Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Loans held for sale at fair value, pledged to creditors | $ 2,328,824,000 | $ 2,676,700,000 |
| Loans held for investment at fair value, pledged to creditors | 10,866,292,000 | 8,530,939,000 |
| Mortgage servicing rights pledged to creditors | 3,560,828,000 | 3,582,211,000 |
| Servicing Advances pledged to creditors | $ 67,604,000 | $ 78,430,000 |
| Preferred stock, par value | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
| Preferred stock, shares issued | 22,400,000 | 22,400,000 |
| Preferred stock, shares outstanding | 22,400,000 | 22,400,000 |
| Preferred stock, liquidation preference, value | $ 560,000,000 | $ 560,000,000 |
| Common shares, authorized | 500,000,000 | 500,000,000 |
| Common shares, par value | $ 0.01 | $ 0.01 |
| Common shares, issued | 87,191,663 | 87,016,604 |
| Common shares, outstanding | 87,191,663 | 87,016,604 |
| Nonaffiliates [Member] | ||
| Derivative assets, pledged to creditors | $ 30,174,000 | $ 32,659,000 |
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Total |
Preferred Stock |
Common Shares [Member] |
Additional Paid-in Capital [Member] |
Accumulated Deficit [Member] |
|---|---|---|---|---|---|
| Balance, Amount at Dec. 31, 2024 | $ 1,938,500 | $ 541,482 | $ 869 | $ 1,925,067 | $ (528,918) |
| Balance, Shares at Dec. 31, 2024 | 22,400 | 86,861 | |||
| Net income | 9,680 | $ 0 | $ 0 | 0 | 9,680 |
| Share-based compensation, Amount | (164) | 0 | $ 1 | (165) | 0 |
| Share-based compensation, Shares | 150 | ||||
| Dividends: | |||||
| Preferred shares dividends | (10,455) | 0 | $ 0 | 0 | (10,455) |
| Common share dividends | (34,843) | 0 | 0 | 0 | (34,843) |
| Balance, Amount at Mar. 31, 2025 | 1,902,718 | $ 541,482 | $ 870 | 1,924,902 | (564,536) |
| Balance, Shares at Mar. 31, 2025 | 22,400 | 87,011 | |||
| Balance, Amount at Dec. 31, 2025 | 1,887,331 | $ 541,482 | $ 870 | 1,927,804 | (582,825) |
| Balance, Shares at Dec. 31, 2025 | 22,400 | 87,017 | |||
| Net income | 24,616 | $ 0 | $ 0 | 0 | 24,616 |
| Share-based compensation, Amount | (43) | 0 | $ 2 | (45) | 0 |
| Share-based compensation, Shares | 175 | ||||
| Dividends: | |||||
| Preferred shares dividends | (10,455) | 0 | $ 0 | 0 | (10,455) |
| Common share dividends | (34,893) | 0 | 0 | 0 | (34,893) |
| Balance, Amount at Mar. 31, 2026 | $ 1,866,556 | $ 541,482 | $ 872 | $ 1,927,759 | $ (603,557) |
| Balance, Shares at Mar. 31, 2026 | 22,400 | 87,192 |
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |
|---|---|---|
Mar. 31, 2025 |
Mar. 31, 2024 |
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| Dividends declared per common share | $ 0.4 | $ 0.4 |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Pay vs Performance Disclosure | ||
| Net Income (Loss) | $ 24,616 | $ 9,680 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
shares
| |
| Trading Arrangements, by Individual | |
| Material Terms of Trading Arrangement | Item 5. Other Information (c) Trading Plans As of March 31, 2026, the following trustees or Section 16 officers adopted, modified or terminated the following Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K): On March 19, 2026, Greg Hendry, the Company’s Chief Accounting Officer, adopted a trading plan to sell up to 12,218 shares of the Company’s Common Shares. The trading plan will expire on December 31, 2026. Mr. Hendry’s trading plan was entered into during an open insider trading window and is intended to satisfy Rule 10b5-1(c) under the Exchange Act and the Company’s policies regarding insider transactions. During the quarter ended March 31, 2026, none of our trustees or officers (as defined in Rule 16a-1(f)), informed us of the adoption, modification, or termination of any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (in each case, as defined in Item 408(a) of Regulation S-K). |
| Greg Hendry [Member] | |
| Trading Arrangements, by Individual | |
| Name | Greg Hendry |
| Title | Chief Accounting Officer |
| Rule 10b5-1 Arrangement Adopted | true |
| Adoption Date | March 19, 2026 |
| Expiration Date | December 31, 2026 |
| Aggregate Available | 12,218 |
| Other Trustees or Officers [Member] | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
| Rule 10b5-1 Arrangement Modified | false |
| Non-Rule 10b5-1 Arrangement Modified | false |
Organization |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization | Note 1—Organization PennyMac Mortgage Investment Trust (“PMT” or the “Company”) is a specialty finance company, which invests in residential mortgage-related assets. The Company operates in three reportable segments: credit sensitive strategies, interest rate sensitive strategies and aggregation and securitization (formerly referred to as correspondent production). All other activities are included in corporate: • The credit sensitive strategies segment represents the Company’s investments in credit risk transfer (“CRT”) arrangements referencing loans from its own aggregation and securitization (“CRT arrangements”) and subordinate, residential and credit-linked mortgage-backed securities (“MBS”). • The interest rate sensitive strategies segment represents the Company’s investments in mortgage servicing rights (“MSRs”), Agency and senior non-Agency MBS, and collateralized mortgage obligations ("CMOs") and the related interest rate hedging activities. • The aggregation and securitization segment represents the Company’s operations purchasing, pooling and reselling or financing newly originated prime credit quality loans either directly or in the form of MBS, using the services of Pennymac Capital Management, LLC (“PCM”) and PennyMac Loan Services, LLC (“PLS”), both wholly-owned subsidiaries of PennyMac Financial Services, Inc. (“PFSI”), a publicly-traded mortgage banking and investment management company separately listed on the New York Stock Exchange. The Company sells the loans it acquires through its aggregation and securitization activities primarily to government-sponsored enterprises ("GSEs") such as the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal National Mortgage Association (“Fannie Mae”). Freddie Mac and Fannie Mae are each referred to as an “Agency” and, collectively, as the “Agencies.” The Company also finances certain of the loans it aggregates through its own securitizations and retains certain senior and subordinate MBS created in the securitizations. • Corporate activities include management fees, corporate expense amounts and certain interest income and expense. None of the corporate activities qualify as reportable segments. The Company conducts substantially all of its operations and makes substantially all of its investments through its subsidiary, PennyMac Operating Partnership, L.P. (the “Operating Partnership”), and the Operating Partnership’s subsidiaries. A wholly-owned subsidiary of the Company is the sole general partner, and the Company is the sole limited partner, of the Operating Partnership. The Company believes that it qualifies, and has elected to be taxed, as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). To maintain its tax status as a REIT, the Company is required to distribute at least 90% of its taxable income in the form of qualifying distributions to shareholders. |
Basis of Presentation |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Presentation | Note 2—Basis of Presentation Basis of Presentation The Company’s consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s ("FASB") Accounting Standards Codification for interim financial information and with the Securities and Exchange Commission’s instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these financial statements and notes do not include all of the information required by GAAP for complete financial statements. This interim consolidated information should be read together with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. These unaudited consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented, but are not necessarily indicative of the results of operations that may be anticipated for the full year. Intercompany accounts and transactions have been eliminated. Preparation of financial statements in compliance with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Actual results will likely differ from those estimates. The Company held no restricted cash during the periods presented. Therefore, the consolidated statements of cash flows do not include references to restricted cash. |
Concentration of Risks |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Risks and Uncertainties [Abstract] | |
| Concentration of Risks | Note 3—Concentration of Risks As discussed in Note 1 – Organization above, PMT’s operating and investing activities are centered in residential mortgage-related assets, including CRT arrangements, subordinate MBS, Agency and senior Non-Agency MBS, CMOs, loans held for investment and MSRs. The Company is exposed to fair value risk and credit risk. As a result of prevailing market conditions, including changes in market interest rates, the Company may be required to recognize losses associated with adverse changes to the fair value of its investments in MSRs, CRT arrangements, loans and MBS. The Company is exposed to credit losses arising from its investments in CRT arrangements and subordinate MBS. Fair Value Risk The Company carries its non-cash financial assets and MSRs at fair value with changes in fair value included in its results of operations: • The fair value of MSRs is sensitive to changes in prepayment speed expectation and experience, the returns demanded by market participants and estimates of cost to service the underlying loans; • The fair values of Agency and senior non-Agency MBS are sensitive to changes in market interest rates; and • The fair values of CRT arrangements and subordinate MBS are sensitive to market perceptions of future credit performance of the underlying loans as well as the actual credit performance of such loans and the returns required by market participants to hold such investments. Credit Risk Note 6 – Variable Interest Entities details the Company’s investments in CRT arrangements whereby the Company sold pools of loans into Fannie Mae guaranteed loan securitizations which became reference pools underlying the CRT arrangements. Fannie Mae transferred interest-only (“IO”) ownership interests and recourse obligations based upon the securitized reference pools of loans subject to the CRT arrangements into trust entities, and the Company acquired the IO ownership interests and assumed the recourse obligations in the CRT arrangements through the acquisition of beneficial interests in the trust entities. The Company also invests in subordinate MBS, which are among the first beneficial interests in the issuing trusts to absorb credit losses on the underlying loans. The Company’s retention of credit risk through its investment in CRT arrangements and subordinate MBS subjects it to risks associated with delinquency and foreclosure similar to the risks of loss associated with owning the underlying loans, which is greater than the risk of loss associated with selling loans to the Agencies without the retention of credit risk in the case of CRT arrangements and investing in senior mortgage-backed securities in the case of subordinate MBS. Certain of the Company's investments in CRT arrangements are structured such that loans that reach a specific number of days delinquent trigger losses chargeable to the CRT arrangements based on the sizes of the delinquent loans and a contractual schedule of loss severity. Therefore, the risks associated with delinquency and foreclosure may in some instances be greater than the risks associated with owning the related loans because the structure of those CRT arrangements provides that the Company may be required to absorb losses in the event of delinquency or foreclosure even when there is ultimately no loss realized with respect to such loans (e.g., as a result of a borrower’s re-performance). In contrast, the structure of the Company’s other investments in CRT arrangements requires PMT to absorb losses only when the reference loans realize losses. The Company maintains cash and short-term investment balances at financial institutions in excess of the Federal Deposit Insurance Corporation ("FDIC") insurance limits. Should one or more of the financial institutions at which the Company's deposits are maintained fail, there is no guarantee as to the extent that the Company would recover the funds deposited, whether through FDIC coverage or otherwise, or the timing of any recovery. |
Transactions with Related Parties |
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| Transactions with Related parties | Note 4—Transactions with Related Parties The Company enters into transactions with subsidiaries of PFSI in support of its operating, investing and financing activities as summarized below. Operating Activities Servicing Agreement The Company has a loan servicing agreement with PLS (the “Servicing Agreement”) pursuant to which PLS provides subservicing for the Company's portfolio of MSRs, loans held for sale, loans held in VIEs (prime servicing), and its portfolio of residential loans purchased with credit deterioration (special servicing or distressed loans). Under the Servicing Agreement, as amended, servicing fees for all subserviced MSRs and loans are established at a per-loan monthly amount based on the delinquency, bankruptcy and/or foreclosure status of the serviced loan or Real estate acquired in settlement of loans ("REO") as shown below: • Through September 30, 2025, the per-loan base servicing fees for loans subserviced by PLS on the Company’s behalf were $7.50 per month for fixed-rate loans and $8.50 per month for adjustable-rate loans. Effective October 1, 2025, the per loan base servicing fees for mortgage loans are $7.00 per month for fixed-rate loans and $8.00 per month for adjustable-rate loans. • To the extent that loans become delinquent, PLS is entitled to an additional servicing fee per loan ranging from $18 to $80 per month based on the delinquency, bankruptcy and foreclosure status of the loan or $75 per month if the underlying mortgaged property becomes REO. • PLS is also entitled to customary ancillary income and certain market-based fees and charges, including boarding and deboarding fees, liquidation and disposition fees, assumption, modification and origination fees, pass through of Agency incentive fees to PLS for loss mitigation activities and a fee for processing insurance and guarantee claims on defaulted loans. The Servicing Agreement expires on December 31, 2029, subject to automatic renewal for an additional 18-month period unless terminated in accordance with the terms of the agreement. MSR Recapture Agreement The Company has an MSR recapture agreement with PLS. Pursuant to the terms of the MSR recapture agreement, if PLS refinances (recaptures) mortgage loans for which the Company previously held the MSRs, PLS is generally required to transfer and convey to the Company cash in an amount equal to: • 70% of the fair market value of the MSRs relating to the recaptured loans subject to the first 30% of the “recapture rate”; • 50% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 30% and up to 50%; • 40% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 50%; and • a recapture fee of $900 per loan if PLS originates a mortgage loan for the purpose of purchasing a property where the customer has or had a mortgage loan for which PMT holds or held the MSR. The “recapture rate” means, during each month, the ratio of (i) the aggregate unpaid principal balance ("UPB") of all refinance mortgage loans originated in such month, plus the aggregate UPB of all "preserved mortgage loans" relating to closed end second loans originated in such month, to (ii) the aggregate UPB of all mortgage loans from the portfolio that PLS has determined in good faith were refinanced in such month, plus the aggregate UPB of all "preserved mortgage loans" relating to closed end second lien loans originated in such month. For purposes of such calculation, “preserved mortgage loan” means a mortgage loan in PMT’s portfolio as to which PLS or its affiliates originated a new closed end second lien loan in a subordinate position to such mortgage loan. PFSI has further agreed to allocate sufficient resources to target a recapture rate of at least 30%. The MSR recapture agreement expires on December 31, 2029, subject to automatic renewal for an additional 18-month period unless terminated in accordance with the terms of the agreement. Following is a summary of loan servicing and recapture fees earned by PLS:
Aggregation and Securitization Activities Mortgage Banking Services Agreement The Company is provided fulfillment and other services for the operation of its aggregation and securitization activities under an amended and restated mortgage banking services agreement with PLS. These services include: provision of models and technology for the pricing of loans and MSRs; reviews of loan data; documentation and appraisals to assess loan quality and risk; hedging the fair value of the Company's mortgage loan inventory and commitments to purchase mortgage loans; correspondent seller performance and credit monitoring; and the sale of loans through secondary mortgage markets on behalf of the Company. PLS assumed the role of initial correspondent loan purchaser instead of the Company effective July 1, 2025 and the Company has the right under a mortgage loan purchase agreement to purchase up to 100% of the non-government insured or guaranteed delegated correspondent loans purchased by PLS at its cost plus accrued interest, less any loan administrative fee paid to PLS by the correspondent seller, and subject to quarterly fulfillment fees as described below. PLS may hold or otherwise sell correspondent loans to other investors if the Company chooses not to purchase such loans. As a result of the revised agreement, the sourcing fee arrangement described below no longer has any effect for correspondent loan commitments entered into beginning on July 1, 2025. Effective January 1, 2025, fulfillment fees in any quarter shall not exceed the following: • the product of (i) the sum of $585 for each pull-through adjusted loan commitment up to and including 16,500 per quarter and $355 for each pull-through adjusted loan commitment in excess of 16,500 per quarter, and (ii) the number of loan commitments relating to loans intended to be purchased by PMT during the quarter and thereafter retained by PMT prior to sale or securitization, divided by the total number of non-Ginnie Mae loan commitments issued during the quarter (in each case as determined after applying the applicable pull-through factor) plus • the product of (i) the sum of $315 for each purchased loan up to and including 16,500 per quarter and $195 for each purchased loan in excess of 16,500 per quarter, and (ii) the number of loans purchased by PMT during the quarter and thereafter retained by PMT prior to sale or securitization, divided by the total number of non-Ginnie Mae loans purchased during the quarter, plus • $500 multiplied by the number of all purchased loans that are securitized or sold to parties other than Fannie Mae or Freddie Mac. The Company does not hold the Ginnie Mae approval required to issue Ginnie Mae MBS and/or to act as a servicer for loans in Ginnie Mae MBS. Accordingly, under the mortgage banking services agreement, through June 30, 2025, PLS purchased mortgage loans underwritten in accordance with the Ginnie Mae MBS Guide “as is” and without recourse of any kind from the Company at its cost less an administrative fee plus accrued interest and a sourcing fee ranging from one to two basis points of the UPB of the loan, generally based on the average number of calendar days the loans were held by the Company before purchase by PLS. PLS could also acquire conventional loans from the Company on the same terms upon mutual agreement between the Company and PLS. While PLS purchased these mortgage loans “as is” and without recourse of any kind from the Company, where PLS has a claim for repurchase, indemnity or otherwise against a correspondent seller, it is entitled, at its sole expense, to pursue any such claim through or in the name of the Company. The mortgage banking services agreement expires on December 31, 2029, subject to automatic renewal for an additional 18-month period unless terminated in accordance with the terms of the agreement. The Company may also purchase newly originated conforming balance non-government insured or guaranteed loans from PLS under the mortgage loan purchase agreement. Following is a summary of our aggregation and securitization activities between the Company and PLS:
(1) Amount includes loans purchased from PLS subject to the fulfillment agreement as well as other loans purchased from PLS.
Management Agreement PMT has a management agreement with PCM, pursuant to which PMT pays PCM management fees as follows: • A base management fee that is calculated quarterly and is equal to the sum of (i) 1.5% per year of average shareholders’ equity up to $2 billion, (ii) 1.375% per year of average shareholders’ equity in excess of $2 billion and up to $5 billion, and (iii) 1.25% per year of average shareholders’ equity in excess of $5 billion. “Shareholders’ equity” is defined as the sum of net proceeds from issuances and repurchases of equity securities since inception, plus retained earnings or reduced by accumulated deficit. • A performance incentive fee that is calculated annually at a defined annualized percentage of the amount by which “net income,” for a fiscal year and before deducting the incentive fee, exceeds certain levels of return on “common shareholders’ equity.” The performance incentive fee is equal to the sum of: • 10% of the amount by which “net income” for the year exceeds (i) an 8% return on the average “common shareholders’ equity” plus the “high watermark”, up to (ii) a 12% return on “common shareholders’ equity” during the fiscal year; plus • 15% of the amount by which “net income” for the year exceeds (i) a 12% return on the average “common shareholders’ equity” plus the “high watermark”, up to (ii) a 16% return on “common shareholders’ equity” during the fiscal year; plus • 20% of the amount by which “net income” for the year exceeds a 16% return on the average “common shareholders’ equity” during the fiscal year plus the “high watermark.” For the purpose of determining the amount of the performance incentive fee: “Net income” is defined as net income or loss attributable to the Company’s common shares of beneficial interest (“Common Shares”) calculated in accordance with GAAP, and adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges after discussion between PCM and the Company’s independent trustees and after approval by a majority of the Company’s independent trustees. “Common shareholders’ equity” is defined as the average shareholder’s equity less the average GAAP carrying value of the Company’s preferred equity. “High watermark” is the annual adjustment that reflects the amount by which the “net income” (stated as a percentage of return on “common shareholders' equity”) in that year exceeds or falls short of the lesser of 8% and the average Fannie Mae 30‑ MBS Yield (the “Target Yield”) for the year then ended. If the “net income” is lower than the Target Yield, the high watermark is increased by the difference. If the “net income” is higher than the Target Yield, the high watermark is reduced by the difference. Each time a performance incentive fee is earned, the high watermark is reset to zero. As a result, the threshold amount required for the PCM to earn a performance incentive fee is adjusted cumulatively based on the performance of the Company’s net income over (or under) the Target Yield, until the net income in excess of the Target Yield exceeds the then-current cumulative high watermark amount, and a performance incentive fee is earned. The high watermark is calculated based on the two years preceding the fiscal year for which the incentive fee is calculated, and will never be less than zero after including all high watermark increases and high watermark decreases over any such rolling two fiscal year period. The base management fee is paid quarterly in arrears and the performance incentive fee is paid annually in arrears. The performance incentive fee may be paid in cash or a combination of cash and the Company’s Common Shares (subject to a limit of no more than 50% paid in Common Shares), at the Company’s option. In the event of termination of the management agreement between the Company and PCM, PCM may be entitled to a termination fee in certain circumstances. The termination fee is equal to three times the sum of (a) the average annual base management fee, and (b) the average annual performance incentive fee earned by PCM, in each case during the 24-month period before termination of the management agreement. Following is a summary of management fee expenses:
The management agreement expires on December 31, 2029, subject to automatic renewal for an additional 18-month period unless terminated in accordance with the terms of the agreement. Expense Reimbursement Under the management agreement, the Company reimburses PCM for its organizational and operating expenses, including third-party expenses, incurred on the Company’s behalf, it being understood that PCM and its affiliates shall allocate a portion of their personnel’s time to provide certain legal, tax, accounting, internal audit and investor relations services for the direct benefit of the Company. The Company is also required to pay a pro rata portion of the rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses (common overhead) of PCM and its affiliates required for the Company’s and its subsidiaries’ operations. These expenses are based on the resources PCM and its affiliates dedicate to investment management activities for the Company, as determined by PCM in its reasonable and good faith discretion. Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses:
(2) Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PFSI for the operating, investing and financing activities itemized in this Note. Financing Activities PFSI Investment in the Company PFSI held 75,000 of the Company’s Common Shares at both March 31, 2026 and December 31, 2025. Amounts Receivable from and Payable to PFSI Amounts receivable from and payable to PFSI are summarized below:
The Company has also transferred cash to PLS to fund loan servicing advances and REO property acquisition and preservation costs incurred on its behalf. Such amounts are included in various of the Company's balance sheet items as summarized below:
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Loan Sales |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loan Sales | Note 5—Loan Sales The following table summarizes cash flows between the Company and transferees in transfers of loans that are accounted for as sales where the Company maintains continuing involvement with the loans:
The following table summarizes for the dates presented collection status information for loans that are accounted for as sales where the Company maintains continuing involvement:
(1) Custodial funds represent borrower and investor custodial cash accounts relating to loans serviced under mortgage servicing agreements and are not included on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors, and these fees are included in Interest income in the Company’s consolidated statements of operations. |
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Variable Interest Entities |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entities | Note 6—Variable Interest Entities The Company is a variable interest holder in various VIEs that relate to its investing and financing activities as discussed below. Credit Risk Transfer Arrangements The Company has previously entered into certain loan sales arrangements pursuant to which it accepted credit risk relating to the loans sold in exchange for a portion of the interest earned on such loans. These arrangements absorb scheduled or realized credit losses on those loans and comprise the Company’s investments in CRT arrangements. The Company, through PennyMac Corp. ("PMC"), entered into CRT arrangements with Fannie Mae, pursuant to which the Company sold pools of loans into Fannie Mae-guaranteed securitizations while retaining recourse obligations as part of the retention of IO ownership interests in such loans. CRT arrangements include: • securities that are structured such that loans that reach a specific number of days delinquent (including loans in forbearance) trigger losses chargeable to the CRT arrangement based on the sizes of the delinquent loans and a contractual schedule of loss severity; and • securities that require the Company to absorb losses only when the reference loans realize credit losses. The Company placed Deposits securing credit risk transfer arrangements into subsidiary trust entities to secure its recourse obligations. The Deposits securing credit risk transfer arrangements represent the Company’s maximum contractual exposure to claims under its recourse obligations and are the sole source of settlement of losses under the CRT arrangements. The Company’s exposure to losses under its recourse obligations was initially established at rates ranging from 3.5% to 4.0% of the UPB of the loans sold under the CRT arrangements. As the UPB of the underlying loans subject to each CRT arrangement decreased through repayments, the percentage exposure to losses of each CRT arrangement increased to maximums ranging from 4.5% to 5.0% of outstanding UPB, although the total dollar amount of exposure to losses did not increase. The Company has concluded that the subsidiary trust entities holding its CRT arrangements are VIEs and the Company is the primary beneficiary of the VIEs as it is the holder of the primary beneficial interests which absorb the variability of the trusts’ income. • For CRT arrangements where losses are triggered based on the loans’ delinquency status, the Company recognizes its IO ownership interests and recourse obligations on the consolidated balance sheets as CRT derivatives in Derivative assets and Derivative and credit risk transfer strip liabilities. • For CRT arrangements where losses are absorbed when the reference loans realize credit losses, the Company recognizes its IO ownership interests and recourse obligations as CRT strips which are included on the consolidated balance sheets in Derivative and credit risk transfer strip liabilities. Gains and losses on the derivatives, strips and the IO ownership interest sold to a nonaffiliate included in the CRT arrangements are included in Net (losses) gains on investments and financings in the consolidated statements of operations. Following is a summary of the CRT arrangements:
(1) Deposits securing credit risk transfer arrangements also secure $4.1 million and $6.0 million in CRT strip liabilities at March 31, 2026 and December 31, 2025, respectively. Subordinate and Senior Non-Agency Mortgage-Backed Securities The Company retains or purchases subordinate and senior non-agency MBS in transactions sponsored by PMC or a nonaffiliate. Cash inflows from the loans underlying these securities are distributed to investors and service providers in accordance with the respective securities' contractual priorities of payments and, as such, most of these inflows must be directed first to service and repay the senior securities. The rights of holders of subordinate securities to receive distributions of principal and/or interest, as applicable, are subordinate to the rights of holders of senior securities. After the senior securities are repaid, substantially all cash inflows will be directed to the subordinate securities, including those held by the Company, until they are fully repaid. The Company’s retention or purchase of subordinate MBS exposes PMT to the credit risk in the underlying loans because the Company’s subordinate MBS investments are among the first beneficial interests to absorb credit losses on those assets. The Company’s exposure to losses from its investments in subordinate MBS is limited to its recorded investment in such securities. The Company has concluded that the trusts holding the assets underlying these transactions are VIEs. The Company also has concluded that it is the primary beneficiary of certain of the VIEs as it has the power, through PLS, in its role as the servicer or sub-servicer of the underlying loans, to direct the activities of the trusts that most significantly impact the trusts’ economic performance and, as a holder of subordinate securities, that PMT is exposed to losses that could potentially be significant to the VIEs. Therefore, PMT consolidates those VIEs. The Company recognizes the interest earned on the loans owned by the VIEs as Interest income and the interest attributable to the asset-backed securities issued to nonaffiliates by the VIEs as Interest expense on its consolidated statements of operations. Following is a summary of the Company’s investment in senior and subordinate MBS backed by assets held in consolidated VIEs:
Financing of Mortgage Servicing Assets The Company entered into financing transactions in which it pledged participation interests in its Fannie Mae MSRs to VIEs which issued variable funding notes, term notes and term loans backed by the participation interests. The Company holds the variable funding notes and acts as guarantor of the variable funding notes, term notes and term loans. The Company determined that it is the primary beneficiary of the VIEs because, as the holder of the variable funding notes and issuer of performance guarantees, it holds the variable interests in the VIEs. Therefore, the Company consolidates the VIEs. For financial reporting purposes, the MSRs financed by the consolidated VIEs are included in Mortgage servicing rights at fair value, the variable funding notes sold under agreements to repurchase are included in Assets sold under agreements to repurchase and the term notes and term loans are included in Notes payable secured by credit risk transfer and mortgage servicing assets on the Company’s consolidated balance sheets. These financings are described in Note 15— Long-Term Debt. |
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Fair Value |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | Note 7— Fair Value The Company’s consolidated financial statements include assets and liabilities that are measured at or based on their fair values. Measurement at or based on fair value may be on a recurring or nonrecurring basis depending on the accounting principles applicable to the specific asset or liability and whether the Company has elected to carry the item at its fair value, as discussed in the following paragraphs. The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine fair value. These levels are: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Prices determined or determinable using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. • Level 3—Prices determined using significant unobservable inputs. In situations where significant observable inputs are unavailable, unobservable inputs may be used. Unobservable inputs reflect the Company’s own judgments about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances. As a result of the difficulty in observing certain significant valuation inputs affecting “Level 3” fair value assets and liabilities, the Company is required to make judgments regarding these items’ fair values. Different persons in possession of the same facts may reasonably arrive at different conclusions as to the inputs to be applied in valuing these assets and liabilities and their fair values. Such differences may result in significantly different fair value measurements. Likewise, due to the general illiquidity of some of these assets and liabilities, subsequent transactions may be at values significantly different from those reported. The Company reclassifies its assets and liabilities between levels of the fair value hierarchy when the significant inputs required to establish fair value at a level of the fair value hierarchy are no longer readily available, requiring the use of lower-level inputs, or when the significant inputs required to establish fair value at a higher level of the hierarchy become available. Fair Value Accounting Elections The Company identified all of PMT’s non-cash financial assets and MSRs to be accounted for at fair value. The Company has elected to account for these assets at fair value so such changes in fair value will be reflected in results of operations as they occur and more timely reflect the results of the Company’s performance. The Company has also identified its Asset-backed financings of variable interest entities at fair value and Interest-only security payable at fair value to be accounted for at fair value to reflect the generally offsetting changes in fair value of these borrowings to changes in fair value of the assets at fair value collateralizing these financings. For other borrowings, the Company has determined that historical cost accounting is more appropriate because under that method debt issuance costs are amortized over the term of the debt facility, thereby matching the debt issuance cost to the periods benefiting from the availability of the debt. Financial Statement Items Measured at Fair Value on a Recurring Basis Following is a summary of financial statement items that are measured at fair value on a recurring basis:
The following is a summary of changes in items measured at fair value on a recurring basis using Level 3 inputs that are significant to the estimation of the fair values of the assets and liabilities at either the beginning or end of the quarters presented:
(1) For the purpose of this table, CRT derivative, interest rate lock commitment (“IRLC”), and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to Loans held for sale at fair value upon purchase of the respective loans.
