PennyMac Mortgage Investment Trust (PMT) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	PennyMac Mortgage Investment Trust
Entity Central Index Key	0001464423
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		86,760,408
Entity File Number	001-34416
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-0186273
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
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Common Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest, $0.01 Par Value
Trading Symbol	PMT
Security Exchange Name	NYSE
8.125% Series A Preferred Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	8.125% Series A Cumulative Redeemable PreferredShares of Beneficial Interest, $0.01 Par Value
Trading Symbol	PMT/PA
Security Exchange Name	NYSE
8.00% Series B Preferred Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	8.00% Series B Cumulative Redeemable PreferredShares of Beneficial Interest, $0.01 Par Value
Trading Symbol	PMT/PB
Security Exchange Name	NYSE
6.75% Series C Preferred Stock [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	6.75% Series C Cumulative Redeemable PreferredShares of Beneficial Interest, $0.01 Par Value
Trading Symbol	PMT/PC
Security Exchange Name	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Cash	$ 238,805	$ 111,866
Short-term investments at fair value	242,037	252,271
Mortgage-backed securities at fair value pledged to creditors	4,731,341	4,462,601
Loans acquired for sale at fair value ($1,061,550 and $1,801,368 pledged to creditors, respectively)	1,080,047	1,821,933
Loans at fair value ($1,454,798 and $1,510,148 pledged to creditors, respectively)	1,457,272	1,513,399
Derivative assets at fair value	59,730	62,811
Derivative assets ($4,602 and $1,262 pledged to creditors, respectively)	29,012	84,940
Deposits securing credit risk transfer arrangements pledged to creditors	1,269,558	1,325,294
Mortgage servicing rights at fair value ($3,929,319 and $3,962,820 pledged to creditors, respectively)	3,977,938	4,012,737
Servicing advances ($55,185 and $100,888 pledged to creditors, respectively)	112,743	197,972
Due from PennyMac Financial Services, Inc.	8,947	7,657
Other ($2,866 and $3,297 pledged to creditors, respectively)	238,345	134,991
Total assets	13,384,922	13,921,564
LIABILITIES
Assets sold under agreements to repurchase	5,914,625	6,616,528
Mortgage loan participation purchase and sale agreements	34,787	0
Notes payable secured by credit risk transfer and mortgage servicing assets	3,158,407	2,804,028
Exchangeable senior notes	547,767	546,254
Asset-backed financing of variable interest entities at fair value	1,361,108	1,414,955
Interest-only security payable at fair value	24,060	21,925
Derivative and credit risk transfer strip liabilities at fair value	98,038	167,226
Accounts payable and accrued liabilities	104,547	160,212
Income taxes payable	147,972	151,778
Liability for losses under representations and warranties	37,069	39,471
Total liabilities	11,453,426	11,958,749
Commitments and contingencies ─ Note 17
SHAREHOLDERS’ EQUITY
Preferred shares of beneficial interest, $0.01 par value per share, authorized 100,000,000 shares, issued and outstanding 22,400,000, liquidation preference $560,000,000	541,482	541,482
Common shares of beneficial interest-authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding, 86,760,408 and 88,888,889 common shares, respectively	868	889
Additional paid-in capital	1,921,710	1,947,266
Accumulated deficit	(532,564)	(526,822)
Total shareholders’ equity	1,931,496	1,962,815
Total liabilities and shareholders’ equity	13,384,922	13,921,564
Variable Interest Entities [Member]
ASSETS
Loans at fair value ($1,454,798 and $1,510,148 pledged to creditors, respectively)	1,454,607	1,509,942
Derivative assets at fair value	4,602	1,262
Deposits securing credit risk transfer arrangements pledged to creditors	1,269,558	1,325,294
Other interest receivable	4,224	4,343
Total assets	2,732,991	2,840,841
LIABILITIES
Asset-backed financing of variable interest entities at fair value	1,361,108	1,414,955
Interest-only security payable at fair value	24,060	21,925
Derivative and credit risk transfer strip liabilities at fair value	87,565	160,553
Accounts payable and accrued liabilities interest payable	4,224	4,343
Total liabilities	1,476,957	1,601,776
PennyMac Financial Services, Inc. [Member]
ASSETS
Due from PennyMac Financial Services, Inc.	7,824	3,560
LIABILITIES
Due to PennyMac Financial Services, Inc.	$ 25,046	$ 36,372

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Loans acquired for sale at fair value, pledged to creditors	$ 1,061,550,000	$ 1,801,368,000
Loans at fair value, pledged to creditors	1,454,798,000	1,510,148,000
Derivative assets, pledged to creditors	4,602,000	1,262,000
Mortgage servicing rights pledged to creditors	3,929,319,000	3,962,820,000
Servicing Advances pledged to creditors	$ 55,185,000	$ 100,888,000
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	22,400,000	22,400,000
Preferred stock, shares outstanding	22,400,000	22,400,000
Preferred stock, liquidation preference, value	$ 560,000,000	$ 560,000,000
Common shares, authorized	500,000,000	500,000,000
Common shares, par value	$ 0.01	$ 0.01
Common shares, issued	86,760,408	88,888,889
Common shares, outstanding	86,760,408	88,888,889
Real Estate Acquired in Satisfaction of Debt [Member]
Other, pledged to creditors	$ 2,866,000	$ 3,297,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net investment income
Contractually specified	$ 165,499	$ 151,149	$ 329,713	$ 298,034
Other	6,826	7,179	10,769	16,293
Net mortgage loan servicing fees	172,325	158,328	340,482	314,327
Change in fair value of mortgage servicing rights	(87,997)	133,779	(225,441)	437,500
Mortgage servicing rights hedging results	23,996	(78,118)	(30,895)	(241,920)
Net servicing fees from non-affiliates	108,833	217,313	85,140	521,491
Net gains on loans acquired for sale:	4,446	7,671	10,919	11,624
Loan origination fees	4,295	14,428	12,001	29,202
Net (losses) gains on investments and financings	(2,499)	(230,650)	123,305	(459,745)
Interest income	162,684	90,698	315,703	141,761
Interest expense	187,390	78,150	366,527	141,664
Net interest (expense) income	(24,706)	12,548	(50,824)	97
Results of real estate acquired in settlement of loans	(56)	(1)	0	229
Other	139	191	277	441
Net investment income	90,452	21,500	180,818	103,339
Expenses
Management fees	7,078	7,910	14,335	16,027
Professional services	1,881	1,252	3,404	5,277
Loan origination	897	2,782	3,075	5,624
Compensation	1,279	1,549	2,818	2,986
Safekeeping	1,124	1,021	2,240	3,416
Loan collection and liquidation	909	1,251	1,488	4,428
Other	4,673	4,622	9,674	8,568
Total expenses	43,599	61,368	95,164	125,149
Income (loss) before provision for income taxes	46,853	(39,868)	85,654	(21,810)
Provision for income taxes	22,229	30,866	333	68,053
Net income (loss)	24,624	(70,734)	85,321	(89,863)
Dividends on preferred shares	10,454	10,455	20,909	20,909
Net income (loss) attributable to common shareholders	$ 14,170	$ (81,189)	$ 64,412	$ (110,772)
Earnings (loss) per common share
Basic	$ 0.16	$ (0.88)	$ 0.73	$ (1.19)
Diluted	$ 0.16	$ (0.88)	$ 0.68	$ (1.19)
Weighted average common shares outstanding
Basic	87,269	91,963	88,046	93,048
Diluted	87,269	91,963	112,374	93,048
Nonaffiliates [Member]
Net investment income
Other	$ 6,826	$ 7,179	$ 10,769	$ 16,293
Net servicing fees from non-affiliates	108,324	213,989	84,146	509,907
Net gains on loans acquired for sale:	2,614	6,608	7,759	9,265
PennyMac Financial Services, Inc. [Member]
Net investment income
From PennyMac Financial Services, Inc.	509	3,324	994	11,584
Net gains on loans acquired for sale:	1,832	1,063	3,160	2,359
Expenses
Loan servicing fees	20,317	20,335	40,766	41,423
Loan fulfillment fees	5,441	20,646	17,364	37,400
Management fees	$ 7,078	$ 7,910	$ 14,335	$ 16,027

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Preferred Stock	Preferred Stock Cumulative Effect, Period of Adoption, Adjustment [Member]	Preferred Stock Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Common Shares [Member]	Common Shares [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Shares [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Additional Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Accumulated Deficit [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Balance, Amount at Dec. 31, 2021	$ 2,367,518	$ (40,953)	$ 2,326,565	$ 541,482	$ 0	$ 541,482	$ 949	$ 0	$ 949	$ 2,081,757	$ (50,347)	$ 2,031,410	$ (256,670)	$ 9,394	$ (247,276)
Balance, Shares at Dec. 31, 2021				22,400,000	0	22,400,000	94,897,000	0	94,897,000
Net Income (Loss)	(89,863)			$ 0			$ 0			0			(89,863)
Share-based compensation, Amount	1,649			$ 0			$ 1			1,648			0
Share-based compensation, Shares				0			85,000
Dividends:
Preferred shares dividends	(20,909)			$ 0			$ 0			0			(20,909)
Common share dividends	(86,554)			0			0			0			(86,554)
Repurchase of common shares, Amount	$ (60,248)			$ 0			$ (39)			(60,209)			0
Repurchase of common shares, Shares	(3,901,000)			0			(3,901,000)
Balance, Amount at Jun. 30, 2022	$ 2,070,640			$ 541,482			$ 911			1,972,849			(444,602)
Balance, Shares at Jun. 30, 2022				22,400,000			91,081,000
Balance, Amount at Mar. 31, 2022	2,221,938			$ 541,482			$ 930			2,000,107			(320,581)
Balance, Shares at Mar. 31, 2022				22,400,000			93,007,000
Net Income (Loss)	(70,734)			$ 0			$ 0			0			(70,734)
Share-based compensation, Amount	1,141			$ 0			$ 0			1,141			0
Share-based compensation, Shares				0			1,000
Dividends:
Preferred shares dividends	(10,455)			$ 0			$ 0			0			(10,455)
Common share dividends	(42,832)			0			0			0			(42,832)
Repurchase of common shares, Amount	$ (28,418)			$ 0			$ (19)			(28,399)			0
Repurchase of common shares, Shares	(1,927,000)			0			(1,927,000)
Balance, Amount at Jun. 30, 2022	$ 2,070,640			$ 541,482			$ 911			1,972,849			(444,602)
Balance, Shares at Jun. 30, 2022				22,400,000			91,081,000
Balance, Amount at Dec. 31, 2022	1,962,815			$ 541,482			$ 889			1,947,266			(526,822)
Balance, Shares at Dec. 31, 2022				22,400,000			88,889,000
Net Income (Loss)	85,321			$ 0			$ 0			0			85,321
Share-based compensation, Amount	1,434			$ 0			$ 1			1,433			0
Share-based compensation, Shares				0			146,000
Dividends:
Preferred shares dividends	(20,909)			$ 0			$ 0			0			(20,909)
Common share dividends	(70,154)			0			0			0			(70,154)
Repurchase of common shares, Amount	$ (27,011)			$ 0			$ (22)			(26,989)			0
Repurchase of common shares, Shares	(2,274,000)			0			(2,274,000)
Balance, Amount at Jun. 30, 2023	$ 1,931,496			$ 541,482			$ 868			1,921,710			(532,564)
Balance, Shares at Jun. 30, 2023				22,400,000			86,761,000
Balance, Amount at Mar. 31, 2023	1,970,734			$ 541,482			$ 884			1,940,297			(511,929)
Balance, Shares at Mar. 31, 2023				22,400,000			88,386,000
Net Income (Loss)	24,624			$ 0			$ 0			0			24,624
Share-based compensation, Amount	845			$ 0			$ 0			845			0
Share-based compensation, Shares				0			11,000
Dividends:
Preferred shares dividends	(10,455)			$ 0			$ 0			0			(10,455)
Common share dividends	(34,804)			0			0			0			(34,804)
Repurchase of common shares, Amount	$ (19,448)			$ 0			$ (16)			(19,432)			0
Repurchase of common shares, Shares	(1,636,000)			0			(1,636,000)
Balance, Amount at Jun. 30, 2023	$ 1,931,496			$ 541,482			$ 868			$ 1,921,710			$ (532,564)
Balance, Shares at Jun. 30, 2023				22,400,000			86,761,000

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Deficit [Member]
Dividends declared per common share	$ 0.4	$ 0.47	$ 0.8	$ 0.94

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income (loss)	$ 85,321	$ (89,863)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Change in fair value of mortgage servicing rights	225,441	(437,500)
Mortgage servicing rights hedging results	30,895	241,920
Net gains on loans acquired for sale	(10,919)	(11,624)
Net (gains) losses on investments and financings	(123,305)	459,745
Accrual of unearned discounts and amortization of purchase premiums on mortgage-backed securities, loans at fair value, and asset-backed financings	2,813	(11,586)
Amortization of debt issuance costs	7,463	8,115
Results of real estate acquired in settlement of loans	0	(229)
Share-based compensation expense	2,001	2,171
Purchase of loans acquired for sale at fair value from nonaffiliates	(41,942,691)	(44,299,395)
Sale to nonaffiliates and repayment of loans acquired for sale	10,469,060	22,212,604
Repurchase of loans subject to representation and warranties	(36,702)	(52,024)
Decrease in servicing advances	84,886	114,235
Repurchase of real estate previously sold as loans acquired for sale	(443)	0
Increase in other assets	(63,247)	(259,857)
(Decrease) increase in accounts payable and accrued liabilities	(54,811)	29,234
(Decrease) increase in due to PennyMac Financial Services, Inc.	(11,326)	3,143
(Decrease) increase in income taxes payable	(3,806)	72,063
Net cash provided by operating activities	743,524	1,677,551
Cash flows from investing activities
Net decrease in short-term investments	10,234	79,181
Purchase of mortgage-backed securities at fair value	(3,044,317)	(2,760,876)
Sale and repayment of mortgage-backed securities at fair value	2,789,954	1,218,797
Repurchase of loans at fair value	(119)	0
Repayment of loans at fair value	47,064	100,489
Net settlement of derivative financial instruments	1,805	3,164
Distribution from credit risk transfer arrangements	88,479	338,351
Transfer of mortgage servicing rights relating to delinquent loans to Agency	723	0
Sale of real estate acquired in settlement of loans	2,609	3,864
(Increase) decrease in margin deposits	(29,088)	231,924
Net cash used in investing activities	(132,656)	(785,106)
Cash flows from financing activities
Sale of assets under agreements to repurchase	64,121,374	61,398,613
Repurchase of assets sold under agreements to repurchase	(64,823,803)	(62,425,170)
Issuance of mortgage loan participation purchase and sale agreements	1,066,247	2,044,026
Repayment of mortgage loan participation purchase and sale agreements	(1,031,460)	(2,014,626)
Issuance of notes payable secured by credit risk transfer and mortgage servicing assets	400,000	578,475
Repayment of notes payable secured by credit risk transfer and mortgage servicing assets	(46,743)	(309,260)
Issuance of asset-backed financings at fair value	0	382,423
Repayment of asset-backed financings at fair value	(45,747)	(98,535)
Payment of debt issuance costs	(4,302)	(5,200)
Payment of dividends to preferred shareholders	(20,909)	(20,909)
Payment of dividends to common shareholders	(71,008)	(88,486)
Payment of vested share-based compensation tax withholdings	(567)	(522)
Repurchase of common shares	(27,011)	(60,248)
Net cash used in financing activities	(483,929)	(619,419)
Net increase in cash	126,939	273,026
Cash at beginning of quarter	111,866	58,983
Cash at end of quarter	238,805	332,009
Payments (refunds), net:
Income taxes	4,139	(4,010)
Interest	365,367	135,511
Non-cash investing activities:
Receipt of mortgage servicing rights as proceeds from sales of loans	191,365	365,254
Retention of subordinate mortgage-backed securities in loan securitizations	0	23,485
Recognition of loans at fair value resulting from initial consolidation of variable interest entities	0	405,908
Transfer of loans and advances to real estate acquired in settlement of loans	803	0
Non-cash financing activities:
Recognition of asset-backed financings resulting from initial consolidation of VIEs	0	382,423
Dividends declared, not paid	34,804	42,832
PennyMac Loan Services, LLC [Member]
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Purchase of loans acquired for sale at fair value from PennyMac Financial Services, Inc.	0	(298,862)
Sale of loans acquired for sale to PennyMac Financial Services, Inc.	32,087,158	23,982,890
(Increase) decrease in due from PennyMac Financial Services, Inc.	$ (4,264)	$ 12,371

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 24,624	$ (70,734)	$ 85,321	$ (89,863)

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization

Organization	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1—Organization PennyMac Mortgage Investment Trust (“PMT” or the “Company”) is a specialty finance company, which, through its subsidiaries (all of which are wholly-owned), invests primarily in residential mortgage-related assets. The Company operates in four segments: credit sensitive strategies, interest rate sensitive strategies, correspondent production, and corporate: • The credit sensitive strategies segment represents the Company’s investments in credit risk transfer (“CRT”) arrangements referencing loans from its own correspondent production, including CRT agreements (“CRT Agreements”) and other CRT securities (together, “CRT arrangements”) and subordinate mortgage-backed securities (“MBS”). • The interest rate sensitive strategies segment represents the Company’s investments in mortgage servicing rights (“MSRs”), Agency and senior non-Agency MBS and the related interest rate hedging activities. • The correspondent production segment represents the Company’s operations aimed at serving as an intermediary between lenders and the capital markets by purchasing, pooling and reselling newly originated prime credit quality loans either directly or in the form of MBS, using the services of PNMAC Capital Management, LLC (“PCM”) and PennyMac Loan Services, LLC (“PLS”), both indirect controlled subsidiaries of PennyMac Financial Services, Inc. (“PFSI”), a publicly-traded mortgage banking and investment management company. The Company primarily sells the loans it acquires through its correspondent production activities to government-sponsored entities ("GSEs") such as the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) or to PLS for sale into securitizations guaranteed by the Government National Mortgage Association ("Ginnie Mae") or the GSEs. Fannie Mae, Freddie Mac and Ginnie Mae are each referred to as an “Agency” and, collectively, as the “Agencies.” • The corporate segment includes management fees, corporate expense amounts and certain interest income and expense. The Company conducts substantially all of its operations and makes substantially all of its investments through its subsidiary, PennyMac Operating Partnership, L.P. (the “Operating Partnership”), and the Operating Partnership’s subsidiaries. A wholly-owned subsidiary of the Company is the sole general partner, and the Company is the sole limited partner, of the Operating Partnership. The Company believes that it qualifies, and has elected to be taxed, as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended. To maintain its tax status as a REIT, the Company is required to distribute at least 90 % of its taxable income in the form of qualifying distributions to shareholders.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 2—Basis of Presentation The Company’s consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s Accounting Standards Codification for interim financial information and with the Securities and Exchange Commission’s instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these financial statements and notes do not include all of the information required by GAAP for complete financial statements. This interim consolidated information should be read together with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. These unaudited consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented, but are not necessarily indicative of the results of operations that may be anticipated for the full year. Intercompany accounts and transactions have been eliminated. Preparation of financial statements in compliance with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities 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. The Company held no restricted cash during the periods presented. Therefore, the consolidated statements of cash flows do not include references to restricted cash.

Concentration of Risks

Concentration of Risks	6 Months Ended
	Jun. 30, 2023
Risks and Uncertainties [Abstract]
Concentration of Risks	Note 3—Concentration of Risks As discussed in Note 1 – Organization above, PMT’s operations and investing activities are centered in residential mortgage-related assets, including CRT arrangements, subordinate MBS Agency and senior Non-Agency MBS and MSRs. CRT arrangements and subordinate MBS are more sensitive to borrower credit performance than other mortgage-related investments such as traditional loans and Agency MBS. Fixed-rate Agency and senior non-Agency MBS are sensitive to changes in market interest rates. MSRs are sensitive to changes in prepayment rate activity and expectations. Credit Risk Note 6 – Variable Interest Entities details the Company’s investments in CRT arrangements whereby the Company sold pools of loans into Fannie Mae guaranteed loan securitizations which became reference pools underlying the CRT arrangements. Fannie Mae transferred interest-only (“IO”) ownership interests and recourse obligations based upon securitized reference pools of loans subject to the CRT arrangements into trust entities, and the Company acquired the IO ownership interest and assumed the recourse obligations in the CRT arrangements. The Company also invests in subordinate MBS, which are among the first beneficial interests in the issuing trusts to absorb credit losses on the underlying loans. The Company’s retention of credit risk through its investment in CRT arrangements and subordinate MBS subjects it to risks associated with delinquency and foreclosure similar to the risks of loss associated with owning the underlying loans, which is greater than the risk of loss associated with selling such loans to Fannie Mae without the retention of such credit risk in the case of CRT arrangements and investing in senior mortgage pass through securities in the case of subordinate MBS. CRT Agreements are structured such that loans that reach a specific number of days delinquent (including loans in forbearance which also includes those subject to the forbearance provided in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”)) trigger losses chargeable to the CRT Agreements based on the size of the loan and a contractual schedule of loss severity. Therefore, the risks associated with delinquency and foreclosure may in some instances, be greater than the risks associated with owning the related loans because the structure of the CRT Agreements provides that the Company may be required to absorb losses in the event of delinquency or foreclosure even when there is ultimately no loss realized with respect to such loans (e.g., as a result of a borrower’s re-performance). In contrast, the structure of the Company’s investment in CRT strips requires PMT to absorb losses only when the reference loans realize losses. Fair Value Risk The Company is exposed to fair value risk in addition to the risks specific to credit and, as a result of prevailing market conditions, may be required to recognize losses associated with adverse changes to the fair value of its investments in MSRs, CRT arrangements, and MBS: • The fair value of MSRs is sensitive to changes in prepayment speeds, estimates of cost to service the underlying loans or the returns demanded by market participants; • The fair values of CRT arrangements and subordinate MBS are sensitive to market perceptions of future credit performance of the underlying loans as well as the actual credit performance of such loans and to the returns required by market participants to hold such investments; and • The fair values of fixed-rate Agency and senior non-Agency pass through MBS are sensitive to changes in market interest rates.

Transactions with Related Parti

Transactions with Related Parties	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Transactions with Related parties	Note 4—Transactions with Related Parties The Company enters into transactions with subsidiaries of PFSI in support of its operating, investing and financing activities as summarized below. Operating Activities Loan Servicing The Company has a loan servicing agreement with PLS (the “Servicing Agreement”) pursuant to which PLS provides subservicing for the Company's portfolio of MSRs, loans held for sale, loans held in VIEs (prime servicing) and its portfolio of residential loans purchased with credit deterioration (special servicing). The Servicing Agreement provides for servicing fees earned by PLS that are established at a fixed per loan monthly amount based on the delinquency, bankruptcy and/or foreclosure status of the serviced loan or real estate acquired in settlement of loans (“REO”). The Servicing Agreement expires on June 30, 2025 , subject to automatic renewal for additional 18 -month periods, unless terminated earlier in accordance with its terms. Prime Servicing The base servicing fees for prime loans subserviced by PLS on the Company’s behalf are $ 7.50 per month for fixed-rate loans and $ 8.50 per month for adjustable-rate loans. To the extent that these prime loans become delinquent, PLS is entitled to an additional servicing fee per loan ranging from $ 10 to $ 55 per month and based on the delinquency, bankruptcy and foreclosure status of the loan or $ 75 per month if the underlying mortgaged property becomes REO. PLS is also entitled to customary ancillary income and certain market-based fees and charges, including boarding and deboarding fees, liquidation and disposition fees, assumption, modification and origination fees and certain fees for COVID-19 pandemic-related forbearance and modification activities it provides as required by the CARES Act. Special Servicing The base servicing fee rates for loans purchased with credit deterioration (distressed loans) range from $ 30 per month for current loans up to $ 95 per month for loans in foreclosure proceedings. The base servicing fee rate for REO is $ 75 per month. PLS also receives a supplemental servicing fee of $ 25 per month for each distressed loan. PLS receives activity-based fees for modifications, foreclosures and liquidations that it facilitates with respect to distressed loans, as well as other market-based refinancing and loan disposition fees. MSR Recapture Agreement The Company has an MSR recapture agreement with PFSI. Pursuant to the terms of the MSR recapture agreement, if PFSI refinances mortgage loans for which the Company previously held the MSRs, PFSI is generally required to transfer and convey to the Company cash in an amount equal to: • 40% of the fair market value of the MSRs relating to the recaptured loans subject to the first 15% of the “recapture rate”; • 35% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 15% and up to 30%; and • 30% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 30%. The “recapture rate” means, during each month, the ratio of (i) the aggregate unpaid principal balance of all recaptured loans, to (ii) the aggregate unpaid principal balance of all mortgage loans for which the Company held the MSRs and that were refinanced or otherwise paid off in such month. PFSI has further agreed to allocate sufficient resources to target a recapture rate of at least 15 %. The MSR recapture agreement expires, unless terminated earlier in accordance with its terms, on June 30, 2025 , subject to automatic renewal for additional 18 -month periods, unless terminated in accordance with its terms. Following is a summary of loan servicing fees earned by PLS: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Loan servicing fees: Loans acquired for sale at fair value $ 172 $ 258 $ 457 $ 522 Loans at fair value 31 106 151 316 MSRs 20,114 19,971 40,158 40,585 $ 20,317 $ 20,335 $ 40,766 $ 41,423 Average investment in loans: Acquired for sale at fair value $ 1,609,816 $ 1,767,327 $ 1,992,706 $ 1,946,485 At fair value $ 1,491,357 $ 1,757,377 $ 1,500,936 $ 1,659,755 Average MSR portfolio UPB $ 232,008,151 $ 220,402,133 $ 231,381,212 $ 219,051,445 Correspondent Production Activities The Company is provided fulfillment and other services by PLS under an amended and restated mortgage banking services agreement. The Company does not hold the Ginnie Mae approval required to issue securities guaranteed by Ginnie Mae MBS and act as a servicer. Accordingly, under the agreement, PLS currently purchases loans saleable in accordance with the Ginnie Mae MBS Guide “as is” and without recourse of any kind from the Company at cost less any administrative fees paid by the correspondent to the Company plus accrued interest and a sourcing fee. The Company may also sell conventional loans to PLS under the same arrangement subject to mutual agreement between the parties. Fulfillment and sourcing fees are summarized below: • Fulfillment fees shall not exceed the following: (i) the number of loan commitments issued by the Company multiplied by a pull-through factor of either .99 or .80 depending on whether the loan commitments are subject to a “mandatory trade confirmation” or a “best efforts lock confirmation”, respectively, and then multiplied by $ 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, plus (ii) $ 315 multiplied by the number of purchased loans up to and including 16,500 per quarter and $ 195 multiplied by the number of purchased loans in excess of 16,500 per quarter, plus (iii) $ 750 multiplied by the number of all purchased loans that are sold or securitized to parties other than Fannie Mae and Freddie Mac; provided however, that no fulfillment fee shall be due or payable to PLS with respect to any Ginnie Mae loans or, as of October 1, 2022, designated Fannie Mae or Freddie Mac loans acquired by PLS. • Sourcing fees range from one to two basis points of the loans' unpaid principal balance (“UPB”), generally based on the average number of calendar days the loans are held by PMT before purchase by PLS. The mortgage banking services agreement expires, unless terminated earlier in accordance with its terms, on June 30, 2025 , subject to automatic renewal for additional 18 -month periods, unless terminated in accordance with its terms. The Company may purchase newly originated conforming balance non-government insured or guaranteed loans from PLS under a mortgage loan purchase and sale agreement. Following is a summary of correspondent production activity between the Company and PLS: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Loan fulfillment fees earned by PLS $ 5,441 $ 20,646 $ 17,364 $ 37,400 UPB of loans fulfilled by PLS $ 3,029,274 $ 10,323,700 $ 9,658,084 $ 20,092,962 Sourcing fees received from PLS included in Net gains on loans acquired for sale $ 1,832 $ 1,063 $ 3,160 $ 2,359 UPB of loans sold to PLS: Government guaranteed or insured $ 11,307,342 $ 10,634,209 $ 20,521,054 $ 23,381,988 Conventional conforming 7,017,890 — 11,080,764 — $ 18,325,232 $ 10,634,209 $ 31,601,818 $ 23,381,988 Purchases of loans acquired for sale from PLS $ — $ 39,824 $ — $ 298,862 Tax service fees paid to PLS $ 701 $ 2,404 $ 2,111 $ 4,746 June 30, 2023 December 31, 2022 (in thousands) Loans included in Loans acquired for sale at fair value $ 249,741 $ 159,671 Management Fees The Company has a management agreement with PCM pursuant to which PMT pays PCM management fees as follows: • A base management fee that is calculated quarterly and is equal to the sum of (i) 1.5 % per year of average shareholders’ equity up to $ 2 billion, (ii) 1.375 % per year of average shareholders’ equity in excess of $ 2 billion and up to $ 5 billion, and (iii) 1.25 % per year of average shareholders’ equity in excess of $ 5 billion. • A performance incentive fee that is calculated quarterly at a defined annualized percentage of the amount by which “net income,” on a rolling four-quarter basis and before deducting the incentive fee, exceeds certain levels of return on “equity.” The performance incentive fee is equal to the sum of: (a) 10 % of the amount by which “net income” for the quarter exceeds (i) an 8 % return on “equity” plus the “high watermark”, up to (ii) a 12 % return on “equity”; plus (b) 15 % of the amount by which “net income” for the quarter exceeds (i) a 12 % return on “equity” plus the “high watermark”, up to (ii) a 16 % return on “equity”; plus (c) 20 % of the amount by which “net income” for the quarter exceeds a 16 % return on “equity” plus the “high watermark.” For the purpose of determining the amount of the performance incentive fee: “Net income” is defined as net income or loss attributable to the Company’s common shares of beneficial interest (“Common Shares”) calculated in accordance with GAAP, and adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges after discussion between PCM and the Company’s independent trustees and after approval by a majority of the Company’s independent trustees. “Equity” is the weighted average of the issue price per Common Share of all of the Company’s public offerings, multiplied by the weighted average number of Common Shares outstanding (including restricted share units) in the rolling four-quarter period. “High watermark” is the quarterly adjustment that reflects the amount by which the “net income” (stated as a percentage of return on "equity") in that quarter exceeds or falls short of the lesser of 8 % and the average Fannie Mae 30 -year MBS yield (the "Target Yield") for the four quarters then ended. The “high watermark” starts at zero and is adjusted quarterly. 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 amounts required for PCM to earn a performance incentive fee are 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. The base management fee and the performance incentive fee are both payable quarterly in arrears. The performance incentive fee may be paid in cash or a combination of cash and the Company’s Common Shares (subject to a limit of no more than 50 % paid in Common Shares), at the Company’s option. In the event of termination of the management agreement between the Company and PCM, PCM may be entitled to a termination fee in certain circumstances. The termination fee is equal to three times the sum of (a) the average annual base management fee, and (b) the average annual performance incentive fee earned by PCM, in each case during the 24-month period before termination of the management agreement. Following is a summary of management fee expenses: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Base management $ 7,078 $ 7,910 $ 14,335 $ 16,027 Performance incentive — — — — $ 7,078 $ 7,910 $ 14,335 $ 16,027 Average shareholders' equity amounts used $ 1,892,505 $ 2,125,557 $ 1,927,305 $ 2,168,930 Expense Reimbursement Under the management agreement, PCM is entitled to reimbursement of its organizational and operating expenses, including third-party expenses, incurred on the Company’s behalf, it being understood that PCM and its affiliates shall allocate a portion of their personnel’s time to provide certain legal, tax and investor relations services for the direct benefit of the Company. PCM is reimbursed $ 165,000 per fiscal quarter, such amount to be reviewed annually and to not preclude reimbursement for any other services performed by PCM or its affiliates. The Company is required to pay PCM and its affiliates a portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of PCM and its affiliates required for the Company’s and its subsidiaries’ operations. These expenses are allocated based on the ratio of the Company’s and its subsidiaries’ proportion of gross assets compared to all remaining gross assets managed or owned by PCM and/or its affiliates as calculated at each fiscal quarter end. Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Reimbursement of: Expenses incurred on the Company’s behalf, net $ 3,978 $ 2,834 $ 9,639 $ 8,191 Common overhead incurred by PCM and its 2,140 1,809 3,961 3,673 Compensation 165 165 330 330 $ 6,283 $ 4,808 $ 13,930 $ 12,194 Payments and settlements during the year (1) $ 30,872 $ 29,562 $ 63,256 $ 69,326 (1) Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PFSI for the operating, investing and financing activities itemized in this Note. Financing Activities PFSI held 75,000 of the Company’s Common Shares at both June 30, 2023 and December 31, 2022. Amounts Receivable from and Payable to PFSI Amounts receivable from and payable to PFSI are summarized below: June 30, 2023 December 31, 2022 (in thousands) Due from PFSI-Miscellaneous receivables $ 7,824 $ 3,560 Due to PFSI: Management fees $ 7,078 $ 7,307 Correspondent production fees 6,876 6,835 Loan servicing fees 6,761 6,740 Allocated expenses and expenses and costs 2,886 11,447 Fulfillment fees 1,445 4,043 $ 25,046 $ 36,372 The Company has also transferred cash to PLS to fund loan servicing advances and REO property acquisition and preservation costs on its behalf. Such amounts are included in various balance sheet items as summarized below: Balance sheet line including advance amount June 30, 2023 December 31, 2022 (in thousands) Loan servicing advances $ 112,743 $ 197,972 Real estate acquired in settlement of loans 2,720 3,479 $ 115,463 $ 201,451

