v3.26.1
Segments (Tables)
6 Months Ended
Jun. 30, 2026
Segments  
Summary of financial highlights by segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter ended June 30, 2026

​

​

  ​ ​ ​

Production

  ​ ​ ​

Servicing

  ​ ​ ​

Reportable segment total

  ​ ​ ​

Corporate
and other

  ​ ​ ​

Consolidated
total

 

​

​

(in thousands)

​

Revenues: (1)

​

​

​

​

​

​

​

​

  ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

​

​

  ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

​

​

​

​

Net gains on loans held for sale at fair value

​

$

245,030

​

$

35,289

​

$

280,319

​

$

—

​

$

280,319

​

Loan origination fees

​

​

69,518

​

​

—

​

​

69,518

​

​

—

​

​

69,518

​

Fulfillment fees from PennyMac Mortgage Investment Trust

​

​

5,023

​

​

—

​

​

5,023

​

​

—

​

​

5,023

​

Net loan servicing fees

​

​

—

​

​

145,821

​

​

145,821

​

​

—

​

​

145,821

​

Net interest income (expense):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

​

119,095

​

​

123,126

​

​

242,221

​

​

231

​

​

242,452

​

Interest expense

​

​

104,821

​

​

165,889

​

​

270,710

​

​

—

​

​

270,710

​

​

​

​

14,274

​

​

(42,763)

​

​

(28,489)

​

​

231

​

​

(28,258)

​

Management fees

​

​

—

​

​

—

​

​

—

​

​

6,810

​

​

6,810

​

Other

​

​

3,239

​

​

(1,766)

​

​

1,473

​

​

16,259

​

​

17,732

​

Total net revenues

​

​

337,084

​

​

136,581

​

​

473,665

​

​

23,300

​

​

496,965

​

Expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Compensation

​

​

145,940

​

​

51,634

​

​

197,574

​

​

25,246

​

​

222,820

​

Loan origination

​

​

93,855

​

​

—

​

​

93,855

​

​

—

​

​

93,855

​

Technology

​

​

30,089

​

​

8,480

​

​

38,569

​

​

5,873

​

​

44,442

​

Servicing

​

​

—

​

​

42,505

​

​

42,505

​

​

—

​

​

42,505

​

Marketing and advertising

​

​

12,075

​

​

133

​

​

12,208

​

​

4,673

​

​

16,881

​

Professional services

​

​

5,023

​

​

2,359

​

​

7,382

​

​

8,509

​

​

15,891

​

Occupancy and equipment

​

​

6,160

​

​

2,567

​

​

8,727

​

​

1,971

​

​

10,698

​

Other (2)

​

​

5,503

​

​

7,177

​

​

12,680

​

​

5,668

​

​

18,348

​

Total expenses

​

​

298,645

​

​

114,855

​

​

413,500

​

​

51,940

​

​

465,440

​

Income (loss) before provision for income taxes

​

$

38,439

​

$

21,726

​

$

60,165

​

$

(28,640)

​

$

31,525

​

Segment assets at end of quarter

​

$

8,035,988

​

$

21,716,901

​

$

29,752,889

​

$

106,562

​

$

29,859,451

​

Acquisition of:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capitalized software

​

$

1,476

​

$

2,103

​

$

3,579

​

$

9,204

​

$

12,783

​

Furniture, fixtures, equipment and building improvements

​

$

1,628

​

$

283

​

$

1,911

​

$

1,464

​

$

3,375

​

Amortization of capitalized software

​

$

10,724

​

$

1,335

​

$

12,059

​

$

547

​

$

12,606

​

Impairment of capitalized software

​

$

1,218

​

$

—

​

$

1,218

​

$

—

​

$

1,218

​

Depreciation and amortization of furniture, fixtures, equipment and building improvements

​

$

1,129

​

$

405

​

$

1,534

​

$

282

​

$

1,816

​

(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, 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

​

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)

​

Management fees

​

​

—

​

​

—

​

​

—

​

​

6,869

​

​

6,869

​

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

​

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

​

Marketing and advertising

​

​

10,276

​

​

384

​

​

10,660

​

​

1,729

​

​

12,389

​

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.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six months ended June 30, 2026

