Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 04, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Securities Act File Number	001-38727
Entity Registrant Name	PennyMac Financial Services, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1098934
Entity Address, Address Line One	3043 Townsgate Road
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91361
City Area Code	818
Local Phone Number	224-7442
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	PFSI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,924,875
Entity Central Index Key	0001745916
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Cash	$ 219,513	$ 301,680
Short-term investment at fair value	434,220	410,037
Principal-only stripped mortgage-backed securities at fair value pledged to creditors	659,235	722,528
Loans held for sale at fair value (includes $9,799,780 and $8,983,503 pledged to creditors)	9,954,495	9,123,410
Derivative assets from non-affiliates	276,709	185,518
Derivative assets from PennyMac Mortgage Investment Trust	5,886	2,257
Servicing advances, net (includes valuation allowance of $116,052 and $103,574; $394,107 and $406,825 pledged to creditors)	622,890	589,542
Mortgage servicing rights at fair value (includes $9,901,292 and $9,367,851 pledged to creditors)	10,149,036	9,598,941
Investment in PennyMac Mortgage Investment Trust at fair value	875	941
Receivable from PennyMac Mortgage Investment Trust	$ 17,500	$ 17,122
Other Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration]	Affiliated Entity [Member]	Affiliated Entity [Member]
Loans eligible for repurchase	$ 8,594,471	$ 7,409,800
Other (includes $15,241 and $10,393 pledged to creditors)	1,009,168	1,026,913
Total assets	31,943,998	29,388,689
LIABILITIES
Assets sold under agreements to repurchase	10,177,643	8,794,002
Mortgage loan participation purchase and sale agreements	691,081	696,618
Notes payable secured by mortgage servicing assets	1,426,325	1,326,021
Unsecured senior notes	4,834,396	4,831,742
Derivative liabilities to non-affiliates	66,829	9,559
Derivative liabilities to PennyMac Mortgage Investment Trust	3,823	6,247
Mortgage servicing liabilities at fair value	1,568	1,572
Accounts payable and accrued expenses	459,016	643,896
Payable to PennyMac Mortgage Investment Trust	$ 96,033	$ 116,585
Other Liability, Related Party [Extensible Enumeration]	Affiliated Entity [Member]	Affiliated Entity [Member]
Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	$ 24,757	$ 24,757
Income taxes payable	1,206,492	1,184,020
Liability for loans eligible for repurchase	8,594,471	7,409,800
Liability for losses under representations and warranties	35,805	34,894
Total liabilities	27,618,239	25,079,713
Commitments and contingencies - Note 18
STOCKHOLDERS' EQUITY
Common stock-authorized 200,000,000 shares of $0.0001 par value; issued and outstanding, 51,923,059 and 52,061,346 shares, respectively	5	5
Additional paid-in capital	46,926	96,870
Retained earnings	4,278,828	4,212,101
Total stockholders' equity	4,325,759	4,308,976
Total liabilities and stockholders' equity	$ 31,943,998	$ 29,388,689

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Loans held for sale	$ 9,954,495	$ 9,123,410
Servicing advances, net	622,890	589,542
Mortgage servicing rights, at fair value	10,149,036	9,598,941
Other assets	1,009,168	1,026,913
Servicing advances, net, valuation allowance	$ 116,052	$ 103,574
Common stock, shares authorized	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares issued	51,923,059	52,061,346
Common stock, shares outstanding	51,923,059	52,061,346
Asset Pledged as Collateral without Right
Loans held for sale	$ 9,799,780	$ 8,983,503
Servicing advances, net	394,107	406,825
Mortgage servicing rights, at fair value	$ 9,901,292	$ 9,367,851
Assets, Pledging Purpose [Extensible Enumeration]	Notes Payable	Notes Payable
Other assets	$ 15,241	$ 10,393

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net gains on loans held for sale at fair value:
Net gains on loans held for sale at fair value	$ 344,985	$ 221,037
Loan origination fees	72,446	46,611
Fulfillment fees from PennyMac Mortgage Investment Trust	5,737	5,290
Loan servicing fees:
Owned servicing	511,160	466,739
Change in fair value of mortgage servicing rights and mortgage servicing liabilities	(171,993)	(430,956)
Mortgage servicing rights hedging results	(207,287)	106,774
Change in fair value of mortgage servicing rights and mortgage-backed securities	(379,280)	(324,182)
Net loan servicing fees - owned servicing	131,880	142,557
Subservicing fees	20,950	21,729
Net loan servicing fees	152,830	164,286
Net interest expense:
Interest income	208,179	189,871
Interest expense	249,722	208,082
Net interest expense	(41,543)	(18,211)
Management fees from PennyMac Mortgage Investment Trust	6,762	7,012
Results of real estate acquired in settlement of loans	(2,316)	(225)
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust	(37)	185
Other	6,120	4,918
Total net revenues	544,984	430,903
Expenses
Compensation	216,393	181,988
Loan origination	79,696	44,096
Technology	46,132	40,197
Servicing	38,233	21,875
Marketing and advertising	21,094	9,432
Professional services	14,399	9,037
Occupancy and equipment	9,991	8,382
Other	14,355	11,700
Total expenses	440,293	326,707
Income before provision for income taxes	104,691	104,196
Provision for income taxes	22,369	27,916
Net income	$ 82,322	$ 76,280
Earnings per share
Basic (in dollars per share)	$ 1.58	$ 1.48
Diluted (in dollars per share)	$ 1.53	$ 1.42
Weighted average shares outstanding
Basic (in shares)	52,132	51,506
Diluted (in shares)	53,859	53,624
Related Party
Net gains on loans held for sale at fair value:
Net gains on loans held for sale at fair value	$ 7,749	$ 4,838
Loan origination fees		477
Loan servicing fees:
Subservicing fees	19,723	21,729
Nonrelated Party
Net gains on loans held for sale at fair value:
Net gains on loans held for sale at fair value	337,236	216,199
Loan origination fees	72,446	46,134
Loan servicing fees:
Subservicing fees	1,227
Net interest expense:
Interest expense	249,722	208,082
Non-affiliates \| Nonrelated Party
Loan servicing fees:
Owned servicing	469,366	417,687
Others \| Nonrelated Party
Loan servicing fees:
Owned servicing	$ 41,794	$ 49,052

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional paid-in capital	Retained earnings	Total
Balance at Dec. 31, 2024	$ 5	$ 56,072	$ 3,773,574	$ 3,829,651
Balance (in shares) at Dec. 31, 2024	51,377
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)
Net Income (Loss)			76,280	76,280
Stock-based compensation		12,773		12,773
Stock-based compensation (in shares)	281
Issuance of common stock in settlement of directors' fees		57		57
Issuance of common stock in settlement of director fees (in shares)	1
Common stock dividend ($0.30 per share)			(15,005)	(15,005)
Balance at Mar. 31, 2025	$ 5	68,902	3,834,849	3,903,756
Balance (in shares) at Mar. 31, 2025	51,659
Balance at Dec. 31, 2025	$ 5	96,870	4,212,101	4,308,976
Balance (in shares) at Dec. 31, 2025	52,061
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)
Net Income (Loss)			82,322	82,322
Stock-based compensation		(29)		(29)
Stock-based compensation (in shares)	421
Issuance of common stock in settlement of directors' fees		96		96
Issuance of common stock in settlement of director fees (in shares)	1
Common stock dividend ($0.30 per share)	$ 0	0	(15,595)	(15,595)
Repurchase of common stock		(50,011)		$ (50,011)
Repurchase of common stock (in shares)	(560)			(560)
Balance at Mar. 31, 2026	$ 5	$ 46,926	$ 4,278,828	$ 4,325,759
Balance (in shares) at Mar. 31, 2026	51,923

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)
Common Stock dividends (in dollars per share)	$ 0.3	$ 0.3

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flow from operating activities
Net income	$ 82,322	$ 76,280
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Net gains on loans held for sale at fair value	(344,985)	(221,037)
Change in fair value of mortgage servicing rights and mortgage servicing liabilities	171,993	430,956
Mortgage servicing rights hedging results	207,287	(106,774)
Accrual of unearned discounts on principal-only stripped mortgage-backed securities	5,185	(11,335)
Capitalization of interest on loans held for sale	(3,632)	(210)
Amortization of debt issuance costs	8,650	7,072
Results of real estate acquired in settlement in loans	2,316	225
Change in fair value of investment in common shares of PennyMac Mortgage Investment Trust	66	(155)
Stock-based compensation expense	2,447	11,084
Provision for servicing advance losses	19,962	4,184
Depreciation and amortization	13,510	13,896
Impairment of capitalized software	317
Amortization of operating lease right-of-use assets	4,227	3,405
Purchase of loans held for sale from non-affiliates	(27,031,441)	(815,720)
Origination of loans held for sale	(10,510,064)	(5,084,079)
Purchase of loans held for sale from PennyMac Mortgage Investment Trust		(20,437,666)
Purchase of loans from Ginnie Mae securities and early buyout investors	(661,341)	(1,079,557)
Sale to non-affiliates and principal payment of loans held for sale	32,611,319	27,587,429
Sale of loans held for sale to PennyMac Mortgage Investment Trust	4,380,289	654,808
Repurchase of loans subject to representations and warranties	(24,922)	(19,942)
(Increase) decrease in servicing advances	(97,071)	25,134
Increase in receivable from PennyMac Mortgage Investment Trust	(4,096)	(229)
Sale of real estate acquired in settlement of loans	25,695	19,992
Increase in other assets	(15,605)	(9,458)
(Decrease) increase in accounts payable and accrued expenses	(182,123)	14,769
Decrease in operating lease liabilities	(3,935)	(4,630)
Decrease in payable to PennyMac Mortgage Investment Trust	(20,814)	(20,126)
Increase in income taxes payable	22,471	27,641
Net cash (used in) provided by operating activities	(1,341,973)	1,065,957
Cash flow from investing activities
Increase in short-term investment	(24,183)	(22,840)
Repayment of principal-only stripped mortgage-backed securities	58,069	37,738
Net settlement of derivative financial instruments used for hedging of mortgage servicing rights	(171,613)	74,572
Adjustment to sales of mortgage servicing rights to non-affiliates	(6,429)
Sale of mortgage servicing rights to PennyMac Mortgage Investment Trust	3,922
Acquisition of capitalized software	(15,925)	(7,137)
Purchase of furniture, fixtures, equipment and leasehold improvements	(2,250)	(371)
Increase in margin deposits	13,884	(51,578)
Net cash (used in) provided by investing activities	(144,525)	30,384
Cash flow from financing activities
Sale of assets under agreements to repurchase	38,971,144	27,533,478
Repurchase of assets sold under agreements to repurchase	(37,588,456)	(29,161,286)
Issuance of mortgage loan participation purchase and sale certificates	6,985,112	5,807,294
Repayment of mortgage loan participation purchase and sale certificates	(6,990,883)	(5,793,836)
Issuance of notes payable secured by mortgage servicing assets	100,000
Repayment of notes payable secured by mortgage servicing assets		(325,000)
Issuance of unsecured senior notes		850,000
Payment of debt issuance costs	(4,504)	(21,064)
Issuance of common stock by exercise of stock options	3,710	5,452
Payment of withholding taxes relating to stock-based compensation	(6,186)	(3,763)
Payment of dividends to holders of common stock	(15,595)	(15,005)
Repurchase of common stock	(50,011)
Net cash provided by (used in) financing activities	1,404,331	(1,123,730)
Net decrease in cash	(82,167)	(27,389)
Cash at beginning of quarter	301,680	238,482
Cash at end of quarter	219,513	211,093
Supplemental cash flow information:
Cash paid for interest	249,269	205,446
(Refunds received) cash paid for income taxes, net	(103)	274
Non-cash investing activities:
Mortgage servicing rights received from loan sales	719,586	650,349
Operating right-of-use assets recognized	1,169	561
Non-cash financing activities:
Issuance of common stock in settlement of directors' fees	$ 96	$ 57

Organization

3 Months Ended

Mar. 31, 2026

Organization

Organization

Note 1—Organization

PennyMac Financial Services, Inc. (together, with its consolidated subsidiaries, unless the context indicates otherwise, “PFSI” or the “Company”) is a holding corporation and its primary assets are equity interests in Private National Mortgage Acceptance Company, LLC (“PNMAC”). The Company is the managing member of PNMAC, and it operates and controls all of the businesses and consolidates the financial results of PNMAC and its subsidiaries.

PNMAC is a Delaware limited liability company which, through its subsidiaries, engages in mortgage banking and investment management activities. PNMAC’s mortgage banking activities consist of residential mortgage loan production and servicing. PNMAC’s investment management activities and a portion of its mortgage banking activities are conducted on behalf of PennyMac Mortgage Investment Trust, a real estate investment trust that invests in residential mortgage-related assets that is separately listed on the New York Stock Exchange under the ticker symbol “PMT”. PNMAC’s primary wholly owned subsidiaries are:

●

PennyMac Loan Services, LLC (“PLS”) — a Delaware limited liability company that services portfolios of residential mortgage loans on behalf of non-affiliates and PMT, purchases, originates and sells new prime credit quality residential mortgage loans and engages in other mortgage banking activities for its own account and the account of PMT. PLS has mortgage banking services, loan servicing, mortgage loan purchase and mortgage servicing rights (“MSRs”) recapture agreements with PMT.

PLS is approved as an issuer of securities guaranteed by the Government National Mortgage Association (“Ginnie Mae”) and as a seller/servicer of mortgage loans by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). PLS is a licensed Federal Housing Administration Nonsupervised Title II Lender with the U.S. Department of Housing and Urban Development (“HUD”) and a lender/servicer with the U.S. Department of Veterans Affairs and U.S. Department of Agriculture (each of the above an “Agency” and collectively the “Agencies”).

●

Pennymac Capital Management, LLC (“PCM”) — a Delaware limited liability company registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended. PCM has a management agreement with PMT.

Pending Acquisition

On February 11, 2026, the Company entered into an agreement to acquire the subservicing business of Cenlar Capital Corporation (“Cenlar”) in an all-cash transaction for an upfront purchase price of $172.5 million plus or minus the difference between Cenlar’s shareholders’ equity and $25 million and up to $85 million of contingent consideration payable over three years. Cenlar’s subservicing business consists primarily of subservicing contracts for approximately 100 institutional clients. The transaction is expected to close in the second half of 2026, subject to customary closing conditions, including required regulatory approvals. There can be no assurance that the transaction will close as expected or at all.

Basis of Presentation and Recently Issued Accounting Pronouncements

3 Months Ended

Mar. 31, 2026

Basis of Presentation and Recently Issued Accounting Pronouncements

Basis of Presentation and Recently Issued Accounting Pronouncements

Note 2—Basis of Presentation and Recently Issued Accounting Pronouncements

Basis of Presentation

The accompanying 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 Accounting Standards Codification for interim financial information and with the SEC’s instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these consolidated 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 year ended December 31, 2025.

The accompanying consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, income, and cash flows for the interim periods presented, but are not necessarily indicative of income that may be expected for the full year ending December 31, 2026. Intercompany accounts and transactions have been eliminated.

Preparation of financial statements in compliance with GAAP requires the Company to make judgments and estimates that affect the reported amounts of assets and liabilities and 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.

Concentration of Risk

3 Months Ended

Mar. 31, 2026

Concentration of Risk

Concentration of Risk

Note 3—Concentration of Risk

A portion of the Company’s activities relate to PMT. Revenues generated from PMT (generally comprised of gains on loans held for sale, loan origination and fulfillment fees, loan servicing fees, management fees, change in fair value of investment in and dividends received from PMT, and expense allocations charged to PMT) totaled 8% and 10% of total net revenues for the quarters ended March 31, 2026 and 2025, respectively.

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.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2A
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

Variable Interest Entities

3 Months Ended

Mar. 31, 2026

Variable Interest Entities

Variable Interest Entities

Note 4—Variable Interest Entities

The Company entered into securitization transactions in which PLS transfers participation certificates in its Ginnie Mae and Fannie Mae MSRs to variable interest entities (“VIEs”) that issue variable funding notes (“VFNs”) to PLS and term debt backed by the participation certificates. PLS finances the VFNs by selling them under agreements to repurchase. The Company acts as guarantor of the VFNs and term debt. The Company determined that it is the primary beneficiary of the VIEs because as the holder of the VFNs and guarantor of the VFNs and term debt, it holds the variable interests in the VIEs. Therefore, PFSI consolidates the VIEs.

For financial reporting purposes, the MSRs financed by the consolidated VIEs are included in Mortgage servicing rights at fair value, the financing of VFNs is included in Assets sold under agreements to repurchase and the term debt is included in Notes payable secured by mortgage servicing assets on the Company’s consolidated balance sheets. This financing is described in Note 14 – Short-Term Debt and Note 15 – Long-Term Debt.

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

Related Party Transactions

Note 5—Related Party Transactions

PennyMac Mortgage Investment Trust

Operating Activities

Mortgage Loan Production Activities and MSR Recapture

Mortgage Loan Purchase Agreement

The Company may sell newly originated loans to PMT under a mortgage loan purchase agreement. The Company has typically utilized the mortgage loan purchase agreement for the purpose of selling to PMT conforming balance non-government insured or guaranteed loans, as well as prime jumbo residential mortgage loans.

Under the mortgage loan purchase agreement, PMT has the right to purchase up to 100% of the non-government insured or guaranteed loans purchased by the Company through its correspondent channel at the Company’s cost plus accrued interest, less any loan administrative fees paid to the Company by the correspondent sellers and subject to quarterly fulfillment fee charges as described below. The Company may hold or otherwise sell correspondent loans to other investors, or to PMT at a later date, if PMT chooses not to initially purchase such loans through the correspondent channel.

MSR Recapture Agreement

Pursuant to the terms of an MSR recapture agreement by and between the Company and PMT, if the Company refinances (recaptures) mortgage loans for which PMT holds the MSRs, the Company is generally required to transfer and convey to PMT 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 lien 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” 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. The Company has further agreed to allocate resources sufficient 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.

Mortgage Banking Services Agreement

The Company has a mortgage banking services agreement with PMT. Under the mortgage banking services agreement, the Company provides PMT with certain mortgage banking services, including fulfillment and disposition-related services, for which it receives a monthly fulfillment fee. The mortgage banking services agreement was renewed and amended to provide for the Company to assume the role of initial correspondent loan purchaser, in place of PMT, effective July 1, 2025. As a result of the new structure, the sourcing fee arrangement described below no longer has any effect for commitments to purchase correspondent loans made on or after July 1, 2025.

Fulfillment Services

Pursuant to the terms of a mortgage banking services agreement, the fulfillment fees 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.

Sourcing Fees

PMT does not hold the Ginnie Mae approval required to issue Ginnie Mae mortgage-backed securities (“MBS”) and act as a servicer. Accordingly, through June 30, 2025, under the agreement, the Company purchased mortgage loans underwritten in accordance with the Ginnie Mae MBS Guide “as is” and without recourse of any kind from PMT at PMT’s cost less an administrative fee plus accrued interest and 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 loan was held by PMT before purchase by the Company.

While the Company purchased these mortgage loans “as is” and without recourse of any kind from PMT, where the Company 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 PMT. Beginning July 1, 2025, when the Company became the initial purchaser of correspondent loans, the sourcing fee was discontinued.

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.

Following is a summary of loan production and MSR recapture activities, between the Company and PMT:


		Quarter ended March 31,
		2026			2025

		(in thousands)
Net gains on loans held for sale at fair value:
Net gains on loans sold to PMT (primarily cash)		$	13,556		$	6,046
Mortgage servicing rights recapture incurred			(5,807)			(1,208)
		$	7,749		$	4,838
Sale of loans held for sale to PMT		$	4,380,289		$	654,808
UPB of loans recaptured		$	550,998		$	159,472

Tax service fees earned from PMT included in Loan origination fees		$	—		$	477

Fulfillment fee revenue		$	5,737		$	5,290
UPB of loans sold to and fulfilled for PMT subject to fulfillment fees		$	2,796,544		$	2,781,722

Sourcing fees included in cost of loans purchased from PMT		$	—		$	2,015
Unpaid principal balance of loans purchased from PMT:
Government guaranteed or insured		$	—		$	11,191,880
Conventional conforming			—			8,960,796
		$	—		$	20,152,676

Servicing Agreement

The Company and PMT have entered into a loan servicing agreement (the “Servicing Agreement”), pursuant to which the Company provides subservicing for PMT’s MSRs and its portfolio of residential mortgage loans in exchange for servicing fees as described below:

●

The base servicing fee rates for mortgage loans are established at a monthly per-loan dollar amount. As of October 1, 2025, the base servicing fee rates for mortgage loans are $7.00 per month for fixed-rate loans and $8.00 per month for adjustable-rate loans. Prior to October 1, 2025, the base servicing fee rates were $7.50 per month for fixed-rate loans and $8.50 per month for adjustable-rate loans.

●

To the extent that mortgage loans become delinquent, the Company 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 is acquired in settlement of the loan. The Company 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 and a percentage of late charges.

Following is a summary of loan servicing fees earned from PMT:


		Quarter ended March 31,
		2026			2025

		(in thousands)
Base fees		$	17,624		$	19,202
Other fees			2,099			2,527
		$	19,723		$	21,729

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.

Management Agreement

The Company has a management agreement with PMT (“Management Agreement”), pursuant to which the Company oversees PMT’s business affairs and for which PFSI collects a base management fee and may collect a performance incentive fee. The Management Agreement provides that:

●

The base management fee is calculated and collected quarterly in arrears and is equal to the sum of (i) 1.5% per year of PMT’s average “shareholders’ equity” up to $2 billion, (ii) 1.375% per year of PMT’s average “shareholders’ equity” in excess of $2 billion and up to $5 billion, and (iii) 1.25% per year of PMT’s average “shareholders’ equity” in excess of $5 billion. “Shareholders’ equity” is defined in the Management Agreement as the sum of net proceeds from issuance and repurchases of equity securities since inception, plus retained earnings or reduced by accumulated deficit.

●

The performance incentive fee is calculated and collected annually in arrears and is a specified percentage of the amount by which PMT’s “net income,” over the 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 PMT’s “net income” for the year exceeds (i) an 8% return on the average “common shareholders’ equity” during the period plus the “high watermark,” up to (ii) a 12% return on PMT’s “common shareholders’ equity”; plus

●

15% of the amount by which PMT’s “net income” for the year exceeds (i) a 12% return on the average “common shareholders’ equity” during the period plus the “high watermark,” up to (ii) a 16% return on PMT’s “common shareholders’ equity”; plus

●

20% of the amount by which PMT’s “net income” for the year exceeds a 16% return on the average “common shareholders’ equity” during the period 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 PMT’s common shares of beneficial interest computed in accordance with GAAP adjusted for certain non-cash charges determined after discussions between the Company and PMT’s independent trustees and approval by a majority of PMT’s independent trustees.

“Common shareholders’ equity” is defined as “shareholders’ equity” less the average value of the Company’s preferred equity determined in accordance with GAAP.

“High watermark” is the annual adjustment that reflects the amount by which the “net income” (stated as a percentage of return on “equity”) in that year exceeds or falls short of the lesser of 8% and the average Fannie Mae 30-year 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 returns to zero. As a result, the threshold amount required for the Company to earn a performance incentive fee is adjusted cumulatively based on the performance of PMT’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 performance incentive fee may be paid in cash or a combination of cash and PMT’s common shares of beneficial interest (subject to a limit of no more than 50% paid in common shares of beneficial interest), at PMT’s option.

In the event of termination of the Management Agreement between PMT and the Company, the Company 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 the Company, in each case during the 24-month period immediately preceding the date of termination.

Following is a summary of the base management and performance incentive fees earned from PMT:


	Quarter ended March 31,
	2026			2025

	(in thousands)
Base management fees	$	6,762		$	7,012
Performance incentive fees		—			—
	$	6,762		$	7,012
Average PMT's shareholders' equity used to calculate base management fees	$	1,828,237		$	1,895,785

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, PMT reimburses the Company for its organizational and operating expenses, including third-party expenses, incurred on PMT’s behalf, it being understood that the Company 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 PMT. PMT is also required to pay its pro rata portion of the rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Company and its affiliates required for PMT’s and its subsidiaries’ operations. These expenses are based on the resources the Company dedicates to investment management activities for PMT, as determined by the Company in its reasonable and good faith discretion.

The Company received reimbursements from PMT for expenses as follows:


		Quarter ended March 31,
		2026			2025

		(in thousands)
Reimbursement of:
Expenses incurred on PMT's behalf, net		$	6,141		$	4,601
Compensation			1,599			1,629
Common overhead incurred by the Company			949			981
		$	8,689		$	7,211
Payments and settlements during the quarter (1)		$	18,330		$	28,048

(1)	Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PMT for the operating, investing and financing activities itemized in this Note.

Investing Activities

Following is a summary of investing activities between the Company and PMT:


		Quarter ended March 31,
		2026			2025

		(in thousands)
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust shares		$	(37)		$	185
Sale of Mortgage servicing rights to PMT		$	3,922		$	—


		March 31,			December 31,
		2026			2025

		(in thousands)
Common shares of beneficial interest of PennyMac Mortgage Investment Trust:
Fair value		$	875		$	941
Number of shares			75			75

Receivable from and Payable to PMT

Amounts receivable from and payable to PMT are summarized below:


		March 31,			December 31,
		2026			2025

		(in thousands)
Receivable from PMT:
Management fees		$	6,762		$	6,856
Servicing fees			6,622			6,669
Allocated expenses and expenses incurred on PMT's behalf			3,931			3,161
Correspondent production activities			185			436
		$	17,500		$	17,122
Payable to PMT:
Amounts advanced by PMT to fund its servicing advances		$	79,881		$	97,485
Other			16,152			19,100
		$	96,033		$	116,585

Exchanged Private National Mortgage Acceptance Company, LLC Unitholders

The Company entered into a tax receivable agreement with certain former owners of PNMAC that provides for the payment from time to time by the Company to PNMAC’s exchanged unitholders of an amount equal to 85% of the amount of the net tax benefits, if any, that the Company is deemed to realize as a result of (i) increases in tax basis of PNMAC’s assets resulting from exchanges of ownership interests in PNMAC and (ii) certain other tax benefits related to entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement.

The Company has recorded a $24.8 million Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement as of March 31, 2026 and December 31, 2025. The Company did not make payments under the tax receivable agreement during the quarters ended March 31, 2026 and 2025.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Loan Sales and Servicing Activities

3 Months Ended

Mar. 31, 2026

Loan Sales and Servicing Activities

Loan Sales and Servicing Activities

Note 6—Loan Sales and Servicing Activities

Loan Sales

The Company originates, purchases and sells loans in the secondary mortgage market without recourse for credit losses. However, the Company maintains continuing involvement with the loans in the form of servicing arrangements and the liability under representations and warranties it makes to purchasers and insurers of the loans.

The following table summarizes cash flows between the Company and transferees as a result of the sale of loans in transactions where the Company maintains continuing involvement with the loans:


		Quarter ended March 31,
		2026			2025

		(in thousands)
Cash flows:
Sales proceeds		$	32,611,319		$	27,587,429
Servicing fees received		$	428,237		$	396,232

The following table summarizes the UPB of the loans sold by the Company in transactions where it maintains continuing involvement:


		March 31,			December 31,
		2026			2025

		(in thousands)
Unpaid principal balance of loans outstanding		$	460,361,759		$	448,035,447
Delinquent loans:
30-89 days		$	14,850,730		$	18,000,680
90 days or more:
Not in foreclosure		$	11,561,042		$	9,759,483
In foreclosure		$	1,616,694		$	1,372,545
Foreclosed		$	4,583		$	4,076
Loans in bankruptcy		$	2,082,955		$	1,968,188

Loan Servicing

The following tables summarize the Company’s loan servicing portfolio as measured by UPB:


		March 31, 2026
		Servicing						Total
		rights owned			Subservicing			loans serviced

		(in thousands)
Investor:
Non-affiliated entities:
Originated		$	460,361,759		$	—		$	460,361,759
Purchased			13,633,606			—			13,633,606
Subserviced			—			11,413,998			11,413,998
			473,995,365			11,413,998			485,409,363
PennyMac Mortgage Investment Trust			—			225,093,530			225,093,530
Loans held for sale			9,821,486			—			9,821,486
		$	483,816,851		$	236,507,528		$	720,324,379
Delinquent loans:
30 days		$	11,197,038		$	1,898,851		$	13,095,889
60 days			4,131,164			540,380			4,671,544
90 days or more:
Not in foreclosure			11,755,298			1,045,822			12,801,120
In foreclosure			1,669,223			144,107			1,813,330
Foreclosed			6,229			2,583			8,812
		$	28,758,952		$	3,631,743		$	32,390,695
Loans in bankruptcy		$	2,152,337		$	377,461		$	2,529,798
Custodial funds managed by the Company (1)		$	10,117,440		$	3,125,558		$	13,242,998

(1)

Custodial funds include cash accounts holding funds on behalf of borrowers and investors relating to loans serviced under servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of these custodial funds where it owns the MSRs and these fees are included in Interest income in the Company’s consolidated statements of income.


		December 31, 2025
		Servicing						Total
		rights owned			Subservicing			loans serviced

		(in thousands)
Investor:
Non-affiliated entities:
Originated		$	448,035,447		$	—		$	448,035,447
Purchased			13,999,998			—			13,999,998
Subserviced (1)			—			35,873,833			35,873,833
			462,035,445			35,873,833			497,909,278
PennyMac Mortgage Investment Trust			—			226,774,067			226,774,067
Loans held for sale			8,930,477			—			8,930,477
		$	470,965,922		$	262,647,900		$	733,613,822
Delinquent loans:
30 days		$	13,205,704		$	3,056,477		$	16,262,181
60 days			5,357,188			962,007			6,319,195
90 days or more:
Not in foreclosure			9,944,189			1,734,551			11,678,740
In foreclosure			1,414,544			184,343			1,598,887
Foreclosed			6,229			3,121			9,350
		$	29,927,854		$	5,940,499		$	35,868,353
Loans in bankruptcy		$	2,039,686		$	566,890		$	2,606,576
Custodial funds managed by the Company (2)		$	8,429,523		$	2,758,179		$	11,187,702

(1)	Includes $24.3 billion in UPB of loans where MSRs have been sold, but the servicing has not yet transferred to the purchaser’s servicing platform.