Loan Sales

Loan Sales	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Loan Sales	Note 5—Loan Sales The following table summarizes cash flows between the Company and transferees in transfers of loans that are accounted for as sales where the Company maintains continuing involvement with the loans: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Cash flows: Proceeds from sales $ 4,881,794 $ 10,226,643 $ 10,469,060 $ 22,212,604 Loan servicing fees received $ 165,499 $ 151,149 $ 329,713 $ 298,034 The following table summarizes for the dates presented collection status information for loans that are accounted for as sales where the Company maintains continuing involvement: June 30, 2023 December 31, 2022 (in thousands) UPB of loans outstanding $ 231,556,204 $ 229,858,573 Collection status (UPB) Delinquency: 30-89 days delinquent $ 1,792,985 $ 1,903,007 90 or more days delinquent: Not in foreclosure $ 846,668 $ 880,841 In foreclosure $ 61,772 $ 70,921 Bankruptcy $ 153,805 $ 123,239 Custodial funds managed by the Company (1) $ 2,687,024 $ 1,783,157 (1) Custodial funds include borrower and investor custodial cash accounts relating to loans serviced under mortgage servicing agreements and are not included on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors, and these fees are included in Interest income in the Company’s consolidated statements of operations.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Note 6—Variable Interest Entities The Company is a variable interest holder in various VIEs that relate to its investing and financing activities. Credit Risk Transfer Arrangements The Company has previously entered into certain loan sales arrangements pursuant to which it accepted credit risk relating to the loans sold in exchange for a portion of the interest earned on such loans. These arrangements absorb scheduled or realized credit losses on such loans and include CRT Agreements and other CRT securities. The Company, through its subsidiary, PennyMac Corp. (“PMC”), entered into CRT arrangements with Fannie Mae, pursuant to which the Company sold pools of loans into Fannie Mae-guaranteed securitizations while retaining recourse obligations as part of the retention of IO ownership interests in such loans and include: • CRT Agreements, which are structured such that loans that reach a specific number of days delinquent (including loans in forbearance) trigger losses chargeable to the CRT Agreements based on the size of the loan and a contractual schedule of loss severity; and • Other CRT securities, which require the Company to absorb losses only when the reference loans realize credit losses. The Company placed Deposits securing CRT arrangements into the subsidiary trust entities to secure its recourse obligations. The Deposits securing CRT arrangements represent the Company’s maximum contractual exposure to claims under its recourse obligations and are the sole source of settlement of losses under the CRT arrangements. The Company’s exposure to losses under its recourse obligations was initially established at rates ranging from 3.5 % to 4.0 % of the UPB of the loans sold under the CRT arrangements. As the UPB of the underlying loans subject to each CRT arrangement is reduced through repayments, the percentage exposure of each CRT arrangement will increase to maximums ranging from 4.5 % to 5.0 % of outstanding UPB, although the total dollar amount of exposure to losses does not increase. The Company has concluded that the subsidiary trust entities holding its CRT arrangements are VIEs and the Company is the primary beneficiary of the VIEs as it is the holder of the primary beneficial interests, which absorb the variability of the trusts’ results of operations. For CRT Agreements, the Company recognizes its IO ownership interests and recourse obligations on the consolidated balance sheets as CRT Derivatives in Derivative assets and Derivative and credit risk transfer strip liabilities. For other CRT securities, the Company recognizes its IO ownership interests and recourse obligations as CRT strips which are also included on the consolidated balance sheet in Derivative and credit risk transfer strip liabilities. Gains and losses on the derivatives and strips (including the IO ownership interest sold to nonaffiliates) included in the CRT arrangements are included in Net (losses) gains on investments and financings in the consolidated statements of operations. Following is a summary of the CRT arrangements: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Net investment income: Net (losses) gains on investments and financings: CRT Derivatives and strips: CRT derivatives Realized $ 5,423 $ 9,157 $ 8,453 $ 30,358 Valuation changes 9,410 ( 14,740 ) 17,506 ( 41,789 ) 14,833 ( 5,583 ) 25,959 ( 11,431 ) CRT strips Realized 11,984 16,078 24,288 33,841 Valuation changes 34,496 ( 49,738 ) 58,624 ( 91,496 ) 46,480 ( 33,660 ) 82,912 ( 57,655 ) Interest-only security payable at fair value ( 855 ) ( 3,112 ) ( 2,135 ) ( 8,892 ) 60,458 ( 42,355 ) 106,736 ( 77,978 ) Interest income — Deposits securing CRT arrangements 15,779 2,384 29,991 2,606 $ 76,237 $ ( 39,971 ) $ 136,727 $ ( 75,372 ) Net payments made to settle losses on CRT arrangements $ 499 $ 4,456 $ 1,756 $ 20,429 June 30, 2023 December 31, 2022 (in thousands) Carrying value of CRT arrangements: Derivative and credit risk transfer strip liabilities, net CRT derivatives $ 4,394 $ 22,098 CRT strips 78,569 137,193 82,963 159,291 Deposits securing CRT arrangements $ 1,269,558 $ 1,325,294 Interest-only security payable at fair value $ 24,060 $ 21,925 CRT arrangement assets pledged to secure borrowings: Derivative assets $ 4,602 $ 1,262 Deposits securing CRT arrangements (1) $ 1,269,558 $ 1,325,294 UPB of loans underlying CRT arrangements $ 24,167,673 $ 25,315,524 Collection status (UPB): Delinquency Current $ 23,614,421 $ 24,673,719 30-89 days delinquent $ 362,604 $ 409,049 90-180 days delinquent $ 91,047 $ 112,286 180 or more days delinquent $ 83,034 $ 93,717 Foreclosure $ 16,567 $ 26,753 Bankruptcy $ 60,064 $ 54,395 (1) Deposits securing credit risk transfer strip liabilities also secure $ 87.6 million and $ 160.6 million in CRT strip and CRT derivative liabilities at June 30, 2023 and December 31, 2022, respectively . Subordinate Mortgage-Backed Securities The Company retains or purchases subordinate MBS in transactions sponsored by PMC or a nonaffiliate. Cash inflows from the loans underlying these securities are distributed to investors and service providers in accordance with the respective securities' contractual priority of payments and, as such, most of these inflows must be directed first to service and repay the senior securities. The rights of holders of the subordinate securities to receive distributions of principal and/or interest, as applicable, are subordinate to the rights of holders of the senior securities. After the senior securities are repaid, substantially all cash inflows will be directed to the subordinate securities, including those held by the Company, until they are fully repaid. The Company’s retention or purchase of subordinate MBS exposes PMT to the credit risk in the underlying loans because the Company’s investments are among the first beneficial interests to absorb credit losses on those assets. The Company’s exposure to losses from its investments in subordinate MBS is limited to its recorded investment in such securities. Whether the Company concludes that it is the primary beneficiary of the VIEs issuing the subordinate MBS and therefore consolidates these entities is based on its exposure to losses that could be significant to the VIEs and its power to direct activities that most significantly impact the VIEs’ economic performance: • Certain of the Company’s investments in subordinate MBS either do not expose the Company to losses or residual returns that could be significant to the issuing VIE or the Company has concluded that it does not have the power to direct the activities that most significantly impact the VIE’s economic performance. These investments are classified as subordinate credit-linked securities in its investment in MBS as shown in Note 8 – Mortgage-Backed Securities . • For other investments in subordinate MBS, comprised of transactions backed by loans purchased by the Company that were subsequently included in securitizations sponsored by the Company or a nonaffiliate and serviced by PLS, the Company concluded that it is the primary beneficiary of the VIEs as it has the power, through PLS, in its role as the servicer or sub-servicer of the majority of the loans, to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance and, as a holder of subordinate securities, is exposed to losses or residual returns that could potentially be significant to the VIEs. Therefore, PMT consolidates the VIEs that issue those subordinate MBS. The Company recognizes the interest income earned on the loans owned by the VIEs and the interest expense attributable to the asset-backed securities issued to nonaffiliates by its consolidated VIEs on its consolidated statements of operations. Following is a summary of the Company’s investment in subordinate mortgage-backed securities held in consolidated VIEs: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Fair value changes: Loans at fair value $ ( 18,253 ) $ ( 122,469 ) $ ( 7,236 ) $ ( 219,033 ) Asset-backed financings at fair value $ 17,794 $ 116,667 $ 7,634 $ 205,841 Interest income $ 13,644 $ 15,736 $ 28,810 $ 28,585 Interest expense $ 12,791 $ 15,016 $ 25,144 $ 26,043 June 30, 2023 December 31, 2022 (in thousands) Loans at fair value $ 1,454,607 $ 1,509,942 Asset-backed financings at fair value $ 1,361,108 $ 1,414,955 Subordinate MBS retained at fair value pledged to Assets sold under agreements to repurchase $ 82,918 $ 84,044

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value	Note 7— Fair Value The Company’s consolidated financial statements include assets and liabilities that are measured at or based on their fair values. Measurement at or based on fair value may be on a recurring or nonrecurring basis depending on the accounting principles applicable to the specific asset or liability and whether the Company has elected to carry the item at its fair value as discussed in the following paragraphs. The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine fair value. These levels are: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. • Level 3—Prices determined using significant unobservable inputs. In situations where significant observable inputs are unavailable, unobservable inputs may be used. Unobservable inputs reflect the Company’s own judgments about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances. As a result of the difficulty in observing certain significant valuation inputs affecting “Level 3” fair value assets and liabilities, the Company is required to make judgments regarding these items’ fair values. Different persons in possession of the same facts may reasonably arrive at different conclusions as to the inputs to be applied in valuing these assets and liabilities and their fair values. Such differences may result in significantly different fair value measurements. Likewise, due to the general illiquidity of some of these assets and liabilities, subsequent transactions may be at values significantly different from those reported. The Company reclassifies its assets and liabilities between levels of the fair value hierarchy when the 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 all of PMT’s non-cash financial assets and MSRs to be accounted for at fair value. The Company has elected to account for these assets at fair value so such changes in fair value will be reflected in income as they occur and more timely reflect the results of the Company’s performance. The Company identified PMT’s asset-backed financings of VIEs and interest only security payable to be accounted for at fair value to reflect the generally offsetting changes in fair value of these borrowings to changes in fair value of the assets at fair value collateralizing these financings. For other borrowings, the Company has determined that historical cost accounting is more appropriate because under this method debt issuance costs are amortized over the term of the debt facilities, thereby matching the debt issuance cost to the periods benefiting from the availability of these facilities. Financial Statement Items Measured at Fair Value on a Recurring Basis Following is a summary of financial statement items that are measured at fair value on a recurring basis: June 30, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 242,037 $ — $ — $ 242,037 Mortgage-backed securities at fair value — 4,731,341 — 4,731,341 Loans acquired for sale at fair value — 1,073,417 6,630 1,080,047 Loans at fair value — 1,454,607 2,665 1,457,272 Derivative assets: Call options on interest rate futures purchase contracts 961 — — 961 Put options on interest rate futures purchase contracts 15,070 — — 15,070 Forward purchase contracts — 144 — 144 Forward sale contracts — 35,552 — 35,552 MBS put options — 1,841 — 1,841 CRT derivatives — — 4,602 4,602 Interest rate lock commitments — — 1,560 1,560 Total derivative assets before netting 16,031 37,537 6,162 59,730 Netting — — — ( 30,718 ) Total derivative assets after netting 16,031 37,537 6,162 29,012 Mortgage servicing rights at fair value — — 3,977,938 3,977,938 $ 258,068 $ 7,296,902 $ 3,993,395 $ 11,517,647 Liabilities: Asset-backed financings at fair value $ — $ 1,361,108 $ — $ 1,361,108 Interest-only security payable at fair value — — 24,060 24,060 Derivative and credit risk transfer strip liabilities: Forward purchase contracts — 15,303 — 15,303 Forward sales contracts — 816 — 816 CRT derivatives — — 8,996 8,996 Interest rate lock commitments — — 2,858 2,858 Total derivative liabilities before netting — 16,119 11,854 27,973 Netting — — — ( 8,504 ) Total derivative liabilities after netting — 16,119 11,854 19,469 Credit risk transfer strips — — 78,569 78,569 Total derivative and credit risk transfer strip liabilities — 16,119 90,423 98,038 $ — $ 1,377,227 $ 114,483 $ 1,483,206 December 31, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 252,271 $ — $ — $ 252,271 Mortgage-backed securities at fair value — 4,462,601 — 4,462,601 Loans acquired for sale at fair value — 1,811,225 10,708 1,821,933 Loans at fair value — 1,509,942 3,457 1,513,399 Derivative assets: Call options on interest rate futures purchase contracts 2,906 — — 2,906 Put options on interest rate futures purchase contracts 8,130 — — 8,130 Forward purchase contracts — 418 — 418 Forward sale contracts — 43,435 — 43,435 MBS put options — 2,783 — 2,783 CRT derivatives — — 1,262 1,262 Interest rate lock commitments — — 3,877 3,877 Total derivative assets before netting 11,036 46,636 5,139 62,811 Netting — — — 22,129 Total derivative assets after netting 11,036 46,636 5,139 84,940 Mortgage servicing rights at fair value — — 4,012,737 4,012,737 $ 263,307 $ 7,830,404 $ 4,032,041 $ 12,147,881 Liabilities: Asset-backed financings at fair value $ — $ 1,414,955 $ — $ 1,414,955 Interest-only security payable at fair value — — 21,925 21,925 Derivative liabilities and credit risk transfer strips: Forward purchase contracts — 15,196 — 15,196 Forward sales contracts — 17,279 — 17,279 CRT derivatives — — 23,360 23,360 Interest rate lock commitments — — 4,355 4,355 Total derivative liabilities before netting — 32,475 27,715 60,190 Netting — — — ( 30,157 ) Total derivative liabilities after netting — 32,475 27,715 30,033 Credit risk transfer strips — — 137,193 137,193 Total derivative and credit risk transfer strip — 32,475 164,908 167,226 $ — $ 1,447,430 $ 186,833 $ 1,604,106 The following is a summary of changes in items measured at fair value on a recurring basis using Level 3 inputs that are significant to the estimation of the fair values of the assets and liabilities at either the beginning or end of the periods presented: Quarter ended June 30, 2023 Assets (1) Loans Loans at CRT Interest rate CRT Mortgage Total (in thousands) Balance, March 31, 2023 $ 10,109 $ 3,548 $ ( 13,860 ) $ 8,549 $ ( 113,065 ) $ 3,975,076 $ 3,870,357 Purchases and issuances 767 — — 3,756 — — 4,523 Repayments and sales ( 4,637 ) ( 4 ) ( 5,367 ) — ( 11,984 ) — ( 21,992 ) Amounts received pursuant to sales of loans — — — — — 90,747 90,747 Changes in fair value included in results of arising from: Changes in instrument - — — — — — — — Other factors 391 ( 879 ) 14,833 ( 14,355 ) 46,480 ( 87,997 ) ( 41,527 ) 391 ( 879 ) 14,833 ( 14,355 ) 46,480 ( 87,997 ) ( 41,527 ) Transfers of: Interest rate lock commitments to loans — — — 752 — — 752 Mortgage servicing rights relating to — — — — — 112 112 Balance, June 30, 2023 $ 6,630 $ 2,665 $ ( 4,394 ) $ ( 1,298 ) $ ( 78,569 ) $ 3,977,938 $ 3,902,972 Changes in fair value recognized during $ ( 193 ) $ ( 879 ) $ 9,410 $ ( 1,298 ) $ 34,496 $ ( 87,997 ) $ ( 46,461 ) (1) For the purpose of this table, CRT derivative, interest rate lock commitment (“IRLC”), and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended June 30, 2023 (in thousands) Interest-only security payable: Balance, March 31, 2023 $ 23,205 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — Other factors 855 855 Balance, June 30, 2023 $ 24,060 Changes in fair value recognized during the quarter relating $ 855 Quarter ended June 30, 2022 Assets (1) Loans Loans at CRT Interest CRT Mortgage Total (in thousands) Balance, March 31, 2022 $ 24,325 $ 3,949 $ ( 8,049 ) $ ( 23,465 ) $ ( 68,595 ) $ 3,391,172 $ 3,319,337 Purchases and issuances 27,457 — — ( 41,539 ) — — ( 14,082 ) Repayments and sales ( 29,642 ) 24 ( 8,879 ) — ( 16,078 ) — ( 54,575 ) Amounts received pursuant to sales of loans — — — — — 170,658 170,658 Changes in fair value included in results Changes in instrument - specific credit — — — — — — — Other factors ( 1,764 ) 6 ( 5,583 ) ( 60,671 ) ( 33,660 ) 133,779 32,107 ( 1,764 ) 6 ( 5,583 ) ( 60,671 ) ( 33,660 ) 133,779 32,107 Transfers of interest rate lock — — — 124,019 — — 124,019 Balance, June 30, 2022 $ 20,376 $ 3,979 $ ( 22,511 ) $ ( 1,656 ) $ ( 118,333 ) $ 3,695,609 $ 3,577,464 Changes in fair value recognized during $ ( 1,758 ) $ 67 $ ( 14,740 ) $ ( 1,656 ) $ ( 49,738 ) $ 133,779 $ 65,954 (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended June 30, 2022 (in thousands) Interest-only security payable: Balance, March 31, 2022 $ 16,373 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors 3,112 3,112 Balance, June 30, 2022 $ 19,485 Changes in fair value recognized during the quarter relating $ 3,112 Six months ended June 30, 2023 Assets (1) Loans Loans at CRT Interest rate CRT Mortgage Total (in thousands) Balance, December 31, 2022 $ 10,708 $ 3,457 $ ( 22,098 ) $ ( 478 ) $ ( 137,193 ) $ 4,012,737 $ 3,867,133 Purchases and issuances 4,262 119 — ( 3,931 ) — — 450 Repayments and sales ( 8,404 ) ( 24 ) ( 8,255 ) — ( 24,288 ) — ( 40,971 ) Amounts received pursuant to sales of loans — — — — — 191,365 191,365 Changes in fair value included in results of Changes in instrument - specific — — — — — — — Other factors 64 ( 427 ) 25,959 12,677 82,912 ( 225,441 ) ( 104,256 ) 64 ( 427 ) 25,959 12,677 82,912 ( 225,441 ) ( 104,256 ) Transfers of: Loans to REO — ( 460 ) — — — — ( 460 ) Interest rate lock commitments to loans — — — ( 9,566 ) — — ( 9,566 ) Mortgage servicing rights relating to — — — — — ( 723 ) ( 723 ) Balance, June 30, 2023 $ 6,630 $ 2,665 $ ( 4,394 ) $ ( 1,298 ) $ ( 78,569 ) $ 3,977,938 $ 3,902,972 Changes in fair value recognized during $ ( 176 ) $ ( 886 ) $ 17,506 $ ( 1,298 ) $ 58,624 $ ( 225,441 ) $ ( 151,671 ) (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Six months ended June 30, 2023 (in thousands) Interest-only security payable: Balance, December 31, 2022 $ 21,925 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — Other factors 2,135 2,135 Balance, June 30, 2023 $ 24,060 Changes in fair value recognized during the period relating $ 2,135 Six months ended June 30, 2022 Assets (1) Loans Loans at CRT Interest CRT strips Mortgage Total (in thousands) Balance, December 31, 2021 $ 30,129 $ 4,161 $ 18,964 $ 2,451 $ ( 26,837 ) $ 2,892,855 $ 2,921,723 Purchases and issuances 51,562 — — ( 69,683 ) — — ( 18,121 ) Repayments and sales ( 59,140 ) ( 630 ) ( 30,044 ) — ( 33,841 ) — ( 123,655 ) Amounts received pursuant to sales of loans — — — — — 365,254 365,254 Changes in fair value included in results Changes in instrument - specific credit — — — — — — — Other factors ( 2,175 ) 448 ( 11,431 ) ( 179,470 ) ( 57,655 ) 437,500 187,217 ( 2,175 ) 448 ( 11,431 ) ( 179,470 ) ( 57,655 ) 437,500 187,217 Transfers of interest rate lock — — — 245,046 — — 245,046 Balance, June 30, 2022 $ 20,376 $ 3,979 $ ( 22,511 ) $ ( 1,656 ) $ ( 118,333 ) $ 3,695,609 $ 3,577,464 Changes in fair value recognized during $ ( 2,014 ) $ 117 $ ( 41,789 ) $ ( 1,656 ) $ ( 91,496 ) $ 437,500 $ 300,662 (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Six months ended June 30, 2022 (in thousands) Interest-only security payable: Balance, December 31, 2021 $ 10,593 Changes in fair value included in results of operations arising from: Changes in instrument-specific credit risk — Other factors 8,892 8,892 Balance, June 30, 2022 $ 19,485 Changes in fair value recognized during the period relating $ 8,892 Financial Statement Items Measured at Fair Value under the Fair Value Option Following are the fair values and related principal amounts due upon maturity of loans accounted for under the fair value option: June 30, 2023 December 31, 2022 Fair value Principal Difference Fair value Principal Difference (in thousands) Loans acquired for sale at fair value: Current through 89 days delinquent $ 1,079,273 $ 1,068,648 $ 10,625 $ 1,819,551 $ 1,795,445 $ 24,106 90 or more days delinquent: Not in foreclosure 133 133 — 1,666 1,927 ( 261 ) In foreclosure 641 933 ( 292 ) 716 809 ( 93 ) 774 1,066 ( 292 ) 2,382 2,736 ( 354 ) $ 1,080,047 $ 1,069,714 $ 10,333 $ 1,821,933 $ 1,798,181 $ 23,752 Loans at fair value: Held in consolidated VIEs: Current through 89 days delinquent $ 1,453,694 $ 1,743,183 $ ( 289,489 ) $ 1,508,540 $ 1,788,911 $ ( 280,371 ) 90 or more days delinquent: Not in foreclosure 913 1,204 ( 291 ) 1,231 1,642 ( 411 ) In foreclosure — — — 171 226 ( 55 ) 913 1,204 ( 291 ) 1,402 1,868 ( 466 ) 1,454,607 1,744,387 ( 289,780 ) 1,509,942 1,790,779 ( 280,837 ) Distressed: Current through 89 days delinquent 835 1,042 ( 207 ) 498 682 ( 184 ) 90 or more days delinquent: Not in foreclosure 750 2,449 ( 1,699 ) 1,230 2,964 ( 1,734 ) In foreclosure 1,080 2,352 ( 1,272 ) 1,729 2,728 ( 999 ) 1,830 4,801 ( 2,971 ) 2,959 5,692 ( 2,733 ) 2,665 5,843 ( 3,178 ) 3,457 6,374 ( 2,917 ) $ 1,457,272 $ 1,750,230 $ ( 292,958 ) $ 1,513,399 $ 1,797,153 $ ( 283,754 ) Following are the changes in fair value included in current period results of operations by consolidated statement of operations line item for financial statement items accounted for under the fair value option: Quarter ended June 30, 2023 Net loan Net gains on loans acquired for sale Net (losses) gains on investments and financings Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ — $ ( 61,621 ) $ ( 264 ) $ ( 61,885 ) Loans acquired for sale at fair value — ( 9,424 ) — — ( 9,424 ) Loans at fair value — — ( 19,130 ) ( 1,185 ) ( 20,315 ) Credit risk transfer strips — — 46,480 — 46,480 MSRs at fair value ( 87,997 ) — — — ( 87,997 ) $ ( 87,997 ) $ ( 9,424 ) $ ( 34,271 ) $ ( 1,449 ) $ ( 133,141 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 855 ) $ — $ ( 855 ) Asset-backed financing of VIEs at fair value — — 17,794 76 17,870 $ — $ — $ 16,939 $ 76 $ 17,015 Quarter ended June 30, 2022 Net loan Net gains on loans acquired for sale Net (losses) gains on investments and financings Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ — $ ( 182,498 ) $ 14,663 $ ( 167,835 ) Loans acquired for sale at fair value — ( 153,111 ) — — ( 153,111 ) Loans at fair value — — ( 122,464 ) ( 128 ) ( 122,592 ) Credit risk transfer strips — — ( 33,660 ) — ( 33,660 ) MSRs at fair value 133,779 — — — 133,779 $ 133,779 $ ( 153,111 ) $ ( 338,622 ) $ 14,535 $ ( 343,419 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 3,112 ) $ — $ ( 3,112 ) Asset-backed financings at fair value — — 116,667 1,423 118,090 $ — $ — $ 113,555 $ 1,423 $ 114,978 Six months ended June 30, 2023 Net loan Net gains on loans acquired for sale Net (losses) gains on investments and financings Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ — $ 16,597 $ ( 2,220 ) $ 14,377 Loans acquired for sale at fair value — 5,891 — — 5,891 Loans at fair value — — ( 7,662 ) ( 1,059 ) ( 8,721 ) Credit risk transfer strips — — 82,912 — 82,912 MSRs at fair value ( 225,441 ) — — — ( 225,441 ) $ ( 225,441 ) $ 5,891 $ 91,847 $ ( 3,279 ) $ ( 130,982 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 2,135 ) $ — $ ( 2,135 ) Asset-backed financings at fair value — — 7,634 ( 466 ) 7,168 $ — $ — $ 5,499 $ ( 466 ) $ 5,033 Six months ended June 30, 2022 Net loan Net gains on loans acquired for sale Net (losses) gains on investments and financings Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ — $ ( 369,023 ) $ 13,252 $ ( 355,771 ) Loans acquired for sale at fair value — ( 380,377 ) — — ( 380,377 ) Loans at fair value — — ( 218,585 ) ( 1,077 ) ( 219,662 ) Credit risk transfer strips — — ( 57,655 ) — ( 57,655 ) MSRs at fair value 437,500 — — — 437,500 $ 437,500 $ ( 380,377 ) $ ( 645,263 ) $ 12,175 $ ( 575,965 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 8,892 ) $ — $ ( 8,892 ) Asset-backed financings at fair value — — 205,841 589 206,430 $ — $ — $ 196,949 $ 589 $ 197,538 Financial Statement Item Measured at Fair Value on a Nonrecurring Basis Following is a summary of the carrying value of assets that were remeasured during the period based on fair value on a nonrecurring basis: Real estate acquired in settlement of loans Level 1 Level 2 Level 3 Total (in thousands) June 30, 2023 $ — $ — $ 834 $ 834 December 31, 2022 $ — $ — $ 1,292 $ 1,292 The following table summarizes the fair value changes recognized during the periods on assets held at period end that were remeasured at fair value on a nonrecurring basis: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Real estate asset acquired in settlement of loans $ ( 124 ) $ ( 204 ) $ ( 62 ) $ ( 314 ) The Company remeasures its REO based on fair value when it evaluates the REO for impairment. The Company evaluates its REO for impairment with reference to the respective properties’ fair values less costs to sell. REO may be revalued after acquisition due to the Company receiving greater access to the property, the property being held for an extended period or receiving indications that the property’s fair value may not be supported by developing market conditions. Any subsequent change in fair value to a level that is less than or equal to the property’s cost is recognized in Results of real estate acquired in settlement of loans in the Company’s consolidated statements of operations. Fair Value of Financial Instruments Carried at Amortized Cost Most of the Company’s borrowings are carried at amortized cost. The Company’s Assets sold under agreements to repurchase , Mortgage loan participation purchase and sale agreements, Notes payable secured by credit risk transfer and mortgage servicing assets and Exchangeable senior notes are classified as “Level 3” fair value liabilities due to the Company’s reliance on unobservable inputs to estimate these instruments’ fair values. The Company has concluded that the fair values of these borrowings other than term notes and term loans included in Notes payable secured by credit risk transfer and mortgage servicing assets and Exchangeable senior notes approximate the agreements’ carrying values due to the borrowing agreements’ variable interest rates and short maturities. The Company estimates the fair value of the term notes and term loans included in Notes payable secured by credit risk transfer and mortgage servicing assets and Exchangeable senior notes using indications of fair value provided by nonaffiliate brokers for the term notes and Exchangeable senior notes and internal estimates of fair value for the term loans. The fair value and carrying value of these liabilities are summarized below: June 30, 2023 December 31, 2022 Instrument Carrying value Fair value Carrying value Fair value (in thousands) Notes payable secured by credit risk transfer $ 3,158,407 $ 3,125,771 $ 2,804,028 $ 2,721,391 Exchangeable senior notes $ 547,767 $ 493,785 $ 546,254 $ 471,781 Valuation Governance Most of the Company’s assets, its Asset-backed financings at fair value, Interest-only security payable at fair value and Derivative and credit risk transfer strip liabilities at fair value are carried at fair value with changes in fair value recognized in current period results of operations. A substantial portion of these items are “Level 3” fair value assets and liabilities which require the use of unobservable inputs that are significant to the estimation of the fair values of the assets and liabilities. Unobservable inputs reflect the Company’s own judgments about the factors that market participants use in pricing an asset or liability and are based on the best information available under the circumstances. Due to the difficulty in estimating the fair values of “Level 3” fair value assets and liabilities, the Company has assigned responsibility for estimating the fair value 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 PFSI’s senior management valuation committee, which oversees the valuations. The Capital Markets valuation staff monitors the models used for valuation of the Company’s “Level 3” fair value assets and liabilities other than IRLCs, including the models’ performance versus actual results, and reports those results to PFSI’s senior management valuation committee. PFSI’s senior management valuation committee includes the Company’s chief financial, risk, credit, and capital markets officers as well as other senior members of the Company’s finance, capital markets and risk management staffs. The Capital Markets valuation staff is responsible for reporting to PFSI’s senior management valuation committee on the changes in the valuation of the non-IRLC “Level 3” fair value assets and liabilities, including major factors affecting the valuation and any changes in model methods and inputs. To assess the reasonableness of its valuations, the Capital Markets valuation staff presents an analysis of the effect on the valuation of changes to the significant inputs to the models and, for MSRs, comparisons of its estimates of fair value and of key inputs to those procured from nonaffiliate 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 The following is a description of the techniques and inputs used in estimating the fair values of “Level 2” and “Level 3” fair value assets and liabilities: Mortgage-Backed Securities The Company categorizes its current holdings of securities accounted for as MBS as “Level 2” fair value assets. Fair value of these MBS is established based on quoted market prices for the Company’s MBS holdings or similar securities. Changes in the fair value of MBS are included in Net (losses) gains on investments and financings in the consolidated statements of operations. Loans Fair value of loans is estimated based on whether the loans are saleable into active markets: • Loans that are saleable into active markets, comprised of most of the Company’s loans acquired for sale at fair value and all of the loans at fair value held in VIEs, are categorized as “Level 2” fair value assets: • For loans acquired for sale, the fair values are established using the loans’ contracted selling price or quoted market price or market price equivalent. • For the loans at fair value held in VIEs, the quoted indications of fair value of all of the individual securities issued by the securitization trusts are used to derive fair values for the loans. The Company obtains indications of fair value from nonaffiliate brokers based on comparable securities and validates the brokers’ indications of fair value using pricing models and inputs the Company believes are similar to the models and inputs used by other market participants. The Company adjusts the fair values received from brokers to include the fair value of MSRs attributable to the loans included in the VIEs. • Loans that are not saleable into active markets, comprised of previously sold loans that the Company repurchased pursuant to the representation and warranties it provided to the purchaser and distressed loans, are categorized as “Level 3” fair value assets: • Fair value for loans acquired for sale categorized as “Level 3” assets is estimated using a discounted cash flow approach or their contracted selling price when applicable. Inputs to the discounted cash flow model include current interest rates, payment status, property types, discount rates and forecasts of future interest rates, home prices, prepayment speeds, default speeds and loss severities. • Distressed loans’ fair values are estimated based on the expected resolution from the individual asset’s disposition strategy. When a cash flow projection is used to estimate the fair value, those cash flows are discounted at annual rates up to 20 %. Derivative and Credit Risk Transfer Strip Assets and Liabilities CRT Derivatives The Company categorizes CRT derivatives as “Level 3” fair value assets and liabilities. The fair value of CRT derivatives is based on indications of fair value provided to the Company by nonaffiliate brokers for the certificates representing the beneficial interests in the trusts holding the Deposits securing credit risk transfer arrangements pledged to creditors , the recourse obligations and the IO ownership interests. Together, the recourse obligation and the IO ownership interest comprise the CRT derivative. Fair value of the CRT derivatives is derived by deducting the balance of the Deposits securing credit risk transfer arrangements pledged to creditors from the fair value of the certificates. The Company assesses the fair values it receives from nonaffiliate brokers using the discounted cash flow approach. The significant unobservable inputs used by the Company in its review and approval of the valuation of CRT derivatives are the discount rate, voluntary and involuntary prepayment speeds and the remaining loss expectations of the reference loans. Changes in fair value of CRT derivatives are included in Net (losses) gains on investments and financings in the consolidated statements of operations. Following is a quantitative summary of key unobservable inputs used in the Company’s review and approval of broker-provided fair values for CRT derivatives: June 30, 2023 December 31, 2022 (dollars in thousands) Fair value CRT derivatives: Assets $ 4,602 $ 1,262 Liabilities $ 8,996 $ 23,360 UPB of loans in reference pools $ 5,692,701 $ 5,972,060 Key inputs (1) Discount rate Range 8.8 % – 11.0 % 8.7 % – 11.1 % Weighted average 10.7 % 10.8 % Voluntary prepayment speed (2) Range 6.8 % – 7.5 % 7.5 % – 8.3 % Weighted average 7.3 % 7.6 % Involuntary prepayment speed (3) Range 0.2 % – 1.0 % 0.5 % – 1.3 % Weighted average 0.4 % 0.6 % Remaining loss expectation Range 0.3 % – 0.5 % 0.4 % – 0.7 % Weighted average 0.4 % 0.6 % (1) Weighted average inputs are based on fair value amounts of the CRT Agreements, except for remaining loss expectation which is based on the UPB of the loans in the reference pools. (2) Voluntary prepayment speed is measured using Life Voluntary Conditional Prepayment Rate (“CPR”). (3) Involuntary prepayment speed is measured using Life Involuntary CPR. Interest Rate Lock Commitments The Company categorizes IRLCs as “Level 3” fair value assets and liabilities. The Company estimates the fair value of IRLCs based on quoted Agency MBS prices, the probability that the loans will be purchased under the commitments (the “pull-through rate”) and the Company’s estimate of the fair value of the MSRs it expects to receive upon sale of the loans. The significant unobservable inputs used in the fair value measurement of the Company’s IRLCs are the pull-through rates and the estimated MSRs attributed to the mortgage loans subject to the commitments. Significant changes in the pull-through rate or the MSR component of the IRLCs, in isolation, may result in a significant change in the IRLCs’ fair value. The financial effects of changes in these inputs are generally inversely correlated as increasing interest rates have a positive effect on the fair value of the MSR component of an IRLC’s fair value, but also increase the pull-through rate for the loan principal and interest payment cash flow component that has decreased in fair value. Changes in fair value of IRLCs are included in Net gains on loans acquired for sale in the consolidated statements of operations. Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs: June 30, 2023 December 31, 2022 Fair value (in thousands) (1) $ ( 1,298 ) $ ( 478 ) Committed amount (in thousands) $ 1,394,702 $ 1,484,384 Key inputs (2) Pull-through rate Range 53.1 % – 100 % 54.8 % – 100 % Weighted average 82.1 % 92.1 % MSR fair value expressed as Servicing fee multiple Range 2.6 – 6.9 1.9 – 7.1 Weighted average 4.5 4.7 Percentage of UPB Range 0.7 % – 2.8 % 0.7 % – 3.1 % Weighted average 1.8 % 1.9 % (1) For purposes of this table, IRLC asset and liability positions are shown net. (2) Weighted-average inputs are based on the committed amounts. Hedging Derivatives Fair value of derivative financial instruments actively traded on exchanges are categorized by the Company as “Level 1” fair value assets and liabilities. Fair values of derivative financial instruments based on observable interest rates, volatilities and prices in the MBS or other markets are categorized by the Company as “Level 2” fair value assets and liabilities. Changes in the fair value of hedging derivatives are included in Net loan servicing fees – from nonaffiliates – Mortgage servicing rights hedging results, Net gains on loans acquired for sale or Net (losses) gains on investments and financings, as applicable, in the consolidated statements of operations. Credit Risk Transfer Strips The Company categorizes CRT strips as “Level 3” fair value assets or liabilities. The fair value of CRT strips is based on indications of fair value provided to the Company by nonaffiliate brokers for the securities representing the beneficial interests in the trusts holding the Deposits securing credit risk transfer arrangements pledged to creditors, the IO ownership interest and recourse obligation. Together, the IO ownership interest and the recourse obligation comprise the CRT strip. Fair value of the CRT strips is derived by deducting the balance of the Deposits securing credit risk transfer arrangements pledged to creditors from the fair value of the securities derived from indications provided by the nonaffiliate brokers. Through December 31, 2021, the Company applied adjustments to the fair value derived from these indications to account for contractual restrictions limiting PMT’s ability to sell certain of the certificates. During the quarter ended March 31, 2022, the contractual restrictions on the Company’s ability to sell the certificates were removed. The Company recognized the effect of the removal of this restriction in Net (losses) gains on investments and financings during the quarter ended March 31, 2022. The Company assesses the indications of fair value it receives from nonaffiliate brokers using the discounted cash flow approach. The significant unobservable inputs used by the Company in its review and approval of the valuation of the CRT strips are the discount rate, voluntary and involuntary prepayment speeds and the remaining loss expectations of the reference loans. Changes in fair value of CRT strips are included

Mortgage-Backed Securities

Mortgage-Backed Securities	6 Months Ended
	Jun. 30, 2023
Mortgage Backed Securities [Abstract]
Mortgage-Backed Securities	Note 8— Mortgage-Backed Securities Following is a summary of activity in the Company’s investment in MBS: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Balance at beginning of period $ 4,629,004 $ 3,070,330 $ 4,462,601 $ 2,666,768 Purchases 259,725 2,099,102 3,044,317 2,760,876 Sales — ( 1,079,826 ) ( 2,629,540 ) ( 1,079,826 ) Repayments ( 95,504 ) ( 68,695 ) ( 160,414 ) ( 138,971 ) Changes in fair value included in income arising from: Accrual (amortization) of net purchase premiums ( 263 ) 14,663 ( 2,220 ) 13,252 Valuation adjustments ( 61,621 ) ( 182,498 ) 16,597 ( 369,023 ) ( 61,884 ) ( 167,835 ) 14,377 ( 355,771 ) Balance at end of period $ 4,731,341 $ 3,853,076 $ 4,731,341 $ 3,853,076 Following is a summary of the Company’s investment in MBS: June 30, 2023 Security type (1) Principal Unamortized Cumulative Fair value (1) (in thousands) Agency fixed-rate pass-through securities $ 4,491,288 $ ( 72 ) $ ( 81,635 ) $ 4,409,581 Subordinate credit-linked securities 254,113 ( 4,946 ) 10,296 259,463 Senior non-Agency securities 70,383 ( 2,610 ) ( 5,476 ) 62,297 $ 4,815,784 $ ( 7,628 ) $ ( 76,815 ) $ 4,731,341 December 31, 2022 Security type (1) Principal Unamortized Cumulative Fair value (1) (in thousands) Agency fixed-rate pass-through securities $ 4,693,045 $ 30,423 $ ( 460,966 ) $ 4,262,502 Subordinate credit-linked securities 184,620 52 ( 6,774 ) 177,898 Senior non-Agency securities 28,103 ( 876 ) ( 5,026 ) 22,201 $ 4,905,768 $ 29,599 $ ( 472,766 ) $ 4,462,601 (1) All MBS have maturities of more than ten years a nd are pledged to secure Assets sold under agreements to repurchase .