​

​

  ​ ​ ​

Production

  ​ ​ ​

Servicing

  ​ ​ ​

Reportable segment total

  ​ ​ ​

Corporate
and other

  ​ ​ ​

Consolidated
total

 

​

​

(in thousands)

​

Revenues: (1)

​

​

​

​

​

​

​

​

  ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

​

​

  ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

​

​

​

​

Net gains on loans held for sale at fair value

​

$

556,231

​

$

69,073

​

$

625,304

​

$

—

​

$

625,304

​

Loan origination fees

​

​

141,964

​

​

—

​

​

141,964

​

​

—

​

​

141,964

​

Fulfillment fees from PennyMac Mortgage Investment Trust

​

​

10,760

​

​

—

​

​

10,760

​

​

—

​

​

10,760

​

Net loan servicing fees

​

​

—

​

​

298,651

​

​

298,651

​

​

—

​

​

298,651

​

Net interest income (expense):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

​

232,094

​

​

218,048

​

​

450,142

​

​

489

​

​

450,631

​

Interest expense

​

​

200,409

​

​

320,023

​

​

520,432

​

​

—

​

​

520,432

​

​

​

​

31,685

​

​

(101,975)

​

​

(70,290)

​

​

489

​

​

(69,801)

​

Management fees

​

​

—

​

​

—

​

​

—

​

​

13,572

​

​

13,572

​

Other

​

​

3,364

​

​

(4,082)

​

​

(718)

​

​

22,217

​

​

21,499

​

Total net revenue

​

​

744,004

​

​

261,667

​

​

1,005,671

​

​

36,278

​

​

1,041,949

​

Expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Compensation

​

​

282,204

​

​

104,171

​

​

386,375

​

​

52,838

​

​

439,213

​

Loan origination

​

​

173,551

​

​

—

​

​

173,551

​

​

—

​

​

173,551

​

Technology

​

​

60,143

​

​

19,597

​

​

79,740

​

​

10,834

​

​

90,574

​

Servicing

​

​

—

​

​

80,738

​

​

80,738

​

​

—

​

​

80,738

​

Marketing and advertising

​

​

24,026

​

​

647

​

​

24,673

​

​

13,302

​

​

37,975

​

Professional services

​

​

10,672

​

​

4,439

​

​

15,111

​

​

15,179

​

​

30,290

​

Occupancy and equipment

​

​

11,492

​

​

5,069

​

​

16,561

​

​

4,128

​

​

20,689

​

Other (2)

​

​

9,902

​

​

12,629

​

​

22,531

​

​

10,172

​

​

32,703

​

Total expenses

​

​

571,990

​

​

227,290

​

​

799,280

​

​

106,453

​

​

905,733

​

Income (loss) before provision for income taxes

​

$

172,014

​

$

34,377

​

$

206,391

​

$

(70,175)

​

$

136,216

​

Segment assets at end of period

​

$

8,035,988

​

$

21,716,901

​

$

29,752,889

​

$

106,562

​

$

29,859,451

​

Acquisition of:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capitalized software

​

$

8,213

​

$

2,387

​

$

10,600

​

$

18,108

​

$

28,708

​

Furniture, fixtures, equipment and building improvements

​

$

3,086

​

$

789

​

$

3,875

​

$

1,750

​

$

5,625

​

Amortization of capitalized software

​

$

20,489

​

$

2,865

​

$

23,354

​

$

953

​

$

24,307

​

Impairment of capitalized software

​

$

1,535

​

$

—

​

$

1,535

​

$

—

​

$

1,535

​

Depreciation and amortization of furniture, fixtures, equipment and building improvements

​

$

2,122

​

$

839

​

$

2,961

​

$

664

​

$

3,625

​

(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

​

Net interest (expense) income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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)

​

Management fees

​

​

—

​

​

—

​

​

—

​

​

13,881

​

​

13,881

​

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

​

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

​

Marketing and advertising

​

​

18,299

​

​

757

​

​

19,056

​

​

2,765

​

​

21,821

​

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.