(2)

Custodial funds include cash accounts holding funds on behalf of borrowers and investors relating to loans serviced under servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of these custodial funds where it owns the MSRs and these fees are included in Interest income in the Company’s consolidated statements of income.

Following is a summary of the geographical distribution of loans included in the Company’s loan servicing portfolio for the top five and all other states as measured by UPB:


		March 31,			December 31,
State		2026			2025

		(in thousands)
California		$	81,899,842		$	83,261,751
Texas			72,914,367			73,599,588
Florida			68,453,274			69,872,447
Virginia			36,433,902			38,282,502
Georgia			29,727,189			30,528,228
All other states			430,895,805			438,069,306
		$	720,324,379		$	733,613,822

The Company is contractually responsible for making the payments required to protect the loans’ beneficial interest holders’ interests in the properties collateralizing their loans and may be required to advance amounts in excess of insurer or guarantor reimbursement limits. Therefore, the Company provides a valuation allowance on the servicing advances for these amounts to adjust their carrying values to amounts that are expected to ultimately be recovered from the loans’ insurers, guarantors, or beneficial interest holders.

The servicing advance valuation allowance is estimated based on relevant qualitative and quantitative information about past events, including historical collection and loss experience, current conditions, and reasonable and supportable forecasts that affect collectable amounts. The provision for losses on servicing advances is included in Servicing expense in the consolidated statements of income. Servicing advances are written off when they are deemed unrecoverable.

The following is a summary of the allowance for losses on servicing advances:


	Quarter ended March 31,
	2026		2025

	(in thousands)
Balance at beginning of quarter	$	103,574	$	85,788
Provision for losses		19,962		4,184
Charge-offs, net		(7,484)		(7,817)
Balance at end of quarter	$	116,052	$	82,155

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480591/815-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/860/tableOfContent

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (cc)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(5)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4D

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-7

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-4

+ Details

Fair Value

3 Months Ended

Mar. 31, 2026

Fair Value.

Fair Value

Note 7—Fair Value

Most of the Company’s assets and certain of its liabilities are measured at or based on their fair values. 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 significant inputs used to determine the fair values. The fair value level assigned to an asset or liability is based on the lowest level of input that is significant to its fair value measurement. These levels are:

●

Level 1—Quoted prices in active markets for identical assets or liabilities.

●

Level 2—Prices determined 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 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 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 inputs required to establish fair value at a higher level of the hierarchy become available.

Fair Value Accounting Elections

The Company identified its MSRs, its mortgage servicing liabilities (“MSLs”) and all of its non-cash financial assets to be accounted for at fair value so changes in fair value will be reflected in income as they occur and more timely reflect the results of the Company’s performance.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Following is a summary of assets and liabilities that are measured at fair value on a recurring basis:


		March 31, 2026
		Level 1			Level 2			Level 3			Total

		(in thousands)
Assets:
Short-term investment		$	434,220		$	—		$	—		$	434,220
Principal-only stripped mortgage-backed securities			—			659,235			—			659,235
Loans held for sale			—			9,525,538			428,957			9,954,495
Derivative assets from non-affiliates:
Interest rate lock commitments			—			—			138,031			138,031
Forward purchase contracts			—			24,588			—			24,588
Forward sales contracts			—			165,645			—			165,645
MBS put options			—			4,840			—			4,840
Total return swap			—			119			—			119
Put options on interest rate futures purchase contracts			41,688			—			—			41,688
Call options on interest rate futures purchase contracts			9,414			—			—			9,414
Total derivative assets before netting			51,102			195,192			138,031			384,325
Netting			—			—			—			(107,616)
Total derivative assets from non-affiliates			51,102			195,192			138,031			276,709
Derivative assets from PennyMac Mortgage Investment Trust:
Interest rate lock commitments			—			—			5,886			5,886
Forward sales contracts			—			15			—			15
Total before netting			—			15			5,886			5,901
Netting			—			—			—			(15)
Total derivative assets from PennyMac Mortgage Investment Trust			—			15			5,886			5,886
Mortgage servicing rights			—			—			10,149,036			10,149,036
Investment in PennyMac Mortgage Investment Trust			875			—			—			875
		$	486,197		$	10,379,980		$	10,721,910		$	21,480,456
Liabilities:
Derivative liabilities to non-affiliates:
Interest rate lock commitments		$	—		$	—		$	35,368		$	35,368
Forward purchase contracts			—			67,863			—			67,863
Forward sales contracts			—			42,663			—			42,663
Total derivative liabilities before netting			—			110,526			35,368			145,894
Netting			—			—			—			(79,065)
Total derivative liabilities to non-affiliates			—			110,526			35,368			66,829
Derivative liabilities to PennyMac Mortgage Investment Trust:
Interest rate lock commitments			—			—			2,613			2,613
Forward sales contracts			—			1,225			—			1,225
Total derivative liabilities to PennyMac Mortgage Investment Trust before netting			—			1,225			2,613			3,838
Netting			—			—			—			(15)
Total derivative liabilities to PennyMac Mortgage Investment Trust			—			1,225			2,613			3,823
Mortgage servicing liabilities			—			—			1,568			1,568
		$	—		$	111,751		$	39,549		$	72,220


		December 31, 2025
		Level 1			Level 2			Level 3			Total

		(in thousands)
Assets:
Short-term investment		$	410,037		$	—		$	—		$	410,037
Principal-only stripped mortgage-backed securities			—			722,528			—			722,528
Loans held for sale			—			8,815,699			307,711			9,123,410
Derivative assets from non-affiliates:
Interest rate lock commitments			—			—			131,536			131,536
Forward purchase contracts			—			49,499			—			49,499
Forward sales contracts			—			16,399			—			16,399
Total return swap			—			8			—			8
Put options on interest rate futures purchase contracts			22,769			—			—			22,769
Call options on interest rate futures purchase contracts			2,086			—			—			2,086
Total derivative assets before netting			24,855			65,906			131,536			222,297
Netting			—			—			—			(36,779)
Total derivative assets from non-affiliates			24,855			65,906			131,536			185,518
Derivative assets from PennyMac Mortgage Investment Trust:
Interest rate lock commitments			—			—			2,257			2,257
Forward sales contracts			—			142			—			142
Total before netting			—			142			2,257			2,399
Netting			—			—			—			(142)
Total derivative assets from PennyMac Mortgage Investment Trust			—			142			2,257			2,257
Mortgage servicing rights			—			—			9,598,941			9,598,941
Investment in PennyMac Mortgage Investment Trust			941			—			—			941
		$	435,833		$	9,604,275		$	10,040,445		$	20,043,632
Liabilities:
Derivative liabilities to non-affiliates:
Interest rate lock commitments		$	—		$	—		$	4,260		$	4,260
Forward purchase contracts			—			2,845			—			2,845
Forward sales contracts			—			47,692			—			47,692
Total derivative liabilities before netting			—			50,537			4,260			54,797
Netting			—			—			—			(45,238)
Total derivative liabilities to non-affiliates			—			50,537			4,260			9,559
Derivative liabilities to PennyMac Mortgage Investment Trust:
Interest rate lock commitments			—			—			4,605			4,605
Forward sales contracts			—			1,784			—			1,784
Total derivative liabilities to PennyMac Mortgage Investment Trust before netting			—			1,784			4,605			6,389
Netting			—			—			—			(142)
Total derivative liabilities to PennyMac Mortgage Investment Trust			—			1,784			4,605			6,247
Mortgage servicing liabilities			—			—			1,572			1,572
		$	—		$	52,321		$	10,437		$	17,378

As shown above, certain of the Company’s loans held for sale, interest rate lock commitments (“IRLCs”), MSRs and MSLs are measured using Level 3 fair value inputs. Following are roll forwards of assets and liabilities measured at fair value using “Level 3” inputs at either the beginning or the end of the period presented:


		Quarter ended March 31, 2026
					Interest rate lock			Interest rate lock			Mortgage
		Loans held			commitments to			commitments to			servicing
Assets		for sale			non-affiliates, net (1)			PMT, net (1)			rights			Total

		(in thousands)
Balance, December 31, 2025		$	307,711		$	127,276		$	(2,348)		$	9,598,941		$	10,031,580
Purchases and issuances, net			947,556			254,337			(5,270)			—			1,196,623
Capitalization of interest and servicing advances			17,502			—			—			—			17,502
Sales, sales adjustments and repayments			(342,604)			—			—			2,506			(340,098)
Mortgage servicing rights resulting from loan sales			—			—			—			719,586			719,586
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk			22,201			—			—			—			22,201
Other factors			2,580			19,347			3,936			(171,997)			(146,134)
			24,781			19,347			3,936			(171,997)			(123,933)
Transfers:
From Level 3 to Level 2			(525,141)			—			—			—			(525,141)
To real estate acquired in settlement of loans			(848)			—			—			—			(848)
To loans held for sale			—			(298,297)			6,955			—			(291,342)
Balance, March 31, 2026		$	428,957		$	102,663		$	3,273		$	10,149,036		$	10,683,929
Changes in fair value recognized during the quarter relating to assets still held at March 31, 2026		$	12,402		$	102,663		$	3,273		$	(171,997)		$	(53,659)

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


		Quarter ended
Liabilities		March 31, 2026
		(in thousands)
Mortgage servicing liabilities:
Balance, December 31, 2025		$	1,572
Changes in fair value included in income			(4)
Balance, March 31, 2026		$	1,568
Changes in fair value recognized during the quarter relating to liabilities still outstanding at March 31, 2026		$	(4)


	Quarter ended March 31, 2025
				Interest			Mortgage
	Loans held			rate lock			servicing
Assets	for sale			commitments, net (1)			rights				Total

	(in thousands)
Balance, December 31, 2024	$	434,053		$	33,565		$	8,744,528		$	9,212,146
Purchases and issuances, net		1,383,885			182,543			—			1,566,428
Capitalization of interest and servicing advances		10,632			—			—			10,632
Sales and repayments		(514,646)			—			—			(514,646)
Mortgage servicing rights resulting from loan sales		—			—			650,349			650,349
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk		1,986			—			—			1,986
Other factors		36,948			116,113			(430,988)			(277,927)
		38,934			116,113			(430,988)			(275,941)
Transfers:											—
From Level 3 to Level 2		(911,237)			—			—			(911,237)
To loans held for sale		—			(222,279)			—			(222,279)
Balance, March 31, 2025	$	441,621		$	109,942		$	8,963,889		$	9,515,452
Changes in fair value recognized during the quarter relating to assets still held at March 31, 2025	$	23,715		$	109,942		$	(430,988)		$	(297,331)

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


Liabilities	Quarter ended March 31, 2025
	(in thousands)
Mortgage servicing liabilities:
Balance, December 31, 2024	$	1,683
Changes in fair value included in income		(32)
Balance, March 31, 2025	$	1,651
Changes in fair value recognized during the quarter relating to liabilities still outstanding at March 31, 2025	$	(32)

Assets and Liabilities Measured at Fair Value under the Fair Value Option

Net changes in fair values included in income for assets and liabilities carried at fair value, as a result of management’s election of the fair value option, by income statement line item, are summarized below:


		Quarter ended March 31,
		2026												2025
		Net gains on			Net									Net gains on			Net
		loans held			loan			Net						loans held			loan
		for sale at			servicing			interest						for sale at			servicing
		fair value			fees			expense			Total			fair value			fees			Total

		(in thousands)
Assets:
Principal-only stripped mortgage-backed securities		$	—		$	(39)		$	(5,185)		$	(5,224)		$	—		$	18,134		$	18,134
Loans held for sale			252,324			—			—			252,324			292,143			—			292,143
Mortgage servicing rights			—			(171,997)			—			(171,997)			—			(430,988)			(430,988)
		$	252,324		$	(172,036)		$	(5,185)		$	75,103		$	292,143		$	(412,854)		$	(120,711)
Liabilities:
Mortgage servicing liabilities		$	—		$	4		$	—		$	4		$	—		$	32		$	32

Following are the fair value and related principal amounts due upon maturity of loans held for sale:


		March 31, 2026									December 31, 2025
					Principal									Principal
					amount									amount
		Fair			due upon						Fair			due upon
Loans held for sale		value			maturity			Difference			value			maturity			Difference

		(in thousands)
Current through 89 days delinquent		$	9,904,215		$	9,755,026		$	149,189		$	9,080,781		$	8,874,884		$	205,897
90 days or more delinquent:
Not in foreclosure			35,749			38,436			(2,687)			32,364			35,669			(3,305)
In foreclosure			14,531			28,024			(13,493)			10,265			19,924			(9,659)
		$	9,954,495		$	9,821,486		$	133,009		$	9,123,410		$	8,930,477		$	192,933

Assets Measured at Fair Value on a Nonrecurring Basis

Following is a summary of assets that were remeasured based on fair value on a nonrecurring basis:


Real estate acquired in settlement of loans		Level 1			Level 2			Level 3			Total

		(in thousands)
March 31, 2026		$	—		$	—		$	26,736		$	26,736
December 31, 2025		$	—		$	—		$	8,731		$	8,731

The following table summarizes the losses recognized on assets when they were remeasured based on fair value on a nonrecurring basis:

Fair Value of Financial Instruments Carried at Amortized Cost

The Company’s Assets sold under agreements to repurchase, Mortgage loan participation purchase and sale agreements, Notes payable secured by mortgage servicing assets and Unsecured senior notes are carried at amortized cost.

These liabilities are classified as “Level 3” fair value items due to the Company’s reliance on unobservable inputs to estimate their fair values. The Company has concluded that the fair values of these liabilities other than the Notes payable secured by mortgage servicing assets and the Unsecured senior notes approximate their carrying values due to their short terms and/or variable interest rates.

The Company estimates the fair value of the term notes and term loans included in Notes payable secured by mortgage servicing assets and the Unsecured senior notes using indications of fair value provided by non-affiliate brokers, pricing services and internal estimates of fair value. The fair value and carrying value of these liabilities are summarized below:


		March 31, 2026					December 31, 2025
		Fair value		Carrying value			Fair value		Carrying value

		(in thousands)
Term notes and term loans		$	1,334,166	$	1,326,325		$	1,334,248	$	1,326,021
Unsecured senior notes		$	4,748,252	$	4,834,396		$	5,075,675	$	4,831,742

Valuation Governance

Most of the Company’s financial assets, and all of its derivatives, MSRs, and MSLs are carried at fair value with changes in fair value recognized in current period income. Certain of the Company’s financial assets and derivatives and all of its MSRs and MSLs are “Level 3” fair value assets and liabilities which require use of unobservable inputs that are significant to the estimation of the items’ fair values. 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 assigned responsibility for estimating the fair values of these assets and liabilities to specialized staff within its 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 the Company’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, including the models’ performance versus actual results, and reports those results as well as changes in the valuation of the non-IRLC “Level 3” fair value assets and liabilities, including major factors affecting the valuations and any changes in model methods and inputs, to the Company’s senior management valuation subcommittee. The Company’s senior management valuation subcommittee includes the Company’s chief financial, credit, investment and capital markets officers as well as other senior members of the Company’s finance, risk management and capital markets staffs.

To assess the reasonableness of its valuations, the capital markets valuation staff presents an analysis of the effect on the valuations 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 non-affiliate brokers and published surveys.

The fair value of the Company’s IRLCs is developed by its capital markets risk management staff and is reviewed by its capital markets operations staff.

Valuation Techniques and Inputs

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:

Principal-Only Stripped Mortgage-Backed Securities

The Company categorizes principal-only stripped MBS as “Level 2” fair value financial instruments. Fair values of these securities are established based on quoted market prices for these or similar securities.

Loans Held for Sale

Most of the Company’s loans held for sale at fair value are saleable into active markets and are therefore categorized as “Level 2” fair value assets. The fair values of “Level 2” fair value loans are determined using their contracted selling prices or quoted market prices or market price equivalents.

Certain of the Company’s loans held for sale are not saleable into active markets and are therefore categorized as “Level 3” fair value assets. Loans held for sale categorized as “Level 3” fair value assets include:

●

Closed-end second lien mortgage loans. At present, there is no active market with significant observable inputs to the estimation of fair value of the closed-end second lien mortgage loans the Company produces.

●

Early buy out loans. Early buy out loans are government guaranteed or insured loans purchased by the Company from Ginnie Mae guaranteed securities in its loan servicing portfolio. The Company’s right to purchase a government guaranteed or insured loan from a Ginnie Mae security arises as the result of the loan being at least three months delinquent on the date of purchase by the Company and provides an alternative to the Company’s obligation to continue advancing principal and interest at the coupon rate of the related Ginnie Mae security. Such a loan may be resold to an investor and thereafter may be repurchased to the extent it becomes eligible for resale into a new Ginnie Mae guaranteed security.

A loan becomes eligible for resale into a new Ginnie Mae guaranteed security when the loan becomes current either through completion of a modification of the loan’s terms or after three months of timely payments following either the completion of a payment deferral program or borrower reperformance and when the issuance date of the new security is at least 120 days after the date the loan was last delinquent.

●

Loans with identified defects. Loans that are not saleable into active markets due to identification of a defect by the Company or to the repurchase by the Company of a loan with an identified defect.

The Company uses a discounted cash flow model to estimate the fair value of its “Level 3” fair value loans held for sale. The significant unobservable inputs used in the fair value measurement of the Company’s “Level 3” fair value loans held for sale are discount rates, home price projections, voluntary prepayment/resale and total prepayment/resale speeds. Significant changes in any of those inputs in isolation could result in a significant change to the loans’ fair value measurement. Increases in home price projections are generally accompanied by an increase in voluntary prepayment speeds.

Following is a quantitative summary of key “Level 3” fair value inputs used in the valuation of loans held for sale:



		March 31, 2026			December 31, 2025
Fair value (in thousands)		$	428,957		$	307,711
Key inputs (1):
Discount rate:
Range			5.7% – 9.3%			5.6% – 9.3%
Weighted average			6.5%			6.3%
Twelve-month projected housing price index change:
Range			1.1% – 1.6%			0.8% – 1.3%
Weighted average			1.3%			1.0%
Voluntary prepayment/resale speed (2):
Range			6.8% – 22.2%			6.9% – 22.7%
Weighted average			16.8%			18.9%
Total prepayment/resale speed (3):
Range			6.9% – 40.5%			7.0% – 37.5%
Weighted average			22.2%			24.1%

(1)	Weighted average inputs are based on the fair values of the “Level 3” fair value loans.

(2)	Voluntary prepayment/resale speed is measured using life voluntary Conditional Prepayment Rate (“CPR”).

(3)	Total prepayment/resale speed is measured using life total CPR, which includes both voluntary and involuntary prepayment/resale speeds.

Changes in fair value of loans held for sale attributable to changes in a loan’s instrument-specific credit risk are measured with reference to the change in the respective loan’s delinquency status and performance history at period end from the later of the beginning of the period or acquisition date. Changes in fair value of loans held for sale are included in Net gains on loans held for sale at fair value in the Company’s consolidated statements of income.

Derivative Financial Instruments

Interest Rate Lock Commitments

The Company categorizes IRLCs as “Level 3” fair value assets or liabilities. The Company estimates the fair values of IRLCs based on quoted Agency MBS prices, the probability that the loans will be funded or purchased (the “pull-through rate”) and its estimate of the fair value of the MSRs it expects to receive in the sale of the loans.

The significant unobservable inputs used in the fair value measurement of the Company’s IRLCs are the pull-through rate and the estimated fair values of MSRs attributable to the mortgage loans it has committed to originate or purchase. Significant changes in the pull-through rate or the MSR components of the IRLCs, in isolation, could result in significant changes in the IRLCs’ fair value measurements. 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 IRLC fair value, but increase the pull-through rate for the loan principal and interest payment cash flow component, which 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 Company’s consolidated statements of income.

Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs:



		March 31, 2026			December 31, 2025
Fair value (in thousands) (1)		$	105,936		$	127,276
Committed amount (in thousands)		$	16,241,426		$	13,474,638
Key inputs (2):
Pull-through rate:
Range			16.0% – 100%			14.1% – 100%
Weighted average			81.6%			81.0%
Mortgage servicing rights fair value expressed as:
Servicing fee multiple:
Range			1.0 – 8.7			1.0 – 8.7
Weighted average			5.5			5.4
Percentage of loan commitment amount:
Range			0.3% – 4.4%			0.3% – 4.6%
Weighted average			1.9%			2.2%

(1)	Amounts include IRLCs with non-affiliates and with PMT. For purpose of this table, IRLC asset and liability positions are shown net.

(2)	Weighted average inputs are based on the committed amounts.

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 values of hedging derivatives are included in Net gains on loans held for sale at fair value, or Net loan servicing fees – Mortgage servicing rights hedging results, as applicable, in the Company’s consolidated statements of income.

Mortgage Servicing Rights

MSRs are categorized as “Level 3” fair value assets. The Company uses a discounted cash flow approach to estimate the fair value of 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 Option-Adjusted Spread (“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.

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—Change in fair value of mortgage servicing rights and mortgage servicing liabilities in the Company’s consolidated statements of income.

Following are the key inputs used in determining the fair value of MSRs received by the Company when it retains the obligation to service the mortgage loans it sells:


	Quarter ended March 31,
	2026		2025

	(Amount recognized and unpaid principal balance of underlying loans in thousands)
MSR and underlying loan characteristics:
Amount recognized	$	719,586	$	650,349
Unpaid principal balance	$	32,477,245	$	27,664,977
Weighted average servicing fee rate (in basis points)		41		43
Key inputs (1):
Annual total prepayment speed (2):
Range		6.4% – 16.0%		6.6% – 15.0%
Weighted average		8.2%		8.8%
Equivalent average life (in years):
Range		3.7 – 10.3		3.8 – 10.2
Weighted average		8.9		8.7
Pricing spread (3):
Range		4.9% – 12.6%		4.9% – 12.6%
Weighted average		5.7%		5.5%
Per-loan annual cost of servicing:
Range		$70 – $128		$70 – $127
Weighted average		$99		$101

(1)	Weighted average inputs are based on the UPB of the underlying loans.

(2)	Annual total prepayment speed is measured using life total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information.

(3)

Pricing spread represents a margin that is applied to a reference interest rate’s forward rate curve to develop periodic discount rates. The Company applies a pricing spread to a derived United State Treasury Securities (“Treasury”) yield curve for purposes of discounting cash flows relating to its initial recognition of MSRs.

Following is a quantitative summary of key inputs used in the valuation of the Company’s MSRs at period end and the effect on the fair value from adverse changes in those inputs:


	March 31, 2026	December 31, 2025

	(Fair value, unpaid principal balance of underlying
	loans and effect on fair value amounts in thousands)
Fair value	$ 10,149,036	$ 9,598,941
Underlying loan characteristics:
Unpaid principal balance	$ 473,980,146	$ 462,020,147
Weighted average note interest rate	5.1%	4.7%
Weighted average servicing fee rate (in basis points)	39	39
Key inputs (1):
Annual total prepayment speed (2):
Range	5.0% – 25.7%	6.0% – 22.7%
Weighted average	8.3%	9.0%
Equivalent average life (in years):
Range	2.5 – 9.7	2.5 – 9.0
Weighted average	8.7	8.0
Effect on fair value of (3):
5% adverse change	($137,759)	($168,856)
10% adverse change	($271,449)	($331,359)
20% adverse change	($527,347)	($638,689)
Option-adjusted spread (4):
Range	2.0% – 13.2%	2.6% – 13.2%
Weighted average	4.6%	4.7%
Effect on fair value of (3):
5% adverse change	($101,516)	($95,530)
10% adverse change	($200,579)	($189,008)
20% adverse change	($391,692)	($370,059)
Per-loan annual cost of servicing:
Range	$70 – $128	$70 – $127
Weighted average	$108	$106
Effect on fair value of (3):
5% adverse change	($54,079)	($50,531)
10% adverse change	($108,157)	($101,061)
20% adverse change	($216,314)	($202,122)

(1)	Weighted average inputs are based on the UPB of the underlying loans.

(2)	Annual total prepayment speed is measured using life total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information.

(3)

These sensitivity analyses are limited in that they were performed as of a particular date; only contemplate the movements in the indicated inputs; do not incorporate changes to other inputs; are subject to the accuracy of the models and inputs used; and do not incorporate other factors that would affect the Company’s overall financial performance in such events, including operational adjustments made to account for changing circumstances. For these reasons, these analyses should not be viewed as projections of the effect of shock events or as earnings forecasts

(4)	The OAS is a margin that is applied to a reference interest rate’s projected curve to develop periodic discount rates. The Company applies an OAS to multiple simulated paths of a derived Treasury yield curve for purposes of discounting cash flows relating to period-end MSRs.

Mortgage Servicing Liabilities

MSLs are categorized as “Level 3” fair value liabilities. The Company uses a discounted cash flow approach to estimate the fair value of MSLs. The key inputs used in the estimation of the fair value of MSLs include the applicable annual total prepayment speed, OAS, and the per-loan annual cost of servicing the underlying loans. Beginning in the third quarter of 2025, the Company enhanced its period-end discounted cash flow valuation of MSLs by utilizing an OAS model, which utilizes an OAS rather than a pricing spread. Changes in the fair value of MSLs are included in Net servicing fees—Change in fair value of mortgage servicing rights and mortgage servicing liabilities in the consolidated statements of income.

Following are the key inputs used in estimating the fair value of MSLs:


		March 31,		December 31,
		2026		2025
Fair value (in thousands)	$	1,568	$	1,572
Underlying loan characteristics:
Unpaid principal balance of underlying loans (in thousands)	$	15,219	$	15,298
Servicing fee rate (in basis points)		25		25
Key inputs (1):
Annual total prepayment speed (2)		14.3%		14.2%
Equivalent average life (in years)		5.5		5.5
Option-adjusted spread (3)		9.1%		9.1%
Per-loan annual cost of servicing	$	861	$	853

(1)	Weighted average inputs are based on UPB of the underlying mortgage loans.

(2)	Annual total prepayment speed is measured using life total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information.

(3)	The OAS is a margin that is applied to a reference interest rate’s projected curve to develop periodic discount rates. The Company applies an OAS to multiple simulated paths of a derived Treasury yield curve for purposes of discounting cash flows relating to MSLs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Principal-Only Stripped Mortgage-Backed Securities

3 Months Ended

Mar. 31, 2026

Principal-Only Stripped Mortgage-Backed Securities

Principal-Only Stripped Mortgage-Backed Securities

Note 8— Principal-Only Stripped Mortgage-Backed Securities

Following is a summary of activity in the Company’s investment in principal-only stripped MBS:


	Quarter ended March 31,
	2026		2025

	(in thousands)
Balance at beginning of quarter	$	722,528	$	825,865
Repayments		(58,069)		(37,738)
Changes in fair value included in income arising from:
Accrual of purchase discounts		(5,185)		11,335
Valuation adjustments		(39)		18,134
		(5,224)		29,469
Balance at end of quarter	$	659,235	$	817,596

Following is a summary of the Company’s investment in principal-only stripped MBS:


	March 31,		December 31,
	2026		2025

	(in thousands)
Principal balance	$	810,281	$	868,350
Unearned discount		(156,567)		(151,382)
Cumulative valuation change		5,521		5,560
Fair value	$	659,235	$	722,528
Fair value of principal-only stripped mortgage-backed securities pledged to secure Assets sold under agreements to repurchase	$	659,235	$	722,528

All of the Company’s principal-only stripped MBS have remaining contractual maturities of over ten years.

Loans Held for Sale at Fair Value

3 Months Ended

Mar. 31, 2026

Loans Held for Sale at Fair Value

Loans Held for Sale at Fair Value

Note 9—Loans Held for Sale at Fair Value

Following is a summary of loans held for sale at fair value:


		March 31,			December 31,
Mortgage type		2026			2025

		(in thousands)
Government-insured or guaranteed		$	5,021,627		$	5,140,921
Conventional conforming			3,338,746			2,972,372
Jumbo			1,094,445			699,309
Non-qualified			70,720			3,097
Closed-end second lien			169,643			156,003
Purchased from Ginnie Mae securities serviced by the Company			231,064			127,920
Repurchased pursuant to representations and warranties			28,250			23,788
		$	9,954,495		$	9,123,410
Fair value of loans pledged to secure:
Assets sold under agreements to repurchase		$	9,067,257		$	8,245,256
Mortgage loan participation purchase and sale agreements			732,523			738,247
		$	9,799,780		$	8,983,503

- Definition

The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding 3 percent of carrying amount of mortgage.

+ References + Details

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2026

Derivative Financial Instruments

Derivative Financial Instruments

Note 10—Derivative Financial Instruments

The Company holds and issues derivative financial instruments in connection with its operating and investing activities. Derivative financial instruments are created in the Company’s loan production activities and when the Company enters into derivative transactions as part of its interest rate risk management activities. Derivative financial instruments created in the Company’s loan production activities are IRLCs that are created when the Company commits to purchase or originate a loan for sale.

The Company engages in interest rate risk management activities in an effort to moderate the effect of changes in market interest rates on the fair value of certain of its assets. To manage this fair value risk resulting from interest rate risk, the Company uses derivative financial instruments acquired with the intention of reducing the risk that changes in market interest rates will result in unfavorable changes in the fair value of the Company’s IRLCs, inventory of loans held for sale and its MSRs.

The Company does not designate and qualify any of its derivatives for hedge accounting. The Company records all derivative financial instruments at fair value and records changes in fair value in current period income.

The Company has elected to present net derivative asset and liability positions, and cash collateral obtained from or posted to its counterparties when subject to a master netting arrangement that is legally enforceable on all counterparties in the event of default. The derivatives that are not subject to a master netting arrangement are IRLCs.