Loans Acquired for Sale at Fair

Loans Acquired for Sale at Fair Value	6 Months Ended
	Jun. 30, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Loans Acquired for Sale at Fair Value	Note 9—Loans Acquired for Sale at Fair Value Following is a summary of the distribution of the Company’s loans acquired for sale at fair value: Loan type June 30, 2023 December 31, 2022 (in thousands) GSE eligible — held for sale to nonaffiliates (1) $ 823,676 $ 1,651,554 Held for sale to PLS (2) 249,741 159,671 Home equity lines of credit 2,103 2,424 Repurchased pursuant to representations and warranties 4,527 8,284 $ 1,080,047 $ 1,821,933 Loans pledged to secure: Assets sold under agreements to repurchase $ 1,025,283 $ 1,801,368 Mortgage loan participation purchase and sale agreements 36,267 — $ 1,061,550 $ 1,801,368 (1) GSE eligibility refers to the eligibility of loans for sale to Fannie Mae or Freddie Mac. The Company sells or finances a portion of its GSE eligible loan production to other investors, including PLS. (2) The Company sells a portion of its production to PLS, including all of its loans eligible for inclusion in Ginnie Mae securities. The Company is not approved by Ginnie Mae as an issuer of Ginnie Mae-guaranteed securities which are backed by government-insured or guaranteed loans. The Company earns a sourcing fee for all loans that it purchases from correspondent sellers and subsequently sells to PLS as described in Note 4 – Transactions with Related Parties – Operating activities – Correspondent Production Activities .

Loans at Fair Value

Loans at Fair Value	6 Months Ended
	Jun. 30, 2023
Mortgage Loans At Fair Value [Abstract]
Loans at Fair Value	Note 10—Loans at Fair Value Loans at fair value are comprised primarily of loans held in VIEs securing asset-backed financings as described in Note 6 – Variable Interest Entities – Subordinate Mortgage-Backed Securities . Following is a summary of the distribution of the Company’s loans at fair value: Loan type June 30, 2023 December 31, 2022 (in thousands) Loans in VIEs: Agency-conforming loans secured by investment properties $ 1,405,843 $ 1,459,160 Fixed interest rate jumbo loans 48,764 50,782 1,454,607 1,509,942 Distressed loans 2,665 3,457 $ 1,457,272 $ 1,513,399 Loans at fair value pledged to secure: Asset-backed financings at fair value (1) $ 1,454,607 $ 1,509,942 Assets sold under agreements to repurchase 191 206 $ 1,454,798 $ 1,510,148 (1) As discussed in Note 6 ‒ Variable Interest Entities ‒ Subordinate Mortgage-Backed Securities , the Company holds a portion of the securities issued by the VIEs. At June 30, 2023 and December 31, 2022, $ 82.9 million and $ 84.0 million, respectively, of such retained securities were pledged to secure Assets sold under agreements to repurchase .

Derivative and Credit Risk Tran

Derivative and Credit Risk Transfer Strip Assets and Liabilities	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative and Credit Risk Transfer Strip Assets and Liabilities	Note 11—Derivative and Credit Risk Transfer Strip Assets and Liabilities Derivative and credit risk transfer assets and liabilities are summarized below: June 30, 2023 December 31, 2022 (in thousands) Derivative assets $ 29,012 $ 84,940 $ 29,012 $ 84,940 Derivative liabilities $ 19,469 $ 30,033 Credit risk transfer strip liabilities 78,569 137,193 $ 98,038 $ 167,226 The Company records all derivative and CRT strip assets and liabilities at fair value and records changes in fair value in current period results of operations. Derivative Activities The Company holds and issues derivative financial instruments in connection with its operating, investing and financing activities. Derivative financial instruments are created as a result of certain of the Company’s operations and the Company also enters into derivative transactions as part of its interest rate risk management activities. Derivative financial instruments created as a result of the Company’s operations include: • IRLCs that are created when the Company commits to purchase loans acquired for sale; and • CRT Agreements whereby the Company retained a recourse obligation relating to certain loans it sold into Fannie Mae guaranteed securitizations as part of the retention of IO ownership interests in such loans. The Company engages in interest rate risk management activities in an effort to reduce the variability of earnings caused by the effects of changes in interest rates on the fair value of certain of its assets and liabilities. The Company bears price risk related to its mortgage production, servicing assets and MBS financing activities due to changes in market interest rates as discussed below: • The Company is exposed to losses if market mortgage interest rates increase, because market interest rate increases generally cause the fair value of MBS, IRLCs and loans acquired for sale to decrease. • The Company is exposed to losses if market mortgage interest rates decrease, because market interest rate decreases generally cause the fair value of MSRs to decrease. To manage the price risk resulting from these interest rate risks, the Company uses derivative financial instruments with the intention of moderating the risk that changes in market interest rates will result in unfavorable changes in the fair value of the Company’s MBS, inventory of loans acquired for sale, IRLCs and MSRs. The Company records all derivative and CRT strip assets and liabilities at fair value and records changes in fair value in current period results of operations. The Company does not designate and qualify any of its derivative financial instruments for hedge accounting. Cash flows from derivative financial instruments relating to hedging of IRLCs and loans acquired for sale are included in Cash flows from operating activities in Sale to nonaffiliates and repayment of loans acquired for sale at fair value. Cash flows from derivative financial instruments relating to hedging of MSRs are included in Cash flows from investing activities . Derivative Notional Amounts and Fair Value of Derivatives The Company had the following derivative assets and liabilities recorded within Derivative assets and Derivative and credit risk transfer liabilities and related margin deposits recorded in Other assets on the consolidated balance sheets: June 30, 2023 December 31, 2022 Fair value Fair value Notional Derivative Derivative Notional Derivative Derivative Instrument amount (1) assets liabilities amount (1) assets liabilities (in thousands) Hedging derivatives subject to master netting Call options on interest rate futures purchase 525,000 $ 961 $ — 1,950,000 $ 2,906 $ — Put options on interest rate futures purchase 2,370,000 15,070 — 1,785,000 8,130 — Forward purchase contracts 4,979,858 144 15,303 3,929,833 418 15,196 Forward sale contracts 9,122,266 35,552 816 11,661,925 43,435 17,279 MBS put options 350,000 1,841 — 1,050,000 2,783 — Bond futures 3,584,100 — — 867,900 — — Other derivatives not subject to master netting CRT derivatives 5,692,701 4,602 8,996 5,972,060 1,262 23,360 Interest rate lock commitments 1,394,702 1,560 2,858 1,484,384 3,877 4,355 Total derivative instruments before netting 59,730 27,973 62,811 60,190 Netting ( 30,718 ) ( 8,504 ) 22,129 ( 30,157 ) $ 29,012 $ 19,469 $ 84,940 $ 30,033 Margin deposits (received from) placed $ ( 22,213 ) $ 52,286 Derivative assets pledged to secure: Notes payable secured by credit risk transfer $ 4,602 $ 1,262 (1) Notional amounts provide an indication of the volume of the Company’s derivative activity. (2) All hedging derivatives are interest rate derivatives that are used as economic hedges. Netting of Financial Instruments The Company has elected to net derivative asset and liability positions, and cash collateral placed with or received from its counterparties when such positions are subject to a legally enforceable master netting arrangement and the Company intends to set off. The derivative financial instruments that are not subject to master netting arrangements are CRT derivatives and IRLCs. As of June 30, 2023 and December 31, 2022, the Company was not a party to any reverse repurchase agreements or securities lending transactions that are required to be disclosed in the following tables. Derivative Assets, Financial Instruments and Collateral Held by Counterparty The following table summarizes by significant counterparty the amount of derivative asset positions after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance qualifying for setoff accounting. June 30, 2023 December 31, 2022 Net amount Gross amounts Net amount Gross amounts of assets not offset in the of assets not offset in the presented consolidated presented consolidated in the balance sheet in the balance sheet consolidated Cash consolidated Cash balance Financial collateral Net balance Financial collateral Net sheet instruments received amount sheet instruments received amount (in thousands) CRT derivatives $ 4,602 $ — $ — $ 4,602 $ 1,262 $ — $ — $ 1,262 Interest rate lock commitments 1,560 — — 1,560 3,877 — — 3,877 RJ O’Brien & Associates, LLC 16,030 — — 16,030 11,036 — — 11,036 Bank of America, N.A. 3,118 — — 3,118 14,666 — — 14,666 Citigroup Global Markets Inc. 1,573 — — 1,573 — — — — Wells Fargo Securities, LLC 1,105 — — 1,105 6,980 — — 6,980 Morgan Stanley & Co. LLC — — — — 33,703 — — 33,703 Goldman Sachs & Co. LLC — — — — 2,789 — — 2,789 Credit Suisse Securities (USA) LLC — — — — 5,827 — — 5,827 Barclays Capital Inc. — — — — 2,013 — — 2,013 J.P. Morgan Securities LLC — — — — 110 — — 110 Other 1,024 — — 1,024 2,677 — — 2,677 $ 29,012 $ — $ — $ 29,012 $ 84,940 $ — $ — $ 84,940 Derivative Liabilities, Financial Liabilities and Collateral Pledged 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 represent sufficient collateral or exceed the liability amount recorded on the consolidated balance sheet. June 30, 2023 December 31, 2022 Net amount Gross amounts Net amount Gross amounts of liabilities not offset in the of liabilities not offset in the presented consolidated presented consolidated in the balance sheet in the balance sheet consolidated Financial Cash consolidated Financial Cash balance instruments collateral Net balance instruments collateral Net sheet (1) pledged amount sheet (1) pledged amount (in thousands) CRT derivatives $ 8,996 $ — $ — $ 8,996 $ 23,360 $ — $ — $ 23,360 Interest rate lock commitments 2,858 — — 2,858 4,355 — — 4,355 J.P. Morgan Securities LLC 1,624,718 ( 1,624,336 ) — 382 1,605,813 ( 1,605,813 ) — — Barclays Capital Inc. 887,105 ( 886,723 ) — 382 1,115,265 ( 1,115,265 ) — — Bank of America, N.A. 830,555 ( 830,555 ) — — 1,239,293 ( 1,239,293 ) — — Wells Fargo Securities, LLC 697,073 ( 697,073 ) — — 262,512 ( 262,512 ) — — Atlas Securitized Products, L.P. 607,337 ( 607,337 ) — — — — — — Daiwa Capital Markets 367,289 ( 367,289 ) — — 439,089 ( 439,089 ) — — Amherst Pierpont Securities LLC 259,517 ( 259,517 ) — — 283,928 ( 283,294 ) — 634 RBC Capital Markets, L.P. 218,687 ( 218,687 ) — — 268,581 ( 268,581 ) — — Citigroup Global Markets Inc. 136,560 ( 136,560 ) — — 197,229 ( 195,807 ) — 1,422 Goldman Sachs & Co. LLC 81,925 ( 81,925 ) — — 156,952 ( 156,952 ) — — Mizuho Financial Group 77,081 ( 76,791 ) — 290 — — — — Morgan Stanley & Co. LLC 83,498 ( 77,814 ) — 5,684 218,730 ( 218,730 ) — — BNP Paribas 44,031 ( 44,031 ) — — 153,220 ( 153,220 ) — — Nomura Holdings America, Inc 7,572 ( 7,572 ) — — 4,444 ( 4,444 ) — — Credit Suisse Securities (USA) LLC — — — — 675,639 ( 675,639 ) — — Other 877 — — 877 262 — — 262 $ 5,935,679 $ ( 5,916,210 ) $ — $ 19,469 $ 6,648,672 $ ( 6,618,639 ) $ — $ 30,033 (1) Amounts represent the UPB of Assets sold under agreements to repurchase . Following are the net gains (losses) recognized by the Company on derivative financial instruments and the consolidated statements of operations line items where such gains and losses are included: Quarter ended June 30, Six months ended June 30, Derivative activity Consolidated statements of operations line 2023 2022 2023 2022 (in thousands) Interest rate lock commitments Net gains on loans acquired for sale (1) $ ( 9,847 ) $ 21,809 $ ( 820 ) $ ( 4,107 ) CRT derivatives Net (losses) gains on investments and $ 14,833 $ ( 5,583 ) $ 25,959 $ ( 11,431 ) Hedged item: Interest rate lock Net gains on loans acquired for sale $ 19,394 $ 135,719 $ ( 1,350 ) $ 387,618 Mortgage servicing rights Net loan servicing fees $ 23,996 $ ( 78,118 ) $ ( 30,895 ) $ ( 241,920 ) (1) Represents net change in fair value of IRLCs from the beginning to the end of the reporting period. Amounts recognized at the date of commitment and fair value changes recognized during the period until purchase of the underlying loan or cancellation of the commitment are shown in the rollforward of IRLCs for the period in Note 7 – Fair Value – Financial Statement Items Measured at Fair Value on a Recurring Basis .

Mortgage Servicing Rights

Mortgage Servicing Rights	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Mortgage Servicing Rights	Note 12—Mortgage Servicing Rights Following is a summary of MSRs: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Balance at beginning of period $ 3,975,076 $ 3,391,172 $ 4,012,737 $ 2,892,855 MSRs resulting from loan sales 90,747 170,658 191,365 365,254 Transfer to Agency of mortgage servicing 112 — ( 723 ) — Changes in fair value: Due to changes in inputs used in valuation 15,046 220,422 ( 30,725 ) 613,062 Other changes in fair value (2) ( 103,043 ) ( 86,643 ) ( 194,716 ) ( 175,562 ) ( 87,997 ) 133,779 ( 225,441 ) 437,500 Balance at end of period $ 3,977,938 $ 3,695,609 $ 3,977,938 $ 3,695,609 June 30, 2023 December 31, 2022 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets and Notes payable $ 3,929,319 $ 3,962,820 (1) Primarily reflects changes in pricing spread, prepayment speed, servicing cost, and UPB of underlying loan inputs. (2) Represents changes due to realization of expected cash flows. Servicing fees relating to MSRs are recorded in Net loan servicing fees – from nonaffiliates on the Company’s consolidated statements of operations and are summarized below: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Contractually-specified servicing fees $ 165,499 $ 151,149 $ 329,713 $ 298,034 Ancillary and other fees: Late charges 805 609 1,564 1,221 Other 6,021 6,570 9,205 15,072 6,826 7,179 10,769 16,293 $ 172,325 $ 158,328 $ 340,482 $ 314,327 Average MSR servicing portfolio $ 232,008,151 $ 220,402,133 $ 231,381,212 $ 219,051,445 From PFSI—MSR recapture fees $ 509 $ 3,324 $ 994 $ 11,584 UPB of loans recaptured $ 98,126 $ 580,656 $ 193,317 $ 2,161,461

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2023
Other Assets [Abstract]
Other Assets	Note 13— Other Assets Other assets are summarized below: June 30, 2023 December 31, 2022 (dollars in thousands) Derivative margin deposits $ 156,895 $ 51,463 Interest receivable 40,055 31,027 Servicing fees receivable 13,080 15,727 Correspondent lending receivables 6,021 8,967 Other receivables 8,947 7,657 Real estate acquired in settlement of loans 6,371 7,734 Other 6,976 12,416 $ 238,345 $ 134,991 Real estate acquired in settlement of loans pledge to secure Assets sold under agreements to repurchase $ 2,866 $ 3,297

Short-Term Debt

Short-Term Debt	6 Months Ended
	Jun. 30, 2023
Short-Term Debt [Abstract]
Short-Term Debt	Note 14— Short-Term Debt The borrowing facilities described throughout these Notes 14 and 15 contain various covenants, including financial covenants governing the Company and its subsidiaries’ net worth, debt-to-equity ratio, and liquidity. Management believes that the Company was in compliance with these covenants as of June 30, 2023. Assets Sold Under Agreements to Repurchase Following is a summary of financial information relating to assets sold under agreements to repurchase: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (dollars in thousands) Weighted average interest rate (1) 5.95 % 1.75 % 5.74 .% 1.42 % Average balance $ 6,414,368 $ 5,293,064 $ 6,826,134 $ 5,147,290 Total interest expense $ 96,346 $ 25,048 $ 196,613 $ 40,619 Maximum daily amount outstanding $ 8,499,053 $ 6,543,551 $ 9,330,819 $ 8,187,913 (1) Excludes the effect of amortization of debt issuance costs of $ 1.2 million and $ 2.4 million for the quarter and six months ended June 30, 2023, respectively, and $ 1.9 million and $ 4.4 million for the quarter and six months ended June 30, 2022, respectively. June 30, 2023 December 31, 2022 (dollars in thousands) Carrying value: Unpaid principal balance $ 5,916,210 $ 6,618,639 Unamortized debt issuance costs ( 1,585 ) ( 2,111 ) $ 5,914,625 $ 6,616,528 Weighted average interest rate 5.87 % 5.03 % Available borrowing capacity (1): Committed $ 373,251 $ 217,279 Uncommitted 5,270,676 4,762,056 $ 5,643,927 $ 4,979,335 Margin deposits placed with (received from) counterparties included in Other assets ( Accounts payable and accrued liabilities ), net $ 84,660 $ ( 13,630 ) Assets securing agreements to repurchase: Mortgage-backed securities $ 4,731,341 $ 4,462,601 Loans acquired for sale at fair value $ 1,025,283 $ 1,801,368 Loans at fair value: Securities retained in asset-backed financings $ 82,918 $ 84,044 Distressed $ 191 $ 206 Deposits securing credit risk transfer arrangements $ 81,984 $ 455,552 Mortgage servicing rights (2) $ 2,003,890 $ 2,092,794 Servicing advances $ 55,185 $ 100,888 Real estate acquired in settlement of loans $ 2,866 $ 3,297 (1) The amount the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. (2) Beneficial interests in Fannie Mae MSRs are pledged to secure both Assets sold under agreements to repurchase and Notes payable secured by credit risk transfer and mortgage servicing assets . Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date: Remaining maturity at June 30, 2023 (1) Unpaid (in thousands) Within 30 days $ 32,146 Over 30 to 90 days 5,381,460 Over 90 days to 180 days 218,686 Over 180 days to 1 year — Over 1 year to 2 years 283,918 $ 5,916,210 Weighted average maturity (in months) 2.8 (1) The Company is subject to margin calls during the period the repurchase agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective repurchase agreements mature if the fair value (as determined by the applicable lender) of the assets securing those repurchase agreements decreases. The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and interest payable) and maturity information relating to the Company’s assets sold under agreements to repurchase is summarized by pledged asset and counterparty below as of June 30, 2023: Loans, REO and MSRs Weighted-average maturity Counterparty Amount at risk Advances Facility (in thousands) Barclays Capital Inc. $ 3,484 September 8, 2023 November 13, 2024 Goldman Sachs & Co. LLC $ 22,375 September 9, 2023 December 23, 2023 Atlas Securitized Products, L.P. $ 55,203 September 21, 2023 June 27, 2025 Bank of America, N.A. $ 15,608 August 5, 2023 June 12, 2025 Citibank, N.A. $ 9,126 August 19, 2023 June 27, 2025 Wells Fargo Securities, LLC $ 6,040 September 7, 2023 May 3, 2025 RBC Capital Markets, L.P. $ 7,388 October 15, 2023 May 10, 2024 Morgan Stanley & Co. LLC $ 3,258 September 15, 2023 January 27, 2025 BNP Paribas Corporate & Institutional Banking $ 1,407 September 4, 2023 November 30, 2024 Securities Counterparty Amount at risk Weighted average maturity (in thousands) Barclays Capital Inc. $ 57,676 August 16, 2023 Bank of America, N.A. $ 37,518 August 11, 2023 Citibank, N.A. $ 38,602 August 5, 2023 JPMorgan Chase & Co. $ 45,064 August 16, 2023 Wells Fargo Securities, LLC $ 21,279 August 10, 2023 Daiwa Capital Markets America Inc. $ 9,768 August 25, 2023 Amherst Pierpont Securities LLC $ 7,051 August 17, 2023 Nomura Holdings America, Inc $ 3,336 July 16, 2023 Mizuho Financial Group $ 1,706 August 22, 2023 CRT arrangements Counterparty Amount at risk Weighted average maturity (in thousands) Goldman Sachs & Co. LLC $ 36,391 August 4, 2023 Mortgage Loan Participation Purchase and Sale Agreement One of the borrowing facilities secured by loans acquired for sale is in the form of a mortgage loan participation purchase and sale agreement. Participation certificates, each of which represents an undivided beneficial ownership interest in a pool of loans that have been pooled with Fannie Mae or Freddie Mac, are sold to the lender pending the securitization of such loans and the sale of the resulting security. The commitment between the Company and a nonaffiliate to sell such security is also assigned to the lender at the time a participation certificate is sold. The purchase price paid by the lender for each participation certificate is based on the trade price of the security, plus an amount of interest expected to accrue on the security to its anticipated delivery date, minus a present value adjustment, any related hedging costs and a holdback amount. The holdback amount is based on a percentage of the purchase price and is not required to be paid to the Company until the settlement of the security and its delivery to the lender. The mortgage loan participation purchase and sale agreement is summarized below: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (dollars in thousands) Average balance $ 23,767 $ 33,908 $ 20,456 $ 34,854 Weighted average interest rate (1) 6.44 % 2.38 % 6.34 % 2.00 % Total interest expense $ 413 $ 232 $ 706 $ 408 Maximum daily amount outstanding $ 90,565 $ 81,360 $ 90,565 $ 88,633 (1) Excludes the effect of amortization of debt issuance costs of $ 31,000 and $ 63,000 for the quarter and six months ended June 30, 2023 , respectively, and $ 31,000 and $ 63,000 for the quarter and six months ended June 30, 2022, respectively. June 30, 2023 December 31, 2022 (dollars in thousands) Carrying value: Amount outstanding $ 34,787 $ — Unamortized debt issuance costs — — $ 34,787 $ — Weighted average interest rate 6.39 % — Loans acquired for sale pledged to secure mortgage loan participation $ 36,267 $ —

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Note 15— Long-Term Debt Notes Payable Secured By Credit Risk Transfer and Mortgage Servicing Assets CRT Arrangement Financing The Company, through various wholly-owned subsidiaries, issued secured term notes (the “CRT Term Notes”) to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). All of the CRT Term Notes rank pari passu with each other. Following is a summary of the CRT Term Notes outstanding: Unpaid Annual Maturity date Term Issuance date Issuance amount principal interest rate spread (1) Stated Optional extension (2) (in thousands) 2023 1R April 5, 2023 $ 235,000 $ 228,111 4.40 % March 25, 2025 — 2021 1R March 4, 2021 $ 659,156 284,986 2.90 % February 28, 2024 February 27, 2026 2020 1R February 14, 2020 $ 350,000 54,703 3.35 % February 27, 2025 (3) 2019 3R October 16, 2019 $ 375,000 51,308 3.70 % October 29, 2024 (3) 2019 2R June 11, 2019 $ 638,000 171,842 3.75 % May 29, 2025 (3) $ 790,950 (1) Interest rates for the CRT Term Notes are charged based on the Secured Overnight Financing Rate ("SOFR"). (2) The indentures relating to these issuances provide the Company with the option to extend the maturity dates of certain of the CRT Term Notes under the conditions specified in the respective agreements. (3) Stated maturity date reflects the exercise by the Company of its option to extend the maturity of this issuance. Fannie Mae MSR Financing The Company, through a subsidiary, PMT ISSUER TRUST-FMSR, finances MSRs and ESS pledged or sold by PMC through a combination of repurchase agreements and term financing. The repurchase agreement financing for Fannie Mae MSRs is effected through the issuance of a Series 2017-VF1 Note dated December 20, 2017 (the "FMSR VFN") by PMT ISSUER TRUST-FMSR to PMC which is then sold to qualified institutional buyers under an agreement to repurchase. The amount outstanding under the FMSR VFN is included in Assets sold under agreements to repurchase in the Company’s consolidated balance sheets. The FMSR VFN has a committed borrowing capacity of $ 700 million and matures on May 31, 2024 . The Company’s term financing for Fannie Mae MSRs through PMT ISSUER TRUST – FMSR is effected through the issuance of term notes (the “FT-1 Term Notes”) to qualified institutional buyers under Rule 144A of the Securities Act and a series of syndicated term loans with various lenders (the “FT-1 Term Loans”). On May 25, 2023, the Company, through its indirect, wholly-owned subsidiaries, PMT ISSUER TRUST - FMSR and PMC, entered into a syndicated series of term notes for $ 155 million (the “Series 2023-FTL1 Loan”), as part of the structured finance transaction that PMC uses to finance Fannie Mae MSRs and related excess servicing spread and servicing advance receivables. The initial five-year term of the Series 2023-FTL1 Loan is set to expire on May 25, 2028 , unless the Company exercises a one-year optional extension. The Series 2023-FTL1 Loan ranks pari passu with the Series 2018-FT1, Series 2021-FT1 and Series 2022-FT1 term notes, and the Amended and Restated Series 2017-VF1 Master Repurchase Agreement dated June 29, 2018. The FT-1 Term Notes and FT-1 Term Loans and the FMSR VFN are secured by certain participation certificates relating to Fannie Mae MSRs and rank pari passu with each other. Following is a summary of the term financing of the Company’s Fannie Mae MSRs: Unpaid Annual Maturity date FT-1 Issuance Issuance date Issuance amount principal interest rate spread (1) Stated Optional extension (2) (in thousands) Term Loans 2023 May 25, 2023 $ 155,000 $ 155,000 3.00 % May 25, 2028 May 25, 2029 Term Notes 2022 June 28, 2022 $ 305,000 305,000 4.19 % June 25, 2027 (3) 2021 March 30, 2021 $ 350,000 350,000 3.00 % March 25, 2026 March 27, 2028 2018 April 25, 2018 $ 450,000 450,000 3.35 % April 25, 2025 (4) $ 1,260,000 (1) Interest rates for the FT-1 Term Notes and FT-1 Term Loans are charged at a spread to SOFR. (2) The indentures relating to these issuances provide the Company with the option of extending the maturity dates of certain of the FT-1 Term Notes and FT-1 Term Loans under the conditions specified in the respective agreements. (3) Either June 26, 2028 or June 25, 2029. (4) Stated maturity date reflects the exercise by the Company of its option to extend the maturity of this issuance. Freddie Mac MSR Financing The Company, through PMC and PMH, finances certain MSRs (including any related excess servicing spread) relating to loans pooled into Freddie Mac securities through various credit agreements. The total loan amount available under the agreements is $ 1.6 billion, bearing interest at an annual rate equal to SOFR plus a spread as defined in each agreement. The agreements have a weighted average maturity of June 2024 . The total loan amount available under the agreements may be reduced by other debt outstanding with the counterparties. Advances under the credit agreements are secured by MSRs relating to loans serviced for Freddie Mac guaranteed securities. Following is a summary of financial information relating to notes payable secured by credit risk transfer and mortgage servicing assets: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (dollars in thousands) Average balance $ 3,074,414 $ 2,408,122 $ 2,939,303 $ 2,423,363 Weighted average interest rate (1) 8.40 % 3.84 % 8.06 % 3.49 % Total interest expense $ 66,150 $ 24,413 $ 121,097 $ 44,779 Maximum daily amount outstanding $ 3,188,116 $ 2,833,710 $ 3,188,116 $ 3,059,637 (1) Excludes the effect of amortization of debt issuance costs of $ 1.8 million and $ 3.6 million for the quarter and six months ended June 30, 2023 , respectively, and $ 1.4 million and $ 2.9 million for the quarter and six months ended June 30, 2022, respectively. June 30, 2023 December 31, 2022 (dollars in thousands) Carrying value: Unpaid principal balance: CRT Term Notes $ 790,950 $ 592,694 FT-1 Term Notes and FT-1 Term Loans 1,260,000 1,105,000 Freddie Mac credit agreements 1,115,000 1,115,000 3,165,950 2,812,694 Unamortized debt issuance costs ( 7,543 ) ( 8,666 ) $ 3,158,407 $ 2,804,028 Weighted average interest rate 8.27 % 7.30 % Assets securing notes payable: Mortgage servicing rights (1) $ 3,929,319 $ 3,962,820 CRT Agreements: Deposits securing CRT arrangements $ 1,187,574 $ 869,742 Derivative assets $ 4,602 $ 1,262 (1) Beneficial interests in Freddie Mac MSRs are pledged as collateral for the Notes payable secured by credit risk transfer and mortgage servicing assets. Beneficial interests in Fannie Mae MSRs are pledged for both Assets sold under agreements to repurchase and Notes payable secured by credit risk transfer and mortgage servicing assets . Exchangeable Senior Notes On March 5 and March 9, 2021, PMC issued $ 345 million aggregate principal amount of exchangeable senior notes (the “2026 Exchangeable Notes”) due 2026 in a private offering. The 2026 Exchangeable Notes will mature on March 15, 2026 unless repurchased or exchanged in accordance with their terms before such date. The 2026 Exchangeable Notes bear interest at a rate of 5.50 % per year, payable semiannually. On November 7 and November 19, 2019, PMC issued $ 210 million aggregate principal amount of exchangeable senior notes due 2024 (the “2024 Exchangeable Notes” and, together with the 2026 Exchangeable Notes, the “Exchangeable Notes”) in a private offering. The 2024 Exchangeable Notes will mature on November 1, 2024 unless repurchased or exchanged in accordance with their terms before such date. The 2024 Exchangeable Notes bear interest at 5.50 % per year, payable semiannually. The 2026 Exchangeable Notes and the 2024 Exchangeable Notes are fully and unconditionally guaranteed by the Company and are exchangeable for Common Shares, cash, or a combination thereof, at PMC’s election, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date, subject to the satisfaction of certain conditions if the exchange occurs before December 15, 2025 and August 1, 2024, respectively. The exchange rates are equal to 46.1063 and 40.101 Common Shares per $ 1,000 principal amount of the 2026 Exchangeable Notes and 2024 Exchangeable Notes, respectively, and are subject to adjustment upon the occurrence of certain events, but will not be adjusted for any accrued and unpaid interest. Following is financial information relating to the Exchangeable Notes: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Average balance $ 547,264 $ 544,341 $ 546,890 $ 536,986 Weighted average interest rate (1) 5.59 % 5.62 % 5.63 % 5.73 % Interest expense $ 8,395 $ 8,334 $ 16,775 $ 16,654 (1) Excludes the effect of amortization of debt issuance costs of $ 764,000 and $ 1.5 million for the quarter and six months ended June 30, 2023, respectively, and $ 703,000 and $ 1.4 million for the quarter and six months ended June 30, 2022, respectively. June 30, 2023 December 31, 2022 (in thousands) Carrying value: UPB $ 555,000 $ 555,000 Unamortized debt issuance costs ( 7,233 ) ( 8,746 ) $ 547,767 $ 546,254 Asset-Backed Financing of Variable Interest Entities at Fair Value Following is a summary of financial information relating to the asset-backed financings of VIEs at fair value described in Note 6 ‒ Variable Interest Entities ‒ Subordinate Mortgage-Backed Securities : Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (dollars in thousands) Average balance $ 1,392,667 $ 1,646,941 $ 1,402,275 $ 1,554,290 Total interest expense $ 12,791 $ 15,016 $ 25,144 $ 26,043 Weighted average interest rate (1) 3.66 % 3.31 % 3.68 % 3.30 % (1) Excludes the effect of amortization (accrual) of debt issuance cost and premiums of $ 75,000 and $ ( 466,000 ) for the quarter and six months ended June 30, 2023 , respectively, and $ 1.4 million and $ 590,000 for the quarter and six months ended June 30, 2022, respectively. June 30, 2023 December 31, 2022 (dollars in thousands) Fair value $ 1,361,108 $ 1,414,955 Unpaid principal balance $ 1,635,663 $ 1,681,410 Weighted average interest rate 3.22 % 3.22 % The asset-backed financings are non-recourse liabilities and are secured solely by the assets of consolidated VIEs and not by any other assets of the Company. The assets of the VIEs are the only source of funds for repayment of the securities. Maturities of Long-Term Debt Contractual maturities of long-term debt obligations (based on final maturity dates) are as follows: Twelve months ended June 30, Total 2024 2025 2026 2027 2028 Thereafter (in thousands) Notes payable secured by credit risk transfer $ 3,165,950 $ 284,986 $ 2,070,964 $ 305,000 $ 350,000 $ 155,000 $ — Exchangeable senior notes 555,000 — 210,000 345,000 — — — Asset-backed financings at fair value (2) 1,635,663 — — — — — 1,635,663 Interest-only security payable at fair value (2) 24,060 — — — — — 24,060 Total $ 5,380,673 $ 284,986 $ 2,280,964 $ 650,000 $ 350,000 $ 155,000 $ 1,659,723 (1) Based on stated maturity. As discussed above, certain of the Notes payable secured by credit risk and mortgage servicing assets allow the Company to exercise optional extensions. (2) Contractual maturity does not reflect expected repayment as borrowers of the underlying loans generally have the right to repay their loans at any time .

Liability for Losses Under Repr

Liability for Losses Under Representations and Warranties	6 Months Ended
	Jun. 30, 2023
Liability For Representations And Warranties [Abstract]
Liability for Losses Under Representations and Warranties	Note 16—Liability for Losses Under Representations and Warranties Following is a summary of the Company’s liability for losses under representations and warranties: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Balance, beginning of period $ 39,407 $ 40,225 $ 39,471 $ 40,249 Provision for losses: Pursuant to loan sales 738 1,129 1,678 2,446 Reduction in liability due to change in estimate ( 2,939 ) ( 1,530 ) ( 3,555 ) ( 2,695 ) Losses incurred ( 137 ) ( 383 ) ( 525 ) ( 559 ) Balance, end of period $ 37,069 $ 39,441 $ 37,069 $ 39,441 UPB of loans subject to representations and $ 230,128,231 $ 220,982,060

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 17—Commitments and Contingencies Commitments The following table summarizes the Company’s outstanding contractual commitments: June 30, 2023 (in thousands) Commitments to purchase loans acquired for sale $ 1,394,702 Litigation From time to time, the Company may be involved in various legal and regulatory proceedings, claims and legal actions arising in the ordinary course of business. The amount, if any, of ultimate liability with respect to such matters cannot be determined, but despite the inherent uncertainties of litigation, management believes that the ultimate disposition of any such proceedings and exposure will not have, individually or taken together, a material adverse effect on the financial condition, results of operations, or cash flows of the Company.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Shareholders' Equity	Note 18—Shareholders’ Equity Preferred Shares of Beneficial Interest Preferred shares of beneficial interest are summarized below: Dividends per share, period ended June 30, Preferred Quarter Six months Share Description (1) Number of shares Liquidation preference Issuance discount Carrying value 2023 2022 2023 2022 Fixed-to-floating rate cumulative redeemable (in thousands, except dividends per share) A 8.125 % Issued March 2017 4,600 $ 115,000 $ 3,828 $ 111,172 $ 0.51 $ 0.51 $ 1.02 $ 1.02 B 8.00 % Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 $ 1.00 $ 1.00 Fixed-rate cumulative redeemable C 6.75 % Issued August 2021 10,000 250,000 8,225 241,775 $ 0.42 $ 0.42 $ 0.84 $ 0.84 22,400 $ 560,000 $ 18,518 $ 541,482 (1) Par value is $ 0.01 per share. The Company’s Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Series A Preferred Shares”) pay cumulative dividends at a fixed rate of 8.125 % per year based on the $ 25.00 per share liquidation preference to, but not including, March 15, 2024. From, and including, March 15, 2024 and thereafter, the Company will pay cumulative dividends on the Series A Preferred Shares at a rate determined in accordance with the terms of the Series A Preferred Shares. The Company’s Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Series B Preferred Shares”) pay cumulative dividends at a fixed rate of 8.00 % per year based on the $ 25.00 per share liquidation preference to, but not including, June 15, 2024. From, and including, June 15, 2024 and thereafter, the Company will pay cumulative dividends on the Series B Preferred Shares at a rate determined in accordance with the terms of the Series B Preferred Shares. The Company’s Series C Fixed Rate Cumulative Redeemable Preferred Shares of Be neficial Interest (the “Series C Preferred Shares” together with the Series A Preferred Shares and Series B Preferred Shares, the “Preferred Shares”) pay cumulative dividends at a fixed rate of 6.75 % per year based on the $ 25.00 per share liquidation preference. The Series A Preferred Shares, the Series B Preferred Shares and Series C Preferred Shares will not be redeemable before March 15, 2024, June 15, 2024 and August 24, 2026, respectively, except in connection with the Company’s qualification as a REIT for U.S. federal income tax purposes or upon the occurrence of a change of control. On or after the date the Preferred Shares become redeemable, or 120 days after the first date on which such change of control occurred, the Company may, at its option, redeem any or all of the Preferred Shares at $ 25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. The Preferred Shares have no stated maturity, are not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless redeemed or repurchased by the Company or converted into Common Shares in connection with a change of control by the holders of the Preferred Shares. Common Shares of Beneficial Interest “At-The-Market” (“ATM”) Equity Offering Program The Company periodically enters into ATM equity offering programs allowing it to offer and sell securities on an as-and-when-needed basis through designated broker-dealers. On June 15, 2021, the Company entered into a new ATM equity offering program allowing it to offer up to $ 200 million of its Common Shares, all of which were available for issuance as of June 30, 2023. Common Share Repurchase Program The Company has a Common Share repurchase program. On October 24, 2022, the Company’s board of trustees approved an increase to PMT's Common Share repurchase authorization from $ 400 million to $ 500 million before transaction fees. The following table summarizes the Company’s Common Share repurchase activity: Quarter ended June 30, Six months ended June 30, Cumulative 2023 2022 2023 2022 total (1) (in thousands) Common Shares repurchased 1,636 1,927 2,274 3,901 28,965 Cost of Common Shares repurchased (2) 19,448 $ 28,418 $ 27,011 $ 60,248 $ 425,751 (1) Amounts represent the Common Share repurchase program total from its inception in August 2015 through June 30, 2023. (2) Cumulative total cost of Common Shares repurchased includ es $ 579,000 o f transaction fees.

