10,185

​

​

—

​

​

(562,219)

Balance, June 30, 2026

​

$

597,161

​

$

141,208

​

$

(2,945)

​

$

10,586,794

​

$

11,322,218

Changes in fair value recognized during the period relating to assets still held at June 30, 2026

​

$

27,917

​

$

141,208

​

$

(2,945)

​

$

(376,466)

​

$

(210,286)

(1)For the purpose of this table, the IRLC asset and liability positions are shown net.

​

​

​

​

​

​

​

Six months ended

Liabilities

​

June 30, 2026

​

​

(in thousands)

Mortgage servicing liabilities:

​

​

​

Balance, December 31, 2025

  ​ ​ ​

$

1,572

Changes in fair value included in income

​

​

(50)

Balance, June 30, 2026

​

$

1,522

Changes in fair value recognized during the period relating to liabilities still outstanding at June 30, 2026

​

$

(50)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six months ended June 30, 2025

​

​

​

​

Interest 

​

Mortgage

​

​

​

​

Loans held

​

rate lock

​

servicing

​

​

Assets

  ​

for sale

  ​ ​ ​

commitments, net (1)

  ​ ​ ​

rights

  ​ ​ ​

Total

​

​

(in thousands)

Balance, December 31, 2024

​

$

434,053

​

$

33,565

​

$

8,744,528

​

$

9,212,146

Purchases and issuances, net

​

​

2,896,927

​

​

355,530

​

​

—

​

​

3,252,457

Capitalization of interest and servicing advances

​

​

37,947

​

​

—

​

​

—

​

​

37,947

Sales and repayments

​

​

(1,051,768)

​

​

—

​

​

—

​

​

(1,051,768)

Mortgage servicing rights resulting from loan sales

​

​

—

​

​

—

​

​

1,464,887

​

​

1,464,887

Changes in fair value included in income arising from:

​

​

​

​

​

​

​

​

​

​

​

​

Changes in instrument-specific credit risk

​

​

67,629

​

​

—

​

​

—

​

​

67,629

Other factors

​

​

14,168

​

​

183,661

​

​

(678,166)

​

​

(480,337)

​

​

​

81,797

​

​

183,661

​

​

(678,166)

​

​

(412,708)

Transfers:

​

​

​

​

​

​

​

​

​

​

​

​

From Level 3 to Level 2

​

​

(1,888,043)

​

​

—

​

​

—

​

​

(1,888,043)

To loans held for sale

​

​

—

​

​

(430,603)

​

​

—

​

​

(430,603)

Balance, June 30, 2025

​

$

510,913

​

$

142,153

​

$

9,531,249

​

$

10,184,315

Changes in fair value recognized during the period relating to assets still held at June 30, 2025

​

$

28,691

​

$

142,153

​

$

(678,166)

​

$

(507,322)

(1)For the purpose of this table, the IRLC asset and liability positions are shown net.

​

​

​

​

​

Liabilities

​

Six months ended June 30, 2025

​

​

(in thousands)

Mortgage servicing liabilities:

​

​

​

Balance, December 31, 2024

​

$

1,683

Changes in fair value included in income

​

​

(40)

Balance, June 30, 2025

​

$

1,643

Changes in fair value recognized during the period relating to liabilities still outstanding at June 30, 2025

​

$

(40)

​

Summary of net gains (losses) from changes in fair values included in earnings for financial statement items carried at fair value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter ended June 30, 

​

​

2026

​

2025

​

​

Net gains on

​

Net

​

​

​

​

​

Net gains on 

​

Net

​

​

​

​

loans held

​

loan

​

Net

​

​

​

loans held

​

loan

​

​

​

​

for sale at 

​

servicing

​

interest

​

​

​

for sale at 

​

servicing

​

​

​

  ​ ​ ​

fair value

  ​ ​ ​

fees

  ​ ​ ​

expense

  ​ ​ ​

Total

  ​ ​ ​

fair value

  ​ ​ ​

fees

  ​ ​ ​

Total

​

​

(in thousands)

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal-only stripped mortgage-backed securities

​

$

—

​

$

(3,086)

​

$

8,712

​

$

5,626

​

$

—

​

$

7,192

​

$

7,192

Loans held for sale 

​

​

293,514

​

​

—

​

​

—

​

​

293,514

​

​

223,741

​

​

—

​

​

223,741

Mortgage servicing rights

​

​

—

​

​

(204,553)

​

​

—

​

​

(204,553)

​

​

—

​

​

(247,178)

​

​

(247,178)