Derivative Notional Amounts and Fair Value of Derivatives

The Company had the following derivative financial instruments recorded on its consolidated balance sheets:


		March 31, 2026								December 31, 2025
				Fair value								Fair value
		Notional		Derivative			Derivative			Notional		Derivative			Derivative
Derivative instrument		amount (1)		assets			liabilities			amount (1)		assets			liabilities

		(in thousands)
Non-affiliates:
Not subject to master netting arrangements:
Interest rate lock commitments		16,241,426		$	138,031		$	35,368		13,474,638		$	131,536		$	4,260

Subject to master netting arrangements (2):
Forward purchase contracts		20,029,168			24,588			67,863		14,311,234			49,499			2,845
Forward sales contracts		31,244,365			165,645			42,663		22,291,811			16,399			47,692
MBS put options		500,000			4,840			—		—			—			—
Put options on interest rate futures purchase contracts		8,975,000			41,688			—		12,625,000			22,769			—
Call options on interest rate futures purchase contracts		9,600,000			9,414			—		7,750,000			2,086			—
Total return swap		39,998			119			—		39,998			8			—
Treasury futures purchase contracts		24,242,000			—			—		11,841,400			—			—
Treasury futures sale contracts		20,027,000			—			—		8,607,100			—			—
Total derivatives before netting					384,325			145,894					222,297			54,797
Netting					(107,616)			(79,065)					(36,779)			(45,238)
				$	276,709		$	66,829				$	185,518		$	9,559
PennyMac Mortgage Investment Trust:
Interest rate lock commitments not subject to master netting arrangements		1,338,161			5,886			2,613		1,207,859			2,257			4,605
Forward sales contracts subject to master netting arrangements (2)		92,618			15			1,225		250,638			142			1,784
Total derivatives before netting					5,901			3,838					2,399			6,389
Netting					(15)			(15)					(142)			(142)
				$	5,886		$	3,823				$	2,257		$	6,247
Deposits (received from) placed with derivative counterparties included in the derivative balances above, net				$	(28,551)							$	8,459

(1)	Notional amounts provide an indication of the volume of the Company’s derivative activity.

(2)	All derivatives subject to master netting agreements are interest rate derivatives that are used as economic hedges.

Derivative Assets, Financial Instruments, and Cash Collateral Held by Counterparty

The following table summarizes by significant counterparty the amount of derivative asset positions after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance to qualify for setoff accounting.


		March 31, 2026												December 31, 2025
					Gross amount not												Gross amount not
					offset in the												offset in the
					consolidated												consolidated
		Net amount			balance sheet									Net amount			balance sheet
		of assets in the						Cash						of assets in the						Cash
		consolidated			Financial			collateral			Net			consolidated			Financial			collateral			Net
Counterparty		balance sheet			instruments			received			amount			balance sheet			instruments			received			amount

		(in thousands)
Non-affiliates:
Interest rate lock commitments		$	138,031		$	—		$	—		$	138,031		$	131,536		$	—		$	—		$	131,536
RJ O' Brien			51,102			—			—			51,102			24,855			—			—			24,855
Morgan Stanley Bank, N.A.			44,316			—			—			44,316			10,673			—			—			10,673
Goldman Sachs			15,291			—			—			15,291			1,769			—			—			1,769
Santander US Capital Markets LLC			7,371			—			—			7,371			1,723			—			—			1,723
Bank of America, N.A.			5,039			—			—			5,039			—			—			—			—
Ellington Management			4,665			—			—			4,665			—			—			—			—
Federal National Mortgage Association			2,261			—			—			2,261			—			—			—			—
Barclays Capital			—			—			—			—			3,919			—			—			3,919
Bank of Montreal			—			—			—			—			2,676			—			—			2,676
Others			8,633			—			—			8,633			8,367			—			—			8,367
		$	276,709		$	—		$	—		$	276,709		$	185,518		$	—		$	—		$	185,518
PennyMac Mortgage Investment Trust		$	5,886		$	—		$	—		$	5,886		$	2,257		$	—		$	—		$	2,257

Derivative Liabilities, Financial Instruments and Collateral Held by Counterparty

The following table summarizes by significant counterparty the amount 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 are secured by sufficient collateral with fair values that exceed the liability amounts recorded on the consolidated balance sheets.


	March 31, 2026								December 31, 2025
			Gross amounts								Gross amounts
			not offset in the								not offset in the
	Net amount		consolidated						Net amount		consolidated
	of liabilities		balance sheet						of liabilities		balance sheet
	in the				Cash				in the				Cash
	consolidated		Financial		collateral		Net		consolidated		Financial		collateral		Net
Counterparty	balance sheet		instruments (1)		pledged		amount		balance sheet		instruments (1)		pledged		amount

	(in thousands)
Non-affiliates:
Interest rate lock commitments	$	35,368	$	—	$	—	$	35,368	$	4,260	$	—	$	—	$	4,260
Atlas Securitized Products, L.P.		2,454,287		(2,454,287)		—		—		3,151,222		(3,151,222)		—		—
Bank of America, N.A.		2,066,088		(2,066,088)		—		—		1,121,585		(1,120,457)		—		1,128
Royal Bank of Canada		860,139		(860,139)		—		—		534,163		(534,163)		—		—
JPMorgan Chase Bank, N.A.		806,606		(806,048)		—		558		767,903		(767,903)		—		—
Morgan Stanley Bank, N.A.		556,464		(556,464)		—		—		407,678		(407,678)		—		—
Nomura Corporate Funding Americas		556,423		(555,870)		—		553		596,608		(596,608)		—		—
Wells Fargo Bank, N.A.		553,223		(551,651)		—		1,572		650,094		(650,094)		—		—
BNP Paribas		544,439		(543,094)		—		1,345		342,500		(342,500)		—		—
Goldman Sachs		499,713		(499,713)		—		—		168,428		(168,428)		—		—
Barclays Capital		446,599		(437,561)		—		9,038		229,055		(229,055)		—		—
Mizuho Bank, Ltd.		405,972		(397,464)		—		8,508		149,588		(149,588)		—		—
Citibank, N.A.		233,606		(233,606)		—		—		444,851		(444,851)		—		—
Santander US Capital Markets LLC		221,919		(221,919)		—		—		238,668		(238,668)		—		—
Others		9,887		—		—		9,887		4,171		—		—		4,171
	$	10,250,733	$	(10,183,904)	$	—	$	66,829	$	8,810,774	$	(8,801,215)	$	—	$	9,559
PennyMac Mortgage Investment Trust	$	3,823	$	—	$	—	$	3,823	$	6,247	$	—	$	—	$	6,247

(1)	Amounts represent the UPB of Assets sold under agreements to repurchase.

Following are the gains (losses) recognized by the Company on derivative financial instruments and the consolidated statement of income lines where such gains and losses are included:


				Quarter ended March 31,
Derivative activity		Consolidated statement of income line		2026			2025

				(in thousands)
Interest rate lock commitments		Net gains on loans held for sale at fair value (1)		$	(18,991)		$	76,377
Hedged item:
Interest rate lock commitments and loans held for sale		Net gains on loans held for sale at fair value		$	101,470		$	(145,046)
Mortgage servicing rights		Net loan servicing fees–Mortgage servicing rights hedging results		$	(207,247)		$	88,640

(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 loans or the cancellation of the commitment are shown in the rollforward of IRLCs for the quarter in Note 7 – Fair Value – Assets and Liabilities Measured at Fair Value on a Recurring Basis.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 185
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-185

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
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+ Details

Mortgage Servicing Rights and Mortgage Servicing Liabilities

3 Months Ended

Mar. 31, 2026

Mortgage Servicing Rights and Mortgage Servicing Liabilities

Mortgage Servicing Rights and Mortgage Servicing Liabilities

Note 11—Mortgage Servicing Rights and Mortgage Servicing Liabilities

Mortgage Servicing Rights at Fair Value

The activity in MSRs is as follows:


	Quarter ended March 31,
	2026			2025

	(in thousands)
Balance at beginning of quarter	$	9,598,941		$	8,744,528
Additions (deductions):
MSRs resulting from loan sales		719,586			650,349
Sales adjustments (sales) to:
Non-affiliates		6,428			—
PennyMac Mortgage Investment Trust		(3,922)			—
		722,092			650,349
Change in fair value due to:
Changes in inputs used in valuation model (1)		183,047			(205,489)
Other changes in fair value (2)		(355,044)			(225,499)
Total change in fair value		(171,997)			(430,988)
Balance at end of quarter	$	10,149,036		$	8,963,889
Unpaid principal balance of underlying loans at end of quarter	$	473,980,146		$	442,208,097

	March 31,			December 31,
	2026			2025

	(in thousands)
Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase and Notes payable secured by mortgage servicing assets	$	9,901,292		$	9,367,851

(1)	Principally reflects changes in annual total prepayment speed, OAS or pricing spread and per loan annual cost of servicing inputs.

(2)	Represents changes due to realization of cash flows.

Mortgage Servicing Liabilities at Fair Value

The activity in MSLs is summarized below:


		Quarter ended March 31,
		2026			2025

		(in thousands)
Balance at beginning of quarter		$	1,572		$	1,683
Changes in fair value due to:
Changes in inputs used in valuation model (1)			18			5
Other changes in fair value (2)			(22)			(37)
Total change in fair value			(4)			(32)
Balance at end of quarter		$	1,568		$	1,651
Unpaid principal balance of underlying loans at end of quarter		$	15,219		$	19,070

(1)	Principally reflects changes in annual total prepayment speed, OAS or pricing spread and per loan annual cost of servicing.

(2)	Represents changes due to realization of cash flows.

Contractual servicing fees relating to MSRs and MSLs are recorded in Net loan servicing fees—Loan servicing fees—From non-affiliates on the Company’s consolidated statements of income; other fees relating to MSRs and MSLs are recorded in Net loan servicing fees—Loan servicing fees—Other on the Company’s consolidated statements of income. Such amounts are summarized below:


		Quarter ended March 31,
		2026			2025

		(in thousands)
Contractual servicing fees		$	469,366		$	417,687
Other fees:
Late charges			20,793			20,051
Other			4,206			3,479
		$	494,365		$	441,217

Other Assets

3 Months Ended

Mar. 31, 2026

Other Asset

Other Assets

Note 12—Other Assets

Other assets are summarized below:


		March 31,			December 31,
	2026			2025

	(in thousands)
Margin deposits	$	441,384		$	407,978
Capitalized software, net		112,052			108,145
Operating lease right-of-use assets		58,698			61,757
Servicing fees receivable, net		51,196			48,279
Other servicing receivables		49,822			36,296
Interest receivable		44,369			40,173
Prepaid expenses		49,454			50,062
Real estate acquired in settlement of loans		40,404			37,675
Furniture, fixtures, equipment and building improvements, net		18,231			17,789
Margin deposits securing Assets sold under agreements to repurchase and Notes payable secured by mortgage servicing assets		15,241			10,393
Other		128,317			208,366
	$	1,009,168		$	1,026,913
Margin deposits securing Assets sold under agreements to repurchase or Notes payable secured by mortgage servicing assets	$	15,241		$	10,393

Leases

3 Months Ended

Mar. 31, 2026

Leases

Leases

Note 13—Leases

The Company has operating lease agreements relating to its facilities. The Company’s operating lease agreements have remaining terms ranging from less than one year to eight years. Some of the operating lease agreements include options to extend the term for up to five years. None of the Company’s operating lease agreements require the Company to make variable lease payments.

The Company’s lease agreements are summarized below:



	Quarter ended March 31,
	2026			2025

	(dollars in thousands)
Lease expense:
Operating leases	$	5,207		$	4,002
Short-term leases		100			66
Sublease income		(377)			(377)
Net lease expense included in Occupancy and equipment expense	$	4,930		$	3,691

Other information:
Payments for operating leases	$	4,914		$	5,077
Operating lease right-of-use assets recognized	$	1,169		$	561
Year end weighted averages:
Remaining lease term (in years)		5.2			3.4
Discount rate		5.6%			3.9%

Lease payment obligations attributable to the Company’s operating lease liabilities are summarized below:


Twelve months ended March 31,	Operating leases
	(in thousands)
2027	$	12,695
2028		12,219
2029		13,050
2030		14,434
2031		16,269
Thereafter		17,456
Total lease payments		86,123
Less imputed interest		(13,678)
Operating lease liability included in Accounts payable and accrued expenses	$	72,445

Short-Term Debt

3 Months Ended

Mar. 31, 2026

Short-Term Debt

Short-Term Debt

Note 14—Short-Term Debt

The borrowing facilities described throughout these Notes 14 and 15 contain various covenants, including financial covenants governing the Company’s net worth, debt-to-equity ratio and liquidity. Management believes that the Company was in compliance with these covenants as of March 31, 2026.

Assets Sold Under Agreements to Repurchase

The Company has multiple borrowing facilities in the form of asset sales under agreements to repurchase. These borrowing facilities are secured by principal-only stripped MBS, loans held for sale, participation certificates backed by mortgage servicing assets and margin deposits. Eligible assets are sold at advance rates based on the fair value (as determined by the lender) of the assets sold. Interest is charged at a rate based on the Secured Overnight Financing Rate (“SOFR”). Principal-only stripped MBS, loans, mortgage servicing assets and participation certificates backed by mortgage servicing assets financed under these agreements may be re-pledged by the lenders.

Assets sold under agreements to repurchase are summarized below:


		Quarter ended March 31,
		2026			2025

		(dollars in thousands)
Average balance of assets sold under agreements to repurchase		$	7,971,975		$	6,109,683
Weighted average interest rate (1)			5.28%			5.94%
Total interest expense		$	110,018		$	94,229
Maximum daily amount outstanding		$	10,183,904		$	8,589,915

(1)	Excludes the effect of amortization of debt issuance costs and non-utilization fees of $6.2 million and $4.8 million for the quarters ended March 31, 2026 and 2025, respectively.


		March 31,			December 31,
		2026			2025

		(dollars in thousands)
Carrying value:
Unpaid principal balance		$	10,183,904		$	8,801,215
Unamortized debt issuance costs			(6,261)			(7,213)
		$	10,177,643		$	8,794,002
Weighted average interest rate			5.18%			5.18%
Available borrowing capacity (1):
Committed		$	1,193,285		$	1,486,344
Uncommitted			3,480,243			3,367,758
		$	4,673,528		$	4,854,102
Assets securing repurchase agreements:
Principal-only stripped mortgage-backed securities		$	659,235		$	722,528
Loans held for sale		$	9,067,257		$	8,245,256
Servicing advances (2)		$	394,107		$	406,825
Mortgage servicing rights (2)		$	9,425,085		$	7,968,105
Margin deposits (2)		$	15,241		$	10,393

(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 the Ginnie Mae MSRs, Fannie Mae MSRs, servicing advances and margin deposit assets collectively serve as the collateral securing the servicing asset financing facilities that are included in Assets sold under agreements to repurchase and the term notes and term loans included in Notes payable secured by mortgage servicing assets. The term notes and term loans are described in Note 15–Long-Term Debt - Notes payable secured by mortgage servicing assets.

Maturities

Following is a summary of maturities of outstanding advances under asset repurchase agreements by maturity date:


Remaining maturity at March 31, 2026 (1)		Unpaid principal balance
		(dollars in thousands)
Within 30 days		$	1,966,744
Over 30 to 90 days			6,411,274
Over 90 to 180 days			659,525
Over 180 days to one year			360,082
Over one year to two years			786,279
Total assets sold under agreements to repurchase		$	10,183,904
Weighted average maturity (in months)			3.5

(1)

The Company is subject to margin calls during the periods the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the fair values (as determined by the applicable lender) of the assets securing those 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) relating to the Company’s assets sold under agreements to repurchase is summarized by asset type and counterparty below as of March 31, 2026:

Loans held for sale and MSRs



					Weighted average
Counterparty		Amount at risk			maturity of advances		Facility maturity
		(in thousands)
Atlas Securitized Products, L.P., Goldman Sachs Bank USA, Nomura Corporate Funding Americas and Mizuho Bank, Ltd. (1)		$	6,569,205		May 3, 2027		May 3, 2027
Barclays Bank PLC (2)		$	960,319		April 14, 2026		July 13, 2026
Atlas Securitized Products, L.P.		$	170,279		August 18, 2026		December 10, 2027
Bank of America, N.A.		$	117,545		May 20, 2026		June 9, 2027
Royal Bank of Canada		$	49,645		May 1, 2026		February 8, 2027
JP Morgan Chase Bank, N.A. (2)		$	32,551		June 30, 2026		July 6, 2026
Morgan Stanley Bank, N.A.		$	31,571		June 16, 2026		October 22, 2027
BNP Paribas		$	24,686		June 17, 2026		September 30, 2027
Nomura Corporate Funding Americas		$	19,266		June 9, 2026		August 4, 2026
Mizuho Bank, Ltd.		$	18,886		August 23, 2026		October 14, 2026
Goldman Sachs Bank USA		$	12,781		June 19, 2026		March 15, 2028
Wells Fargo Bank, N.A.		$	12,304		June 9, 2026		June 11, 2027
Citibank, N.A.		$	11,402		June 13, 2026		August 21, 2026

(1)

The amount at risk includes the beneficial interests in Ginnie Mae MSRs, Fannie Mae MSRs, servicing advances and margin deposit assets pledged to serve as the collateral securing servicing asset facilities that issue Assets sold under agreements to repurchase and the term notes and term loans included in Notes payable secured by mortgage servicing assets. The facilities mature on various dates through December 10, 2027. The facility maturity date shown in this table represents a weighted average of those dates.

(2)	The facility maturity dates are shown as weighted averages.

Principal-only stripped MBS


Counterparty		Amount at risk			Maturity
		(in thousands)
Bank of America, N.A.		$	3,017		April 28, 2026
JP Morgan Chase Bank, N.A.		$	20,267		April 6, 2026
Wells Fargo Bank, N.A.		$	16,078		April 23, 2026
Santander US Capital Markets LLC		$	15,202		April 15, 2026

Mortgage Loan Participation Purchase and Sale Agreements

Two of the borrowing facilities secured by loans held for sale are in the form of mortgage loan participation purchase and sale agreements. Participation certificates, each of which represents an undivided beneficial ownership interest in mortgage loans that have been pooled with Ginnie Mae, Freddie Mac, or Fannie Mae, are sold to a lender pending securitization of the mortgage loans and sale of the resulting securities. A commitment to sell the securities resulting from the pending securitization between the Company and a non-affiliate is also assigned to the lender at the time a participation certificate is issued.

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, that is based on a percentage of the purchase price. The holdback amount 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 agreements are summarized below:


		Quarter ended March 31,
		2026			2025

		(dollars in thousands)
Average balance		$	321,732		$	261,045
Weighted average interest rate (1)			4.99%			5.64%
Total interest expense		$	4,194		$	3,804
Maximum daily amount outstanding		$	699,793		$	511,846

(1)	Excludes the effect of amortization of debt issuance costs totaling $234,000 and $172,000 for the quarters ended March 31, 2026 and 2025, respectively.


	March 31,			December 31,
	2026			2025

	(dollars in thousands)
Carrying value:
Unpaid principal balance	$	691,316		$	697,087
Unamortized debt issuance costs		(235)			(469)
	$	691,081		$	696,618
Weighted average interest rate		4.91%			4.94%
Fair value of loans pledged to secure mortgage loan participation purchase and sale agreements	$	732,523		$	738,247

Long-Term Debt

3 Months Ended

Mar. 31, 2026

Long-Term Debt.

Long-Term Debt

Note 15—Long-Term Debt

Notes Payable Secured by Mortgage Servicing Assets

Term Notes and Term Loans

The Company, through its wholly-owned subsidiaries PNMAC, PLS and the PNMAC GMSR ISSUER TRUST (“Issuer Trust”) has entered into a structured finance transaction, in which PLS pledges and/or sells to the Issuer Trust participation certificates representing beneficial interests in Ginnie Mae mortgage servicing assets pursuant to a repurchase agreement. The Issuer Trust has issued VFNs to PLS (which PLS, in turn, sells under agreements to repurchase), has issued secured term notes (the “Term Notes”) to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), and has entered into a series of syndicated term loans with various lenders (the “Term Loans”).

Beneficial interests in the Agency MSRs, servicing advances and margin deposit assets collectively serve as the collateral securing servicing asset facilities that issue Assets sold under agreements to repurchase and the Term Notes and Term Loans included in Notes payable secured by mortgage servicing assets. Creditors to the Assets sold under agreements to repurchase and the Term Notes and Term Loans have equal priority in claims to the collateral held by the Issuer Trust.

Following is a summary of the issued and outstanding Term Notes and Term Loans:


							Maturity date
Issuance date		Principal balance			Annual interest rate spread (1)		Stated		Optional extension (2)
		(in thousands)
Term Notes:
February 29, 2024		$	425,000		3.20%		March 26, 2029		March 25, 2031
August 14, 2025			300,000		2.45%		August 26, 2030		August 25, 2032
Term Loans:
February 28, 2023			480,000		3.00%		February 25, 2028		February 25, 2029
October 25, 2023			125,000		3.00%		October 25, 2028
		$	1,330,000

(1)	Interest is charged at a rate of SOFR plus a spread.

(2)	The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of certain of the Term Notes or Term Loans as specified in the respective agreements.

Freddie Mac MSR Note Payable

The Company has a note payable facility with one lender that is secured by Freddie Mac MSRs. Interest is charged at a rate of SOFR plus a spread as defined in the agreement. The facility expires on August 21, 2026. The maximum amount that the Company may borrow under the notes payable is $650 million, all of which is committed, and may be reduced by other debt outstanding with the lender.

Notes payable secured by mortgage servicing assets are summarized below:


		Quarter ended March 31,
		2026			2025

		(dollars in thousands)
Average balance		$	1,332,222		$	1,863,611
Weighted average interest rate (1)			6.72%			7.85%
Total interest expense		$	22,389		$	36,578

(1)	Excludes the effect of amortization of debt issuance costs totaling $305,000 and $513,000 for the quarters ended March 31, 2026 and 2025, respectively.


	March 31,		December 31,
	2026		2025

	(dollars in thousands)
Carrying value:
Unpaid principal balance:
Term Notes and Term Loans	$	1,330,000	$	1,330,000
Freddie Mac MSR notes payable		100,000		—
		1,430,000		1,330,000
Unamortized debt issuance costs		(3,675)		(3,979)
	$	1,426,325	$	1,326,021
Weighted average interest rate		6.64%		6.69%
Assets pledged to secure notes payable (1):
Servicing advances	$	394,107	$	406,825
Mortgage servicing rights	$	8,831,375	$	9,367,851
Margin deposits	$	12,630	$	10,393

(1)

Beneficial interests in the Ginnie Mae MSRs, Fannie Mae MSRs, servicing advances and margin deposit assets collectively serve as the collateral securing servicing asset facilities that issue Assets sold under agreements to repurchase and the Term Notes and Term Loans included in Notes payable secured by mortgage servicing assets.

Unsecured Senior Notes

The Company has issued unsecured senior notes (the “Unsecured Notes”) to qualified institutional buyers under Rule 144A of the Securities Act. The Unsecured Notes are senior unsecured obligations of the Company and will rank senior in right of payment to any future subordinate indebtedness of the Company, equally in right of payment with all existing and future senior indebtedness of the Company and effectively subordinate to any existing and future secured indebtedness of the Company to the extent of the fair value of collateral securing such indebtedness.

The Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Company’s existing and future wholly-owned domestic subsidiaries (other than certain excluded subsidiaries defined in the indenture under which the Unsecured Notes were issued). The guarantees are senior unsecured obligations of the guarantors and will rank senior in right of payment to any future subordinate indebtedness of the guarantors, equally in right of payment with all existing and future senior indebtedness of the guarantors and effectively subordinate to any existing and future secured indebtedness of the guarantors to the extent of the fair value of collateral securing such indebtedness. The Unsecured Notes and the guarantees are structurally subordinate to the indebtedness and liabilities of the Company’s subsidiaries that do not guarantee the Unsecured Notes.

Following is a summary of the Company’s outstanding Unsecured Notes:


Issuance date	Principal balance		Note interest rate	Maturity date	Optional redemption date (1)
	(in thousands)		(annual)
February 11, 2021	$	650,000	4.25%	February 15, 2029	February 15, 2024
September 16, 2021		500,000	5.75%	September 15, 2031	September 15, 2026
December 11, 2023		750,000	7.875%	December 15, 2029	December 15, 2026
May 23, 2024		650,000	7.125%	November 15, 2030	November 15, 2026
February 6, 2025		850,000	6.875%	February 15, 2033	February 15, 2028
May 1, 2025		850,000	6.875%	May 15, 2032	May 15, 2028
August 7, 2025		650,000	6.750%	February 15, 2034	August 15, 2028
	$	4,900,000

(1)

Before the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at a price equal to 100% of the principal amount, plus accrued and unpaid interest and a make-whole premium or the Company may redeem up to 40% of the Unsecured Notes for that issuance with an amount equal to or less than the net proceeds from certain equity offerings at the redemption price set forth in the indenture, plus accrued and unpaid interest. On or after the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at the redemption prices set forth in the indenture, plus accrued interest.


		Quarter ended March 31,
		2026		2025

		(dollars in thousands)
Average balance		$	4,900,000	$	3,710,000
Weighted average interest rate (1)			6.58%		6.26%
Total interest expense		$	83,279	$	60,137

(1)	Excludes the effect of amortization of debt issuance costs of $2.7 million and $2.0 million for the quarters ended March 31, 2026 and 2025, respectively.


	March 31,		December 31,
	2026		2025

	(dollars in thousands)
Carrying value:
Unpaid principal balance	$	4,900,000	$	4,900,000
Unamortized debt issuance costs and premiums, net		(65,604)		(68,258)
	$	4,834,396	$	4,831,742
Weighted average interest rate		6.58%		6.58%

Maturities of Long-Term Debt

Maturities of long-term debt (based on stated maturity dates) are as follows:


		Twelve months ended March 31,
		2027			2028			2029			2030			2031			Thereafter			Total

		(in thousands)
Notes payable secured by mortgage servicing assets (1)		$	—		$	480,000		$	550,000		$	—		$	300,000		$	—		$	1,330,000
Unsecured senior notes			—			—			650,000			750,000			650,000			2,850,000			4,900,000
Total		$	—		$	480,000		$	1,200,000		$	750,000		$	950,000		$	2,850,000		$	6,230,000

(1)	The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of the Term Notes and Term Loans as specified in the respective agreements.

Liability for Losses Under Representations and Warranties

3 Months Ended

Mar. 31, 2026

Liability for Losses Under Representations and Warranties

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:


		Quarter ended March 31,
		2026			2025

		(in thousands)
Balance at beginning of quarter		$	34,894		$	29,129
Provision for losses:
Resulting from sales of loans			4,468			3,547
Resulting from change in estimate			(2,990)			(1,415)
Losses incurred			(567)			(487)
Balance at end of quarter		$	35,805		$	30,774
Unpaid principal balance of loans subject to representations and warranties at end of quarter		$	504,749,991		$	430,898,425

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Taxes

Income Taxes

Note 17—Income Taxes

The Company’s effective income tax rates were 21.4% and 26.8% for the quarters ended March 31, 2026 and 2025, respectively. The decrease in the effective income tax rate for the quarter ended March 31, 2026 compared to the same quarter in 2025 is due to the effect of an increase in deductible compensation, as well as a favorable change in California apportionment rules enacted into law in June 2025 allowing the Company to apportion income to California using a single sales factor instead of a factor equally weighted among property, payroll and sales.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section S99
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-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies.

Commitments and Contingencies

Note 18—Commitments and Contingencies

Commitments to Purchase and Fund Mortgage Loans

The Company’s commitments to purchase and fund loans totaled $16.2 billion as of March 31, 2026.

Legal and Regulatory Proceedings

From time to time, the Company may be a party to legal and regulatory proceedings, lawsuits and other claims arising in the ordinary course of its 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.

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Stockholders' Equity.

Stockholders' Equity

Note 19—Stockholders’ Equity

The Company’s stock repurchase program provides for the repurchase of up to $2 billion of its common stock, before transaction costs and excise tax.

Following is a summary of activity under the stock repurchase program:


	Quarter ended March 31,						Cumulative
	2026			2025			total (1)

	(in thousands)
Shares of common stock repurchased		560			—			34,674
Cost of shares of common stock repurchased	$	50,011		$	—		$	1,842,948

(1)	Amounts represent the total shares of common stock repurchased under the stock repurchase program from inception through March 31, 2026. Cumulative total cost of shares of common stock repurchased includes $549,000 of transaction costs as of March 31, 2026.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/505/tableOfContent

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Net Gains on Loans Held for Sale

3 Months Ended

Mar. 31, 2026

Net Gains on Loans Held for Sale

Net Gains on Loans Held for Sale

Note 20—Net Gains on Loans Held for Sale

Net gains on loans held for sale at fair value are summarized below:


	Quarter ended March 31,
	2026		2025

	(in thousands)
From non-affiliates:
Cash losses:
Loans	$	(528,351)	$	(276,310)
Hedging activities		324,039		(310,699)
		(204,312)		(587,009)
Non-cash gains:
Mortgage servicing rights resulting from loan sales		719,586		650,349
Provisions for losses relating to representations and warranties:
Pursuant to loan sales		(4,468)		(3,547)
Reductions in liability due to changes in estimate		2,990		1,415
Changes in fair values of loans and derivatives held at end of quarter:
Interest rate lock commitments		(18,991)		76,377
Loans		65,000		(87,039)
Hedging derivatives		(222,569)		165,653
		337,236		216,199
From PennyMac Mortgage Investment Trust (1)		7,749		4,838
	$	344,985	$	221,037

(1)	The terms of loan sales to PMT are described in Note 5–Related Party Transactions–PennyMac Mortgage Investment Trust–Operating Activities.