Net Gains on Loans Acquired for

Net Gains on Loans Acquired for Sale	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Net Gains on Loans Acquired for Sale	Note 19— Net Gains on Loans Acquired for Sale Net gains on loans acquired for sale are summarized below: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) From nonaffiliates: Cash losses: Sales of loans $ ( 116,647 ) $ ( 298,024 ) $ ( 189,592 ) $ ( 737,812 ) Hedging activities 29,449 123,997 ( 22,667 ) 462,099 ( 87,198 ) ( 174,027 ) ( 212,259 ) ( 275,713 ) Non-cash gains: Receipt of MSRs in mortgage loan sale transactions 90,747 170,658 191,365 365,254 Provision for losses relating to representations Pursuant to loans sales ( 738 ) ( 1,129 ) ( 1,678 ) ( 2,446 ) Reduction of liability due to change in estimate 2,939 1,530 3,555 2,695 2,201 401 1,877 249 Changes in fair value of loans and derivatives Interest rate lock commitments ( 9,847 ) 21,809 ( 820 ) ( 4,107 ) Loans 16,766 ( 23,955 ) 6,279 ( 1,937 ) Hedging derivatives ( 10,055 ) 11,722 21,317 ( 74,481 ) ( 3,136 ) 9,576 26,776 ( 80,525 ) 89,812 180,635 220,018 284,978 Total from nonaffiliates 2,614 6,608 7,759 9,265 From PFSI ‒ cash gains 1,832 1,063 3,160 2,359 $ 4,446 $ 7,671 $ 10,919 $ 11,624

Net (Losses) Gains on Investmen

Net (Losses) Gains on Investments and Financings	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Net (Losses) Gains on Investments and Financings	Note 20— Net (losses) gains on investments and financings Net (losses) gains on investments and financings are summarized below: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) From nonaffiliates: Mortgage-backed securities $ ( 61,621 ) $ ( 182,498 ) $ 16,597 $ ( 369,023 ) Loans at fair value: Held in VIEs ( 18,253 ) ( 122,469 ) ( 7,236 ) ( 219,033 ) Distressed ( 877 ) 5 ( 426 ) 448 CRT arrangements 60,458 ( 42,355 ) 106,736 ( 77,978 ) Asset-backed financings at fair value 17,794 116,667 7,634 205,841 $ ( 2,499 ) $ ( 230,650 ) $ 123,305 $ ( 459,745 )

Net Interest (Expense) Income

Net Interest (Expense) Income	6 Months Ended
	Jun. 30, 2023
Banking and Thrift, Interest [Abstract]
Net Interest (Expense) Income	Note 21— Net interest (expense) income Net interest (expense) income is summarized below: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Interest income: Cash and short-term investments $ 6,712 $ 1,175 $ 13,023 $ 1,578 Mortgage-backed securities 62,542 40,651 113,681 55,051 Loans acquired for sale at fair value 25,779 23,442 62,767 42,690 Loans at fair value: Held in consolidated variable interest entities 13,644 15,736 28,810 28,585 Distressed 31 14 24 188 Deposits securing CRT arrangements 15,779 2,384 29,991 2,606 Placement fees relating to custodial funds 37,677 7,204 66,597 10,914 Other 520 92 810 149 162,684 90,698 315,703 141,761 Interest expense: Assets sold under agreements to repurchase 96,346 25,048 196,613 40,619 Mortgage loan participation purchase and 413 232 706 408 Notes payable secured by credit risk transfer and 66,150 24,413 121,097 44,779 Exchangeable senior notes 8,395 8,334 16,775 16,654 Asset-backed financings at fair value 12,791 15,016 25,144 26,043 Interest shortfall on repayments of loans serviced 1,790 4,430 2,819 11,472 Interest on loan impound deposits 1,315 677 2,658 1,689 Other 190 — 715 — 187,390 78,150 366,527 141,664 Net interest (expense) income $ ( 24,706 ) $ 12,548 $ ( 50,824 ) $ 97

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Note 22—Share-Based Compensation The Company has adopted an equity incentive plan (“2019 Plan”) which provides for the issuance of equity based awards based on PMT’s Common Shares that may be made by the Company to its officers and trustees, and the members, officers, trustees, directors and employees of PCM, PFSI, or their affiliates and to PCM, PFSI and other entities that provide services to PMT and the employees of such other entities. The 2019 Plan is administered by the Company’s compensation committee, pursuant to authority delegated by PMT’s board of trustees, which has the authority to make awards to the eligible participants referenced above, and to determine what form the awards will take, and the terms and conditions of the awards. The 2019 Plan allows for the grant of restricted and performance-based share and unit awards. The shares underlying award grants will again be available for award under the 2019 Plan if: • any shares subject to an award granted under the equity incentive plan are forfeited, canceled, exchanged or surrendered; • an award terminates or expires without a distribution of shares to the participant; or • shares are surrendered or withheld by PMT as payment of either the exercise price of an award and/or withholding taxes for an award. Restricted share units have been awarded to trustees and officers of the Company and to other employees of PFSI and its subsidiaries at no cost to the grantees. Such awards generally vest over a one - to three-year period. The following table summarizes the Company’s share-based compensation activity: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Grants: Restricted share units 7 6 172 134 Performance share units 43 52 166 151 50 58 338 285 Grant date fair value: Restricted share units $ 78 $ 95 $ 2,212 $ 2,101 Performance share units 507 799 2,088 2,350 $ 585 $ 894 $ 4,300 4,451 Vestings: Restricted share units 11 1 140 79 Performance share units (1) — — 48 41 11 1 188 120 Forfeitures: Restricted share units 6 — 6 — Performance share units — 2 — 11 6 2 6 11 Compensation expense relating to share-based grants $ 845 $ 1,142 $ 2,001 $ 2,171 (1) The actual number of performance-based restricted share units (“RSUs”) that vested during the six months ended June 30, 2023, was 48,372 Common Shares, which is app roximately 39 % of the originally granted performance-based RSUs. June 30, 2023 Restricted share units Performance share units Shares expected to vest: Number of units (in thousands) 251 260 Grant date average fair value per unit $ 14.29 $ 14.07

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 23—Income Taxes The Company’s effective tax rate was 47.4 % and 0.4 % with consolidated pretax income of $ 46.9 million and $ 85.7 million for the quarter and six months ended June 30, 2023. The Company’s taxable REIT subsidiary (“TRS”) recognized a tax expense of $ 21.2 million on pretax income of $ 77.9 million and a tax benefit of $ 0.6 million on a pretax loss of $ 12.2 million for the quarter and six months ended June 30, 2023. For the same periods in 2022, the TRS recognized a tax expense of $ 32.6 million on pretax income of $ 147.6 million and a tax expense of $ 70.5 million on pretax income of $ 420.4 million, respectively. The Company’s reported consolidated pretax loss for the quarter and six months ended June 30, 2022 was $ 39.9 million and $ 21.8 million, respectively. The primary difference between the Company’s effective tax rate and the statutory tax rate is generally attributable to nontaxable REIT income resulting from the dividends paid deduction. The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. On the basis of this evaluation, as of June 30, 2023, the valuation allowance remains zero . The conclusion was primarily based on the fact that the TRS has reported cumulative GAAP income over the last three-year period ending June 30, 2023. The amount of deferred tax assets considered realizable could be adjusted in future periods based on future income. In general, cash dividends declared by the Company will be considered ordinary income to the shareholders for income tax purposes. Some portion of the dividends may be characterized as capital gain distributions or a return of capital. For tax years beginning after December 31, 2017, the 2017 Tax Cuts and Jobs Act (subject to certain limitations) provides a 20 % deduction from taxable income for ordinary REIT dividends.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Common Share	Note 24—Earnings Per Common Share The Company grants restricted share units that entitle the recipients to receive dividend equivalents during the vesting period on a basis equivalent to the dividends paid to holders of Common Shares. Unvested share-based compensation awards containing non-forfeitable rights to receive dividends or dividend equivalents (collectively, “dividends”) are classified as “participating securities” and are included in the basic earnings per share calculation using the two-class method . Under the two-class method, all earnings (distributed and undistributed) are allocated to Common Shares and participating securities based on their respective rights to receive dividends. Basic earnings per share is determined by dividing net income available to common shareholders (net income reduced by preferred dividends and income attributable to the participating securities) by the weighted average Common Shares outstanding during the period. The following table summarizes the basic and diluted earnings per share calculations: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands except per share amounts) Net income (loss) $ 24,624 $ ( 70,734 ) $ 85,321 $ ( 89,863 ) Dividends on preferred shares ( 10,454 ) ( 10,455 ) ( 20,909 ) ( 20,909 ) Effect of participating securities—share-based ( 100 ) ( 104 ) ( 202 ) ( 207 ) Net income (loss) attributable to common shareholders 14,070 ( 81,293 ) 64,210 ( 110,979 ) Interest on Exchangeable Notes, net of income taxes — — 12,682 — Diluted net income (loss) attributable to common 14,070 ( 81,293 ) 76,892 ( 110,979 ) Weighted average basic shares outstanding 87,269 91,963 88,046 93,048 Dilutive securities‒Shares issuable pursuant — — 24,328 — Diluted weighted average shares outstanding 87,269 91,963 112,374 93,048 Basic earnings (loss) per share $ 0.16 $ ( 0.88 ) $ 0.73 $ ( 1.19 ) Diluted earnings (loss) per share $ 0.16 $ ( 0.88 ) $ 0.68 $ ( 1.19 ) Calculation of diluted earnings per share requires certain potentially dilutive shares to be excluded when the inclusion of such shares would be anti-dilutive. The following table summarizes the potentially dilutive shares excluded from the diluted earnings per share calculation as inclusion of such shares would have been antidilutive: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Shares issuable under share-based compensation plan 114 78 141 181 Shares issuable pursuant to exchange of the Exchangeable 24,328 24,328 — 24,328

Segments

Segments	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segments	Note 25—Segments The Company operates in four segments as described in Note 1 ‒ Organization. The Company’s reportable segments are identified based on PMT’s investment strategies. The Company’s chief operating decision-maker is its chief executive officer. 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. Financial highlights by operating segment are summarized below: Credit Interest rate sensitive sensitive Correspondent Quarter ended June 30, 2023 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 108,833 $ — $ — $ 108,833 Net gains on loans acquired for sale — — 4,446 — 4,446 Net (losses) gains on investments and financings 68,707 ( 71,206 ) — — ( 2,499 ) Net interest (expense) income: Interest income 25,146 108,656 25,708 3,174 162,684 Interest expense 21,752 137,987 26,740 911 187,390 3,394 ( 29,331 ) ( 1,032 ) 2,263 ( 24,706 ) Other ( 56 ) — 4,434 — 4,378 72,045 8,296 7,848 2,263 90,452 Expenses: Loan fulfillment and servicing fees 32 20,285 5,441 — 25,758 Management fees — — — 7,078 7,078 Other 911 1,183 1,007 7,662 10,763 943 21,468 6,448 14,740 43,599 Pretax income (loss) $ 71,102 $ ( 13,172 ) $ 1,400 $ ( 12,477 ) $ 46,853 Total assets at end of quarter $ 1,638,662 $ 10,099,868 $ 1,161,519 $ 484,873 $ 13,384,922 Credit Interest rate sensitive sensitive Correspondent Quarter ended June 30, 2022 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 217,313 $ — $ — $ 217,313 Net gains on loans acquired for sale 9 — 7,662 — 7,671 Net (losses) gains on investments and financings ( 57,811 ) ( 172,839 ) — — ( 230,650 ) Net interest (expense) income: Interest income 5,919 60,895 23,393 491 90,698 Interest expense 10,428 55,154 12,101 467 78,150 ( 4,509 ) 5,741 11,292 24 12,548 Other ( 28 ) — 14,646 — 14,618 ( 62,339 ) 50,215 33,600 24 21,500 Expenses: Loan fulfillment and servicing fees 51 20,284 20,646 — 40,981 Management fees — — — 7,910 7,910 Other 1,323 562 3,174 7,418 12,477 1,374 20,846 23,820 15,328 61,368 Pretax income (loss) $ ( 63,713 ) $ 29,369 $ 9,780 $ ( 15,304 ) $ ( 39,868 ) Total assets at end of quarter $ 1,663,700 $ 9,146,234 $ 1,972,934 $ 434,411 $ 13,217,279 Credit Interest rate sensitive sensitive Correspondent Six months ended June 30, 2023 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 85,140 $ — $ — $ 85,140 Net gains on loans acquired for sale — — 10,919 — 10,919 Net (losses) gains on investments and financings 123,096 209 — — 123,305 Net interest (expense) income: Interest income 46,540 200,738 62,635 5,790 315,703 Interest expense 39,554 263,156 61,872 1,945 366,527 6,986 ( 62,418 ) 763 3,845 ( 50,824 ) Other — — 12,278 — 12,278 130,082 22,931 23,960 3,845 180,818 Expenses: Loan fulfillment and servicing fees 109 40,658 17,363 — 58,130 Management fees — — — 14,335 14,335 Other 1,547 2,472 3,415 15,265 22,699 1,656 43,130 20,778 29,600 95,164 Pretax income (loss) $ 128,426 $ ( 20,199 ) $ 3,182 $ ( 25,755 ) $ 85,654 Total assets at end of period $ 1,638,662 $ 10,099,868 $ 1,161,519 $ 484,873 $ 13,384,922 Credit Interest rate sensitive sensitive Correspondent Six months ended June 30, 2022 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 521,491 $ — $ — $ 521,491 Net gains on loans acquired for sale 5 — 11,619 — 11,624 Net (losses) gains on investments and financings ( 102,716 ) ( 357,029 ) — — ( 459,745 ) Net interest (expense) income: Interest income 7,977 90,006 42,573 1,205 141,761 Interest expense 20,556 96,839 23,661 608 141,664 ( 12,579 ) ( 6,833 ) 18,912 597 97 Other 260 — 29,612 — 29,872 ( 115,030 ) 157,629 60,143 597 103,339 Expenses: Loan fulfillment and servicing fees 111 41,312 37,400 — 78,823 Management fees — — — 16,027 16,027 Other 4,534 2,737 8,386 14,642 30,299 4,645 44,049 45,786 30,669 125,149 Pretax income (loss) $ ( 119,675 ) $ 113,580 $ 14,357 $ ( 30,072 ) $ ( 21,810 ) Total assets at end of period $ 1,663,700 $ 9,146,234 $ 1,972,934 $ 434,411 $ 13,217,279

Regulatory Capital and Liquidit

Regulatory Capital and Liquidity Requirements	6 Months Ended
	Jun. 30, 2023
Mortgage Banking [Abstract]
Regulatory Capital and Liquidity Requirements	Note 26—Regulatory Capital and Liquidity Requirements The Company, through PMC, is subject to financial eligibility requirements established by the Federal Housing Finance Agency for sellers/servicers eligible to sell or service mortgage loans with Fannie Mae and Freddie Mac. The eligibility requirements include: • A tangible net worth of $ 2.5 million plus 25 basis points of the UPB of the Company’s total 1-4 unit servicing portfolio, excluding mortgage loans subserviced for others; • A tangible net worth/total assets ratio greater than or equal to 6 %; and • A liquidity requirement equal to 3.5 basis points of the aggregate UPB serviced for the Agencies plus 200 basis points of total nonperforming Agency servicing UPB less 70 % of such nonperforming Agency servicing UPB in excess of 600 basis points where the underlying loans are in COVID-19 forbearance but were current at the time they entered forbearance. The Agencies’ capital and liquidity amounts and requirements are summarized below: Net worth (1) Tangible net worth / Liquidity (1) Fannie Mae and Freddie Mac Actual Required Actual Required Actual Required (dollars in thousands) June 30, 2023 $ 1,027,178 $ 588,688 16 % 6 % $ 398,335 $ 79,928 December 31, 2022 $ 1,138,331 $ 586,436 16 % 6 % $ 343,286 $ 79,372 (1) Calculated in accordance with the Agencies’ requirements. In August 2022, the Agencies issued revised capital and liquidity requirements. The requirements will be effective at various dates beginning September 30, 2023, for seller/servicers of mortgage loans to Fannie Mae and Freddie Mac. The Company believes it was in compliance with the Agencies’ revised requirements as of June 30, 2023. Noncompliance with the Agencies’ capital and liquidity requirements can result in the Agencies taking various remedial actions up to and including removing the Company’s ability to sell loans to and service loans on behalf of the Agencies.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 27—Subsequent Events Management has evaluated all events and transactions through the date the Company issued these consolidated financial statements. During this period, all agreements to repurchase assets that matured before the date of this Report were extended or renewed.

Organization and Basis of Prese

Organization and Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Segment Reporting	PennyMac Mortgage Investment Trust (“PMT” or the “Company”) is a specialty finance company, which, through its subsidiaries (all of which are wholly-owned), invests primarily in residential mortgage-related assets. The Company operates in four segments: credit sensitive strategies, interest rate sensitive strategies, correspondent production, and corporate: • The credit sensitive strategies segment represents the Company’s investments in credit risk transfer (“CRT”) arrangements referencing loans from its own correspondent production, including CRT agreements (“CRT Agreements”) and other CRT securities (together, “CRT arrangements”) and subordinate mortgage-backed securities (“MBS”). • The interest rate sensitive strategies segment represents the Company’s investments in mortgage servicing rights (“MSRs”), Agency and senior non-Agency MBS and the related interest rate hedging activities. • The correspondent production segment represents the Company’s operations aimed at serving as an intermediary between lenders and the capital markets by purchasing, pooling and reselling newly originated prime credit quality loans either directly or in the form of MBS, using the services of PNMAC Capital Management, LLC (“PCM”) and PennyMac Loan Services, LLC (“PLS”), both indirect controlled subsidiaries of PennyMac Financial Services, Inc. (“PFSI”), a publicly-traded mortgage banking and investment management company. The Company primarily sells the loans it acquires through its correspondent production activities to government-sponsored entities ("GSEs") such as the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) or to PLS for sale into securitizations guaranteed by the Government National Mortgage Association ("Ginnie Mae") or the GSEs. Fannie Mae, Freddie Mac and Ginnie Mae are each referred to as an “Agency” and, collectively, as the “Agencies.” • The corporate segment includes management fees, corporate expense amounts and certain interest income and expense.
Basis of Presentation	The Company’s consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s Accounting Standards Codification for interim financial information and with the Securities and Exchange Commission’s instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these financial statements and notes do not include all of the information required by GAAP for complete financial statements. This interim consolidated information should be read together with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. These unaudited consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented, but are not necessarily indicative of the results of operations that may be anticipated for the full year. Intercompany accounts and transactions have been eliminated. Preparation of financial statements in compliance with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities 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. The Company held no restricted cash during the periods presented. Therefore, the consolidated statements of cash flows do not include references to restricted cash.
Fair Value	The Company’s consolidated financial statements include assets and liabilities that are measured at or based on their fair values. Measurement at or based on fair value may be on a recurring or nonrecurring basis depending on the accounting principles applicable to the specific asset or liability and whether the Company has elected to carry the item at its fair value as discussed in the following paragraphs. The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine fair value. These levels are: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. • Level 3—Prices determined using significant unobservable inputs. In situations where significant observable inputs are unavailable, unobservable inputs may be used. Unobservable inputs reflect the Company’s own judgments about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances. As a result of the difficulty in observing certain significant valuation inputs affecting “Level 3” fair value assets and liabilities, the Company is required to make judgments regarding these items’ fair values. Different persons in possession of the same facts may reasonably arrive at different conclusions as to the inputs to be applied in valuing these assets and liabilities and their fair values. Such differences may result in significantly different fair value measurements. Likewise, due to the general illiquidity of some of these assets and liabilities, subsequent transactions may be at values significantly different from those reported. The Company reclassifies its assets and liabilities between levels of the fair value hierarchy when the 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 all of PMT’s non-cash financial assets and MSRs to be accounted for at fair value. The Company has elected to account for these assets at fair value so such changes in fair value will be reflected in income as they occur and more timely reflect the results of the Company’s performance. The Company identified PMT’s asset-backed financings of VIEs and interest only security payable to be accounted for at fair value to reflect the generally offsetting changes in fair value of these borrowings to changes in fair value of the assets at fair value collateralizing these financings. For other borrowings, the Company has determined that historical cost accounting is more appropriate because under this method debt issuance costs are amortized over the term of the debt facilities, thereby matching the debt issuance cost to the periods benefiting from the availability of these facilities.
Earnings Per Common Share	. Under the two-class method, all earnings (distributed and undistributed) are allocated to Common Shares and participating securities based on their respective rights to receive dividends. Basic earnings per share is determined by dividing net income available to common shareholders (net income reduced by preferred dividends and income attributable to the participating securities) by the weighted average Common Shares outstanding during the period.

Transactions with Related Par_2

Transactions with Related Parties (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Summary of Loan Servicing Fees Earned and Mortgage Servicing Rights Recaptured Income Earned	Following is a summary of loan servicing fees earned by PLS: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Loan servicing fees: Loans acquired for sale at fair value $ 172 $ 258 $ 457 $ 522 Loans at fair value 31 106 151 316 MSRs 20,114 19,971 40,158 40,585 $ 20,317 $ 20,335 $ 40,766 $ 41,423 Average investment in loans: Acquired for sale at fair value $ 1,609,816 $ 1,767,327 $ 1,992,706 $ 1,946,485 At fair value $ 1,491,357 $ 1,757,377 $ 1,500,936 $ 1,659,755 Average MSR portfolio UPB $ 232,008,151 $ 220,402,133 $ 231,381,212 $ 219,051,445
Summary of Correspondent Production Activity	Following is a summary of correspondent production activity between the Company and PLS: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Loan fulfillment fees earned by PLS $ 5,441 $ 20,646 $ 17,364 $ 37,400 UPB of loans fulfilled by PLS $ 3,029,274 $ 10,323,700 $ 9,658,084 $ 20,092,962 Sourcing fees received from PLS included in Net gains on loans acquired for sale $ 1,832 $ 1,063 $ 3,160 $ 2,359 UPB of loans sold to PLS: Government guaranteed or insured $ 11,307,342 $ 10,634,209 $ 20,521,054 $ 23,381,988 Conventional conforming 7,017,890 — 11,080,764 — $ 18,325,232 $ 10,634,209 $ 31,601,818 $ 23,381,988 Purchases of loans acquired for sale from PLS $ — $ 39,824 $ — $ 298,862 Tax service fees paid to PLS $ 701 $ 2,404 $ 2,111 $ 4,746 June 30, 2023 December 31, 2022 (in thousands) Loans included in Loans acquired for sale at fair value $ 249,741 $ 159,671
Summary of Management Fee Expense	Following is a summary of management fee expenses: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Base management $ 7,078 $ 7,910 $ 14,335 $ 16,027 Performance incentive — — — — $ 7,078 $ 7,910 $ 14,335 $ 16,027 Average shareholders' equity amounts used $ 1,892,505 $ 2,125,557 $ 1,927,305 $ 2,168,930
Summary of Expenses	Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Reimbursement of: Expenses incurred on the Company’s behalf, net $ 3,978 $ 2,834 $ 9,639 $ 8,191 Common overhead incurred by PCM and its 2,140 1,809 3,961 3,673 Compensation 165 165 330 330 $ 6,283 $ 4,808 $ 13,930 $ 12,194 Payments and settlements during the year (1) $ 30,872 $ 29,562 $ 63,256 $ 69,326 (1) Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PFSI for the operating, investing and financing activities itemized in this Note.
Summary of Amounts Receivable From and Payable to PFSI	Amounts receivable from and payable to PFSI are summarized below: June 30, 2023 December 31, 2022 (in thousands) Due from PFSI-Miscellaneous receivables $ 7,824 $ 3,560 Due to PFSI: Management fees $ 7,078 $ 7,307 Correspondent production fees 6,876 6,835 Loan servicing fees 6,761 6,740 Allocated expenses and expenses and costs 2,886 11,447 Fulfillment fees 1,445 4,043 $ 25,046 $ 36,372
Summary of Transfer Cash to Fund Loan Servicing Advances	The Company has also transferred cash to PLS to fund loan servicing advances and REO property acquisition and preservation costs on its behalf. Such amounts are included in various balance sheet items as summarized below: Balance sheet line including advance amount June 30, 2023 December 31, 2022 (in thousands) Loan servicing advances $ 112,743 $ 197,972 Real estate acquired in settlement of loans 2,720 3,479 $ 115,463 $ 201,451

Loan Sales (Tables)

Loan Sales (Tables)	6 Months Ended
	Jun. 30, 2023
Loan Sales [Abstract]
Summary of Cash Flows between Company and Transferees in Transfers Accounted for Sales	The following table summarizes cash flows between the Company and transferees in transfers of loans that are accounted for as sales where the Company maintains continuing involvement with the loans: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Cash flows: Proceeds from sales $ 4,881,794 $ 10,226,643 $ 10,469,060 $ 22,212,604 Loan servicing fees received $ 165,499 $ 151,149 $ 329,713 $ 298,034
Summary of Collection Status Information for Loans Accounted for Sales	The following table summarizes for the dates presented collection status information for loans that are accounted for as sales where the Company maintains continuing involvement: June 30, 2023 December 31, 2022 (in thousands) UPB of loans outstanding $ 231,556,204 $ 229,858,573 Collection status (UPB) Delinquency: 30-89 days delinquent $ 1,792,985 $ 1,903,007 90 or more days delinquent: Not in foreclosure $ 846,668 $ 880,841 In foreclosure $ 61,772 $ 70,921 Bankruptcy $ 153,805 $ 123,239 Custodial funds managed by the Company (1) $ 2,687,024 $ 1,783,157 (1) Custodial funds include borrower and investor custodial cash accounts relating to loans serviced under mortgage servicing agreements and are not included on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors, and these fees are included in Interest income in the Company’s consolidated statements of operations.

Variable Interest Entities (Tab

Variable Interest Entities (Tables) - Variable Interest Entities [Member]	6 Months Ended
	Jun. 30, 2023
Summary of Investment in Subordinate Mortgage Backed Securities	Following is a summary of the Company’s investment in subordinate mortgage-backed securities held in consolidated VIEs: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Fair value changes: Loans at fair value $ ( 18,253 ) $ ( 122,469 ) $ ( 7,236 ) $ ( 219,033 ) Asset-backed financings at fair value $ 17,794 $ 116,667 $ 7,634 $ 205,841 Interest income $ 13,644 $ 15,736 $ 28,810 $ 28,585 Interest expense $ 12,791 $ 15,016 $ 25,144 $ 26,043 June 30, 2023 December 31, 2022 (in thousands) Loans at fair value $ 1,454,607 $ 1,509,942 Asset-backed financings at fair value $ 1,361,108 $ 1,414,955 Subordinate MBS retained at fair value pledged to Assets sold under agreements to repurchase $ 82,918 $ 84,044
Credit Risk Transfer Agreements [Member]
Summary of Credit Risk Transfer Agreements	Following is a summary of the CRT arrangements: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Net investment income: Net (losses) gains on investments and financings: CRT Derivatives and strips: CRT derivatives Realized $ 5,423 $ 9,157 $ 8,453 $ 30,358 Valuation changes 9,410 ( 14,740 ) 17,506 ( 41,789 ) 14,833 ( 5,583 ) 25,959 ( 11,431 ) CRT strips Realized 11,984 16,078 24,288 33,841 Valuation changes 34,496 ( 49,738 ) 58,624 ( 91,496 ) 46,480 ( 33,660 ) 82,912 ( 57,655 ) Interest-only security payable at fair value ( 855 ) ( 3,112 ) ( 2,135 ) ( 8,892 ) 60,458 ( 42,355 ) 106,736 ( 77,978 ) Interest income — Deposits securing CRT arrangements 15,779 2,384 29,991 2,606 $ 76,237 $ ( 39,971 ) $ 136,727 $ ( 75,372 ) Net payments made to settle losses on CRT arrangements $ 499 $ 4,456 $ 1,756 $ 20,429 June 30, 2023 December 31, 2022 (in thousands) Carrying value of CRT arrangements: Derivative and credit risk transfer strip liabilities, net CRT derivatives $ 4,394 $ 22,098 CRT strips 78,569 137,193 82,963 159,291 Deposits securing CRT arrangements $ 1,269,558 $ 1,325,294 Interest-only security payable at fair value $ 24,060 $ 21,925 CRT arrangement assets pledged to secure borrowings: Derivative assets $ 4,602 $ 1,262 Deposits securing CRT arrangements (1) $ 1,269,558 $ 1,325,294 UPB of loans underlying CRT arrangements $ 24,167,673 $ 25,315,524 Collection status (UPB): Delinquency Current $ 23,614,421 $ 24,673,719 30-89 days delinquent $ 362,604 $ 409,049 90-180 days delinquent $ 91,047 $ 112,286 180 or more days delinquent $ 83,034 $ 93,717 Foreclosure $ 16,567 $ 26,753 Bankruptcy $ 60,064 $ 54,395 (1) Deposits securing credit risk transfer strip liabilities also secure $ 87.6 million and $ 160.6 million in CRT strip and CRT derivative liabilities at June 30, 2023 and December 31, 2022, respectively .