(1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to Loans held for sale at fair value upon purchase of the respective loans.
Financial Statement Items Measured at Fair Value under the Fair Value Option Following are the fair values and related principal amounts due upon maturity of loans accounted for under the fair value option:
Following are the changes in fair value included in current period results of operations by consolidated statements of operations line item, for financial statement items accounted for under the fair value option:
Financial Statement Item Measured at Fair Value on a Nonrecurring Basis Following is a summary of the carrying value of assets that were remeasured during the quarter based on fair value on a nonrecurring basis:
The following table summarizes the fair value changes recognized during the quarter on assets held at quarter end that were remeasured at fair value on a nonrecurring basis:
The Company remeasures its REO based on fair value when it evaluates the properties for impairment. The Company evaluates its REO for impairment with reference to the respective properties’ fair values less costs to sell. REO may be revalued after acquisition due to the Company receiving greater access to the property, the property being held for an extended period or receiving indications that the property’s fair value may not be supported by developing market conditions. Any subsequent change in fair value to a level that is less than or equal to the property’s cost is recognized in Results of real estate acquired in settlement of loans in the Company’s consolidated statements of operations. Fair Value of Financial Instruments Carried at Amortized Cost Most of the Company’s borrowings are carried at amortized cost. The Company’s Assets sold under agreements to repurchase, Mortgage loan participation purchase and sale agreements, Notes payable secured by credit risk transfer and mortgage servicing assets and the exchangeable senior notes included in Unsecured senior notes are classified as “Level 3” fair value liabilities due to the Company’s reliance on unobservable inputs to estimate these instruments’ fair values. The Company classifies its senior notes as “Level 2” fair value liabilities. The Company has concluded that the fair values of these borrowings other than term notes and term loans included in Notes payable secured by credit risk transfer and mortgage servicing assets and the Unsecured senior notes approximate the agreements’ carrying values due to the borrowing agreements’ variable interest rates and short maturities. The Company estimates the fair values of the term notes and term loans included in Notes payable secured by credit risk transfer and mortgage servicing assets using indications of fair value provided by nonaffiliate brokers for the term notes and internal estimates of fair value for the term loans. The Company estimates the fair values of its Unsecured senior notes using pricing services. The fair values and carrying values of these liabilities are summarized below:
Valuation Governance Most of the Company’s assets, its Asset-backed financings of variable interest entities at fair value, Interest-only security payable at fair value and Derivative and credit risk transfer strip liabilities at fair value are carried at fair value with changes in fair value recognized in current period results of operations. A substantial portion of these items are “Level 3” fair value assets and liabilities which require the use of unobservable inputs that are significant to the estimation of the fair values of the assets and liabilities. Unobservable inputs reflect the Company’s own judgments about the factors that market participants use in pricing an asset or liability and are based on the best information available under the circumstances. Due to the difficulty in estimating the fair values of “Level 3” fair value assets and liabilities, the Company has delegated responsibility for estimating the fair values of these assets and liabilities to specialized staff within PFSI's capital markets group and subjects the valuation process to significant senior management oversight. With respect to “Level 3” valuations other than IRLCs, the capital markets valuation staff reports to PFSI’s senior management valuation subcommittee, which oversees the valuations. The capital markets valuation staff monitors the models used for valuation of the Company’s “Level 3” fair value assets and liabilities other than IRLCs, including the models’ performance versus actual results, and reports those results to PFSI’s senior management valuation subcommittee. PFSI’s senior management valuation subcommittee includes the Company’s chief financial and investment officers as well as other senior members of PFSI’s finance, risk management and capital markets staffs. The capital markets valuation staff is responsible for reporting to PFSI’s senior management valuation subcommittee on the changes in the valuation of the non-IRLC “Level 3” fair value assets and liabilities, including major factors affecting the valuation and any changes in model methods and inputs. To assess the reasonableness of its valuations, the capital markets valuation staff presents an analysis of the effect on the valuation of changes to the significant inputs to the models and, for MSRs, comparisons of its estimates of fair value and key inputs to those procured from nonaffiliate brokers and published surveys. The fair values of the Company’s IRLCs are developed by PFSI's capital markets risk management staff and are reviewed by its capital markets operations staff. Valuation Techniques and Inputs The following is a description of the techniques and inputs used in estimating the fair values of “Level 2” and “Level 3” fair value assets and liabilities: Mortgage-Backed Securities The Company’s categorization of its current holdings of MBS is based on whether the respective security is an IO stripped MBS: • The Company categorizes its current holdings of MBS other than IO stripped MBS as “Level 2” fair value assets. Fair value of these securities is established based on quoted market prices for the Company’s MBS holdings or similar securities. • The Company categorizes its current holdings of IO stripped MBS as “Level 3” fair value assets. The Company uses a discounted cash flow approach to estimate the fair values of its IO stripped MBS.
The key inputs used in the estimation of the fair value of IO stripped MBS include option-adjusted spread ("OAS") (OAS is a component of discount rate) and prepayment speed. Significant changes to those inputs in isolation may result in significant changes in the IO stripped MBS' fair value measurements. Changes in these key inputs are not directly related.
Following are the key inputs used in determining the fair value of IO stripped MBS:
(1) Weighted-average inputs are based on the UPB of the underlying loans. (2) The Company applies an OAS to multiple simulated paths of a derived United States Treasury securities (“Treasury") yield curve for purposes of discounting cash flows relating to IO stripped MBS. (3) Prepayment speed is measured using life total Conditional Prepayment Rate (“CPR”). Equivalent life is provided as supplementary information. Changes in the fair value of MBS are included in Net (losses) gains on investments and financings in the consolidated statements of operations. Loans Fair value of loans is estimated based on whether the loans are saleable into active markets: • Loans that are saleable into active markets, comprised of most of the Company’s loans held for sale and all of the loans held for investment in VIEs, are categorized as “Level 2” fair value assets: • Fair values of loans held for sale are established using the loans’ contracted selling prices, quoted market prices or market price equivalents. • Fair values of loans held for investment in VIEs are developed using the quoted indications of fair value of all of the individual securities issued by the securitization trusts holding the loans. The Company obtains indications of fair value from nonaffiliate brokers based on comparable securities and/or pricing services and validates the brokers’ or pricing services’ indications of fair value using pricing models and inputs the Company believes are similar to the pricing models and inputs used by other market participants. The Company adjusts the fair values received from brokers and/or pricing services to include the fair value of MSRs attributable to the loans included in the VIEs. • Loans that are not saleable into active markets, comprised of home equity lines of credit, previously sold loans that the Company repurchased pursuant to the representation and warranties it provided to the purchaser and distressed loans, are categorized as “Level 3” fair value assets: • Fair values of loans held for sale categorized as “Level 3” assets (home equity lines of credit and previously sold loans repurchased pursuant to representations and warranties) are estimated using a discounted cash flow approach or the loans' contracted selling prices when applicable. Inputs to the discounted cash flow model include current interest rates, payment statuses, property types, discount rates and forecasts of future interest rates, home prices, prepayment speeds, default speeds and loss severities. • Fair values of distressed loans are estimated based on the fair values of the real estate collateralizing the loans. Changes in fair values of loans held for sale are included in Net gains on loans held for sale at fair value in the consolidated statements of operations. Changes in fair values of loans held for investment are included in Net (losses) gains on investments and financings in the consolidated statements of operations. Derivative and Credit Risk Transfer Strip Assets and Liabilities CRT Derivatives The Company categorizes CRT derivatives as “Level 3” fair value assets. The fair values of CRT derivatives are based on indications of fair value provided to the Company by nonaffiliate brokers for the certificates representing the beneficial interests in the trusts holding the Deposits securing credit risk transfer arrangements pledged to creditors, the recourse obligations and the IO ownership interests. Together, the recourse obligation and the IO ownership interest comprise the CRT derivative. Fair values of the CRT derivatives are derived by deducting the balances of the Deposits securing credit risk transfer arrangements pledged to creditors from the fair values of the certificates representing the beneficial interests in the trusts. The Company establishes fair value of its investment in CRT Arrangements based on indications of fair value provided by nonaffiliate brokers for the securities representing the beneficial interests in the trusts holding the Deposits securing credit risk transfer arrangements pledged to creditors the IO ownership interest and the recourse obligations. The Company assesses the fair values it receives from nonaffiliate brokers using the discounted cash flow approach. The significant unobservable inputs used by the Company in its review and approval of the valuation of CRT derivatives are the discount rates, voluntary and involuntary prepayment speeds and the remaining loss expectations of the reference loans. Changes in fair value of CRT derivatives are included in Net (losses) gains on investments and financings in the consolidated statements of operations. Following is a quantitative summary of key unobservable inputs used in the Company’s review and approval of broker-provided fair values for CRT derivatives:
(1) Weighted average inputs are based on fair value amounts of the CRT arrangements, except for remaining loss expectation which is based on the UPB of the loans in the reference pools. (2) Voluntary prepayment speed is measured using life voluntary CPR. (3) Involuntary prepayment speed is measured using life involuntary CPR. Interest Rate Lock Commitments The Company categorizes IRLCs as “Level 3” fair value assets and liabilities. The Company estimates the fair values of IRLCs based on quoted Agency MBS prices, the probability that the loans will be purchased under the commitments (the “pull-through rate”) and the Company’s estimate of the fair values of the MSRs it expects to receive upon sale of the loans. The significant unobservable inputs used in the fair value measurement of the Company’s IRLCs are the pull-through rates and the estimated MSRs attributed to the mortgage loans subject to the commitments. Significant changes in the pull-through rates or the MSR components of the IRLCs, in isolation, may result in a significant change in the IRLCs’ fair values. The financial effects of changes in these inputs are generally inversely correlated as increasing interest rates have a positive effect on the fair value of the MSR component of an IRLC’s fair value, but also increase the pull-through rate for the loan principal and interest payment cash flow component that has decreased in fair value. Changes in fair value of IRLCs are included in Net gains on loans held for sale at fair value in the consolidated statements of operations. Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs:
(1) For purposes of this table, IRLC asset and liability positions are shown net. (2) Weighted-average inputs are based on the committed amounts. Hedging Derivatives Fair values of derivative financial instruments actively traded on exchanges are categorized by the Company as “Level 1” fair value assets and liabilities. Fair values of derivative financial instruments based on observable interest rates, volatilities and prices in the MBS or other markets are categorized by the Company as “Level 2” fair value assets and liabilities. Changes in the fair value of hedging derivatives are included in Net loan servicing fees – from nonaffiliates – Mortgage servicing rights hedging results, Net gains on loans held for sale at fair value, or Net (losses) gains on investments and financings, as applicable, in the consolidated statements of operations. Credit Risk Transfer Strips The Company categorizes CRT strips as “Level 3” fair value liabilities. The fair values of CRT strips are based on indications of fair value provided to the Company by nonaffiliate brokers for the securities representing the beneficial interests in the trusts holding the Deposits securing credit risk transfer arrangements pledged to creditors, the IO ownership interests and the recourse obligations. Together, the IO ownership interest and the recourse obligation comprise the CRT strip. Fair values of the CRT strips are derived by deducting the balance of the Deposits securing credit risk transfer arrangements pledged to creditors from the indications of fair value of the securities provided by the nonaffiliate brokers. The Company assesses the indications of fair value it receives from nonaffiliate brokers using the discounted cash flow approach. The significant unobservable inputs used by the Company in its review and approval of the valuation of the CRT strips are the discount rates, voluntary and involuntary prepayment speeds and the remaining loss expectations of the reference loans. Changes in fair value of CRT strips are included in Net (losses) gains on investments and financings in the consolidated statements of operations. Following is a quantitative summary of key unobservable inputs used in the Company’s review and approval of the broker-provided fair values used to derive the fair value of the CRT strip liabilities:
(1) Weighted average inputs are based on fair value amounts of the CRT arrangements, except for remaining loss expectation which is based on the UPB of the loans in the reference pools. (2) Voluntary prepayment speed is measured using life voluntary CPR. (3) Involuntary prepayment speed is measured using life involuntary CPR. Mortgage Servicing Rights The Company categorizes MSRs as “Level 3” fair value assets. The Company receives a servicing fee based on the remaining UPB of the loans subject to the servicing agreements and generally has the right to receive other remuneration including various mortgagor-contracted fees such as late charges and collateral reconveyance charges, and is generally entitled to retain any placement fees earned on certain custodial funds held pending remittance of mortgagor principal, interest, tax and insurance payments. The fair values of MSRs are derived from the net positive cash flows associated with the servicing agreements. The Company uses a discounted cash flow approach to estimate the fair values of its MSRs. Beginning in the third quarter of 2025, the Company enhanced its discounted cash flow approach to estimate the period-end fair value of its MSRs with the adoption of an OAS model. The OAS model allows the Company to account for the likelihood of interest rates moving along different paths as economic conditions change in its assessment of the fair value of MSRs as opposed to a single assumed rate path. Adoption of the OAS model did not have a significant effect on the fair value of MSRs. The key inputs used in the estimation of the fair value of MSRs include the applicable prepayment rate (prepayment speed), OAS or pricing spread (the OAS and pricing spread are components of the discount rate), and annual per-loan cost to service the underlying loans, all of which are unobservable. Significant changes to any of those inputs in isolation could result in a significant change in the MSR fair value measurement. Changes in these key inputs are not directly related. Changes in the fair value of MSRs are included in Net loan servicing fees – From nonaffiliates – Change in fair value of mortgage servicing rights in the consolidated statements of operations. MSRs are generally subject to loss in fair value when prepayment speed expectations and experience increase, when returns required by market participants (expressed as OAS or pricing spread) increase, or when the annual per-loan cost of servicing increases. Reductions in the fair value of MSRs affect income primarily through recognition of the change in fair value. Following are the key inputs used in determining the fair value of MSRs at the time of initial recognition:
(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 Treasury yield curve for purposes of discounting cash flows in its initial recognition of MSRs. Following is a quantitative summary of key inputs used in the valuation of MSRs as of the dates presented, and the effect on the fair value from adverse changes in those inputs:
(1) Weighted-average inputs are based on the UPB of the underlying loans. (2) 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. Real Estate Acquired in Settlement of Loans REO is measured based on its fair value on a nonrecurring basis and is categorized as a “Level 3” fair value asset. Fair value of REO is established by using a current estimate of fair value from either the price given in a pending contract of sale, a full appraisal, or a broker’s price opinion. REO fair values are reviewed by PLS staff appraisers when the Company obtains multiple indications of fair value and there is a significant difference between the indications of fair value. PLS staff appraisers will attempt to resolve the difference between the indications of fair value. In circumstances where the staff appraisers are not able to generate adequate data to support a fair value conclusion, the staff appraisers obtain an additional appraisal to establish fair value. Recognized changes in the fair value of REO are included in Results of real estate acquired in settlement of loans in the consolidated statements of operations. |
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Mortgage-Backed Securities |
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| Mortgage Backed Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage-Backed Securities | Note 8— Mortgage-Backed Securities Following is a summary of activity in the Company’s holdings of MBS:
Following is a summary of the Company’s investments in MBS:
(1) All MBS have maturities of more than ten years except the subordinate residential transition bond which matures between one year through five years. All MBS are pledged to secure Assets sold under agreements to repurchase.
(1) All MBS have maturities of more than ten years and are pledged to secure Assets sold under agreements to repurchase. |
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Loans Held for Sale at Fair Value |
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| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Held for Sale at Fair Value | Note 9—Loans Held for Sale at Fair Value Following is a summary of the distribution of the Company’s loans held for sale at fair value:
(1) GSE eligibility refers to the eligibility of loans for sale to Fannie Mae or Freddie Mac. The Company sells or finances a portion of its GSE eligible loan production to other investors. |
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Loans Held for Investment at Fair Value |
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| Mortgage Loans At Fair Value [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Held for Investment at Fair Value | Note 10—Loans Held for Investment at Fair Value Loans held for investment at fair value are comprised primarily of loans held in VIEs securing asset-backed financings as described in Note 6 –Variable Interest Entities – Subordinate and Senior Non-Agency Mortgage-Backed Securities. Following is a summary of the distribution of the Company’s loans held for investment at fair value:
(1) As discussed in Note 6 ‒ Variable Interest Entities ‒ Subordinate and Senior Non-Agency Mortgage-Backed Securities, the Company holds a portion of the interests in VIEs. At March 31, 2026 and December 31, 2025, $937.7 million and $648.2 million, respectively, of such retained interests were pledged to secure Assets sold under agreements to repurchase. |
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Derivative and Credit Risk Transfer Strip Assets and Liabilities |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative and Credit Risk Transfer Strip Assets and Liabilities | Note 11—Derivative and Credit Risk Transfer Strip Assets and Liabilities Derivative and credit risk transfer strip assets and liabilities are summarized below:
The Company records all derivative and CRT strip assets and liabilities at fair value and records changes in fair value in current period results of operations. Derivative Activities The Company holds and issues derivative financial instruments in connection with its operating, investing and financing activities. Derivative financial instruments are created as a result of certain of the Company’s operations and the Company also enters into derivative transactions as part of its interest rate risk management activities. Derivative financial instruments created as a result of the Company’s operations are IRLCs that are created when the Company commits to purchase loans held for sale. The Company engages in interest rate risk management activities in an effort to reduce the variability of earnings caused by the effects of changes in interest rates on the fair values of certain of its assets and liabilities. The Company bears price risk related to its mortgage production, servicing assets and MBS financing activities due to changes in market interest rates as discussed below: • The Company is exposed to losses if market mortgage interest rates increase, because market interest rate increases generally cause the fair values of MBS, IRLCs and loans held for sale to decrease. • The Company is exposed to losses if market mortgage interest rates decrease, because market interest rate decreases generally encourage increased mortgage refinancing activities, which causes the fair values of MSRs to decrease. To manage the price risk resulting from these interest rate risks, the Company uses derivative financial instruments with the intention of moderating the risk that changes in market interest rates will result in unfavorable changes in the fair values of the Company’s MBS, inventory of loans held for sale, IRLCs and MSRs. The Company does not designate and qualify any of its derivative financial instruments for hedge accounting. Cash flows from derivative financial instruments relating to hedging of IRLCs and loans held for sale are included in Cash flows from operating activities in Sale to nonaffiliates and repayment of loans held for sale at fair value. Cash flows from derivative financial instruments relating to hedging of MSRs are included in Cash flows from investing activities. Derivative Notional Amounts and Fair Value of Derivatives The Company had the following derivative assets and liabilities recorded within Derivative assets and Derivative and credit risk transfer strip liabilities at fair value and related margin deposits on the consolidated balance sheets:
(1) Notional amounts provide an indication of the volume of the Company’s derivative activity. (2) All hedging derivatives are interest rate derivatives that are used as economic hedges. Netting of Financial Instruments The Company has elected to net derivative asset and liability positions, and cash collateral placed with or received from its counterparties when such positions are subject to legally enforceable master netting arrangements and the Company intends to set off. The derivative financial instruments that are not subject to master netting arrangements are CRT derivatives and IRLCs. As of March 31, 2026 and December 31, 2025, the Company was not a party to any reverse repurchase agreements or securities lending transactions that are required to be disclosed in the following tables. Derivative Assets, Financial Instruments and Collateral Held by Counterparty The following table summarizes by significant counterparty the amounts of derivative asset positions after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance qualifying for setoff accounting.
Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty The following table summarizes by significant counterparty the amounts of derivative liabilities and assets sold under agreements to repurchase after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance to qualify for setoff accounting. All assets sold under agreements to repurchase were backed by sufficient collateral with fair values that exceeded the liability amounts recorded on the consolidated balance sheets.
(1) Amounts represent the UPB of Assets sold under agreements to repurchase. Following are the net gains (losses) recognized by the Company on derivative financial instruments and the consolidated statements of operations line items where such gains and losses are included:
(1) Represents net change in fair value of IRLCs from the beginning to the end of the quarter. Amounts recognized at the date of commitment and fair value changes recognized during the quarter until purchase of the underlying loan or cancellation of the commitment are shown in the rollforwards of IRLCs for the quarter in Note 7 – Fair Value – Financial Statement Items Measured at Fair Value on a Recurring Basis. |
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Mortgage Servicing Rights |
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| Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Servicing Rights | Note 12—Mortgage Servicing Rights Following is a summary of MSRs:
(1) Primarily reflects changes in prepayment speed, pricing spread or OAS, servicing cost, and UPB of underlying loan inputs. (2) Represents changes due to realization of expected cash flows.
Servicing fees relating to MSRs are recorded in Net loan servicing fees – from nonaffiliates on the Company’s consolidated statements of operations and are summarized below:
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Other Assets |
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| Other Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets | Note 13— Other Assets Other assets are summarized below:
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Short-Term Debt |
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| Short-Term Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Short-Term Debt | Note 14— Short-Term Debt The borrowing facilities described throughout these Notes 14 and 15 contain various covenants, including financial covenants Assets sold under agreements to repurchase Following is a summary of financial information relating to assets sold under agreements to repurchase:
(1) Excludes the effect of amortization of debt issuance costs of $1.9 million and $1.8 million for the quarters ended March 31, 2026 and 2025, respectively.
(1) The amount the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. (2) Beneficial interests in Fannie Mae MSRs are pledged to secure both Assets sold under agreements to repurchase and Notes payable secured by credit risk transfer and mortgage servicing assets. (3) Beneficial interests in Fannie Mae servicing advances are pledged to secure Assets sold under agreements to repurchase. Maturities Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date:
(1) The Company is subject to margin calls during the period the repurchase agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective repurchase agreements mature if the fair values (as determined by the applicable lender) of the assets securing those repurchase agreements decrease. Amounts at Risk The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and interest payable) and maturity information relating to the Company’s assets sold under agreements to repurchase is summarized by pledged asset and counterparty below as of March 31, 2026: Loans and MSRs
Securities
CRT arrangements
Mortgage Loan Participation Purchase and Sale Agreement One of the borrowing facilities secured by loans held for sale is in the form of a mortgage loan participation purchase and sale The purchase price paid by the lender for each participation certificate is based on the trade price of the security, plus an amount of interest expected to accrue on the security to its anticipated delivery date, minus a present value adjustment, any related hedging costs and a holdback amount. The holdback amount is based on a percentage of the purchase price and is not required to be paid to the Company until the settlement of the security and its delivery to the lender. The mortgage loan participation purchase and sale agreement is summarized below:
(1) Excludes the effect of amortization of debt issuance costs of $31,000 for the quarters ended March 31, 2026 and 2025. |
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Long-Term Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt | Note 15— Long-Term Debt Notes Payable Secured By Credit Risk Transfer and Mortgage Servicing Assets CRT Arrangement Financing The Company, through various wholly-owned subsidiaries, issued secured term notes (the “CRT Term Notes”) to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). All of the CRT Term Notes rank pari passu with each other. Following is a summary of the CRT Term Notes outstanding:
(1) Interest rates are charged at a spread to the Secured Overnight Financing Rate ("SOFR"). Fannie Mae MSR Financing The Company, through two subsidiaries, PMT ISSUER TRUST-FMSR and PMT CO-ISSUER TRUST-FMSR (together, the "Issuer Trusts"), finances MSRs relating to loans serviced for Fannie Mae guaranteed securities comprised of the base MSRs owned by PMC and the related excess servicing spread ("ESS") owned by PennyMac Holdings, LLC (“PMH”), another subsidiary of PMT, through a combination of repurchase agreements and term financing. The repurchase agreement financings for Fannie Mae MSRs and ESS are effected through the issuance of variable funding notes (a Series 2017-VF1 Note, a Series 2024-VF1 Note, a Series 2024-VF2 Note, and a Series 2025-VF1 Note, together the "FMSR VFNs") by the Issuer Trusts to PMC and PMH in exchange for participation certificates for MSRs and ESS. The FMSR VFNs are then sold by PMC and PMH to qualified institutional buyers under agreements to repurchase. The amounts outstanding under the FMSR VFNs are included in Assets sold under agreements to repurchase in the Company’s consolidated balance sheets. The FMSR VFNs have a combined committed borrowing capacity of $1.1 billion under two-year repurchase agreement facilities. The term financing for Fannie Mae MSRs is effected through the issuance of term notes (the “FT-1 Term Notes”) by the Issuer Trusts to qualified institutional buyers under Rule 144A of the Securities Act and a series of syndicated term loans with various lenders (the “FTL-1 Term Loans"). The FT-1 Term Notes, FTL-1 Term Loans and the FMSR VFNs are secured by participation certificates relating to Fannie Mae MSRs and ESS. Creditors to the assets sold under agreements to repurchase, the FT-1Term Notes and the FTL-1 Term Notes have equal priority in claims to the collateral held by the Issuer Trusts. Following is a summary of the term financing of the Company’s Fannie Mae MSRs:
(1) Interest rates are charged at a spread to SOFR. (2) The indentures relating to these issuances provide the Company with the option of extending the maturity dates of the FTL-1 Term Loans and FT-1 Term Notes under conditions specified in the respective agreements. Freddie Mac MSR and Servicing Advance Receivables Financing The Company, through PMC and PMH, finances certain MSRs (including any related ESS) relating to loans pooled into Freddie Mac securities through various credit agreements. The total loan amount available under the agreements is approximately $2.0 billion, bearing interest at an annual rate equal to SOFR plus a spread as defined in each agreement. The agreements have maturities on various dates through . The total loan amount available under the agreements may be reduced by other debt outstanding with the counterparties. Advances under the credit agreements are secured by MSRs relating to loans serviced for Freddie Mac guaranteed securities. The Company, through its indirect, wholly owned subsidiaries, PMT ISSUER TRUST - FHLMC SAF, PMT SAF Funding, LLC, and PMC, entered into a structured finance transaction that PMC may use to finance Freddie Mac servicing advance receivables (the “Series 2023-VF1”). The maturity date of the related Series 2023-VF1, Class A-VF1 Variable Funding Note is March 5, 2027 and has a maximum principal amount of $175 million. Following is a summary of financial information relating to notes payable secured by credit risk transfer and mortgage servicing assets:
(1) Excludes the effect of amortization of debt issuance costs of $1.8 million and $2.3 million for the quarters ended March 31, 2026 and 2025, respectively.
(1) Beneficial interests in Freddie Mac MSRs and related servicing advances are pledged as collateral for the Notes payable secured by credit risk transfer and mortgage servicing assets. Beneficial interests in Fannie Mae MSRs are pledged for both Assets sold under agreements to repurchase and Notes payable secured by credit risk transfer and mortgage servicing assets. Unsecured Senior Notes Exchangeable Senior Note The exchangeable senior note is summarized below:
(1) Common Shares per $1,000 principal amount. (2) Unless repurchased or exchanged in accordance with their terms before such date. (3) Balance includes $16.5 million issued on June 4, 2024, $75 million issued on December 15, 2025 and $75 million issued on December 22, 2025. The exchangeable senior notes are exchangeable for: (1) cash for the principal amount of the notes to be exchanged; and (2) cash, Common Shares or a combination of cash and Common Shares, at the Company’s election, for the remainder, if any, of the exchange obligation in excess of the principal amount of the notes being exchanged, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The exchangeable senior notes are fully and unconditionally guaranteed by the Company. Senior Notes The senior notes are summarized below:
(1) Redemptions may be made on or after the dates indicated. Interest on the senior notes is payable quarterly. PMT may redeem for cash all or any portion of the senior notes, at its option, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the applicable redemption date. The senior notes are fully and unconditionally guaranteed on a senior unsecured basis by PMC, including the due and punctual payment of principal and interest, whether at stated maturity, upon acceleration, call for redemption or otherwise. Following is financial information relating to the unsecured senior notes:
(1) Excludes the effect of amortization of debt issuance costs of $1.2 million and $976,000 for the quarters ended March 31, 2026 and 2025, respectively. Asset-Backed Financing of Variable Interest Entities at Fair Value Following is a summary of financial information relating to the asset-backed financings of VIEs at fair value described in Note 6 ‒ Variable Interest Entities ‒ Subordinate Mortgage-Backed Securities:
(1) Excludes the effect of amortization of premiums of $3.9 million and $1.4 million for the quarters ended March 31, 2026 and 2025, respectively.