Net Interest Expense

3 Months Ended

Mar. 31, 2026

Net Interest Expense

Net Interest Expense

Note 21—Net Interest Expense

Net interest expense is summarized below:


		Quarter ended March 31,
		2026			2025

		(in thousands)
Interest income:
Cash and short-term investments		$	9,569		$	10,007
Principal-only stripped mortgage-backed securities			(4,976)			11,595
Loans held for sale			113,182			87,394
Placement fees relating to custodial funds			89,939			79,795
Other			465			1,080
			208,179			189,871
Interest expense:
Assets sold under agreements to repurchase			110,018			94,229
Mortgage loan participation purchase and sale agreements			4,194			3,804
Notes payable secured by mortgage servicing assets			22,389			36,578
Unsecured senior notes			83,279			60,137
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations			26,131			9,774
Interest on mortgage loan impound deposits			2,737			2,581
Other			974			979
			249,722			208,082
		$	(41,543)		$	(18,211)

- Definition

The entire disclosure for interest income and interest expense for enterprises that derive a significant portion of their revenue from interest collected on investments, loans, and securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(2))
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+ Details

Stock-based Compensation

3 Months Ended

Mar. 31, 2026

Stock-based Compensation

Stock-based Compensation

Note 22—Stock-based Compensation

Following is a summary of the stock-based compensation activity:


		Quarter ended March 31,
		2026			2025

		(in thousands)
Grants:
Units:
Performance-based restricted share units ("RSUs")			260			185
Time-based RSUs			241			260
Stock options			270			187
Grant date fair value:
Performance-based RSUs		$	23,641		$	18,788
Time-based RSUs			21,996			26,484
Stock options			10,591			8,138
Total		$	56,228		$	53,410
Vesting and exercise:
Performance-based RSUs vested			98			—
Time-based RSUs vested			176			185
Stock options exercised			217			126
Stock-based compensation expense		$	2,447		$	11,084

Disaggregation of Certain Expense Captions

3 Months Ended

Mar. 31, 2026

Disaggregation of Certain Expense Captions

Disaggregation of Certain Expense Captions

Note 23—Disaggregation of Certain Expense Captions

Following are the disaggregation of certain expense captions:


		Quarter ended March 31,
Expense line		2026			2025

		(in thousands)
Technology
Amortization of capitalized software		$	11,701		$	11,981
Impairment of capitalized software			317			—
Other (1)			34,114			28,216
Total technology expense		$	46,132		$	40,197

Occupancy and equipment
Depreciation		$	1,809		$	1,915
Operating lease cost			4,830			3,625
Short-term lease cost			100			66
Other (2)			3,252			2,776
Total occupancy and equipment expense		$	9,991		$	8,382

(1)	Other technology expenses primarily consist of software licensing and maintenance and data center expenses.

(2)	Other occupancy and equipment expenses primarily consist of common area maintenance charges, repair and security expenses.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share

Earnings Per Share

Note 24—Earnings Per Share

Basic earnings per share is determined by dividing net income by the weighted average number of shares of common stock outstanding during the quarter. Diluted earnings per share is determined by dividing net income by the weighted average number of shares of common stock outstanding, assuming all dilutive securities were issued.

The Company’s potentially dilutive securities are stock-based compensation awards. The Company applies the treasury stock method to determine the diluted weighted average number of shares of common stock outstanding based on the outstanding stock-based compensation awards.

The following table summarizes the basic and diluted earnings per share calculations:


		Quarter ended March 31,
		2026			2025

		(in thousands, except per share amounts)
Net income		$	82,322		$	76,280

Weighted average shares of common stock outstanding			52,132			51,506
Effect of dilutive securities - shares issuable under stock-based compensation plan			1,727			2,118
Weighted average diluted shares of common stock outstanding			53,859			53,624
Basic earnings per share		$	1.58		$	1.48
Diluted earnings per share		$	1.53		$	1.42

Calculations of diluted earnings per share require certain potentially dilutive shares to be excluded when their inclusion in the diluted earnings per share calculation would be anti-dilutive. The following table summarizes the weighted-average number of anti-dilutive outstanding RSUs and stock options excluded from the calculation of diluted earnings per share:



		Quarter ended March 31,
		2026			2025

		(in thousands except for weighted average exercise price)
Time-based RSUs			124			132
Performance-based RSUs (1)			327			597
Stock options (2)			271			147
Total anti-dilutive RSUs and stock options			722			876
Weighted average exercise price of anti-dilutive stock options (2)		$	97.92		$	95.84

(1)	Certain performance-based RSUs were outstanding but not included in the computation of earnings per share because the performance thresholds included in such RSUs have not been achieved.

(2)	Certain stock options were outstanding but not included in the computation of diluted earnings per share because the combination of the weighted-average exercise prices and average unamortized stock compensation cost exceeded the average market price of the Company’s common stock for the quarter.

Regulatory Capital and Liquidity Requirements

3 Months Ended

Mar. 31, 2026

Regulatory Capital and Liquidity Requirements

Regulatory Capital and Liquidity Requirements

Note 25—Regulatory Capital and Liquidity Requirements

The Company, through PLS, is required to maintain specified levels of capital and liquidity to remain a seller/servicer in good standing with the Agencies. Such capital and liquidity requirements generally are tied to the size of the PLS’s loan servicing portfolio and loan origination volume.

The Agencies’ capital and liquidity levels and requirements, the calculations of which are specified by each Agency, are summarized below:


		March 31, 2026						December 31, 2025
Requirement/Agency		Actual (1)			Requirement (1)			Actual (1)			Requirement (1)

		(dollars in thousands)
Capital
Fannie Mae & Freddie Mac		$	8,238,618		$	1,514,741		$	8,212,718		$	1,475,719
Ginnie Mae		$	8,108,958		$	1,650,844		$	8,002,181		$	1,616,380
HUD		$	8,108,958		$	2,500		$	8,002,181		$	2,500
Risk-based capital
Ginnie Mae			40	%		6	%		41	%		6	%
Liquidity
Fannie Mae & Freddie Mac		$	876,093		$	720,760		$	1,095,507		$	689,782
Ginnie Mae		$	1,266,483		$	539,319		$	1,285,660		$	512,613
Adjusted net worth / Total assets ratio
Ginnie Mae			35	%		6	%		37	%		6	%
Tangible net worth / Total assets ratio
Fannie Mae & Freddie Mac			26	%		6	%		28	%		6	%

(1)	Calculated in accordance with the respective Agency’s requirements.

Noncompliance with an Agency’s requirements can result in such Agency taking various remedial actions up to and including terminating the Company’s ability to sell loans to and service loans on behalf of the respective Agency.

- Definition

The entire disclosure for a mortgage banking entity related to capital requirements imposed by secondary market investors or state imposed regulatory mandates. The disclosure may include: (1) a description of the minimum net worth requirements related to (a) secondary market investors and (b) state-imposed regulatory mandates; (2) actual or possible material effects of noncompliance; (3) whether the entity is in compliance with the regulatory capital requirements, including (a) the entity's required and actual net worth amounts, (b) factors that may significantly affect adequacy of net worth such as potentially volatile components of capital, qualitative factors, or regulatory mandates; and (4) possible affects of noncompliance on amounts and disclosures in the notes to the financial statements. Servicers with net worth requirements from multiple sources may disclose (1) significant servicing covenants with secondary market investors with commonly defined servicing requirements (2) any other secondary market investor where violation of the requirement would have a significant adverse effect and (3) the most restrictive third party agreement, if not included above. The disclosure may also include additional information that might be disclosed in situations where substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 948
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481586/948-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 948
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481586/948-10-50-3

Reference 4: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 948
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-URI https://asc.fasb.org/1943274/2147481586/948-10-50-3

+ Details

Segments

3 Months Ended

Mar. 31, 2026

Segments

Segments

Note 26—Segments

The Company’s reportable segments are identified based on their unique business activities. 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 Company’s chief operating decision maker is its chief executive officer. The reportable segments are evaluated based on income or loss before provision for income taxes. The chief operating decision maker uses pre-tax segment results to assess segment performance and allocate operating and capital resources among the two reportable segments described below. The segments are separately evaluated because they represent different services.

The Company conducts its business in two operating and reportable segments, production and servicing:

●

The production segment performs loan origination, acquisition and sale activities, including the fulfillment of correspondent production activities for PMT.

●

The servicing segment performs servicing and subservicing of loans on behalf of non-affiliate investors, executes, manages early buyout transactions and services loans for PMT.

●

Non-segment activities are included under the heading “Corporate and other” and include amounts attributable to corporate activities that are not directly attributable to the production and servicing segments as well as investment management fees earned from PMT. None of the other items meet the quantitative threshold to be classified as a reportable segment.

Financial performance and results by segment are as follows:


		Quarter ended March 31, 2026
		Production			Servicing			Reportable segment total			Corporate and other			Consolidated total

		(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value		$	311,201		$	33,784		$	344,985		$	—		$	344,985
Loan origination fees			72,446			—			72,446			—			72,446
Fulfillment fees from PennyMac Mortgage Investment Trust			5,737			—			5,737			—			5,737
Net loan servicing fees			—			152,830			152,830			—			152,830
Net interest (expense) income :
Interest income			112,999			94,922			207,921			258			208,179
Interest expense			95,588			154,134			249,722			—			249,722
			17,411			(59,212)			(41,801)			258			(41,543)
Management fees			—			—			—			6,762			6,762
Other			125			(2,316)			(2,191)			5,958			3,767
Total net revenues			406,920			125,086			532,006			12,978			544,984
Expenses:
Compensation			136,264			52,537			188,801			27,592			216,393
Loan origination			79,696			—			79,696			—			79,696
Technology			30,054			11,117			41,171			4,961			46,132
Servicing			—			38,233			38,233			—			38,233
Marketing and advertising			11,951			514			12,465			8,629			21,094
Professional services			5,649			2,080			7,729			6,670			14,399
Occupancy and equipment			5,332			2,502			7,834			2,157			9,991
Other (2)			4,399			5,452			9,851			4,504			14,355
Total expenses			273,345			112,435			385,780			54,513			440,293
Income (loss) before provision for income taxes		$	133,575		$	12,651		$	146,226		$	(41,535)		$	104,691
Segment assets at end of quarter		$	10,435,743		$	21,416,481		$	31,852,224		$	91,774		$	31,943,998
Acquisition of:
Capitalized software		$	6,737		$	284		$	7,021		$	8,904		$	15,925
Furniture, fixtures, equipment and building improvements		$	1,458		$	506		$	1,964		$	286		$	2,250
Amortization of capitalized software		$	9,766		$	1,530		$	11,296		$	405		$	11,701
Impairment of capitalized software		$	317		$	—		$	317		$	—		$	317
Depreciation and amortization of furniture, fixtures, equipment and building improvements		$	993		$	434		$	1,427		$	382		$	1,809

(1)	All revenues are from external customers. The segments do not recognize intersegment revenues.

(2)	Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as safekeeping, travel, postage and corporate insurance.


		Quarter ended March 31, 2025
		Production			Servicing			Reportable segment total			Corporate and other			Consolidated total

		(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value		$	187,145		$	33,892		$	221,037		$	—		$	221,037
Loan origination fees			46,611			—			46,611			—			46,611
Fulfillment fees from PennyMac Mortgage Investment Trust			5,290			—			5,290			—			5,290
Net loan servicing fees			—			164,286			164,286			—			164,286
Net interest income (expense):
Interest income			85,288			104,134			189,422			449			189,871
Interest expense			76,526			131,556			208,082			—			208,082
			8,762			(27,422)			(18,660)			449			(18,211)
Management fees			—			—			—			7,012			7,012
Other			131			(173)			(42)			4,920			4,878
Total net revenues			247,939			170,583			418,522			12,381			430,903
Expenses:
Compensation			98,869			52,970			151,839			30,149			181,988
Loan origination			44,096			—			44,096			—			44,096
Technology			25,100			10,385			35,485			4,712			40,197
Servicing			—			21,875			21,875			—			21,875
Professional services			3,134			1,681			4,815			4,222			9,037
Occupancy and equipment			4,128			2,729			6,857			1,525			8,382
Marketing and advertising			8,023			373			8,396			1,036			9,432
Other (2)			2,646			4,569			7,215			4,485			11,700
Total expenses			185,996			94,582			280,578			46,129			326,707
Income (loss) before provision for income taxes		$	61,943		$	76,001		$	137,944		$	(33,748)		$	104,196
Segment assets at end of quarter		$	7,346,079		$	16,461,624		$	23,807,703		$	65,173		$	23,872,876
Acquisition of:
Capitalized software		$	5,409		$	1,728		$	7,137		$	—		$	7,137
Furniture, fixtures, equipment and building improvements		$	187		$	29		$	216		$	155		$	371
Amortization of capitalized software		$	10,221		$	1,666		$	11,887		$	94		$	11,981
Depreciation and amortization of furniture, fixtures, equipment and building improvements		$	968		$	645		$	1,613		$	302		$	1,915

(1)	All revenues are from external customers. The segments do not recognize intersegment revenues.

(2)	Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as safekeeping, travel, postage and corporate insurance.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events

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:

●

On May 5, 2026, the Company announced a cash dividend of $0.30 per common share. The dividend will be paid on May 28, 2026 to common stockholders of record as of May 18, 2026.

●

All agreements to sell assets under agreements to repurchase assets that matured before the date of this Report were extended or renewed.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 82,322	$ 76,280

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Greg Hendry
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 19, 2026, Greg Hendry, the Company’s Chief Accounting Officer, adopted a trading plan to sell up to: (1) 11,650 shares of the Company’s common stock, (2) 5,120 shares of the Company’s common stock underlying unexercised stock options, (3) Company common stock shares received upon the vesting of 448 time-based restricted stock units, and (4) Company common stock shares received upon the vesting of 1,764 performance-based restricted stock units assuming maximum level performance achievement. The trading plan will expire on June 30, 2027. 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.
Name	Greg Hendry
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	Mar. 19, 2026
Expiration Date	Jun. 30, 2027
Unexercised stock options \| Greg Hendry
Trading Arrangements, by Individual
Aggregate Available	5,120
Common Stock \| Greg Hendry
Trading Arrangements, by Individual
Aggregate Available	11,650
Time-based RSUs \| Greg Hendry
Trading Arrangements, by Individual
Aggregate Available	448
Performance-based RSUs \| Greg Hendry
Trading Arrangements, by Individual
Aggregate Available	1,764

Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)

3 Months Ended

Mar. 31, 2026

Basis of Presentation and Recently Issued Accounting Pronouncements

Basis of Presentation

The accompanying 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 Accounting Standards Codification for interim financial information and with the SEC’s instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these consolidated 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 year ended December 31, 2025.

The accompanying consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, income, and cash flows for the interim periods presented, but are not necessarily indicative of income that may be expected for the full year ending December 31, 2026. Intercompany accounts and transactions have been eliminated.

Preparation of financial statements in compliance with GAAP requires the Company to make judgments and estimates that affect the reported amounts of assets and liabilities and 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.

Related Party Transactions (Tables) - Related Party - PennyMac Mortgage Investment Trust

3 Months Ended

Mar. 31, 2026

Transactions with Affiliates

Summary of lending activity between the Company and affiliate


		Quarter ended March 31,
		2026			2025

		(in thousands)
Net gains on loans held for sale at fair value:
Net gains on loans sold to PMT (primarily cash)		$	13,556		$	6,046
Mortgage servicing rights recapture incurred			(5,807)			(1,208)
		$	7,749		$	4,838
Sale of loans held for sale to PMT		$	4,380,289		$	654,808
UPB of loans recaptured		$	550,998		$	159,472

Tax service fees earned from PMT included in Loan origination fees		$	—		$	477

Fulfillment fee revenue		$	5,737		$	5,290
UPB of loans sold to and fulfilled for PMT subject to fulfillment fees		$	2,796,544		$	2,781,722

Sourcing fees included in cost of loans purchased from PMT		$	—		$	2,015
Unpaid principal balance of loans purchased from PMT:
Government guaranteed or insured		$	—		$	11,191,880
Conventional conforming			—			8,960,796
		$	—		$	20,152,676

Summary of loan servicing fees earned from PMT


		Quarter ended March 31,
		2026			2025

		(in thousands)
Base fees		$	17,624		$	19,202
Other fees			2,099			2,527
		$	19,723		$	21,729

Summary of management fees earned


	Quarter ended March 31,
	2026			2025

	(in thousands)
Base management fees	$	6,762		$	7,012
Performance incentive fees		—			—
	$	6,762		$	7,012
Average PMT's shareholders' equity used to calculate base management fees	$	1,828,237		$	1,895,785

Summary of reimbursement of expenses


		Quarter ended March 31,
		2026			2025

		(in thousands)
Reimbursement of:
Expenses incurred on PMT's behalf, net		$	6,141		$	4,601
Compensation			1,599			1,629
Common overhead incurred by the Company			949			981
		$	8,689		$	7,211
Payments and settlements during the quarter (1)		$	18,330		$	28,048

(1)	Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PMT for the operating, investing and financing activities itemized in this Note.

Summary of investing activity between the Company and affiliate


		Quarter ended March 31,
		2026			2025

		(in thousands)
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust shares		$	(37)		$	185
Sale of Mortgage servicing rights to PMT		$	3,922		$	—


		March 31,			December 31,
		2026			2025

		(in thousands)
Common shares of beneficial interest of PennyMac Mortgage Investment Trust:
Fair value		$	875		$	941
Number of shares			75			75

Summary of amounts due from and payable to affiliate


		March 31,			December 31,
		2026			2025

		(in thousands)
Receivable from PMT:
Management fees		$	6,762		$	6,856
Servicing fees			6,622			6,669
Allocated expenses and expenses incurred on PMT's behalf			3,931			3,161
Correspondent production activities			185			436
		$	17,500		$	17,122
Payable to PMT:
Amounts advanced by PMT to fund its servicing advances		$	79,881		$	97,485
Other			16,152			19,100
		$	96,033		$	116,585

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Loan Sales and Servicing Activities (Tables)

3 Months Ended

Mar. 31, 2026

Loan Sales and Servicing Activities

Summary of cash flows between the Company and transferees upon sale of loans in transactions


		Quarter ended March 31,
		2026			2025

		(in thousands)
Cash flows:
Sales proceeds		$	32,611,319		$	27,587,429
Servicing fees received		$	428,237		$	396,232

Summary of sale of loans between the Company and transferees upon sale of loans in transactions


		March 31,			December 31,
		2026			2025

		(in thousands)
Unpaid principal balance of loans outstanding		$	460,361,759		$	448,035,447
Delinquent loans:
30-89 days		$	14,850,730		$	18,000,680
90 days or more:
Not in foreclosure		$	11,561,042		$	9,759,483
In foreclosure		$	1,616,694		$	1,372,545
Foreclosed		$	4,583		$	4,076
Loans in bankruptcy		$	2,082,955		$	1,968,188

Summary of servicing portfolio


		March 31, 2026
		Servicing						Total
		rights owned			Subservicing			loans serviced

		(in thousands)
Investor:
Non-affiliated entities:
Originated		$	460,361,759		$	—		$	460,361,759
Purchased			13,633,606			—			13,633,606
Subserviced			—			11,413,998			11,413,998
			473,995,365			11,413,998			485,409,363
PennyMac Mortgage Investment Trust			—			225,093,530			225,093,530
Loans held for sale			9,821,486			—			9,821,486
		$	483,816,851		$	236,507,528		$	720,324,379
Delinquent loans:
30 days		$	11,197,038		$	1,898,851		$	13,095,889
60 days			4,131,164			540,380			4,671,544
90 days or more:
Not in foreclosure			11,755,298			1,045,822			12,801,120
In foreclosure			1,669,223			144,107			1,813,330
Foreclosed			6,229			2,583			8,812
		$	28,758,952		$	3,631,743		$	32,390,695
Loans in bankruptcy		$	2,152,337		$	377,461		$	2,529,798
Custodial funds managed by the Company (1)		$	10,117,440		$	3,125,558		$	13,242,998

(1)

Custodial funds include cash accounts holding funds on behalf of borrowers and investors relating to loans serviced under servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of these custodial funds where it owns the MSRs and these fees are included in Interest income in the Company’s consolidated statements of income.


		December 31, 2025
		Servicing						Total
		rights owned			Subservicing			loans serviced

		(in thousands)
Investor:
Non-affiliated entities:
Originated		$	448,035,447		$	—		$	448,035,447
Purchased			13,999,998			—			13,999,998
Subserviced (1)			—			35,873,833			35,873,833
			462,035,445			35,873,833			497,909,278
PennyMac Mortgage Investment Trust			—			226,774,067			226,774,067
Loans held for sale			8,930,477			—			8,930,477
		$	470,965,922		$	262,647,900		$	733,613,822
Delinquent loans:
30 days		$	13,205,704		$	3,056,477		$	16,262,181
60 days			5,357,188			962,007			6,319,195
90 days or more:
Not in foreclosure			9,944,189			1,734,551			11,678,740
In foreclosure			1,414,544			184,343			1,598,887
Foreclosed			6,229			3,121			9,350
		$	29,927,854		$	5,940,499		$	35,868,353
Loans in bankruptcy		$	2,039,686		$	566,890		$	2,606,576
Custodial funds managed by the Company (2)		$	8,429,523		$	2,758,179		$	11,187,702

(1)	Includes $24.3 billion in UPB of loans where MSRs have been sold, but the servicing has not yet transferred to the purchaser’s servicing platform.

(2)

Custodial funds include cash accounts holding funds on behalf of borrowers and investors relating to loans serviced under servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of these custodial funds where it owns the MSRs and these fees are included in Interest income in the Company’s consolidated statements of income.

Summary of the geographical distribution of loans for the top five and all other states as measured by the total unpaid principal balance (UPB)


		March 31,			December 31,
State		2026			2025

		(in thousands)
California		$	81,899,842		$	83,261,751
Texas			72,914,367			73,599,588
Florida			68,453,274			69,872,447
Virginia			36,433,902			38,282,502
Georgia			29,727,189			30,528,228
All other states			430,895,805			438,069,306
		$	720,324,379		$	733,613,822

Summary of the allowance for losses


	Quarter ended March 31,
	2026		2025

	(in thousands)
Balance at beginning of quarter	$	103,574	$	85,788
Provision for losses		19,962		4,184
Charge-offs, net		(7,484)		(7,817)
Balance at end of quarter	$	116,052	$	82,155

Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value

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


		March 31, 2026
		Level 1			Level 2			Level 3			Total

		(in thousands)
Assets:
Short-term investment		$	434,220		$	—		$	—		$	434,220
Principal-only stripped mortgage-backed securities			—			659,235			—			659,235
Loans held for sale			—			9,525,538			428,957			9,954,495
Derivative assets from non-affiliates:
Interest rate lock commitments			—			—			138,031			138,031
Forward purchase contracts			—			24,588			—			24,588
Forward sales contracts			—			165,645			—			165,645
MBS put options			—			4,840			—			4,840
Total return swap			—			119			—			119
Put options on interest rate futures purchase contracts			41,688			—			—			41,688
Call options on interest rate futures purchase contracts			9,414			—			—			9,414
Total derivative assets before netting			51,102			195,192			138,031			384,325
Netting			—			—			—			(107,616)
Total derivative assets from non-affiliates			51,102			195,192			138,031			276,709
Derivative assets from PennyMac Mortgage Investment Trust:
Interest rate lock commitments			—			—			5,886			5,886
Forward sales contracts			—			15			—			15
Total before netting			—			15			5,886			5,901
Netting			—			—			—			(15)
Total derivative assets from PennyMac Mortgage Investment Trust			—			15			5,886			5,886
Mortgage servicing rights			—			—			10,149,036			10,149,036
Investment in PennyMac Mortgage Investment Trust			875			—			—			875
		$	486,197		$	10,379,980		$	10,721,910		$	21,480,456
Liabilities:
Derivative liabilities to non-affiliates:
Interest rate lock commitments		$	—		$	—		$	35,368		$	35,368
Forward purchase contracts			—			67,863			—			67,863
Forward sales contracts			—			42,663			—			42,663
Total derivative liabilities before netting			—			110,526			35,368			145,894
Netting			—			—			—			(79,065)
Total derivative liabilities to non-affiliates			—			110,526			35,368			66,829
Derivative liabilities to PennyMac Mortgage Investment Trust:
Interest rate lock commitments			—			—			2,613			2,613
Forward sales contracts			—			1,225			—			1,225
Total derivative liabilities to PennyMac Mortgage Investment Trust before netting			—			1,225			2,613			3,838
Netting			—			—			—			(15)
Total derivative liabilities to PennyMac Mortgage Investment Trust			—			1,225			2,613			3,823
Mortgage servicing liabilities			—			—			1,568			1,568
		$	—		$	111,751		$	39,549		$	72,220


		December 31, 2025
		Level 1			Level 2			Level 3			Total

		(in thousands)
Assets:
Short-term investment		$	410,037		$	—		$	—		$	410,037
Principal-only stripped mortgage-backed securities			—			722,528			—			722,528
Loans held for sale			—			8,815,699			307,711			9,123,410
Derivative assets from non-affiliates:
Interest rate lock commitments			—			—			131,536			131,536
Forward purchase contracts			—			49,499			—			49,499
Forward sales contracts			—			16,399			—			16,399
Total return swap			—			8			—			8
Put options on interest rate futures purchase contracts			22,769			—			—			22,769
Call options on interest rate futures purchase contracts			2,086			—			—			2,086
Total derivative assets before netting			24,855			65,906			131,536			222,297
Netting			—			—			—			(36,779)
Total derivative assets from non-affiliates			24,855			65,906			131,536			185,518
Derivative assets from PennyMac Mortgage Investment Trust:
Interest rate lock commitments			—			—			2,257			2,257
Forward sales contracts			—			142			—			142
Total before netting			—			142			2,257			2,399
Netting			—			—			—			(142)
Total derivative assets from PennyMac Mortgage Investment Trust			—			142			2,257			2,257
Mortgage servicing rights			—			—			9,598,941			9,598,941
Investment in PennyMac Mortgage Investment Trust			941			—			—			941
		$	435,833		$	9,604,275		$	10,040,445		$	20,043,632
Liabilities:
Derivative liabilities to non-affiliates:
Interest rate lock commitments		$	—		$	—		$	4,260		$	4,260
Forward purchase contracts			—			2,845			—			2,845
Forward sales contracts			—			47,692			—			47,692
Total derivative liabilities before netting			—			50,537			4,260			54,797
Netting			—			—			—			(45,238)
Total derivative liabilities to non-affiliates			—			50,537			4,260			9,559
Derivative liabilities to PennyMac Mortgage Investment Trust:
Interest rate lock commitments			—			—			4,605			4,605
Forward sales contracts			—			1,784			—			1,784
Total derivative liabilities to PennyMac Mortgage Investment Trust before netting			—			1,784			4,605			6,389
Netting			—			—			—			(142)
Total derivative liabilities to PennyMac Mortgage Investment Trust			—			1,784			4,605			6,247
Mortgage servicing liabilities			—			—			1,572			1,572
		$	—		$	52,321		$	10,437		$	17,378

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


		Quarter ended March 31, 2026
					Interest rate lock			Interest rate lock			Mortgage
		Loans held			commitments to			commitments to			servicing
Assets		for sale			non-affiliates, net (1)			PMT, net (1)			rights			Total

		(in thousands)
Balance, December 31, 2025		$	307,711		$	127,276		$	(2,348)		$	9,598,941		$	10,031,580
Purchases and issuances, net			947,556			254,337			(5,270)			—			1,196,623
Capitalization of interest and servicing advances			17,502			—			—			—			17,502
Sales, sales adjustments and repayments			(342,604)			—			—			2,506			(340,098)
Mortgage servicing rights resulting from loan sales			—			—			—			719,586			719,586
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk			22,201			—			—			—			22,201
Other factors			2,580			19,347			3,936			(171,997)			(146,134)
			24,781			19,347			3,936			(171,997)			(123,933)
Transfers:
From Level 3 to Level 2			(525,141)			—			—			—			(525,141)
To real estate acquired in settlement of loans			(848)			—			—			—			(848)
To loans held for sale			—			(298,297)			6,955			—			(291,342)
Balance, March 31, 2026		$	428,957		$	102,663		$	3,273		$	10,149,036		$	10,683,929
Changes in fair value recognized during the quarter relating to assets still held at March 31, 2026		$	12,402		$	102,663		$	3,273		$	(171,997)		$	(53,659)

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


		Quarter ended
Liabilities		March 31, 2026
		(in thousands)
Mortgage servicing liabilities:
Balance, December 31, 2025		$	1,572
Changes in fair value included in income			(4)
Balance, March 31, 2026		$	1,568
Changes in fair value recognized during the quarter relating to liabilities still outstanding at March 31, 2026		$	(4)


	Quarter ended March 31, 2025
				Interest			Mortgage
	Loans held			rate lock			servicing
Assets	for sale			commitments, net (1)			rights				Total

	(in thousands)
Balance, December 31, 2024	$	434,053		$	33,565		$	8,744,528		$	9,212,146
Purchases and issuances, net		1,383,885			182,543			—			1,566,428
Capitalization of interest and servicing advances		10,632			—			—			10,632
Sales and repayments		(514,646)			—			—			(514,646)
Mortgage servicing rights resulting from loan sales		—			—			650,349			650,349
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk		1,986			—			—			1,986
Other factors		36,948			116,113			(430,988)			(277,927)
		38,934			116,113			(430,988)			(275,941)
Transfers:											—
From Level 3 to Level 2		(911,237)			—			—			(911,237)
To loans held for sale		—			(222,279)			—			(222,279)
Balance, March 31, 2025	$	441,621		$	109,942		$	8,963,889		$	9,515,452
Changes in fair value recognized during the quarter relating to assets still held at March 31, 2025	$	23,715		$	109,942		$	(430,988)		$	(297,331)

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


Liabilities	Quarter ended March 31, 2025
	(in thousands)
Mortgage servicing liabilities:
Balance, December 31, 2024	$	1,683
Changes in fair value included in income		(32)
Balance, March 31, 2025	$	1,651
Changes in fair value recognized during the quarter relating to liabilities still outstanding at March 31, 2025	$	(32)

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


		Quarter ended March 31,
		2026												2025
		Net gains on			Net									Net gains on			Net
		loans held			loan			Net						loans held			loan
		for sale at			servicing			interest						for sale at			servicing
		fair value			fees			expense			Total			fair value			fees			Total

		(in thousands)
Assets:
Principal-only stripped mortgage-backed securities		$	—		$	(39)		$	(5,185)		$	(5,224)		$	—		$	18,134		$	18,134
Loans held for sale			252,324			—			—			252,324			292,143			—			292,143
Mortgage servicing rights			—			(171,997)			—			(171,997)			—			(430,988)			(430,988)
		$	252,324		$	(172,036)		$	(5,185)		$	75,103		$	292,143		$	(412,854)		$	(120,711)
Liabilities:
Mortgage servicing liabilities		$	—		$	4		$	—		$	4		$	—		$	32		$	32

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


		March 31, 2026									December 31, 2025
					Principal									Principal
					amount									amount
		Fair			due upon						Fair			due upon
Loans held for sale		value			maturity			Difference			value			maturity			Difference

		(in thousands)
Current through 89 days delinquent		$	9,904,215		$	9,755,026		$	149,189		$	9,080,781		$	8,874,884		$	205,897
90 days or more delinquent:
Not in foreclosure			35,749			38,436			(2,687)			32,364			35,669			(3,305)
In foreclosure			14,531			28,024			(13,493)			10,265			19,924			(9,659)
		$	9,954,495		$	9,821,486		$	133,009		$	9,123,410		$	8,930,477		$	192,933

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


Real estate acquired in settlement of loans		Level 1			Level 2			Level 3			Total

		(in thousands)
March 31, 2026		$	—		$	—		$	26,736		$	26,736
December 31, 2025		$	—		$	—		$	8,731		$	8,731

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

Summary of carrying value and fair value of debt


		March 31, 2026					December 31, 2025
		Fair value		Carrying value			Fair value		Carrying value

		(in thousands)
Term notes and term loans		$	1,334,166	$	1,326,325		$	1,334,248	$	1,326,021
Unsecured senior notes		$	4,748,252	$	4,834,396		$	5,075,675	$	4,831,742

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


	March 31, 2026	December 31, 2025

	(Fair value, unpaid principal balance of underlying
	loans and effect on fair value amounts in thousands)
Fair value	$ 10,149,036	$ 9,598,941
Underlying loan characteristics:
Unpaid principal balance	$ 473,980,146	$ 462,020,147
Weighted average note interest rate	5.1%	4.7%
Weighted average servicing fee rate (in basis points)	39	39
Key inputs (1):
Annual total prepayment speed (2):
Range	5.0% – 25.7%	6.0% – 22.7%
Weighted average	8.3%	9.0%
Equivalent average life (in years):
Range	2.5 – 9.7	2.5 – 9.0
Weighted average	8.7	8.0
Effect on fair value of (3):
5% adverse change	($137,759)	($168,856)
10% adverse change	($271,449)	($331,359)
20% adverse change	($527,347)	($638,689)
Option-adjusted spread (4):
Range	2.0% – 13.2%	2.6% – 13.2%
Weighted average	4.6%	4.7%
Effect on fair value of (3):
5% adverse change	($101,516)	($95,530)
10% adverse change	($200,579)	($189,008)
20% adverse change	($391,692)	($370,059)
Per-loan annual cost of servicing:
Range	$70 – $128	$70 – $127
Weighted average	$108	$106
Effect on fair value of (3):
5% adverse change	($54,079)	($50,531)
10% adverse change	($108,157)	($101,061)
20% adverse change	($216,314)	($202,122)

(1)	Weighted average inputs are based on the UPB of the underlying loans.