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Financial Statement Items Measured at Fair Value on Recurring Basis	Following is a summary of financial statement items that are measured at fair value on a recurring basis: June 30, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 242,037 $ — $ — $ 242,037 Mortgage-backed securities at fair value — 4,731,341 — 4,731,341 Loans acquired for sale at fair value — 1,073,417 6,630 1,080,047 Loans at fair value — 1,454,607 2,665 1,457,272 Derivative assets: Call options on interest rate futures purchase contracts 961 — — 961 Put options on interest rate futures purchase contracts 15,070 — — 15,070 Forward purchase contracts — 144 — 144 Forward sale contracts — 35,552 — 35,552 MBS put options — 1,841 — 1,841 CRT derivatives — — 4,602 4,602 Interest rate lock commitments — — 1,560 1,560 Total derivative assets before netting 16,031 37,537 6,162 59,730 Netting — — — ( 30,718 ) Total derivative assets after netting 16,031 37,537 6,162 29,012 Mortgage servicing rights at fair value — — 3,977,938 3,977,938 $ 258,068 $ 7,296,902 $ 3,993,395 $ 11,517,647 Liabilities: Asset-backed financings at fair value $ — $ 1,361,108 $ — $ 1,361,108 Interest-only security payable at fair value — — 24,060 24,060 Derivative and credit risk transfer strip liabilities: Forward purchase contracts — 15,303 — 15,303 Forward sales contracts — 816 — 816 CRT derivatives — — 8,996 8,996 Interest rate lock commitments — — 2,858 2,858 Total derivative liabilities before netting — 16,119 11,854 27,973 Netting — — — ( 8,504 ) Total derivative liabilities after netting — 16,119 11,854 19,469 Credit risk transfer strips — — 78,569 78,569 Total derivative and credit risk transfer strip liabilities — 16,119 90,423 98,038 $ — $ 1,377,227 $ 114,483 $ 1,483,206 December 31, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 252,271 $ — $ — $ 252,271 Mortgage-backed securities at fair value — 4,462,601 — 4,462,601 Loans acquired for sale at fair value — 1,811,225 10,708 1,821,933 Loans at fair value — 1,509,942 3,457 1,513,399 Derivative assets: Call options on interest rate futures purchase contracts 2,906 — — 2,906 Put options on interest rate futures purchase contracts 8,130 — — 8,130 Forward purchase contracts — 418 — 418 Forward sale contracts — 43,435 — 43,435 MBS put options — 2,783 — 2,783 CRT derivatives — — 1,262 1,262 Interest rate lock commitments — — 3,877 3,877 Total derivative assets before netting 11,036 46,636 5,139 62,811 Netting — — — 22,129 Total derivative assets after netting 11,036 46,636 5,139 84,940 Mortgage servicing rights at fair value — — 4,012,737 4,012,737 $ 263,307 $ 7,830,404 $ 4,032,041 $ 12,147,881 Liabilities: Asset-backed financings at fair value $ — $ 1,414,955 $ — $ 1,414,955 Interest-only security payable at fair value — — 21,925 21,925 Derivative liabilities and credit risk transfer strips: Forward purchase contracts — 15,196 — 15,196 Forward sales contracts — 17,279 — 17,279 CRT derivatives — — 23,360 23,360 Interest rate lock commitments — — 4,355 4,355 Total derivative liabilities before netting — 32,475 27,715 60,190 Netting — — — ( 30,157 ) Total derivative liabilities after netting — 32,475 27,715 30,033 Credit risk transfer strips — — 137,193 137,193 Total derivative and credit risk transfer strip — 32,475 164,908 167,226 $ — $ 1,447,430 $ 186,833 $ 1,604,106
Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis	The following is a summary of changes in items measured at fair value on a recurring basis using Level 3 inputs that are significant to the estimation of the fair values of the assets and liabilities at either the beginning or end of the periods presented: Quarter ended June 30, 2023 Assets (1) Loans Loans at CRT Interest rate CRT Mortgage Total (in thousands) Balance, March 31, 2023 $ 10,109 $ 3,548 $ ( 13,860 ) $ 8,549 $ ( 113,065 ) $ 3,975,076 $ 3,870,357 Purchases and issuances 767 — — 3,756 — — 4,523 Repayments and sales ( 4,637 ) ( 4 ) ( 5,367 ) — ( 11,984 ) — ( 21,992 ) Amounts received pursuant to sales of loans — — — — — 90,747 90,747 Changes in fair value included in results of arising from: Changes in instrument - — — — — — — — Other factors 391 ( 879 ) 14,833 ( 14,355 ) 46,480 ( 87,997 ) ( 41,527 ) 391 ( 879 ) 14,833 ( 14,355 ) 46,480 ( 87,997 ) ( 41,527 ) Transfers of: Interest rate lock commitments to loans — — — 752 — — 752 Mortgage servicing rights relating to — — — — — 112 112 Balance, June 30, 2023 $ 6,630 $ 2,665 $ ( 4,394 ) $ ( 1,298 ) $ ( 78,569 ) $ 3,977,938 $ 3,902,972 Changes in fair value recognized during $ ( 193 ) $ ( 879 ) $ 9,410 $ ( 1,298 ) $ 34,496 $ ( 87,997 ) $ ( 46,461 ) (1) For the purpose of this table, CRT derivative, interest rate lock commitment (“IRLC”), and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended June 30, 2023 (in thousands) Interest-only security payable: Balance, March 31, 2023 $ 23,205 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — Other factors 855 855 Balance, June 30, 2023 $ 24,060 Changes in fair value recognized during the quarter relating $ 855 Quarter ended June 30, 2022 Assets (1) Loans Loans at CRT Interest CRT Mortgage Total (in thousands) Balance, March 31, 2022 $ 24,325 $ 3,949 $ ( 8,049 ) $ ( 23,465 ) $ ( 68,595 ) $ 3,391,172 $ 3,319,337 Purchases and issuances 27,457 — — ( 41,539 ) — — ( 14,082 ) Repayments and sales ( 29,642 ) 24 ( 8,879 ) — ( 16,078 ) — ( 54,575 ) Amounts received pursuant to sales of loans — — — — — 170,658 170,658 Changes in fair value included in results Changes in instrument - specific credit — — — — — — — Other factors ( 1,764 ) 6 ( 5,583 ) ( 60,671 ) ( 33,660 ) 133,779 32,107 ( 1,764 ) 6 ( 5,583 ) ( 60,671 ) ( 33,660 ) 133,779 32,107 Transfers of interest rate lock — — — 124,019 — — 124,019 Balance, June 30, 2022 $ 20,376 $ 3,979 $ ( 22,511 ) $ ( 1,656 ) $ ( 118,333 ) $ 3,695,609 $ 3,577,464 Changes in fair value recognized during $ ( 1,758 ) $ 67 $ ( 14,740 ) $ ( 1,656 ) $ ( 49,738 ) $ 133,779 $ 65,954 (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended June 30, 2022 (in thousands) Interest-only security payable: Balance, March 31, 2022 $ 16,373 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors 3,112 3,112 Balance, June 30, 2022 $ 19,485 Changes in fair value recognized during the quarter relating $ 3,112 Six months ended June 30, 2023 Assets (1) Loans Loans at CRT Interest rate CRT Mortgage Total (in thousands) Balance, December 31, 2022 $ 10,708 $ 3,457 $ ( 22,098 ) $ ( 478 ) $ ( 137,193 ) $ 4,012,737 $ 3,867,133 Purchases and issuances 4,262 119 — ( 3,931 ) — — 450 Repayments and sales ( 8,404 ) ( 24 ) ( 8,255 ) — ( 24,288 ) — ( 40,971 ) Amounts received pursuant to sales of loans — — — — — 191,365 191,365 Changes in fair value included in results of Changes in instrument - specific — — — — — — — Other factors 64 ( 427 ) 25,959 12,677 82,912 ( 225,441 ) ( 104,256 ) 64 ( 427 ) 25,959 12,677 82,912 ( 225,441 ) ( 104,256 ) Transfers of: Loans to REO — ( 460 ) — — — — ( 460 ) Interest rate lock commitments to loans — — — ( 9,566 ) — — ( 9,566 ) Mortgage servicing rights relating to — — — — — ( 723 ) ( 723 ) Balance, June 30, 2023 $ 6,630 $ 2,665 $ ( 4,394 ) $ ( 1,298 ) $ ( 78,569 ) $ 3,977,938 $ 3,902,972 Changes in fair value recognized during $ ( 176 ) $ ( 886 ) $ 17,506 $ ( 1,298 ) $ 58,624 $ ( 225,441 ) $ ( 151,671 ) (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Six months ended June 30, 2023 (in thousands) Interest-only security payable: Balance, December 31, 2022 $ 21,925 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — Other factors 2,135 2,135 Balance, June 30, 2023 $ 24,060 Changes in fair value recognized during the period relating $ 2,135 Six months ended June 30, 2022 Assets (1) Loans Loans at CRT Interest CRT strips Mortgage Total (in thousands) Balance, December 31, 2021 $ 30,129 $ 4,161 $ 18,964 $ 2,451 $ ( 26,837 ) $ 2,892,855 $ 2,921,723 Purchases and issuances 51,562 — — ( 69,683 ) — — ( 18,121 ) Repayments and sales ( 59,140 ) ( 630 ) ( 30,044 ) — ( 33,841 ) — ( 123,655 ) Amounts received pursuant to sales of loans — — — — — 365,254 365,254 Changes in fair value included in results Changes in instrument - specific credit — — — — — — — Other factors ( 2,175 ) 448 ( 11,431 ) ( 179,470 ) ( 57,655 ) 437,500 187,217 ( 2,175 ) 448 ( 11,431 ) ( 179,470 ) ( 57,655 ) 437,500 187,217 Transfers of interest rate lock — — — 245,046 — — 245,046 Balance, June 30, 2022 $ 20,376 $ 3,979 $ ( 22,511 ) $ ( 1,656 ) $ ( 118,333 ) $ 3,695,609 $ 3,577,464 Changes in fair value recognized during $ ( 2,014 ) $ 117 $ ( 41,789 ) $ ( 1,656 ) $ ( 91,496 ) $ 437,500 $ 300,662 (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Six months ended June 30, 2022 (in thousands) Interest-only security payable: Balance, December 31, 2021 $ 10,593 Changes in fair value included in results of operations arising from: Changes in instrument-specific credit risk — Other factors 8,892 8,892 Balance, June 30, 2022 $ 19,485 Changes in fair value recognized during the period relating $ 8,892
Fair Values and Related Principal Amounts Due upon Maturity of Mortgage Loans Accounted for Under Fair Value Option	Following are the fair values and related principal amounts due upon maturity of loans accounted for under the fair value option: June 30, 2023 December 31, 2022 Fair value Principal Difference Fair value Principal Difference (in thousands) Loans acquired for sale at fair value: Current through 89 days delinquent $ 1,079,273 $ 1,068,648 $ 10,625 $ 1,819,551 $ 1,795,445 $ 24,106 90 or more days delinquent: Not in foreclosure 133 133 — 1,666 1,927 ( 261 ) In foreclosure 641 933 ( 292 ) 716 809 ( 93 ) 774 1,066 ( 292 ) 2,382 2,736 ( 354 ) $ 1,080,047 $ 1,069,714 $ 10,333 $ 1,821,933 $ 1,798,181 $ 23,752 Loans at fair value: Held in consolidated VIEs: Current through 89 days delinquent $ 1,453,694 $ 1,743,183 $ ( 289,489 ) $ 1,508,540 $ 1,788,911 $ ( 280,371 ) 90 or more days delinquent: Not in foreclosure 913 1,204 ( 291 ) 1,231 1,642 ( 411 ) In foreclosure — — — 171 226 ( 55 ) 913 1,204 ( 291 ) 1,402 1,868 ( 466 ) 1,454,607 1,744,387 ( 289,780 ) 1,509,942 1,790,779 ( 280,837 ) Distressed: Current through 89 days delinquent 835 1,042 ( 207 ) 498 682 ( 184 ) 90 or more days delinquent: Not in foreclosure 750 2,449 ( 1,699 ) 1,230 2,964 ( 1,734 ) In foreclosure 1,080 2,352 ( 1,272 ) 1,729 2,728 ( 999 ) 1,830 4,801 ( 2,971 ) 2,959 5,692 ( 2,733 ) 2,665 5,843 ( 3,178 ) 3,457 6,374 ( 2,917 ) $ 1,457,272 $ 1,750,230 $ ( 292,958 ) $ 1,513,399 $ 1,797,153 $ ( 283,754 )
Summary of Changes in Fair Value Included in Current Period Results of Operations	Following are the changes in fair value included in current period results of operations by consolidated statement of operations line item for financial statement items accounted for under the fair value option: Quarter ended June 30, 2023 Net loan Net gains on loans acquired for sale Net (losses) gains on investments and financings Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ — $ ( 61,621 ) $ ( 264 ) $ ( 61,885 ) Loans acquired for sale at fair value — ( 9,424 ) — — ( 9,424 ) Loans at fair value — — ( 19,130 ) ( 1,185 ) ( 20,315 ) Credit risk transfer strips — — 46,480 — 46,480 MSRs at fair value ( 87,997 ) — — — ( 87,997 ) $ ( 87,997 ) $ ( 9,424 ) $ ( 34,271 ) $ ( 1,449 ) $ ( 133,141 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 855 ) $ — $ ( 855 ) Asset-backed financing of VIEs at fair value — — 17,794 76 17,870 $ — $ — $ 16,939 $ 76 $ 17,015 Quarter ended June 30, 2022 Net loan Net gains on loans acquired for sale Net (losses) gains on investments and financings Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ — $ ( 182,498 ) $ 14,663 $ ( 167,835 ) Loans acquired for sale at fair value — ( 153,111 ) — — ( 153,111 ) Loans at fair value — — ( 122,464 ) ( 128 ) ( 122,592 ) Credit risk transfer strips — — ( 33,660 ) — ( 33,660 ) MSRs at fair value 133,779 — — — 133,779 $ 133,779 $ ( 153,111 ) $ ( 338,622 ) $ 14,535 $ ( 343,419 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 3,112 ) $ — $ ( 3,112 ) Asset-backed financings at fair value — — 116,667 1,423 118,090 $ — $ — $ 113,555 $ 1,423 $ 114,978 Six months ended June 30, 2023 Net loan Net gains on loans acquired for sale Net (losses) gains on investments and financings Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ — $ 16,597 $ ( 2,220 ) $ 14,377 Loans acquired for sale at fair value — 5,891 — — 5,891 Loans at fair value — — ( 7,662 ) ( 1,059 ) ( 8,721 ) Credit risk transfer strips — — 82,912 — 82,912 MSRs at fair value ( 225,441 ) — — — ( 225,441 ) $ ( 225,441 ) $ 5,891 $ 91,847 $ ( 3,279 ) $ ( 130,982 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 2,135 ) $ — $ ( 2,135 ) Asset-backed financings at fair value — — 7,634 ( 466 ) 7,168 $ — $ — $ 5,499 $ ( 466 ) $ 5,033 Six months ended June 30, 2022 Net loan Net gains on loans acquired for sale Net (losses) gains on investments and financings Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ — $ ( 369,023 ) $ 13,252 $ ( 355,771 ) Loans acquired for sale at fair value — ( 380,377 ) — — ( 380,377 ) Loans at fair value — — ( 218,585 ) ( 1,077 ) ( 219,662 ) Credit risk transfer strips — — ( 57,655 ) — ( 57,655 ) MSRs at fair value 437,500 — — — 437,500 $ 437,500 $ ( 380,377 ) $ ( 645,263 ) $ 12,175 $ ( 575,965 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 8,892 ) $ — $ ( 8,892 ) Asset-backed financings at fair value — — 205,841 589 206,430 $ — $ — $ 196,949 $ 589 $ 197,538
Summary of Carrying Value of Financial Statement Items Remeasured Based on Fair Value on Nonrecurring Basis	Following is a summary of the carrying value of assets that were remeasured during the period based on fair value on a nonrecurring basis: Real estate acquired in settlement of loans Level 1 Level 2 Level 3 Total (in thousands) June 30, 2023 $ — $ — $ 834 $ 834 December 31, 2022 $ — $ — $ 1,292 $ 1,292
Summary of Changes in Fair Value Recognized in Assets that Remeasured at Fair Value on a Nonrecurring Basis	The following table summarizes the fair value changes recognized during the periods on assets held at period end that were remeasured at fair value on a nonrecurring basis: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Real estate asset acquired in settlement of loans $ ( 124 ) $ ( 204 ) $ ( 62 ) $ ( 314 )
Carrying and Fair Values of Notes Payable Secured by Credit Risk Transfer and Mortgage Servicing Rights and Exchangeable Senior Notes	The fair value and carrying value of these liabilities are summarized below: June 30, 2023 December 31, 2022 Instrument Carrying value Fair value Carrying value Fair value (in thousands) Notes payable secured by credit risk transfer $ 3,158,407 $ 3,125,771 $ 2,804,028 $ 2,721,391 Exchangeable senior notes $ 547,767 $ 493,785 $ 546,254 $ 471,781
Quantitative Summary of Key Unobservable Inputs Used in Valuation of CRT Derivatives	Following is a quantitative summary of key unobservable inputs used in the Company’s review and approval of broker-provided fair values for CRT derivatives: June 30, 2023 December 31, 2022 (dollars in thousands) Fair value CRT derivatives: Assets $ 4,602 $ 1,262 Liabilities $ 8,996 $ 23,360 UPB of loans in reference pools $ 5,692,701 $ 5,972,060 Key inputs (1) Discount rate Range 8.8 % – 11.0 % 8.7 % – 11.1 % Weighted average 10.7 % 10.8 % Voluntary prepayment speed (2) Range 6.8 % – 7.5 % 7.5 % – 8.3 % Weighted average 7.3 % 7.6 % Involuntary prepayment speed (3) Range 0.2 % – 1.0 % 0.5 % – 1.3 % Weighted average 0.4 % 0.6 % Remaining loss expectation Range 0.3 % – 0.5 % 0.4 % – 0.7 % Weighted average 0.4 % 0.6 % (1) Weighted average inputs are based on fair value amounts of the CRT Agreements, except for remaining loss expectation which is based on the UPB of the loans in the reference pools. (2) Voluntary prepayment speed is measured using Life Voluntary Conditional Prepayment Rate (“CPR”). (3) Involuntary prepayment speed is measured using Life Involuntary CPR.
Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments	Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs: June 30, 2023 December 31, 2022 Fair value (in thousands) (1) $ ( 1,298 ) $ ( 478 ) Committed amount (in thousands) $ 1,394,702 $ 1,484,384 Key inputs (2) Pull-through rate Range 53.1 % – 100 % 54.8 % – 100 % Weighted average 82.1 % 92.1 % MSR fair value expressed as Servicing fee multiple Range 2.6 – 6.9 1.9 – 7.1 Weighted average 4.5 4.7 Percentage of UPB Range 0.7 % – 2.8 % 0.7 % – 3.1 % Weighted average 1.8 % 1.9 % (1) For purposes of this table, IRLC asset and liability positions are shown net. (2) Weighted-average inputs are based on the committed amounts.
Summary of Key Unobservable Inputs Used in Valuation of Credit Risk Transfer Strip Liabilities	Following is a quantitative summary of key unobservable inputs used in the Company’s review and approval of the adjusted broker-provided fair values used to derive the fair value of the CRT strip liabilities: June 30, 2023 December 31, 2022 (dollars in thousands) Fair value $ 78,569 $ 137,193 UPB of loans in the reference pools $ 18,474,972 $ 19,343,464 Key inputs (1) Discount rate Range 8.5 % – 10.4 % 4.3 % – 11.3 % Weighted average 10.2 % 10.5 % Voluntary prepayment speed (2) Range 6.5 % – 8.1 % 7.7 % – 7.9 % Weighted average 6.7 % 7.7 % Involuntary prepayment speed (3) Range 0.2 % – 0.5 % 0.6 % – 2.0 % Weighted average 0.3 % 0.8 % Remaining loss expectation Range 0.5 % – 1.7 % 0.7 % – 2.0 % Weighted average 0.7 % 0.9 % (1) Weighted average inputs are based on fair value amounts of the CRT arrangements, except for remaining loss expectation which is based on the UPB of the loans in the reference pools. (2) Voluntary prepayment speed is measured using Life Voluntary CPR. (3) Involuntary prepayment speed is measured using Life Involuntary CPR.
Key Assumptions Used in Determining Fair Value of MSRs at Time of Initial Recognition	Following are the key inputs used in determining the fair value of MSRs at the time of initial recognition: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (MSR recognized and UPB of underlying loans amounts in thousands) MSR recognized $ 90,747 $ 170,658 $ 191,365 $ 365,254 UPB of underlying loans $ 4,856,301 $ 10,299,805 $ 10,405,626 $ 22,228,977 Weighted average annual servicing fee rate (in basis points) 39 32 40 31 Key inputs (1) Pricing spread (2) Range 5.5 % – 8.8 % 5.6 % – 8.9 % 5.5 % – 8.8 % 5.6 % – 8.9 % Weighted average 5.9 % 6.4 % 5.9 % 6.5 % Prepayment speed (3) Range 11.8 % – 20.2 % 6.0 % – 17.7 % 11.8 % – 21.8 % 6.0 % – 17.7 % Weighted average 11.9 % 8.9 % 12.6 % 8.7 % Equivalent average life (in years) Range 2.9 - 7.1 4.2 - 8.3 2.8 - 7.1 4.0 - 8.4 Weighted average 7.0 8.1 6.7 8.1 Annual per-loan cost of servicing Range $ 68 – $ 69 $ 80 – $ 80 $ 68 – $ 69 $ 80 – $ 80 Weighted average $ 69 $ 80 $ 69 $ 80 (1) Weighted average inputs are based on UPB of the underlying loans. (2) The Company uses the pricing spread over the United States Treasury (“Treasury”) securities yield curve for the purpose of discounting cash flows relating to MSRs. (3) Prepayment speed is measured using Life Total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information.
Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of Dates Presented, and Effect on Estimated Fair Value from Adverse Changes in Those Inputs	Following is a quantitative summary of key inputs used in the valuation of MSRs as of the dates presented, and the effect on the fair value from adverse changes in those inputs: June 30, 2023 December 31, 2022 (Fair value, UPB of underlying loans and Fair value $ 3,977,938 $ 4,012,737 UPB of underlying loans $ 231,660,841 $ 229,971,035 Weighted average annual servicing fee rate (in basis points) 29 29 Weighted average note interest rate 3.6 % 3.5 % Key inputs (1) Pricing spread (2) Range 5.4 % – 8.4 % 4.9 % – 8.8 % Weighted average 5.4 % 5.7 % Effect on fair value of (3): 5% adverse change $( 46,861 ) $( 52,004 ) 10% adverse change $( 92,648 ) $( 102,727 ) 20% adverse change $( 181,131 ) $( 200,497 ) Prepayment speed (4) Range 5.9 % – 17.9 % 5.1 % – 17.4 % Weighted average 7.2 % 6.3 % Equivalent average life (in years) Range 2.9 – 9.6 3.5 – 9.3 Weighted average 8.4 8.9 Effect on fair value of (3): 5% adverse change $( 53,019 ) $( 51,044 ) 10% adverse change $( 104,163 ) $( 100,544 ) 20% adverse change $( 201,226 ) $( 195,201 ) Annual per-loan cost of servicing Range $ 67 – $ 71 $ 69 – $ 69 Weighted average $ 70 $ 69 Effect on fair value of (3): 5% adverse change $( 17,196 ) $( 17,629 ) 10% adverse change $( 34,393 ) $( 35,258 ) 20% adverse change $( 68,786 ) $( 70,515 ) (1) Weighted-average inputs are based on the UPB of the underlying loans. (2) The Company uses a pricing spread over the Treasury securities yield curve for the purpose of discounting cash flows relating to MSRs. (3) These sensitivity analyses are limited in that they were performed as of a particular date; only account for the estimated effect of the movements in the indicated inputs; do not incorporate changes in those inputs in relation 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 to account for changing circumstances. For these reasons, these estimates should not be viewed as earnings forecasts. (4) Prepayment speed is measured using Life Total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information.

Mortgage-Backed Securities (Tab

Mortgage-Backed Securities (Tables)	6 Months Ended
	Jun. 30, 2023
Mortgage Backed Securities [Abstract]
Schedule of Investment in Mortgage Backed Securities Activity	Following is a summary of activity in the Company’s investment in MBS: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Balance at beginning of period $ 4,629,004 $ 3,070,330 $ 4,462,601 $ 2,666,768 Purchases 259,725 2,099,102 3,044,317 2,760,876 Sales — ( 1,079,826 ) ( 2,629,540 ) ( 1,079,826 ) Repayments ( 95,504 ) ( 68,695 ) ( 160,414 ) ( 138,971 ) Changes in fair value included in income arising from: Accrual (amortization) of net purchase premiums ( 263 ) 14,663 ( 2,220 ) 13,252 Valuation adjustments ( 61,621 ) ( 182,498 ) 16,597 ( 369,023 ) ( 61,884 ) ( 167,835 ) 14,377 ( 355,771 ) Balance at end of period $ 4,731,341 $ 3,853,076 $ 4,731,341 $ 3,853,076
Schedule of Investment in Mortgage Backed Securities	Following is a summary of the Company’s investment in MBS: June 30, 2023 Security type (1) Principal Unamortized Cumulative Fair value (1) (in thousands) Agency fixed-rate pass-through securities $ 4,491,288 $ ( 72 ) $ ( 81,635 ) $ 4,409,581 Subordinate credit-linked securities 254,113 ( 4,946 ) 10,296 259,463 Senior non-Agency securities 70,383 ( 2,610 ) ( 5,476 ) 62,297 $ 4,815,784 $ ( 7,628 ) $ ( 76,815 ) $ 4,731,341 December 31, 2022 Security type (1) Principal Unamortized Cumulative Fair value (1) (in thousands) Agency fixed-rate pass-through securities $ 4,693,045 $ 30,423 $ ( 460,966 ) $ 4,262,502 Subordinate credit-linked securities 184,620 52 ( 6,774 ) 177,898 Senior non-Agency securities 28,103 ( 876 ) ( 5,026 ) 22,201 $ 4,905,768 $ 29,599 $ ( 472,766 ) $ 4,462,601 (1) All MBS have maturities of more than ten years a nd are pledged to secure Assets sold under agreements to repurchase .

Loans Acquired for Sale at Fa_2

Loans Acquired for Sale at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Summary of Distribution of Company's Loans Acquired for Sale at Fair Value	Following is a summary of the distribution of the Company’s loans acquired for sale at fair value: Loan type June 30, 2023 December 31, 2022 (in thousands) GSE eligible — held for sale to nonaffiliates (1) $ 823,676 $ 1,651,554 Held for sale to PLS (2) 249,741 159,671 Home equity lines of credit 2,103 2,424 Repurchased pursuant to representations and warranties 4,527 8,284 $ 1,080,047 $ 1,821,933 Loans pledged to secure: Assets sold under agreements to repurchase $ 1,025,283 $ 1,801,368 Mortgage loan participation purchase and sale agreements 36,267 — $ 1,061,550 $ 1,801,368 (1) GSE eligibility refers to the eligibility of loans for sale to Fannie Mae or Freddie Mac. The Company sells or finances a portion of its GSE eligible loan production to other investors, including PLS. (2) The Company sells a portion of its production to PLS, including all of its loans eligible for inclusion in Ginnie Mae securities. The Company is not approved by Ginnie Mae as an issuer of Ginnie Mae-guaranteed securities which are backed by government-insured or guaranteed loans. The Company earns a sourcing fee for all loans that it purchases from correspondent sellers and subsequently sells to PLS as described in Note 4 – Transactions with Related Parties – Operating activities – Correspondent Production Activities .

Loans at Fair Value (Tables)

Loans at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2023
Mortgage Loans At Fair Value [Abstract]
Summary of Distribution of Company's Loans at Fair Value	Following is a summary of the distribution of the Company’s loans at fair value: Loan type June 30, 2023 December 31, 2022 (in thousands) Loans in VIEs: Agency-conforming loans secured by investment properties $ 1,405,843 $ 1,459,160 Fixed interest rate jumbo loans 48,764 50,782 1,454,607 1,509,942 Distressed loans 2,665 3,457 $ 1,457,272 $ 1,513,399 Loans at fair value pledged to secure: Asset-backed financings at fair value (1) $ 1,454,607 $ 1,509,942 Assets sold under agreements to repurchase 191 206 $ 1,454,798 $ 1,510,148 (1) As discussed in Note 6 ‒ Variable Interest Entities ‒ Subordinate Mortgage-Backed Securities , the Company holds a portion of the securities issued by the VIEs. At June 30, 2023 and December 31, 2022, $ 82.9 million and $ 84.0 million, respectively, of such retained securities were pledged to secure Assets sold under agreements to repurchase .

Derivative and Credit Risk Tr_2

Derivative and Credit Risk Transfer Strip Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Derivative and Credit Risk Transfer Assets and Liabilities	Derivative and credit risk transfer assets and liabilities are summarized below: June 30, 2023 December 31, 2022 (in thousands) Derivative assets $ 29,012 $ 84,940 $ 29,012 $ 84,940 Derivative liabilities $ 19,469 $ 30,033 Credit risk transfer strip liabilities 78,569 137,193 $ 98,038 $ 167,226
Derivative Assets and Derivative and Credit Risk Transfer Liabilities and Related Margin Deposits Recorded in Other Assets	The Company had the following derivative assets and liabilities recorded within Derivative assets and Derivative and credit risk transfer liabilities and related margin deposits recorded in Other assets on the consolidated balance sheets: June 30, 2023 December 31, 2022 Fair value Fair value Notional Derivative Derivative Notional Derivative Derivative Instrument amount (1) assets liabilities amount (1) assets liabilities (in thousands) Hedging derivatives subject to master netting Call options on interest rate futures purchase 525,000 $ 961 $ — 1,950,000 $ 2,906 $ — Put options on interest rate futures purchase 2,370,000 15,070 — 1,785,000 8,130 — Forward purchase contracts 4,979,858 144 15,303 3,929,833 418 15,196 Forward sale contracts 9,122,266 35,552 816 11,661,925 43,435 17,279 MBS put options 350,000 1,841 — 1,050,000 2,783 — Bond futures 3,584,100 — — 867,900 — — Other derivatives not subject to master netting CRT derivatives 5,692,701 4,602 8,996 5,972,060 1,262 23,360 Interest rate lock commitments 1,394,702 1,560 2,858 1,484,384 3,877 4,355 Total derivative instruments before netting 59,730 27,973 62,811 60,190 Netting ( 30,718 ) ( 8,504 ) 22,129 ( 30,157 ) $ 29,012 $ 19,469 $ 84,940 $ 30,033 Margin deposits (received from) placed $ ( 22,213 ) $ 52,286 Derivative assets pledged to secure: Notes payable secured by credit risk transfer $ 4,602 $ 1,262 (1) Notional amounts provide an indication of the volume of the Company’s derivative activity. (2) All hedging derivatives are interest rate derivatives that are used as economic hedges.
Summary of Derivative Assets, Financial Instruments and 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 qualifying for setoff accounting. June 30, 2023 December 31, 2022 Net amount Gross amounts Net amount Gross amounts of assets not offset in the of assets not offset in the presented consolidated presented consolidated in the balance sheet in the balance sheet consolidated Cash consolidated Cash balance Financial collateral Net balance Financial collateral Net sheet instruments received amount sheet instruments received amount (in thousands) CRT derivatives $ 4,602 $ — $ — $ 4,602 $ 1,262 $ — $ — $ 1,262 Interest rate lock commitments 1,560 — — 1,560 3,877 — — 3,877 RJ O’Brien & Associates, LLC 16,030 — — 16,030 11,036 — — 11,036 Bank of America, N.A. 3,118 — — 3,118 14,666 — — 14,666 Citigroup Global Markets Inc. 1,573 — — 1,573 — — — — Wells Fargo Securities, LLC 1,105 — — 1,105 6,980 — — 6,980 Morgan Stanley & Co. LLC — — — — 33,703 — — 33,703 Goldman Sachs & Co. LLC — — — — 2,789 — — 2,789 Credit Suisse Securities (USA) LLC — — — — 5,827 — — 5,827 Barclays Capital Inc. — — — — 2,013 — — 2,013 J.P. Morgan Securities LLC — — — — 110 — — 110 Other 1,024 — — 1,024 2,677 — — 2,677 $ 29,012 $ — $ — $ 29,012 $ 84,940 $ — $ — $ 84,940
Summary of Derivative Liabilities, Financial Liabilities and Collateral Pledged 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 represent sufficient collateral or exceed the liability amount recorded on the consolidated balance sheet. June 30, 2023 December 31, 2022 Net amount Gross amounts Net amount Gross amounts of liabilities not offset in the of liabilities not offset in the presented consolidated presented consolidated in the balance sheet in the balance sheet consolidated Financial Cash consolidated Financial Cash balance instruments collateral Net balance instruments collateral Net sheet (1) pledged amount sheet (1) pledged amount (in thousands) CRT derivatives $ 8,996 $ — $ — $ 8,996 $ 23,360 $ — $ — $ 23,360 Interest rate lock commitments 2,858 — — 2,858 4,355 — — 4,355 J.P. Morgan Securities LLC 1,624,718 ( 1,624,336 ) — 382 1,605,813 ( 1,605,813 ) — — Barclays Capital Inc. 887,105 ( 886,723 ) — 382 1,115,265 ( 1,115,265 ) — — Bank of America, N.A. 830,555 ( 830,555 ) — — 1,239,293 ( 1,239,293 ) — — Wells Fargo Securities, LLC 697,073 ( 697,073 ) — — 262,512 ( 262,512 ) — — Atlas Securitized Products, L.P. 607,337 ( 607,337 ) — — — — — — Daiwa Capital Markets 367,289 ( 367,289 ) — — 439,089 ( 439,089 ) — — Amherst Pierpont Securities LLC 259,517 ( 259,517 ) — — 283,928 ( 283,294 ) — 634 RBC Capital Markets, L.P. 218,687 ( 218,687 ) — — 268,581 ( 268,581 ) — — Citigroup Global Markets Inc. 136,560 ( 136,560 ) — — 197,229 ( 195,807 ) — 1,422 Goldman Sachs & Co. LLC 81,925 ( 81,925 ) — — 156,952 ( 156,952 ) — — Mizuho Financial Group 77,081 ( 76,791 ) — 290 — — — — Morgan Stanley & Co. LLC 83,498 ( 77,814 ) — 5,684 218,730 ( 218,730 ) — — BNP Paribas 44,031 ( 44,031 ) — — 153,220 ( 153,220 ) — — Nomura Holdings America, Inc 7,572 ( 7,572 ) — — 4,444 ( 4,444 ) — — Credit Suisse Securities (USA) LLC — — — — 675,639 ( 675,639 ) — — Other 877 — — 877 262 — — 262 $ 5,935,679 $ ( 5,916,210 ) $ — $ 19,469 $ 6,648,672 $ ( 6,618,639 ) $ — $ 30,033 (1) Amounts represent the UPB of Assets sold under agreements to repurchase .
Net Gains (Losses) Recognized on Derivative Financial Instruments	Following are the net gains (losses) recognized by the Company on derivative financial instruments and the consolidated statements of operations line items where such gains and losses are included: Quarter ended June 30, Six months ended June 30, Derivative activity Consolidated statements of operations line 2023 2022 2023 2022 (in thousands) Interest rate lock commitments Net gains on loans acquired for sale (1) $ ( 9,847 ) $ 21,809 $ ( 820 ) $ ( 4,107 ) CRT derivatives Net (losses) gains on investments and $ 14,833 $ ( 5,583 ) $ 25,959 $ ( 11,431 ) Hedged item: Interest rate lock Net gains on loans acquired for sale $ 19,394 $ 135,719 $ ( 1,350 ) $ 387,618 Mortgage servicing rights Net loan servicing fees $ 23,996 $ ( 78,118 ) $ ( 30,895 ) $ ( 241,920 ) (1) Represents net change in fair value of IRLCs from the beginning to the end of the reporting period. Amounts recognized at the date of commitment and fair value changes recognized during the period until purchase of the underlying loan or cancellation of the commitment are shown in the rollforward of IRLCs for the period in Note 7 – Fair Value – Financial Statement Items Measured at Fair Value on a Recurring Basis .

