| Schedule of activity in MSRs carried at fair value |
| | | | | | | | | | | | | | | Quarter ended June 30, | | Six months ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | (in thousands) | Balance at beginning of period | | $ | 10,149,036 | | $ | 8,963,889 | | $ | 9,598,941 | | $ | 8,744,528 | Additions (deductions): | | | | | | | | | | | | | MSRs resulting from loan sales | | | 648,681 | | | 814,538 | | | 1,368,267 | | | 1,464,887 | Sales adjustments (sales) to: | | | | | | | | | | | | | Non-affiliates | | | — | | | — | | | 6,428 | | | — | PennyMac Mortgage Investment Trust | | | (6,370) | | | — | | | (10,292) | | | — | | | | 642,311 | | | 814,538 | | | 1,364,403 | | | 1,464,887 | Change in fair value due to: | | | | | | | | | | | | | Changes in inputs used in valuation model (1) | | | 118,281 | | | 15,950 | | | 301,328 | | | (189,539) | Other changes in fair value (2) | | | (322,834) | | | (263,128) | | | (677,878) | | | (488,627) | Total change in fair value | | | (204,553) | | | (247,178) | | | (376,550) | | | (678,166) | Balance at end of period | | $ | 10,586,794 | | $ | 9,531,249 | | $ | 10,586,794 | | $ | 9,531,249 | Unpaid principal balance of underlying loans at end of period | | | | | | | | $ | 488,083,247 | | $ | 463,132,127 | | | | | | | | | | | | | | | | | | | | | | June 30, | | December 31, | | | | | | | | | 2026 | | 2025 | | | | | | | | | | (in thousands) | Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase and Notes payable secured by mortgage servicing assets | | | | | | | | $ | 10,306,189 | | $ | 9,367,851 |
| (1) | Principally reflects changes in annual total prepayment speed, OAS or pricing spread and per loan annual cost of servicing inputs. |
| (2) | Represents changes due to realization of cash flows. |
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| Schedule of activity in mortgage servicing liability carried at fair value |
| | | | | | | | | | | | | | | Quarter ended June 30, | | Six months ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | (in thousands) | Balance at beginning of period | | $ | 1,568 | | $ | 1,651 | | $ | 1,572 | | $ | 1,683 | Changes in fair value due to: | | | | | | | | | | | | | Changes in inputs used in valuation model (1) | | | (26) | | | 21 | | | (8) | | | 26 | Other changes in fair value (2) | | | (20) | | | (29) | | | (42) | | | (66) | Total change in fair value | | | (46) | | | (8) | | | (50) | | | (40) | Balance at end of period | | $ | 1,522 | | $ | 1,643 | | $ | 1,522 | | $ | 1,643 | Unpaid principal balance of underlying loans at end of period | | | | | | | | $ | 14,370 | | $ | 18,177 |
| (1) | Principally reflects changes in annual total prepayment speed, OAS or pricing spread and per loan annual cost of servicing. |
| (2) | Represents changes due to realization of cash flows. |
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| Summary of servicing fees, late fees and ancillary and other fees relating to MSRs recorded on the consolidated statements of income |
| | | | | | | | | | | | | | | Quarter ended June 30, | | Six months ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | (in thousands) | Contractual servicing fees | | $ | 470,775 | | $ | 435,517 | | $ | 940,141 | | $ | 853,204 | Other fees: | | | | | | | | | | | | | Late charges | | | 20,047 | | | 19,855 | | | 40,840 | | | 39,906 | Other | | | 3,942 | | | 4,060 | | | 8,148 | | | 7,539 | | | $ | 494,764 | | $ | 459,432 | | $ | 989,129 | | $ | 900,649 |
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