(2)	Annual total prepayment speed is measured using life total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information.

(3)

These sensitivity analyses are limited in that they were performed as of a particular date; only contemplate the movements in the indicated inputs; do not incorporate changes to other inputs; are subject to the accuracy of the models and inputs used; and do not incorporate other factors that would affect the Company’s overall financial performance in such events, including operational adjustments made to account for changing circumstances. For these reasons, these analyses should not be viewed as projections of the effect of shock events or as earnings forecasts

(4)	The OAS is a margin that is applied to a reference interest rate’s projected curve to develop periodic discount rates. The Company applies an OAS to multiple simulated paths of a derived Treasury yield curve for purposes of discounting cash flows relating to period-end MSRs.

Mortgage servicing liabilities

Fair Value

Quantitative summary of key inputs or assumptions used in the valuation of financial statement items


		March 31,		December 31,
		2026		2025
Fair value (in thousands)	$	1,568	$	1,572
Underlying loan characteristics:
Unpaid principal balance of underlying loans (in thousands)	$	15,219	$	15,298
Servicing fee rate (in basis points)		25		25
Key inputs (1):
Annual total prepayment speed (2)		14.3%		14.2%
Equivalent average life (in years)		5.5		5.5
Option-adjusted spread (3)		9.1%		9.1%
Per-loan annual cost of servicing	$	861	$	853

(1)	Weighted average inputs are based on UPB of the underlying mortgage loans.

(2)	Annual total prepayment speed is measured using life total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information.

(3)	The OAS is a margin that is applied to a reference interest rate’s projected curve to develop periodic discount rates. The Company applies an OAS to multiple simulated paths of a derived Treasury yield curve for purposes of discounting cash flows relating to MSLs.

Interest rate lock commitments

Fair Value

Quantitative summary of key inputs or assumptions used in the valuation of financial statement items



		March 31, 2026			December 31, 2025
Fair value (in thousands) (1)		$	105,936		$	127,276
Committed amount (in thousands)		$	16,241,426		$	13,474,638
Key inputs (2):
Pull-through rate:
Range			16.0% – 100%			14.1% – 100%
Weighted average			81.6%			81.0%
Mortgage servicing rights fair value expressed as:
Servicing fee multiple:
Range			1.0 – 8.7			1.0 – 8.7
Weighted average			5.5			5.4
Percentage of loan commitment amount:
Range			0.3% – 4.4%			0.3% – 4.6%
Weighted average			1.9%			2.2%

(1)	Amounts include IRLCs with non-affiliates and with PMT. For purpose of this table, IRLC asset and liability positions are shown net.

(2)	Weighted average inputs are based on the committed amounts.

Mortgage servicing rights

Fair Value

Quantitative summary of key inputs or assumptions used in the valuation of financial statement items, excluding MSR purchases


	Quarter ended March 31,
	2026		2025

	(Amount recognized and unpaid principal balance of underlying loans in thousands)
MSR and underlying loan characteristics:
Amount recognized	$	719,586	$	650,349
Unpaid principal balance	$	32,477,245	$	27,664,977
Weighted average servicing fee rate (in basis points)		41		43
Key inputs (1):
Annual total prepayment speed (2):
Range		6.4% – 16.0%		6.6% – 15.0%
Weighted average		8.2%		8.8%
Equivalent average life (in years):
Range		3.7 – 10.3		3.8 – 10.2
Weighted average		8.9		8.7
Pricing spread (3):
Range		4.9% – 12.6%		4.9% – 12.6%
Weighted average		5.7%		5.5%
Per-loan annual cost of servicing:
Range		$70 – $128		$70 – $127
Weighted average		$99		$101

(1)	Weighted average inputs are based on the UPB of the underlying loans.

(2)	Annual total prepayment speed is measured using life total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information.

(3)

Pricing spread represents a margin that is applied to a reference interest rate’s forward rate curve to develop periodic discount rates. The Company applies a pricing spread to a derived United State Treasury Securities (“Treasury”) yield curve for purposes of discounting cash flows relating to its initial recognition of MSRs.

Mortgage loans held for sale

Fair Value

Quantitative summary of key inputs or assumptions used in the valuation of financial statement items



		March 31, 2026			December 31, 2025
Fair value (in thousands)		$	428,957		$	307,711
Key inputs (1):
Discount rate:
Range			5.7% – 9.3%			5.6% – 9.3%
Weighted average			6.5%			6.3%
Twelve-month projected housing price index change:
Range			1.1% – 1.6%			0.8% – 1.3%
Weighted average			1.3%			1.0%
Voluntary prepayment/resale speed (2):
Range			6.8% – 22.2%			6.9% – 22.7%
Weighted average			16.8%			18.9%
Total prepayment/resale speed (3):
Range			6.9% – 40.5%			7.0% – 37.5%
Weighted average			22.2%			24.1%

(1)	Weighted average inputs are based on the fair values of the “Level 3” fair value loans.

(2)	Voluntary prepayment/resale speed is measured using life voluntary Conditional Prepayment Rate (“CPR”).

(3)	Total prepayment/resale speed is measured using life total CPR, which includes both voluntary and involuntary prepayment/resale speeds.

Principal-Only Stripped Mortgage-Backed Securities (Tables)

3 Months Ended

Mar. 31, 2026

Principal-Only Stripped Mortgage-Backed Securities

Summary of principal-only stripped MBS


	Quarter ended March 31,
	2026		2025

	(in thousands)
Balance at beginning of quarter	$	722,528	$	825,865
Repayments		(58,069)		(37,738)
Changes in fair value included in income arising from:
Accrual of purchase discounts		(5,185)		11,335
Valuation adjustments		(39)		18,134
		(5,224)		29,469
Balance at end of quarter	$	659,235	$	817,596


	March 31,		December 31,
	2026		2025

	(in thousands)
Principal balance	$	810,281	$	868,350
Unearned discount		(156,567)		(151,382)
Cumulative valuation change		5,521		5,560
Fair value	$	659,235	$	722,528
Fair value of principal-only stripped mortgage-backed securities pledged to secure Assets sold under agreements to repurchase	$	659,235	$	722,528

Loans Held for Sale at Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Loans Held for Sale at Fair Value

Summary of loans held for sale at fair value


		March 31,			December 31,
Mortgage type		2026			2025

		(in thousands)
Government-insured or guaranteed		$	5,021,627		$	5,140,921
Conventional conforming			3,338,746			2,972,372
Jumbo			1,094,445			699,309
Non-qualified			70,720			3,097
Closed-end second lien			169,643			156,003
Purchased from Ginnie Mae securities serviced by the Company			231,064			127,920
Repurchased pursuant to representations and warranties			28,250			23,788
		$	9,954,495		$	9,123,410
Fair value of loans pledged to secure:
Assets sold under agreements to repurchase		$	9,067,257		$	8,245,256
Mortgage loan participation purchase and sale agreements			732,523			738,247
		$	9,799,780		$	8,983,503

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Financial Instruments

Summary of derivative financial instruments


		March 31, 2026								December 31, 2025
				Fair value								Fair value
		Notional		Derivative			Derivative			Notional		Derivative			Derivative
Derivative instrument		amount (1)		assets			liabilities			amount (1)		assets			liabilities

		(in thousands)
Non-affiliates:
Not subject to master netting arrangements:
Interest rate lock commitments		16,241,426		$	138,031		$	35,368		13,474,638		$	131,536		$	4,260

Subject to master netting arrangements (2):
Forward purchase contracts		20,029,168			24,588			67,863		14,311,234			49,499			2,845
Forward sales contracts		31,244,365			165,645			42,663		22,291,811			16,399			47,692
MBS put options		500,000			4,840			—		—			—			—
Put options on interest rate futures purchase contracts		8,975,000			41,688			—		12,625,000			22,769			—
Call options on interest rate futures purchase contracts		9,600,000			9,414			—		7,750,000			2,086			—
Total return swap		39,998			119			—		39,998			8			—
Treasury futures purchase contracts		24,242,000			—			—		11,841,400			—			—
Treasury futures sale contracts		20,027,000			—			—		8,607,100			—			—
Total derivatives before netting					384,325			145,894					222,297			54,797
Netting					(107,616)			(79,065)					(36,779)			(45,238)
				$	276,709		$	66,829				$	185,518		$	9,559
PennyMac Mortgage Investment Trust:
Interest rate lock commitments not subject to master netting arrangements		1,338,161			5,886			2,613		1,207,859			2,257			4,605
Forward sales contracts subject to master netting arrangements (2)		92,618			15			1,225		250,638			142			1,784
Total derivatives before netting					5,901			3,838					2,399			6,389
Netting					(15)			(15)					(142)			(142)
				$	5,886		$	3,823				$	2,257		$	6,247
Deposits (received from) placed with derivative counterparties included in the derivative balances above, net				$	(28,551)							$	8,459

(1)	Notional amounts provide an indication of the volume of the Company’s derivative activity.

(2)	All derivatives subject to master netting agreements are interest rate derivatives that are used as economic hedges.

Summary of the amount of derivative asset positions by significant counterparty after considering master netting arrangements and financial instruments or cash pledged


		March 31, 2026												December 31, 2025
					Gross amount not												Gross amount not
					offset in the												offset in the
					consolidated												consolidated
		Net amount			balance sheet									Net amount			balance sheet
		of assets in the						Cash						of assets in the						Cash
		consolidated			Financial			collateral			Net			consolidated			Financial			collateral			Net
Counterparty		balance sheet			instruments			received			amount			balance sheet			instruments			received			amount

		(in thousands)
Non-affiliates:
Interest rate lock commitments		$	138,031		$	—		$	—		$	138,031		$	131,536		$	—		$	—		$	131,536
RJ O' Brien			51,102			—			—			51,102			24,855			—			—			24,855
Morgan Stanley Bank, N.A.			44,316			—			—			44,316			10,673			—			—			10,673
Goldman Sachs			15,291			—			—			15,291			1,769			—			—			1,769
Santander US Capital Markets LLC			7,371			—			—			7,371			1,723			—			—			1,723
Bank of America, N.A.			5,039			—			—			5,039			—			—			—			—
Ellington Management			4,665			—			—			4,665			—			—			—			—
Federal National Mortgage Association			2,261			—			—			2,261			—			—			—			—
Barclays Capital			—			—			—			—			3,919			—			—			3,919
Bank of Montreal			—			—			—			—			2,676			—			—			2,676
Others			8,633			—			—			8,633			8,367			—			—			8,367
		$	276,709		$	—		$	—		$	276,709		$	185,518		$	—		$	—		$	185,518
PennyMac Mortgage Investment Trust		$	5,886		$	—		$	—		$	5,886		$	2,257		$	—		$	—		$	2,257

Summary of amount of derivative liabilities and assets sold under agreements to repurchase by significant counterparty after considering master netting arrangements and financial instruments or cash pledged


	March 31, 2026								December 31, 2025
			Gross amounts								Gross amounts
			not offset in the								not offset in the
	Net amount		consolidated						Net amount		consolidated
	of liabilities		balance sheet						of liabilities		balance sheet
	in the				Cash				in the				Cash
	consolidated		Financial		collateral		Net		consolidated		Financial		collateral		Net
Counterparty	balance sheet		instruments (1)		pledged		amount		balance sheet		instruments (1)		pledged		amount

	(in thousands)
Non-affiliates:
Interest rate lock commitments	$	35,368	$	—	$	—	$	35,368	$	4,260	$	—	$	—	$	4,260
Atlas Securitized Products, L.P.		2,454,287		(2,454,287)		—		—		3,151,222		(3,151,222)		—		—
Bank of America, N.A.		2,066,088		(2,066,088)		—		—		1,121,585		(1,120,457)		—		1,128
Royal Bank of Canada		860,139		(860,139)		—		—		534,163		(534,163)		—		—
JPMorgan Chase Bank, N.A.		806,606		(806,048)		—		558		767,903		(767,903)		—		—
Morgan Stanley Bank, N.A.		556,464		(556,464)		—		—		407,678		(407,678)		—		—
Nomura Corporate Funding Americas		556,423		(555,870)		—		553		596,608		(596,608)		—		—
Wells Fargo Bank, N.A.		553,223		(551,651)		—		1,572		650,094		(650,094)		—		—
BNP Paribas		544,439		(543,094)		—		1,345		342,500		(342,500)		—		—
Goldman Sachs		499,713		(499,713)		—		—		168,428		(168,428)		—		—
Barclays Capital		446,599		(437,561)		—		9,038		229,055		(229,055)		—		—
Mizuho Bank, Ltd.		405,972		(397,464)		—		8,508		149,588		(149,588)		—		—
Citibank, N.A.		233,606		(233,606)		—		—		444,851		(444,851)		—		—
Santander US Capital Markets LLC		221,919		(221,919)		—		—		238,668		(238,668)		—		—
Others		9,887		—		—		9,887		4,171		—		—		4,171
	$	10,250,733	$	(10,183,904)	$	—	$	66,829	$	8,810,774	$	(8,801,215)	$	—	$	9,559
PennyMac Mortgage Investment Trust	$	3,823	$	—	$	—	$	3,823	$	6,247	$	—	$	—	$	6,247

(1)	Amounts represent the UPB of Assets sold under agreements to repurchase.

Summary of gains (losses) recognized on derivative financial instruments and the respective income statement line items


				Quarter ended March 31,
Derivative activity		Consolidated statement of income line		2026			2025

				(in thousands)
Interest rate lock commitments		Net gains on loans held for sale at fair value (1)		$	(18,991)		$	76,377
Hedged item:
Interest rate lock commitments and loans held for sale		Net gains on loans held for sale at fair value		$	101,470		$	(145,046)
Mortgage servicing rights		Net loan servicing fees–Mortgage servicing rights hedging results		$	(207,247)		$	88,640

(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 loans or the cancellation of the commitment are shown in the rollforward of IRLCs for the quarter in Note 7 – Fair Value – Assets and Liabilities Measured at Fair Value on a Recurring Basis.

Mortgage Servicing Rights and Mortgage Servicing Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Mortgage Servicing Rights and Mortgage Servicing Liabilities

Schedule of activity in MSRs carried at fair value


	Quarter ended March 31,
	2026			2025

	(in thousands)
Balance at beginning of quarter	$	9,598,941		$	8,744,528
Additions (deductions):
MSRs resulting from loan sales		719,586			650,349
Sales adjustments (sales) to:
Non-affiliates		6,428			—
PennyMac Mortgage Investment Trust		(3,922)			—
		722,092			650,349
Change in fair value due to:
Changes in inputs used in valuation model (1)		183,047			(205,489)
Other changes in fair value (2)		(355,044)			(225,499)
Total change in fair value		(171,997)			(430,988)
Balance at end of quarter	$	10,149,036		$	8,963,889
Unpaid principal balance of underlying loans at end of quarter	$	473,980,146		$	442,208,097

	March 31,			December 31,
	2026			2025

	(in thousands)
Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase and Notes payable secured by mortgage servicing assets	$	9,901,292		$	9,367,851

(1)	Principally reflects changes in annual total prepayment speed, OAS or pricing spread and per loan annual cost of servicing inputs.

(2)	Represents changes due to realization of cash flows.

Schedule of activity in mortgage servicing liability carried at fair value


		Quarter ended March 31,
		2026			2025

		(in thousands)
Balance at beginning of quarter		$	1,572		$	1,683
Changes in fair value due to:
Changes in inputs used in valuation model (1)			18			5
Other changes in fair value (2)			(22)			(37)
Total change in fair value			(4)			(32)
Balance at end of quarter		$	1,568		$	1,651
Unpaid principal balance of underlying loans at end of quarter		$	15,219		$	19,070

(1)	Principally reflects changes in annual total prepayment speed, OAS or pricing spread and per loan annual cost of servicing.

(2)	Represents changes due to realization of cash flows.

Summary of servicing fees, late fees and ancillary and other fees relating to MSRs recorded on the consolidated statements of income


		Quarter ended March 31,
		2026			2025

		(in thousands)
Contractual servicing fees		$	469,366		$	417,687
Other fees:
Late charges			20,793			20,051
Other			4,206			3,479
		$	494,365		$	441,217

Other Assets (Tables)

3 Months Ended

Mar. 31, 2026

Other Asset

Summary of other assets


		March 31,			December 31,
	2026			2025

	(in thousands)
Margin deposits	$	441,384		$	407,978
Capitalized software, net		112,052			108,145
Operating lease right-of-use assets		58,698			61,757
Servicing fees receivable, net		51,196			48,279
Other servicing receivables		49,822			36,296
Interest receivable		44,369			40,173
Prepaid expenses		49,454			50,062
Real estate acquired in settlement of loans		40,404			37,675
Furniture, fixtures, equipment and building improvements, net		18,231			17,789
Margin deposits securing Assets sold under agreements to repurchase and Notes payable secured by mortgage servicing assets		15,241			10,393
Other		128,317			208,366
	$	1,009,168		$	1,026,913
Margin deposits securing Assets sold under agreements to repurchase or Notes payable secured by mortgage servicing assets	$	15,241		$	10,393

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases

Summary of Company's leases



	Quarter ended March 31,
	2026			2025

	(dollars in thousands)
Lease expense:
Operating leases	$	5,207		$	4,002
Short-term leases		100			66
Sublease income		(377)			(377)
Net lease expense included in Occupancy and equipment expense	$	4,930		$	3,691

Other information:
Payments for operating leases	$	4,914		$	5,077
Operating lease right-of-use assets recognized	$	1,169		$	561
Year end weighted averages:
Remaining lease term (in years)		5.2			3.4
Discount rate		5.6%			3.9%

Schedule of maturities of operating lease liabilities


Twelve months ended March 31,	Operating leases
	(in thousands)
2027	$	12,695
2028		12,219
2029		13,050
2030		14,434
2031		16,269
Thereafter		17,456
Total lease payments		86,123
Less imputed interest		(13,678)
Operating lease liability included in Accounts payable and accrued expenses	$	72,445

Short-Term Debt (Tables)

3 Months Ended

Mar. 31, 2026

Short-Term Debt

Summary of financial data pertaining to assets sold under agreements to repurchase


		Quarter ended March 31,
		2026			2025

		(dollars in thousands)
Average balance of assets sold under agreements to repurchase		$	7,971,975		$	6,109,683
Weighted average interest rate (1)			5.28%			5.94%
Total interest expense		$	110,018		$	94,229
Maximum daily amount outstanding		$	10,183,904		$	8,589,915

(1)	Excludes the effect of amortization of debt issuance costs and non-utilization fees of $6.2 million and $4.8 million for the quarters ended March 31, 2026 and 2025, respectively.


		March 31,			December 31,
		2026			2025

		(dollars in thousands)
Carrying value:
Unpaid principal balance		$	10,183,904		$	8,801,215
Unamortized debt issuance costs			(6,261)			(7,213)
		$	10,177,643		$	8,794,002
Weighted average interest rate			5.18%			5.18%
Available borrowing capacity (1):
Committed		$	1,193,285		$	1,486,344
Uncommitted			3,480,243			3,367,758
		$	4,673,528		$	4,854,102
Assets securing repurchase agreements:
Principal-only stripped mortgage-backed securities		$	659,235		$	722,528
Loans held for sale		$	9,067,257		$	8,245,256
Servicing advances (2)		$	394,107		$	406,825
Mortgage servicing rights (2)		$	9,425,085		$	7,968,105
Margin deposits (2)		$	15,241		$	10,393

(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 the Ginnie Mae MSRs, Fannie Mae MSRs, servicing advances and margin deposit assets collectively serve as the collateral securing the servicing asset financing facilities that are included in Assets sold under agreements to repurchase and the term notes and term loans included in Notes payable secured by mortgage servicing assets. The term notes and term loans are described in Note 15–Long-Term Debt - Notes payable secured by mortgage servicing assets.

Summary of maturities of outstanding advances under repurchase agreements by maturity date


Remaining maturity at March 31, 2026 (1)		Unpaid principal balance
		(dollars in thousands)
Within 30 days		$	1,966,744
Over 30 to 90 days			6,411,274
Over 90 to 180 days			659,525
Over 180 days to one year			360,082
Over one year to two years			786,279
Total assets sold under agreements to repurchase		$	10,183,904
Weighted average maturity (in months)			3.5

(1)

The Company is subject to margin calls during the periods the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the fair values (as determined by the applicable lender) of the assets securing those agreements decrease.

Summary of amount at risk relating to the assets sold under agreements to repurchase by counterparty



					Weighted average
Counterparty		Amount at risk			maturity of advances		Facility maturity
		(in thousands)
Atlas Securitized Products, L.P., Goldman Sachs Bank USA, Nomura Corporate Funding Americas and Mizuho Bank, Ltd. (1)		$	6,569,205		May 3, 2027		May 3, 2027
Barclays Bank PLC (2)		$	960,319		April 14, 2026		July 13, 2026
Atlas Securitized Products, L.P.		$	170,279		August 18, 2026		December 10, 2027
Bank of America, N.A.		$	117,545		May 20, 2026		June 9, 2027
Royal Bank of Canada		$	49,645		May 1, 2026		February 8, 2027
JP Morgan Chase Bank, N.A. (2)		$	32,551		June 30, 2026		July 6, 2026
Morgan Stanley Bank, N.A.		$	31,571		June 16, 2026		October 22, 2027
BNP Paribas		$	24,686		June 17, 2026		September 30, 2027
Nomura Corporate Funding Americas		$	19,266		June 9, 2026		August 4, 2026
Mizuho Bank, Ltd.		$	18,886		August 23, 2026		October 14, 2026
Goldman Sachs Bank USA		$	12,781		June 19, 2026		March 15, 2028
Wells Fargo Bank, N.A.		$	12,304		June 9, 2026		June 11, 2027
Citibank, N.A.		$	11,402		June 13, 2026		August 21, 2026

(1)

The amount at risk includes the beneficial interests in Ginnie Mae MSRs, Fannie Mae MSRs, servicing advances and margin deposit assets pledged to serve as the collateral securing servicing asset facilities that issue Assets sold under agreements to repurchase and the term notes and term loans included in Notes payable secured by mortgage servicing assets. The facilities mature on various dates through December 10, 2027. The facility maturity date shown in this table represents a weighted average of those dates.

(2)	The facility maturity dates are shown as weighted averages.

Principal-only stripped MBS


Counterparty		Amount at risk			Maturity
		(in thousands)
Bank of America, N.A.		$	3,017		April 28, 2026
JP Morgan Chase Bank, N.A.		$	20,267		April 6, 2026
Wells Fargo Bank, N.A.		$	16,078		April 23, 2026
Santander US Capital Markets LLC		$	15,202		April 15, 2026

Summary of participating mortgage loans


		Quarter ended March 31,
		2026			2025

		(dollars in thousands)
Average balance		$	321,732		$	261,045
Weighted average interest rate (1)			4.99%			5.64%
Total interest expense		$	4,194		$	3,804
Maximum daily amount outstanding		$	699,793		$	511,846

(1)	Excludes the effect of amortization of debt issuance costs totaling $234,000 and $172,000 for the quarters ended March 31, 2026 and 2025, respectively.


	March 31,			December 31,
	2026			2025

	(dollars in thousands)
Carrying value:
Unpaid principal balance	$	691,316		$	697,087
Unamortized debt issuance costs		(235)			(469)
	$	691,081		$	696,618
Weighted average interest rate		4.91%			4.94%
Fair value of loans pledged to secure mortgage loan participation purchase and sale agreements	$	732,523		$	738,247

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2026

Long-Term Debt.

Summary of term notes issued


							Maturity date
Issuance date		Principal balance			Annual interest rate spread (1)		Stated		Optional extension (2)
		(in thousands)
Term Notes:
February 29, 2024		$	425,000		3.20%		March 26, 2029		March 25, 2031
August 14, 2025			300,000		2.45%		August 26, 2030		August 25, 2032
Term Loans:
February 28, 2023			480,000		3.00%		February 25, 2028		February 25, 2029
October 25, 2023			125,000		3.00%		October 25, 2028
		$	1,330,000

(1)	Interest is charged at a rate of SOFR plus a spread.

(2)	The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of certain of the Term Notes or Term Loans as specified in the respective agreements.

Summary of note payable


		Quarter ended March 31,
		2026			2025

		(dollars in thousands)
Average balance		$	1,332,222		$	1,863,611
Weighted average interest rate (1)			6.72%			7.85%
Total interest expense		$	22,389		$	36,578

(1)	Excludes the effect of amortization of debt issuance costs totaling $305,000 and $513,000 for the quarters ended March 31, 2026 and 2025, respectively.


	March 31,		December 31,
	2026		2025

	(dollars in thousands)
Carrying value:
Unpaid principal balance:
Term Notes and Term Loans	$	1,330,000	$	1,330,000
Freddie Mac MSR notes payable		100,000		—
		1,430,000		1,330,000
Unamortized debt issuance costs		(3,675)		(3,979)
	$	1,426,325	$	1,326,021
Weighted average interest rate		6.64%		6.69%
Assets pledged to secure notes payable (1):
Servicing advances	$	394,107	$	406,825
Mortgage servicing rights	$	8,831,375	$	9,367,851
Margin deposits	$	12,630	$	10,393

(1)

Beneficial interests in the Ginnie Mae MSRs, Fannie Mae MSRs, servicing advances and margin deposit assets collectively serve as the collateral securing servicing asset facilities that issue Assets sold under agreements to repurchase and the Term Notes and Term Loans included in Notes payable secured by mortgage servicing assets.

Summary of Unsecured Notes issued


Issuance date	Principal balance		Note interest rate	Maturity date	Optional redemption date (1)
	(in thousands)		(annual)
February 11, 2021	$	650,000	4.25%	February 15, 2029	February 15, 2024
September 16, 2021		500,000	5.75%	September 15, 2031	September 15, 2026
December 11, 2023		750,000	7.875%	December 15, 2029	December 15, 2026
May 23, 2024		650,000	7.125%	November 15, 2030	November 15, 2026
February 6, 2025		850,000	6.875%	February 15, 2033	February 15, 2028
May 1, 2025		850,000	6.875%	May 15, 2032	May 15, 2028
August 7, 2025		650,000	6.750%	February 15, 2034	August 15, 2028
	$	4,900,000

(1)

Before the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at a price equal to 100% of the principal amount, plus accrued and unpaid interest and a make-whole premium or the Company may redeem up to 40% of the Unsecured Notes for that issuance with an amount equal to or less than the net proceeds from certain equity offerings at the redemption price set forth in the indenture, plus accrued and unpaid interest. On or after the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at the redemption prices set forth in the indenture, plus accrued interest.

Summary of unsecured notes payable


		Quarter ended March 31,
		2026		2025

		(dollars in thousands)
Average balance		$	4,900,000	$	3,710,000
Weighted average interest rate (1)			6.58%		6.26%
Total interest expense		$	83,279	$	60,137

(1)	Excludes the effect of amortization of debt issuance costs of $2.7 million and $2.0 million for the quarters ended March 31, 2026 and 2025, respectively.


	March 31,		December 31,
	2026		2025

	(dollars in thousands)
Carrying value:
Unpaid principal balance	$	4,900,000	$	4,900,000
Unamortized debt issuance costs and premiums, net		(65,604)		(68,258)
	$	4,834,396	$	4,831,742
Weighted average interest rate		6.58%		6.58%

Summary of maturities of Long-Term Debt

Maturities of long-term debt (based on stated maturity dates) are as follows:


		Twelve months ended March 31,
		2027			2028			2029			2030			2031			Thereafter			Total

		(in thousands)
Notes payable secured by mortgage servicing assets (1)		$	—		$	480,000		$	550,000		$	—		$	300,000		$	—		$	1,330,000
Unsecured senior notes			—			—			650,000			750,000			650,000			2,850,000			4,900,000
Total		$	—		$	480,000		$	1,200,000		$	750,000		$	950,000		$	2,850,000		$	6,230,000

(1)	The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of the Term Notes and Term Loans as specified in the respective agreements.