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Summary of MSRs Carried at Fair Value	Following is a summary of MSRs: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Balance at beginning of period $ 3,975,076 $ 3,391,172 $ 4,012,737 $ 2,892,855 MSRs resulting from loan sales 90,747 170,658 191,365 365,254 Transfer to Agency of mortgage servicing 112 — ( 723 ) — Changes in fair value: Due to changes in inputs used in valuation 15,046 220,422 ( 30,725 ) 613,062 Other changes in fair value (2) ( 103,043 ) ( 86,643 ) ( 194,716 ) ( 175,562 ) ( 87,997 ) 133,779 ( 225,441 ) 437,500 Balance at end of period $ 3,977,938 $ 3,695,609 $ 3,977,938 $ 3,695,609 June 30, 2023 December 31, 2022 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets and Notes payable $ 3,929,319 $ 3,962,820 (1) Primarily reflects changes in pricing spread, prepayment speed, servicing cost, and UPB of underlying loan inputs. (2) Represents changes due to realization of expected cash flows.
Summary of Net Loan Servicing Fees Relating to MSRs	Servicing fees relating to MSRs are recorded in Net loan servicing fees – from nonaffiliates on the Company’s consolidated statements of operations and are summarized below: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Contractually-specified servicing fees $ 165,499 $ 151,149 $ 329,713 $ 298,034 Ancillary and other fees: Late charges 805 609 1,564 1,221 Other 6,021 6,570 9,205 15,072 6,826 7,179 10,769 16,293 $ 172,325 $ 158,328 $ 340,482 $ 314,327 Average MSR servicing portfolio $ 232,008,151 $ 220,402,133 $ 231,381,212 $ 219,051,445 From PFSI—MSR recapture fees $ 509 $ 3,324 $ 994 $ 11,584 UPB of loans recaptured $ 98,126 $ 580,656 $ 193,317 $ 2,161,461

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Other Assets [Abstract]
Summary of Other Assets	Other assets are summarized below: June 30, 2023 December 31, 2022 (dollars in thousands) Derivative margin deposits $ 156,895 $ 51,463 Interest receivable 40,055 31,027 Servicing fees receivable 13,080 15,727 Correspondent lending receivables 6,021 8,967 Other receivables 8,947 7,657 Real estate acquired in settlement of loans 6,371 7,734 Other 6,976 12,416 $ 238,345 $ 134,991 Real estate acquired in settlement of loans pledge to secure Assets sold under agreements to repurchase $ 2,866 $ 3,297

Short-Term Debt (Tables)

Short-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase	Following is a summary of financial information relating to assets sold under agreements to repurchase: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (dollars in thousands) Weighted average interest rate (1) 5.95 % 1.75 % 5.74 .% 1.42 % Average balance $ 6,414,368 $ 5,293,064 $ 6,826,134 $ 5,147,290 Total interest expense $ 96,346 $ 25,048 $ 196,613 $ 40,619 Maximum daily amount outstanding $ 8,499,053 $ 6,543,551 $ 9,330,819 $ 8,187,913 (1) Excludes the effect of amortization of debt issuance costs of $ 1.2 million and $ 2.4 million for the quarter and six months ended June 30, 2023, respectively, and $ 1.9 million and $ 4.4 million for the quarter and six months ended June 30, 2022, respectively. June 30, 2023 December 31, 2022 (dollars in thousands) Carrying value: Unpaid principal balance $ 5,916,210 $ 6,618,639 Unamortized debt issuance costs ( 1,585 ) ( 2,111 ) $ 5,914,625 $ 6,616,528 Weighted average interest rate 5.87 % 5.03 % Available borrowing capacity (1): Committed $ 373,251 $ 217,279 Uncommitted 5,270,676 4,762,056 $ 5,643,927 $ 4,979,335 Margin deposits placed with (received from) counterparties included in Other assets ( Accounts payable and accrued liabilities ), net $ 84,660 $ ( 13,630 ) Assets securing agreements to repurchase: Mortgage-backed securities $ 4,731,341 $ 4,462,601 Loans acquired for sale at fair value $ 1,025,283 $ 1,801,368 Loans at fair value: Securities retained in asset-backed financings $ 82,918 $ 84,044 Distressed $ 191 $ 206 Deposits securing credit risk transfer arrangements $ 81,984 $ 455,552 Mortgage servicing rights (2) $ 2,003,890 $ 2,092,794 Servicing advances $ 55,185 $ 100,888 Real estate acquired in settlement of loans $ 2,866 $ 3,297 (1) The amount the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. (2) Beneficial interests in Fannie Mae MSRs are pledged to secure both Assets sold under agreements to repurchase and Notes payable secured by credit risk transfer and mortgage servicing assets .
Summary of Maturities of Outstanding Advances Under Repurchase Agreements by Maturity Date	Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date: Remaining maturity at June 30, 2023 (1) Unpaid (in thousands) Within 30 days $ 32,146 Over 30 to 90 days 5,381,460 Over 90 days to 180 days 218,686 Over 180 days to 1 year — Over 1 year to 2 years 283,918 $ 5,916,210 Weighted average maturity (in months) 2.8 (1) The Company is subject to margin calls during the period the repurchase agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective repurchase agreements mature if the fair value (as determined by the applicable lender) of the assets securing those repurchase agreements decreases.
Summary of Assets Sold under Agreements to Repurchase by Counterparty	Securities Counterparty Amount at risk Weighted average maturity (in thousands) Barclays Capital Inc. $ 57,676 August 16, 2023 Bank of America, N.A. $ 37,518 August 11, 2023 Citibank, N.A. $ 38,602 August 5, 2023 JPMorgan Chase & Co. $ 45,064 August 16, 2023 Wells Fargo Securities, LLC $ 21,279 August 10, 2023 Daiwa Capital Markets America Inc. $ 9,768 August 25, 2023 Amherst Pierpont Securities LLC $ 7,051 August 17, 2023 Nomura Holdings America, Inc $ 3,336 July 16, 2023 Mizuho Financial Group $ 1,706 August 22, 2023 CRT arrangements Counterparty Amount at risk Weighted average maturity (in thousands) Goldman Sachs & Co. LLC $ 36,391 August 4, 2023
Summary of Mortgage Loan Participation Purchase and Sale Agreement	The mortgage loan participation purchase and sale agreement is summarized below: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (dollars in thousands) Average balance $ 23,767 $ 33,908 $ 20,456 $ 34,854 Weighted average interest rate (1) 6.44 % 2.38 % 6.34 % 2.00 % Total interest expense $ 413 $ 232 $ 706 $ 408 Maximum daily amount outstanding $ 90,565 $ 81,360 $ 90,565 $ 88,633 (1) Excludes the effect of amortization of debt issuance costs of $ 31,000 and $ 63,000 for the quarter and six months ended June 30, 2023 , respectively, and $ 31,000 and $ 63,000 for the quarter and six months ended June 30, 2022, respectively. June 30, 2023 December 31, 2022 (dollars in thousands) Carrying value: Amount outstanding $ 34,787 $ — Unamortized debt issuance costs — — $ 34,787 $ — Weighted average interest rate 6.39 % — Loans acquired for sale pledged to secure mortgage loan participation $ 36,267 $ —
Loans RE and MSRs Sold Under Agreements to Repurchase [Member]
Summary of Assets Sold under Agreements to Repurchase by Counterparty	Loans, REO and MSRs Weighted-average maturity Counterparty Amount at risk Advances Facility (in thousands) Barclays Capital Inc. $ 3,484 September 8, 2023 November 13, 2024 Goldman Sachs & Co. LLC $ 22,375 September 9, 2023 December 23, 2023 Atlas Securitized Products, L.P. $ 55,203 September 21, 2023 June 27, 2025 Bank of America, N.A. $ 15,608 August 5, 2023 June 12, 2025 Citibank, N.A. $ 9,126 August 19, 2023 June 27, 2025 Wells Fargo Securities, LLC $ 6,040 September 7, 2023 May 3, 2025 RBC Capital Markets, L.P. $ 7,388 October 15, 2023 May 10, 2024 Morgan Stanley & Co. LLC $ 3,258 September 15, 2023 January 27, 2025 BNP Paribas Corporate & Institutional Banking $ 1,407 September 4, 2023 November 30, 2024

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Summary of Financial Information Relating to Note Payable Secured by Credit Risk Transfer and Mortgage Servicing Assets	Following is a summary of financial information relating to notes payable secured by credit risk transfer and mortgage servicing assets: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (dollars in thousands) Average balance $ 3,074,414 $ 2,408,122 $ 2,939,303 $ 2,423,363 Weighted average interest rate (1) 8.40 % 3.84 % 8.06 % 3.49 % Total interest expense $ 66,150 $ 24,413 $ 121,097 $ 44,779 Maximum daily amount outstanding $ 3,188,116 $ 2,833,710 $ 3,188,116 $ 3,059,637 (1) Excludes the effect of amortization of debt issuance costs of $ 1.8 million and $ 3.6 million for the quarter and six months ended June 30, 2023 , respectively, and $ 1.4 million and $ 2.9 million for the quarter and six months ended June 30, 2022, respectively. June 30, 2023 December 31, 2022 (dollars in thousands) Carrying value: Unpaid principal balance: CRT Term Notes $ 790,950 $ 592,694 FT-1 Term Notes and FT-1 Term Loans 1,260,000 1,105,000 Freddie Mac credit agreements 1,115,000 1,115,000 3,165,950 2,812,694 Unamortized debt issuance costs ( 7,543 ) ( 8,666 ) $ 3,158,407 $ 2,804,028 Weighted average interest rate 8.27 % 7.30 % Assets securing notes payable: Mortgage servicing rights (1) $ 3,929,319 $ 3,962,820 CRT Agreements: Deposits securing CRT arrangements $ 1,187,574 $ 869,742 Derivative assets $ 4,602 $ 1,262 (1) Beneficial interests in Freddie Mac MSRs are pledged as collateral for the Notes payable secured by credit risk transfer and mortgage servicing assets. Beneficial interests in Fannie Mae MSRs are pledged for both Assets sold under agreements to repurchase and Notes payable secured by credit risk transfer and mortgage servicing assets .
Summary of Financial Information Relating to Exchangeable Notes	Following is financial information relating to the Exchangeable Notes: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Average balance $ 547,264 $ 544,341 $ 546,890 $ 536,986 Weighted average interest rate (1) 5.59 % 5.62 % 5.63 % 5.73 % Interest expense $ 8,395 $ 8,334 $ 16,775 $ 16,654 (1) Excludes the effect of amortization of debt issuance costs of $ 764,000 and $ 1.5 million for the quarter and six months ended June 30, 2023, respectively, and $ 703,000 and $ 1.4 million for the quarter and six months ended June 30, 2022, respectively. June 30, 2023 December 31, 2022 (in thousands) Carrying value: UPB $ 555,000 $ 555,000 Unamortized debt issuance costs ( 7,233 ) ( 8,746 ) $ 547,767 $ 546,254
Summary of Financial Information Relating to Asset-Backed Financing of a VIE at Fair Value	Following is a summary of financial information relating to the asset-backed financings of VIEs at fair value described in Note 6 ‒ Variable Interest Entities ‒ Subordinate Mortgage-Backed Securities : Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (dollars in thousands) Average balance $ 1,392,667 $ 1,646,941 $ 1,402,275 $ 1,554,290 Total interest expense $ 12,791 $ 15,016 $ 25,144 $ 26,043 Weighted average interest rate (1) 3.66 % 3.31 % 3.68 % 3.30 % (1) Excludes the effect of amortization (accrual) of debt issuance cost and premiums of $ 75,000 and $ ( 466,000 ) for the quarter and six months ended June 30, 2023 , respectively, and $ 1.4 million and $ 590,000 for the quarter and six months ended June 30, 2022, respectively. June 30, 2023 December 31, 2022 (dollars in thousands) Fair value $ 1,361,108 $ 1,414,955 Unpaid principal balance $ 1,635,663 $ 1,681,410 Weighted average interest rate 3.22 % 3.22 %
Schedule of Contractual Maturities on Long Term Debt Obligations	Maturities of Long-Term Debt Contractual maturities of long-term debt obligations (based on final maturity dates) are as follows: Twelve months ended June 30, Total 2024 2025 2026 2027 2028 Thereafter (in thousands) Notes payable secured by credit risk transfer $ 3,165,950 $ 284,986 $ 2,070,964 $ 305,000 $ 350,000 $ 155,000 $ — Exchangeable senior notes 555,000 — 210,000 345,000 — — — Asset-backed financings at fair value (2) 1,635,663 — — — — — 1,635,663 Interest-only security payable at fair value (2) 24,060 — — — — — 24,060 Total $ 5,380,673 $ 284,986 $ 2,280,964 $ 650,000 $ 350,000 $ 155,000 $ 1,659,723 (1) Based on stated maturity. As discussed above, certain of the Notes payable secured by credit risk and mortgage servicing assets allow the Company to exercise optional extensions. (2) Contractual maturity does not reflect expected repayment as borrowers of the underlying loans generally have the right to repay their loans at any time .
C R T Arrangement Financing [Member]
Summary of Term Note Issued to Qualified Institutional Buyers	Following is a summary of the CRT Term Notes outstanding: Unpaid Annual Maturity date Term Issuance date Issuance amount principal interest rate spread (1) Stated Optional extension (2) (in thousands) 2023 1R April 5, 2023 $ 235,000 $ 228,111 4.40 % March 25, 2025 — 2021 1R March 4, 2021 $ 659,156 284,986 2.90 % February 28, 2024 February 27, 2026 2020 1R February 14, 2020 $ 350,000 54,703 3.35 % February 27, 2025 (3) 2019 3R October 16, 2019 $ 375,000 51,308 3.70 % October 29, 2024 (3) 2019 2R June 11, 2019 $ 638,000 171,842 3.75 % May 29, 2025 (3) $ 790,950 (1) Interest rates for the CRT Term Notes are charged based on the Secured Overnight Financing Rate ("SOFR"). (2) The indentures relating to these issuances provide the Company with the option to extend the maturity dates of certain of the CRT Term Notes under the conditions specified in the respective agreements. (3) Stated maturity date reflects the exercise by the Company of its option to extend the maturity of this issuance.
Fannie Mae M S R Financing
Summary of Term Note Issued to Qualified Institutional Buyers	Following is a summary of the term financing of the Company’s Fannie Mae MSRs: Unpaid Annual Maturity date FT-1 Issuance Issuance date Issuance amount principal interest rate spread (1) Stated Optional extension (2) (in thousands) Term Loans 2023 May 25, 2023 $ 155,000 $ 155,000 3.00 % May 25, 2028 May 25, 2029 Term Notes 2022 June 28, 2022 $ 305,000 305,000 4.19 % June 25, 2027 (3) 2021 March 30, 2021 $ 350,000 350,000 3.00 % March 25, 2026 March 27, 2028 2018 April 25, 2018 $ 450,000 450,000 3.35 % April 25, 2025 (4) $ 1,260,000 (1) Interest rates for the FT-1 Term Notes and FT-1 Term Loans are charged at a spread to SOFR. (2) The indentures relating to these issuances provide the Company with the option of extending the maturity dates of certain of the FT-1 Term Notes and FT-1 Term Loans under the conditions specified in the respective agreements. (3) Either June 26, 2028 or June 25, 2029. (4) Stated maturity date reflects the exercise by the Company of its option to extend the maturity of this issuance.

Liability for Losses Under Re_2

Liability for Losses Under Representations and Warranties (Tables)	6 Months Ended
	Jun. 30, 2023
Liability For Representations And Warranties [Abstract]
Summary of Company's Liability for Losses under Representations and Warranties	Following is a summary of the Company’s liability for losses under representations and warranties: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Balance, beginning of period $ 39,407 $ 40,225 $ 39,471 $ 40,249 Provision for losses: Pursuant to loan sales 738 1,129 1,678 2,446 Reduction in liability due to change in estimate ( 2,939 ) ( 1,530 ) ( 3,555 ) ( 2,695 ) Losses incurred ( 137 ) ( 383 ) ( 525 ) ( 559 ) Balance, end of period $ 37,069 $ 39,441 $ 37,069 $ 39,441 UPB of loans subject to representations and $ 230,128,231 $ 220,982,060

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Company's Outstanding Contractual Commitments	The following table summarizes the Company’s outstanding contractual commitments: June 30, 2023 (in thousands) Commitments to purchase loans acquired for sale $ 1,394,702

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Preferred Shares of Beneficial Interest	Preferred shares of beneficial interest are summarized below: Dividends per share, period ended June 30, Preferred Quarter Six months Share Description (1) Number of shares Liquidation preference Issuance discount Carrying value 2023 2022 2023 2022 Fixed-to-floating rate cumulative redeemable (in thousands, except dividends per share) A 8.125 % Issued March 2017 4,600 $ 115,000 $ 3,828 $ 111,172 $ 0.51 $ 0.51 $ 1.02 $ 1.02 B 8.00 % Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 $ 1.00 $ 1.00 Fixed-rate cumulative redeemable C 6.75 % Issued August 2021 10,000 250,000 8,225 241,775 $ 0.42 $ 0.42 $ 0.84 $ 0.84 22,400 $ 560,000 $ 18,518 $ 541,482 (1) Par value is $ 0.01 per share.
Summary of Common Share Repurchase Activity	The following table summarizes the Company’s Common Share repurchase activity: Quarter ended June 30, Six months ended June 30, Cumulative 2023 2022 2023 2022 total (1) (in thousands) Common Shares repurchased 1,636 1,927 2,274 3,901 28,965 Cost of Common Shares repurchased (2) 19,448 $ 28,418 $ 27,011 $ 60,248 $ 425,751 (1) Amounts represent the Common Share repurchase program total from its inception in August 2015 through June 30, 2023. (2) Cumulative total cost of Common Shares repurchased includ es $ 579,000 o f transaction fees.

Net Gains on Loans Acquired f_2

Net Gains on Loans Acquired for Sale (Tables)	6 Months Ended
	Jun. 30, 2023
Text Block [Abstract]
Schedule of Net Gains on Loans Acquired for Sale	Net gains on loans acquired for sale are summarized below: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) From nonaffiliates: Cash losses: Sales of loans $ ( 116,647 ) $ ( 298,024 ) $ ( 189,592 ) $ ( 737,812 ) Hedging activities 29,449 123,997 ( 22,667 ) 462,099 ( 87,198 ) ( 174,027 ) ( 212,259 ) ( 275,713 ) Non-cash gains: Receipt of MSRs in mortgage loan sale transactions 90,747 170,658 191,365 365,254 Provision for losses relating to representations Pursuant to loans sales ( 738 ) ( 1,129 ) ( 1,678 ) ( 2,446 ) Reduction of liability due to change in estimate 2,939 1,530 3,555 2,695 2,201 401 1,877 249 Changes in fair value of loans and derivatives Interest rate lock commitments ( 9,847 ) 21,809 ( 820 ) ( 4,107 ) Loans 16,766 ( 23,955 ) 6,279 ( 1,937 ) Hedging derivatives ( 10,055 ) 11,722 21,317 ( 74,481 ) ( 3,136 ) 9,576 26,776 ( 80,525 ) 89,812 180,635 220,018 284,978 Total from nonaffiliates 2,614 6,608 7,759 9,265 From PFSI ‒ cash gains 1,832 1,063 3,160 2,359 $ 4,446 $ 7,671 $ 10,919 $ 11,624

Net (Losses) Gains on Investm_2

Net (Losses) Gains on Investments and Financings (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of Net (Losses) Gains on Investments and Financings	Net (losses) gains on investments and financings are summarized below: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) From nonaffiliates: Mortgage-backed securities $ ( 61,621 ) $ ( 182,498 ) $ 16,597 $ ( 369,023 ) Loans at fair value: Held in VIEs ( 18,253 ) ( 122,469 ) ( 7,236 ) ( 219,033 ) Distressed ( 877 ) 5 ( 426 ) 448 CRT arrangements 60,458 ( 42,355 ) 106,736 ( 77,978 ) Asset-backed financings at fair value 17,794 116,667 7,634 205,841 $ ( 2,499 ) $ ( 230,650 ) $ 123,305 $ ( 459,745 )

Net Interest (Expense) Income (

Net Interest (Expense) Income (Tables)	6 Months Ended
	Jun. 30, 2023
Banking and Thrift, Interest [Abstract]
Summary of Net Interest (Expense) Income	Net interest (expense) income is summarized below: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Interest income: Cash and short-term investments $ 6,712 $ 1,175 $ 13,023 $ 1,578 Mortgage-backed securities 62,542 40,651 113,681 55,051 Loans acquired for sale at fair value 25,779 23,442 62,767 42,690 Loans at fair value: Held in consolidated variable interest entities 13,644 15,736 28,810 28,585 Distressed 31 14 24 188 Deposits securing CRT arrangements 15,779 2,384 29,991 2,606 Placement fees relating to custodial funds 37,677 7,204 66,597 10,914 Other 520 92 810 149 162,684 90,698 315,703 141,761 Interest expense: Assets sold under agreements to repurchase 96,346 25,048 196,613 40,619 Mortgage loan participation purchase and 413 232 706 408 Notes payable secured by credit risk transfer and 66,150 24,413 121,097 44,779 Exchangeable senior notes 8,395 8,334 16,775 16,654 Asset-backed financings at fair value 12,791 15,016 25,144 26,043 Interest shortfall on repayments of loans serviced 1,790 4,430 2,819 11,472 Interest on loan impound deposits 1,315 677 2,658 1,689 Other 190 — 715 — 187,390 78,150 366,527 141,664 Net interest (expense) income $ ( 24,706 ) $ 12,548 $ ( 50,824 ) $ 97

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Share-Based Compensation Activity	The following table summarizes the Company’s share-based compensation activity: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Grants: Restricted share units 7 6 172 134 Performance share units 43 52 166 151 50 58 338 285 Grant date fair value: Restricted share units $ 78 $ 95 $ 2,212 $ 2,101 Performance share units 507 799 2,088 2,350 $ 585 $ 894 $ 4,300 4,451 Vestings: Restricted share units 11 1 140 79 Performance share units (1) — — 48 41 11 1 188 120 Forfeitures: Restricted share units 6 — 6 — Performance share units — 2 — 11 6 2 6 11 Compensation expense relating to share-based grants $ 845 $ 1,142 $ 2,001 $ 2,171 (1) The actual number of performance-based restricted share units (“RSUs”) that vested during the six months ended June 30, 2023, was 48,372 Common Shares, which is app roximately 39 % of the originally granted performance-based RSUs.
Summary of Restricted Share Units and Performance Share Units Expected to Vest	June 30, 2023 Restricted share units Performance share units Shares expected to vest: Number of units (in thousands) 251 260 Grant date average fair value per unit $ 14.29 $ 14.07

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Summary of Basic and Diluted Earnings per Share	The following table summarizes the basic and diluted earnings per share calculations: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands except per share amounts) Net income (loss) $ 24,624 $ ( 70,734 ) $ 85,321 $ ( 89,863 ) Dividends on preferred shares ( 10,454 ) ( 10,455 ) ( 20,909 ) ( 20,909 ) Effect of participating securities—share-based ( 100 ) ( 104 ) ( 202 ) ( 207 ) Net income (loss) attributable to common shareholders 14,070 ( 81,293 ) 64,210 ( 110,979 ) Interest on Exchangeable Notes, net of income taxes — — 12,682 — Diluted net income (loss) attributable to common 14,070 ( 81,293 ) 76,892 ( 110,979 ) Weighted average basic shares outstanding 87,269 91,963 88,046 93,048 Dilutive securities‒Shares issuable pursuant — — 24,328 — Diluted weighted average shares outstanding 87,269 91,963 112,374 93,048 Basic earnings (loss) per share $ 0.16 $ ( 0.88 ) $ 0.73 $ ( 1.19 ) Diluted earnings (loss) per share $ 0.16 $ ( 0.88 ) $ 0.68 $ ( 1.19 )
Summary of Potentially Dilutive Shares Excluded from Computation of Diluted Earnings Per Share	The following table summarizes the potentially dilutive shares excluded from the diluted earnings per share calculation as inclusion of such shares would have been antidilutive: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 (in thousands) Shares issuable under share-based compensation plan 114 78 141 181 Shares issuable pursuant to exchange of the Exchangeable 24,328 24,328 — 24,328

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Financial Highlights by Operating Segment	Financial highlights by operating segment are summarized below: Credit Interest rate sensitive sensitive Correspondent Quarter ended June 30, 2023 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 108,833 $ — $ — $ 108,833 Net gains on loans acquired for sale — — 4,446 — 4,446 Net (losses) gains on investments and financings 68,707 ( 71,206 ) — — ( 2,499 ) Net interest (expense) income: Interest income 25,146 108,656 25,708 3,174 162,684 Interest expense 21,752 137,987 26,740 911 187,390 3,394 ( 29,331 ) ( 1,032 ) 2,263 ( 24,706 ) Other ( 56 ) — 4,434 — 4,378 72,045 8,296 7,848 2,263 90,452 Expenses: Loan fulfillment and servicing fees 32 20,285 5,441 — 25,758 Management fees — — — 7,078 7,078 Other 911 1,183 1,007 7,662 10,763 943 21,468 6,448 14,740 43,599 Pretax income (loss) $ 71,102 $ ( 13,172 ) $ 1,400 $ ( 12,477 ) $ 46,853 Total assets at end of quarter $ 1,638,662 $ 10,099,868 $ 1,161,519 $ 484,873 $ 13,384,922 Credit Interest rate sensitive sensitive Correspondent Quarter ended June 30, 2022 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 217,313 $ — $ — $ 217,313 Net gains on loans acquired for sale 9 — 7,662 — 7,671 Net (losses) gains on investments and financings ( 57,811 ) ( 172,839 ) — — ( 230,650 ) Net interest (expense) income: Interest income 5,919 60,895 23,393 491 90,698 Interest expense 10,428 55,154 12,101 467 78,150 ( 4,509 ) 5,741 11,292 24 12,548 Other ( 28 ) — 14,646 — 14,618 ( 62,339 ) 50,215 33,600 24 21,500 Expenses: Loan fulfillment and servicing fees 51 20,284 20,646 — 40,981 Management fees — — — 7,910 7,910 Other 1,323 562 3,174 7,418 12,477 1,374 20,846 23,820 15,328 61,368 Pretax income (loss) $ ( 63,713 ) $ 29,369 $ 9,780 $ ( 15,304 ) $ ( 39,868 ) Total assets at end of quarter $ 1,663,700 $ 9,146,234 $ 1,972,934 $ 434,411 $ 13,217,279 Credit Interest rate sensitive sensitive Correspondent Six months ended June 30, 2023 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 85,140 $ — $ — $ 85,140 Net gains on loans acquired for sale — — 10,919 — 10,919 Net (losses) gains on investments and financings 123,096 209 — — 123,305 Net interest (expense) income: Interest income 46,540 200,738 62,635 5,790 315,703 Interest expense 39,554 263,156 61,872 1,945 366,527 6,986 ( 62,418 ) 763 3,845 ( 50,824 ) Other — — 12,278 — 12,278 130,082 22,931 23,960 3,845 180,818 Expenses: Loan fulfillment and servicing fees 109 40,658 17,363 — 58,130 Management fees — — — 14,335 14,335 Other 1,547 2,472 3,415 15,265 22,699 1,656 43,130 20,778 29,600 95,164 Pretax income (loss) $ 128,426 $ ( 20,199 ) $ 3,182 $ ( 25,755 ) $ 85,654 Total assets at end of period $ 1,638,662 $ 10,099,868 $ 1,161,519 $ 484,873 $ 13,384,922 Credit Interest rate sensitive sensitive Correspondent Six months ended June 30, 2022 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 521,491 $ — $ — $ 521,491 Net gains on loans acquired for sale 5 — 11,619 — 11,624 Net (losses) gains on investments and financings ( 102,716 ) ( 357,029 ) — — ( 459,745 ) Net interest (expense) income: Interest income 7,977 90,006 42,573 1,205 141,761 Interest expense 20,556 96,839 23,661 608 141,664 ( 12,579 ) ( 6,833 ) 18,912 597 97 Other 260 — 29,612 — 29,872 ( 115,030 ) 157,629 60,143 597 103,339 Expenses: Loan fulfillment and servicing fees 111 41,312 37,400 — 78,823 Management fees — — — 16,027 16,027 Other 4,534 2,737 8,386 14,642 30,299 4,645 44,049 45,786 30,669 125,149 Pretax income (loss) $ ( 119,675 ) $ 113,580 $ 14,357 $ ( 30,072 ) $ ( 21,810 ) Total assets at end of period $ 1,663,700 $ 9,146,234 $ 1,972,934 $ 434,411 $ 13,217,279

Regulatory Capital and Liquid_2

Regulatory Capital and Liquidity Requirements (Tables)	6 Months Ended
	Jun. 30, 2023
Mortgage Banking [Abstract]
Summary of Capital and Liquidity Amounts and Requirements by Agencies	The Agencies’ capital and liquidity amounts and requirements are summarized below: Net worth (1) Tangible net worth / Liquidity (1) Fannie Mae and Freddie Mac Actual Required Actual Required Actual Required (dollars in thousands) June 30, 2023 $ 1,027,178 $ 588,688 16 % 6 % $ 398,335 $ 79,928 December 31, 2022 $ 1,138,331 $ 586,436 16 % 6 % $ 343,286 $ 79,372 (1) Calculated in accordance with the Agencies’ requirements.

Organization - Additional Infor

Organization - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2023 Segment
Accounting Policies [Abstract]
Number of business segments	4
Percentage of taxable income for distributions	90%

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Restricted cash	$ 0	$ 0

Transactions with Related Par_3

Transactions with Related Parties - Loan Servicing - Additional Information (Detail) - PennyMac Loan Services, LLC [Member]	6 Months Ended
	Jun. 30, 2023
Mortgage Loans On Real Estate [Line Items]
Servicing agreement expiration date	Jun. 30, 2025
Service agreement maturity renewal term	18 months

Transactions with Related Par_4

Transactions with Related Parties - Prime Servicing - Additional Information (Detail) - PennyMac Loan Services, LLC [Member]	6 Months Ended
	Jun. 30, 2023 USD ($)
Subserviced loan [Member] | Fixed-Rate Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees per month	$ 7.50
Subserviced loan [Member] | Adjustable rate mortgage loans [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees per month	8.50
Prime Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees for REO per month	75
Prime Mortgage Loans [Member] | Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Additional servicing fees per loan per month	10
Prime Mortgage Loans [Member] | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Additional servicing fees per loan per month	$ 55

Transactions with Related Par_5

Transactions with Related Parties - Special Servicing - Additional Information (Detail) - PennyMac Loan Services, LLC [Member] - Distressed loans [Member]	6 Months Ended
	Jun. 30, 2023 USD ($)
Mortgage Loans On Real Estate [Line Items]
Base servicing fees for REO per month	$ 75
Supplemental servicing fee	25
Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees per month	30
Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees per month	$ 95

Transactions with Related Par_6

Transactions with Related Parties - MSR Recapture Agreement - Additional Information (Detail) - 2020 MSR Recapture Agreement [Member]	6 Months Ended
	Jun. 30, 2023
Mortgage Loans On Real Estate [Line Items]
Servicing agreement expiration date	Jun. 30, 2025
Service agreement maturity renewal term	18 months
Mortgage loans on real estate, renewed and Extended, description	40% of the fair market value of the MSRs relating to the recaptured loans subject to the first 15% of the “recapture rate”; •35% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 15% and up to 30%; and 30% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 30%.
Recapture rate	15%

Transactions with Related Par_7

Transactions with Related Parties - Correspondent Production Activities - Additional Information (Detail) - 2020 MBS Agreement [Member]	6 Months Ended
	Jun. 30, 2023 USD ($)
Mortgage Loans On Real Estate [Line Items]
Servicing agreement expiration date	Jun. 30, 2025
Service agreement maturity renewal term	18 months
Fannie Mae Or Freddie Mac Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Number of mortgage loans purchased multiplier	$ 750
Ginnie Mae Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgage loan servicing fees payable	0
Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgage loans commitments multiplier	585
Mortgage adjusted loan commitments	16,500
Number of mortgage loans purchased multiplier	315
Number of mortgage loans purchased	$ 16,500
Interest income and sourcing fee	0.02%
Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgage loans commitments multiplier	$ 355
Mortgage adjusted loan commitments	16,500
Number of mortgage loans purchased multiplier	195
Number of mortgage loans purchased	$ 16,500
Interest income and sourcing fee	0.01%

Transactions with Related Par_8

Transactions with Related Parties - Summary of Correspondent Production Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Loan, Mortgage, Held-for-Sale, Fair Value Disclosure	$ 1,080,047		$ 1,080,047		$ 1,821,933
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Loan fulfillment fees earned by PLS	5,441	$ 20,646	17,364	$ 37,400
UPB of loans fulfilled by PLS	3,029,274	10,323,700	9,658,084	20,092,962
Sourcing fees received from PLS included in Net gains on loans acquired for sale	1,832	1,063	3,160	2,359
UPB of loans sold to PLS	18,325,232	10,634,209	31,601,818	23,381,988
Purchases of loans acquired for sale from PLS	0	39,824	0	298,862
Tax service fees paid to PLS	701	2,404	2,111	4,746
Loan, Mortgage, Held-for-Sale, Fair Value Disclosure	249,741		249,741		$ 159,671
PennyMac Loan Services, LLC [Member] | Government Guaranteed Or Insured [Member]
Related Party Transaction [Line Items]
UPB of loans sold to PLS	11,307,342	10,634,209	20,521,054	23,381,988
PennyMac Loan Services, LLC [Member] | Conventional Conforming [Member]
Related Party Transaction [Line Items]
UPB of loans sold to PLS	$ 7,017,890	$ 0	$ 11,080,764	$ 0

Transactions with Related Par_9

Transactions with Related Parties - Summary of Loan Servicing Fees Earned and Mortgage Servicing Rights Recaptured Income Earned (Detail) - PennyMac Loan Services, LLC [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Loan servicing fees	$ 20,317	$ 20,335	$ 40,766	$ 41,423
Average MSR portfolio UPB	232,008,151	220,402,133	231,381,212	219,051,445
Loans acquired for sale at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees	172	258	457	522
Average investment in loans acquired for sale at fair value	1,609,816	1,767,327	1,992,706	1,946,485
Loans at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees	31	106	151	316
Loans at fair value	1,491,357	1,757,377	1,500,936	1,659,755
Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Loan servicing fees	$ 20,114	$ 19,971	$ 40,158	$ 40,585

Transactions with Related Pa_10

Transactions with Related Parties - Management Fees - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Mortgage Loans On Real Estate [Line Items]
Termination fees, description	The termination fee is equal to three times the sum of (a) the average annual base management fee, and (b) the average annual performance incentive fee earned by PCM, in each case during the 24-month period before termination of the management agreement.
Fannie Mae [Member]
Mortgage Loans On Real Estate [Line Items]
MBS yield, average number of year	30 years
PNMAC Capital Management LLC [Member]
Mortgage Loans On Real Estate [Line Items]
Percentage of change in net income due to quarterly adjustments	8%
PNMAC Capital Management LLC [Member] | Related Party [Member]
Mortgage Loans On Real Estate [Line Items]
PMT agreed to reimburse PCM for a payment	$ 165,000
PNMAC Capital Management LLC [Member] | 1.5% per annum of stockholders equity [Member]
Mortgage Loans On Real Estate [Line Items]
Base management fee annual rate	1.50%
PNMAC Capital Management LLC [Member] | 1.375% per annum of stockholders equity [Member]
Mortgage Loans On Real Estate [Line Items]
Base management fee annual rate	1.375%
PNMAC Capital Management LLC [Member] | 1.25% per annum of stockholders equity [Member]
Mortgage Loans On Real Estate [Line Items]
Base management fee annual rate	1.25%
PNMAC Capital Management LLC [Member] | Net income exceeds 10% [Member]
Mortgage Loans On Real Estate [Line Items]
Percentage of net income for calculation of performance incentive fees	10%
Percentage of return on equity	12%
PNMAC Capital Management LLC [Member] | Net income exceeds 15% [Member]
Mortgage Loans On Real Estate [Line Items]
Percentage of net income for calculation of performance incentive fees	15%
Percentage of return on equity	16%
PNMAC Capital Management LLC [Member] | Net income exceeds 20% [Member]
Mortgage Loans On Real Estate [Line Items]
Percentage of net income for calculation of performance incentive fees	20%
PNMAC Capital Management LLC [Member] | Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Percentage of performance incentive fee paid in Company's common shares	50%
PNMAC Capital Management LLC [Member] | Maximum [Member] | 1.5% per annum of stockholders equity [Member]
Mortgage Loans On Real Estate [Line Items]
Base management fee shareholders' equity limit	$ 2,000,000,000
PNMAC Capital Management LLC [Member] | Maximum [Member] | 1.375% per annum of stockholders equity [Member]
Mortgage Loans On Real Estate [Line Items]
Base management fee shareholders' equity limit	$ 5,000,000,000
PNMAC Capital Management LLC [Member] | Maximum [Member] | Net income exceeds 10% [Member]
Mortgage Loans On Real Estate [Line Items]
Percentage of return on equity	8%
PNMAC Capital Management LLC [Member] | Maximum [Member] | Net income exceeds 15% [Member]
Mortgage Loans On Real Estate [Line Items]
Percentage of return on equity	12%
PNMAC Capital Management LLC [Member] | Maximum [Member] | Net income exceeds 20% [Member]
Mortgage Loans On Real Estate [Line Items]
Percentage of return on equity	16%
PNMAC Capital Management LLC [Member] | Minimum [Member] | 1.375% per annum of stockholders equity [Member]
Mortgage Loans On Real Estate [Line Items]
Base management fee shareholders' equity limit	$ 2,000,000,000
PNMAC Capital Management LLC [Member] | Minimum [Member] | 1.25% per annum of stockholders equity [Member]
Mortgage Loans On Real Estate [Line Items]
Base management fee shareholders' equity limit	$ 5,000,000,000
PennyMac Financial Services, Inc. [Member]
Mortgage Loans On Real Estate [Line Items]
Performance incentive fee description	The performance incentive fee is equal to the sum of: (a) 10% of the amount by which “net income” for the quarter exceeds (i) an 8% return on “equity” plus the “high watermark”, up to (ii) a 12% return on “equity”; plus (b) 15% of the amount by which “net income” for the quarter exceeds (i) a 12% return on “equity” plus the “high watermark”, up to (ii) a 16% return on “equity”; plus (c) 20% of the amount by which “net income” for the quarter exceeds a 16% return on “equity” plus the “high watermark.”
PMT agreed to reimburse PCM for a payment	$ 25,046,000	$ 36,372,000
PennyMac Financial Services, Inc. [Member] | Related Party [Member]
Mortgage Loans On Real Estate [Line Items]
PMT agreed to reimburse PCM for a payment	$ 25,046,000	$ 36,372,000

Transactions with Related Pa_11

Transactions with Related Parties - Summary of Management Fee Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 7,078	$ 7,910	$ 14,335	$ 16,027
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	7,078	7,910	14,335	16,027
Average shareholders' equity amounts used to calculate base management fee expense	1,892,505	2,125,557	1,927,305	2,168,930
PNMAC Capital Management LLC [Member] | Base [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	7,078	7,910	14,335	16,027
PNMAC Capital Management LLC [Member] | Performance incentive [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 0	$ 0	$ 0	$ 0

Transactions with Related Pa_12

Transactions with Related Parties - Summary of Expenses (Detail) - PNMAC Capital Management LLC [Member] - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Expenses incurred on the Company’s behalf, net		$ 3,978	$ 2,834	$ 9,639	$ 8,191
Common overhead incurred by PCM and its affiliates		2,140	1,809	3,961	3,673
Compensation		165	165	330	330
Total expenses incurred in transaction with affiliates		6,283	4,808	13,930	12,194
Payments and settlements during the year	[1]	$ 30,872	$ 29,562	$ 63,256	$ 69,326
[1] Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PFSI for the operating, investing and financing activities itemized in this Note.

Transactions with Related Pa_13

Transactions with Related Parties - Note Payable to PLS - Additional Information (Detail) - shares	Jun. 30, 2023	Dec. 31, 2022
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Number of common shares held by affiliate	75,000	75,000

Transactions with Related Pa_14

Transactions with Related Parties - Summary of Amounts Receivable From and Payable to PFSI (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Allocated expenses and expenses and costs paid by PFSI on PMT’s behalf	$ 2,886	$ 11,447
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Due from PFSI-Miscellaneous receivables	7,824	3,560
Management fees	7,078	7,307
Correspondent production fees	6,876	6,835
Loan servicing fees	6,761	6,740
Fulfillment fees	1,445	4,043
Total expense due to affiliate	25,046	36,372
PennyMac Financial Services, Inc. [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Total expense due to affiliate	$ 25,046	$ 36,372

Transactions with Related Pa_15

Transactions with Related Parties - Summary of Transfer Cash to Fund Loan Servicing Advances (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Loan servicing advances	$ 112,743	$ 197,972
Real estate acquired in settlement of loans	6,371	7,734
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Loan servicing advances	112,743	197,972
Real estate acquired in settlement of loans	2,720	3,479
Servicing advances and real estate acquired	$ 115,463	$ 201,451

Loan Sales - Summary of Cash Fl

Loan Sales - Summary of Cash Flows between Company and Transferees in Transfers Accounted for Sales (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cash flows:
Proceeds from sales	$ 4,881,794	$ 10,226,643	$ 10,469,060	$ 22,212,604
Loan servicing fees received	$ 165,499	$ 151,149	$ 329,713	$ 298,034

Loan Sales - Summary of Collect

Loan Sales - Summary of Collection Status Information for Loans Accounted for Sales (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Mortgage Loans On Real Estate [Line Items]
UPB of loans outstanding		$ 231,556,204	$ 229,858,573
Collection Status (UPB)
30-89 days delinquent		1,792,985	1,903,007
90 or more days delinquent:
Not in foreclosure		846,668	880,841
In foreclosure		61,772	70,921
Bankruptcy		153,805	123,239
Custodial funds managed by the Company	[1]	$ 2,687,024	$ 1,783,157
[1] Custodial funds include borrower and investor custodial cash accounts relating to loans serviced under mortgage servicing agreements and are not included on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors, and these fees are included in Interest income in the Company’s consolidated statements of operations.