The asset-backed financings are non-recourse liabilities and are secured solely by the assets of consolidated VIEs and not by any other assets of the Company. The assets of the VIEs are the only source of funds for repayment of the securities. Maturities of Long-Term Debt Contractual maturities of long-term debt obligations (based on final maturity dates) are as follows:
(1) Based on stated maturity. As discussed above, certain of the Notes payable secured by credit risk transfer and mortgage servicing assets allow the Company to exercise optional extensions. (2) Contractual maturity does not reflect expected repayment as borrowers of the underlying loans generally have the right to repay their loans at any time. |
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Liability for Losses Under Representations and Warranties |
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| Liability For Representations And Warranties [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Liability for Losses Under Representations and Warranties | Note 16—Liability for Losses Under Representations and Warranties Following is a summary of the Company’s liability for losses under representations and warranties:
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Commitments and Contingencies |
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Mar. 31, 2026 | |||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||
| Commitments and Contingencies | Note 17—Commitments and Contingencies Commitments The following table summarizes the Company’s outstanding contractual commitments:
Legal Proceedings From time to time, the Company may be involved in various legal and regulatory proceedings, lawsuits and claims arising in the ordinary course of business. The amount, if any, of ultimate liability with respect to such matters cannot be determined, but despite the inherent uncertainties of litigation, management believes that the ultimate disposition of any such proceedings and exposure will not have, individually or taken together, a material adverse effect on the financial condition, income, or cash flows of the Company.
Litigation On June 14, 2024, a purported shareholder of the Company’s Series A Preferred Shares and Series B Preferred Shares (each, as defined hereafter) filed a complaint in a putative class action in the United States District Court for the Central District of California (the "District Court”), captioned Roberto Verthelyi v. PennyMac Mortgage Investment Trust and PNMAC Capital Management, LLC, Case No. 2:24-cv-05028 (the “Verthelyi Action”). The Verthelyi Action alleges, among other things, that the Company (and its external investment advisor, PCM), committed unlawful and unfair acts in violation of California’s Unfair Competition Law by replacing its floating three-month London Inter-bank Offered Rate ("LIBOR") dividend rate for the Series A and Series B Preferred Shares with a fixed rate, in violation of the LIBOR Act, 12 U.S.C. § 5801 et seq., and the LIBOR Rule, 12 C.F.R. § 253 et seq. The Verthelyi Action seeks injunctive relief requiring the Company to implement SOFR as a replacement to the three-month LIBOR rate and damages for the putative class in the form of restitution, interest, disgorgement and other relief. The Company believes it has interpreted the Articles Supplementary to its Series A and Series B Preferred Shares consistent with their terms and, more specifically, the interest rate fallback provisions contained therein, as applied under the LIBOR Act and the LIBOR rules, and that the Verthelyi Action is without merit. On August 20, 2024, the Company filed a Motion to Dismiss that was denied by the District Court in an order dated February 26, 2025. The Company responded by filing a motion to certify the order denying the motion for interlocutory appeal, and on May 5, 2025, the District Court issued an Order Granting Certification for Interlocutory Appeal and Staying Action. The Company subsequently petitioned the United States Court of Appeals for the Ninth Circuit (the “Ninth Circuit”) for permission to appeal, and that petition was granted by the Ninth Circuit in an order dated July 17, 2025. The appeal is fully briefed, arguments were heard and it remains pending. At this time, the Company does not believe that a loss related to this matter is probable or reasonably estimable. The specific factors that limit the Company’s ability to reasonably estimate a loss or range of losses are the novelty of the legal theories under California’s Unfair Competition Law, the various claims for relief, including injunctive relief, and the early stage of the proceedings and uncertainty of the outcome. Accordingly, no accrual has been recorded in the Company’s consolidated financial statements for this matter. While no assurance can be provided as to the ultimate outcome of this claim, the Company and PCM plan to vigorously defend the matter. Pursuant to the terms of the Third Amended and Restated Management Agreement, dated as of June 30, 2020, by and between the Company and PCM, the Company has assumed the defense of PCM in the Verthelyi Action. |
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Shareholders' Equity |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity | Note 18—Shareholders’ Equity Preferred Shares of Beneficial Interest Preferred shares of beneficial interest are summarized below:
(1) Par value is $0.01 per share. In accordance with the Articles Supplementary for each of the Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Series A Preferred Shares”) and the Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Series B Preferred Shares”), and disregarding the polling provisions contained in the Articles Supplementary for the Series A Preferred Shares and the Series B Preferred Shares that is deemed null and void in accordance with Federal Reserve rules, the applicable dividend rate for dividend periods from and after March 15, 2024, in the case of the Series A Preferred Shares, or June 15, 2024, in the case of the Series B Preferred Shares, are and will continue being calculated at the dividend rate in effect for the immediately preceding dividend period and will not transition to floating reference rates. The Series A Preferred Shares became redeemable on March 15, 2024 and the Series B Preferred Shares became redeemable on June 15, 2024. The Series C Cumulative Redeemable Preferred Shares will not be redeemable before August 24, 2026, except in connection with the Company’s qualification as a REIT for U.S. federal income tax purposes or upon the occurrence of a change of control. On or after the date the preferred shares become redeemable, or 120 days after the first date on which such change of control occurs, the Company may, at its option, redeem any or all of the preferred shares at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. No preferred shares were redeemed during the quarter ended March 31, 2026. The preferred shares have no stated maturity, are not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless redeemed or repurchased by the Company or converted into Common Shares in connection with a change of control by the holders of the preferred shares. Common Shares of Beneficial Interest “At-The-Market” (“ATM”) Equity Offering Program On June 14, 2024, the Company filed a shelf registration statement and a prospectus supplement, and entered into separate equity distribution agreements to sell from time to time, through an ATM equity offering program under which the counterparties will act as sales agents and/or principals, the Company’s Common Shares having an aggregate offering price of up to $200 million. As of March 31, 2026, the Company had not sold any Common Shares under the ATM equity offering program. Common Share Repurchase Program The Company has a Common Share repurchase program with a repurchase authorization of $500 million before transaction fees and $73.4 million available for further share repurchases. The Company made no share repurchases during the quarter ended March 31, 2026 and has made cumulative repurchases under the Common Share repurchase program totaling $427.2 million, which includes $582,000 of transaction fees. |
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Net Gains on Loans Held for Sale |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Gains on Loans Held for Sale | Note 19— Net Gains on Loans Held for Sale Net gains on loans held for sale are summarized below:
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Net (Losses) Gains on Investments and Financings |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net (Losses) Gains on Investments and Financings | Note 20— Net (Losses) Gains on Investments and Financings Net (losses) gains on investments and financings are summarized below:
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Net Interest Expense |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Banking and Thrift, Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Interest Expense | Note 21—Net Interest Expense Net interest expense is summarized below:
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Share-Based Compensation |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation | Note 22—Share-Based Compensation The Company’s equity incentive plan provides for the issuance of equity awards to the Company’s officers and trustees, as well as to employees and officers of PFSI and its affiliates and other entities or persons that provide services to the Company. The equity incentive plan is administered by the Company’s compensation committee, pursuant to authority delegated by PMT’s board of trustees, which has the authority to make equity awards to the eligible participants referenced above, and to determine what form the equity awards will take, and the terms and conditions of the equity awards. The Company’s equity incentive plan allows for the grant of time-based and performance-based restricted share unit equity awards. The shares underlying equity award grants will again be available for award under the equity incentive plan if: • any shares subject to an equity award granted under the equity incentive plan are forfeited, canceled, exchanged or surrendered; • an equity award terminates or expires without a distribution of shares to the participant; or • shares are surrendered or withheld by PMT as payment of withholding taxes for an equity award. Restricted share units and performance-based unit equity awards have been awarded to officers and trustees of the Company and to other employees and officers of PFSI and its affiliates at no cost to the grantees. Such awards generally vest over a one- to three-year period. The following table summarizes the Company’s share-based compensation activity:
(1) The actual number of performance-based restricted share units (“RSUs”) that vested during the quarter ended March 31, 2026 was approximately 79% of the 128,212 originally granted performance-based RSUs.
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Income Taxes |
3 Months Ended |
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Mar. 31, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 23—Income Taxes The Company’s effective tax rate was 8.5% and 253.7% with consolidated pretax income of $26.9 million and pretax loss of $6.3 million for the quarters ended March 31, 2026 and March 31, 2025, respectively. The Company’s taxable REIT subsidiary (“TRS”) recognized a tax expense of $2.9 million on pretax income of $964,000 for the quarter ended March 31, 2026. For the same period in 2025, the TRS recognized a tax benefit of $17.2 million on a pretax loss of $75.3 million. The primary difference between the Company’s effective tax rate and the statutory tax rate is generally attributable to nontaxable REIT income resulting from the dividends paid deduction. The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. On the basis of this evaluation, as of March 31, 2026, the valuation allowance remains zero. The TRS has a significant net deferred tax liability position, which indicates the TRS will utilize all of its deferred tax assets. The amount of deferred tax assets considered realizable could be adjusted in future periods based on future income. In general, cash dividends declared by the Company will be considered ordinary income to the shareholders for income tax purposes. Some portion of the dividends may be characterized as capital gain distributions or a return of capital. The 2017 Tax Cuts and Jobs Act (subject to certain limitations) provides a 20% deduction from taxable income for ordinary REIT dividends which was made permanent under the One Big Beautiful Bill Act of 2025. |
Earnings (Loss) Per Common Share |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings (Loss) Per Common Share | Note 24—Earnings (Loss) Per Common Share The Company determines earnings per Common Share using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to Common Shares and participating securities based on their respective rights to receive dividends. The Company’s participating securities are certain grants of restricted share units that provide the recipients the nonforfeitable right to receive dividend equivalents during the vesting period on a basis equivalent to the dividends paid to holders of Common Shares. Basic earnings per share is determined by dividing net income available to common shareholders (net income reduced by preferred dividends and income attributable to the participating securities) by the weighted average Common Shares outstanding during the period. Diluted earnings per share is determined by dividing net income by the weighted average number of Common Shares and dilutive securities. The Company’s potentially dilutive securities are share-based compensation awards and the exchangeable senior notes described in Note 15— Long-Term Debt. The number of dilutive securities included in diluted earnings per share is calculated using either the treasury stock or if-converted method (whichever is most dilutive) for share-based compensation awards and the if-converted method for the exchangeable senior notes. The number of potentially dilutive securities relating to the exchangeable senior notes is calculated based on the exchange obligation in excess of the principal amount of the exchangeable senior notes as described in Note 15— Long-Term Debt. The following table summarizes the basic and diluted earnings per share calculations:
Calculation of diluted earnings per share requires certain potentially dilutive shares to be excluded when the inclusion of such shares would be anti-dilutive. The following table summarizes the potentially dilutive shares excluded from the diluted earnings per share calculation:
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Segments |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segments | Note 25—Segments The Company operates in three segments as described in Note 1 ‒ Organization. The Company’s reportable segments are identified based on PMT’s investment strategies. The following disclosures about the Company’s business segments are presented consistent with the way the Company’s chief operating decision maker organizes and evaluates financial information for making operating decisions and assessing performance. The reportable segments are evaluated based on income or loss before benefit from income taxes. The chief operating decision maker uses pre-tax segments results to assess segment performance and allocate operating and capital resources among the segments. The Company’s is its chief executive officer.
Financial highlights by segment are summarized below:
(1) All investment income is from external customers. The segments do not recognize intersegment income. (2) Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as insurance and technology.
(1) All investment income is from external customers. The segments do not recognize intersegment income. (2) Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as insurance and technology. |
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Regulatory Capital and Liquidity Requirements |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Banking [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory Capital and Liquidity Requirements | Note 26—Regulatory Capital and Liquidity Requirements The Company, through PMC, is subject to financial eligibility requirements established by the Federal Housing Finance Agency for sellers/servicers eligible to sell or service mortgage loans with Fannie Mae and Freddie Mac. The Agencies' capital and liquidity amounts and requirements are summarized below:
(1) Calculated in accordance with the Agencies’ requirements. Noncompliance with the Agencies’ capital and liquidity requirements can result in the Agencies taking various remedial actions up to and including removing the Company’s ability to sell loans to and service loans on behalf of the Agencies. |
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Subsequent Events |
3 Months Ended |
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Mar. 31, 2026 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Note 27—Subsequent Events Management has evaluated all events and transactions through the date the Company issued these consolidated financial statements. During this period, all agreements to repurchase assets that matured before the date of this Report were extended or renewed. |
Organization and Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) |
3 Months Ended |
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Mar. 31, 2026 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Segment Reporting | PennyMac Mortgage Investment Trust (“PMT” or the “Company”) is a specialty finance company, which invests in residential mortgage-related assets. The Company operates in three reportable segments: credit sensitive strategies, interest rate sensitive strategies and aggregation and securitization (formerly referred to as correspondent production). All other activities are included in corporate: • The credit sensitive strategies segment represents the Company’s investments in credit risk transfer (“CRT”) arrangements referencing loans from its own aggregation and securitization (“CRT arrangements”) and subordinate, residential and credit-linked mortgage-backed securities (“MBS”). • The interest rate sensitive strategies segment represents the Company’s investments in mortgage servicing rights (“MSRs”), Agency and senior non-Agency MBS, and collateralized mortgage obligations ("CMOs") and the related interest rate hedging activities. • The aggregation and securitization segment represents the Company’s operations purchasing, pooling and reselling or financing newly originated prime credit quality loans either directly or in the form of MBS, using the services of Pennymac Capital Management, LLC (“PCM”) and PennyMac Loan Services, LLC (“PLS”), both wholly-owned subsidiaries of PennyMac Financial Services, Inc. (“PFSI”), a publicly-traded mortgage banking and investment management company separately listed on the New York Stock Exchange. The Company sells the loans it acquires through its aggregation and securitization activities primarily to government-sponsored enterprises ("GSEs") such as the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal National Mortgage Association (“Fannie Mae”). Freddie Mac and Fannie Mae are each referred to as an “Agency” and, collectively, as the “Agencies.” The Company also finances certain of the loans it aggregates through its own securitizations and retains certain senior and subordinate MBS created in the securitizations. • Corporate activities include management fees, corporate expense amounts and certain interest income and expense. None of the corporate activities qualify as reportable segments. The Company conducts substantially all of its operations and makes substantially all of its investments through its subsidiary, PennyMac Operating Partnership, L.P. (the “Operating Partnership”), and the Operating Partnership’s subsidiaries. A wholly-owned subsidiary of the Company is the sole general partner, and the Company is the sole limited partner, of the Operating Partnership. The Company believes that it qualifies, and has elected to be taxed, as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). To maintain its tax status as a REIT, the Company is required to distribute at least 90% of its taxable income in the form of qualifying distributions to shareholders. |
| Basis of Presentation | Basis of Presentation The Company’s consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s ("FASB") Accounting Standards Codification for interim financial information and with the Securities and Exchange Commission’s instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these financial statements and notes do not include all of the information required by GAAP for complete financial statements. This interim consolidated information should be read together with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. These unaudited consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented, but are not necessarily indicative of the results of operations that may be anticipated for the full year. Intercompany accounts and transactions have been eliminated. Preparation of financial statements in compliance with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Actual results will likely differ from those estimates. The Company held no restricted cash during the periods presented. Therefore, the consolidated statements of cash flows do not include references to restricted cash. |
| Fair Value | The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine fair value. These levels are: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Prices determined or determinable using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. • Level 3—Prices determined using significant unobservable inputs. In situations where significant observable inputs are unavailable, unobservable inputs may be used. Unobservable inputs reflect the Company’s own judgments about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances. As a result of the difficulty in observing certain significant valuation inputs affecting “Level 3” fair value assets and liabilities, the Company is required to make judgments regarding these items’ fair values. Different persons in possession of the same facts may reasonably arrive at different conclusions as to the inputs to be applied in valuing these assets and liabilities and their fair values. Such differences may result in significantly different fair value measurements. Likewise, due to the general illiquidity of some of these assets and liabilities, subsequent transactions may be at values significantly different from those reported. The Company reclassifies its assets and liabilities between levels of the fair value hierarchy when the significant inputs required to establish fair value at a level of the fair value hierarchy are no longer readily available, requiring the use of lower-level inputs, or when the significant inputs required to establish fair value at a higher level of the hierarchy become available. Fair Value Accounting Elections The Company identified all of PMT’s non-cash financial assets and MSRs to be accounted for at fair value. The Company has elected to account for these assets at fair value so such changes in fair value will be reflected in results of operations as they occur and more timely reflect the results of the Company’s performance. The Company has also identified its Asset-backed financings of variable interest entities at fair value and Interest-only security payable at fair value to be accounted for at fair value to reflect the generally offsetting changes in fair value of these borrowings to changes in fair value of the assets at fair value collateralizing these financings. For other borrowings, the Company has determined that historical cost accounting is more appropriate because under that method debt issuance costs are amortized over the term of the debt facility, thereby matching the debt issuance cost to the periods benefiting from the availability of the debt. |
Transactions with Related Parties (Tables) |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Aggregation and Securitization Activities | Following is a summary of our aggregation and securitization activities between the Company and PLS:
(1)
Amount includes loans purchased from PLS subject to the fulfillment agreement as well as other loans purchased from PLS. |
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| Summary of Loan Servicing Fees Earned and Mortgage Servicing Rights Recaptured Income Earned | Following is a summary of loan servicing and recapture fees earned by PLS:
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| Summary of Management Fee Expense | Following is a summary of management fee expenses:
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| Summary of Expenses | Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses:
(2)
Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PFSI for the operating, investing and financing activities itemized in this Note. |
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| Summary of Amounts Receivable From and Payable to PFSI | Amounts receivable from and payable to PFSI are summarized below:
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| Summary of Transfer Cash to Fund Loan Servicing Advances | The Company has also transferred cash to PLS to fund loan servicing advances and REO property acquisition and preservation costs incurred on its behalf. Such amounts are included in various of the Company's balance sheet items as summarized below:
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Loan Sales (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loan Sales [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Cash Flows between Company and Transferees in Transfers Accounted for Sales | The following table summarizes cash flows between the Company and transferees in transfers of loans that are accounted for as sales where the Company maintains continuing involvement with the loans:
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| Summary of Collection Status Information for Loans Accounted for Sales | The following table summarizes for the dates presented collection status information for loans that are accounted for as sales where the Company maintains continuing involvement:
(1)
Custodial funds represent borrower and investor custodial cash accounts relating to loans serviced under mortgage servicing agreements and are not included on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors, and these fees are included in Interest income in the Company’s consolidated statements of operations. |
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Variable Interest Entities (Tables) - Variable Interest Entities [Member] |
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| Summary of Investment in Senior and Subordinate MBS Backed by Assets Held in Consolidated VIEs | Following is a summary of the Company’s investment in senior and subordinate MBS backed by assets held in consolidated VIEs:
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| Credit Risk Transfer Agreements [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Credit Risk Transfer Agreements | Following is a summary of the CRT arrangements:
(1)
Deposits securing credit risk transfer arrangements also secure $4.1 million and $6.0 million in CRT strip liabilities at March 31, 2026 and December 31, 2025, respectively. |
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Fair Value (Tables) |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Financial Statement Items Measured at Fair Value on Recurring Basis | Following is a summary of financial statement items that are measured at fair value on a recurring basis:
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| Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis | The following is a summary of changes in items measured at fair value on a recurring basis using Level 3 inputs that are significant to the estimation of the fair values of the assets and liabilities at either the beginning or end of the quarters presented:
(1) For the purpose of this table, CRT derivative, interest rate lock commitment (“IRLC”), and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to Loans held for sale at fair value upon purchase of the respective loans.
(1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to Loans held for sale at fair value upon purchase of the respective loans.
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| Fair Values and Related Principal Amounts Due upon Maturity of Mortgage Loans Accounted for Under Fair Value Option | Following are the fair values and related principal amounts due upon maturity of loans accounted for under the fair value option:
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| Summary of Changes in Fair Value Included in Current Period Results of Operations | Following are the changes in fair value included in current period results of operations by consolidated statements of operations line item, for financial statement items accounted for under the fair value option:
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| Summary of Carrying Value of Financial Statement Items Remeasured Based on Fair Value on Nonrecurring Basis | Following is a summary of the carrying value of assets that were remeasured during the quarter based on fair value on a nonrecurring basis:
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| Summary of Changes in Fair Value Recognized in Assets that Remeasured at Fair Value on a Nonrecurring Basis | The following table summarizes the fair value changes recognized during the quarter on assets held at quarter end that were remeasured at fair value on a nonrecurring basis:
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| Carrying and Fair Values of Notes Payable Secured by Credit Risk Transfer and Mortgage Servicing Rights and Exchangeable Senior Notes | The fair values and carrying values of these liabilities are summarized below:
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| Key Inputs Used in Determining Fair Value of IO Securities | Following are the key inputs used in determining the fair value of IO stripped MBS:
(1) Weighted-average inputs are based on the UPB of the underlying loans. (2) The Company applies an OAS to multiple simulated paths of a derived United States Treasury securities (“Treasury") yield curve for purposes of discounting cash flows relating to IO stripped MBS. (3)
Prepayment speed is measured using life total Conditional Prepayment Rate (“CPR”). Equivalent life is provided as supplementary information. |
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| Quantitative Summary of Key Unobservable Inputs Used in Valuation of CRT Derivatives | Following is a quantitative summary of key unobservable inputs used in the Company’s review and approval of broker-provided fair values for CRT derivatives:
(1) Weighted average inputs are based on fair value amounts of the CRT arrangements, except for remaining loss expectation which is based on the UPB of the loans in the reference pools. (2) Voluntary prepayment speed is measured using life voluntary CPR. (3)
Involuntary prepayment speed is measured using life involuntary CPR. |
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| Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments | Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs:
(1) For purposes of this table, IRLC asset and liability positions are shown net. (2)
Weighted-average inputs are based on the committed amounts. |
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| Summary of Key Unobservable Inputs Used in Valuation of Credit Risk Transfer Strip Liabilities | Following is a quantitative summary of key unobservable inputs used in the Company’s review and approval of the broker-provided fair values used to derive the fair value of the CRT strip liabilities:
(1) Weighted average inputs are based on fair value amounts of the CRT arrangements, except for remaining loss expectation which is based on the UPB of the loans in the reference pools. (2) Voluntary prepayment speed is measured using life voluntary CPR. (3)
Involuntary prepayment speed is measured using life involuntary CPR. |
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| Key Assumptions Used in Determining Fair Value of MSRs at Time of Initial Recognition | Following are the key inputs used in determining the fair value of MSRs at the time of initial recognition:
(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 Treasury yield curve for purposes of discounting cash flows in its initial recognition of MSRs. |
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| Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of Dates Presented, and Effect on Estimated Fair Value from Adverse Changes in Those Inputs | Following is a quantitative summary of key inputs used in the valuation of MSRs as of the dates presented, and the effect on the fair value from adverse changes in those inputs:
(1) Weighted-average inputs are based on the UPB of the underlying loans. (2) 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. |
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Mortgage-Backed Securities (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Backed Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Investment in Mortgage Backed Securities Activity | Following is a summary of activity in the Company’s holdings of MBS:
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| Schedule of Mortgage Backed Securities Pledged to Secure Assets Sold |
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| Schedule of Investments in Mortgage Backed Securities | Following is a summary of the Company’s investments in MBS:
(1) All MBS have maturities of more than ten years except the subordinate residential transition bond which matures between one year through five years. All MBS are pledged to secure Assets sold under agreements to repurchase.
(1) All MBS have maturities of more than ten years and are pledged to secure Assets sold under agreements to repurchase. |
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Loans Held for Sale at Fair Value (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Distribution of Company's Loans Held for Sale at Fair Value | Following is a summary of the distribution of the Company’s loans held for sale at fair value:
(1)
GSE eligibility refers to the eligibility of loans for sale to Fannie Mae or Freddie Mac. The Company sells or finances a portion of its GSE eligible loan production to other investors. |
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Loans Held for Investment at Fair Value (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Loans At Fair Value [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Distribution of Company's Loans Held for Investment at Fair Value | Following is a summary of the distribution of the Company’s loans held for investment at fair value:
(1)
As discussed in Note 6 ‒ Variable Interest Entities ‒ Subordinate and Senior Non-Agency Mortgage-Backed Securities, the Company holds a portion of the interests in VIEs. At March 31, 2026 and December 31, 2025, $937.7 million and $648.2 million, respectively, of such retained interests were pledged to secure Assets sold under agreements to repurchase. |
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Derivative and Credit Risk Transfer Strip Assets and Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Derivative and Credit Risk Transfer Strip Assets and Liabilities | Derivative and credit risk transfer strip assets and liabilities are summarized below:
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| Derivative Assets and Derivative and Credit Risk Transfer Strip Liabilities at Fair Value and Related Margin Deposits | The Company had the following derivative assets and liabilities recorded within Derivative assets and Derivative and credit risk transfer strip liabilities at fair value and related margin deposits on the consolidated balance sheets:
(1) Notional amounts provide an indication of the volume of the Company’s derivative activity. (2) All hedging derivatives are interest rate derivatives that are used as economic hedges. |
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| Summary of Derivative Assets, Financial Instruments and Collateral Held by Counterparty | The following table summarizes by significant counterparty the amounts of derivative asset positions after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance qualifying for setoff accounting.
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| Summary of Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty | The following table summarizes by significant counterparty the amounts of derivative liabilities and assets sold under agreements to repurchase after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance to qualify for setoff accounting. All assets sold under agreements to repurchase were backed by sufficient collateral with fair values that exceeded the liability amounts recorded on the consolidated balance sheets.
(1)
Amounts represent the UPB of Assets sold under agreements to repurchase. |
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| Net Gains (Losses) Recognized on Derivative Financial Instruments | Following are the net gains (losses) recognized by the Company on derivative financial instruments and the consolidated statements of operations line items where such gains and losses are included:
(1)
Represents net change in fair value of IRLCs from the beginning to the end of the quarter. Amounts recognized at the date of commitment and fair value changes recognized during the quarter until purchase of the underlying loan or cancellation of the commitment are shown in the rollforwards of IRLCs for the quarter in Note 7 – Fair Value – Financial Statement Items Measured at Fair Value on a Recurring Basis. |
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Mortgage Servicing Rights (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of MSRs Carried at Fair Value | Following is a summary of MSRs:
(1) Primarily reflects changes in prepayment speed, pricing spread or OAS, servicing cost, and UPB of underlying loan inputs. (2) Represents changes due to realization of expected cash flows.
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| Summary of Net Loan Servicing Fees Relating to MSRs | Servicing fees relating to MSRs are recorded in Net loan servicing fees – from nonaffiliates on the Company’s consolidated statements of operations and are summarized below:
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Other Assets (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Other Assets | Other assets are summarized below:
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Short-Term Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase | Following is a summary of financial information relating to assets sold under agreements to repurchase:
(1) Excludes the effect of amortization of debt issuance costs of $1.9 million and $1.8 million for the quarters ended March 31, 2026 and 2025, respectively.
(1) The amount the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. (2) Beneficial interests in Fannie Mae MSRs are pledged to secure both Assets sold under agreements to repurchase and Notes payable secured by credit risk transfer and mortgage servicing assets. (3)
Beneficial interests in Fannie Mae servicing advances are pledged to secure Assets sold under agreements to repurchase. |
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| Summary of Maturities of Outstanding Advances Under Repurchase Agreements by Maturity Date | Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date:
The Company is subject to margin calls during the period the repurchase agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective repurchase agreements mature if the fair values (as determined by the applicable lender) of the assets securing those repurchase agreements decrease. |
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| Summary of Assets Sold under Agreements to Repurchase by Counterparty | Securities
CRT arrangements
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| Summary of Mortgage Loan Participation Purchase and Sale Agreement | The mortgage loan participation purchase and sale agreement is summarized below:
(1)
Excludes the effect of amortization of debt issuance costs of $31,000 for the quarters ended March 31, 2026 and 2025. |
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| Loans and MSRs Sold Under Agreements to Repurchase [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Assets Sold under Agreements to Repurchase by Counterparty | Loans and MSRs
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Long-Term Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Financial Information Relating to Note Payable Secured by Credit Risk Transfer and Mortgage Servicing Assets | Following is a summary of financial information relating to notes payable secured by credit risk transfer and mortgage servicing assets:
(1) Excludes the effect of amortization of debt issuance costs of $1.8 million and $2.3 million for the quarters ended March 31, 2026 and 2025, respectively.