Liability for Losses Under Representations and Warranties (Tables)

3 Months Ended

Mar. 31, 2026

Liability for Losses Under Representations and Warranties

Summary of company's liability for losses under representations and warranties


		Quarter ended March 31,
		2026			2025

		(in thousands)
Balance at beginning of quarter		$	34,894		$	29,129
Provision for losses:
Resulting from sales of loans			4,468			3,547
Resulting from change in estimate			(2,990)			(1,415)
Losses incurred			(567)			(487)
Balance at end of quarter		$	35,805		$	30,774
Unpaid principal balance of loans subject to representations and warranties at end of quarter		$	504,749,991		$	430,898,425

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Stockholders' Equity.

Summary of share repurchase activity


	Quarter ended March 31,						Cumulative
	2026			2025			total (1)

	(in thousands)
Shares of common stock repurchased		560			—			34,674
Cost of shares of common stock repurchased	$	50,011		$	—		$	1,842,948

(1)	Amounts represent the total shares of common stock repurchased under the stock repurchase program from inception through March 31, 2026. Cumulative total cost of shares of common stock repurchased includes $549,000 of transaction costs as of March 31, 2026.

Net Gains on Loans Held for Sale (Tables)

3 Months Ended

Mar. 31, 2026

Net Gains on Loans Held for Sale

Summary of net gains on loans held for sale at fair value


	Quarter ended March 31,
	2026		2025

	(in thousands)
From non-affiliates:
Cash losses:
Loans	$	(528,351)	$	(276,310)
Hedging activities		324,039		(310,699)
		(204,312)		(587,009)
Non-cash gains:
Mortgage servicing rights resulting from loan sales		719,586		650,349
Provisions for losses relating to representations and warranties:
Pursuant to loan sales		(4,468)		(3,547)
Reductions in liability due to changes in estimate		2,990		1,415
Changes in fair values of loans and derivatives held at end of quarter:
Interest rate lock commitments		(18,991)		76,377
Loans		65,000		(87,039)
Hedging derivatives		(222,569)		165,653
		337,236		216,199
From PennyMac Mortgage Investment Trust (1)		7,749		4,838
	$	344,985	$	221,037

(1)	The terms of loan sales to PMT are described in Note 5–Related Party Transactions–PennyMac Mortgage Investment Trust–Operating Activities.

Net Interest Expense (Tables)

3 Months Ended

Mar. 31, 2026

Net Interest Expense

Summary of net interest expense


		Quarter ended March 31,
		2026			2025

		(in thousands)
Interest income:
Cash and short-term investments		$	9,569		$	10,007
Principal-only stripped mortgage-backed securities			(4,976)			11,595
Loans held for sale			113,182			87,394
Placement fees relating to custodial funds			89,939			79,795
Other			465			1,080
			208,179			189,871
Interest expense:
Assets sold under agreements to repurchase			110,018			94,229
Mortgage loan participation purchase and sale agreements			4,194			3,804
Notes payable secured by mortgage servicing assets			22,389			36,578
Unsecured senior notes			83,279			60,137
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations			26,131			9,774
Interest on mortgage loan impound deposits			2,737			2,581
Other			974			979
			249,722			208,082
		$	(41,543)		$	(18,211)

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Stock-based Compensation

Summary of the stock-based compensation activity


		Quarter ended March 31,
		2026			2025

		(in thousands)
Grants:
Units:
Performance-based restricted share units ("RSUs")			260			185
Time-based RSUs			241			260
Stock options			270			187
Grant date fair value:
Performance-based RSUs		$	23,641		$	18,788
Time-based RSUs			21,996			26,484
Stock options			10,591			8,138
Total		$	56,228		$	53,410
Vesting and exercise:
Performance-based RSUs vested			98			—
Time-based RSUs vested			176			185
Stock options exercised			217			126
Stock-based compensation expense		$	2,447		$	11,084

Disaggregation of Certain Expense Captions (Tables)

3 Months Ended

Mar. 31, 2026

Disaggregation of Certain Expense Captions

Schedule of disaggregation disclosures required by ASU 2024-03


		Quarter ended March 31,
Expense line		2026			2025

		(in thousands)
Technology
Amortization of capitalized software		$	11,701		$	11,981
Impairment of capitalized software			317			—
Other (1)			34,114			28,216
Total technology expense		$	46,132		$	40,197

Occupancy and equipment
Depreciation		$	1,809		$	1,915
Operating lease cost			4,830			3,625
Short-term lease cost			100			66
Other (2)			3,252			2,776
Total occupancy and equipment expense		$	9,991		$	8,382

(1)	Other technology expenses primarily consist of software licensing and maintenance and data center expenses.

(2)	Other occupancy and equipment expenses primarily consist of common area maintenance charges, repair and security expenses.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share

Summary of basic and diluted earnings per share calculations


		Quarter ended March 31,
		2026			2025

		(in thousands, except per share amounts)
Net income		$	82,322		$	76,280

Weighted average shares of common stock outstanding			52,132			51,506
Effect of dilutive securities - shares issuable under stock-based compensation plan			1,727			2,118
Weighted average diluted shares of common stock outstanding			53,859			53,624
Basic earnings per share		$	1.58		$	1.48
Diluted earnings per share		$	1.53		$	1.42

Schedule of anti-dilutive shares outstanding



		Quarter ended March 31,
		2026			2025

		(in thousands except for weighted average exercise price)
Time-based RSUs			124			132
Performance-based RSUs (1)			327			597
Stock options (2)			271			147
Total anti-dilutive RSUs and stock options			722			876
Weighted average exercise price of anti-dilutive stock options (2)		$	97.92		$	95.84

(1)	Certain performance-based RSUs were outstanding but not included in the computation of earnings per share because the performance thresholds included in such RSUs have not been achieved.

(2)	Certain stock options were outstanding but not included in the computation of diluted earnings per share because the combination of the weighted-average exercise prices and average unamortized stock compensation cost exceeded the average market price of the Company’s common stock for the quarter.

Regulatory Capital and Liquidity Requirements (Tables)

3 Months Ended

Mar. 31, 2026

Regulatory Capital and Liquidity Requirements

Summary of agencies' capital and liquidity requirements by each agency


		March 31, 2026						December 31, 2025
Requirement/Agency		Actual (1)			Requirement (1)			Actual (1)			Requirement (1)

		(dollars in thousands)
Capital
Fannie Mae & Freddie Mac		$	8,238,618		$	1,514,741		$	8,212,718		$	1,475,719
Ginnie Mae		$	8,108,958		$	1,650,844		$	8,002,181		$	1,616,380
HUD		$	8,108,958		$	2,500		$	8,002,181		$	2,500
Risk-based capital
Ginnie Mae			40	%		6	%		41	%		6	%
Liquidity
Fannie Mae & Freddie Mac		$	876,093		$	720,760		$	1,095,507		$	689,782
Ginnie Mae		$	1,266,483		$	539,319		$	1,285,660		$	512,613
Adjusted net worth / Total assets ratio
Ginnie Mae			35	%		6	%		37	%		6	%
Tangible net worth / Total assets ratio
Fannie Mae & Freddie Mac			26	%		6	%		28	%		6	%

(1)	Calculated in accordance with the respective Agency’s requirements.

Segments (Tables)

3 Months Ended

Mar. 31, 2026

Segments

Summary of financial highlights by segment


		Quarter ended March 31, 2026
		Production			Servicing			Reportable segment total			Corporate and other			Consolidated total

		(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value		$	311,201		$	33,784		$	344,985		$	—		$	344,985
Loan origination fees			72,446			—			72,446			—			72,446
Fulfillment fees from PennyMac Mortgage Investment Trust			5,737			—			5,737			—			5,737
Net loan servicing fees			—			152,830			152,830			—			152,830
Net interest (expense) income :
Interest income			112,999			94,922			207,921			258			208,179
Interest expense			95,588			154,134			249,722			—			249,722
			17,411			(59,212)			(41,801)			258			(41,543)
Management fees			—			—			—			6,762			6,762
Other			125			(2,316)			(2,191)			5,958			3,767
Total net revenues			406,920			125,086			532,006			12,978			544,984
Expenses:
Compensation			136,264			52,537			188,801			27,592			216,393
Loan origination			79,696			—			79,696			—			79,696
Technology			30,054			11,117			41,171			4,961			46,132
Servicing			—			38,233			38,233			—			38,233
Marketing and advertising			11,951			514			12,465			8,629			21,094
Professional services			5,649			2,080			7,729			6,670			14,399
Occupancy and equipment			5,332			2,502			7,834			2,157			9,991
Other (2)			4,399			5,452			9,851			4,504			14,355
Total expenses			273,345			112,435			385,780			54,513			440,293
Income (loss) before provision for income taxes		$	133,575		$	12,651		$	146,226		$	(41,535)		$	104,691
Segment assets at end of quarter		$	10,435,743		$	21,416,481		$	31,852,224		$	91,774		$	31,943,998
Acquisition of:
Capitalized software		$	6,737		$	284		$	7,021		$	8,904		$	15,925
Furniture, fixtures, equipment and building improvements		$	1,458		$	506		$	1,964		$	286		$	2,250
Amortization of capitalized software		$	9,766		$	1,530		$	11,296		$	405		$	11,701
Impairment of capitalized software		$	317		$	—		$	317		$	—		$	317
Depreciation and amortization of furniture, fixtures, equipment and building improvements		$	993		$	434		$	1,427		$	382		$	1,809

(1)	All revenues are from external customers. The segments do not recognize intersegment revenues.

(2)	Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as safekeeping, travel, postage and corporate insurance.


		Quarter ended March 31, 2025
		Production			Servicing			Reportable segment total			Corporate and other			Consolidated total

		(in thousands)
Revenues: (1)
Net gains on loans held for sale at fair value		$	187,145		$	33,892		$	221,037		$	—		$	221,037
Loan origination fees			46,611			—			46,611			—			46,611
Fulfillment fees from PennyMac Mortgage Investment Trust			5,290			—			5,290			—			5,290
Net loan servicing fees			—			164,286			164,286			—			164,286
Net interest income (expense):
Interest income			85,288			104,134			189,422			449			189,871
Interest expense			76,526			131,556			208,082			—			208,082
			8,762			(27,422)			(18,660)			449			(18,211)
Management fees			—			—			—			7,012			7,012
Other			131			(173)			(42)			4,920			4,878
Total net revenues			247,939			170,583			418,522			12,381			430,903
Expenses:
Compensation			98,869			52,970			151,839			30,149			181,988
Loan origination			44,096			—			44,096			—			44,096
Technology			25,100			10,385			35,485			4,712			40,197
Servicing			—			21,875			21,875			—			21,875
Professional services			3,134			1,681			4,815			4,222			9,037
Occupancy and equipment			4,128			2,729			6,857			1,525			8,382
Marketing and advertising			8,023			373			8,396			1,036			9,432
Other (2)			2,646			4,569			7,215			4,485			11,700
Total expenses			185,996			94,582			280,578			46,129			326,707
Income (loss) before provision for income taxes		$	61,943		$	76,001		$	137,944		$	(33,748)		$	104,196
Segment assets at end of quarter		$	7,346,079		$	16,461,624		$	23,807,703		$	65,173		$	23,872,876
Acquisition of:
Capitalized software		$	5,409		$	1,728		$	7,137		$	—		$	7,137
Furniture, fixtures, equipment and building improvements		$	187		$	29		$	216		$	155		$	371
Amortization of capitalized software		$	10,221		$	1,666		$	11,887		$	94		$	11,981
Depreciation and amortization of furniture, fixtures, equipment and building improvements		$	968		$	645		$	1,613		$	302		$	1,915

(1)	All revenues are from external customers. The segments do not recognize intersegment revenues.

(2)	Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as safekeeping, travel, postage and corporate insurance.

Organization (Details) - Cenlar Capital Corporation Subservicing Business $ in Millions	Feb. 11, 2026 USD ($) item
Organization
Asset acquisition purchase price	$ 172.5
Contingent consideration period	3 years
Number of institutional clients \| item	100
Minimum
Organization
Contingent consideration payable	$ 25.0
Maximum
Organization
Contingent consideration payable	$ 85.0

Concentration of Risk (Details)	3 Months Ended
Concentration of Risk (Details)	Mar. 31, 2026	Mar. 31, 2025
PennyMac Mortgage Investment Trust \| Net Revenue \| Customer Concentration Risk
Concentration of Risk
Percentage of total	8.00%	10.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Related Party Transactions - Correspondent Production (Details) - USD ($)			3 Months Ended
	Jan. 01, 2025	Jul. 01, 2020	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2024
Lending activity between the entity and affiliate
Fulfillment fee revenue			$ 5,737,000	$ 5,290,000
Ginnie Mae Mortgage Backed Securities Guide Loan
Transactions with Affiliates
Threshold limit of loan commitment					$ 16,500
Threshold limit of loan					16,500
Maximum Multiplier factor for each pull through adjusted loan commitment					585
Multiplying factor for each pull through adjusted loan commitment in excess of threshold limit per quarter					355
Multiplying factor for number of purchased loans					500
Multiplying factor for number of purchased loans in excess of threshold limit per quarter					195
Other mortgage loans
Transactions with Affiliates
Multiplying factor for number of purchased loans					$ 315
MSR Recapture Agreement
Transactions with Affiliates
Related party transaction, automatic renewal period			18 months
Mortgage loan servicing fee per loan (in dollars)	$ 900
MSR Recapture Agreement \| Minimum
Transactions with Affiliates
Target recapture rate	30.00%
MSR Recapture Agreement \| First 30%
Transactions with Affiliates
Percentage of fair market value.	70.00%
Percentage of recapture rate.	30.00%
MSR Recapture Agreement \| In excess of 30% and upto 50%
Transactions with Affiliates
Percentage of fair market value.	50.00%
MSR Recapture Agreement \| In excess of 30% and upto 50% \| Minimum
Transactions with Affiliates
Percentage of recapture rate.	30.00%
MSR Recapture Agreement \| In excess of 30% and upto 50% \| Maximum
Transactions with Affiliates
Percentage of recapture rate.	50.00%
MSR Recapture Agreement \| In excess of 50%
Transactions with Affiliates
Percentage of fair market value.	40.00%
Percentage of recapture rate.	50.00%
Related Party \| Mortgage Lending \| PennyMac Mortgage Investment Trust
Lending activity between the entity and affiliate
Net gains on loans sold to PMT (primarily cash)			$ 13,556,000	6,046,000
Mortgage servicing rights recapture incurred			(5,807,000)	(1,208,000)
Total of gain on sale of loans and MSR recapture			7,749,000	4,838,000
Sale of loans held for sale to PMT			4,380,289,000	654,808,000
UPB of loans recaptured			550,998,000	159,472,000
Tax service fees earned from PMT included in Loan origination fees				477,000
Fulfillment fee revenue			5,737,000	5,290,000
Unpaid principal balance of loans fulfilled for PMT subject to fulfillment fees			$ 2,796,544,000	2,781,722,000
Sourcing fees included in cost of loans purchased from PMT				2,015,000
Government guaranteed or insured				11,191,880,000
Conventional conforming				8,960,796,000
Unpaid principal balance of loans purchased from PMT				$ 20,152,676,000
PLS \| Minimum
Transactions with Affiliates
Sourcing fees (as a percent)		0.01%
PLS \| Maximum
Transactions with Affiliates
Sourcing fees (as a percent)		0.02%

Related Party Transactions - Mortgage Loan Servicing (Details) - USD ($)					3 Months Ended
	Oct. 01, 2025	Sep. 30, 2025	Jan. 01, 2025	Sep. 12, 2016	Mar. 31, 2026	Mar. 31, 2025
Summary of mortgage loan servicing fees earned
Owned servicing					$ 511,160,000	$ 466,739,000
Loan Servicing Agreement
Transactions with Affiliates
Base servicing fees per month for REO				$ 75
Base servicing fees per month for fixed-rate non-distressed loans subserviced	$ 7	$ 7.5
Base servicing fees per month for adjustable rate non-distressed loans subserviced	$ 8	$ 8.5
Minimum \| Loan Servicing Agreement
Transactions with Affiliates
Servicing fees amount per month for severely delinquent loans			$ 18
Maximum \| Loan Servicing Agreement
Transactions with Affiliates
Servicing fees amount per month for severely delinquent loans			$ 80
Related Party \| Loans acquired for sale at fair value \| PennyMac Mortgage Investment Trust
Summary of mortgage loan servicing fees earned
Base and supplemental					17,624,000	19,202,000
Activity-based					2,099,000	2,527,000
Owned servicing					$ 19,723,000	$ 21,729,000

Related Party Transactions - Management Fees (Details) - USD ($)			3 Months Ended
	Jan. 01, 2025	Sep. 12, 2016	Mar. 31, 2026	Mar. 31, 2025
Management fees, net:
Management fees			$ 6,762,000	$ 7,012,000
Related Party \| Management Fees \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of change in net income due to quarterly adjustments		8.00%
Management fees, net:
Base management fees			6,762,000	7,012,000
Management fees			6,762,000	7,012,000
Average PMT's shareholders' equity used to calculate base management fees			$ 1,828,237,000	$ 1,895,785,000
Related Party \| Management Fees \| Maximum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of performance incentive fee payable by issuance of common shares		50.00%
Related Party \| Management Fees \| Minimum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
High watermark		$ 0
Related Party \| Shareholders Equity Up To 2 Billion Dollars \| Maximum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee annual rate (as a percent)	1.50%
Base management fee shareholders' equity limit	$ 2,000,000,000
Related Party \| Shareholders Equity In Excess Of 2 Billion Dollars And Upto 5 Billion Dollars \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee annual rate (as a percent)	1.375%
Related Party \| Shareholders Equity In Excess Of 2 Billion Dollars And Upto 5 Billion Dollars \| Maximum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee shareholders' equity limit	$ 5,000,000,000
Related Party \| Shareholders Equity In Excess Of 2 Billion Dollars And Upto 5 Billion Dollars \| Minimum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee shareholders' equity limit	$ 2,000,000,000
Related Party \| Shareholders Equity In Excess Of 5 Billion Dollars \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee annual rate (as a percent)	1.25%
Related Party \| Shareholders Equity In Excess Of 5 Billion Dollars \| Maximum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee shareholders' equity limit	$ 5,000,000,000
Related Party \| Return on Shareholders Equity 8 Percent \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of net income for calculation of performance incentive fees		10.00%
Related Party \| Return on Shareholders Equity 8 Percent \| Maximum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of return on affiliate's equity		8.00%
Related Party \| Return on Shareholders Equity 8 Percent \| Minimum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of return on affiliate's equity		12.00%
Related Party \| Return on Shareholders Equity 12 Percent \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of net income for calculation of performance incentive fees		15.00%
Related Party \| Return on Shareholders Equity 12 Percent \| Maximum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of return on affiliate's equity		16.00%
Related Party \| Return on Shareholders Equity 12 Percent \| Minimum \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of return on affiliate's equity		12.00%
Related Party \| Return on Shareholders Equity in Excess of 16 Percent \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of net income for calculation of performance incentive fees		20.00%
Percentage of return on affiliate's equity		16.00%

Related Party Transactions - Other Transactions, Reimbursement of Common Overhead Expenses (Details) - Related Party - PennyMac Mortgage Investment Trust - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Reimbursement of common overhead and expenses incurred on behalf of affiliates
Reimbursement of common overhead and expenses incurred by the Company	$ 8,689	$ 7,211
Payments and settlements during the period	18,330	28,048
Common overhead incurred
Reimbursement of common overhead and expenses incurred on behalf of affiliates
Reimbursement of common overhead and expenses incurred by the Company	949	981
Compensation
Reimbursement of common overhead and expenses incurred on behalf of affiliates
Reimbursement of common overhead and expenses incurred by the Company	1,599	1,629
Expenses incurred by related party (reporting entity), net
Reimbursement of common overhead and expenses incurred on behalf of affiliates
Reimbursement of common overhead and expenses incurred by the Company	$ 6,141	$ 4,601

Related Party Transactions - Investing Activities (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Activity during the period:
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust	$ (37)	$ 185
Fair value of PennyMac Mortgage Investment Trust shares	875		$ 941
Related Party \| PennyMac Mortgage Investment Trust
Transactions with Affiliates
Common shares of beneficial interest owned	875		$ 941
Activity during the period:
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust	(37)	185
Sale of MSRs at fair value to PMT	$ 3,922
Common shares of beneficial interest owned	75		75
Related Party \| Mortgage Lending \| PennyMac Mortgage Investment Trust
Activity during the period:
Sale of loans held for sale to PMT	$ 4,380,289	$ 654,808

Related Party Transactions - Amounts due from Affiliate (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Amounts due from affiliate
Total due from affiliate	$ 17,500	$ 17,122
Payable to affiliate
Other Liabilities, Total	96,033	116,585
Related Party \| PennyMac Mortgage Investment Trust
Amounts due from affiliate
Correspondent production fees	185	436
Servicing fees	6,622	6,669
Management fees	6,762	6,856
Allocated expenses and expenses incurred on PMT's behalf	3,931	3,161
Payable to affiliate
Amounts advanced by PMT	79,881	97,485
Other expenses	16,152	19,100
Affiliated entities \| PennyMac Mortgage Investment Trust
Amounts due from affiliate
Total due from affiliate	17,500	17,122
Payable to affiliate
Other Liabilities, Total	$ 96,033	$ 116,585

Related Party Transactions - Exchanged Private National Mortgage Acceptance Company, LLC Unitholders (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Sep. 30, 2024	Dec. 31, 2023
Transactions with Affiliates
Amount of tax benefits under the tax sharing agreement (as a percent)	85.00%
Payable to exchanged PNMAC unitholders under tax receivable agreement	$ 24,800		$ 24,800	$ 24,800	$ 24,800
Interest income	208,179	$ 189,871
Related Party \| Private National Mortgage Acceptance Company
Transactions with Affiliates
Payment of tax liability under the tax receivable agreement to Private National Mortgage Acceptance Company, LLC unitholders	$ 0	$ 0

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.12-14(Column E)(Footnote 6)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Loan Sales and Servicing Activities - Summary of Cash Flows with Transferees (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Cash flows:
Sales proceeds	$ 32,611,319	$ 27,587,429
Servicing fees received	428,237	396,232
Allowance for losses rollforward
Balance at beginning of quarter	103,574	85,788
Provision for losses	19,962	4,184
Charge-offs, net	(7,484)	(7,817)
Balance at end of quarter	116,052	$ 82,155
Period end information:
Unpaid principal balance of loans outstanding	460,361,759		$ 448,035,447
30-89 days	14,850,730		18,000,680
90 days or more - Not in foreclosure	11,561,042		9,759,483
90 days or more - In foreclosure	1,616,694		1,372,545
90 days or more - Foreclosed	4,583		4,076
Loans in bankruptcy	$ 2,082,955		$ 1,968,188

Loan Sales and Servicing Activities - Summary of Mortgage Servicing Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Mortgage servicing portfolio
Loans held for sale	$ 9,821,486	$ 8,930,477
Total loans serviced	720,324,379	733,613,822
Delinquent loans:
30 days	13,095,889	16,262,181
60 days	4,671,544	6,319,195
90 days or more - Not in foreclosure	12,801,120	11,678,740
90 days or more - In foreclosure	1,813,330	1,598,887
90 days or more - Foreclosed	8,812	9,350
Total delinquent mortgage loans	32,390,695	35,868,353
Bankruptcy	2,529,798	2,606,576
Custodial funds managed by the Company	13,242,998	11,187,702
Servicing rights owned
Mortgage servicing portfolio
Loans held for sale	9,821,486	8,930,477
Total loans serviced	483,816,851	470,965,922
Delinquent loans:
30 days	11,197,038	13,205,704
60 days	4,131,164	5,357,188
90 days or more - Not in foreclosure	11,755,298	9,944,189
90 days or more - In foreclosure	1,669,223	1,414,544
90 days or more - Foreclosed	6,229	6,229
Total delinquent mortgage loans	28,758,952	29,927,854
Bankruptcy	2,152,337	2,039,686
Custodial funds managed by the Company	10,117,440	8,429,523
Subservicing
Mortgage servicing portfolio
Total loans serviced	236,507,528	262,647,900
Delinquent loans:
30 days	1,898,851	3,056,477
60 days	540,380	962,007
90 days or more - Not in foreclosure	1,045,822	1,734,551
90 days or more - In foreclosure	144,107	184,343
90 days or more - Foreclosed	2,583	3,121
Total delinquent mortgage loans	3,631,743	5,940,499
Bankruptcy	377,461	566,890
Custodial funds managed by the Company	3,125,558	2,758,179
Non affiliated entities
Mortgage servicing portfolio
Originated	460,361,759	448,035,447
Purchased	13,633,606	13,999,998
Subserviced	11,413,998	35,873,833
Total loans serviced, excluding loans held for sale	485,409,363	497,909,278
Non affiliated entities \| Servicing rights owned
Mortgage servicing portfolio
Originated	460,361,759	448,035,447
Purchased	13,633,606	13,999,998
Total loans serviced, excluding loans held for sale	473,995,365	462,035,445
Non affiliated entities \| Subservicing
Mortgage servicing portfolio
Subserviced	11,413,998	35,873,833
Subserviced but not yet transferred to purchaser		24,300,000
Total loans serviced, excluding loans held for sale	11,413,998	35,873,833
Affiliated entities
Mortgage servicing portfolio
Advised entities	225,093,530	226,774,067
Affiliated entities \| Subservicing
Mortgage servicing portfolio
Advised entities	$ 225,093,530	$ 226,774,067

Loan Sales and Servicing Activities - Geographical Distribution of Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Loan Sales and Servicing Activities
Total loans serviced	$ 720,324,379	$ 733,613,822
California
Loan Sales and Servicing Activities
Total loans serviced	81,899,842	83,261,751
Texas
Loan Sales and Servicing Activities
Total loans serviced	72,914,367	73,599,588
Florida
Loan Sales and Servicing Activities
Total loans serviced	68,453,274	69,872,447
Virginia
Loan Sales and Servicing Activities
Total loans serviced	36,433,902	38,282,502
Georgia
Loan Sales and Servicing Activities
Total loans serviced	29,727,189	30,528,228
All other states
Loan Sales and Servicing Activities
Total loans serviced	$ 430,895,805	$ 438,069,306