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) - Credit Risk Transfer Agreements [Member]	6 Months Ended
	Jun. 30, 2023
Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Initially established percentage of unpaid principal balance of loans sold under recourse obligation losses	3.50%
Increase to maximum percentage of outstanding unpaid principal balance	4.50%
Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Initially established percentage of unpaid principal balance of loans sold under recourse obligation losses	4%
Increase to maximum percentage of outstanding unpaid principal balance	5%

Variable Interest Entities - Su

Variable Interest Entities - Summary of Credit Risk Transfer Agreements (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2029	Jun. 30, 2028	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2022
CRT strips:
Net investment income		$ 90,452	$ 21,500	$ 180,818	$ 103,339
Carrying value of CRT arrangements:
CRT strips		78,569		78,569								$ 137,193
Total derivative and credit risk transfer strip liabilities		98,038		98,038								167,226
Derivative and credit risk transfer strip assets		29,012		29,012								84,940
Interest-only security payable at fair value		24,060		24,060		$ 24,060	$ 0	$ 0	$ 0	$ 0	$ 0	21,925
Variable Interest Entities [Member]
Carrying value of CRT arrangements:
Interest-only security payable at fair value		24,060		24,060								21,925
Variable Interest Entities [Member] | Credit Risk Transfer Agreements [Member]
CRT derivatives:
Realized		5,423	9,157	8,453	30,358
Valuation changes		9,410	(14,740)	17,506	(41,789)
(Losses) gains recognized on gross derivative related to credit risk transactions		60,458	(42,355)	106,736	(77,978)
CRT strips:
Realized		11,984	16,078	24,288	33,841
Valuation changes		34,496	(49,738)	58,624	(91,496)
Credit risk transfer strips		14,833	(5,583)	25,959	(11,431)
Interest-only security payable at fair value		(855)	(3,112)	(2,135)	(8,892)
(Losses) gains recognized on gross derivative related to credit risk transactions		46,480	(33,660)	82,912	(57,655)
Interest income — Deposits securing CRT arrangements		15,779	2,384	29,991	2,606
Net investment income		76,237	(39,971)	136,727	(75,372)
Net payments made to settle losses on CRT arrangements		499	$ 4,456	1,756	$ 20,429
Carrying value of CRT arrangements:
CRT derivatives		4,394		4,394								22,098
CRT strips		78,569		78,569								137,193
Total derivative and credit risk transfer strip liabilities		82,963		82,963								159,291
Deposits securing CRT arrangements		1,269,558		1,269,558								1,325,294
Interest-only security payable at fair value		24,060		24,060								21,925
Derivative assets		4,602		4,602								1,262
Derivative and credit risk transfer strip assets pledged to secure	[1]	1,269,558		1,269,558								1,325,294
UPB of loans underlying CRT arrangements		24,167,673		24,167,673								25,315,524
Variable Interest Entities [Member] | Credit Risk Transfer Agreements [Member] | Purchase Commitment [Member]
Collection status (UPB):
Current		23,614,421		23,614,421								24,673,719
30-89 days delinquent		362,604		362,604								409,049
90-180 days delinquent		91,047		91,047								112,286
180 or more days delinquent		83,034		83,034								93,717
Foreclosure		16,567		16,567								26,753
Bankruptcy		$ 60,064		$ 60,064								$ 54,395
[1] Deposits securing credit risk transfer strip liabilities also secure $ 87.6 million and $ 160.6 million in CRT strip and CRT derivative liabilities at June 30, 2023 and December 31, 2022, respectively .

Variable Interest Entities - _2

Variable Interest Entities - Summary of Credit Risk Transfer Agreements (Parenthetical) (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Transfer Of Financial Assets Accounted For As Sales [Line Items]
Deposits securing CRT strips and derivatives liabilities	$ 87.6	$ 160.6

Variable Interest Entities - _3

Variable Interest Entities - Summary of Investment in Subordinate Mortgage Backed Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Asset-backed financings at fair value	$ 17,794	$ 116,667	$ 7,634	$ 205,841
Interest income	162,684	90,698	315,703	141,761
Interest expense	187,390	78,150	366,527	141,664
Loans at fair value	1,457,272		1,457,272		$ 1,513,399
Asset-backed financings at fair value	1,361,108		1,361,108		1,414,955
Variable Interest Entities [Member]
Loans at fair value	1,454,607		1,454,607		1,509,942
Asset-backed financings at fair value	1,361,108		1,361,108		1,414,955
Variable Interest Entities [Member] | Subordinate Mortgage Backed Securities [Member]
Loans at fair value	(18,253)	(122,469)	(7,236)	(219,033)
Asset-backed financings at fair value	17,794	116,667	7,634	205,841
Interest income	13,644	15,736	28,810	28,585
Interest expense	12,791	$ 15,016	25,144	$ 26,043
Loans at fair value	1,454,607		1,454,607		1,509,942
Asset-backed financings at fair value	1,361,108		1,361,108		1,414,955
Subordinate MBS retained at fair value pledged to secure Assets sold under agreements to repurchase	$ 82,918		$ 82,918		$ 84,044

Fair Value - Summary of Financi

Fair Value - Summary of Financial Statement Items Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Jun. 30, 2029	Jun. 30, 2028	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Assets:
Short-term investments								$ 242,037		$ 252,271
Mortgage-backed securities at fair value pledged to creditors								4,731,341		4,462,601
Loans acquired for sale at fair value								1,080,047		1,821,933
Derivative assets								59,730		62,811
Derivative assets, Netting								(30,718)		22,129
Total derivative assets after netting								29,012		84,940
Mortgage servicing rights at fair value								3,977,938	$ 3,975,076	4,012,737	$ 3,695,609	$ 3,391,172	$ 2,892,855
Liabilities:
Asset-backed financings at fair value								1,361,108		1,414,955
Interest-only security payable at fair value		$ 24,060	$ 0	$ 0	$ 0	$ 0	$ 0	24,060		21,925
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								27,973		60,190
Derivative liabilities, Netting								(8,504)		(30,157)
Total derivative liabilities after netting								19,469		30,033
Total derivative and credit risk transfer strip liabilities								98,038		167,226
CRT Derivatives [Member]
Assets:
Derivative assets	[1]							4,602		1,262
Total derivative assets after netting								4,602		1,262
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							8,996		23,360
Interest Rate Lock Commitments [Member]
Assets:
Derivative assets	[1]							1,560		3,877
Total derivative assets after netting								1,560		3,877
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							2,858		4,355
Forward Purchase Contracts [Member]
Assets:
Derivative assets	[1]							144		418
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							15,303		15,196
Forward Sales Contracts [Member]
Assets:
Derivative assets	[1]							35,552		43,435
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							816		17,279
Call Options on Interest Rate Futures Purchase Contracts [Member]
Assets:
Derivative assets	[1]							961		2,906
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							0		0
Put Options On Interest Rate Futures Purchase Contracts
Assets:
Derivative assets	[1]							15,070		8,130
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							0		0
MBS Put Options [Member]
Assets:
Derivative assets	[1]							1,841		2,783
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							0		0
Recurring [Member]
Assets:
Short-term investments								242,037		252,271
Mortgage-backed securities at fair value pledged to creditors								4,731,341		4,462,601
Loans acquired for sale at fair value								1,080,047		1,821,933
Loans at fair value								1,457,272		1,513,399
Total Assets								11,517,647		12,147,881
Derivative assets								59,730		62,811
Derivative assets, Netting								(30,718)		22,129
Total derivative assets after netting								29,012		84,940
Mortgage servicing rights at fair value								3,977,938		4,012,737
Liabilities:
Asset-backed financings at fair value								1,361,108		1,414,955
Interest-only security payable at fair value								24,060		21,925
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								27,973		60,190
Derivative liabilities, Netting								8,504		(30,157)
Total derivative liabilities after netting								19,469		30,033
Total derivative and credit risk transfer strip liabilities								98,038		167,226
Total liabilities								1,483,206		1,604,106
Recurring [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								78,569		137,193
Recurring [Member] | CRT Derivatives [Member]
Assets:
Derivative assets								4,602		1,262
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								8,996		23,360
Recurring [Member] | Level 1 [Member]
Assets:
Short-term investments								242,037		252,271
Mortgage-backed securities at fair value pledged to creditors								0		0
Loans acquired for sale at fair value								0		0
Loans at fair value								0		0
Total Assets								258,068		263,307
Derivative assets								16,031		11,036
Derivative assets, Netting								0		0
Total derivative assets after netting								16,031		11,036
Mortgage servicing rights at fair value								0		0
Liabilities:
Asset-backed financings at fair value								0		0
Interest-only security payable at fair value								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Derivative liabilities, Netting								0		0
Total derivative liabilities after netting								0		0
Total derivative and credit risk transfer strip liabilities								0		0
Total liabilities								0		0
Recurring [Member] | Level 1 [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Level 1 [Member] | CRT Derivatives [Member]
Assets:
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Level 2 [Member]
Assets:
Short-term investments								0		0
Mortgage-backed securities at fair value pledged to creditors								4,731,341		4,462,601
Loans acquired for sale at fair value								1,073,417		1,811,225
Loans at fair value								1,454,607		1,509,942
Total Assets								7,296,902		7,830,404
Derivative assets								37,537		46,636
Derivative assets, Netting								0		0
Total derivative assets after netting								37,537		46,636
Mortgage servicing rights at fair value								0		0
Liabilities:
Asset-backed financings at fair value								1,361,108		1,414,955
Interest-only security payable at fair value								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								16,119		32,475
Derivative liabilities, Netting								0		0
Total derivative liabilities after netting								16,119		32,475
Total derivative and credit risk transfer strip liabilities								16,119		32,475
Total liabilities								1,377,227		1,447,430
Recurring [Member] | Level 2 [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Level 2 [Member] | CRT Derivatives [Member]
Assets:
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Level 3 [Member]
Assets:
Short-term investments								0		0
Mortgage-backed securities at fair value pledged to creditors								0		0
Loans acquired for sale at fair value								6,630		10,708
Loans at fair value								2,665		3,457
Total Assets								3,993,395		4,032,041
Derivative assets								6,162		5,139
Derivative assets, Netting								0		0
Total derivative assets after netting								6,162		5,139
Mortgage servicing rights at fair value								3,977,938		4,012,737
Liabilities:
Asset-backed financings at fair value								0		0
Interest-only security payable at fair value								24,060		21,925
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								11,854		27,715
Derivative liabilities, Netting								0		0
Total derivative liabilities after netting								11,854		27,715
Total derivative and credit risk transfer strip liabilities								90,423		164,908
Total liabilities								114,483		186,833
Recurring [Member] | Level 3 [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								78,569		137,193
Recurring [Member] | Level 3 [Member] | CRT Derivatives [Member]
Assets:
Derivative assets								4,602		1,262
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								8,996		23,360
Recurring [Member] | Interest Rate Lock Commitments [Member]
Assets:
Derivative assets								1,560		3,877
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								2,858		4,355
Recurring [Member] | Interest Rate Lock Commitments [Member] | Level 1 [Member]
Assets:
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Interest Rate Lock Commitments [Member] | Level 2 [Member]
Assets:
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Interest Rate Lock Commitments [Member] | Level 3 [Member]
Assets:
Derivative assets								1,560		3,877
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								2,858		4,355
Recurring [Member] | Forward Purchase Contracts [Member]
Assets:
Derivative assets								144		418
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								15,303		15,196
Recurring [Member] | Forward Purchase Contracts [Member] | Level 1 [Member]
Assets:
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Forward Purchase Contracts [Member] | Level 2 [Member]
Assets:
Derivative assets								144		418
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								15,303		15,196
Recurring [Member] | Forward Purchase Contracts [Member] | Level 3 [Member]
Assets:
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Forward Sales Contracts [Member]
Assets:
Derivative assets								35,552		43,435
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								816		17,279
Recurring [Member] | Forward Sales Contracts [Member] | Level 1 [Member]
Assets:
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Forward Sales Contracts [Member] | Level 2 [Member]
Assets:
Derivative assets								35,552		43,435
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								816		17,279
Recurring [Member] | Forward Sales Contracts [Member] | Level 3 [Member]
Assets:
Derivative assets										0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		0
Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member]
Assets:
Derivative assets								961		2,906
Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member] | Level 1 [Member]
Assets:
Derivative assets								961		2,906
Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member] | Level 2 [Member]
Assets:
Derivative assets								0		0
Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member] | Level 3 [Member]
Assets:
Derivative assets								0		0
Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts
Assets:
Derivative assets								15,070		8,130
Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts | Level 1 [Member]
Assets:
Derivative assets								15,070		8,130
Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts | Level 2 [Member]
Assets:
Derivative assets								0		0
Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts | Level 3 [Member]
Assets:
Derivative assets								0		0
Recurring [Member] | MBS Put Options [Member]
Assets:
Derivative assets								1,841		2,783
Recurring [Member] | MBS Put Options [Member] | Level 1 [Member]
Assets:
Derivative assets								0		0
Recurring [Member] | MBS Put Options [Member] | Level 2 [Member]
Assets:
Derivative assets								1,841		2,783
Recurring [Member] | MBS Put Options [Member] | Level 3 [Member]
Assets:
Derivative assets								$ 0		$ 0
[1] All hedging derivatives are interest rate derivatives that are used as economic hedges.

Fair Value - Summary of Changes

Fair Value - Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Assets:
Amounts received pursuant to sales of loans	$ 90,747	$ 170,658		$ 191,365	$ 365,254
Changes in fair value included in results of operations arising from:
Loans to REO				(803)	0
Mortgage servicing rights relating to delinquent loans to Agency				$ (723)	$ 0
Liabilities:
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments	Gain (Loss) on Investments	Gain (Loss) on Investments	Gain (Loss) on Investments	Gain (Loss) on Investments
CRT Derivatives [Member]
Changes in fair value included in results of operations arising from:
Interest rate lock commitments to loans acquired for sale					$ 0
Interest Rate Lock Commitments [Member]
Assets:
Beginning balance				$ (478)
Changes in fair value included in results of operations arising from:
Ending balance	$ (1,298)			(1,298)
Recurring [Member]
Assets:
Beginning balance	3,870,357	$ 3,319,337	$ 2,921,723	3,867,133	2,921,723
Purchases and issuances	4,523	(14,082)		450	(18,121)
Repayments and sales	(21,992)	(54,575)		(40,971)	(123,655)
Amounts received pursuant to sales of loans	90,747	170,658		191,365	365,254
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk	0	0		0	0
Other factors	(41,527)	32,107		104,256	187,217
Total	(41,527)	32,107		(104,256)	187,217
Loans to REO				(460)
Interest rate lock commitments to loans acquired for sale	752	124,019		(9,566)	245,046
Mortgage servicing rights relating to delinquent loans to Agency	112			(723)
Ending balance	3,902,972	3,577,464	3,319,337	3,902,972	3,577,464
Changes in fair value recognized during the quarter/period relating to assets	(46,461)	65,954		(151,671)	300,662
Recurring [Member] | CRT Derivatives [Member]
Assets:
Beginning balance	(13,860)	(8,049)	18,964	(22,098)	18,964
Purchases and issuances	0	0		0	0
Repayments and sales	(5,367)	8,879		(8,255)	(30,044)
Amounts received pursuant to sales of loans	0	0		0	0
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk	0	0		0	0
Other factors	14,833	(5,583)		25,959	(11,431)
Total	14,833	(5,583)		25,959	(11,431)
Loans to REO				0
Interest rate lock commitments to loans acquired for sale	0	0		0
Mortgage servicing rights relating to delinquent loans to Agency	0			0
Ending balance	(4,394)	(22,511)	(8,049)	(4,394)	(22,511)
Changes in fair value recognized during the quarter/period relating to assets	9,410	(14,740)		17,506	(41,789)
Recurring [Member] | Credit Risk Transfer Strips [Member]
Assets:
Beginning balance	(113,065)	(68,595)	(26,837)	(137,193)	(26,837)
Purchases and issuances	0	0		0	0
Repayments and sales	(11,984)	16,078		(24,288)	(33,841)
Amounts received pursuant to sales of loans	0	0		0	0
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk	0	0		0	0
Other factors	46,480	(33,660)		82,912	(57,655)
Total	46,480	(33,660)		82,912	(57,655)
Loans to REO				0
Interest rate lock commitments to loans acquired for sale	0	0		0	0
Mortgage servicing rights relating to delinquent loans to Agency	0			0
Ending balance	(78,569)	(118,333)	(68,595)	(78,569)	(118,333)
Changes in fair value recognized during the quarter/period relating to assets	34,496	(49,738)		58,624	(91,496)
Recurring [Member] | Loans At Fair Value [Member]
Assets:
Beginning balance	3,548	3,949	4,161	3,457	4,161
Purchases and issuances	0	0		119	0
Repayments and sales	(4)	24		(24)	(630)
Amounts received pursuant to sales of loans	0	0		0	0
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk	0	0		0	0
Other factors	(879)	6		(427)	448
Total	(879)	6		(427)	448
Loans to REO				(460)
Interest rate lock commitments to loans acquired for sale	0	0		0	0
Mortgage servicing rights relating to delinquent loans to Agency	0			0
Ending balance	2,665	3,979	3,949	2,665	3,979
Changes in fair value recognized during the quarter/period relating to assets	(879)	67		(886)	117
Recurring [Member] | Mortgage servicing rights [Member]
Assets:
Beginning balance	3,975,076	3,391,172	2,892,855	4,012,737	2,892,855
Purchases and issuances	0	0		0	0
Repayments and sales	0	0		0	0
Amounts received pursuant to sales of loans	90,747	170,658		191,365	365,254
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk	0	0		0	0
Other factors	(87,997)	133,779		(225,441)	437,500
Total	(87,997)	133,779		(225,441)	437,500
Loans to REO				0
Interest rate lock commitments to loans acquired for sale	0	0		0	0
Mortgage servicing rights relating to delinquent loans to Agency	112			(723)
Ending balance	3,977,938	3,695,609	3,391,172	3,977,938	3,695,609
Changes in fair value recognized during the quarter/period relating to assets	(87,997)	133,779		(225,441)	437,500
Recurring [Member] | Loans acquired for sale [Member]
Assets:
Beginning balance	10,109	24,325	30,129	10,708	30,129
Purchases and issuances	767	27,457		4,262	51,562
Repayments and sales	(4,637)	(29,642)		(8,404)	(59,140)
Amounts received pursuant to sales of loans	0	0		0	0
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk	0	0		0	0
Other factors	391	(1,764)		64	(2,175)
Total	391	(1,764)		64	(2,175)
Loans to REO				0
Interest rate lock commitments to loans acquired for sale	0	0		0	0
Mortgage servicing rights relating to delinquent loans to Agency	0			0
Ending balance	6,630	20,376	24,325	6,630	20,376
Changes in fair value recognized during the quarter/period relating to assets	(193)	(1,758)		(176)	(2,014)
Recurring [Member] | Interest Rate Lock Commitments [Member]
Assets:
Beginning balance	8,549	(23,465)	2,451	(478)	2,451
Purchases and issuances	3,756	(41,539)		(3,931)	(69,683)
Repayments and sales	0	0		0	0
Amounts received pursuant to sales of loans	0	0		0	0
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk	0	0		0	0
Other factors	(14,355)	(60,671)		12,677	(179,470)
Total	(14,355)	(60,671)		12,677	(179,470)
Loans to REO				0
Interest rate lock commitments to loans acquired for sale	752	124,019		(9,566)	245,046
Mortgage servicing rights relating to delinquent loans to Agency	0			0
Ending balance	(1,298)	(1,656)	(23,465)	(1,298)	(1,656)
Changes in fair value recognized during the quarter/period relating to assets	(1,298)	(1,656)		(1,298)	(1,656)
Recurring [Member] | Interest-only security payable [Member]
Liabilities:
Beginning balance	23,205	16,373	10,593	21,925	10,593
Changes in instrument-specific credit risk\Other factors	855	3,112		2,135	8,892
Ending balance	24,060	19,485	$ 16,373	24,060	19,485
Changes in fair value recognized during the quarter relating to liability	855	3,112		2,135	8,892
Recurring [Member] | Interest-only security payable [Member] | Credit Risk [Member]
Liabilities:
Changes in instrument-specific credit risk\Other factors	0	0		0	0
Recurring [Member] | Interest-only security payable [Member] | Other Factors [Member]
Liabilities:
Changes in instrument-specific credit risk\Other factors	$ 855	$ 3,112		$ 2,135	$ 8,892

Fair Value - Fair Values and Re

Fair Value - Fair Values and Related Principal Amounts Due upon Maturity of Loans Accounted for Under Fair Value Option (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Loans, fair value [Abstract]
Fair value	$ 1,457,272	$ 1,513,399
Fair value, Total	1,457,272	1,513,399
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	1,750,230	1,797,153
Loans, difference, [Abstract]
Difference	(292,958)	(283,754)
Loans acquired for sale at fair value [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	1,079,273	1,819,551
90 or more days delinquent, not in foreclosure	133	1,666
90 or more days delinquent, in foreclosure	641	716
Fair value, Total	1,080,047	1,821,933
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	1,068,648	1,795,445
90 or more days delinquent, not in foreclosure	133	1,927
90 or more days delinquent, in foreclosure	933	809
Principal amount due upon maturity	1,069,714	1,798,181
Loans, difference, [Abstract]
Current through 89 days delinquent	10,625	24,106
90 or more days delinquent, not in foreclosure	0	(261)
90 or more days delinquent, in foreclosure	(292)	(93)
Difference	10,333	23,752
Loans acquired for sale at fair value [Member] | Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	774	2,382
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	1,066	2,736
Loans, difference, [Abstract]
Difference	(292)	(354)
Loans at Fair Value Held in Consolidated VIE [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	1,453,694	1,508,540
90 or more days delinquent, not in foreclosure	913	1,231
90 or more days delinquent, in foreclosure	0	171
Fair value	1,454,607	1,509,942
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	1,743,183	1,788,911
90 or more days delinquent, not in foreclosure	1,204	1,642
90 or more days delinquent, in foreclosure	0	226
Principal amount due upon maturity	1,744,387	1,790,779
Loans, difference, [Abstract]
Current through 89 days delinquent	289,489	(280,371)
90 or more days delinquent, not in foreclosure	(291)	(411)
90 or more days delinquent, in foreclosure	0	(55)
Difference	(289,780)	(280,837)
Loans at Fair Value Held in Consolidated VIE [Member] | Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	913	1,402
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	1,204	1,868
Loans, difference, [Abstract]
Difference	(291)	(466)
Distressed at Fair Value [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	835	498
90 or more days delinquent, not in foreclosure	750	1,230
90 or more days delinquent, in foreclosure	1,080	1,729
Fair value	1,830	2,959
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	1,042	682
90 or more days delinquent, not in foreclosure	2,449	2,964
90 or more days delinquent, in foreclosure	2,352	2,728
Principal amount due upon maturity	4,801	5,692
Loans, difference, [Abstract]
Current through 89 days delinquent	(207)	(184)
90 or more days delinquent, not in foreclosure	(1,699)	(1,734)
90 or more days delinquent, in foreclosure	(1,272)	(999)
Difference	(2,971)	(2,733)
Distressed at Fair Value [Member] | Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	2,665	3,457
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	5,843	6,374
Loans, difference, [Abstract]
Difference	$ (3,178)	$ (2,917)

Fair Value - Summary of Chang_2

Fair Value - Summary of Changes in Fair Value Included in Current Period Results of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Credit Risk Transfer Strips [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	$ 46,480	$ (33,660)	$ 82,912	$ (57,655)
Credit Risk Transfer Strips [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Credit Risk Transfer Strips [Member] | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Credit Risk Transfer Strips [Member] | Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	46,480	(33,660)	82,912	(57,655)
Credit Risk Transfer Strips [Member] | Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Interest-only security payable [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(855)	(3,112)	(2,135)	(8,892)
Interest-only security payable [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Interest-only security payable [Member] | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Interest-only security payable [Member] | Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(855)	(3,112)	(2,135)	(8,892)
Interest-only security payable [Member] | Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Asset-Backed Financings at Fair Value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	17,870	118,090	7,168	206,430
Asset-Backed Financings at Fair Value [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Asset-Backed Financings at Fair Value [Member] | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Asset-Backed Financings at Fair Value [Member] | Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	17,794	116,667	7,634	205,841
Asset-Backed Financings at Fair Value [Member] | Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	76	1,423	(466)	589
Liabilities, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	17,015	114,978	5,033	197,538
Liabilities, Total [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Liabilities, Total [Member] | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Liabilities, Total [Member] | Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	16,939	113,555	5,499	196,949
Liabilities, Total [Member] | Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	76	1,423	466	589
Mortgage-backed securities at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(61,885)	(167,835)	14,377	(355,771)
Mortgage-backed securities at fair value [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Mortgage-backed securities at fair value [Member] | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Mortgage-backed securities at fair value [Member] | Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(61,621)	(182,498)	16,597	(369,023)
Mortgage-backed securities at fair value [Member] | Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(264)	14,663	(2,220)	13,252
Loans acquired for sale at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	9,424	(153,111)	5,891	(380,377)
Loans acquired for sale at fair value [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Loans acquired for sale at fair value [Member] | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(9,424)	(153,111)	5,891	(380,377)
Loans acquired for sale at fair value [Member] | Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Loans acquired for sale at fair value [Member] | Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
At fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(20,315)	(122,592)	8,721	(219,662)
At fair value [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
At fair value [Member] | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
At fair value [Member] | Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(19,130)	(122,464)	(7,662)	(218,585)
At fair value [Member] | Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(1,185)	(128)	(1,059)	(1,077)
MSRs at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	87,997	133,779	225,441	437,500
MSRs at fair value [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(87,997)	133,779	0	437,500
MSRs at fair value [Member] | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
MSRs at fair value [Member] | Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
MSRs at fair value [Member] | Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Assets, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(133,141)	(343,419)	130,982	(575,965)
Assets, Total [Member] | Net Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	87,997	133,779	(225,441)	437,500
Assets, Total [Member] | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(9,424)	(153,111)	5,891	(380,377)
Assets, Total [Member] | Net (Losses) Gains on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(34,271)	(338,622)	91,847	(645,263)
Assets, Total [Member] | Net Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	$ 1,449	$ 14,535	$ (3,279)	$ 12,175

Fair Value - Summary of Carryin

Fair Value - Summary of Carrying Value of Assets Remeasured Based on Fair Value on Nonrecurring Basis (Detail) - Nonrecurring [Member] - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate acquired in settlement of loans	$ 834	$ 1,292
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate acquired in settlement of loans	0	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate acquired in settlement of loans	0	0
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate acquired in settlement of loans	$ 834	$ 1,292

Fair Value - Summary of Chang_3

Fair Value - Summary of Changes in Fair Value Recognized in Assets that Remeasured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate asset acquired in settlement of loans	$ (124)	$ (204)	$ (62)	$ (314)

Fair Value - Carrying and Fair

Fair Value - Carrying and Fair Values of Notes Payable Secured by Credit Risk Transfer and Mortgage Servicing Rights and Exchangeable Senior Notes (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Notes Payable Secured by Credit Risk Transfer and Mortgage Servicing Assets [Member] | Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable	$ 3,158,407	$ 2,804,028
Notes Payable Secured by Credit Risk Transfer and Mortgage Servicing Assets [Member] | Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable	3,125,771	2,721,391
Exchangeable Senior Notes [Member] | Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable	547,767	546,254
Exchangeable Senior Notes [Member] | Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable	$ 493,785	$ 471,781

Fair Value - Additional Informa

Fair Value - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2023
Level 3 [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated loans at fair value of cash flows valuation, discounted annual rate	20%

Fair Value - Quantitative Summa

Fair Value - Quantitative Summary of Key Unobservable Inputs Used in Review and Approval of Broker-provided Fair Values for CRT Derivatives (Detail) - CRT Derivatives [Member] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Fair value of CRT derivatives
Fair value of CRT derivatives assets	$ 4,602	$ 1,262
Fair value of CRT derivatives liabilities	8,996	23,360
UPB of loans in reference pools	$ 5,692,701	$ 5,972,060
Discount Rate [Member] | Minimum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	8.80%	8.70%
Discount Rate [Member] | Maximum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	11%	11.10%
Discount Rate [Member] | Weighted Average [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	10.70%	10.80%
Voluntary Prepayment Speed [Member] | Minimum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	6.80%	7.50%
Voluntary Prepayment Speed [Member] | Maximum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	7.50%	8.30%
Voluntary Prepayment Speed [Member] | Weighted Average [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	7.30%	7.60%
Involuntary Prepayment Speed [Member] | Minimum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	0.20%	0.50%
Involuntary Prepayment Speed [Member] | Maximum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	1%	1.30%
Involuntary Prepayment Speed [Member] | Weighted Average [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	0.40%	0.60%
Measurement Input, Loss Severity | Minimum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	0.30%	0.40%
Measurement Input, Loss Severity | Maximum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	0.50%	0.70%
Measurement Input, Loss Severity | Weighted Average [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	0.40%	0.60%

Fair Value - Quantitative Sum_2

Fair Value - Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Pull-Through Rate [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	53.10%	54.80%
Pull-Through Rate [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	100%	100%
Pull-Through Rate [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	82.10%	92.10%
Servicing Fee Multiple [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	2.60%	1.90%
Servicing Fee Multiple [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	6.90%	7.10%
Servicing Fee Multiple [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	4.50%	4.70%
Percentage of UPB [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	0.70%	0.70%
Percentage of UPB [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	2.80%	3.10%
Percentage of UPB [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	1.80%	1.90%
Interest Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ (1,298)	$ (478)
Committed amount	$ 1,394,702	$ 1,484,384

Fair Value - Summary of Key Uno

Fair Value - Summary of Key Unobservable Inputs Used in Valuation Credit Risk Transfer Strip Liabilities (Detail) - Credit Risk Transfer Strips [Member] - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of CRT derivatives liabilities	$ 78,569	$ 137,193
UPB of loans in the reference pools	$ 18,474,972	$ 19,343,464
Maximum [Member] | Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	10.40%	11.30%
Maximum [Member] | Voluntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	8.10%	7.90%
Maximum [Member] | Involuntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.50%	2%
Maximum [Member] | Remaining Loss Expectation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	1.70%	2%
Minimum [Member] | Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	8.50%	4.30%
Minimum [Member] | Voluntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	6.50%	7.70%
Minimum [Member] | Involuntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.20%	0.60%
Minimum [Member] | Remaining Loss Expectation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.50%	0.70%
Weighted Average [Member] | Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	10.20%	10.50%
Weighted Average [Member] | Voluntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	6.70%	7.70%
Weighted Average [Member] | Involuntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.30%	0.80%
Weighted Average [Member] | Remaining Loss Expectation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.70%	0.90%

Fair Value - Key Assumptions Us

Fair Value - Key Assumptions Used in Determining Fair Value of MSRs at Time of Initial Recognition (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) UsdPerLoan	Jun. 30, 2022 USD ($) UsdPerLoan	Jun. 30, 2023 USD ($) UsdPerLoan	Jun. 30, 2022 USD ($) UsdPerLoan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, MSR recognized | $	$ 90,747	$ 170,658	$ 191,365	$ 365,254
Fair value, UPB of underlying loans | $	$ 4,856,301	$ 10,299,805	$ 10,405,626	$ 22,228,977
Fair value, Weighted-average annual servicing fee rate (in basis points)	0.39%	0.32%	0.40%	0.31%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Pricing spread during period	5.50%	5.60%	5.50%	5.60%
Fair Value inputs, Prepayment speed during period	11.80%	6%	11.80%	6%
Fair Value inputs, Weighted average equivalent average life during period	2 years 10 months 24 days	4 years 2 months 12 days	2 years 9 months 18 days	4 years
Fair Value inputs, Annual per loan cost of servicing during period	68	80	68	80
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Pricing spread during period	8.80%	8.90%	8.80%	8.90%
Fair Value inputs, Prepayment speed during period	20.20%	17.70%	21.80%	17.70%
Fair Value inputs, Weighted average equivalent average life during period	7 years 1 month 6 days	8 years 3 months 18 days	7 years 1 month 6 days	8 years 4 months 24 days
Fair Value inputs, Annual per loan cost of servicing during period	69	80	69	80
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Pricing spread during period	5.90%	6.40%	5.90%	6.50%
Fair Value inputs, Prepayment speed during period	11.90%	8.90%	12.60%	8.70%
Fair Value inputs, Weighted average equivalent average life during period	7 years	8 years 1 month 6 days	6 years 8 months 12 days	8 years 1 month 6 days
Fair Value inputs, Annual per loan cost of servicing during period	69	80	69	80

Fair Value - Quantitative Sum_3

Fair Value - Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of Dates Presented, and Effect on Estimated Fair Value from Adverse Changes in Those Inputs (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) UsdPerLoan	Dec. 31, 2022 USD ($) UsdPerLoan	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at end of period	$ 3,977,938	$ 4,012,737	$ 3,975,076	$ 3,695,609	$ 3,391,172	$ 2,892,855
UPB of underlying loans, Fair Value	$ 231,660,841	$ 229,971,035
Weighted-average annual servicing fee rate (in basis points), Fair value input	29%	29%
Weighted-average note interest rate, Fair value	3.60%	3.50%
Pricing Spread [Member] | Effect On Value Of Five Percentage Adverse Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Fair value input	$ (46,861)	$ (52,004)
Pricing Spread [Member] | Effect On Value Of Ten Percentage Adverse Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Fair value input	(92,648)	(102,727)
Pricing Spread [Member] | Effect On Value Of Twenty Percentage Adverse Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Fair value input	(181,131)	(200,497)
Prepayment Speed [Member] | Effect On Value Of Five Percentage Adverse Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Fair value input	(53,019)	(51,044)
Prepayment Speed [Member] | Effect On Value Of Ten Percentage Adverse Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Fair value input	(104,163)	(100,544)
Prepayment Speed [Member] | Effect On Value Of Twenty Percentage Adverse Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Fair value input	(201,226)	(195,201)
Cost of Servicing [Member] | Effect On Value Of Five Percentage Adverse Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Fair value input	(17,196)	(17,629)
Cost of Servicing [Member] | Effect On Value Of Ten Percentage Adverse Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Fair value input	(34,393)	(35,258)
Cost of Servicing [Member] | Effect On Value Of Twenty Percentage Adverse Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effect on value of percentage adverse change, Fair value input	$ (68,786)	$ (70,515)
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	5.40%	4.90%
Estimated fair value inputs, Prepayment speed	5.90%	5.10%
Estimated fair value inputs, Annual per-loan cost of servicing | UsdPerLoan	67	69
Minimum [Member] | Mortgage service rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Life (in years)	2 years 10 months 24 days	3 years 6 months
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	8.40%	8.80%
Estimated fair value inputs, Prepayment speed	17.90%	17.40%
Estimated fair value inputs, Annual per-loan cost of servicing | UsdPerLoan	71	69
Maximum [Member] | Mortgage service rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Life (in years)	9 years 7 months 6 days	9 years 3 months 18 days
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	5.40%	5.70%
Estimated fair value inputs, Prepayment speed	7.20%	6.30%
Estimated fair value inputs, Annual per-loan cost of servicing | UsdPerLoan	70	69
Weighted Average [Member] | Mortgage service rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Life (in years)	8 years 4 months 24 days	8 years 10 months 24 days

Mortgage-Backed Securities - Su

Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Mortgage Backed Securities [Line Items]
Balance at beginning of period			$ 4,462,601
Changes in fair value included in income arising from:
Balance at end of period	$ 4,731,341		4,731,341
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Balance at beginning of period	4,629,004	$ 3,070,330	4,462,601	$ 2,666,768
Purchases	259,725	2,099,102	3,044,317	2,760,876
Sales	0	(1,079,826)	(2,629,540)	(1,079,826)
Repayments	(95,504)	(68,695)	(160,414)	(138,971)
Changes in fair value included in income arising from:
Accrual (amortization) of net purchase premiums (discounts)	(263)	14,663	(2,220)	13,252
Valuation adjustments	(61,621)	(182,498)	16,597	(369,023)
Total changes in fair value included in income	(61,884)	(167,835)	14,377	(355,771)
Balance at end of period	$ 4,731,341	$ 3,853,076	$ 4,731,341	$ 3,853,076

Mortgage-Backed Securities - _2

Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Mortgage Backed Securities [Line Items]
Fair value	$ 4,731,341	$ 4,462,601
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	4,815,784	4,905,768
Unamortized net purchase premiums (discounts)	(7,628)	29,599
Cumulative valuation changes	(76,815)	(472,766)
Fair value	4,731,341	4,462,601
Agency Fixed Rate Pass Through Securities [Member] | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	4,491,288	4,693,045
Unamortized net purchase premiums (discounts)	(72)	30,423
Cumulative valuation changes	(81,635)	(460,966)
Fair value	4,409,581	4,262,502
Subordinate Credit-Linked Securities | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	254,113	184,620
Unamortized net purchase premiums (discounts)	(4,946)	52
Cumulative valuation changes	10,296	(6,774)
Fair value	259,463	177,898
Senior Non-Agency Securities [Member] | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	70,383	28,103
Unamortized net purchase premiums (discounts)	(2,610)	(876)
Cumulative valuation changes	(5,476)	(5,026)
Fair value	$ 62,297	$ 22,201

Mortgage-Backed Securities - _3

Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2023
Minimum [Member]
Mortgage Backed Securities [Line Items]
Mortgage backed securities, maturity period	10 years

Loans Acquired for Sale at Fa_3

Loans Acquired for Sale at Fair Value - Summary of Distribution of Company's Loans Acquired for Sale at Fair Value (Detail) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		$ 1,080,047	$ 1,821,933
Loans pledged to secure total		1,061,550	1,801,368
Loans acquired for sale at fair value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans pledged to secure Assets sold under agreements to repurchase		1,025,283	1,801,368
PennyMac Loan Services, LLC [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		249,741	159,671
Mortgage Loans Acquired for Sale [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans pledged to secure mortgage loan participation purchase and sale agreements		36,267	0
GSE Eligible- held for sale to non affiliates [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	[1]	823,676	1,651,554
Held for Sale to PLS - Government-Insured or Guaranteed [Member] | PennyMac Loan Services, LLC [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	[2]	249,741	159,671
Home Equity Lines of Credit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		2,103	2,424
Repurchased Pursuant to Representations and Warranties [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		$ 4,527	$ 8,284
[1] GSE eligibility refers to the eligibility of loans for sale to Fannie Mae or Freddie Mac. The Company sells or finances a portion of its GSE eligible loan production to other investors, including PLS. The Company is not approved by Ginnie Mae as an issuer of Ginnie Mae-guaranteed securities which are backed by government-insured or guaranteed loans. The Company earns a sourcing fee for all loans that it purchases from correspondent sellers and subsequently sells to PLS as described in Note 4 – Transactions with Related Parties – Operating activities – Correspondent Production Activities .