(1)
Beneficial interests in Freddie Mac MSRs and related servicing advances are pledged as collateral for the Notes payable secured by credit risk transfer and mortgage servicing assets. Beneficial interests in Fannie Mae MSRs are pledged for both Assets sold under agreements to repurchase and Notes payable secured by credit risk transfer and mortgage servicing assets. |
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| Summary of Financial Information Relating to Unsecured Senior Notes | Following is financial information relating to the unsecured senior notes:
(1)
Excludes the effect of amortization of debt issuance costs of $1.2 million and $976,000 for the quarters ended March 31, 2026 and 2025, respectively. |
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| Summary of Financial Information Relating to Asset-Backed Financing of a VIE at Fair Value | Following is a summary of financial information relating to the asset-backed financings of VIEs at fair value described in Note 6 ‒ Variable Interest Entities ‒ Subordinate Mortgage-Backed Securities:
(1) Excludes the effect of amortization of premiums of $3.9 million and $1.4 million for the quarters ended March 31, 2026 and 2025, respectively.
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| Schedule of Contractual Maturities on Long Term Debt Obligations | Maturities of Long-Term Debt Contractual maturities of long-term debt obligations (based on final maturity dates) are as follows:
(1) Based on stated maturity. As discussed above, certain of the Notes payable secured by credit risk transfer and mortgage servicing assets allow the Company to exercise optional extensions. (2)
Contractual maturity does not reflect expected repayment as borrowers of the underlying loans generally have the right to repay their loans at any time. |
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| Senior Notes [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Term Note Issued to Qualified Institutional Buyers | The senior notes are summarized below:
(1)
Redemptions may be made on or after the dates indicated. |
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| CRT Arrangement Financing [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Term Note Issued to Qualified Institutional Buyers | Following is a summary of the CRT Term Notes outstanding:
(1)
Interest rates are charged at a spread to the Secured Overnight Financing Rate ("SOFR"). |
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| Fannie Mae MSR Financing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Term Note Issued to Qualified Institutional Buyers | Following is a summary of the term financing of the Company’s Fannie Mae MSRs:
(1) Interest rates are charged at a spread to SOFR. (2)
The indentures relating to these issuances provide the Company with the option of extending the maturity dates of the FTL-1 Term Loans and FT-1 Term Notes under conditions specified in the respective agreements. |
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| Exchangeable Senior Notes [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Term Note Issued to Qualified Institutional Buyers |
(1) Common Shares per $1,000 principal amount. (2) Unless repurchased or exchanged in accordance with their terms before such date. (3)
Balance includes $16.5 million issued on June 4, 2024, $75 million issued on December 15, 2025 and $75 million issued on December 22, 2025. |
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Liability for Losses Under Representations and Warranties (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Liability For Representations And Warranties [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Company's Liability for Losses under Representations and Warranties | Following is a summary of the Company’s liability for losses under representations and warranties:
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||
| Company's Outstanding Contractual Commitments | The following table summarizes the Company’s outstanding contractual commitments:
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Shareholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Preferred Shares of Beneficial Interest | Preferred shares of beneficial interest are summarized below:
Par value is $0.01 per share |
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Net Gains on Loans Held for Sale (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Gains on Investments and Financings | Net gains on loans held for sale are summarized below:
|
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Net (Losses) Gains on Investments and Financings (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Net (Losses) Gains on Investments and Financings | Net (losses) gains on investments and financings are summarized below:
|
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Net Interest Expense (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Banking and Thrift, Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Net Interest Expense | Net interest expense is summarized below:
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Share-Based Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Share-Based Compensation Activity | The following table summarizes the Company’s share-based compensation activity:
(1)
The actual number of performance-based restricted share units (“RSUs”) that vested during the quarter ended March 31, 2026 was approximately 79% of the 128,212 originally granted performance-based RSUs. |
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| Summary of Restricted Share Units and Performance Share Units Expected to Vest |
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Earnings (Loss) Per Common Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Basic and Diluted Earnings per Share | The following table summarizes the basic and diluted earnings per share calculations:
Calculation of diluted earnings per share requires certain potentially dilutive shares to be excluded when the inclusion of such shares would be anti-dilutive. The following table summarizes the potentially dilutive shares excluded from the diluted earnings per share calculation |
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| Summary of Potentially Dilutive Shares Excluded from Computation of Diluted Earnings Per Share | The following table summarizes the potentially dilutive shares excluded from the diluted earnings per share calculation:
|
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Segments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Highlights by Segment | Financial highlights by segment are summarized below:
(1) All investment income is from external customers. The segments do not recognize intersegment income. (2)
Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as insurance and technology.
(1) All investment income is from external customers. The segments do not recognize intersegment income. (2)
Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as insurance and technology. |
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Regulatory Capital and Liquidity Requirements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Banking [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Capital and Liquidity Amounts and Requirements by Agencies | The Agencies' capital and liquidity amounts and requirements are summarized below:
(1)
Calculated in accordance with the Agencies’ requirements. |
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Organization - Additional Information (Detail) |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
Segment
| |
| Accounting Policies [Abstract] | |
| Number of operating segments | 3 |
| Number of reportable segments | 3 |
| Percentage of taxable income for distributions | 90.00% |
Basis of Presentation - Additional Information (Detail) - USD ($) |
Mar. 31, 2026 |
Mar. 31, 2025 |
|---|---|---|
| New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
| Restricted cash | $ 0 | $ 0 |
Transactions with Related Parties - Servicing Agreement - Additional Information (Detail) - PennyMac Loan Services, LLC [Member] - USD ($) |
3 Months Ended | |
|---|---|---|
Oct. 01, 2025 |
Mar. 31, 2026 |
|
| Mortgage Loans On Real Estate [Line Items] | ||
| Servicing agreement expiration date | Dec. 31, 2029 | |
| Service agreement maturity renewal term | 18 months | |
| Servicing Agreement [Member] | ||
| Mortgage Loans On Real Estate [Line Items] | ||
| Base servicing fees for REO per month | $ 75 | |
| Servicing Agreement [Member] | Minimum [Member] | ||
| Mortgage Loans On Real Estate [Line Items] | ||
| Additional servicing fees per loan per month | 18,000 | |
| Servicing Agreement [Member] | Maximum [Member] | ||
| Mortgage Loans On Real Estate [Line Items] | ||
| Additional servicing fees per loan per month | 80,000 | |
| Servicing Agreement [Member] | Fixed-Rate Mortgage Loans [Member] | ||
| Mortgage Loans On Real Estate [Line Items] | ||
| Base servicing fees per month | $ 7 | 7.5 |
| Servicing Agreement [Member] | Adjustable rate mortgage loans [Member] | ||
| Mortgage Loans On Real Estate [Line Items] | ||
| Base servicing fees per month | $ 8 | $ 8.5 |
Transactions with Related Parties - MSR Recapture Agreement - Additional Information (Detail) - 2020 MSR Recapture Agreement [Member] |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
USD ($)
| |
| Mortgage Loans On Real Estate [Line Items] | |
| Recapture agreement renewed and amended adjusted recapture fee description | 70% of the fair market value of the MSRs relating to the recaptured loans subject to the first 30% of the “recapture rate”;•50% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 30% and up to 50%;•40% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 50%; and•a recapture fee of $900 per loan if PLS originates a mortgage loan for the purpose of purchasing a property where the customer has or had a mortgage loan for which PMT holds or held the MSR. |
| MSR recapture fees | $ 900 |
| Service agreement maturity renewal term | 18 months |
| Services agreement renewed and amended adjusted expiration date | Dec. 31, 2029 |
| Recapture rate | 30.00% |
Transactions with Related Parties - Summary of Loan Servicing Fees Earned and Mortgage Servicing Rights Recaptured Income Earned (Detail) - PennyMac Loan Services, LLC [Member] - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Related Party Transaction [Line Items] | ||
| Loan servicing fees | $ 19,723 | $ 21,729 |
| Average MSR portfolio unpaid principal balance | 214,185,523 | 225,515,018 |
| Mortgage servicing rights recapture fees | 5,807 | 1,208 |
| Unpaid principal balance of loans recaptured | 550,998 | 159,472 |
| Loans held for sale [Member] | ||
| Related Party Transaction [Line Items] | ||
| Loan servicing fees | 155 | 223 |
| Average investment in loans acquired for sale at fair value | 2,615,661 | 1,997,488 |
| Loans held for investment [Member] | ||
| Related Party Transaction [Line Items] | ||
| Loan servicing fees | 516 | 168 |
| Loans at fair value | 9,695,900 | 2,626,335 |
| Mortgage servicing rights [Member] | ||
| Related Party Transaction [Line Items] | ||
| Loan servicing fees | $ 19,052 | $ 21,338 |
Transactions with Related Parties - Mortgage Banking Services Agreement - Additional Information (Detail) - USD ($) |
3 Months Ended | 12 Months Ended |
|---|---|---|
Mar. 31, 2026 |
Dec. 31, 2024 |
|
| 2020 MBS Agreement [Member] | ||
| Mortgage Loans On Real Estate [Line Items] | ||
| Servicing agreement expiration date | Dec. 31, 2029 | |
| Service agreement maturity renewal term | 18 months | |
| 2020 MBS Agreement [Member] | Fannie Mae Or Freddie Mac Mortgage Loans [Member] | ||
| Mortgage Loans On Real Estate [Line Items] | ||
| Number of mortgage loans purchased multiplier | $ 500 | |
| 2020 MBS Agreement [Member] | Maximum [Member] | ||
| Mortgage Loans On Real Estate [Line Items] | ||
| Mortgage loans commitments multiplier | 585 | |
| Mortgage adjusted loan commitments | 16,500 | |
| Number of mortgage loans purchased multiplier | 315 | |
| Number of mortgage loans purchased | $ 16,500 | |
| Interest income and sourcing fee | 2.00% | |
| 2020 MBS Agreement [Member] | Minimum [Member] | ||
| Mortgage Loans On Real Estate [Line Items] | ||
| Mortgage loans commitments multiplier | $ 355 | |
| Mortgage adjusted loan commitments | 16,500 | |
| Number of mortgage loans purchased multiplier | 195 | |
| Number of mortgage loans purchased | $ 16,500 | |
| Interest income and sourcing fee | 1.00% | |
| 2020 MBS Agreement Renewed and Amended [Member] | ||
| Mortgage Loans On Real Estate [Line Items] | ||
| Percentage of right to purchase non-government insured or guaranteed loans | 100.00% |
Transactions with Related Parties - Summary of Aggregation and Securitization Activities (Detail) - USD ($) $ in Thousands |
3 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|||
| Related Party Transaction [Line Items] | ||||
| Unpaid principal balance of loans sold to PLS: | $ 0 | $ 20,152,676 | ||
| PennyMac Loan Services, LLC [Member] | ||||
| Related Party Transaction [Line Items] | ||||
| Loan fulfillment fees earned by PLS | 5,737 | 5,290 | ||
| Unpaid principal balance of loans fulfilled by PLS | 2,796,544 | 2,781,722 | ||
| Sourcing fees received from PLS included in Net gains on loans held for sale | 0 | 2,015 | ||
| Purchases of loans held for sale from PLS | [1] | 4,380,289 | 654,808 | |
| Tax service fees paid to PLS | 0 | 477 | ||
| PennyMac Loan Services, LLC [Member] | Government Guaranteed Or Insured [Member] | ||||
| Related Party Transaction [Line Items] | ||||
| Unpaid principal balance of loans sold to PLS: | 0 | 11,191,880 | ||
| PennyMac Loan Services, LLC [Member] | Conventional Conforming [Member] | ||||
| Related Party Transaction [Line Items] | ||||
| Unpaid principal balance of loans sold to PLS: | $ 0 | $ 8,960,796 | ||
| ||||
Transactions with Related Parties - Management Agreement - Additional Information (Detail) - USD ($) |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Mortgage Loans On Real Estate [Line Items] | |||
| MBS yield, average number of year | 30 years | ||
| Investment, Type [Extensible Enumeration] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
| Management agreement expiration date | Dec. 31, 2029 | ||
| Management agreement maturity renewal term | 18 months | ||
| Termination fees, description | The termination fee is equal to three times the sum of (a) the average annual base management fee, and (b) the average annual performance incentive fee earned by PCM, in each case during the 24-month period before termination of the management agreement. | ||
| 1.5% per annum of stockholders equity [Member] | |||
| Mortgage Loans On Real Estate [Line Items] | |||
| Base management fee annual rate | 1.50% | ||
| PNMAC Capital Management LLC [Member] | |||
| Mortgage Loans On Real Estate [Line Items] | |||
| Percentage of change in net income due to quarterly adjustments | 8.00% | ||
| PNMAC Capital Management LLC [Member] | 1.375% per annum of stockholders equity [Member] | |||
| Mortgage Loans On Real Estate [Line Items] | |||
| Base management fee annual rate | 1.375% | ||
| PNMAC Capital Management LLC [Member] | 1.25% per annum of stockholders equity [Member] | |||
| Mortgage Loans On Real Estate [Line Items] | |||
| Base management fee annual rate | 1.25% | ||
| PNMAC Capital Management LLC [Member] | Net income exceeds 10% [Member] | |||
| Mortgage Loans On Real Estate [Line Items] | |||
| Percentage of net income for calculation of performance incentive fees | 10.00% | ||
| Percentage of return on equity | 12.00% | ||
| PNMAC Capital Management LLC [Member] | Net income exceeds 15% [Member] | |||
| Mortgage Loans On Real Estate [Line Items] | |||
| Percentage of net income for calculation of performance incentive fees | 15.00% | ||
| Percentage of return on equity | 16.00% | ||
| PNMAC Capital Management LLC [Member] | Net income exceeds 20% [Member] | |||
| Mortgage Loans On Real Estate [Line Items] | |||
| Percentage of net income for calculation of performance incentive fees | 20.00% | ||
| PNMAC Capital Management LLC [Member] | Maximum [Member] | |||
| Mortgage Loans On Real Estate [Line Items] | |||
| Percentage of performance incentive fee paid in Company's common shares | 50.00% | ||
| PNMAC Capital Management LLC [Member] | Maximum [Member] | 1.5% per annum of stockholders equity [Member] | |||
| Mortgage Loans On Real Estate [Line Items] | |||
| Base management fee shareholders' equity limit | $ 2,000,000,000 | ||
| PNMAC Capital Management LLC [Member] | Maximum [Member] | 1.375% per annum of stockholders equity [Member] | |||
| Mortgage Loans On Real Estate [Line Items] | |||
| Base management fee shareholders' equity limit | $ 5,000,000,000 | ||
| PNMAC Capital Management LLC [Member] | Maximum [Member] | Net income exceeds 10% [Member] | |||
| Mortgage Loans On Real Estate [Line Items] | |||
| Percentage of return on equity | 8.00% | ||
| PNMAC Capital Management LLC [Member] | Maximum [Member] | Net income exceeds 15% [Member] | |||
| Mortgage Loans On Real Estate [Line Items] | |||
| Percentage of return on equity | 12.00% | ||
| PNMAC Capital Management LLC [Member] | Maximum [Member] | Net income exceeds 20% [Member] | |||
| Mortgage Loans On Real Estate [Line Items] | |||
| Percentage of return on equity | 16.00% | ||
| PNMAC Capital Management LLC [Member] | Minimum [Member] | 1.375% per annum of stockholders equity [Member] | |||
| Mortgage Loans On Real Estate [Line Items] | |||
| Base management fee shareholders' equity limit | $ 2,000,000,000 | ||
| PNMAC Capital Management LLC [Member] | Minimum [Member] | 1.25% per annum of stockholders equity [Member] | |||
| Mortgage Loans On Real Estate [Line Items] | |||
| Base management fee shareholders' equity limit | $ 5,000,000,000 | ||
| PennyMac Financial Services, Inc. [Member] | |||
| Mortgage Loans On Real Estate [Line Items] | |||
| Performance incentive fee description | The performance incentive fee is equal to the sum of: •10% of the amount by which “net income” for the year exceeds (i) an 8% return on the average “common shareholders’ equity” plus the “high watermark”, up to (ii) a 12% return on “common shareholders’ equity” during the fiscal year; plus •15% of the amount by which “net income” for the year exceeds (i) a 12% return on the average “common shareholders’ equity” plus the “high watermark”, up to (ii) a 16% return on “common shareholders’ equity” during the fiscal year; plus •20% of the amount by which “net income” for the year exceeds a 16% return on the average “common shareholders’ equity” during the fiscal year plus the “high watermark.” | ||
| PMT agreed to reimburse PCM for a payment | $ 17,500,000 | $ 17,122,000 | |
Transactions with Related Parties - Summary of Management Fee Expense (Detail) - PNMAC Capital Management LLC [Member] - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Related Party Transaction [Line Items] | ||
| Total management fee incurred during the period | $ 6,762 | $ 7,012 |
| Average shareholders' equity amounts used to calculate base management fee expense | 1,828,237 | 1,895,785 |
| Base management fee [Member] | ||
| Related Party Transaction [Line Items] | ||
| Total management fee incurred during the period | 6,762 | 7,012 |
| Performance incentive fee [Member] | ||
| Related Party Transaction [Line Items] | ||
| Total management fee incurred during the period | $ 0 | $ 0 |
Transactions with Related Parties - Summary of Expenses (Detail) - PNMAC Capital Management LLC [Member] - USD ($) $ in Thousands |
3 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|||
| Related Party Transaction [Line Items] | ||||
| Expenses incurred on the Company’s behalf, net | $ 6,141 | $ 4,601 | ||
| Compensation | 1,599 | 1,629 | ||
| Common overhead | 949 | 981 | ||
| Total expenses incurred in transaction with affiliates | 8,689 | 7,211 | ||
| Payments and settlements during the period | [1] | $ 18,330 | $ 28,048 | |
| ||||
Transactions with Related Parties - Note Payable to PLS - Additional Information (Detail) - shares |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| PennyMac Financial Services, Inc. [Member] | ||
| Related Party Transaction [Line Items] | ||
| Number of common shares held by affiliate | 75,000 | 75,000 |
Transactions with Related Parties - Summary of Amounts Receivable From and Payable to PFSI (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Related Party Transaction [Line Items] | ||
| Allocated expenses and costs | $ 3,931 | $ 3,161 |
| PennyMac Financial Services, Inc. [Member] | ||
| Related Party Transaction [Line Items] | ||
| Loan servicing fees | 6,622 | 6,669 |
| Management fees | 6,762 | 6,856 |
| Aggregation and securitization costs | 185 | 436 |
| Due from PFSI-Miscellaneous receivables | 16,152 | 19,100 |
| Total expense due to affiliate | $ 17,500 | $ 17,122 |
Transactions with Related Parties - Summary of Transfer Cash to Fund Loan Servicing Advances (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Related Party Transaction [Line Items] | ||
| Servicing advances | $ 79,200 | $ 96,830 |
| Other assets-Real estate acquired in settlement of loans | 1,365 | 1,421 |
| PennyMac Loan Services, LLC [Member] | ||
| Related Party Transaction [Line Items] | ||
| Servicing advances | 79,200 | 96,830 |
| Other assets-Real estate acquired in settlement of loans | 681 | 655 |
| Servicing advances and real estate acquired | $ 79,881 | $ 97,485 |
Loan Sales - Summary of Cash Flows between Company and Transferees in Transfers Accounted for Sales (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Cash flows: | ||
| Proceeds from sales | $ 2,217,203 | $ 2,613,958 |
| Loan servicing fees received | $ 139,903 | $ 152,199 |
Loan Sales - Summary of Collection Status Information for Loans Accounted for Sales (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
||
|---|---|---|---|---|
| Mortgage Loans On Real Estate [Line Items] | ||||
| Unpaid principal balance of loans outstanding | $ 209,060,378 | $ 212,581,934 | ||
| Collection status (Unpaid principal balance) | ||||
| 30-89 days delinquent | 2,270,470 | 2,583,158 | ||
| 90 or more days delinquent: | ||||
| Not in foreclosure | 1,002,603 | 1,025,111 | ||
| In foreclosure | 139,000 | 118,503 | ||
| Bankruptcy | 358,030 | 351,890 | ||
| Custodial funds managed by the Company | [1] | $ 3,125,553 | $ 2,758,142 | |
| ||||
Variable Interest Entities - Additional Information (Detail) - Credit Risk Transfer Agreements [Member] |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Minimum [Member] | |
| Mortgage Loans on Real Estate [Line Items] | |
| Initially established percentage of unpaid principal balance of loans sold under recourse obligation losses | 3.50% |
| Increase to maximum percentage of outstanding unpaid principal balance | 4.50% |
| Maximum [Member] | |
| Mortgage Loans on Real Estate [Line Items] | |
| Initially established percentage of unpaid principal balance of loans sold under recourse obligation losses | 4.00% |
| Increase to maximum percentage of outstanding unpaid principal balance | 5.00% |
Variable Interest Entities - Summary of Credit Risk Transfer Agreements (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2032 |
Mar. 31, 2031 |
Mar. 31, 2030 |
Mar. 31, 2029 |
Mar. 31, 2028 |
Mar. 31, 2027 |
Dec. 31, 2025 |
|||
| Credit risk transfer strips | |||||||||||
| Net investment income | $ 82,134 | $ 44,465 | |||||||||
| Carrying value of credit risk transfer arrangements: | |||||||||||
| Interest-only security payable at fair value | (34,232) | $ (34,232) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (37,650) | |||
| Variable Interest Entities [Member] | |||||||||||
| Carrying value of credit risk transfer arrangements: | |||||||||||
| Interest-only security payable at fair value | (34,232) | (37,650) | |||||||||
| Variable Interest Entities [Member] | Credit Risk Transfer Agreements [Member] | |||||||||||
| Credit risk transfer derivatives | |||||||||||
| Realized | 2,548 | 2,803 | |||||||||
| Valuation changes | (2,416) | (823) | |||||||||
| Gains recognized on gross derivative related to credit risk transactions | 132 | 1,980 | |||||||||
| Credit risk transfer strips | |||||||||||
| Realized | 8,555 | 9,777 | |||||||||
| Valuation changes | 1,806 | (11,825) | |||||||||
| Credit risk transfer strips | 10,361 | (2,048) | |||||||||
| Interest-only security payable at fair value - valuation changes | 3,418 | (1,732) | |||||||||
| Gains (losses) recognized on gross derivative related to credit risk transactions | 13,911 | (1,800) | |||||||||
| Interest income -- Deposits securing credit risk transfer arrangements | 8,892 | 11,675 | |||||||||
| Net investment income | 22,803 | 9,875 | |||||||||
| Net payments made to settle losses on credit risk transfer arrangements | 1,368 | $ 1,243 | |||||||||
| Carrying value of credit risk transfer arrangements: | |||||||||||
| Derivative assets - credit risk transfer derivatives | 30,174 | 32,659 | |||||||||
| Derivative and credit risk transfer liabilities - credit risk transfer strips | (4,062) | (5,999) | |||||||||
| Derivative and credit risk transfer strip assets | 961,605 | 998,344 | |||||||||
| Deposits securing credit risk transfer arrangements | 969,725 | 1,009,334 | |||||||||
| Interest-only security payable at fair value | (34,232) | (37,650) | |||||||||
| Derivative assets | 30,174 | 32,659 | |||||||||
| Derivative and credit risk transfer strip assets pledged to secure | [1] | 969,725 | 1,009,334 | ||||||||
| Unpaid principal balance of loans underlying credit risk transfer arrangements | 18,715,937 | 19,517,530 | |||||||||
| Variable Interest Entities [Member] | Credit Risk Transfer Agreements [Member] | Purchase Commitment [Member] | |||||||||||
| Collection status (unpaid principal balance): | |||||||||||
| Current | 18,166,705 | 18,908,261 | |||||||||
| 30-89 days delinquent | 363,958 | 413,295 | |||||||||
| 90-179 days delinquent | 96,209 | 110,486 | |||||||||
| 180 or more days delinquent | 62,748 | 57,798 | |||||||||
| Foreclosure | 26,317 | 27,690 | |||||||||
| Bankruptcy | $ 60,687 | $ 68,426 | |||||||||
| |||||||||||
Variable Interest Entities - Summary of Credit Risk Transfer Agreements (Parenthetical) (Detail) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Transfer Of Financial Assets Accounted For As Sales [Line Items] | ||
| Deposits securing CRT strips and derivatives liabilities | $ 4.1 | $ 6.0 |
Variable Interest Entities - Summary of Investment in Senior and Subordinate MBS Backed by Assets Held in Consolidated VIEs (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Variable Interest Entity [Line Items] | |||
| Loans held for investment | $ (65,803) | $ 28,681 | |
| Asset-backed financings of variable interest entities at fair value | 62,236 | (29,423) | |
| Interest income | 276,091 | 176,091 | |
| Net investment income | 82,134 | 44,465 | |
| Loans held for investment at fair value | 10,867,942 | $ 8,532,644 | |
| Asset-backed financings at fair value | 9,903,515 | 7,789,303 | |
| Variable Interest Entities [Member] | |||
| Variable Interest Entity [Line Items] | |||
| Loans held for investment at fair value | 10,866,292 | 8,530,939 | |
| Asset-backed financings at fair value | 9,903,515 | 7,789,303 | |
| Variable Interest Entities [Member] | Subordinate Mortgage Backed Securities [Member] | |||
| Variable Interest Entity [Line Items] | |||
| Loans held for investment | (65,803) | 28,712 | |
| Asset-backed financings of variable interest entities at fair value | 62,236 | (29,423) | |
| Interest income | 133,754 | 33,673 | |
| Interest expense | 120,540 | 28,715 | |
| Net investment income | 9,647 | $ 4,247 | |
| Loans held for investment at fair value | 10,866,292 | 8,530,939 | |
| Asset-backed financings at fair value | 9,903,515 | 7,789,303 | |
| Retained interests at fair value pledged to secure Assets sold under agreements to repurchase | $ 937,680 | $ 648,159 | |
Fair Value - Summary of Financial Statement Items Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands |
Mar. 31, 2032 |
Mar. 31, 2031 |
Mar. 31, 2030 |
Mar. 31, 2029 |
Mar. 31, 2028 |
Mar. 31, 2027 |
Mar. 31, 2026 |
Dec. 31, 2025 |
Mar. 31, 2025 |
Dec. 31, 2024 |
||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets: | ||||||||||||
| Short-term investments | $ 187,689 | $ 190,518 | ||||||||||
| Mortgage-backed securities | 3,765,539 | 4,452,859 | ||||||||||
| Loans held for sale | 2,349,895 | 2,699,398 | ||||||||||
| Mortgage servicing rights | 3,623,979 | 3,644,702 | $ 3,770,034 | $ 3,867,394 | ||||||||
| Liabilities: | ||||||||||||
| Interest-only security payable at fair value | $ 34,232 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 34,232 | 37,650 | ||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Total derivative and credit risk transfer strip liabilities | 21,329 | 6,932 | ||||||||||
| PennyMac Financial Services, Inc. [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 3,838 | 6,389 | ||||||||||
| Derivative assets, Netting | (15) | (142) | ||||||||||
| Total derivative assets after netting | 3,823 | 6,247 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 5,901 | 2,399 | ||||||||||
| Derivative liabilities, Netting | (15) | (142) | ||||||||||
| Total derivative liabilities after netting | 5,886 | 2,257 | ||||||||||
| PennyMac Financial Services, Inc. [Member] | Interest Rate Lock Commitments with PFSI [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 2,613 | 4,605 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 5,886 | 2,257 | ||||||||||
| PennyMac Financial Services, Inc. [Member] | Forward Purchase Contracts [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 1,225 | 1,784 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 15 | 142 | ||||||||||