Fair Value - Financial Statement Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Short-term investment at fair value	$ 434,220	$ 410,037
Principal-only stripped mortgage-backed securities at fair value pledged to creditors	659,235	722,528
Loans held for sale	9,954,495	9,123,410
Derivative assets:
Derivative asset, before netting	384,325	222,297
Netting	(107,616)	(36,779)
Total derivative assets	276,709	185,518
Investment in PennyMac Mortgage Investment Trust	875	941
Derivative liabilities:
Derivative liability, before netting	145,894	54,797
Netting	(79,065)	(45,238)
Net amounts of liabilities presented in the consolidated balance sheet	66,829	9,559
Derivative liabilities to PennyMac Mortgage Investment Trust	3,823	6,247
Mortgage servicing liabilities	1,568	1,572
PennyMac Mortgage Investment Trust
Derivative assets:
Total derivative assets	5,886	2,257
Recurring basis
Assets:
Short-term investment at fair value	434,220	410,037
Principal-only stripped mortgage-backed securities at fair value pledged to creditors	659,235	722,528
Loans held for sale	9,954,495	9,123,410
Derivative assets:
Derivative asset, before netting	384,325	222,297
Netting	(107,616)	(36,779)
Total derivative assets	276,709	185,518
Investment in PennyMac Mortgage Investment Trust		941
Total assets	21,480,456	20,043,632
Derivative liabilities:
Derivative liability, before netting	145,894	54,797
Netting	(79,065)	(45,238)
Net amounts of liabilities presented in the consolidated balance sheet	66,829	9,559
Mortgage servicing liabilities	1,568	1,572
Total liabilities	72,220	17,378
Recurring basis \| Related Party \| PennyMac Mortgage Investment Trust
Derivative assets:
Derivative asset, before netting	5,901	2,399
Netting	(15)	(142)
Total derivative assets	5,886	2,257
Mortgage servicing rights	10,149,036	9,598,941
Investment in PennyMac Mortgage Investment Trust	875
Derivative liabilities:
Derivative liability, before netting	3,838	6,389
Netting	(15)	(142)
Total liabilities	3,823	6,247
Recurring basis \| Interest rate lock commitments
Derivative assets:
Derivative asset, before netting	138,031	131,536
Derivative liabilities:
Derivative liability, before netting	35,368	4,260
Recurring basis \| Interest rate lock commitments \| Related Party \| PennyMac Mortgage Investment Trust
Derivative assets:
Derivative asset, before netting	5,886	2,257
Derivative liabilities:
Derivative liability, before netting	2,613	4,605
Recurring basis \| Forward contracts \| Purchases
Derivative assets:
Derivative asset, before netting	24,588	49,499
Derivative liabilities:
Derivative liability, before netting	67,863	2,845
Recurring basis \| Forward contracts \| Sales
Derivative assets:
Derivative asset, before netting	165,645	16,399
Derivative liabilities:
Derivative liability, before netting	42,663	47,692
Recurring basis \| Forward contracts \| Sales \| Related Party \| PennyMac Mortgage Investment Trust
Derivative assets:
Derivative asset, before netting	15	142
Derivative liabilities:
Derivative liability, before netting	1,225	1,784
Recurring basis \| MBS put options
Derivative assets:
Derivative asset, before netting	4,840
Recurring basis \| Put options on interest rate \| Purchases
Derivative assets:
Derivative asset, before netting	41,688	2,086
Recurring basis \| Call options on interest rate \| Purchases
Derivative assets:
Derivative asset, before netting	9,414	8
Recurring basis \| Total return swap
Derivative assets:
Derivative asset, before netting	119	22,769
Recurring basis \| Level 1
Assets:
Short-term investment at fair value	434,220	410,037
Derivative assets:
Derivative asset, before netting	51,102	24,855
Total derivative assets	51,102	24,855
Investment in PennyMac Mortgage Investment Trust		941
Total assets	486,197	435,833
Recurring basis \| Level 1 \| Related Party \| PennyMac Mortgage Investment Trust
Derivative assets:
Investment in PennyMac Mortgage Investment Trust	875
Recurring basis \| Level 1 \| Put options on interest rate \| Purchases
Derivative assets:
Derivative asset, before netting	41,688	2,086
Recurring basis \| Level 1 \| Call options on interest rate \| Purchases
Derivative assets:
Derivative asset, before netting	9,414
Recurring basis \| Level 1 \| Total return swap
Derivative assets:
Derivative asset, before netting		22,769
Recurring basis \| Level 2
Assets:
Principal-only stripped mortgage-backed securities at fair value pledged to creditors	659,235	722,528
Loans held for sale	9,525,538	8,815,699
Derivative assets:
Derivative asset, before netting	195,192	65,906
Total derivative assets	195,192	65,906
Total assets	10,379,980	9,604,275
Derivative liabilities:
Derivative liability, before netting	110,526	50,537
Net amounts of liabilities presented in the consolidated balance sheet	110,526	50,537
Total liabilities	111,751	52,321
Recurring basis \| Level 2 \| Related Party \| PennyMac Mortgage Investment Trust
Derivative assets:
Derivative asset, before netting	15	142
Total derivative assets	15	142
Derivative liabilities:
Derivative liability, before netting	1,225	1,784
Total liabilities	1,225	1,784
Recurring basis \| Level 2 \| Forward contracts \| Purchases
Derivative assets:
Derivative asset, before netting	24,588	49,499
Derivative liabilities:
Derivative liability, before netting	67,863	2,845
Recurring basis \| Level 2 \| Forward contracts \| Sales
Derivative assets:
Derivative asset, before netting	165,645	16,399
Derivative liabilities:
Derivative liability, before netting	42,663	47,692
Recurring basis \| Level 2 \| Forward contracts \| Sales \| Related Party \| PennyMac Mortgage Investment Trust
Derivative assets:
Derivative asset, before netting	15	142
Derivative liabilities:
Derivative liability, before netting	1,225	1,784
Recurring basis \| Level 2 \| MBS put options
Derivative assets:
Derivative asset, before netting	4,840
Recurring basis \| Level 2 \| Call options on interest rate \| Purchases
Derivative assets:
Derivative asset, before netting		8
Recurring basis \| Level 2 \| Total return swap
Derivative assets:
Derivative asset, before netting	119
Recurring basis \| Level 3
Assets:
Loans held for sale	428,957	307,711
Derivative assets:
Derivative asset, before netting	138,031	131,536
Total derivative assets	138,031	131,536
Total assets	10,721,910	10,040,445
Derivative liabilities:
Derivative liability, before netting	35,368	4,260
Net amounts of liabilities presented in the consolidated balance sheet	35,368	4,260
Mortgage servicing liabilities	1,568	1,572
Total liabilities	39,549	10,437
Recurring basis \| Level 3 \| Related Party \| PennyMac Mortgage Investment Trust
Derivative assets:
Derivative asset, before netting	5,886	2,257
Total derivative assets	5,886	2,257
Mortgage servicing rights	10,149,036	9,598,941
Derivative liabilities:
Derivative liability, before netting	2,613	4,605
Total liabilities	2,613	4,605
Recurring basis \| Level 3 \| Interest rate lock commitments
Derivative assets:
Derivative asset, before netting	138,031	131,536
Derivative liabilities:
Derivative liability, before netting	35,368	4,260
Recurring basis \| Level 3 \| Interest rate lock commitments \| Related Party \| PennyMac Mortgage Investment Trust
Derivative assets:
Derivative asset, before netting	5,886	2,257
Derivative liabilities:
Derivative liability, before netting	$ 2,613	$ 4,605

Fair Value - Level 3 Input Roll Forward, Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the quarter	$ 10,031,580	$ 9,212,146
Purchases and issuances, net	1,196,623	1,566,428
Capitalization of interest and advances	17,502	10,632
Sales and repayments	(340,098)	(514,646)
Mortgage servicing rights resulting from loan sales	719,586	650,349
Changes in fair value included in income arising from:
Changes in instrument specific credit risk	22,201	1,986
Other factors	(146,134)	(277,927)
Total changes in fair value included in income	(123,933)	(275,941)
Transfers from Level 3 to Level 2	525,141	(911,237)
To real estate acquired in settlement of loans	(848)
Transfers to loans held for sale	(291,342)	(222,279)
Balance at the end of the quarter	10,683,929	9,515,452
Changes in fair value recognized during the period relating to assets still held at the end of the quarter	$ (53,659)	$ (297,331)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Servicing Asset at Fair Value, Period Increase (Decrease)	Servicing Asset at Fair Value, Period Increase (Decrease)
Roll forward of liabilities measured using Level 3 inputs on a recurring basis
Balance at the beginning of the quarter	$ 1,572	$ 1,683
Changes in fair value included in income	(4)	(32)
Balance at the end of the quarter	1,568	1,651
Changes in fair value recognized during the period relating to liability still outstanding at the end of the quarter	(4)	(32)
Mortgage loans held for sale
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the quarter	307,711	434,053
Purchases and issuances, net	947,556	1,383,885
Capitalization of interest and advances	17,502	10,632
Sales and repayments	(342,604)	(514,646)
Changes in fair value included in income arising from:
Changes in instrument specific credit risk	22,201	1,986
Other factors	2,580	36,948
Total changes in fair value included in income	24,781	38,934
Transfers from Level 3 to Level 2	525,141	(911,237)
To real estate acquired in settlement of loans	(848)
Balance at the end of the quarter	428,957	441,621
Changes in fair value recognized during the period relating to assets still held at the end of the quarter	12,402	23,715
Interest rate lock commitments
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the quarter	127,276	33,565
Purchases and issuances, net	254,337	182,543
Changes in fair value included in income arising from:
Other factors	19,347	116,113
Total changes in fair value included in income	19,347	116,113
Transfers to loans held for sale	(298,297)	(222,279)
Balance at the end of the quarter	102,663	109,942
Changes in fair value recognized during the period relating to assets still held at the end of the quarter	102,663	109,942
Interest rate lock commitments \| PennyMac Mortgage Investment Trust
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the quarter	(2,348)
Purchases and issuances, net	(5,270)
Changes in fair value included in income arising from:
Other factors	3,936
Total changes in fair value included in income	3,936
Transfers to loans held for sale	6,955
Balance at the end of the quarter	3,273
Changes in fair value recognized during the period relating to assets still held at the end of the quarter	3,273
Mortgage servicing rights
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the quarter	9,598,941	8,744,528
Sales and repayments	2,506
Mortgage servicing rights resulting from loan sales	719,586	650,349
Changes in fair value included in income arising from:
Other factors	(171,997)	(430,988)
Total changes in fair value included in income	(171,997)	(430,988)
Balance at the end of the quarter	10,149,036	8,963,889
Changes in fair value recognized during the period relating to assets still held at the end of the quarter	$ (171,997)	$ (430,988)

Fair Value - Changes in Fair Value, Fair Value Option, Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Mortgage servicing liabilities
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	$ 4	$ 32
Mortgage servicing liabilities \| Net loan servicing fees
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	4	32
Assets
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	75,103	(120,711)
Assets \| Net gains on loans held for sale at fair value
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	252,324	292,143
Assets \| Net loan servicing fees
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	(172,036)	(412,854)
Assets \| Net interest expense
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	(5,185)
Principal-only stripped mortgage-backed securities
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	(5,224)	18,134
Principal-only stripped mortgage-backed securities \| Net loan servicing fees
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	(39)	18,134
Principal-only stripped mortgage-backed securities \| Net interest expense
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	(5,185)
Mortgage loans held for sale
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	252,324	292,143
Mortgage loans held for sale \| Net gains on loans held for sale at fair value
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	252,324	292,143
Mortgage servicing rights at fair value
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	(171,997)	(430,988)
Mortgage servicing rights at fair value \| Net loan servicing fees
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	$ (171,997)	$ (430,988)

Fair Value - Fair Value Option Maturities, Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair value
Total fair value	$ 9,954,495	$ 9,123,410
Recurring basis
Fair value
Total fair value	9,954,495	9,123,410
Mortgage loans held for sale \| Recurring basis
Fair value
Current through 89 days delinquent	9,904,215	9,080,781
90 days or more delinquent - Not in foreclosure	35,749	32,364
90 days or more delinquent - In foreclosure	14,531	10,265
Total fair value	9,954,495	9,123,410
Principal amount due upon maturity
Current through 89 days delinquent	9,755,026	8,874,884
90 days or more delinquent - Not in foreclosure	38,436	35,669
90 days or more delinquent - In foreclosure	28,024	19,924
Total principal amount due upon maturity	9,821,486	8,930,477
Difference
Current through 89 days delinquent	149,189	205,897
90 days or more delinquent - Not in foreclosure	(2,687)	(3,305)
90 days or more delinquent - In foreclosure	(13,493)	(9,659)
Total difference	$ 133,009	$ 192,933

Fair Value - Measurement Basis, Nonrecurring (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Notes payable secured by mortgage servicing assets	$ 1,426,325		$ 1,326,021
Unsecured Senior Notes	4,834,396		4,831,742
Term Notes and Term Loans
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Notes payable secured by mortgage servicing assets	1,326,325		1,326,021
Unsecured senior notes.
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Unsecured Senior Notes	4,834,396		4,831,742
Nonrecurring basis
Financial statement items measured at fair value on a nonrecurring basis
Real estate acquired in settlement of loans	26,736		8,731
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Real estate acquired in settlement of loans	(3,609)	$ (562)
Nonrecurring basis \| Level 3
Financial statement items measured at fair value on a nonrecurring basis
Real estate acquired in settlement of loans	26,736		8,731
Total \| Term Notes and Term Loans
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Notes payable secured by mortgage servicing assets	1,334,166		1,334,248
Total \| Unsecured senior notes.
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Unsecured Senior Notes	$ 4,748,252		$ 5,075,675

Fair Value - Level 3 Unobservable Inputs, Mortgage Loans and IRLC (Details) $ in Thousands	Mar. 31, 2026 USD ($) item	Dec. 31, 2025 USD ($) item
Excess servicing spread financing
Loans held for sale	$ 9,954,495	$ 9,123,410
Mortgage loans held for sale \| Level 3
Excess servicing spread financing
Loans held for sale	$ 428,957	$ 307,711
Mortgage loans held for sale \| Discount rate \| Level 3 \| Minimum
Excess servicing spread financing
Input	0.057	0.056
Mortgage loans held for sale \| Discount rate \| Level 3 \| Maximum
Excess servicing spread financing
Input	0.093	0.093
Mortgage loans held for sale \| Discount rate \| Level 3 \| Weighted average
Excess servicing spread financing
Input	0.065	0.063
Mortgage loans held for sale \| Twelve-month projected housing price index Change \| Level 3 \| Minimum
Excess servicing spread financing
Input	0.011	0.008
Mortgage loans held for sale \| Twelve-month projected housing price index Change \| Level 3 \| Maximum
Excess servicing spread financing
Input	0.016	0.013
Mortgage loans held for sale \| Twelve-month projected housing price index Change \| Level 3 \| Weighted average
Excess servicing spread financing
Input	0.013	0.01
Mortgage loans held for sale \| Prepayment/resale speed \| Level 3 \| Minimum
Excess servicing spread financing
Input	0.068	0.069
Mortgage loans held for sale \| Prepayment/resale speed \| Level 3 \| Maximum
Excess servicing spread financing
Input	0.222	0.227
Mortgage loans held for sale \| Prepayment/resale speed \| Level 3 \| Weighted average
Excess servicing spread financing
Input	0.168	0.189
Mortgage loans held for sale \| Total prepayment speed \| Level 3 \| Minimum
Excess servicing spread financing
Input	0.069	0.07
Mortgage loans held for sale \| Total prepayment speed \| Level 3 \| Maximum
Excess servicing spread financing
Input	0.405	0.375
Mortgage loans held for sale \| Total prepayment speed \| Level 3 \| Weighted average
Excess servicing spread financing
Input	0.222	0.241
Interest rate lock commitments \| Level 3
Excess servicing spread financing
Fair Value	$ 105,936	$ 127,276
Committed amount	$ 16,241,426	$ 13,474,638
Interest rate lock commitments \| Pull-through rate \| Level 3 \| Minimum
Excess servicing spread financing
Input	0.16	0.141
Interest rate lock commitments \| Pull-through rate \| Level 3 \| Maximum
Excess servicing spread financing
Input	1	1
Interest rate lock commitments \| Pull-through rate \| Level 3 \| Weighted average
Excess servicing spread financing
Input	0.816	0.81
Interest rate lock commitments \| Mortgage servicing rights value expressed as servicing fee multiple \| Level 3 \| Minimum
Excess servicing spread financing
Input \| item	1	1
Interest rate lock commitments \| Mortgage servicing rights value expressed as servicing fee multiple \| Level 3 \| Maximum
Excess servicing spread financing
Input \| item	8.7	8.7
Interest rate lock commitments \| Mortgage servicing rights value expressed as servicing fee multiple \| Level 3 \| Weighted average
Excess servicing spread financing
Input \| item	5.5	5.4
Interest rate lock commitments \| Percentage of unpaid principal balance \| Level 3 \| Minimum
Excess servicing spread financing
Input	0.003	0.003
Interest rate lock commitments \| Percentage of unpaid principal balance \| Level 3 \| Maximum
Excess servicing spread financing
Input	0.044	0.046
Interest rate lock commitments \| Percentage of unpaid principal balance \| Level 3 \| Weighted average
Excess servicing spread financing
Input	0.019	0.022

Fair Value - Level 3 Unobservable Inputs, Mortgage Servicing Rights - Initial Recognition (Details) - Total - Mortgage servicing rights - MSRs at the time of initial recognition, excluding MSR purchases - Level 3	3 Months Ended
	Mar. 31, 2026 USD ($) Y	Mar. 31, 2025 USD ($) Y
Inputs
Amount recognized	$ 719,586,000	$ 650,349,000
Unpaid principal balance of underlying loans	$ 32,477,245,000	$ 27,664,977,000
Weighted-average servicing fee rate (as a percent)	0.41%	0.43%
Minimum
Inputs:
Annual per-loan cost of servicing	$ 70	$ 70
Maximum
Inputs:
Annual per-loan cost of servicing	128	127
Weighted average
Inputs:
Annual per-loan cost of servicing	$ 99	$ 101
Pricing spread \| Minimum
Inputs:
Input	0.049	0.049
Pricing spread \| Maximum
Inputs:
Input	0.126	0.126
Pricing spread \| Weighted average
Inputs:
Input	0.057	0.055
Annual total prepayment speed \| Minimum
Inputs:
Input	0.064	0.066
Annual total prepayment speed \| Maximum
Inputs:
Input	0.16	0.15
Annual total prepayment speed \| Weighted average
Inputs:
Input	0.082	0.088
Life \| Minimum
Inputs:
Input \| Y	3.7	3.8
Life \| Maximum
Inputs:
Input \| Y	10.3	10.2
Life \| Weighted average
Inputs:
Input \| Y	8.9	8.7

Fair Value - Level 3 Unobservable Inputs, Mortgage Servicing Rights, Effect of Change In Inputs on Fair Value (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2026 USD ($) Y	Dec. 31, 2025 USD ($) Y
MSR and pool characteristics
Carrying value	$ 10,149,036,000	$ 9,598,941,000
Mortgage servicing liabilities \| Level 3
Prepayment speed
Annual per-loan cost of servicing	861	853
Total \| Mortgage servicing rights \| Level 3
MSR and pool characteristics
Carrying value	10,149,036,000	9,598,941,000
Unpaid principal balance of underlying loans	$ 473,980,146,000	$ 462,020,147,000
Weighted-average note interest rate (as a percent)	5.10%	4.70%
Weighted-average servicing fee rate (as a percent)	0.39%	0.39%
Pricing spread
Effect on fair value of 5% adverse change	$ (101,516,000)	$ (95,530,000)
Effect on fair value of 10% adverse change	(200,579,000)	(189,008,000)
Effect on fair value of 20% adverse change	(391,692,000)	(370,059,000)
Prepayment speed
Effect on fair value of 5% adverse change	(137,759,000)	(168,856,000)
Effect on fair value of 10% adverse change	(271,449,000)	(331,359,000)
Effect on fair value of 20% adverse change	(527,347,000)	(638,689,000)
Annual per-loan cost of servicing
Effect on fair value of 5% adverse change	(54,079,000)	(50,531,000)
Effect on fair value of 10% adverse change	(108,157,000)	(101,061,000)
Effect on fair value of 20% adverse change	(216,314,000)	(202,122,000)
Total \| Mortgage servicing rights \| Level 3 \| Minimum
Prepayment speed
Annual per-loan cost of servicing	70	70
Total \| Mortgage servicing rights \| Level 3 \| Maximum
Prepayment speed
Annual per-loan cost of servicing	128	127
Total \| Mortgage servicing rights \| Level 3 \| Weighted average
Prepayment speed
Annual per-loan cost of servicing	$ 108	$ 106
Total \| Mortgage servicing rights \| Annual total prepayment speed \| Level 3 \| Minimum
Inputs
Input	0.05	0.06
Total \| Mortgage servicing rights \| Annual total prepayment speed \| Level 3 \| Maximum
Inputs
Input	0.257	0.227
Total \| Mortgage servicing rights \| Annual total prepayment speed \| Level 3 \| Weighted average
Inputs
Input	0.083	0.09
Total \| Mortgage servicing rights \| Life \| Level 3 \| Minimum
Inputs
Input \| Y	2.5	2.5
Total \| Mortgage servicing rights \| Life \| Level 3 \| Maximum
Inputs
Input \| Y	9.7	9
Total \| Mortgage servicing rights \| Life \| Level 3 \| Weighted average
Inputs
Input \| Y	8.7	8
Total \| Mortgage servicing rights \| Option-adjusted spread \| Level 3 \| Minimum
Inputs
Input	0.02	0.026
Total \| Mortgage servicing rights \| Option-adjusted spread \| Level 3 \| Maximum
Inputs
Input	0.132	0.132
Total \| Mortgage servicing rights \| Option-adjusted spread \| Level 3 \| Weighted average
Inputs
Input	0.046	0.047

Fair Value - Level 3 Unobservable Inputs, Mortgage Servicing Liabilities (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2026 USD ($) Y	Dec. 31, 2025 USD ($) Y
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Fair value	$ 1,568,000	$ 1,572,000
Mortgage servicing liabilities \| Level 3
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Fair value	1,568,000	1,572,000
Unpaid principal balance of underlying loans	$ 15,219,000	$ 15,298,000
Servicing fee rate (as a percent)	0.25%	0.25%
Annual per-loan cost of servicing	$ 861	$ 853
Mortgage servicing liabilities \| Annual total prepayment speed \| Level 3
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Input	0.143	0.142
Mortgage servicing liabilities \| Life \| Level 3
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Input \| Y	5.5	5.5
Mortgage servicing liabilities \| Option-adjusted spread \| Level 3
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Input	0.091	0.091

Principal-Only Stripped Mortgage-Backed Securities - Activity in the Company's investment in principal-only stripped MBS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Mortgage-backed securities
Balance at beginning of quarter	$ 722,528
Balance at end of quarter	659,235
Principal-Only-Strip MBS
Mortgage-backed securities
Balance at beginning of quarter	722,528	$ 825,865
Repayments	(58,069)	(37,738)
Amortization of purchase discounts	(5,185)	11,335
Valuation adjustments	(39)	18,134
Total	5,224	(29,469)
Balance at end of quarter	$ 659,235	$ 817,596

Principal-Only Stripped Mortgage-Backed Securities - summary of the Company investment in principal-only stripped MBS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Mortgage-backed securities
Fair Value	$ 659,235	$ 722,528
Principal-Only-Strip MBS
Mortgage-backed securities
Principal balance	810,281	868,350
Unearned discount	(156,567)	(151,382)
Cumulative valuation change	5,521	5,560
Fair Value	$ 659,235	$ 722,528	$ 817,596	$ 825,865
Contractual maturities term	10 years

Loans Held for Sale at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	$ 9,954,495	$ 9,123,410
Government-insured or guaranteed
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	5,021,627	5,140,921
Conventional conforming
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	3,338,746	2,972,372
Jumbo Loan
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	1,094,445	699,309
Non-qualified
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	70,720	3,097
Closed-end second lien
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	169,643	156,003
Mortgage loans purchased from Ginnie Mae pools serviced by the entity
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	231,064	127,920
Mortgage loans repurchased pursuant to representations and warranties
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	28,250	23,788
Asset Pledged as Collateral without Right
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	9,799,780	8,983,503
Asset Pledged as Collateral without Right \| Assets sold under agreements to repurchase
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	9,067,257	8,245,256
Asset Pledged as Collateral without Right \| Mortgage Loan Participation and Sale Agreement member
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	$ 732,523	$ 738,247

Derivative Financial Instruments - Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Derivative assets:
Derivative asset, before netting	$ 384,325		$ 222,297
Netting	(107,616)		(36,779)
Total derivative assets	276,709		185,518
Derivative liabilities:
Derivative liability, before netting	145,894		54,797
Netting	(79,065)		(45,238)
Net amounts of liabilities presented in the consolidated balance sheet	66,829		9,559
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Gains (losses) recognized on derivative financial instruments	(207,287)	$ 106,774
Interest rate lock commitments and loans held for sale
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Gains (losses) recognized on derivative financial instruments	101,470	(145,046)
Mortgage servicing rights
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Gains (losses) recognized on derivative financial instruments	(207,247)	88,640
PennyMac Mortgage Investment Trust
Derivative assets:
Derivative asset, before netting	5,901		2,399
Netting	(15)		(142)
Total derivative assets	5,886		2,257
Derivative liabilities:
Derivative liability, before netting	3,838		6,389
Netting	(15)		(142)
Net amounts of liabilities presented in the consolidated balance sheet	3,823		6,247
Margin Deposits
Derivative assets:
Collateral (received from) placed with derivative counterparties	(28,551)		8,459
Interest rate lock commitments
Derivative assets:
Total derivative assets	138,031		131,536
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Gains (losses) recognized on derivative financial instruments	(18,991)	$ 76,377
Forward contracts \| Purchases
Derivative Instruments
Notional amount	20,029,168		14,311,234
Derivative assets:
Derivative asset, before netting	24,588		49,499
Derivative liabilities:
Derivative liability, before netting	67,863		2,845
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of quarter	14,311,234
Balance at end of quarter	20,029,168
Forward contracts \| Sales
Derivative Instruments
Notional amount	31,244,365		22,291,811
Derivative assets:
Derivative asset, before netting	165,645		16,399
Derivative liabilities:
Derivative liability, before netting	42,663		47,692
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of quarter	22,291,811
Balance at end of quarter	31,244,365
Forward contracts \| Sales \| PennyMac Mortgage Investment Trust
Derivative Instruments
Notional amount	92,618		250,638
Derivative assets:
Derivative asset, before netting	15		142
Derivative liabilities:
Derivative liability, before netting	1,225		1,784
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of quarter	250,638
Balance at end of quarter	92,618
MBS put options
Derivative Instruments
Notional amount	500,000
Derivative assets:
Derivative asset, before netting	4,840
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at end of quarter	500,000
Total return swap
Derivative Instruments
Notional amount	39,998		39,998
Derivative assets:
Derivative asset, before netting	119		8
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of quarter	39,998
Balance at end of quarter	39,998
Put options on Eurodollar futures \| Purchases
Derivative Instruments
Notional amount	8,975,000		12,625,000
Derivative assets:
Derivative asset, before netting	41,688		22,769
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of quarter	12,625,000
Balance at end of quarter	8,975,000
Call options on Eurodollar futures \| Purchases
Derivative Instruments
Notional amount	9,600,000		7,750,000
Derivative assets:
Derivative asset, before netting	9,414		2,086
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of quarter	7,750,000
Balance at end of quarter	9,600,000
Treasury future \| Purchases
Derivative Instruments
Notional amount	24,242,000		11,841,400
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of quarter	11,841,400
Balance at end of quarter	24,242,000
Treasury future \| Sales
Derivative Instruments
Notional amount	20,027,000		8,607,100
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of quarter	8,607,100
Balance at end of quarter	20,027,000
Not designated as hedging instrument \| Interest rate lock commitments
Derivative Instruments
Notional amount	16,241,426		13,474,638
Derivative assets:
Derivative asset, before netting	138,031		131,536
Derivative liabilities:
Derivative liability, before netting	35,368		4,260
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of quarter	13,474,638
Balance at end of quarter	16,241,426
Not designated as hedging instrument \| Interest rate lock commitments \| PennyMac Mortgage Investment Trust
Derivative Instruments
Notional amount	1,338,161		1,207,859
Derivative assets:
Derivative asset, before netting	5,886		2,257
Derivative liabilities:
Derivative liability, before netting	2,613		$ 4,605
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of quarter	1,207,859
Balance at end of quarter	$ 1,338,161

Derivative Financial Instruments - Offsetting of Derivative Assets - Derivative Assets, Financial Assets, and Collateral Held by Counterparty (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Total
Net amounts of assets presented in the balance sheet	$ 276,709	$ 185,518
Net amount	276,709	185,518
RJ O' Brien
Total
Net amounts of assets presented in the balance sheet	51,102	24,855
Net amount	51,102	24,855
Morgan Stanley Bank, N.A.
Total
Net amounts of assets presented in the balance sheet	44,316	10,673
Net amount	44,316	10,673
Goldman Sachs
Total
Net amounts of assets presented in the balance sheet	15,291	1,769
Net amount	15,291	1,769
Santander US Capital Markets LLC
Total
Net amounts of assets presented in the balance sheet	7,371	1,723
Net amount	7,371	1,723
Bank of America, N.A.
Total
Net amounts of assets presented in the balance sheet	5,039
Net amount	5,039
Ellington Management
Total
Net amounts of assets presented in the balance sheet	4,665
Net amount	4,665
Federal National Mortgage Association
Total
Net amounts of assets presented in the balance sheet	2,261
Net amount	2,261
Barclays Capital
Total
Net amounts of assets presented in the balance sheet		3,919
Net amount		3,919
Bank of Montreal
Total
Net amounts of assets presented in the balance sheet		2,676
Net amount		2,676
Others
Total
Net amounts of assets presented in the balance sheet	8,633	8,367
Net amount	8,633	8,367
PennyMac Mortgage Investment Trust
Total
Net amounts of assets presented in the balance sheet	5,886	2,257
Net amount	5,886	2,257
Interest rate lock commitments
Total
Net amounts of assets presented in the balance sheet	138,031	131,536
Net amount	$ 138,031	$ 131,536

Derivative Financial Instruments - Offsetting of Derivative Assets - Derivative Liabilities, Financial Liabilities, and Collateral Held by Counterparty (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	$ 10,250,733	$ 8,810,774
Financial instruments	(10,183,904)	(8,801,215)
Net amount of liabilities in the consolidated balance sheet	66,829	9,559
Atlas Securitized Products, L.P.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	2,454,287	3,151,222
Financial instruments	(2,454,287)	(3,151,222)
Bank of America, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	2,066,088	1,121,585
Financial instruments	(2,066,088)	(1,120,457)
Net amount of liabilities in the consolidated balance sheet		1,128
Royal Bank of Canada
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	860,139	534,163
Financial instruments	(860,139)	(534,163)
JPMorgan Chase Bank, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	806,606	767,903
Financial instruments	(806,048)	(767,903)
Net amount of liabilities in the consolidated balance sheet	558
Morgan Stanley Bank, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	556,464	407,678
Financial instruments	(556,464)	(407,678)
Nomura Corporate Funding Americas
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	556,423	596,608
Financial instruments	(555,870)	(596,608)
Net amount of liabilities in the consolidated balance sheet	553
Wells Fargo Bank, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	553,223	650,094
Financial instruments	(551,651)	(650,094)
Net amount of liabilities in the consolidated balance sheet	1,572
BNP Paribas
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	544,439	342,500
Financial instruments	(543,094)	(342,500)
Net amount of liabilities in the consolidated balance sheet	1,345
Goldman Sachs
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	499,713	168,428
Financial instruments	(499,713)	(168,428)
Barclays Capital
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	446,599	229,055
Financial instruments	(437,561)	(229,055)
Net amount of liabilities in the consolidated balance sheet	9,038
Mizuho Bank, Ltd.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	405,972	149,588
Financial instruments	(397,464)	(149,588)
Net amount of liabilities in the consolidated balance sheet	8,508
Citibank, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	233,606	444,851
Financial instruments	(233,606)	(444,851)
Santander US Capital Markets LLC
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	221,919	238,668
Financial instruments	(221,919)	(238,668)
Others
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	9,887	4,171
Net amount of liabilities in the consolidated balance sheet	9,887	4,171
PennyMac Mortgage Investment Trust
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	3,823	6,247
Net amount of liabilities in the consolidated balance sheet	3,823	6,247
Interest rate lock commitments
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	35,368	4,260
Net amount of liabilities in the consolidated balance sheet	$ 35,368	$ 4,260

Mortgage Servicing Rights and Mortgage Servicing Liabilities - Activity in MSRs at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Change in fair value due to:
Total change in fair value	$ 171,993	$ 430,956
Mortgage servicing rights
Activity in MSRs carried at fair value
Balance at beginning of quarter	9,598,941	8,744,528
MSRs resulting from loan sales	719,586	650,349
Sale adjustments (sales) of MSRs Non-affiliates	6,428
Sale adjustments (sales) of MSRs to PennyMac Mortgage Investment Trust	(3,922)
Additions	722,092	650,349
Change in fair value due to:
Changes in inputs used in valuation model	183,047	(205,489)
Other changes in fair value	(355,044)	(225,499)
Total change in fair value	(171,997)	(430,988)
Balance at end of quarter	10,149,036	8,963,889
Unpaid principal balance of underlying loans at end of quarter	473,980,146	$ 442,208,097
Asset Pledged as Collateral without Right \| Mortgage servicing rights
Activity in MSRs carried at fair value
Balance at beginning of quarter	9,367,851
Change in fair value due to:
Balance at end of quarter	$ 9,901,292