​

​

$

293,514

​

$

(207,639)

​

$

8,712

​

$

94,587

​

$

223,741

​

$

(239,986)

​

$

(16,245)

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage servicing liabilities

​

$

—

​

$

46

​

$

—

​

$

46

​

$

—

​

$

8

​

$

8

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six months ended June 30, 

​

​

2026

​

2025

​

​

Net gains on

​

Net

​

​

​

​

​

​

Net gains on 

​

Net

​

​

​

​

​

loans held

​

loan

​

Net

​

​

​

​

loans held

​

loan

​

​

​

​

​

for sale at 

​

servicing

​

interest

​

​

​

​

for sale at 

​

servicing

​

​

​

​

​

fair value

  ​ ​ ​

fees

  ​ ​ ​

expense

  ​ ​ ​

Total

  ​ ​ ​

fair value

  ​ ​ ​

fees

  ​ ​ ​

Total

​

​

(in thousands)

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal-only stripped mortgage-backed securities

​

$

—

​

$

(3,125)

​

$

3,527

​

$

402

​

$

—

​

$

25,326

​

$

25,326

Loans held for sale 

​

​

545,838

​

​

—

​

​

—

​

​

545,838

​

​

508,531

​

​

—

​

​

508,531

Mortgage servicing rights

​

​

—

​

​

(376,550)

​

​

—

​

​

(376,550)

​

​

—

​

​

(678,166)

​

​

(678,166)

​

​

$

545,838

​

$

(379,675)

​

$

3,527

​

$

169,690

​

$

508,531

​

$

(652,840)

​

$

(144,309)

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage servicing liabilities

​

$

—

​

$

50

​

$

—

​

$

50

​

$

—

​

$

40

​

$

40

​

Schedule of fair value and related principal amounts due upon maturity of assets and liabilities accounted for under the fair value option

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2026

​

December 31, 2025

​

​

​

​

Principal

​

​

​

​

​

Principal

​

​

​

​

​

​

amount

​

​

​

​

​

amount

​

​

​

​

Fair

​

 due upon 

​

​

​

Fair

​

 due upon 

​

​

Loans held for sale

  ​ ​ ​

value

  ​ ​ ​

maturity

  ​ ​ ​

Difference

  ​ ​ ​

value

  ​ ​ ​

maturity

  ​ ​ ​

Difference

​

​

(in thousands)

Current through 89 days delinquent

​

$

7,773,957

​

$

7,593,268

​

$

180,689

​

$

9,080,781

​

$

8,874,884

​

$

205,897

90 days or more delinquent:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Not in foreclosure

​

​

33,456

​

​

36,385

​

​

(2,929)

​

​

32,364

​

​

35,669

​

​

(3,305)

In foreclosure

​

​

12,477

​

​

27,307

​

​

(14,830)

​

​

10,265

​

​

19,924

​

​

(9,659)

​

​

$

7,819,890

​

$

7,656,960

​

$

162,930

​

$

9,123,410

​

$

8,930,477

​

$

192,933

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Summary of financial statement items measured at estimated fair value on a nonrecurring basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2026

​

​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

​

  ​ ​ ​

(in thousands)

Other assets:

​

​

​

​

​

​

​

​

​

​

​

​

Real estate acquired in settlement of loans

​

$

—

​

$

—

​

$

39,290

​

$

39,290

Investments in closely-held entities

​

​

—

​

​

—

​

​

22,806

​

​

22,806

​

​

$

—

​

$

—

​

$

62,096

​

$

62,096

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

​

  ​ ​ ​

(in thousands)

Real estate acquired in settlement of loans

​

$

—

​

$

—

​

$

8,731

​

$

8,731

​

Summary of total gains (losses) on assets measured at estimated fair values on a nonrecurring basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter ended June 30, 

​

Six months ended June 30, 

​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

​

​

(in thousands)

Real estate acquired in settlement of loans

​

$

(3,255)

​

$

(367)

​

$

(5,991)

​

$

(1,272)

Investments in closely-held entities

​

​

8,506

​

​

—

​

​

8,506

​

​

—

​

​

$

5,251

​

$

(367)

​

$

2,515

​

$

(1,272)

Summary of carrying value and fair value of debt

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

June 30, 2026

  ​ ​ ​

December 31, 2025

​

​

Fair value

​

Carrying value

​

Fair value

​

Carrying value

​

​

(in thousands)