| Nonaffiliates [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 76,623 | 44,551 | ||||||||||
| Derivative assets, Netting | (25,857) | 5,145 | ||||||||||
| Total derivative assets after netting | 50,766 | 49,696 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 20,413 | 17,498 | ||||||||||
| Derivative liabilities, Netting | (3,146) | (16,565) | ||||||||||
| Total derivative liabilities after netting | 17,267 | 933 | ||||||||||
| Total derivative and credit risk transfer strip liabilities | 21,329 | 6,932 | ||||||||||
| Nonaffiliates [Member] | Credit Risk Transfer / CRT Derivatives [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | [1] | 30,174 | 32,659 | |||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | [1] | 0 | 0 | |||||||||
| Nonaffiliates [Member] | Forward Purchase Contracts [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | [1] | 1,492 | 4,113 | |||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | [1] | 8,491 | 158 | |||||||||
| Nonaffiliates [Member] | Forward Sales Contracts [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | [1] | 31,957 | 2,381 | |||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | [1] | 11,922 | 17,340 | |||||||||
| Call Options on Interest Rate Futures Purchase Contracts [Member] | Nonaffiliates [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | [1] | 2,141 | 1,289 | |||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | [1] | 0 | 0 | |||||||||
| Put Options On Interest Rate Futures Purchase Contracts | Nonaffiliates [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | [1] | 10,859 | 4,109 | |||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | [1] | 0 | 0 | |||||||||
| Recurring [Member] | ||||||||||||
| Assets: | ||||||||||||
| Short-term investments | 187,689 | 190,518 | ||||||||||
| Mortgage-backed securities | 3,765,539 | 4,452,859 | ||||||||||
| Loans held for sale | 2,349,895 | 2,699,398 | ||||||||||
| Loans held for investment | 10,867,942 | 8,532,644 | ||||||||||
| Total Assets | 20,849,633 | 19,576,064 | ||||||||||
| Mortgage servicing rights | 3,623,979 | 3,644,702 | ||||||||||
| Liabilities: | ||||||||||||
| Asset-backed financings of the variable interest entities | 9,903,515 | 7,789,303 | ||||||||||
| Interest-only security payable at fair value | 34,232 | 37,650 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Total liabilities | 9,964,962 | 7,836,142 | ||||||||||
| Recurring [Member] | Level 1 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Short-term investments | 187,689 | 190,518 | ||||||||||
| Mortgage-backed securities | 0 | 0 | ||||||||||
| Loans held for sale | 0 | 0 | ||||||||||
| Loans held for investment | 0 | 0 | ||||||||||
| Total Assets | 200,689 | 195,916 | ||||||||||
| Mortgage servicing rights | 0 | 0 | ||||||||||
| Liabilities: | ||||||||||||
| Asset-backed financings of the variable interest entities | 0 | 0 | ||||||||||
| Interest-only security payable at fair value | 0 | 0 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Total liabilities | 0 | 0 | ||||||||||
| Recurring [Member] | Level 2 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Short-term investments | 0 | 0 | ||||||||||
| Mortgage-backed securities | 3,694,110 | 4,380,357 | ||||||||||
| Loans held for sale | 2,347,811 | 2,695,817 | ||||||||||
| Loans held for investment | 10,866,292 | 8,530,939 | ||||||||||
| Total Assets | 16,942,887 | 15,615,391 | ||||||||||
| Mortgage servicing rights | 0 | 0 | ||||||||||
| Liabilities: | ||||||||||||
| Asset-backed financings of the variable interest entities | 9,903,515 | 7,789,303 | ||||||||||
| Interest-only security payable at fair value | 0 | 0 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Total liabilities | 9,923,943 | 7,806,943 | ||||||||||
| Recurring [Member] | Level 3 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Short-term investments | 0 | 0 | ||||||||||
| Mortgage-backed securities | 71,429 | 72,502 | ||||||||||
| Loans held for sale | 2,084 | 3,581 | ||||||||||
| Loans held for investment | 1,650 | 1,705 | ||||||||||
| Total Assets | 3,731,929 | 3,759,754 | ||||||||||
| Mortgage servicing rights | 3,623,979 | 3,644,702 | ||||||||||
| Liabilities: | ||||||||||||
| Asset-backed financings of the variable interest entities | 0 | 0 | ||||||||||
| Interest-only security payable at fair value | 34,232 | 37,650 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Total liabilities | 44,180 | 45,906 | ||||||||||
| Recurring [Member] | PennyMac Financial Services, Inc. [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 3,838 | 6,389 | ||||||||||
| Derivative assets, Netting | (15) | (142) | ||||||||||
| Total derivative assets after netting | 3,823 | 6,247 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 5,901 | 2,399 | ||||||||||
| Derivative liabilities, Netting | (15) | (142) | ||||||||||
| Total derivative liabilities after netting | 5,886 | 2,257 | ||||||||||
| Recurring [Member] | PennyMac Financial Services, Inc. [Member] | Level 1 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 0 | 0 | ||||||||||
| Derivative assets, Netting | 0 | 0 | ||||||||||
| Total derivative assets after netting | 0 | 0 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 0 | 0 | ||||||||||
| Derivative liabilities, Netting | 0 | 0 | ||||||||||
| Total derivative liabilities after netting | 0 | 0 | ||||||||||
| Recurring [Member] | PennyMac Financial Services, Inc. [Member] | Level 2 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 1,225 | 1,784 | ||||||||||
| Derivative assets, Netting | 0 | 0 | ||||||||||
| Total derivative assets after netting | 1,225 | 1,784 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 15 | 142 | ||||||||||
| Derivative liabilities, Netting | 0 | 0 | ||||||||||
| Total derivative liabilities after netting | 15 | 142 | ||||||||||
| Recurring [Member] | PennyMac Financial Services, Inc. [Member] | Level 3 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 2,613 | 4,605 | ||||||||||
| Derivative assets, Netting | 0 | 0 | ||||||||||
| Total derivative assets after netting | 2,613 | 4,605 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 5,886 | 2,257 | ||||||||||
| Derivative liabilities, Netting | 0 | 0 | ||||||||||
| Total derivative liabilities after netting | 5,886 | 2,257 | ||||||||||
| Recurring [Member] | PennyMac Financial Services, Inc. [Member] | Interest Rate Lock Commitments with PFSI [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 2,613 | 4,605 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 5,886 | 2,257 | ||||||||||
| Recurring [Member] | PennyMac Financial Services, Inc. [Member] | Interest Rate Lock Commitments with PFSI [Member] | Level 1 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 0 | 0 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 0 | 0 | ||||||||||
| Recurring [Member] | PennyMac Financial Services, Inc. [Member] | Interest Rate Lock Commitments with PFSI [Member] | Level 2 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 0 | 0 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 0 | 0 | ||||||||||
| Recurring [Member] | PennyMac Financial Services, Inc. [Member] | Interest Rate Lock Commitments with PFSI [Member] | Level 3 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 2,613 | 4,605 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 5,886 | 2,257 | ||||||||||
| Recurring [Member] | PennyMac Financial Services, Inc. [Member] | Forward Purchase Contracts [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 1,225 | 1,784 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 15 | 142 | ||||||||||
| Recurring [Member] | PennyMac Financial Services, Inc. [Member] | Forward Purchase Contracts [Member] | Level 1 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 0 | 0 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 0 | 0 | ||||||||||
| Recurring [Member] | PennyMac Financial Services, Inc. [Member] | Forward Purchase Contracts [Member] | Level 2 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 1,225 | 1,784 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 15 | 142 | ||||||||||
| Recurring [Member] | PennyMac Financial Services, Inc. [Member] | Forward Purchase Contracts [Member] | Level 3 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 0 | 0 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 0 | 0 | ||||||||||
| Recurring [Member] | Nonaffiliates [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 76,623 | 44,551 | ||||||||||
| Derivative assets, Netting | (25,857) | 5,145 | ||||||||||
| Total derivative assets after netting | 50,766 | 49,696 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 20,413 | 17,498 | ||||||||||
| Derivative liabilities, Netting | (3,146) | (16,565) | ||||||||||
| Total derivative liabilities after netting | 17,267 | 933 | ||||||||||
| Total derivative and credit risk transfer strip liabilities | 21,329 | 6,932 | ||||||||||
| Recurring [Member] | Nonaffiliates [Member] | Credit Risk Transfer Strips [Member] | ||||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 4,062 | 5,999 | ||||||||||
| Recurring [Member] | Nonaffiliates [Member] | Credit Risk Transfer / CRT Derivatives [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 30,174 | 32,659 | ||||||||||
| Recurring [Member] | Nonaffiliates [Member] | Level 1 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 13,000 | 5,398 | ||||||||||
| Derivative assets, Netting | 0 | |||||||||||
| Total derivative assets after netting | 13,000 | 5,398 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 0 | 0 | ||||||||||
| Derivative liabilities, Netting | 0 | 0 | ||||||||||
| Total derivative liabilities after netting | 0 | 0 | ||||||||||
| Total derivative and credit risk transfer strip liabilities | 0 | 0 | ||||||||||
| Recurring [Member] | Nonaffiliates [Member] | Level 1 [Member] | Credit Risk Transfer Strips [Member] | ||||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 0 | 0 | ||||||||||
| Recurring [Member] | Nonaffiliates [Member] | Level 1 [Member] | Credit Risk Transfer / CRT Derivatives [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 0 | 0 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities, Netting | 0 | |||||||||||
| Recurring [Member] | Nonaffiliates [Member] | Level 2 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 33,449 | 6,494 | ||||||||||
| Derivative assets, Netting | 0 | |||||||||||
| Total derivative assets after netting | 33,449 | 6,494 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 20,413 | 17,498 | ||||||||||
| Derivative liabilities, Netting | 0 | 0 | ||||||||||
| Total derivative liabilities after netting | 20,413 | 17,498 | ||||||||||
| Total derivative and credit risk transfer strip liabilities | 20,413 | 17,498 | ||||||||||
| Recurring [Member] | Nonaffiliates [Member] | Level 2 [Member] | Credit Risk Transfer Strips [Member] | ||||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 0 | 0 | ||||||||||
| Recurring [Member] | Nonaffiliates [Member] | Level 2 [Member] | Credit Risk Transfer / CRT Derivatives [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 0 | 0 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities, Netting | 0 | |||||||||||
| Recurring [Member] | Nonaffiliates [Member] | Level 3 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 30,174 | 32,659 | ||||||||||
| Derivative assets, Netting | 0 | |||||||||||
| Total derivative assets after netting | 30,174 | 32,659 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 0 | 0 | ||||||||||
| Derivative liabilities, Netting | 0 | 0 | ||||||||||
| Total derivative liabilities after netting | 0 | 0 | ||||||||||
| Total derivative and credit risk transfer strip liabilities | 4,062 | 5,999 | ||||||||||
| Recurring [Member] | Nonaffiliates [Member] | Level 3 [Member] | Credit Risk Transfer Strips [Member] | ||||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 4,062 | 5,999 | ||||||||||
| Recurring [Member] | Nonaffiliates [Member] | Level 3 [Member] | Credit Risk Transfer / CRT Derivatives [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 30,174 | 32,659 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities, Netting | 0 | |||||||||||
| Recurring [Member] | Nonaffiliates [Member] | Forward Purchase Contracts [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 1,492 | 4,113 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 8,491 | 158 | ||||||||||
| Recurring [Member] | Nonaffiliates [Member] | Forward Purchase Contracts [Member] | Level 1 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 0 | 0 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 0 | 0 | ||||||||||
| Recurring [Member] | Nonaffiliates [Member] | Forward Purchase Contracts [Member] | Level 2 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 1,492 | 4,113 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 8,491 | 158 | ||||||||||
| Recurring [Member] | Nonaffiliates [Member] | Forward Purchase Contracts [Member] | Level 3 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 0 | 0 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 0 | 0 | ||||||||||
| Recurring [Member] | Nonaffiliates [Member] | Forward Sales Contracts [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 31,957 | 2,381 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 11,922 | 17,340 | ||||||||||
| Recurring [Member] | Nonaffiliates [Member] | Forward Sales Contracts [Member] | Level 1 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 0 | 0 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 0 | 0 | ||||||||||
| Recurring [Member] | Nonaffiliates [Member] | Forward Sales Contracts [Member] | Level 2 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 31,957 | 2,381 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 11,922 | 17,340 | ||||||||||
| Recurring [Member] | Nonaffiliates [Member] | Forward Sales Contracts [Member] | Level 3 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 0 | 0 | ||||||||||
| Derivative and credit risk transfer strip liabilities: | ||||||||||||
| Derivative liabilities | 0 | 0 | ||||||||||
| Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member] | Nonaffiliates [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 2,141 | 1,289 | ||||||||||
| Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member] | Nonaffiliates [Member] | Level 1 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 2,141 | 1,289 | ||||||||||
| Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member] | Nonaffiliates [Member] | Level 2 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 0 | 0 | ||||||||||
| Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member] | Nonaffiliates [Member] | Level 3 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 0 | 0 | ||||||||||
| Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts | Nonaffiliates [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 10,859 | 4,109 | ||||||||||
| Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts | Nonaffiliates [Member] | Level 1 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 10,859 | 4,109 | ||||||||||
| Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts | Nonaffiliates [Member] | Level 2 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | 0 | 0 | ||||||||||
| Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts | Nonaffiliates [Member] | Level 3 [Member] | ||||||||||||
| Assets: | ||||||||||||
| Derivative assets | $ 0 | $ 0 | ||||||||||
| ||||||||||||
Fair Value - Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Assets: | ||
| Amounts received pursuant to sales of loans | $ 40,281 | $ 47,009 |
| Changes in fair value included in income arising from: | ||
| Mortgage servicing rights relating to delinquent loans to Agency | 295 | 221 |
| Interest Rate Lock Commitments with PFSI [Member] | ||
| Assets: | ||
| Beginning balance | 2,348 | |
| Liabilities: | ||
| Ending balance | 3,273 | |
| Recurring [Member] | ||
| Assets: | ||
| Beginning balance | 3,751,498 | 3,989,252 |
| Purchases and issuances | 8,871 | 4,627 |
| Repayments and sales | (20,114) | (19,994) |
| Accrual of unearned discount | 1,965 | 2,285 |
| Amounts received pursuant to sales of loans | 40,281 | 47,009 |
| Changes in fair value included in income arising from: | ||
| Changes in instrument-specific credit risk | 0 | 0 |
| Other factors | (53,860) | 140,034 |
| Total | (53,860) | 140,034 |
| Interest rate lock commitments to loans held for sale | (6,955) | (7,815) |
| Mortgage servicing rights relating to delinquent loans to Agency | 295 | 221 |
| Ending balance | 3,721,981 | 3,875,551 |
| Changes in fair value recognized during the quarter relating to assets | (64,371) | 155,530 |
| Recurring [Member] | Credit Risk Transfer Strips [Member] | ||
| Assets: | ||
| Beginning balance | (5,999) | (4,060) |
| Purchases and issuances | 0 | 0 |
| Repayments and sales | (8,424) | (9,777) |
| Accrual of unearned discount | 0 | 0 |
| Amounts received pursuant to sales of loans | 0 | 0 |
| Changes in fair value included in income arising from: | ||
| Changes in instrument-specific credit risk | 0 | 0 |
| Other factors | 10,361 | 2,048 |
| Total | 10,361 | 2,048 |
| Interest rate lock commitments to loans held for sale | 0 | 0 |
| Mortgage servicing rights relating to delinquent loans to Agency | 0 | 0 |
| Ending balance | (4,062) | (15,885) |
| Changes in fair value recognized during the quarter relating to assets | 1,806 | 11,825 |
| Recurring [Member] | Credit Risk Transfer Derivatives [Member] | ||
| Assets: | ||
| Beginning balance | 32,659 | 29,377 |
| Purchases and issuances | 0 | 0 |
| Repayments and sales | (2,617) | (2,883) |
| Accrual of unearned discount | 0 | 0 |
| Amounts received pursuant to sales of loans | 0 | 0 |
| Changes in fair value included in income arising from: | ||
| Changes in instrument-specific credit risk | 0 | 0 |
| Other factors | 132 | 1,980 |
| Total | 132 | 1,980 |
| Interest rate lock commitments to loans held for sale | 0 | 0 |
| Mortgage servicing rights relating to delinquent loans to Agency | 0 | 0 |
| Ending balance | 30,174 | 28,474 |
| Changes in fair value recognized during the quarter relating to assets | (2,416) | 823 |
| Recurring [Member] | Loans At Fair Value [Member] | ||
| Assets: | ||
| Beginning balance | 1,866 | |
| Purchases and issuances | 0 | |
| Repayments and sales | (20) | |
| Accrual of unearned discount | 0 | |
| Amounts received pursuant to sales of loans | 0 | |
| Changes in fair value included in income arising from: | ||
| Changes in instrument-specific credit risk | 0 | |
| Other factors | (31) | |
| Total | (31) | |
| Interest rate lock commitments to loans held for sale | 0 | |
| Mortgage servicing rights relating to delinquent loans to Agency | 0 | |
| Ending balance | 1,815 | |
| Changes in fair value recognized during the quarter relating to assets | (31) | |
| Recurring [Member] | Loans Held for Investment [Member] | ||
| Assets: | ||
| Beginning balance | 1,705 | |
| Purchases and issuances | 0 | |
| Repayments and sales | (16) | |
| Accrual of unearned discount | 0 | |
| Amounts received pursuant to sales of loans | 0 | |
| Changes in fair value included in income arising from: | ||
| Changes in instrument-specific credit risk | 0 | |
| Other factors | (39) | |
| Total | (39) | |
| Interest rate lock commitments to loans held for sale | 0 | |
| Mortgage servicing rights relating to delinquent loans to Agency | 0 | |
| Ending balance | 1,650 | |
| Changes in fair value recognized during the quarter relating to assets | (39) | |
| Recurring [Member] | Mortgage servicing rights [Member] | ||
| Assets: | ||
| Beginning balance | 3,644,702 | 3,867,394 |
| Purchases and issuances | 0 | 0 |
| Repayments and sales | 0 | 0 |
| Accrual of unearned discount | 0 | 0 |
| Amounts received pursuant to sales of loans | 40,281 | 47,009 |
| Changes in fair value included in income arising from: | ||
| Changes in instrument-specific credit risk | 0 | 0 |
| Other factors | (61,299) | (144,590) |
| Total | (61,299) | (144,590) |
| Interest rate lock commitments to loans held for sale | 0 | 0 |
| Mortgage servicing rights relating to delinquent loans to Agency | 295 | 221 |
| Ending balance | 3,623,979 | 3,770,034 |
| Changes in fair value recognized during the quarter relating to assets | (61,299) | (144,590) |
| Recurring [Member] | Loans acquired for sale [Member] | ||
| Assets: | ||
| Beginning balance | 7,971 | |
| Purchases and issuances | 28 | |
| Repayments and sales | (2,678) | |
| Accrual of unearned discount | 0 | |
| Amounts received pursuant to sales of loans | 0 | |
| Changes in fair value included in income arising from: | ||
| Changes in instrument-specific credit risk | 0 | |
| Other factors | (130) | |
| Total | (130) | |
| Interest rate lock commitments to loans held for sale | 0 | |
| Mortgage servicing rights relating to delinquent loans to Agency | 0 | |
| Ending balance | 5,451 | |
| Changes in fair value recognized during the quarter relating to assets | (14) | |
| Recurring [Member] | Loans Held For Sale [Member] | ||
| Assets: | ||
| Beginning balance | 3,581 | |
| Purchases and issuances | 3,601 | |
| Repayments and sales | (4,950) | |
| Accrual of unearned discount | 0 | |
| Amounts received pursuant to sales of loans | 0 | |
| Changes in fair value included in income arising from: | ||
| Changes in instrument-specific credit risk | 0 | |
| Other factors | (148) | |
| Total | (148) | |
| Interest rate lock commitments to loans held for sale | 0 | |
| Mortgage servicing rights relating to delinquent loans to Agency | 0 | |
| Ending balance | 2,084 | |
| Changes in fair value recognized during the quarter relating to assets | (219) | |
| Recurring [Member] | Interest Rate Lock Commitments with PFSI [Member] | ||
| Assets: | ||
| Beginning balance | 2,348 | 444 |
| Purchases and issuances | 5,270 | 4,599 |
| Repayments and sales | 0 | 0 |
| Accrual of unearned discount | 0 | 0 |
| Amounts received pursuant to sales of loans | 0 | 0 |
| Changes in fair value included in income arising from: | ||
| Changes in instrument-specific credit risk | 0 | 0 |
| Other factors | (3,936) | (7,391) |
| Total | (3,936) | (7,391) |
| Interest rate lock commitments to loans held for sale | (6,955) | (7,815) |
| Mortgage servicing rights relating to delinquent loans to Agency | 0 | 0 |
| Ending balance | (3,273) | 4,619 |
| Changes in fair value recognized during the quarter relating to assets | (3,273) | 4,619 |
| Recurring [Member] | Interest-only security payable [Member] | ||
| Liabilities: | ||
| Beginning balance | 37,650 | 34,222 |
| Change in instrument-specific credit risk\Other factors | (3,418) | 1,732 |
| Ending balance | 34,232 | 35,954 |
| Change in fair value recognized during the quarter relating to liability | (3,418) | 1,732 |
| Recurring [Member] | Interest-only security payable [Member] | Credit Risk [Member] | ||
| Liabilities: | ||
| Change in instrument-specific credit risk\Other factors | 0 | 0 |
| Recurring [Member] | Interest-only security payable [Member] | Other Factors [Member] | ||
| Liabilities: | ||
| Change in instrument-specific credit risk\Other factors | (3,418) | 1,732 |
| Recurring [Member] | Interest-Only Stripped Mortgage-Backed Securities [Member] | ||
| Assets: | ||
| Beginning balance | 72,502 | 86,260 |
| Purchases and issuances | 0 | 0 |
| Repayments and sales | (4,107) | (4,636) |
| Accrual of unearned discount | 1,965 | 2,285 |
| Amounts received pursuant to sales of loans | 0 | 0 |
| Changes in fair value included in income arising from: | ||
| Changes in instrument-specific credit risk | 0 | 0 |
| Other factors | 1,069 | 2,866 |
| Total | 1,069 | 2,866 |
| Interest rate lock commitments to loans held for sale | 0 | 0 |
| Mortgage servicing rights relating to delinquent loans to Agency | 0 | 0 |
| Ending balance | 71,429 | 81,043 |
| Changes in fair value recognized during the quarter relating to assets | $ 1,069 | $ 2,866 |
Fair Value - Fair Values and Related Principal Amounts Due upon Maturity of Loans Accounted for Under Fair Value Option (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Loans, fair value [Abstract] | ||
| Fair value, Total | $ 10,867,942 | $ 8,532,644 |
| Loans, difference, [Abstract] | ||
| Difference | 281,181 | 173,409 |
| Loans held for sale [Member] | ||
| Loans, fair value [Abstract] | ||
| Current through 89 days delinquent | 2,347,431 | 2,696,128 |
| 90 or more days delinquent, not in foreclosure | 1,177 | 1,273 |
| 90 or more days delinquent, in foreclosure | 1,287 | 1,997 |
| Fair value, Total | 2,349,895 | 2,699,398 |
| Loans, principal amount due upon maturity [Abstract] | ||
| Current through 89 days delinquent | 2,303,642 | 2,627,441 |
| 90 or more days delinquent, not in foreclosure | 1,234 | 1,271 |
| 90 or more days delinquent, in foreclosure | 1,699 | 2,289 |
| Principal amount due upon maturity | 2,306,575 | 2,631,001 |
| Loans, difference, [Abstract] | ||
| Current through 89 days delinquent | 43,789 | 68,687 |
| 90 or more days delinquent, not in foreclosure | (57) | 2 |
| 90 or more days delinquent, in foreclosure | (412) | (292) |
| Difference | 43,320 | 68,397 |
| Loans held for sale [Member] | Nonperforming mortgage loans [Member] | ||
| Loans, fair value [Abstract] | ||
| Fair value | 2,464 | 3,270 |
| Loans, principal amount due upon maturity [Abstract] | ||
| Principal amount due upon maturity | 2,933 | 3,560 |
| Loans, difference, [Abstract] | ||
| Difference | (469) | (290) |
| Loans held for investment Held in consolidated VIEs [Member] | ||
| Loans, fair value [Abstract] | ||
| Current through 89 days delinquent | 10,863,057 | 8,529,906 |
| 90 or more days delinquent, not in foreclosure | 3,087 | 700 |
| 90 or more days delinquent, in foreclosure | 148 | 333 |
| Fair value | 10,866,292 | 8,530,939 |
| Loans, principal amount due upon maturity [Abstract] | ||
| Current through 89 days delinquent | 10,578,933 | 8,353,814 |
| 90 or more days delinquent, not in foreclosure | 3,499 | 844 |
| 90 or more days delinquent, in foreclosure | 195 | 428 |
| Principal amount due upon maturity | 10,582,627 | 8,355,086 |
| Loans, difference, [Abstract] | ||
| Current through 89 days delinquent | 284,124 | 176,092 |
| 90 or more days delinquent, not in foreclosure | (412) | (144) |
| 90 or more days delinquent, in foreclosure | (47) | (95) |
| Difference | 283,665 | 175,853 |
| Loans held for investment Held in consolidated VIEs [Member] | Nonperforming mortgage loans [Member] | ||
| Loans, fair value [Abstract] | ||
| Fair value | 3,235 | 1,033 |
| Loans, principal amount due upon maturity [Abstract] | ||
| Principal amount due upon maturity | 3,694 | 1,272 |
| Loans, difference, [Abstract] | ||
| Difference | (459) | (239) |
| Distressed at Fair Value [Member] | ||
| Loans, fair value [Abstract] | ||
| Current through 89 days delinquent | 362 | 371 |
| 90 or more days delinquent, not in foreclosure | 901 | 942 |
| 90 or more days delinquent, in foreclosure | 387 | 392 |
| Fair value | 10,867,942 | 8,532,644 |
| Fair value | 1,650 | 1,705 |
| Loans, principal amount due upon maturity [Abstract] | ||
| Current through 89 days delinquent | 457 | 476 |
| 90 or more days delinquent, not in foreclosure | 2,413 | 2,553 |
| 90 or more days delinquent, in foreclosure | 1,264 | 1,120 |
| Principal amount due upon maturity | 10,586,761 | 8,359,235 |
| Principal amount due upon maturity | 4,134 | 4,149 |
| Loans, difference, [Abstract] | ||
| Current through 89 days delinquent | (95) | (105) |
| 90 or more days delinquent, not in foreclosure | (1,512) | (1,611) |
| 90 or more days delinquent, in foreclosure | (877) | (728) |
| Difference | (2,484) | (2,444) |
| Distressed at Fair Value [Member] | Nonperforming mortgage loans [Member] | ||
| Loans, fair value [Abstract] | ||
| Fair value | 1,288 | 1,334 |
| Loans, principal amount due upon maturity [Abstract] | ||
| Principal amount due upon maturity | 3,677 | 3,673 |
| Loans, difference, [Abstract] | ||
| Difference | $ (2,389) | $ (2,339) |
Fair Value - Summary of Changes in Fair Value Included in Current Period Results of Operations (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Credit Risk Transfer Strips [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | $ 10,361 | $ (2,048) |
| Credit Risk Transfer Strips [Member] | Net Loan Servicing Fees [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Credit Risk Transfer Strips [Member] | Net Gains on Loans Held for Sale [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Credit Risk Transfer Strips [Member] | Net (Losses) Gains on Investments and Financings [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 10,361 | (2,048) |
| Credit Risk Transfer Strips [Member] | Net Interest Expense [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Interest-only security payable [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 3,418 | (1,732) |
| Interest-only security payable [Member] | Net Loan Servicing Fees [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Interest-only security payable [Member] | Net Gains on Loans Held for Sale [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Interest-only security payable [Member] | Net (Losses) Gains on Investments and Financings [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 3,418 | (1,732) |
| Interest-only security payable [Member] | Net Interest Expense [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Asset-backed financings of VIEs [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 66,167 | (28,055) |
| Asset-backed financings of VIEs [Member] | Net Loan Servicing Fees [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Asset-backed financings of VIEs [Member] | Net Gains on Loans Held for Sale [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Asset-backed financings of VIEs [Member] | Net (Losses) Gains on Investments and Financings [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 62,236 | (29,423) |