Mortgage Servicing Rights and Mortgage Servicing Liabilities - Mortgage Servicing Liabilities Carried at FV (Details) - Mortgage servicing liabilities - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Amortized cost:
Balance at beginning of quarter	$ 1,572	$ 1,683
Changes in inputs used in valuation model	18	5
Other changes in fair value	(22)	(37)
Total change in fair value	(4)	(32)
Balance at end of quarter	1,568	1,651
Unpaid principal balance of underlying loans at end of quarter	$ 15,219	$ 19,070

- Definition

Fair value of a liability representing servicing arrangements under which the estimated future revenue from contractually specified servicing fees, late charges, and other ancillary revenues are not expected to adequately compensate the servicer.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481260/860-50-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481260/860-50-45-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481260/860-50-45-2

+ Details

Mortgage Servicing Rights and Mortgage Servicing Liabilities - Servicing, Late, Ancillary and Other Fees Relating to MSRs (Details) - Mortgage servicing rights - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]
Contractual servicing fees	$ 469,366	$ 417,687
Other fees:
Late charges	20,793	20,051
Other	4,206	3,479
Loan servicing fees	$ 494,365	$ 441,217

Other Assets - Other (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Carrying value:
Margin deposits	$ 441,384	$ 407,978
Capitalized software, net	112,052	108,145
Operating lease right-of-use assets	$ 58,698	$ 61,757
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Servicing fees receivable, net	$ 51,196	$ 48,279
Other servicing receivables	49,822	36,296
Interest receivable	44,369	40,173
Prepaid expenses	49,454	50,062
Real estate acquired in settlement of loans	40,404	37,675
Furniture, fixtures, equipment and building improvements, net	18,231	17,789
Margin deposits securing Assets sold under agreements to repurchase and Notes payable secured by mortgage servicing assets	15,241	10,393
Other	128,317	208,366
Other assets	1,009,168	1,026,913
Asset Pledged as Collateral without Right
Carrying value:
Other assets	15,241	10,393
Asset Pledged as Collateral without Right \| Deposits.
Carrying value:
Other assets	$ 15,241	$ 10,393

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Leases
Operating lease option to extend	true
Lease expense:
Operating leases	$ 5,207	$ 4,002
Short-term leases	100	66
Sublease income	(377)	(377)
Net lease expense included in Occupancy and equipment expense	4,930	3,691
Payments for operating leases	4,914	5,077
Operating lease right-of-use assets recognized	$ 1,169	$ 561
Remaining lease term (in years)	5 years 2 months 12 days	3 years 4 months 24 days
Discount rate	5.60%	3.90%
Operating lease liabilities
2027	$ 12,695
2028	12,219
2029	13,050
2030	14,434
2031	16,269
Thereafter	17,456
Total lease payments	86,123
Less imputed interest	(13,678)
Operating lease liability included in Accounts payable and accrued expenses	$ 72,445
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities
Minimum
Leases
Remaining operating lease term	1 year
Maximum
Leases
Remaining operating lease term	8 years
Operating lease renewal term	5 years

Short-Term Debt - Assets Sold Under Agreement to Repurchase (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Carrying value:
Unpaid principal balance	$ 10,183,904
Total loans sold under agreements to repurchase	10,177,643		$ 8,794,002
Loans held for sale	9,954,495		9,123,410
Servicing advances, net	622,890		589,542
Mortgage servicing rights, at fair value	10,149,036		9,598,941
Other Assets	$ 1,009,168		1,026,913
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Loan Repo Facility
During the period:
Average balance of assets sold under agreements to repurchase	$ 7,971,975	$ 6,109,683
Weighted-average interest rate	5.28%	5.94%
Total interest expense	$ 110,018	$ 94,229
Maximum daily amount outstanding	10,183,904	8,589,915
Carrying value:
Unpaid principal balance	10,183,904		8,801,215
Unamortized debt issuance costs	(6,261)		(7,213)
Total loans sold under agreements to repurchase	$ 10,177,643		$ 8,794,002
Weighted average interest rate	5.18%		5.18%
Available borrowing capacity committed	$ 1,193,285		$ 1,486,344
Available borrowing capacity uncommitted	3,480,243		3,367,758
Available borrowing capacity	4,673,528		4,854,102
Amortization of debt issuance costs	6,200	$ 4,800
Asset Pledged as Collateral without Right
Carrying value:
Loans held for sale	9,799,780		8,983,503
Servicing advances, net	$ 394,107		$ 406,825
Assets, Pledging Purpose [Extensible Enumeration]	Notes Payable		Notes Payable
Mortgage servicing rights, at fair value	$ 9,901,292		$ 9,367,851
Other Assets	$ 15,241		$ 10,393
Asset Pledged as Collateral without Right \| Mortgage servicing rights
Carrying value:
Assets, Pledging Purpose [Extensible Enumeration]	Notes Payable		Notes Payable
Asset Pledged as Collateral without Right \| Loan Repo Facility \| Principal-only stripped MBS
Carrying value:
Principal-only stripped MBS	$ 659,235		$ 722,528
Asset Pledged as Collateral without Right \| Loan Repo Facility \| Servicing advances
Carrying value:
Servicing advances, net	394,107		406,825
Asset Pledged as Collateral without Right \| Loan Repo Facility \| Mortgage servicing rights
Carrying value:
Mortgage servicing rights, at fair value	9,425,085		7,968,105
Asset Pledged as Collateral without Right \| Mortgage loans held for sale \| Loan Repo Facility \| Loans held for sale
Carrying value:
Loans held for sale	9,067,257		8,245,256
Asset Pledged as Collateral without Right \| Deposits.
Carrying value:
Other Assets	15,241		10,393
Asset Pledged as Collateral without Right \| Deposits. \| Margin deposits
Carrying value:
Other Assets	12,630		10,393
Asset Pledged as Collateral without Right \| Deposits. \| Loan Repo Facility \| Margin deposits
Carrying value:
Other Assets	$ 15,241		$ 10,393

Short-Term Debt - Maturities of Outstanding Advances Under Repurchase Agreements (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	$ 10,183,904
Weighted-average maturity (in months)	3 months 15 days
Within 30 days
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	$ 1,966,744
Over 30 to 90 days
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	6,411,274
Over 90 to 180 days
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	659,525
Over 180 days to one year
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	360,082
Over one year to two year
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	$ 786,279

Short-Term Debt - Mortgage Loans Sold Under Agreement to Repurchase by Counterparty (Details) - Loan Repo Facility $ in Thousands	Mar. 31, 2026 USD ($)
Atlas Securitized Products, L.P., Goldman Sachs Bank USA, Nomura Corporate Funding Americas and Mizuho Bank, Ltd., Barclays Bank PLC
Mortgage loans sold under agreement to repurchase
Amount at risk	$ 6,569,205
Atlas Securitized Products, L.P.
Mortgage loans sold under agreement to repurchase
Amount at risk	170,279
Bank of America, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	117,545
Royal Bank of Canada
Mortgage loans sold under agreement to repurchase
Amount at risk	49,645
JP Morgan Chase Bank, N.A
Mortgage loans sold under agreement to repurchase
Amount at risk	32,551
Morgan Stanley Bank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	31,571
Barclays Capital
Mortgage loans sold under agreement to repurchase
Amount at risk	960,319
BNP Paribas
Mortgage loans sold under agreement to repurchase
Amount at risk	24,686
Nomura Corporate Funding Americas
Mortgage loans sold under agreement to repurchase
Amount at risk	19,266
Mizuho Bank, Ltd.
Mortgage loans sold under agreement to repurchase
Amount at risk	18,886
Goldman Sachs
Mortgage loans sold under agreement to repurchase
Amount at risk	12,781
Wells Fargo Bank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	12,304
Citibank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	$ 11,402

Short-Term Debt - Principal only stripped MBS (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Bank of America, N.A. \| Principal-only stripped MBS
Mortgage loans sold under agreement to repurchase
Amount at risk	$ 3,017
JP Morgan Chase Bank, N.A \| Principal-only stripped MBS
Mortgage loans sold under agreement to repurchase
Amount at risk	20,267
Wells Fargo Bank, N.A. \| Principal-only stripped MBS
Mortgage loans sold under agreement to repurchase
Amount at risk	16,078
Santander US Capital Markets LLC \| Principal-only stripped MBS
Mortgage loans sold under agreement to repurchase
Amount at risk	15,202
Loan Repo Facility \| Bank of America, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	117,545
Loan Repo Facility \| JP Morgan Chase Bank, N.A
Mortgage loans sold under agreement to repurchase
Amount at risk	32,551
Loan Repo Facility \| Wells Fargo Bank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	$ 12,304

Short-Term Debt - Mortgage Loan Participation and Sale Agreement (Details)	3 Months Ended
	Mar. 31, 2026 USD ($) item	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Carrying value:
Loans held for sale	$ 9,954,495,000		$ 9,123,410,000
Mortgage loan participation and sale agreement secured by mortgage loan participation certificates	$ 691,081,000		696,618,000
Mortgage Loan Participation and Sale Agreement member
Short-Term Debt [Line Items]
Number of borrowing facilities secured by loans held for sale \| item	2
During the quarter:
Short-Term Debt, Average Outstanding Amount	$ 321,732,000	$ 261,045,000
Weighted-average interest rate	4.99%	5.64%
Total interest expense	$ 4,194,000	$ 3,804,000
Carrying value:
Amortization of debt issuance costs	234,000	172,000
Mortgage Loan Participation and Sale Agreement member \| Maximum
Carrying value:
Mortgage loan participation and sale agreement secured by mortgage loan participation certificates	699,793,000	511,846,000
Note Payable
Carrying value:
Unamortized debt issuance costs	(3,675,000)		(3,979,000)
Amortization of debt issuance costs	305,000	$ 513,000
Mortgage Loan Participation and Sale Agreement member
Carrying value:
Unpaid principal balance of mortgage loan participation and sale agreement secured by mortgage loan participation certificates	691,316,000		697,087,000
Unamortized debt issuance costs	(235,000)		(469,000)
Mortgage loan participation and sale agreement secured by mortgage loan participation certificates	$ 691,081,000		$ 696,618,000
Weighted average interest rate	4.91%		4.94%
Asset Pledged as Collateral without Right
Carrying value:
Loans held for sale	$ 9,799,780,000		$ 8,983,503,000
Asset Pledged as Collateral without Right \| Mortgage Loan Participation and Sale Agreement member
Carrying value:
Loans held for sale	$ 732,523,000		$ 738,247,000

Long-Term Debt - Note Payable (Details)	3 Months Ended
Long-Term Debt - Note Payable (Details)	Mar. 31, 2026 USD ($) Lender	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
During the period:
Unpaid principal balance	$ 10,183,904,000
Carrying value:
Notes payable	1,426,325,000		$ 1,326,021,000
Servicing advances, net	622,890,000		589,542,000
Mortgage servicing rights, at fair value	10,149,036,000		9,598,941,000
Other assets	$ 1,009,168,000		1,026,913,000
Notes payable
Number Of Lenders \| Lender	1
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Asset Pledged as Collateral without Right
Carrying value:
Servicing advances, net	$ 394,107,000		406,825,000
Mortgage servicing rights, at fair value	$ 9,901,292,000		$ 9,367,851,000
Assets, Pledging Purpose [Extensible Enumeration]	Notes payable		Notes payable
Other assets	$ 15,241,000		$ 10,393,000
Asset Pledged as Collateral without Right \| Mortgage servicing rights
Carrying value:
Assets, Pledging Purpose [Extensible Enumeration]	Notes payable		Notes payable
Asset Pledged as Collateral without Right \| Deposits.
Carrying value:
Other assets	$ 15,241,000		$ 10,393,000
Asset Pledged as Collateral without Right \| Deposits. \| Margin deposits
Carrying value:
Other assets	12,630,000		10,393,000
Note Payable
During the period:
Average balance	$ 1,332,222,000	$ 1,863,611,000
Weighted-average interest rate (as a percent)	6.72%	7.85%
Total interest expense	$ 22,389,000	$ 36,578,000
Carrying value:
Unpaid principal balance	1,430,000,000		1,330,000,000
Unamortized debt issuance costs	(3,675,000)		(3,979,000)
Notes payable	$ 1,426,325,000		$ 1,326,021,000
Weighted-average interest rate (as a percent)	6.64%		6.69%
Amortization of Debt Issuance Costs	$ 305,000	513,000
Notes payable
Maximum loan amount	1,330,000,000
Note Payable \| Asset Pledged as Collateral without Right \| Servicing advances
Carrying value:
Servicing advances, net	394,107,000		$ 406,825,000
Note Payable \| Asset Pledged as Collateral without Right \| Mortgage servicing rights
Carrying value:
Mortgage servicing rights, at fair value	$ 8,831,375,000		$ 9,367,851,000
Assets, Pledging Purpose [Extensible Enumeration]	Notes payable		Notes payable
Note Payable expiring 2024
Notes payable
Maximum loan amount	$ 650,000,000
Notes Payable Term Loan 2024-GT1
Notes payable
Maximum loan amount	$ 425,000,000
Interest rate spread	3.20%
Notes Payable Term Loan 2025-GT1
Notes payable
Maximum loan amount	$ 300,000,000
Interest rate spread	2.45%
Notes Payable Term Loan 2023-GT1
Notes payable
Maximum loan amount	$ 480,000,000
Interest rate spread	3.00%
Notes Payable Term Loan 2023-GT2
Notes payable
Maximum loan amount	$ 125,000,000
Interest rate spread	3.00%
Unsecured Senior Note
During the period:
Average balance	$ 4,900,000,000	3,710,000,000
Total interest expense	$ 83,279,000	$ 60,137,000
Weighted-average interest rate (as a percent)	6.58%	6.26%
Unpaid principal balance	$ 4,900,000,000		$ 4,900,000,000
Unamortized debt issuance costs and premiums	(65,604,000)		(68,258,000)
Debt Instrument Unamortized Premium And Debt Issuance Costs Net	$ 4,834,396,000		$ 4,831,742,000
Weighted average interest rate (as a percent)	6.58%		6.58%
Carrying value:
Amortization of Debt Issuance Costs	$ 2,700,000	$ 2,000,000
Notes payable
Maximum loan amount	$ 4,900,000,000
Redemption rate (as a percent)	100.00%
Unsecured Senior Note \| Before October 15, 2022 with up to 40% principal redeemed
Notes payable
Redemption rate (as a percent)	40.00%
Unsecured Senior Notes Due February 2029
Notes payable
Maximum loan amount	$ 650,000,000
Interest rate spread	4.25%
Unsecured Senior Notes Due September 2031
Notes payable
Maximum loan amount	$ 500,000,000
Interest rate spread	5.75%
Unsecured Senior Notes Due December 2029
Notes payable
Maximum loan amount	$ 750,000,000
Interest rate spread	7.875%
Unsecured Senior Notes Due November 2030
Notes payable
Maximum loan amount	$ 650,000,000
Interest rate spread	7.125%
Unsecured Senior Notes Due February 2033
Notes payable
Maximum loan amount	$ 850,000,000
Interest rate spread	6.875%
Unsecured Senior Notes Due May 2032
Notes payable
Maximum loan amount	$ 850,000,000
Interest rate spread	6.875%
Unsecured Senior Notes Due February 2034
Notes payable
Maximum loan amount	$ 650,000,000
Interest rate spread	6.75%
Loan and Security Agreement
Carrying value:
Unpaid principal balance	$ 100,000,000
Term Loan Notes Payable
Carrying value:
Unpaid principal balance	$ 1,330,000,000		$ 1,330,000,000

Long-Term Debt - Maturities (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Long-Term debt
2028	$ 480,000
2029	1,200,000
2030	750,000
2031	950,000
Thereafter	2,850,000
Total	6,230,000
Note Payable
Long-Term debt
2028	480,000
2029	550,000
2031	300,000
Total	1,330,000
Unsecured Senior Note
Long-Term debt
2029	650,000
2030	750,000
2031	650,000
Thereafter	2,850,000
Total	$ 4,900,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

Liability for Losses Under Representations and Warranties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
During the period:
Balance at beginning of quarter	$ 34,894	$ 29,129
Provision for losses on loans sold resulting from sales of loans	4,468	3,547
Provision for losses on loans sold resulting from change in estimate	(2,990)	(1,415)
Losses incurred	(567)	(487)
Balance at end of quarter	35,805	30,774
Unpaid principal balance of loans subject to representations and warranties at end of quarter	$ 504,749,991	$ 430,898,425

Income Taxes - Effective Income Tax Rate (Details)	3 Months Ended
Income Taxes - Effective Income Tax Rate (Details)	Mar. 31, 2026	Mar. 31, 2025
Reconciliation of the entity's provision for income taxes at statutory rates to the provision for income taxes at the entity's effective tax rate
Effective income tax rate (as a percent)	21.40%	26.80%

Commitments and Contingencies - Other (Details) $ in Billions	Mar. 31, 2026 USD ($)
Commitments and Contingencies.
Total commitments to purchase and fund mortgage loans	$ 16.2

Stockholders' Equity (Details) shares in Thousands	3 Months Ended	135 Months Ended
Stockholders' Equity (Details) shares in Thousands	Mar. 31, 2026 USD ($) shares	Mar. 31, 2026 USD ($) shares
Stockholders' Equity.
Authorized stock repurchase amount	$ 2,000,000,000	$ 2,000,000,000
Shares of common stock repurchased \| shares	560	34,674
Cost of shares of common stock repurchased	$ 50,011,000	$ 1,842,948,000
Cumulative common stock repurchase transactions costs	$ 549,000

Net Gains on Loans Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Non-cash gain:
Provision for losses relating to representations and warranties on loans sold pursuant to loan sales	$ (4,468)	$ (3,547)
Provision for losses relating to representations and warranties on loans sold reduction in liability due to change in estimate	2,990	1,415
Changes in fair values of loans and derivatives held at end of quarter:
Net gains on loans held for sale at fair value	344,985	221,037
Nonrelated Party
Cash losses:
Loans	(528,351)	(276,310)
Hedging activities	324,039	(310,699)
Cash gain (loss), net of effects of cash hedging, on sale of loans held for sale	(204,312)	(587,009)
Non-cash gain:
Mortgage servicing rights resulting from loan sales	719,586	650,349
Provision for losses relating to representations and warranties on loans sold pursuant to loan sales	(4,468)	(3,547)
Provision for losses relating to representations and warranties on loans sold reduction in liability due to change in estimate	2,990	1,415
Changes in fair values of loans and derivatives held at end of quarter:
Interest rate lock commitments	(18,991)	76,377
Loans	65,000	(87,039)
Hedging derivatives	(222,569)	165,653
Net gains on loans held for sale at fair value	337,236	216,199
Related Party
Changes in fair values of loans and derivatives held at end of quarter:
Net gains on loans held for sale at fair value	7,749	4,838
Related Party \| PennyMac Mortgage Investment Trust
Changes in fair values of loans and derivatives held at end of quarter:
Net gains on loans held for sale at fair value	$ 7,749	$ 4,838

Net Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
Net Interest Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Interest income:
Interest income	$ 208,179	$ 189,871
Interest expense:
Interest expense	249,722	208,082
Net interest expense	(41,543)	(18,211)
Nonrelated Party
Interest income:
Cash and short-term investments	9,569	10,007
Principal-only stripped mortgage-backed securities	4,976	11,595
Loans held for sale	113,182	87,394
Placement fees relating to custodial funds	89,939	79,795
Other	465	1,080
Interest expense:
Assets sold under agreements to repurchase	110,018	94,229
Mortgage loan participation purchase and sale agreements	4,194	3,804
Notes payable secured by mortgage servicing assets	22,389	36,578
Unsecured senior notes	83,279	60,137
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations	26,131	9,774
Interest on mortgage loan impound deposits	2,737	2,581
Other	974	979
Interest expense	249,722	208,082
Loan Repo Facility
Interest expense:
Assets sold under agreements to repurchase	$ 110,018	$ 94,229

Stock-based Compensation - Other (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-Based Compensation
Grant date fair value	$ 56,228	$ 53,410
Stock-based compensation expense	$ 2,447	$ 11,084
Employee Stock Option
Stock-Based Compensation
Granted (in units)	270	187
Grant date fair value	$ 10,591	$ 8,138
Exercised (in units)	217	126
Performance-based RSUs
Stock-Based Compensation
Granted (in units)	260	185
Grant date fair value	$ 23,641	$ 18,788
Vested (in units)	98
Time-based RSUs
Stock-Based Compensation
Granted (in units)	241	260
Grant date fair value	$ 21,996	$ 26,484
Vested (in units)	176	185

Disaggregation of Certain Expense Captions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Technology
Amortization of capitalized software	$ 11,701	$ 11,981
Impairment of capitalized software	317
Total technology expenses	46,132	40,197
Occupancy and equipment
Depreciation	13,510	13,896
Short-term lease cost	100	66
Total occupancy and equipment expenses	9,991	8,382
ASU 2024-03
Technology
Amortization of capitalized software	11,701	11,981
Impairment of capitalized software	317
Other	34,114	28,216
Total technology expenses	46,132	40,197
Occupancy and equipment
Depreciation	1,809	1,915
Operating lease cost	4,830	3,625
Short-term lease cost	100	66
Other	3,252	2,776
Total occupancy and equipment expenses	$ 9,991	$ 8,382

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Diluted earnings per share of common stock:
Net Income (Loss)	$ 82,322	$ 76,280
Weighted average shares of common stock outstanding (in shares)	52,132	51,506
Effect of dilutive shares:
shares issuable under stock-based compensation plan (in shares)	1,727	2,118
Weighted average diluted shares of common stock outstanding (in shares)	53,859	53,624
Basic earnings per share (in dollars per share)	$ 1.58	$ 1.48
Diluted earnings per share (in dollars per share)	$ 1.53	$ 1.42
Total anti-dilutive RSUs and stock options (in shares)	722	876
Performance-based RSUs
Effect of dilutive shares:
Total anti-dilutive RSUs and stock options (in shares)	327	597
Time-based RSUs
Effect of dilutive shares:
Total anti-dilutive RSUs and stock options (in shares)	124	132
Employee Stock Option
Effect of dilutive shares:
Total anti-dilutive RSUs and stock options (in shares)	271	147
Weighted-average exercise price of anti-dilutive stock options (in dollars per share)	$ 97.92	$ 95.84

Regulatory Capital and Liquidity Requirements (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Fannie Mae / Freddie Mac - PLS
Regulatory Net Worth and Agency Capital Requirements
Net worth	$ 8,238,618,000	$ 8,212,718,000
Capital Requirement	1,514,741,000	1,475,719,000
Liquidity	876,093,000	1,095,507,000
Liquidity requirement	$ 720,760,000	$ 689,782,000
Tangible net worth / Total assets ratio actual	26.00%	28.00%
Tangible net worth / Total assets ratio requirement	6.00%	6.00%
Ginnie Mae - Issuer - PLS
Regulatory Net Worth and Agency Capital Requirements
Net worth	$ 8,108,958,000	$ 8,002,181,000
Capital Requirement	$ 1,650,844,000	$ 1,616,380,000
Risk-based capital	40.00%	41.00%
Risk-based capital requirement	$ 6	$ 6
Liquidity	1,266,483,000	1,285,660,000
Liquidity requirement	$ 539,319,000	$ 512,613,000
Adjusted net worth / Total assets ratio actual	35.00%	37.00%
Adjusted net worth / Total assets ratio requirement	6.00%	6.00%
HUD - PLS
Regulatory Net Worth and Agency Capital Requirements
Net worth	$ 8,108,958,000	$ 8,002,181,000
Capital Requirement	$ 2,500,000	$ 2,500,000

Segments (Details) $ in Thousands	3 Months Ended
Segments (Details) $ in Thousands	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Segments and Related Information
Number of operating segments \| segment	2
Number of reportable segments \| segment	2
Revenues:
Net gains on loans held for sale at fair value	$ 344,985	$ 221,037
Loan origination fees	72,446	46,611
Fulfillment fees from PennyMac Mortgage Investment Trust	5,737	5,290
Net loan servicing fees	152,830	164,286
Management fees	6,762	7,012
Net interest (expense) income :
Interest income	208,179	189,871
Interest expense	249,722	208,082
Net interest income (expense)	(41,543)	(18,211)
Other	3,767	4,878
Total net revenues	544,984	430,903
Expenses:
Compensation	216,393	181,988
Loan origination	79,696	44,096
Technology	46,132	40,197
Servicing	38,233	21,875
Professional services	14,399	9,037
Occupancy and equipment	9,991	8,382
Marketing and advertising	21,094	9,432
Other	14,355	11,700
Total expenses	440,293	326,707
Income before provision for income taxes	104,691	104,196
Acquisition of:
Segment assets at end of quarter	31,943,998	23,872,876	$ 29,388,689
Capitalized software	15,925	7,137
Furniture, fixtures, equipment and building improvements	2,250	371
Amortization of capitalized software	11,701	11,981
Impairment of capitalized software	317
Depreciation and amortization of furniture, fixtures, equipment and building improvements	13,510	13,896
Furniture, Fixtures, Equipment and Building Improvements
Acquisition of:
Depreciation and amortization of furniture, fixtures, equipment and building improvements	1,809	1,915
Operating segment
Revenues:
Net gains on loans held for sale at fair value	344,985	221,037
Loan origination fees	72,446	46,611
Fulfillment fees from PennyMac Mortgage Investment Trust	5,737	5,290
Net loan servicing fees	152,830	164,286
Net interest (expense) income :
Interest income	207,921	189,422
Interest expense	249,722	208,082
Net interest income (expense)	(41,801)	(18,660)
Other	(2,191)	(42)
Total net revenues	532,006	418,522
Expenses:
Compensation	188,801	151,839
Loan origination	79,696	44,096
Technology	41,171	35,485
Servicing	38,233	21,875
Professional services	7,729	4,815
Occupancy and equipment	7,834	6,857
Marketing and advertising	12,465	8,396
Other	9,851	7,215
Total expenses	385,780	280,578
Income before provision for income taxes	146,226	137,944
Acquisition of:
Segment assets at end of quarter	31,852,224	23,807,703
Capitalized software	7,021	7,137
Furniture, fixtures, equipment and building improvements	1,964	216
Amortization of capitalized software	11,296	11,887
Impairment of capitalized software	317
Operating segment \| Furniture, Fixtures, Equipment and Building Improvements
Acquisition of:
Depreciation and amortization of furniture, fixtures, equipment and building improvements	1,427	1,613
Operating segment \| Mortgage banking Production
Revenues:
Net gains on loans held for sale at fair value	311,201	187,145
Loan origination fees	72,446	46,611
Fulfillment fees from PennyMac Mortgage Investment Trust	5,737	5,290
Net interest (expense) income :
Interest income	112,999	85,288
Interest expense	95,588	76,526
Net interest income (expense)	17,411	8,762
Other	125	131
Total net revenues	406,920	247,939
Expenses:
Compensation	136,264	98,869
Loan origination	79,696	44,096
Technology	30,054	25,100
Professional services	5,649	3,134
Occupancy and equipment	5,332	4,128
Marketing and advertising	11,951	8,023
Other	4,399	2,646
Total expenses	273,345	185,996
Income before provision for income taxes	133,575	61,943
Acquisition of:
Segment assets at end of quarter	10,435,743	7,346,079
Capitalized software	6,737	5,409
Furniture, fixtures, equipment and building improvements	1,458	187
Amortization of capitalized software	9,766	10,221
Impairment of capitalized software	317
Operating segment \| Mortgage banking Production \| Furniture, Fixtures, Equipment and Building Improvements
Acquisition of:
Depreciation and amortization of furniture, fixtures, equipment and building improvements	993	968
Operating segment \| Mortgage banking Servicing
Revenues:
Net gains on loans held for sale at fair value	33,784	33,892
Net loan servicing fees	152,830	164,286
Net interest (expense) income :
Interest income	94,922	104,134
Interest expense	154,134	131,556
Net interest income (expense)	(59,212)	(27,422)
Other	(2,316)	(173)
Total net revenues	125,086	170,583
Expenses:
Compensation	52,537	52,970
Technology	11,117	10,385
Servicing	38,233	21,875
Professional services	2,080	1,681
Occupancy and equipment	2,502	2,729
Marketing and advertising	514	373
Other	5,452	4,569
Total expenses	112,435	94,582
Income before provision for income taxes	12,651	76,001
Acquisition of:
Segment assets at end of quarter	21,416,481	16,461,624
Capitalized software	284	1,728
Furniture, fixtures, equipment and building improvements	506	29
Amortization of capitalized software	1,530	1,666
Operating segment \| Mortgage banking Servicing \| Furniture, Fixtures, Equipment and Building Improvements
Acquisition of:
Depreciation and amortization of furniture, fixtures, equipment and building improvements	434	645
Corporate and other
Revenues:
Management fees	6,762	7,012
Net interest (expense) income :
Interest income	258	449
Net interest income (expense)	258	449
Other	5,958	4,920
Total net revenues	12,978	12,381
Expenses:
Compensation	27,592	30,149
Technology	4,961	4,712
Professional services	6,670	4,222
Occupancy and equipment	2,157	1,525
Marketing and advertising	8,629	1,036
Other	4,504	4,485
Total expenses	54,513	46,129
Income before provision for income taxes	(41,535)	(33,748)
Acquisition of:
Segment assets at end of quarter	91,774	65,173
Capitalized software	8,904
Furniture, fixtures, equipment and building improvements	286	155
Amortization of capitalized software	405	94
Corporate and other \| Furniture, Fixtures, Equipment and Building Improvements
Acquisition of:
Depreciation and amortization of furniture, fixtures, equipment and building improvements	$ 382	$ 302

Subsequent Events (Details) - Subsequent Event - 2026 Q2 Dividends	1 Months Ended
	May 05, 2026 $ / shares
Subsequent Event
Dividend declaration date	May 05, 2026
Dividends declared (in dollars per share)	$ 0.3
Dividend payable date	May 28, 2026
Dividend date of record	May 18, 2026

Quarter ended March 31,

(in thousands)

Real estate acquired in settlement of loans