Term notes and term loans

​

$

1,331,479

​

$

1,325,888

​

$

1,334,248

​

$

1,326,021

Unsecured senior notes

​

$

4,821,114

​

$

4,837,096

​

$

5,075,675

​

$

4,831,742

Quantitative summary of key inputs used in the valuation of the MSRs at year end and the effect on estimated fair value from adverse changes in those inputs

​

​

​

​

​

​

​

​

June 30, 2026

​

December 31, 2025

​

​

(Fair value, unpaid principal balance of underlying 

​

​

 loans and effect on fair value amounts in thousands)

Fair value

​

$ 10,586,794

​

$ 9,598,941

Underlying loan characteristics:

​

​

​

​

Unpaid principal balance

​

$ 488,083,247

​

$ 462,020,147

Weighted average note interest rate

​

5.1%

​

4.7%

Weighted average servicing fee rate (in basis points)

​

39

​

39

Key inputs (1):

​

​

​

​

Annual total prepayment speed (2):

​

​

​

​

Range

​

5.0% – 25.5%

​

6.0% – 22.7%

Weighted average

​

8.1%

​

9.0%

Equivalent average life (in years):

​

​

​

​

Range

​

2.5 – 9.7

​

2.5 – 9.0

Weighted average

​

8.8

​

8.0

Effect on fair value of (3):

​

​

​

​

5% adverse change

​

($118,629)

​

($168,856)

10% adverse change

​

($237,122)

​

($331,359)

20% adverse change

​

($474,686)

​

($638,689)

Option-adjusted spread (4):

​

​

​

​

Range

​

1.7% – 13.7%

​

2.6% – 13.2%

Weighted average

​

4.2%

​

4.7%

Effect on fair value of (3):

​

​

​

​

5% adverse change

​

($75,196)

​

($95,530)

10% adverse change

​

($150,795)

​

($189,008)

20% adverse change

​

($305,110)

​

($370,059)

Per-loan annual cost of servicing:

​

​

​

​

Range

​

$70 – $128

​

$70 – $127

Weighted average

​

$108

​

$106

Effect on fair value of (3):

​

​

​

​

5% adverse change

​

($56,323)

​

($50,531)

10% adverse change

​

($112,645)

​

($101,061)

20% adverse change

​

($225,291)

​

($202,122)

(1)Weighted average inputs are based on the UPB of the underlying loans.
(2)Annual total prepayment speed is measured using life total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information.
(3)These sensitivity analyses are limited in that they were performed as of a particular date; only contemplate the movements in the indicated inputs; do not incorporate changes to other inputs; are subject to the accuracy of the models and inputs used; and do not incorporate other factors that would affect the Company’s overall financial performance in such events, including operational adjustments made to account for changing circumstances. For these reasons, these analyses should not be viewed as projections of the effect of shock events or as earnings forecasts.
(4)The OAS is a margin that is applied to a reference interest rate’s projected curve to develop periodic discount rates. The Company applies an OAS to multiple simulated paths of a derived Treasury yield curve for purposes of discounting cash flows relating to period-end MSRs.
Mortgage servicing liabilities  
Fair Value  
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items

​

​

​

​

​

​

​

​

​

​

​

June 30, 

​

​

December 31, 

​

​

​

2026

​

​

2025

Fair value (in thousands)

​

$

1,522

​

$

1,572

Underlying loan characteristics:

​

 

​

​

  ​ ​ ​

​

Unpaid principal balance of underlying loans (in thousands)

​

$

14,370

​

$

15,298

Servicing fee rate (in basis points)

​

​

25

​

​

25

Key inputs (1):

​

​

​

​

​

​

Annual total prepayment speed (2)

​

​

13.8%

​

​

14.2%

Equivalent average life (in years)

​

​

5.6

​

​

5.5

Option-adjusted spread (3)

​

​

9.3%

​

​

9.1%

Per-loan annual cost of servicing

​

$

804

​

$

853

(1)Weighted average inputs are based on UPB of the underlying mortgage loans.
(2)Annual total prepayment speed is measured using life total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information.
(3)The OAS is a margin that is applied to a reference interest rate’s projected curve to develop periodic discount rates. The Company applies an OAS to multiple simulated paths of a derived Treasury yield curve for purposes of discounting cash flows relating to MSLs.
Interest rate lock commitments  
Fair Value  
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

June 30, 2026

  ​ ​ ​

December 31, 2025

Fair value (in thousands) (1)

 

$

138,263

​

$

127,276

Committed amount (in thousands)

​

$

12,053,063

​

$

13,474,638

Key inputs (2):

​

​

​

​

​

​

Pull-through rate:

​

​

​

​

​

​

Range

​

​

7.9% – 100%

​

​

14.1% – 100%

Weighted average

​

​

79.0%

​

​

81.0%

Mortgage servicing rights fair value expressed as:

​

​

​

​

​

​

Servicing fee multiple:

​

​

​

​

​

​

Range

​

​

0.0 – 8.2

​

​

1.0 – 8.7

Weighted average

​

​

5.2

​

​

5.4

Percentage of loan commitment amount:

​

​

​

​

​

​

Range

​

​

0.0% – 4.6%

​

​

0.3% – 4.6%

Weighted average

​

​

2.0%

​

​

2.2%

(1)Amounts include IRLCs with non-affiliates and with PMT. For purpose of this table, IRLC asset and liability positions are shown net.
(2)Weighted average inputs are based on the committed amounts.

​

Mortgage servicing rights  
Fair Value  
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items, excluding MSR purchases

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter ended June 30, 

​

Six months ended June 30, 

​

​

2026

​

2025

  ​

2026

​

2025

​

​

(Amount recognized and unpaid principal balance of underlying loans in thousands)

MSR and underlying loan characteristics:

​

​

​

  ​ ​ ​

​

​

​

​

​

  ​ ​ ​

​

​

Amount recognized

​

$

648,681

​

$

814,538

​

$

1,368,267

​

$

1,464,887

Unpaid principal balance

​

$

33,080,179

​

$

34,697,004

​

$

65,557,425

​

$

62,361,980

Weighted average servicing fee rate (in basis points)

​

​

35

​

​

43

​

​

38

​

​

43

Key inputs (1):

​

​

​

​

​

​

​

​

​

​

​

​

Annual total prepayment speed (2):

​

​

​

​

​

​

​

​

​

​

​

​

Range

​

​

5.9% – 15.0%

​

​

6.7% – 15.5%

​

​

5.9% – 16.0%

​

​

6.6% – 15.5%

Weighted average

​

​

7.8%

​

​

8.6%

​

​

8.0%

​

​

8.7%

Equivalent average life (in years):

​

​

​

​

​

​

​

​

​

​

​

​

Range

​

​

3.6 – 10.7

​

​

3.8 – 10.1

​

​

3.6 – 10.7

​

​

3.8 – 10.2

Weighted average

​

​

9.2

​

​

8.8

​

​

9.1

​

​

8.7

Pricing spread (3):

​

​

​

​

​

​

​

​

​

​

​

​

Range

​

​

4.8% – 12.6%

​

​

4.9% – 12.6%

​

​

4.8% – 12.6%

​

​

4.9% – 12.6%

Weighted average

​

​

5.7%

​

​

5.5%

​

​

5.7%

​

​

5.5%

Per-loan annual cost of servicing:

​

​

​

​

​

​

​

​

​

​

​

​

Range

​

​

$70 – $128

​

​

$70 – $127

​

​

$70 – $128

​

​

$70 – $127

Weighted average

​

​

$103

​

​

$100

​

​

$101

​

​

$100

(1)Weighted average inputs are based on the UPB of the underlying loans.
(2)Annual total prepayment speed is measured using life total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information.
(3)Pricing spread represents a margin that is applied to a reference interest rate’s forward rate curve to develop periodic discount rates. The Company applies a pricing spread to a derived United States Treasury Securities (“Treasury”) yield curve for purposes of discounting cash flows relating to its initial recognition of MSRs.

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Mortgage loans held for sale  
Fair Value  
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items

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June 30, 2026

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December 31, 2025

Fair value (in thousands)

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$

597,161

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$

307,711

Key inputs (1):

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Discount rate:

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Range

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5.6% – 9.3%

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5.6% – 9.3%

Weighted average

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6.6%

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6.3%

Twelve-month projected housing price index change:

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Range

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1.9% – 2.3%

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0.8% – 1.3%

Weighted average

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2.0%

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1.0%

Voluntary prepayment/resale speed (2):

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Range

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6.3% – 20.0%

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6.9% – 22.7%

Weighted average

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14.9%

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18.9%

Total prepayment/resale speed (3):

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Range

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6.4% – 32.6%

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7.0% – 37.5%

Weighted average

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18.3%

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24.1%

(1)Weighted average inputs are based on the fair values of the “Level 3” fair value loans.
(2)Voluntary prepayment/resale speed is measured using life voluntary Conditional Prepayment Rate (“CPR”).
(3)Total prepayment/resale speed is measured using life total CPR, which includes both voluntary and involuntary prepayment/resale speeds.