| Asset-backed financings of VIEs [Member] | Net Interest Expense [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 3,931 | 1,368 |
| Liabilities, Total [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 69,585 | (29,787) |
| Liabilities, Total [Member] | Net Loan Servicing Fees [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Liabilities, Total [Member] | Net Gains on Loans Held for Sale [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Liabilities, Total [Member] | Net (Losses) Gains on Investments and Financings [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 65,654 | (31,155) |
| Liabilities, Total [Member] | Net Interest Expense [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 3,931 | 1,368 |
| Mortgage Backed Securities [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | (25,007) | 74,925 |
| Mortgage Backed Securities [Member] | Net Loan Servicing Fees [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Mortgage Backed Securities [Member] | Net Gains on Loans Held for Sale [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Mortgage Backed Securities [Member] | Net (Losses) Gains on Investments and Financings [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | (33,407) | 64,855 |
| Mortgage Backed Securities [Member] | Net Interest Expense [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 8,400 | 10,070 |
| Loans held for sale [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | (419) | 46,511 |
| Loans held for sale [Member] | Net Loan Servicing Fees [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Loans held for sale [Member] | Net Gains on Loans Held for Sale [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | (419) | 46,511 |
| Loans held for sale [Member] | Net (Losses) Gains on Investments and Financings [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Loans held for sale [Member] | Net Interest Expense [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Loans held for investment [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | (75,027) | 27,994 |
| Loans held for investment [Member] | Net Loan Servicing Fees [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Loans held for investment [Member] | Net Gains on Loans Held for Sale [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Loans held for investment [Member] | Net (Losses) Gains on Investments and Financings [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | (65,803) | 28,681 |
| Loans held for investment [Member] | Net Interest Expense [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | (9,224) | (687) |
| Mortgage servicing rights [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | (61,299) | (144,590) |
| Mortgage servicing rights [Member] | Net Loan Servicing Fees [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | (61,299) | (144,590) |
| Mortgage servicing rights [Member] | Net Gains on Loans Held for Sale [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Mortgage servicing rights [Member] | Net (Losses) Gains on Investments and Financings [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Mortgage servicing rights [Member] | Net Interest Expense [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | 0 | 0 |
| Assets, Total [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | (151,391) | 2,792 |
| Assets, Total [Member] | Net Loan Servicing Fees [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | (61,299) | (144,590) |
| Assets, Total [Member] | Net Gains on Loans Held for Sale [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | (419) | 46,511 |
| Assets, Total [Member] | Net (Losses) Gains on Investments and Financings [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | (88,849) | 91,488 |
| Assets, Total [Member] | Net Interest Expense [Member] | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Changes in fair value included in current period income (expense) | $ (824) | $ 9,383 |
Fair Value - Summary of Carrying Value of Assets Remeasured Based on Fair Value on Nonrecurring Basis (Detail) - Nonrecurring [Member] - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Real estate acquired in settlement of loans | $ 25 | $ 30 |
| Level 1 [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Real estate acquired in settlement of loans | 0 | 0 |
| Level 2 [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Real estate acquired in settlement of loans | 0 | 0 |
| Level 3 [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Real estate acquired in settlement of loans | $ 25 | $ 30 |
Fair Value - Summary of Changes in Fair Value Recognized in Assets that Remeasured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Nonrecurring [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Real estate acquired in settlement of loans | $ (5) | $ (140) |
Fair Value - Carrying and Fair Values of Notes Payable Secured by Credit Risk Transfer and Mortgage Servicing Rights and Exchangeable Senior Notes (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Notes Payable Secured by Credit Risk Transfer and Mortgage Servicing Assets [Member] | Carrying Value [Member] | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
| Notes payable | $ 2,396,545 | $ 2,258,128 |
| Notes Payable Secured by Credit Risk Transfer and Mortgage Servicing Assets [Member] | Fair Value [Member] | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
| Notes payable | 2,405,192 | 2,268,438 |
| Unsecured Senior Notes [Member] | Carrying Value [Member] | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
| Notes payable | 684,506 | 1,028,300 |
| Unsecured Senior Notes [Member] | Fair Value [Member] | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
| Notes payable | $ 712,515 | $ 1,073,341 |
Fair Value - Key Inputs Used in Determining Fair Value of IO (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
|---|---|---|
Mar. 31, 2026 |
Dec. 31, 2025 |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | $ 3,765,539 | $ 4,452,859 |
| Minimum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value inputs, Prepayment speed | 7.00% | 7.00% |
| Maximum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value inputs, Prepayment speed | 25.60% | 21.50% |
| Weighted Average [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value inputs, Pricing spread | 7.20% | 8.40% |
| IO [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | $ 71,429 | $ 72,502 |
| IO [Member] | Minimum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair Value Inputs Option-Adjusted Spread | 3.80% | 4.70% |
| Fair value inputs, Prepayment speed | 10.80% | 11.00% |
| Fair value inputs, Equivalent life (in years) | 4 years | 4 years |
| IO [Member] | Maximum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair Value Inputs Option-Adjusted Spread | 4.20% | 4.70% |
| Fair value inputs, Prepayment speed | 13.30% | 13.60% |
| Fair value inputs, Equivalent life (in years) | 7 years 4 months 24 days | 7 years 8 months 12 days |
| IO [Member] | Weighted Average [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair Value Inputs Option-Adjusted Spread | 3.80% | 4.70% |
| Fair value inputs, Prepayment speed | 10.80% | 11.00% |
| Fair value inputs, Equivalent life (in years) | 7 years 4 months 24 days | 7 years 7 months 6 days |
Fair Value - Quantitative Summary of Key Unobservable Inputs Used in Review and Approval of Broker-provided Fair Values for CRT Derivatives (Detail) - CRT Derivatives [Member] - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
|---|---|---|
Mar. 31, 2026 |
Dec. 31, 2025 |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value | $ 30,174 | $ 32,659 |
| UPB of loans in reference pools | $ 4,046,852 | $ 4,555,682 |
| Discount Rate [Member] | Minimum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in fair value for CRT agreements | 8.80% | 8.60% |
| Discount Rate [Member] | Maximum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in fair value for CRT agreements | 10.10% | 14.10% |
| Discount Rate [Member] | Weighted Average [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in fair value for CRT agreements | 8.80% | 8.80% |
| Voluntary Prepayment Speed [Member] | Minimum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in fair value for CRT agreements | 7.40% | 6.30% |
| Voluntary Prepayment Speed [Member] | Maximum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in fair value for CRT agreements | 8.30% | 7.60% |
| Voluntary Prepayment Speed [Member] | Weighted Average [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in fair value for CRT agreements | 7.60% | 7.30% |
| Involuntary Prepayment Speed [Member] | Minimum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in fair value for CRT agreements | 0.20% | 0.10% |
| Involuntary Prepayment Speed [Member] | Maximum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in fair value for CRT agreements | 0.20% | 0.30% |
| Involuntary Prepayment Speed [Member] | Weighted Average [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in fair value for CRT agreements | 0.20% | 0.10% |
| Measurement Input, Loss Severity | Minimum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in fair value for CRT agreements | 0.00% | 0.00% |
| Measurement Input, Loss Severity | Maximum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in fair value for CRT agreements | 0.10% | 0.10% |
| Measurement Input, Loss Severity | Weighted Average [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in fair value for CRT agreements | 0.10% | 0.10% |
Fair Value - Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Pull-Through Rate [Member] | Minimum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation of IRLCs | 60.10% | 50.50% |
| Pull-Through Rate [Member] | Maximum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation of IRLCs | 100.00% | 100.00% |
| Pull-Through Rate [Member] | Weighted Average [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation of IRLCs | 87.90% | 90.90% |
| Servicing Fee Multiple [Member] | Minimum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation of IRLCs | 1.60% | 1.70% |
| Servicing Fee Multiple [Member] | Maximum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation of IRLCs | 8.40% | 8.40% |
| Servicing Fee Multiple [Member] | Weighted Average [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation of IRLCs | 5.20% | 5.40% |
| Percentage of Unpaid Principal Balance [Member] | Minimum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation of IRLCs | 0.40% | 0.40% |
| Percentage of Unpaid Principal Balance [Member] | Maximum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation of IRLCs | 2.90% | 3.20% |
| Percentage of Unpaid Principal Balance [Member] | Weighted Average [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation of IRLCs | 1.50% | 1.90% |
| Interest Rate Lock Commitments with PFSI [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value, Assets | $ 2,348 | |
| Fair value, Liabilities | $ (3,273) | |
| Committed amount | $ 1,338,161 | $ 1,207,859 |
Fair Value - Summary of Key Unobservable Inputs Used in Valuation Credit Risk Transfer Strip Liabilities (Detail) - Credit Risk Transfer Strips [Member] - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value of CRT derivatives liabilities | $ 4,062 | $ 5,999 |
| Unpaid principal balance of loans in the reference pools | $ 14,669,085 | $ 14,961,848 |
| Maximum [Member] | Discount Rate [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation | 8.70% | 8.60% |
| Maximum [Member] | Voluntary Prepayment Speed [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation | 7.50% | 7.50% |
| Maximum [Member] | Involuntary Prepayment Speed [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation | 0.30% | 0.30% |
| Maximum [Member] | Remaining Loss Expectation [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation | 1.40% | 1.40% |
| Minimum [Member] | Discount Rate [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation | 4.90% | 5.00% |
| Minimum [Member] | Voluntary Prepayment Speed [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation | 7.10% | 7.00% |
| Minimum [Member] | Involuntary Prepayment Speed [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation | 0.10% | 0.10% |
| Minimum [Member] | Remaining Loss Expectation [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation | 0.40% | 0.40% |
| Weighted Average [Member] | Discount Rate [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation | 8.20% | 8.10% |
| Weighted Average [Member] | Voluntary Prepayment Speed [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation | 7.20% | 7.10% |
| Weighted Average [Member] | Involuntary Prepayment Speed [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation | 0.20% | 0.10% |
| Weighted Average [Member] | Remaining Loss Expectation [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Key inputs used in valuation | 0.50% | 0.50% |
Fair Value - Key Assumptions Used in Determining Fair Value of MSRs at Time of Initial Recognition (Detail) $ in Thousands |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2026
USD ($)
UsdPerLoan
|
Mar. 31, 2025
USD ($)
UsdPerLoan
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value, MSR recognized | $ | $ 40,281 | $ 47,009 |
| Fair value, Unpaid principal balance of underlying loans | $ | $ 2,197,665 | $ 2,594,638 |
| Fair value, Weighted-average annual servicing fee rate (in basis points) | 0.34% | 0.32% |
| Minimum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair Value inputs, Pricing spread during period | 5.20% | 5.20% |
| Fair Value inputs, Prepayment speed during period | 8.60% | 9.40% |
| Fair Value inputs, Weighted average equivalent average life during period | 3 years 8 months 12 days | 3 years 8 months 12 days |
| Fair Value inputs, Annual per loan cost of servicing during period | 69 | 68 |
| Maximum [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair Value inputs, Pricing spread during period | 10.00% | 7.30% |
| Fair Value inputs, Prepayment speed during period | 14.90% | 15.30% |
| Fair Value inputs, Weighted average equivalent average life during period | 8 years 8 months 12 days | 8 years 2 months 12 days |
| Fair Value inputs, Annual per loan cost of servicing during period | 113 | 87 |
| Weighted Average [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair Value inputs, Pricing spread during period | 6.20% | 5.50% |
| Fair Value inputs, Prepayment speed during period | 9.40% | 9.90% |
| Fair Value inputs, Weighted average equivalent average life during period | 8 years 2 months 12 days | 7 years 10 months 24 days |
| Fair Value inputs, Annual per loan cost of servicing during period | 72 | 69 |
Fair Value - Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of Dates Presented, and Effect on Estimated Fair Value from Adverse Changes in Those Inputs (Detail) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
|
Mar. 31, 2026
USD ($)
UsdPerLoan
|
Dec. 31, 2025
USD ($)
UsdPerLoan
|
Mar. 31, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Balance at end of period | $ 3,623,979 | $ 3,644,702 | $ 3,770,034 | $ 3,867,394 |
| Unpaid principal balance of underlying loans, Fair Value | $ 212,198,589 | $ 215,781,639 | ||
| Weighted-average annual servicing fee rate (in basis points), Fair value input | 28.00% | 28.00% | ||
| Weighted-average note interest rate, Fair value | 3.90% | 3.90% | ||
| Pricing Spread [Member] | Effect On Value Of Five Percentage Adverse Change | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Effect on value of percentage adverse change, Fair value input | $ (49,635) | $ (61,563) | ||
| Pricing Spread [Member] | Effect On Value Of Ten Percentage Adverse Change | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Effect on value of percentage adverse change, Fair value input | (97,738) | (120,960) | ||
| Pricing Spread [Member] | Effect On Value Of Twenty Percentage Adverse Change | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Effect on value of percentage adverse change, Fair value input | (152,590) | (118,218) | ||
| Prepayment Speed [Member] | Effect On Value Of Five Percentage Adverse Change | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Effect on value of percentage adverse change, Fair value input | (39,505) | (30,295) | ||
| Prepayment Speed [Member] | Effect On Value Of Ten Percentage Adverse Change | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Effect on value of percentage adverse change, Fair value input | (78,085) | (60,089) | ||
| Prepayment Speed [Member] | Effect On Value Of Twenty Percentage Adverse Change | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Effect on value of percentage adverse change, Fair value input | (63,164) | (63,918) | ||
| Cost of Servicing [Member] | Effect On Value Of Five Percentage Adverse Change | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Effect on value of percentage adverse change, Fair value input | (15,791) | (15,979) | ||
| Cost of Servicing [Member] | Effect On Value Of Ten Percentage Adverse Change | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Effect on value of percentage adverse change, Fair value input | (31,582) | (31,959) | ||
| Cost of Servicing [Member] | Effect On Value Of Twenty Percentage Adverse Change | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Effect on value of percentage adverse change, Fair value input | $ (189,634) | $ (233,683) | ||
| Minimum [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Estimated fair value inputs, Option-adjusted spread | 3.20% | 3.60% | ||
| Estimated fair value inputs, Prepayment speed | 7.00% | 7.00% | ||
| Estimated fair value inputs, Annual per-loan cost of servicing | UsdPerLoan | 69 | 68 | ||
| Minimum [Member] | Mortgage service rights [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Estimated fair value inputs, Life (in years) | 2 years | 2 years 1 month 6 days | ||
| Maximum [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Estimated fair value inputs, Option-adjusted spread | 6.40% | 6.20% | ||
| Estimated fair value inputs, Prepayment speed | 25.60% | 21.50% | ||
| Estimated fair value inputs, Annual per-loan cost of servicing | UsdPerLoan | 94 | 90 | ||
| Maximum [Member] | Mortgage service rights [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Estimated fair value inputs, Life (in years) | 8 years 10 months 24 days | 7 years 10 months 24 days | ||
| Weighted Average [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Estimated fair value inputs, Pricing spread | 7.20% | 8.40% | ||
| Estimated fair value inputs, Option-adjusted spread | 4.60% | 3.60% | ||
| Estimated fair value inputs, Annual per-loan cost of servicing | UsdPerLoan | 69 | 68 | ||
| Weighted Average [Member] | Mortgage service rights [Member] | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Estimated fair value inputs, Life (in years) | 8 years 6 months | 7 years 8 months 12 days |
Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities Activity (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Mortgage Backed Securities [Line Items] | ||
| Balance at beginning of quarter | $ 4,452,859 | |
| Changes in fair value included in income arising from: | ||
| Balance at end of quarter | 3,765,539 | |
| Mortgage Backed Securities [Member] | ||
| Mortgage Backed Securities [Line Items] | ||
| Balance at beginning of quarter | 4,452,859 | $ 4,063,706 |
| Purchases | 4,000 | 0 |
| Sales | (477,360) | 0 |
| Repayments | (188,953) | (102,769) |
| Changes in fair value included in income arising from: | ||
| Amortization and accrual of net purchase premiums and discounts , net | 8,400 | 10,070 |
| Valuation adjustments, net | (33,407) | 64,855 |
| Total changes in fair value included in income | (25,007) | 74,925 |
| Balance at end of quarter | $ 3,765,539 | $ 4,035,862 |
Mortgage-Backed Securities - Schedule of Mortgage Backed Securities Pledged to Secure Assets Sold (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Mortgage Backed Securities [Member] | ||
| Mortgage Backed Securities [Line Items] | ||
| Assets sold under agreements to repurchase | $ 3,765,539 | $ 4,452,859 |
Mortgage-Backed Securities - Summary of Investments in Mortgage Backed Securities (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Mortgage Backed Securities [Line Items] | ||
| Fair value | $ 3,765,539 | $ 4,452,859 |
| Mortgage Backed Securities [Member] | ||
| Mortgage Backed Securities [Line Items] | ||
| Principal balance or notional amount | 3,764,903 | 4,421,692 |
| Purchase premiums (discounts), net | (111,983) | (121,798) |
| Cumulative valuation changes | 41,190 | 80,463 |
| Fair value | 3,694,110 | 4,380,357 |
| Interest-Only Stripped Securities [Member] | ||
| Mortgage Backed Securities [Line Items] | ||
| Principal balance or notional amount | 333,848 | 344,592 |
| Fair value | 71,429 | 72,502 |
| Mortgage-Backed Securities Including Interest-Only Stripped Mortgage-Backed Securities [Member] | ||
| Mortgage Backed Securities [Line Items] | ||
| Fair value | 3,765,539 | 4,452,859 |
| Agency Fixed Rate Pass Through [Member] | Mortgage Backed Securities [Member] | ||
| Mortgage Backed Securities [Line Items] | ||
| Principal balance or notional amount | 2,246,463 | 2,805,895 |
| Purchase premiums (discounts), net | 771 | (2,125) |
| Cumulative valuation changes | 18,919 | 46,677 |
| Fair value | 2,266,153 | 2,850,447 |
| Floating Rate Collateralized Mortgage Obligations [Member] | Mortgage Backed Securities [Member] | ||
| Mortgage Backed Securities [Line Items] | ||
| Principal balance or notional amount | 822,780 | 850,172 |
| Purchase premiums (discounts), net | (994) | (1,249) |
| Cumulative valuation changes | 7,806 | 7,074 |
| Fair value | 829,592 | 855,997 |
| Principal-only Stripped [Member] | Mortgage Backed Securities [Member] | ||
| Mortgage Backed Securities [Line Items] | ||
| Principal balance or notional amount | 549,048 | 610,256 |
| Purchase premiums (discounts), net | (108,778) | (115,385) |
| Cumulative valuation changes | 15,639 | 26,258 |
| Fair value | 455,909 | 521,129 |
| Senior Non-Agency [Member] | Mortgage Backed Securities [Member] | ||
| Mortgage Backed Securities [Line Items] | ||
| Principal balance or notional amount | 142,612 | 155,369 |
| Purchase premiums (discounts), net | (2,982) | (3,039) |
| Cumulative valuation changes | (1,174) | 454 |
| Fair value | 138,456 | $ 152,784 |
| Subordinate Residential Transition [Member] | Mortgage Backed Securities [Member] | ||
| Mortgage Backed Securities [Line Items] | ||
| Principal balance or notional amount | 4,000 | |
| Purchase premiums (discounts), net | 0 | |
| Cumulative valuation changes | 0 | |
| Fair value | $ 4,000 |
Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities (Parenthetical) (Detail) |
3 Months Ended | 12 Months Ended |
|---|---|---|
Mar. 31, 2026 |
Dec. 31, 2025 |
|
| Minimum [Member] | ||
| Mortgage Backed Securities [Line Items] | ||
| Mortgage backed securities, maturity period | 10 years | 10 years |
| Minimum [Member] | Subordinate Residential Transition [Member] | ||
| Mortgage Backed Securities [Line Items] | ||
| Mortgage backed securities, maturity period | 1 year | |
| Maximum [Member] | Subordinate Residential Transition [Member] | ||
| Mortgage Backed Securities [Line Items] | ||
| Mortgage backed securities, maturity period | 5 years |
Loans Held for Sale at Fair Value - Summary of Distribution of Company's Loans Held for Sale at Fair Value (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
||
|---|---|---|---|---|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
| Loans held for sale at fair value | $ 2,349,895 | $ 2,699,398 | ||
| Loans Held for Sale at Fair Value [Member] | ||||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
| Loans pledged to secure Assets sold under agreements to repurchase | 2,328,824 | 2,676,700 | ||
| Held for Sale to Nonaffiliates-GSE Eligible [Member] | Held For Sale To Nonaffiliates [Member] | ||||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
| Loans held for sale at fair value | [1] | 1,804,198 | 2,232,706 | |
| Jumbo [Member] | Held For Sale To Nonaffiliates [Member] | ||||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
| Loans held for sale at fair value | 461,054 | 433,027 | ||
| Non-qualified [Member] | Held For Sale To Nonaffiliates [Member] | ||||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
| Loans held for sale at fair value | 82,559 | 30,084 | ||
| Home Equity Lines of Credit [Member] | Held For Sale To Nonaffiliates [Member] | ||||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
| Loans held for sale at fair value | 778 | 942 | ||
| Repurchased Pursuant to Representations and Warranties [Member] | Held For Sale To Nonaffiliates [Member] | ||||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
| Loans held for sale at fair value | $ 1,306 | $ 2,639 | ||
| ||||
Loans Held for Investment at Fair Value - Summary of Distribution of Company's Loans Held for Investment at Fair Value (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
||
|---|---|---|---|---|
| Financing Receivable Recorded Investment [Line Items] | ||||
| Loans held for investment at fair value | $ 10,867,942 | $ 8,532,644 | ||
| Asset-backed financings at fair value (1) | [1] | 10,866,292 | 8,530,939 | |
| Loans held for investment at fair value, pledged to creditors | 10,866,292 | 8,530,939 | ||
| Loans in Variable Interest Entities [Member] | ||||
| Financing Receivable Recorded Investment [Line Items] | ||||
| Loans held for investment at fair value | 10,866,292 | 8,530,939 | ||
| Distressed [Member] | ||||
| Financing Receivable Recorded Investment [Line Items] | ||||
| Loans held for investment at fair value | 1,650 | 1,705 | ||
| Non-owner occupied properties [Member] | ||||
| Financing Receivable Recorded Investment [Line Items] | ||||
| Loans held for investment at fair value | 7,232,212 | 6,332,497 | ||
| Owner occupied properties [Member] | ||||
| Financing Receivable Recorded Investment [Line Items] | ||||
| Loans held for investment at fair value | 1,496,337 | 588,788 | ||
| Fixed interest rate jumbo loans held in a VIE [Member] | ||||
| Financing Receivable Recorded Investment [Line Items] | ||||
| Loans held for investment at fair value | $ 2,137,743 | $ 1,609,654 | ||
| ||||
Loans Held for Investment at Fair Value - Summary of Distribution of Company's Loans Held for Investment at Fair Value (Parenthetical) (Detail) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Mortgage Loans At Fair Value [Abstract] | ||
| Retained interests at fair value pledged to secure Assets sold under agreements to repurchase | $ 937.7 | $ 648.2 |
Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Derivative and Credit Risk Transfer Strip Assets and Liabilities (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Credit risk transfer strip liabilities | $ 4,062 | $ 5,999 |
| Total derivative and credit risk transfer strip liabilities | 21,329 | 6,932 |
| Nonaffiliates [Member] | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Derivative assets | 50,766 | 49,696 |
| Derivative liabilities | 17,267 | 933 |
| Total derivative and credit risk transfer strip liabilities | 21,329 | 6,932 |
| Pennymac Financial Services Inc [Member] | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Derivative assets | 3,823 | 6,247 |
| Derivative liabilities | $ 5,886 | $ 2,257 |
Derivative and Credit Risk Transfer Strip Assets and Liabilities - Derivative Assets and Derivative and Credit Risk Transfer Strip Liabilities at Fair Value and Related Margin Deposits (Detail) - USD ($) |
Mar. 31, 2026 |
Dec. 31, 2025 |
|||||
|---|---|---|---|---|---|---|---|
| Derivatives Fair Value [Line Items] | |||||||
| Margin deposits (received from) placed with derivative counterparties included in derivative balances above, net | $ (22,711,000) | $ 21,710,000 | |||||
| Derivative assets pledged to secure: | |||||||
| Assets Sold Under Agreements to Repurchase and Notes payable secured by credit risk transfer and mortgag servicing assets | 2,396,545,000 | 2,258,128,000 | |||||
| Derivative assets related to CRT Derivatives [Member] | |||||||
| Derivative assets pledged to secure: | |||||||
| Assets Sold Under Agreements to Repurchase and Notes payable secured by credit risk transfer and mortgag servicing assets | 30,174,000 | 32,659,000 | |||||
| Penny Mac Financial Services Affiliated Entity [Member] | |||||||
| Derivatives Fair Value [Line Items] | |||||||
| Total derivatives assets before netting | 3,838,000 | 6,389,000 | |||||
| Derivative assets, Netting | (15,000) | (142,000) | |||||
| Total derivative assets after netting | 3,823,000 | 6,247,000 | |||||
| Derivative assets pledged to secure: | |||||||
| Total derivative liabilities | 5,901,000 | 2,399,000 | |||||
| Derivative liabilities, Netting | (15,000) | (142,000) | |||||
| Total derivative liabilities after netting | 5,886,000 | 2,257,000 | |||||
| Nonaffiliates [Member] | |||||||
| Derivatives Fair Value [Line Items] | |||||||
| Total derivatives assets before netting | 76,623,000 | 44,551,000 | |||||
| Derivative assets, Netting | (25,857,000) | 5,145,000 | |||||
| Total derivative assets after netting | 50,766,000 | 49,696,000 | |||||
| Derivative assets pledged to secure: | |||||||
| Total derivative liabilities | 20,413,000 | 17,498,000 | |||||
| Derivative liabilities, Netting | (3,146,000) | (16,565,000) | |||||
| Total derivative liabilities after netting | 17,267,000 | 933,000 | |||||
| Nonaffiliates [Member] | CRT Derivatives [Member] | |||||||
| Derivatives Fair Value [Line Items] | |||||||
| Notional amount | [1],[2] | 4,046,852,000 | 455,682,000 | ||||
| Total derivatives assets before netting | [1] | 30,174,000 | 32,659,000 | ||||
| Derivative assets pledged to secure: | |||||||
| Total derivative liabilities | [1] | 0 | 0 | ||||
| Forward Purchase Contracts [Member] | Penny Mac Financial Services Affiliated Entity [Member] | |||||||
| Derivatives Fair Value [Line Items] | |||||||
| Notional amount | [2] | 92,618,000 | [1] | 250,638,000 | |||
| Total derivatives assets before netting | 1,225,000 | 1,784,000 | |||||
| Derivative assets pledged to secure: | |||||||
| Total derivative liabilities | 15,000 | 142,000 | |||||
| Forward Purchase Contracts [Member] | Nonaffiliates [Member] | |||||||
| Derivatives Fair Value [Line Items] | |||||||
| Notional amount | [1],[2] | 6,632,514,000 | 3,703,628,000 | ||||
| Total derivatives assets before netting | [1] | 1,492,000 | 4,113,000 | ||||
| Derivative assets pledged to secure: | |||||||
| Total derivative liabilities | [1] | 8,491,000 | 158,000 | ||||
| Forward Sale Contracts [Member] | Nonaffiliates [Member] | |||||||
| Derivatives Fair Value [Line Items] | |||||||
| Notional amount | [1],[2] | 9,957,359,000 | 7,933,760,000 | ||||
| Total derivatives assets before netting | [1] | 31,957,000 | 2,381,000 | ||||
| Derivative assets pledged to secure: | |||||||
| Total derivative liabilities | [1] | 11,922,000 | 17,340,000 | ||||
| Interest Rate Lock Commitments [Member] | Penny Mac Financial Services Affiliated Entity [Member] | |||||||
| Derivatives Fair Value [Line Items] | |||||||
| Notional amount | [2] | 1,338,161,000 | 1,207,859,000 | ||||
| Total derivatives assets before netting | 2,613,000 | 4,605,000 | |||||
| Derivative assets pledged to secure: | |||||||
| Total derivative liabilities | 5,886,000 | 2,257,000 | |||||
| Call Options on Interest Rate Futures Purchase Contracts [Member] | Nonaffiliates [Member] | |||||||
| Derivatives Fair Value [Line Items] | |||||||
| Notional amount | [1],[2] | 1,712,500,000 | 3,250,000,000 | ||||
| Total derivatives assets before netting | [1] | 2,141,000 | 1,289,000 | ||||
| Derivative assets pledged to secure: | |||||||
| Total derivative liabilities | [1] | 0 | 0 | ||||
| Put Options On Interest Rate Futures Purchase Contracts | Nonaffiliates [Member] | |||||||
| Derivatives Fair Value [Line Items] | |||||||
| Notional amount | [1],[2] | 2,375,000,000 | 2,500,000,000 | ||||
| Total derivatives assets before netting | [1] | 10,859,000 | 4,109,000 | ||||
| Derivative assets pledged to secure: | |||||||
| Total derivative liabilities | [1] | 0 | 0 | ||||
| Swap Futures [Member] | Nonaffiliates [Member] | |||||||
| Derivatives Fair Value [Line Items] | |||||||
| Notional amount | [1],[2] | 790,200,000 | 751,200,000 | ||||
| Total derivatives assets before netting | [1] | 0 | 0 | ||||
| Derivative assets pledged to secure: | |||||||
| Total derivative liabilities | [1] | 0 | 0 | ||||
| Bond Futures [Member] | Nonaffiliates [Member] | |||||||
| Derivatives Fair Value [Line Items] | |||||||
| Notional amount | [1],[2] | 1,571,100,000 | 1,896,100,000 | ||||
| Total derivatives assets before netting | [1] | 0 | 0 | ||||
| Derivative assets pledged to secure: | |||||||
| Total derivative liabilities | [1] | $ 0 | $ 0 | ||||
| |||||||
Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Derivative Assets, Financial Instruments and Collateral Held by Counterparty (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | $ 50,766 | $ 49,696 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | 50,766 | 49,696 |
| CRT Derivatives [Member] | ||
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | 30,174 | 32,659 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | 30,174 | 32,659 |
| RJ O'Brien & Associates, LLC [Member] | ||
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | 13,000 | 5,398 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | 13,000 | 5,398 |
| Bank of America, N.A. [Member] | ||
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | 2,261 | 4,745 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | 2,261 | 4,745 |
| AB Carval [Member] | ||
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | 2,072 | 0 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | 2,072 | 0 |
| J.P. Morgan Securities LLC [Member] | ||
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | 1,348 | 102 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | 1,348 | 102 |
| National Life Group [Member] | ||
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | 579 | 0 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | 579 | 0 |
| Fannie Cap Markets [Member] | ||
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | 417 | 0 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | 417 | 0 |
| Morgan Stanley & Co. LLC [Member] | ||
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | 338 | 3,500 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | 338 | 3,500 |
| Wells Fargo Securities L L C | ||
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | 111 | 603 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | 111 | 603 |
| Nomura Holdings America Inc [Member] | ||
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | 59 | 137 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | 59 | 137 |
| Goldman Sachs & Co. LLC [Member] | ||
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | 0 | 950 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | 0 | 950 |
| Mizuho Financial Group [Member] | ||
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | 0 | 442 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | 0 | 442 |
| B N P Paribas [Member] | ||
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | 0 | 236 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | 0 | 236 |
| Citigroup Global Markets Inc. [Member] | ||
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | 0 | 217 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | 0 | 217 |
| Ellington Management [Member] | ||
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | 0 | 198 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | 0 | 198 |
| Metro Life Ins Co [Member] | ||
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | 0 | 151 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | 0 | 151 |
| Barclays Capital Inc [Member] | ||
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | 0 | 103 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | 0 | 103 |
| Other [Member] | ||
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | 407 | 255 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | 407 | 255 |
| Pennymac Financial Services Inc [Member] | ||
| Offsetting Assets [Line Items] | ||
| Total derivative assets after netting | 3,823 | 6,247 |
| Financial instruments | 0 | 0 |
| Cash collateral received | 0 | 0 |
| Net amount | $ 3,823 | $ 6,247 |
Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty (Detail) - Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Offsetting Liabilities [Line Items] | ||
| Net amount of liabilities presented in the consolidated balance sheet | $ 7,321,478 | $ 8,024,089 |
| Gross amounts not offset in the consolidated balance sheet, Financial instruments | (7,304,211) | (8,023,156) |
| Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 0 | 0 |
| Net amount | 17,267 | 933 |
| PennyMac Financial Services, Inc. [Member] | Security Sold Under Agreements to Repurchase [Member] | ||
| Offsetting Liabilities [Line Items] | ||
| Net amount of liabilities presented in the consolidated balance sheet | 5,886 | 2,257 |
| Gross amounts not offset in the consolidated balance sheet, Financial instruments | 0 | 0 |
| Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 0 | 0 |
| Net amount | 5,886 | 2,257 |
| J.P. Morgan Securities LLC [Member] | Security Sold Under Agreements to Repurchase [Member] | ||
| Offsetting Liabilities [Line Items] | ||
| Net amount of liabilities presented in the consolidated balance sheet | 1,090,645 | 1,536,038 |
| Gross amounts not offset in the consolidated balance sheet, Financial instruments | (1,090,645) | (1,536,038) |
| Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 0 | 0 |
| Net amount | 0 | 0 |
| Bank of America, N.A. [Member] | Security Sold Under Agreements to Repurchase [Member] | ||
| Offsetting Liabilities [Line Items] | ||
| Net amount of liabilities presented in the consolidated balance sheet | 1,012,219 | 1,074,334 |
| Gross amounts not offset in the consolidated balance sheet, Financial instruments | (1,012,219) | (1,074,334) |
| Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 0 | 0 |
| Net amount | 0 | 0 |
| Atlas Securitized Products, L.P. [Member] | Security Sold Under Agreements to Repurchase [Member] | ||
| Offsetting Liabilities [Line Items] | ||
| Net amount of liabilities presented in the consolidated balance sheet | 984,628 | 1,216,779 |
| Gross amounts not offset in the consolidated balance sheet, Financial instruments | (984,628) | (1,216,779) |
| Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 0 | 0 |
| Net amount | 0 | 0 |
| Santander US Capital [Member] | Security Sold Under Agreements to Repurchase [Member] | ||
| Offsetting Liabilities [Line Items] | ||
| Net amount of liabilities presented in the consolidated balance sheet | 973,270 | 952,951 |
| Gross amounts not offset in the consolidated balance sheet, Financial instruments | (973,270) | (952,933) |
| Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 0 | 0 |
| Net amount | 0 | 18 |
| Wells Fargo Securities L L C | Security Sold Under Agreements to Repurchase [Member] | ||
| Offsetting Liabilities [Line Items] | ||
| Net amount of liabilities presented in the consolidated balance sheet | 721,550 | 782,547 |
| Gross amounts not offset in the consolidated balance sheet, Financial instruments | (721,550) | (782,547) |
| Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 0 | 0 |
| Net amount | 0 | 0 |
| Goldman Sachs & Co. LLC [Member] | Security Sold Under Agreements to Repurchase [Member] | ||
| Offsetting Liabilities [Line Items] | ||
| Net amount of liabilities presented in the consolidated balance sheet | 466,672 | 151,274 |
| Gross amounts not offset in the consolidated balance sheet, Financial instruments | (458,388) | (151,274) |
| Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 0 | 0 |
| Net amount | 8,284 | 0 |
| RBC Capital Markets, L.P. [Member] | Security Sold Under Agreements to Repurchase [Member] | ||
| Offsetting Liabilities [Line Items] | ||
| Net amount of liabilities presented in the consolidated balance sheet | 381,942 | 438,781 |
| Gross amounts not offset in the consolidated balance sheet, Financial instruments | (381,942) | (438,781) |
| Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 0 | 0 |
| Net amount | 0 | 0 |
| Barclays Capital Inc. [Member] | Security Sold Under Agreements to Repurchase [Member] | ||
| Offsetting Liabilities [Line Items] | ||
| Net amount of liabilities presented in the consolidated balance sheet | 332,396 | 431,016 |
| Gross amounts not offset in the consolidated balance sheet, Financial instruments | (331,360) | (431,016) |
| Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 0 | 0 |
| Net amount | 1,036 | 0 |
| Morgan Stanley & Co. LLC [Member] | Security Sold Under Agreements to Repurchase [Member] | ||
| Offsetting Liabilities [Line Items] | ||
| Net amount of liabilities presented in the consolidated balance sheet | 300,073 | 319,500 |
| Gross amounts not offset in the consolidated balance sheet, Financial instruments | (295,956) | (319,500) |
| Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 0 | 0 |
| Net amount | 4,117 | 0 |
| Nomura Holdings America, Inc [Member] | Security Sold Under Agreements to Repurchase [Member] | ||
| Offsetting Liabilities [Line Items] | ||
| Net amount of liabilities presented in the consolidated balance sheet | 272,553 | 231,308 |
| Gross amounts not offset in the consolidated balance sheet, Financial instruments | (272,553) | (231,308) |
| Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 0 | 0 |
| Net amount | 0 | 0 |
| Citigroup Global Markets Inc. [Member] | Security Sold Under Agreements to Repurchase [Member] | ||
| Offsetting Liabilities [Line Items] | ||
| Net amount of liabilities presented in the consolidated balance sheet | 273,174 | 397,162 |
| Gross amounts not offset in the consolidated balance sheet, Financial instruments | (272,324) | (397,162) |
| Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 0 | 0 |
| Net amount | 850 | 0 |
| Daiwa Capital Markets [Member] | Security Sold Under Agreements to Repurchase [Member] | ||
| Offsetting Liabilities [Line Items] | ||
| Net amount of liabilities presented in the consolidated balance sheet | 189,890 | 195,268 |
| Gross amounts not offset in the consolidated balance sheet, Financial instruments | (189,699) | (195,268) |
| Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 0 | 0 |
| Net amount | 191 | 0 |
| Bank of Montreal [Member] | Security Sold Under Agreements to Repurchase [Member] | ||
| Offsetting Liabilities [Line Items] | ||
| Net amount of liabilities presented in the consolidated balance sheet | 145,344 | 160,388 |
| Gross amounts not offset in the consolidated balance sheet, Financial instruments | (144,928) | (160,324) |
| Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 0 | 0 |
| Net amount | 416 | 64 |
| BNP Paribas [Member] | Security Sold Under Agreements to Repurchase [Member] | ||
| Offsetting Liabilities [Line Items] | ||
| Net amount of liabilities presented in the consolidated balance sheet | 99,518 | 54,191 |
| Gross amounts not offset in the consolidated balance sheet, Financial instruments | (98,923) | (54,191) |
| Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 0 | 0 |
| Net amount | 595 | 0 |
| Mizuho Financial Group [Member] | Security Sold Under Agreements to Repurchase [Member] | ||
| Offsetting Liabilities [Line Items] | ||
| Net amount of liabilities presented in the consolidated balance sheet | 76,637 | 81,701 |
| Gross amounts not offset in the consolidated balance sheet, Financial instruments | (75,826) | (81,701) |
| Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 0 | 0 |
| Net amount | 811 | 0 |
| Other [Member] | Security Sold Under Agreements to Repurchase [Member] | ||
| Offsetting Liabilities [Line Items] | ||
| Net amount of liabilities presented in the consolidated balance sheet | 967 | 851 |
| Gross amounts not offset in the consolidated balance sheet, Financial instruments | 0 | 0 |
| Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 0 | 0 |
| Net amount | $ 967 | $ 851 |
Derivative and Credit Risk Transfer Strip Assets and Liabilities - Net Gains (Losses) Recognized on Derivative Financial Instruments (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Interest Rate Lock Commitments [Member] | ||
| Derivative Instruments Gain Loss [Line Items] | ||
| Net gains on derivative financial instruments used as economic hedges | $ (5,621) | $ 4,174 |
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (Loss) on Sales of Loans, Net | Gain (Loss) on Sales of Loans, Net |
| Interest rate lock commitments and loans held for sale [Member] | ||
| Derivative Instruments Gain Loss [Line Items] | ||
| Net gains on derivative financial instruments used as economic hedges | $ 15,071 | $ (26,359) |
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (Loss) on Sales of Loans, Net | Gain (Loss) on Sales of Loans, Net |
| Mortgage service rights [Member] | ||
| Derivative Instruments Gain Loss [Line Items] | ||
| Net gains on derivative financial instruments used as economic hedges | $ (11,881) | $ (39,944) |
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Contractually Specified Servicing Fee, Late Fee, and Ancillary Fee Earned in Exchange for Servicing Financial Asset | Contractually Specified Servicing Fee, Late Fee, and Ancillary Fee Earned in Exchange for Servicing Financial Asset |
| CRT Derivatives [Member] | ||
| Derivative Instruments Gain Loss [Line Items] | ||
| Net gains on derivative financial instruments used as economic hedges | $ 132 | $ 1,980 |
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain Loss On Investments And Financings | Gain Loss On Investments And Financings |
Mortgage Servicing Rights - Summary of MSRs Carried at Fair Value (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|||||
| Summary Of Mortgage Servicing Rights [Line Items] | |||||||
| Balance at beginning of quarter | $ 3,644,702 | $ 3,867,394 | |||||
| Servicing Asset At Fair Value Additions From Loan Sales | 40,281 | 47,009 | |||||
| Transfers to Agency of mortgage servicing rights relating to delinquent loans | 295 | 221 | |||||
| Due to changes in inputs used in valuation model | [1] | 45,587 | (55,831) | ||||
| Other changes in fair value | [2] | (106,886) | (88,759) | ||||
| Change in fair value, Total | (61,299) | (144,590) | |||||
| Balance at end of quarter | 3,623,979 | $ 3,770,034 | |||||
| Pledged Assets [Member] | |||||||
| Summary Of Mortgage Servicing Rights [Line Items] | |||||||
| Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase and Notes payable secured by credit risk transfer and mortgage servicing assets | $ 3,560,828 | $ 3,582,211 | |||||
| |||||||
Mortgage Servicing Rights - Summary of Net Loan Servicing Fees Relating to MSRs (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Transfers and Servicing [Abstract] | ||
| Contractually-specified servicing fees | $ 147,592 | $ 152,199 |
| Late charges | 1,071 | 1,027 |
| Other | 2,296 | 2,890 |
| Mortgage loan other servicing fees | 3,367 | 3,917 |
| Net mortgage loan servicing fees | 150,959 | 156,116 |
| Average UPB of underlying loans | $ 214,185,523 | $ 225,515,018 |
Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Other Assets [Line Items] | ||
| Margin deposits | $ 232,767 | $ 221,310 |
| Interest receivable | 75,238 | 72,684 |
| Correspondent lending receivables | 10,895 | 7,083 |
| Servicing fees receivable | 10,327 | 9,586 |
| Other receivables | 27,228 | 25,458 |
| Real estate acquired in settlement of loans | 1,365 | 1,421 |
| Other | 16,204 | 36,042 |
| Other Assets | $ 374,024 | $ 373,584 |
Assets Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Detail) - USD ($) |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Assets Sold under Agreements to Repurchase [Line Items] | |||
| Weighted average interest rate | 4.64% | 5.21% | |
| Average balance | $ 7,812,433,000 | $ 6,180,911,000 | |
| Total interest expense | 91,392,000 | 81,148,000 | |
| Maximum daily amount outstanding | 8,673,233,000 | $ 7,068,600,000 | |
| Assets Sold Under Agreements To Repurchase | 7,304,211,000 | $ 8,023,156,000 | |
| Assets sold under agreements to repurchase, At year end | $ 7,300,692,000 | $ 8,018,601,000 | |
| Weighted average interest rate | 4.54% | 4.71% | |
| Available borrowing capacity, Committed | $ 553,463,000 | $ 595,085,000 | |
| Available borrowing capacity, Uncommitted | 5,174,734,000 | 5,032,598,000 | |
| Available borrowing capacity | 5,728,197,000 | 5,627,683,000 | |
| Margin deposits placed with counterparties included in Other assets, net | 170,948,000 | 174,598,000 | |
| Assets Sold Under Agreements to Repurchase [Member] | |||
| Assets Sold under Agreements to Repurchase [Line Items] | |||
| Unamortized debt issuance costs | (3,519,000) | (4,555,000) | |
| Mortgage Backed Securities at Fair Value [Member] | |||
| Assets Sold under Agreements to Repurchase [Line Items] | |||
| Assets Sold under Agreements to Repurchase, Market Value | 3,765,539,000 | 4,452,859,000 | |
| Loans Held for Sale at Fair Value [Member] | |||
| Assets Sold under Agreements to Repurchase [Line Items] | |||
| Assets Sold under Agreements to Repurchase, Market Value | 2,328,824,000 | 2,676,700,000 | |
| Loans Held for Investment at Fair Value [Member] | |||
| Assets Sold under Agreements to Repurchase [Line Items] | |||
| Assets Sold under Agreements to Repurchase, Market Value | 937,680,000 | 648,159,000 | |
| Servicing advances [Member] | |||
| Assets Sold under Agreements to Repurchase [Line Items] | |||
| Assets Sold under Agreements to Repurchase, Market Value | 38,930,000 | 44,653,000 | |
| Derivative Assets [Member] | |||
| Assets Sold under Agreements to Repurchase [Line Items] | |||
| Assets Sold under Agreements to Repurchase, Market Value | 9,169,000 | 12,622,000 | |
| Deposits Securing Credit Risk Transfer Arrangements [Member] | |||
| Assets Sold under Agreements to Repurchase [Line Items] | |||
| Assets Sold under Agreements to Repurchase, Market Value | 153,742,000 | 176,694,000 | |
| Mortgage Service Rights at Fair Value [Member] | |||
| Assets Sold under Agreements to Repurchase [Line Items] | |||
| Assets Sold under Agreements to Repurchase, Market Value | $ 1,745,231,000 | $ 1,765,572,000 | |
Assets Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Parenthetical) (Detail) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Assets Sold Under Agreements to Repurchase [Member] | ||
| Assets Sold under Agreements to Repurchase [Line Items] | ||
| Amortization of debt issuance costs | $ 1.9 | $ 1.8 |
Assets Sold Under Agreements to Repurchase - Summary of Maturities of Outstanding Advances Under Repurchase Agreements by Maturity Date (Detail) $ in Thousands |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
USD ($)
| |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Maturity of repurchase agreements | $ 7,304,211 |
| Weighted average maturity (in months) | 2 months 9 days |
| Within 30 days [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Maturity of repurchase agreements | $ 4,209,428 |
| Over 30 to 90 days [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Maturity of repurchase agreements | 2,387,866 |
| Over 90 days to 180 days [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Maturity of repurchase agreements | 153,151 |
| Over 180 Days to 1 Year [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Maturity of repurchase agreements | 55,000 |
| Over 1 year to 2 years [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Maturity of repurchase agreements | $ 498,766 |
Assets Sold Under Agreements to Repurchase - Summary of Assets Sold under Agreements to Repurchase by Counterparty (Detail) $ in Thousands |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
USD ($)
| |
| Atlas Securitized Products, L.P. [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 488,626 |
| Weighted-average maturity, Advances | Apr. 29, 2026 |
| Weighted-average maturity, Facility | Dec. 10, 2027 |
| Santander US Capital [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 36,286 |
| Weighted average maturity | May 01, 2026 |
| Santander US Capital [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 69,951 |
| Weighted-average maturity, Advances | Jun. 25, 2026 |
| Weighted-average maturity, Facility | Jun. 25, 2026 |
| Bank of America, N.A. [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 22,623 |
| Weighted average maturity | May 02, 2026 |
| Bank of America, N.A. [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 66,920 |
| Weighted-average maturity, Advances | Apr. 07, 2026 |
| Weighted-average maturity, Facility | Mar. 03, 2027 |
| Goldman Sachs & Co. LLC [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 15,649 |
| Weighted average maturity | Apr. 15, 2026 |
| Goldman Sachs & Co. LLC [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 63,918 |
| Weighted-average maturity, Advances | Apr. 12, 2026 |
| Weighted-average maturity, Facility | Mar. 13, 2028 |
| Nomura Holdings America Inc [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 1,200 |
| Weighted average maturity | Jun. 30, 2026 |
| Nomura Holdings America Inc [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 73,914 |
| Weighted-average maturity, Advances | Apr. 29, 2026 |
| Weighted-average maturity, Facility | Apr. 29, 2026 |
| Citibank, N.A. [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 7,181 |
| Weighted average maturity | May 12, 2026 |
| Citibank, N.A. [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 53,729 |
| Weighted-average maturity, Advances | Jul. 12, 2026 |
| Weighted-average maturity, Facility | Jul. 27, 2026 |
| RBC Capital Markets L.P. [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 21,268 |
| Weighted-average maturity, Advances | Jun. 13, 2026 |
| Weighted-average maturity, Facility | Jan. 19, 2027 |
| RBC Capital Markets L.P. [Member] | Credit Risk Transfer Agreements [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 22,080 |
| Weighted average maturity | Apr. 24, 2026 |
| JPMorgan Chase & Co. [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 39,757 |
| Weighted average maturity | Apr. 28, 2026 |
| JPMorgan Chase & Co. [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 2,948 |
| Weighted-average maturity, Advances | May 23, 2026 |
| Weighted-average maturity, Facility | Jun. 28, 2026 |
| Morgan Stanley & Co. LLC [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 23,971 |
| Weighted-average maturity, Advances | Jun. 02, 2026 |
| Weighted-average maturity, Facility | Aug. 18, 2027 |
| Morgan Stanley & Co. LLC [Member] | Credit Risk Transfer Agreements [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 17,349 |
| Weighted average maturity | Apr. 30, 2026 |
| Wells Fargo Securities L L C [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 22,788 |
| Weighted average maturity | Apr. 30, 2026 |
| Wells Fargo Securities L L C [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 5,949 |
| Weighted-average maturity, Advances | May 20, 2026 |
| Weighted-average maturity, Facility | Mar. 18, 2027 |
| BNP Paribas [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 11,212 |
| Weighted-average maturity, Advances | May 27, 2026 |
| Weighted-average maturity, Facility | Feb. 22, 2027 |
| Barclays Capital Inc. [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 12,066 |
| Weighted average maturity | Apr. 22, 2026 |
| Bank of Montreal [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 8,485 |
| Weighted average maturity | May 07, 2026 |
| Daiwa Capital Markets America Inc. [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 4,891 |
| Weighted average maturity | May 05, 2026 |
| Mizuho Financial Group [Member] | |
| Assets Sold under Agreements to Repurchase [Line Items] | |
| Amounts at risk | $ 2,079 |
| Weighted average maturity | Apr. 23, 2026 |
Mortgage Loan Participation Purchase and Sale Agreement - Summary of Mortgage Loan Participation Purchase and Sale Agreement (Detail) - Mortgage Loan Participation Purchase and Sale Agreement [Member] - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Mortgage Loan Participation Purchase And Sale Agreement [Line Items] | ||
| Weighted average interest rate | 0.00% | 5.68% |
| Average balance | $ 0 | $ 8,653 |
| Total interest expense | 31 | 152 |
| Maximum daily amount outstanding | $ 0 | $ 49,266 |
Mortgage Loan Participation Purchase and Sale Agreement - Summary of Mortgage Loan Participation Purchase and Sale Agreement (Parenthetical) (Detail) - USD ($) |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Mortgage Loan Participation Purchase And Sale Agreement [Line Items] | ||
| Amortization of premiums and debt issuance costs | $ 4,832,000 | $ 3,919,000 |
| Mortgage Loan Participation Purchase and Sale Agreement [Member] | ||
| Mortgage Loan Participation Purchase And Sale Agreement [Line Items] | ||
| Amortization of premiums and debt issuance costs | $ 31,000 | $ 31,000 |
Long-Term Debt - Summary of Term Note Issued to Qualified Institutional Buyers (Detail) $ in Thousands |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
USD ($)
| |
| Secured Debt | CRT Arrangement Financing [Member] | |
| Debt Instrument [Line Items] | |
| Unpaid principal balance | $ 596,965 |
| Secured Term Notes | Fannie Mae MSR Financing | |
| Debt Instrument [Line Items] | |
| Unpaid principal balance | 725,000 |
| August 28, 2024 [Member] | Secured Debt | CRT Arrangement Financing [Member] | |
| Debt Instrument [Line Items] | |
| Notes Issued | 158,500 |
| Unpaid principal balance | $ 133,723 |
| Interest rate spread (Annual) | 3.10% |
| Maturity date, Stated | Sep. 27, 2028 |
| April 4, 2024 [Member] | Secured Debt | CRT Arrangement Financing [Member] | |
| Debt Instrument [Line Items] | |
| Notes Issued | $ 247,000 |
| Unpaid principal balance | $ 207,556 |
| Interest rate spread (Annual) | 3.35% |
| Maturity date, Stated | Mar. 29, 2027 |
| March 6, 2024 [Member] | Secured Debt | CRT Arrangement Financing [Member] | |
| Debt Instrument [Line Items] | |
| Notes Issued | $ 306,000 |
| Unpaid principal balance | $ 255,686 |
| Interest rate spread (Annual) | 3.50% |
| Maturity date, Stated | Mar. 01, 2027 |
| May 25, 2023 [Member] | Secured Term Notes | Fannie Mae MSR Financing | |
| Debt Instrument [Line Items] | |
| Unpaid principal balance | $ 370,000 |
| Interest rate spread (Annual) | 3.00% |
| Maturity date, Stated | May 25, 2028 |
| Maturity date, Optional extension | May 25, 2029 |
| June 27, 2024 [Member] | Secured Term Notes | Fannie Mae MSR Financing | |
| Debt Instrument [Line Items] | |
| Unpaid principal balance | $ 355,000 |
| Interest rate spread (Annual) | 2.75% |
| Maturity date, Stated | Dec. 27, 2027 |
| Maturity date, Optional extension | Jun. 26, 2028 |
Long-Term Debt - Additional Information (Detail) - USD ($) |
3 Months Ended | |
|---|---|---|
Aug. 10, 2023 |
Mar. 31, 2026 |
|
| Senior Notes [Member] | ||
| Debt Instrument [Line Items] | ||
| Percentage of interest on debt | 100.00% | |
| Credit Agreements [Member] | Freddie Mac MSR and Servicing Advance Receivables Financing | ||
| Debt Instrument [Line Items] | ||
| Aggregate loan amount | $ 2,000,000,000 | |
| Maturity date of debt instrument | Aug. 31, 2026 | |
| Series 2023-VF1 and Class A-VF1 Variable Funding Note | Freddie Mac MSR and Servicing Advance Receivables Financing | ||
| Debt Instrument [Line Items] | ||
| Maturity date of debt instrument | Mar. 05, 2027 | |
| Series 2023-VF1 and Class A-VF1 Variable Funding Note | Freddie Mac MSR and Servicing Advance Receivables Financing | Maximum [Member] | ||
| Debt Instrument [Line Items] | ||
| Aggregate principal amount | $ 175,000,000 | |
| PennyMac Loan Services, LLC [Member] | Fannie Mae MSR Financing | ||
| Debt Instrument [Line Items] | ||
| Line of credit, maximum borrowing capacity | $ 1,100,000,000 | |
| Repurchase agreement facilities | 2 years |
Long-Term Debt - Summary of Financial Information Relating to Note Payable Secured by Credit Risk Transfer and Mortgage Servicing Assets (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Carrying value: | |||
| Balance | $ 2,396,545 | $ 2,258,128 | |
| Freddie Mac Mortgage Servicing Rights Financing [Member] | |||
| Carrying value: | |||
| Balance | 2,396,545 | 2,258,128 | |
| Carrying value of notes | 2,401,600 | 2,261,846 | |
| Assets securing notes payable: | |||
| Mortgage servicing rights at fair value | 3,560,828 | 3,582,211 | |
| Servicing advances | 28,675 | 33,777 | |
| Deposits securing CRT arrangements | 815,983 | 832,640 | |
| Notes Payable [Member] | Freddie Mac Mortgage Servicing Rights Financing [Member] | |||
| Carrying value: | |||
| Unamortized debt issuance costs | $ (5,055) | $ (3,718) | |
| Weighted average interest rate | 6.85% | 6.91% | |
| Assets securing notes payable: | |||
| Derivative assets | $ 21,005 | $ 20,037 | |
| Notes Payable [Member] | Freddie Mac MSR Financing | |||
| Short Term Debt [Line Items] | |||
| Average balance | $ 2,316,141 | $ 2,830,048 | |
| Weighted-average interest rate | 6.92% | 7.59% | |
| Total interest expense | $ 41,260 | $ 55,255 | |
| Credit Risk Transfer Arrangement Financing [Member] | Freddie Mac Mortgage Servicing Rights Financing [Member] | |||
| Carrying value: | |||
| Carrying value of notes | 596,965 | 608,903 | |
| Freddie Mac Credit Agreements [Member] | Fannie Mae Mortgage Servicing Rights Financing [Member] | |||
| Carrying value: | |||
| Carrying value of notes | 725,000 | 725,000 | |
| Freddie Mac Credit Agreements [Member] | Freddie Mac Mortgage Servicing Rights And Servicing Advance Receivables Financing [Member] | |||
| Carrying value: | |||
| Carrying value of notes | $ 1,079,635 | $ 927,943 | |
Long-Term Debt - Summary of Financial Information Relating to Note Payable Secured by Credit Risk Transfer and Mortgage Servicing Assets (Parenthetical) (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Short Term Debt [Line Items] | ||
| Amortization of premiums and debt issuance costs | $ 4,832 | $ 3,919 |
| Notes Payable [Member] | Freddie Mac MSR Financing | ||
| Short Term Debt [Line Items] | ||
| Amortization of premiums and debt issuance costs | $ 1,800 | $ 2,300 |
Long-Term Debt - Summary of Financial Information Relating to Exchangeable Senior Notes (Detail) - May 24, 2024 [Member] - Unsecured Senior Notes [Member] - Exchangeable Senior Notes [Member] $ in Thousands |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
USD ($)
Exchange Rate
| |
| Debt Instrument [Line Items] | |
| Unpaid principal balance | $ | $ 366,500 |
| Interest rate spread (Annual) | 8.50% |
| Exchange rates | Exchange Rate | 63.3332 |
| Maturity date, Stated | Jun. 01, 2029 |
Long-Term Debt - Summary of Financial Information Relating to Exchangeable Senior Notes (Parenthetical) (Detail) $ in Thousands |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
USD ($)
| |
| June 4, 2024 [Member] | |
| Debt Instrument [Line Items] | |
| Unpaid principal balance | $ 16,500 |
| December 15, 2025 [Member] | |
| Debt Instrument [Line Items] | |
| Unpaid principal balance | 75,000 |
| December 22, 2025 [Member] | |
| Debt Instrument [Line Items] | |
| Unpaid principal balance | 75,000 |
| Exchangeable Senior Notes [Member] | |
| Debt Instrument [Line Items] | |
| Principal amount | $ 1,000 |
Long-Term Debt - Summary of Financial Information Relating to Unsecured Senior Notes (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2032 |
Mar. 31, 2031 |
Mar. 31, 2030 |
Mar. 31, 2029 |
Mar. 31, 2028 |
Mar. 31, 2027 |
Dec. 31, 2025 |
|
| Carrying value: | |||||||||
| Unpaid principal balance | $ 697,500 | $ 1,042,500 | |||||||
| Exchangeable senior notes | 684,506 | 1,028,300 | |||||||
| Convertible Debt [Member] | |||||||||
| Carrying value: | |||||||||
| Unamortized debt issuance costs | (12,994) | (14,200) | |||||||
| Convertible Debt [Member] | Nonaffiliates [Member] | |||||||||
| Short Term Debt [Line Items] | |||||||||
| Average balance | $ 977,333 | $ 708,917 | |||||||
| Weighted average interest rate | 7.91% | 7.23% | |||||||
| Interest expense | $ 20,274 | $ 13,613 | |||||||
| Exchangeable Senior Notes [Member] | |||||||||
| Carrying value: | |||||||||
| Unpaid principal balance | 366,500 | $ 0 | $ 105,000 | $ 539,000 | $ 53,500 | $ 0 | $ 0 | 711,500 | |
| Senior Notes [Member] | |||||||||
| Carrying value: | |||||||||
| Unpaid principal balance | $ 331,000 | $ 331,000 | |||||||
Long-Term Debt - Summary of Financial Information Relating to Unsecured Senior Notes (Parenthetical) (Detail) - USD ($) |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Short Term Debt [Line Items] | ||
| Amortization of debt issuance costs | $ 4,832,000 | $ 3,919,000 |
| Exchangeable Notes [Member] | ||
| Short Term Debt [Line Items] | ||
| Conversion options | $ 1,200,000 | $ 976,000 |
Long-Term Debt - Summary of Financial Information Relating to Senior Notes (Detail) $ in Thousands |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
USD ($)
| |
| Senior Notes [Member] | |
| Debt Instrument [Line Items] | |
| Unpaid principal balance | $ 331,000 |
| June 2025 [Member] | Senior Notes [Member] | |
| Debt Instrument [Line Items] | |
| Unpaid principal balance | $ 105,000 |
| Interest rate spread (Annual) | 9.00% |
| Redemption date | Jun. 15, 2027 |
| Maturity date, Stated | Jun. 15, 2030 |
| February 2025 [Member] | Senior Notes [Member] | |
| Debt Instrument [Line Items] | |
| Unpaid principal balance | $ 172,500 |
| Interest rate spread (Annual) | 9.00% |
| Redemption date | Feb. 15, 2027 |
| Maturity date, Stated | Feb. 15, 2030 |
| September 2023 [Member] | 2028 Senior Notes [Member] | |
| Debt Instrument [Line Items] | |
| Unpaid principal balance | $ 53,500 |
| Interest rate spread (Annual) | 8.50% |
| Redemption date | Sep. 30, 2025 |
| Maturity date, Stated | Sep. 30, 2028 |
Long-Term Debt - Summary of Financial Information Relating to Asset-Backed Financing of a VIE at Fair Value (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Mar. 31, 2032 |
Mar. 31, 2031 |
Mar. 31, 2030 |
Mar. 31, 2029 |
Mar. 31, 2028 |
Mar. 31, 2027 |
Dec. 31, 2025 |
|
| Short Term Debt [Line Items] | |||||||||
| Asset-backed financing of variable interest entities at fair value | $ 9,903,515 | $ 7,789,303 | |||||||
| Unpaid principal balance | 9,882,623 | $ 9,882,623 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
| Variable Interest Entities [Member] | |||||||||
| Short Term Debt [Line Items] | |||||||||
| Asset-backed financing of variable interest entities at fair value | 9,903,515 | 7,789,303 | |||||||
| Asset-backed Securities | Variable Interest Entities [Member] | |||||||||
| Short Term Debt [Line Items] | |||||||||
| Asset-backed financing of variable interest entities at fair value | 9,903,515 | 7,789,303 | |||||||
| Unpaid principal balance | 9,882,623 | $ 7,763,364 | |||||||
| Asset-backed Securities | Variable Interest Entities [Member] | Asset Backed Secured Financing Liability Fair Value | |||||||||
| Short Term Debt [Line Items] | |||||||||
| Average balance | 8,827,189 | $ 2,633,042 | |||||||
| Total interest expense | $ 120,540 | $ 28,715 | |||||||
| Weighted average interest rate | 5.72% | 4.63% | |||||||
| Weighted average interest rate | 6.03% | 6.03% | |||||||
Long-Term Debt - Summary of Financial Information Relating to Asset-Backed Financing of a VIE at Fair Value (Parenthetical) (Detail) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Variable Interest Entities [Member] | Asset-backed Securities | Asset Backed Secured Financing Liability Fair Value | ||
| Debt Instrument [Line Items] | ||
| Amortization of premiums | $ 3.9 | $ 1.4 |
Long-Term Debt - Schedule of Contractual Maturities on Long Term Debt Obligations (Detail) - USD ($) $ in Thousands |
Mar. 31, 2032 |
Mar. 31, 2031 |
Mar. 31, 2030 |
Mar. 31, 2029 |
Mar. 31, 2028 |
Mar. 31, 2027 |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|---|---|---|---|---|---|
| Debt Instrument [Line Items] | ||||||||
| Notes payable secured by credit risk transfer and mortgage servicing assets | $ 0 | $ 0 | $ 0 | $ 503,723 | $ 355,000 | $ 1,542,877 | $ 2,401,600 | |
| Unsecured senior notes | 697,500 | $ 1,042,500 | ||||||
| Asset-backed financings at fair value | 9,882,623 | 0 | 0 | 0 | 0 | 0 | 9,882,623 | |
| Interest-only security payable at fair value | 34,232 | 0 | 0 | 0 | 0 | 0 | 34,232 | 37,650 |
| Exchangeable Senior Notes [Member] | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Unsecured senior notes | 0 | 105,000 | 539,000 | 53,500 | 0 | 0 | 366,500 | $ 711,500 |
| Total | $ 9,916,855 | $ 105,000 | $ 539,000 | $ 557,223 | $ 355,000 | $ 1,542,877 | $ 13,015,955 |
Liability for Losses under Representations and Warranties - Summary of Company's Liability for Losses under Representations and Warranties (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Mortgage Banking [Abstract] | ||
| Balance, beginning of quarter | $ 5,284 | $ 6,886 |
| Provision for losses: | ||
| Pursuant to loan sales | 310 | 304 |
| Reduction in liability due to change in estimate | (442) | (1,168) |
| Losses incurred | (0) | (67) |
| Balance, end of quarter | 5,152 | 5,955 |
| UPB of loans subject to representations and warranties at end of quarter | $ 211,156,467 | $ 220,977,898 |
Commitments and Contingencies - Additional Information (Detail) |
Mar. 31, 2026
USD ($)
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| Loss contingency accrual | $ 0 |
Commitments and Contingencies - Company's Outstanding Contractual Commitments (Detail) $ in Thousands |
Mar. 31, 2026
USD ($)
|
|---|---|
| Commitments to purchase mortgage loans: | |
| Commitments to purchase loans held for sale from PLS | $ 1,338,161 |
Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Detail) - USD ($) |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Class Of Stock [Line Items] | |||
| Number of shares | 22,400,000 | 22,400,000 | |
| Liquidation preference | $ 560,000,000 | $ 560,000,000 | |
| Issuance discount | 18,518,000 | ||
| Carrying value | $ 541,482,000 | $ 541,482,000 | |
| 8.125% Series A Preferred Stock [Member] | |||
| Class Of Stock [Line Items] | |||
| Number of shares | 4,600,000 | ||
| Liquidation preference | $ 115,000,000 | ||
| Issuance discount | 3,828,000 | ||
| Carrying value | $ 111,172,000 | ||
| Dividends per share | $ 0.51 | $ 0.51 | |
| 8.00% Series B Preferred Stock [Member] | |||
| Class Of Stock [Line Items] | |||
| Number of shares | 7,800,000 | ||
| Liquidation preference | $ 195,000,000 | ||
| Issuance discount | 6,465,000 | ||
| Carrying value | $ 188,535,000 | ||
| Dividends per share | $ 0.5 | 0.5 | |
| 6.75% Series C Preferred Stock [Member] | |||
| Class Of Stock [Line Items] | |||
| Number of shares | 10,000,000 | ||
| Liquidation preference | $ 250,000,000 | ||
| Issuance discount | 8,225,000 | ||
| Carrying value | $ 241,775,000 | ||
| Dividends per share | $ 0.42 | $ 0.42 | |
Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Parenthetical) (Detail) - $ / shares |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Dec. 31, 2025 |
|
| Class Of Stock [Line Items] | ||
| Preferred stock, par value | $ 0.01 | $ 0.01 |
| 8.125% Series A Preferred Stock [Member] | ||
| Class Of Stock [Line Items] | ||
| Cumulative dividend, beneficial interest rate | 8.125% | |
| Sale of Stock, Transaction Date | Mar. 31, 2017 | |
| Preferred stock, par value | $ 0.01 | |
| 8.00% Series B Preferred Stock [Member] | ||
| Class Of Stock [Line Items] | ||
| Cumulative dividend, beneficial interest rate | 8.00% | |
| Sale of Stock, Transaction Date | Jul. 31, 2017 | |
| Preferred stock, par value | $ 0.01 | |
| 6.75% Series C Preferred Stock [Member] | ||
| Class Of Stock [Line Items] | ||
| Cumulative dividend, beneficial interest rate | 6.75% | |
| Sale of Stock, Transaction Date | Aug. 31, 2021 | |
| Preferred stock, par value | $ 0.01 |
Shareholders' Equity - Additional Information (Detail) - USD ($) |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Jun. 14, 2024 |
|
| Schedule Of Capitalization Equity [Line Items] | ||
| Common stock shares repurchase authorized amount before transaction fees | $ 500,000,000 | |
| Available amount for share repurchases | $ 73,400,000 | |
| Common shares repurchased | 0 | |
| Cumulative cost of shares repurchased | $ 427,200,000 | |
| Equity Distribution Agreement [Member] | ||
| Schedule Of Capitalization Equity [Line Items] | ||
| Maximum aggregate offering price | $ 200,000,000 | |
| Commission Amount [Member] | Common Stock [Member] | ||
| Schedule Of Capitalization Equity [Line Items] | ||
| Transaction fees | $ 582,000 | |
| 8.125% Series A, 8.00% Series B, 6.75% Series C Cumulative Redeemable Preferred Stock [Member] | ||
| Schedule Of Capitalization Equity [Line Items] | ||
| Preferred stock redemption price per share | $ 25 | |
| Preferred stock redemption share | 0 |
Shareholders' Equity - Summary of Common Share Repurchase Activity (Detail) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
USD ($)
shares
| |
| Equity [Abstract] | |
| Common shares repurchased | shares | 0 |
| Cumulative cost of shares repurchased | $ | $ 427.2 |
Shareholders' Equity - Summary of Common Share Repurchase Activity (Parenthetical) (Details) |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
USD ($)
| |
| Common Stock [Member] | Commission Amount | |
| Schedule Of Capitalization Equity [Line Items] | |
| Transaction fees | $ 582,000 |
Net Gains on Loans Held for Sale - Summary of Net Gains on Mortgage Loans Held for Sale (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Non-cash gains: | ||
| Receipt of MSRs in mortgage loan sale transactions | $ (40,281) | $ (47,009) |
| Provision for losses relating to representations and warranties provided in loan sales: | ||
| Pursuant to loan sales | (310) | (304) |
| Changes in fair value of loans and derivatives | ||
| Total non-cash gains | (65,803) | 28,681 |
| Net gains on loans held for sale | 22,910 | 12,344 |
| PennyMac Financial Services, Inc. [Member] | ||
| Changes in fair value of loans and derivatives | ||
| Net gains on loans held for sale | 0 | 2,015 |
| Nonaffiliates [Member] | ||
| Cash losses: | ||
| Sales of loans | (40,257) | (1,915) |
| Hedging activities | 39,071 | (58,062) |
| Cash gain, net of effects of cash hedging, on sale of mortgage loans held for sale | (1,186) | (59,977) |
| Non-cash gains: | ||
| Receipt of MSRs in mortgage loan sale transactions | 40,281 | 47,009 |
| Provision for losses relating to representations and warranties provided in loan sales: | ||
| Pursuant to loan sales | (310) | (304) |
| Reduction of liability due to change in estimate | 442 | 1,168 |
| Provision for losses relating to representations and warranties | 132 | 864 |
| Changes in fair value of loans and derivatives | ||
| Interest rate lock commitments | (5,621) | 4,174 |
| Loans | 13,304 | (13,444) |
| Hedging derivatives | (24,000) | 31,703 |
| Total changes in fair value of loans and derivatives | (16,317) | 22,433 |
| Total non-cash gains | 24,096 | 70,306 |
| Net gains on loans held for sale | $ 22,910 | $ 10,329 |
Net (Losses) Gains on Investments and Financings - Summary of Net (Losses) Gains on Investments and Financings (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | ||
| Mortgage-backed securities | $ (33,407) | $ 64,855 |
| Loans held for investment | (65,803) | 28,681 |
| CRT arrangements | 13,911 | (1,800) |
| Asset-backed financings | 62,236 | (29,423) |
| Net gains on investments and financings | (23,063) | 62,313 |
| Nonaffiliates [Member] | ||
| Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | ||
| Loans held for investment | $ 24,096 | $ 70,306 |
Net Interest Expense - Summary of Net Interest Expense (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Interest income: | ||
| Cash and short-term investments | $ 4,976 | $ 5,686 |
| Mortgage-backed securities | 56,249 | 58,234 |
| Loans held for sale | 39,563 | 33,235 |
| Loans held for investment | 133,759 | 33,679 |
| Deposits securing CRT arrangements | 8,892 | 11,675 |
| Placement fees relating to custodial funds | 31,448 | 32,029 |
| Other | 1,204 | 1,553 |
| Interest income | 276,091 | 176,091 |
| Interest expense: | ||
| Assets sold under agreements to repurchase | 91,392 | 81,148 |
| Mortgage loan participation purchase and sale agreements | 31 | 152 |
| Notes payable secured by credit risk transfer and mortgage servicing assets | 41,260 | 55,255 |
| Unsecured senior notes | 20,274 | |
| Asset-backed financings | 120,540 | 28,715 |
| Interest shortfall on repayments of loans serviced for Agency securitizations | 4,430 | 1,429 |
| Interest on loan impound deposits | 1,696 | 1,454 |
| Other | 127 | 371 |
| Interest expense, total | 279,750 | 182,137 |
| Net interest expense | $ (3,659) | (6,046) |
| Unsecured Senior Notes [Member] | ||
| Interest expense: | ||
| Unsecured senior notes | $ 13,613 | |
Share-Based Compensation - Summary of Share-Based Compensation Activity (Detail) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Total share units granted | 608 | 367 |
| Total grant date value of share units | $ 7,389 | $ 5,180 |
| Total share units vested | 279 | 229 |
| Total share units forfeiture | 2 | 0 |
| Compensation expense relating to share-based grants | $ 1,099 | $ 963 |
| Restricted Shares Units [Member] | ||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Total share units granted | 321 | 199 |
| Total grant date value of share units | $ 3,897 | $ 2,815 |
| Total share units vested | 178 | 138 |
| Total share units forfeiture | 1 | 0 |
| Performance Shares Units [Member] | ||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
| Total share units granted | 287 | 168 |
| Total grant date value of share units | $ 3,492 | $ 2,365 |
| Total share units vested | 101 | 91 |
| Total share units forfeiture | 1 | 0 |
Share-Based Compensation - Summary of Share-Based Compensation Activity (Parenthetical) (Detail) - Performance Shares Units [Member] |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
shares
| |
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
| Share vested due to exceeding performance goal | 128,212 |
| Vesting percentage | 79.00% |
Share-Based Compensation - Summary of Restricted Share Units and Performance Share Units Expected to Vest (Detail) shares in Thousands |
Mar. 31, 2026
$ / shares
shares
|
|---|---|
| Restricted Share Units [Member] | |
| Shares expected to vest: | |
| Number of units (in thousands) | shares | 432 |
| Grant date average fair value per unit | $ / shares | $ 12.72 |
| Performance Share Units [Member] | |
| Shares expected to vest: | |
| Number of units (in thousands) | shares | 437 |
| Grant date average fair value per unit | $ / shares | $ 12.84 |
Income Taxes - Additional Information (Detail) - USD ($) |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Income Tax [Line Items] | ||
| Provision for (benefit from) income taxes | 8.50% | 253.70% |
| (Benefit from) provision for income taxes | $ 26,895,000 | $ (6,299,000) |
| (Benefit from) provision for income taxes | $ 2,279,000 | (15,979,000) |
| Percentage of deduction from taxable income | 20.00% | |
| TRS [Member] | ||
| Income Tax [Line Items] | ||
| (Benefit from) provision for income taxes | $ 964,000 | (75,300,000) |
| (Benefit from) provision for income taxes | $ 2,900,000 | $ (17,200,000) |
Earnings (Loss) Per Common Share - Summary of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Earnings Per Share [Abstract] | ||
| Net income | $ 24,616 | $ 9,680 |
| Dividends on preferred shares | (10,455) | (10,455) |
| Effect of participating securities‒share-based compensation awards | (13) | (39) |
| Net income attributable to common shareholders | $ 14,148 | $ (814) |
| Weighted average basic shares outstanding | 87,082 | 86,907 |
| Diluted weighted average shares outstanding | 87,082 | 86,907 |
| Basic earnings (losses) per share | $ 0.16 | $ (0.01) |
| Basic earnings (losses) per share | $ 0.16 | $ (0.01) |
Earnings (Loss) Per Common Share - Summary of Potentially Dilutive Shares Excluded from Computation of Diluted Earnings Per Share (Detail) - shares shares in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Share-based Compensation Plan [Member] | ||
| Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
| Potentially dilutive stock excluded from the diluted earnings per share | 461 | 312 |
Segments - Additional Information (Detail) |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
Segment
| |
| Segment Reporting [Abstract] | |
| Number of business segments | 3 |
| Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] | srt:ChiefExecutiveOfficerMember |
| Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description | The chief operating decision maker uses pre-tax segments results to assess segment performance and allocate operating and capital resources among the segments. |
Segments - Financial Highlights by Segment (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Net investment income: | |||
| Net loan servicing fees | $ 83,586 | $ (27,210) | |
| Net gains on loans held for sale | 22,910 | 12,344 | |
| Net (losses) gains on investments and financings | |||
| Mortgage-backed securities | (33,407) | 64,855 | |
| Loans held for investment | (3,567) | (742) | |
| Credit risk transfer arrangements | 13,911 | (1,800) | |
| Net (losses) gains on investments and financings | (23,063) | 62,313 | |
| Net interest expense: | |||
| Interest income | 276,091 | 176,091 | |
| Interest expense | 279,750 | 182,137 | |
| Net interest expense | (3,659) | (6,046) | |
| Other | 2,360 | 3,064 | |
| Net investment income | 82,134 | 44,465 | |
| Expenses: | |||
| Professional services | 13,501 | 6,982 | |
| Compensation | 2,976 | 2,970 | |
| Loan collection and liquidation | 2,124 | 1,969 | |
| Safekeeping | 855 | 1,110 | |
| Loan origination | 213 | 686 | |
| Other | 3,348 | 3,016 | |
| Total expenses | 55,239 | 50,764 | |
| Income (loss) before provision for (benefit from) income taxes | 26,895 | (6,299) | |
| Total assets at end of quarter | 22,502,692 | 14,876,226 | $ 21,346,882 |
| PennyMac Financial Services, Inc. [Member] | |||
| Net investment income: | |||
| Net gains on loans held for sale | 0 | 2,015 | |
| Expenses: | |||
| Loan servicing fees | 19,723 | 21,729 | |
| Management fees | 6,762 | 7,012 | |
| Loan fulfillment fees | 5,737 | 5,290 | |
| Reportable Segment [Member] | |||
| Net investment income: | |||
| Net loan servicing fees | 83,586 | (27,210) | |
| Net gains on loans held for sale | 22,910 | 12,344 | |
| Net (losses) gains on investments and financings | |||
| Mortgage-backed securities | (33,407) | 64,855 | |
| Loans held for investment | (3,567) | (742) | |
| Credit risk transfer arrangements | 13,911 | (1,800) | |
| Net (losses) gains on investments and financings | (23,063) | 62,313 | |
| Net interest expense: | |||
| Interest income | 273,390 | 172,643 | |
| Interest expense | 277,838 | 180,971 | |
| Net interest expense | (4,448) | (8,328) | |
| Other | 2,360 | 3,064 | |
| Net investment income | 81,345 | 42,183 | |
| Expenses: | |||
| Professional services | 10,844 | 4,880 | |
| Compensation | 0 | 0 | |
| Loan collection and liquidation | 2,124 | 1,969 | |
| Safekeeping | 855 | 1,110 | |
| Loan origination | 213 | 686 | |
| Other | 981 | 756 | |
| Total expenses | 40,477 | 36,420 | |
| Income (loss) before provision for (benefit from) income taxes | 40,868 | 5,763 | |
| Total assets at end of quarter | 22,099,750 | 14,423,545 | |
| Reportable Segment [Member] | PennyMac Financial Services, Inc. [Member] | |||
| Expenses: | |||
| Loan servicing fees | 19,723 | 21,729 | |
| Management fees | 0 | 0 | |
| Loan fulfillment fees | 5,737 | 5,290 | |
| Corporate [Member] | |||
| Net investment income: | |||
| Net loan servicing fees | 0 | 0 | |
| Net gains on loans held for sale | 0 | 0 | |
| Net (losses) gains on investments and financings | |||
| Mortgage-backed securities | 0 | 0 | |
| Loans held for investment | 0 | 0 | |
| Credit risk transfer arrangements | 0 | 0 | |
| Net (losses) gains on investments and financings | 0 | 0 | |
| Net interest expense: | |||
| Interest income | 2,701 | 3,448 | |
| Interest expense | 1,912 | 1,166 | |
| Net interest expense | 789 | 2,282 | |
| Other | 0 | 0 | |
| Net investment income | 789 | 2,282 | |
| Expenses: | |||
| Professional services | 2,657 | 2,102 | |
| Compensation | 2,976 | 2,970 | |
| Loan collection and liquidation | 0 | 0 | |
| Safekeeping | 0 | 0 | |
| Loan origination | 0 | 0 | |
| Other | 2,367 | 2,260 | |
| Total expenses | 14,762 | 14,344 | |
| Income (loss) before provision for (benefit from) income taxes | (13,973) | (12,062) | |
| Total assets at end of quarter | 402,942 | 452,681 | |
| Corporate [Member] | PennyMac Financial Services, Inc. [Member] | |||
| Expenses: | |||
| Loan servicing fees | 0 | 0 | |
| Management fees | 6,762 | 7,012 | |
| Loan fulfillment fees | 0 | 0 | |
| Credit Sensitive Strategies [Member] | Reportable Segment [Member] | |||
| Net investment income: | |||
| Net loan servicing fees | 0 | 0 | |
| Net gains on loans held for sale | 0 | 0 | |
| Net (losses) gains on investments and financings | |||
| Mortgage-backed securities | 0 | (1,010) | |
| Loans held for investment | 2,191 | 2,767 | |
| Credit risk transfer arrangements | 13,911 | (1,800) | |
| Net (losses) gains on investments and financings | 16,102 | (43) | |
| Net interest expense: | |||
| Interest income | 19,229 | 19,549 | |
| Interest expense | 18,727 | 18,117 | |
| Net interest expense | 502 | 1,432 | |
| Other | (48) | (141) | |
| Net investment income | 16,556 | 1,248 | |
| Expenses: | |||
| Professional services | 0 | 0 | |
| Compensation | 0 | 0 | |
| Loan collection and liquidation | 17 | 42 | |
| Safekeeping | 0 | 0 | |
| Loan origination | 0 | 0 | |
| Other | 77 | 94 | |
| Total expenses | 96 | 138 | |
| Income (loss) before provision for (benefit from) income taxes | 16,460 | 1,110 | |
| Total assets at end of quarter | 1,756,200 | 1,517,529 | |
| Credit Sensitive Strategies [Member] | Reportable Segment [Member] | PennyMac Financial Services, Inc. [Member] | |||
| Expenses: | |||
| Loan servicing fees | 2 | 2 | |
| Management fees | 0 | 0 | |
| Loan fulfillment fees | 0 | 0 | |
| Interest Rate Sensitive Strategies [Member] | Reportable Segment [Member] | |||
| Net investment income: | |||
| Net loan servicing fees | 83,586 | (27,210) | |
| Net gains on loans held for sale | 0 | 0 | |
| Net (losses) gains on investments and financings | |||
| Mortgage-backed securities | (33,407) | 65,865 | |
| Loans held for investment | (5,758) | (3,509) | |
| Credit risk transfer arrangements | 0 | 0 | |
| Net (losses) gains on investments and financings | (39,165) | 62,356 | |
| Net interest expense: | |||
| Interest income | 214,630 | 119,896 | |
| Interest expense | 227,557 | 135,332 | |
| Net interest expense | (12,927) | (15,436) | |
| Other | 0 | 0 | |
| Net investment income | 31,494 | 19,710 | |
| Expenses: | |||
| Professional services | 0 | 0 | |
| Compensation | 0 | 0 | |
| Loan collection and liquidation | 2,107 | 1,927 | |
| Safekeeping | 802 | 1,034 | |
| Loan origination | 0 | 0 | |
| Other | 873 | 496 | |
| Total expenses | 23,503 | 25,184 | |
| Income (loss) before provision for (benefit from) income taxes | 7,991 | (5,474) | |
| Total assets at end of quarter | 17,934,880 | 10,860,903 | |
| Interest Rate Sensitive Strategies [Member] | Reportable Segment [Member] | PennyMac Financial Services, Inc. [Member] | |||
| Expenses: | |||
| Loan servicing fees | 19,721 | 21,727 | |
| Management fees | 0 | 0 | |
| Loan fulfillment fees | 0 | 0 | |
| Aggregation and Securitization [Member] | Reportable Segment [Member] | |||
| Net investment income: | |||
| Net loan servicing fees | 0 | 0 | |
| Net gains on loans held for sale | 22,910 | 12,344 | |
| Net (losses) gains on investments and financings | |||
| Mortgage-backed securities | 0 | 0 | |
| Loans held for investment | 0 | 0 | |
| Credit risk transfer arrangements | 0 | 0 | |
| Net (losses) gains on investments and financings | 0 | 0 | |
| Net interest expense: | |||
| Interest income | 39,531 | 33,198 | |
| Interest expense | 31,554 | 27,522 | |
| Net interest expense | 7,977 | 5,676 | |
| Other | 2,408 | 3,205 | |
| Net investment income | 33,295 | 21,225 | |
| Expenses: | |||
| Professional services | 10,844 | 4,880 | |
| Compensation | 0 | 0 | |
| Loan collection and liquidation | 0 | 0 | |
| Safekeeping | 53 | 76 | |
| Loan origination | 213 | 686 | |
| Other | 31 | 166 | |
| Total expenses | 16,878 | 11,098 | |
| Income (loss) before provision for (benefit from) income taxes | 16,417 | 10,127 | |
| Total assets at end of quarter | 2,408,670 | 2,045,113 | |
| Aggregation and Securitization [Member] | Reportable Segment [Member] | PennyMac Financial Services, Inc. [Member] | |||
| Expenses: | |||
| Loan servicing fees | 0 | 0 | |
| Management fees | 0 | 0 | |
| Loan fulfillment fees | $ 5,737 | $ 5,290 | |
Regulatory Capital and Liquidity Requirements - Summary of Capital and Liquidity Amounts and Requirements by Agencies (Detail) $ in Thousands |
Mar. 31, 2026
USD ($)
|
Dec. 31, 2025
USD ($)
|
||
|---|---|---|---|---|
| Capital Requirements By Agencies [Line Items] | ||||
| Net worth, Actual | [1] | $ 736,807 | $ 682,481 | |
| Net worth, Required | [1] | $ 565,233 | $ 569,435 | |
| Tangible net worth / total assets ratio, Actual | [1] | 0.11 | 0.09 | |
| Tangible net worth / total assets ratio, Required | [1] | 0.06 | 0.06 | |
| Liquidity, Actual | [1] | $ 456,161 | $ 514,626 | |
| Liquidity, Required | [1] | $ 207,798 | $ 211,818 | |
| ||||