Loans at Fair Value - Summary o

Loans at Fair Value - Summary of Distribution of Company's Loans at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable Recorded Investment [Line Items]
Fair value	$ 1,457,272	$ 1,513,399
Asset-backed financings at fair value (1)	1,454,607	1,509,942
Loans at fair value, pledged to creditors	1,454,798	1,510,148
Loans in VIEs [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	1,454,607	1,509,942
Distressed [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	2,665	3,457
Agency-conforming loans secured by investment properties [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	1,405,843	1,459,160
Fixed interest rate jumbo loans held in a VIE [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	48,764	50,782
Loans acquired for sale at fair value [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	1,080,047	1,821,933
Assets sold under agreements to repurchase	$ 191	$ 206

Loans at Fair Value - Summary_2

Loans at Fair Value - Summary of Distribution of Company's Loans at Fair Value (Parenthetical) (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Mortgage Loans At Fair Value [Abstract]
Securities retained at fair value pledged to secure Assets sold under agreements to repurchase	$ 82.9	$ 84

Derivative and Credit Risk Tr_3

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Derivative and Credit Risk Transfer Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets	$ 29,012	$ 84,940
Derivative and credit risk transfer strip assets	29,012	84,940
Derivative liabilities	19,469	30,033
Credit risk transfer strip liabilities	78,569	137,193
Total derivative and credit risk transfer strip liabilities	$ 98,038	$ 167,226

Derivative and Credit Risk Tr_4

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Derivative Assets and Derivative Liabilities and Related Margin Deposits Recorded in Other Assets (Detail) - USD ($)		Jun. 30, 2023	Dec. 31, 2022
Derivatives Fair Value [Line Items]
Total derivatives assets before netting		$ 59,730,000	$ 62,811,000
Derivative assets, Netting		(30,718,000)	22,129,000
Total derivative assets after netting		29,012,000	84,940,000
Margin deposits (received from) placed with derivative counterparties included in derivative balances above, net		(22,213,000)	52,286,000
Derivative assets pledged to secure:
Notes payable secured by credit risk transfer and mortgage servicing assets		3,158,407,000	2,804,028,000
Total derivative liabilities		27,973,000	60,190,000
Derivative liabilities, Netting		(8,504,000)	(30,157,000)
Total derivative liabilities after netting		19,469,000	30,033,000
Derivative assets related to CRT Derivatives [Member]
Derivative assets pledged to secure:
Notes payable secured by credit risk transfer and mortgage servicing assets		4,602,000	1,262,000
CRT Derivatives [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1]	5,692,701,000	5,972,060,000
Total derivatives assets before netting	[2]	4,602,000	1,262,000
Total derivative assets after netting		4,602,000	1,262,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	8,996,000	23,360,000
Forward Purchase Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	4,979,858,000	3,929,833,000
Total derivatives assets before netting	[2]	144,000	418,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	15,303,000	15,196,000
Forward Sale Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	9,122,266,000	11,661,925,000
Total derivatives assets before netting	[2]	35,552,000	43,435,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	816,000	17,279,000
Interest Rate Lock Commitments [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1]	1,394,702,000	1,484,384,000
Total derivatives assets before netting	[2]	1,560,000	3,877,000
Total derivative assets after netting		1,560,000	3,877,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	2,858,000	4,355,000
Call Options on Interest Rate Futures Purchase Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	525,000,000	1,950,000,000
Total derivatives assets before netting	[2]	961,000	2,906,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	0	0
Put Options On Interest Rate Futures Purchase Contracts
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	2,370,000,000	1,785,000,000
Total derivatives assets before netting	[2]	15,070,000	8,130,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	0	0
MBS Put Options [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	350,000,000	1,050,000,000
Total derivatives assets before netting	[2]	1,841,000	2,783,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	0	0
Bond Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	3,584,100,000	867,900,000
Total derivatives assets before netting	[2]	0	0
Derivative assets pledged to secure:
Total derivative liabilities	[2]	$ 0	$ 0
[1] Notional amounts provide an indication of the volume of the Company’s derivative activity. All hedging derivatives are interest rate derivatives that are used as economic hedges.

Derivative and Credit Risk Tr_5

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Derivative Assets, Financial Instruments and Collateral Held by Counterparty (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Offsetting Assets [Line Items]
Total derivative assets after netting	$ 29,012	$ 84,940
Financial instruments	0	0
Cash collateral received	0	0
Net amount	29,012	84,940
CRT Derivatives [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	4,602	1,262
Financial instruments	0	0
Cash collateral received	0	0
Net amount	4,602	1,262
Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	1,560	3,877
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,560	3,877
RJ O'Brien & Associates, LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	16,030	11,036
Financial instruments	0	0
Cash collateral received	0	0
Net amount	16,030	11,036
Bank of America, N.A. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	3,118	14,666
Financial instruments	0	0
Cash collateral received	0	0
Net amount	3,118	14,666
Citigroup Global Markets Inc. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	1,573	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,573	0
Wells Fargo Securities L L C
Offsetting Assets [Line Items]
Total derivative assets after netting	1,105	6,980
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,105	6,980
Morgan Stanley & Co. LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	0	33,703
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	33,703
Goldman Sachs & Co. LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	0	2,789
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	2,789
Credit Suisse Securities (USA) LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	0	5,827
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	5,827
Barclays Capital Inc. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	0	2,013
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	2,013
J.P. Morgan Securities LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	0	110
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	110
Other [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	1,024	2,677
Financial instruments	0	0
Cash collateral received	0	0
Net amount	$ 1,024	$ 2,677

Derivative and Credit Risk Tr_6

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty (Detail) - Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	$ 5,935,679	$ 6,648,672
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(5,916,210)	(6,618,639)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	19,469	30,033
CRT Derivatives [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	8,996	23,360
Gross amounts not offset in the consolidated balance sheet, Financial instruments	0	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	8,996	23,360
Interest Rate Lock Commitments [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	2,858	4,355
Gross amounts not offset in the consolidated balance sheet, Financial instruments	0	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	2,858	4,355
J.P. Morgan Securities LLC [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	1,624,718	1,605,813
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(1,624,336)	(1,605,813)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	382	0
Barclays Capital Inc. [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	887,105	1,115,265
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(886,723)	(1,115,265)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	382	0
Bank of America, N.A. [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	830,555	1,239,293
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(830,555)	(1,239,293)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Wells Fargo Securities L L C | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	697,073	262,512
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(697,073)	(262,512)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Atlas Securitized Products, L.P. [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	607,337	0
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(607,337)	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Daiwa Capital Markets [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	367,289	439,089
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(367,289)	(439,089)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Amherst Pierpont Securities LLC [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	259,517	283,928
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(259,517)	(283,294)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	634
RBC Capital Markets, L.P. [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	218,687	268,581
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(218,687)	(268,581)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Citigroup Global Markets Inc. [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	136,560	197,229
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(136,560)	(195,807)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	1,422
Goldman Sachs & Co. LLC [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	81,925	156,952
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(81,925)	(156,952)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Mizuho Financial Group [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	77,081	0
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(76,791)	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	290	0
Morgan Stanley & Co. LLC [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	83,498	218,730
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(77,814)	(218,730)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	5,684	0
BNP Paribas [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	44,031	153,220
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(44,031)	(153,220)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Nomura Holdings America, Inc [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	7,572	4,444
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(7,572)	(4,444)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Credit Suisse Securities (USA) LLC [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	0	675,639
Gross amounts not offset in the consolidated balance sheet, Financial instruments	0	(675,639)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Other [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	877	262
Gross amounts not offset in the consolidated balance sheet, Financial instruments	0	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	$ 877	$ 262

Derivative and Credit Risk Tr_7

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Net Gains (Losses) Recognized on Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest Rate Lock Commitments [Member]
Derivative Instruments Gain Loss [Line Items]
Net (losses) gains on derivative financial instruments used as economic hedges	$ (9,847)	$ 21,809	$ (820)	$ (4,107)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Sales of Loans, Net	Gain (Loss) on Sales of Loans, Net	Gain (Loss) on Sales of Loans, Net	Gain (Loss) on Sales of Loans, Net
Interest rate lock commitments and loans acquired for sale [Member]
Derivative Instruments Gain Loss [Line Items]
Net (losses) gains on derivative financial instruments used as economic hedges	$ 19,394	$ 135,719	$ (1,350)	$ 387,618
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Sales of Loans, Net	Gain (Loss) on Sales of Loans, Net	Gain (Loss) on Sales of Loans, Net	Gain (Loss) on Sales of Loans, Net
Mortgage service rights [Member]
Derivative Instruments Gain Loss [Line Items]
Net (losses) gains on derivative financial instruments used as economic hedges	$ 23,996	$ (78,118)	$ (30,895)	$ (241,920)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Contractually Specified Servicing Fee, Late Fee, and Ancillary Fee Earned in Exchange for Servicing Financial Asset	Contractually Specified Servicing Fee, Late Fee, and Ancillary Fee Earned in Exchange for Servicing Financial Asset	Contractually Specified Servicing Fee, Late Fee, and Ancillary Fee Earned in Exchange for Servicing Financial Asset	Contractually Specified Servicing Fee, Late Fee, and Ancillary Fee Earned in Exchange for Servicing Financial Asset
CRT Derivatives [Member]
Derivative Instruments Gain Loss [Line Items]
Net (losses) gains on derivative financial instruments used as economic hedges	$ 14,833	$ (5,583)	$ 25,959	$ (11,431)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain Loss On Investments And Financings	Gain Loss On Investments And Financings	Gain Loss On Investments And Financings	Gain Loss On Investments And Financings

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of MSRs Carried at Fair Value (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Summary Of Mortgage Servicing Rights [Line Items]
Balance at beginning of period		$ 3,975,076	$ 3,391,172	$ 4,012,737	$ 2,892,855
Servicing Asset At Fair Value Additions From Loan Sales		90,747	170,658	191,365	365,254
Transfer to Agency of mortgage servicing rights relating to delinquent loans		112	0	(723)	0
Due to changes in inputs used in valuation model	[1]	15,046	220,422	(30,725)	613,062
Other changes in fair value	[2]	(103,043)	(86,643)	(194,716)	(175,562)
Change in fair value, Total		(87,997)	133,779	(225,441)	437,500
Balance at end of period		3,977,938	$ 3,695,609	3,977,938	$ 3,695,609
Pledged Assets [Member]
Summary Of Mortgage Servicing Rights [Line Items]
Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase and Notes payable secured by credit risk transfer and mortgage servicing assets		$ 3,929,319		$ 3,929,319		$ 3,962,820
[1] Primarily reflects changes in pricing spread, prepayment speed, servicing cost, and UPB of underlying loan inputs. Represents changes due to realization of expected cash flows.

Mortgage Servicing Rights - S_2

Mortgage Servicing Rights - Summary of Net Loan Servicing Fees Relating to MSRs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Transfers and Servicing [Abstract]
Contractually-specified servicing fees	$ 165,499	$ 151,149	$ 329,713	$ 298,034
Late charges	805	609	1,564	1,221
Other	6,021	6,570	9,205	15,072
Mortgage loan other servicing fees	6,826	7,179	10,769	16,293
Net mortgage loan servicing fees	172,325	158,328	340,482	314,327
Average MSR servicing portfolio	232,008,151	220,402,133	231,381,212	219,051,445
From PFSI-MSR recapture fees	509	3,324	994	11,584
UPB of loans recaptured	$ 98,126	$ 580,656	$ 193,317	$ 2,161,461

Other Assets - Summary of Other

Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Assets [Line Items]
Derivative margin deposits	$ 156,895	$ 51,463
Interest receivable	40,055	31,027
Servicing fees receivable	13,080	15,727
Correspondent lending receivables	6,021	8,967
Other receivables	8,947	7,657
Real estate acquired in settlement of loans	6,371	7,734
Other	6,976	12,416
Other Assets	238,345	134,991
Real Estate Acquired in Settlement of Loans Pledge to Secure [Member]
Other Assets [Line Items]
Assets sold under agreements to repurchase	$ 2,866	$ 3,297

Assets Sold Under Agreements to

Assets Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Weighted average interest rate	5.95%	1.75%	5.74%	1.42%
Average balance	$ 6,414,368,000	$ 5,293,064,000	$ 6,826,134,000	$ 5,147,290,000
Total interest expense	96,346,000	25,048,000	196,613,000	40,619,000
Maximum daily amount outstanding	8,499,053,000	$ 6,543,551,000	9,330,819,000	$ 8,187,913,000
Assets Sold Under Agreements To Repurchase	5,916,210,000		5,916,210,000		$ 6,618,639,000
Assets sold under agreements to repurchase, At year end	5,914,625,000		$ 5,914,625,000		$ 6,616,528,000
Weighted average interest rate			5.87%		5.03%
Available borrowing capacity, Committed			$ 373,251,000		$ 217,279,000
Available borrowing capacity, Uncommitted			5,270,676,000		4,762,056,000
Available borrowing capacity			5,643,927,000		4,979,335,000
Margin deposits placed with (received from) counterparties included in Other assets (Accounts payable and accrued liabilities), net	84,660,000		84,660,000		(13,630,000)
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	(1,585,000)		(1,585,000)		(2,111,000)
Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	4,731,341,000		4,731,341,000		4,462,601,000
Loans Acquired For Sale At Fair Value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	1,025,283,000		1,025,283,000		1,801,368,000
Loans At Fair Value | Securities Retained In Asset Backed Financings [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	82,918,000		82,918,000		84,044,000
Loans At Fair Value | Distressed loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	191,000		191,000		206,000
Servicing advances [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	55,185,000		55,185,000		100,888,000
Real estate acquired in settlement of loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	2,866,000		2,866,000		3,297,000
Mortgage service rights [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	2,003,890,000		2,003,890,000		2,092,794,000
Deposits Securing Credit Risk Transfer Arrangements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	$ 81,984,000		$ 81,984,000		$ 455,552,000

Assets Sold Under Agreements _2

Assets Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of debt issuance costs	$ 1.2	$ 1.9	$ 2.4	$ 4.4

Assets Sold Under Agreements _3

Assets Sold Under Agreements to Repurchase - Summary of Maturities of Outstanding Advances Under Repurchase Agreements by Maturity Date (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 5,916,210
Weighted average maturity (in months)	2 months 24 days
Within 30 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 32,146
Over 30 to 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	5,381,460
Over 90 days to 180 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	218,686
Over 180 Days to 1 Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	0
Over 1 year to 2 years [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 283,918

Assets Sold Under Agreements _4

Assets Sold Under Agreements to Repurchase - Summary of Assets Sold under Agreements to Repurchase by Counterparty (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Barclays Capital Inc. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 57,676
Weighted average maturity	Aug. 16, 2023
Barclays Capital Inc. [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 3,484
Weighted-average maturity, Advances	Sep. 08, 2023
Weighted-average maturity, Facility	Nov. 13, 2024
Goldman Sachs & Co. LLC [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 22,375
Weighted-average maturity, Advances	Sep. 09, 2023
Weighted-average maturity, Facility	Dec. 23, 2023
Goldman Sachs & Co. LLC [Member] | Credit Risk Transfer Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 36,391
Weighted average maturity	Aug. 04, 2023
Atlas Securitized Products, L.P. [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 55,203
Weighted-average maturity, Advances	Sep. 21, 2023
Weighted-average maturity, Facility	Jun. 27, 2025
Bank of America, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 37,518
Weighted average maturity	Aug. 11, 2023
Bank of America, N.A. [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 15,608
Weighted-average maturity, Advances	Aug. 05, 2023
Weighted-average maturity, Facility	Jun. 12, 2025
Citibank, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 38,602
Weighted average maturity	Aug. 05, 2023
Citibank, N.A. [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 9,126
Weighted-average maturity, Advances	Aug. 19, 2023
Weighted-average maturity, Facility	Jun. 27, 2025
Wells Fargo Securities L L C [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 21,279
Weighted average maturity	Aug. 10, 2023
Wells Fargo Securities L L C [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 6,040
Weighted-average maturity, Advances	Sep. 07, 2023
Weighted-average maturity, Facility	May 03, 2025
RBC Capital Markets L.P. [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 7,388
Weighted-average maturity, Advances	Oct. 15, 2023
Weighted-average maturity, Facility	May 10, 2024
Morgan Stanley & Co. LLC [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 3,258
Weighted-average maturity, Advances	Sep. 15, 2023
Weighted-average maturity, Facility	Jan. 27, 2025
BNP Paribas Corporate & Institutional Banking [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 1,407
Weighted-average maturity, Advances	Sep. 04, 2023
Weighted-average maturity, Facility	Nov. 30, 2024
JPMorgan Chase & Co. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 45,064
Weighted average maturity	Aug. 16, 2023
Daiwa Capital Markets America Inc. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 9,768
Weighted average maturity	Aug. 25, 2023
Amherst Pierpont Securities LLC [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 7,051
Weighted average maturity	Aug. 17, 2023
Nomura Holdings America Inc [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 3,336
Weighted average maturity	Jul. 16, 2023
Mizuho Financial Group [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 1,706
Weighted average maturity	Aug. 22, 2023

Mortgage Loan Participation Pur

Mortgage Loan Participation Purchase and Sale Agreement - Summary of Mortgage Loan Participation Purchase and Sale Agreement (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
At period end:
Mortgage loan participation purchase and sale agreements	$ 34,787		$ 34,787		$ 0
Mortgage Loan Participation Purchase and Sale Agreement [Member]
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Weighted average interest rate	6.44%	2.38%	6.34%	2%
Average balance	$ 23,767	$ 33,908	$ 20,456	$ 34,854
Total interest expense	413	232	706	408
Maximum daily amount outstanding	90,565	$ 81,360	90,565	$ 88,633
At period end:
Amount outstanding	34,787		34,787		0
Unamortized debt issuance costs	0		0		0
Mortgage loan participation purchase and sale agreements	34,787		$ 34,787		$ 0
Weighted average interest rate			6.39%		0%
Loans acquired for sale pledged to secure	$ 36,267		$ 36,267		$ 0

Mortgage Loan Participation P_2

Mortgage Loan Participation Purchase and Sale Agreement - Summary of Mortgage Loan Participation Purchase and Sale Agreement (Parenthetical) (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Amortization of premiums and debt issuance costs			$ 7,463,000	$ 8,115,000
Mortgage Loan Participation Purchase and Sale Agreement [Member]
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Amortization of premiums and debt issuance costs	$ 31,000	$ 31,000	$ 63,000	$ 63,000

Long-Term Debt - Summary of Ter

Long-Term Debt - Summary of Term Note Issued to Qualified Institutional Buyers (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Secured Debt | CRT Arrangement Financing
Debt Instrument [Line Items]
Unpaid principal balance	$ 790,950
Secured Term Notes | Fannie Mae M S R Financing
Debt Instrument [Line Items]
Unpaid principal balance	1,260,000
May 25, 2023 [Member] | Secured Term Notes | Fannie Mae M S R Financing
Debt Instrument [Line Items]
Notes Issued	155,000
Unpaid principal balance	$ 155,000
Interest rate spread (Annual)	3%
Maturity date, Stated	May 25, 2028
Maturity date, Optional extension	May 25, 2029
April 5, 2023 [Member] | Secured Debt | CRT Arrangement Financing
Debt Instrument [Line Items]
Notes Issued	$ 235,000
Unpaid principal balance	$ 228,111
Interest rate spread (Annual)	4.40%
Maturity date, Stated	Mar. 25, 2025
March 4, 2021 [Member] | Secured Debt | CRT Arrangement Financing
Debt Instrument [Line Items]
Notes Issued	$ 659,156
Unpaid principal balance	$ 284,986
Interest rate spread (Annual)	2.90%
Maturity date, Stated	Feb. 28, 2024
Maturity date, Optional extension	Feb. 27, 2026
February 14, 2020 [Member] | Secured Debt | CRT Arrangement Financing
Debt Instrument [Line Items]
Notes Issued	$ 350,000
Unpaid principal balance	$ 54,703
Interest rate spread (Annual)	3.35%
Maturity date, Stated	Feb. 27, 2025
October 16, 2019 [Member] | Secured Debt | CRT Arrangement Financing
Debt Instrument [Line Items]
Notes Issued	$ 375,000
Unpaid principal balance	$ 51,308
Interest rate spread (Annual)	3.70%
Maturity date, Stated	Oct. 29, 2024
June 11, 2019 [Member] | Secured Debt | CRT Arrangement Financing
Debt Instrument [Line Items]
Notes Issued	$ 638,000
Unpaid principal balance	$ 171,842
Interest rate spread (Annual)	3.75%
Maturity date, Stated	May 29, 2025
June 28, 2022 [Member] | Secured Term Notes | Fannie Mae M S R Financing
Debt Instrument [Line Items]
Notes Issued	$ 305,000
Unpaid principal balance	$ 305,000
Interest rate spread (Annual)	4.19%
Maturity date, Stated	Jun. 25, 2027
Maturity date, Optional extension	Either June 26, 2028 or June 25, 2029
March 30, 2021 [Member] | Secured Term Notes | Fannie Mae M S R Financing
Debt Instrument [Line Items]
Notes Issued	$ 350,000
Unpaid principal balance	$ 350,000
Interest rate spread (Annual)	3%
Maturity date, Stated	Mar. 25, 2026
Maturity date, Optional extension	Mar. 27, 2028
April 25, 2018 [Member] | Secured Term Notes | Fannie Mae M S R Financing
Debt Instrument [Line Items]
Notes Issued	$ 450,000
Unpaid principal balance	$ 450,000
Interest rate spread (Annual)	3.35%
Maturity date, Stated	Apr. 25, 2025
Maturity date, Optional extension	Either June 26, 2028 or June 25, 2029

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)				6 Months Ended
	May 25, 2023 USD ($)	Mar. 09, 2021 USD ($)	Nov. 19, 2019 USD ($)	Jun. 30, 2023 USD ($)
Credit Agreements [Member] | Freddie Mac MSR Financing
Debt Instrument [Line Items]
Aggregate loan amount				$ 1,600,000,000
Maturity date of debt instrument				Jun. 30, 2024
Series 2023-FTL1 Loan | Fannie Mae M S R Financing
Debt Instrument [Line Items]
Aggregate loan amount	$ 155,000,000
Initial term of debt	5 years
Maturity date of debt instrument	May 25, 2028
Optional extension term of debt	1 year
Exchangeable Senior Notes due March 15, 2026 [Member]
Debt Instrument [Line Items]
Maturity date of debt instrument		Mar. 15, 2026
Issuance of debt through private offering		$ 345,000,000
Exchangeable Senior Notes Per Note Principal Amount		$ 1,000
Percentage of interest on debt		5.50%
2024 Exchangeable Notes and 2026 Exchangeable Notes [Member]
Debt Instrument [Line Items]
Issuance of debt through private offering			$ 210,000,000
Exchangeable Senior Notes due November 1, 2024 [Member]
Debt Instrument [Line Items]
Maturity date of debt instrument			Nov. 01, 2024
Exchangeable Senior Notes Per Note Principal Amount			$ 1,000
Percentage of interest on debt			5.50%
Initial Exchangeable Rate [Member] | Exchangeable Senior Notes due March 15, 2026 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Number of shares exchanged per exchangeable notes		40.101
Initial Exchangeable Rate [Member] | Exchangeable Senior Notes due March 15, 2026 [Member] | Minimum [Member]
Debt Instrument [Line Items]
Number of shares exchanged per exchangeable notes		46.1063
Initial Exchangeable Rate [Member] | Exchangeable Senior Notes due November 1, 2024 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Number of shares exchanged per exchangeable notes			40.101
Initial Exchangeable Rate [Member] | Exchangeable Senior Notes due November 1, 2024 [Member] | Minimum [Member]
Debt Instrument [Line Items]
Number of shares exchanged per exchangeable notes			46.1063
PennyMac Loan Services, LLC [Member] | Fannie Mae M S R Financing
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				$ 700,000,000
Extended termination date of debt instrument				May 31, 2024

Long-Term Debt - Summary of Fin

Long-Term Debt - Summary of Financial Information Relating to Note Payable Secured by Credit Risk Transfer and Mortgage Servicing Assets (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Carrying value:
Balance	$ 3,158,407,000		$ 3,158,407,000		$ 2,804,028,000
Assets securing notes payable:
Derivative assets	4,602,000		4,602,000		1,262,000
Freddie Mac MSR Financing
Carrying value:
Balance	3,158,407,000		3,158,407,000		2,804,028,000
Carrying value of notes	3,165,950,000		3,165,950,000		2,812,694,000
Assets securing notes payable:
Mortgage servicing rights	3,929,319,000		3,929,319,000		3,962,820,000
Deposits securing CRT arrangements			1,187,574,000		869,742,000
Notes Payable [Member] | Freddie Mac MSR Financing
Short Term Debt [Line Items]
Average balance	$ 3,074,414,000	$ 2,408,122,000	$ 2,939,303,000	$ 2,423,363,000
Weighted-average interest rate	8.40%	3.84%	8.06%	3.49%
Total interest expense	$ 66,150,000	$ 24,413,000	$ 121,097,000	$ 44,779,000
Maximum daily amount outstanding	3,188,116,000	$ 2,833,710,000	3,188,116,000	$ 3,059,637,000
Carrying value:
Unamortized debt issuance costs	$ (7,543,000)		$ (7,543,000)		$ (8,666,000)
Weighted average interest rate	8.27%		8.27%		7.30%
Assets securing notes payable:
Derivative assets	$ 4,602,000		$ 4,602,000		$ 1,262,000
CRT Term Notes [Member] | Freddie Mac MSR Financing
Carrying value:
Carrying value of notes	790,950,000		790,950,000		592,694,000
FT-1 Term Notes and FT-1 Term Loans [Member] | Freddie Mac MSR Financing
Carrying value:
Carrying value of notes	1,260,000,000		1,260,000,000		1,105,000,000
Freddie Mac Credit Agreements [Member] | Freddie Mac MSR Financing
Carrying value:
Carrying value of notes	$ 1,115,000,000		$ 1,115,000,000		$ 1,115,000,000

Long-Term Debt - Summary of F_2

Long-Term Debt - Summary of Financial Information Relating to Note Payable Secured by Credit Risk Transfer and Mortgage Servicing Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Short Term Debt [Line Items]
Amortization of premiums and debt issuance costs			$ 7,463	$ 8,115
Notes Payable [Member] | Freddie Mac MSR Financing
Short Term Debt [Line Items]
Amortization of premiums and debt issuance costs	$ 1,800	$ 1,400	$ 3,600	$ 2,900

Long-Term Debt - Summary of F_3

Long-Term Debt - Summary of Financial Information Relating to Exchangeable Senior Notes (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2029	Jun. 30, 2028	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2022
Carrying value:
UPB	$ 555,000		$ 555,000		$ 0	$ 0	$ 0	$ 345,000	$ 210,000	$ 0	$ 555,000
Exchangeable senior notes	547,767		547,767								546,254
Convertible Debt [Member]
Short Term Debt [Line Items]
Interest expense	8,395	$ 8,334	16,775	$ 16,654
Carrying value:
Unamortized debt issuance costs	(7,233)		(7,233)								$ 8,746
Convertible Debt [Member] | Nonaffiliates [Member]
Short Term Debt [Line Items]
Average balance	$ 547,264	$ 544,341	$ 546,890	$ 536,986
Weighted average interest rate	5.59%	5.62%	5.63%	5.73%
Interest expense	$ 8,395	$ 8,334	$ 16,775	$ 16,654

Long-Term Debt - Summary of F_4

Long-Term Debt - Summary of Financial Information Relating to Exchangeable Senior Notes (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Short Term Debt [Line Items]
Amortization of debt issuance costs			$ 7,463	$ 8,115
Exchangeable Notes [Member]
Short Term Debt [Line Items]
Conversion options	$ 764,000	$ 703,000	$ 1,500	$ 1,400

Long-Term Debt - Summary of F_5

Long-Term Debt - Summary of Financial Information Relating to Asset-Backed Financing of a VIE at Fair Value (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2029	Jun. 30, 2028	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2022
Short Term Debt [Line Items]
Asset-backed financing of variable interest entities at fair value	$ 1,361,108		$ 1,361,108								$ 1,414,955
Unpaid principal balance	1,635,663		1,635,663		$ 1,635,663	$ 0	$ 0	$ 0	$ 0	$ 0
Variable Interest Entities [Member]
Short Term Debt [Line Items]
Asset-backed financing of variable interest entities at fair value	1,361,108		1,361,108								1,414,955
Asset-backed Securities | Variable Interest Entities [Member]
Short Term Debt [Line Items]
Asset-backed financing of variable interest entities at fair value	1,361,108		1,361,108								1,414,955
Unpaid principal balance	1,635,663		1,635,663								$ 1,681,410
Asset-backed Securities | Variable Interest Entities [Member] | Asset Backed Secured Financing Liability Fair Value
Short Term Debt [Line Items]
Average balance	1,392,667	$ 1,646,941	1,402,275	$ 1,554,290
Total interest expense	$ 12,791	$ 15,016	$ 25,144	$ 26,043
Weighted average interest rate	3.66%	3.31%	3.68%	3.30%
Weighted average interest rate	3.22%		3.22%								3.22%

Long-Term Debt - Summary of F_6

Long-Term Debt - Summary of Financial Information Relating to Asset-Backed Financing of a VIE at Fair Value (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Amortization of premiums and debt issuance costs			$ 7,463	$ 8,115
Variable Interest Entities [Member] | Asset-backed Securities | Asset Backed Secured Financing Liability Fair Value
Debt Instrument [Line Items]
Amortization of premiums and debt issuance costs	$ 75,000	$ 1,400	$ (466,000)	$ 590,000

Long-Term Debt - Schedule of Co

Long-Term Debt - Schedule of Contractual Maturities on Long Term Debt Obligations (Detail) - USD ($) $ in Thousands	Jun. 30, 2029	Jun. 30, 2028	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Notes payable secured by credit risk transfer and mortgage servicing assets	$ 0	$ 155,000	$ 350,000	$ 305,000	$ 2,070,964	$ 284,986	$ 3,165,950
Convertible Notes Payable	0	0	0	345,000	210,000	0	555,000	$ 555,000
Asset-backed financings at fair value	1,635,663	0	0	0	0	0	1,635,663
Interest-only security payable at fair value	24,060	0	0	0	0	0	24,060	$ 21,925
Total	$ 1,659,723	$ 155,000	$ 350,000	$ 650,000	$ 2,280,964	$ 284,986	$ 5,380,673

Liability for Losses under Re_3

Liability for Losses under Representations and Warranties - Summary of Company's Liability for Losses under Representations and Warranties (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Mortgage Banking [Abstract]
Balance, beginning of period	$ 39,407	$ 40,225	$ 39,471	$ 40,249
Provision for losses:
Pursuant to loan sales	738	1,129	1,678	2,446
Reduction in liability due to change in estimate	(2,939)	(1,530)	(3,555)	(2,695)
Losses incurred	(137)	(383)	(525)	(559)
Balance, end of period	37,069	39,441	37,069	39,441
UPB of loans subject to representations and warranties at end of period	$ 230,128,231	$ 220,982,060	$ 230,128,231	$ 220,982,060

Commitments and Contingencies -

Commitments and Contingencies - Company's Outstanding Contractual Commitments (Detail) $ in Thousands	Jun. 30, 2023 USD ($)
Commitments to purchase mortgage loans:
Commitments to purchase loans acquired for sale	$ 1,394,702

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Class Of Stock [Line Items]
Number of shares	22,400,000		22,400,000		22,400,000
Liquidation preference	$ 560,000,000		$ 560,000,000		$ 560,000,000
Issuance discount	18,518,000		18,518,000
Carrying value	$ 541,482,000		$ 541,482,000		$ 541,482,000
8.125% Series A Preferred Stock [Member]
Class Of Stock [Line Items]
Number of shares	4,600,000		4,600,000
Liquidation preference	$ 115,000,000		$ 115,000,000
Issuance discount	3,828,000		3,828,000
Carrying value	$ 111,172,000		$ 111,172,000
Dividends per share	$ 0.51	$ 0.51	$ 1.02	$ 1.02
8.00% Series B Preferred Stock [Member]
Class Of Stock [Line Items]
Number of shares	7,800,000		7,800,000
Liquidation preference	$ 195,000,000		$ 195,000,000
Issuance discount	6,465,000		6,465,000
Carrying value	$ 188,535,000		$ 188,535,000
Dividends per share	$ 0.5	0.5	$ 1	1
6.75% Series C Preferred Stock [Member]
Class Of Stock [Line Items]
Number of shares	10,000,000		10,000,000
Liquidation preference	$ 250,000,000		$ 250,000,000
Issuance discount	8,225,000		8,225,000
Carrying value	$ 241,775,000		$ 241,775,000
Dividends per share	$ 0.42	$ 0.42	$ 0.84	$ 0.84

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Parenthetical) (Detail) - $ / shares	1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 31, 2021	Mar. 31, 2017	Jun. 30, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Preferred stock, par value			$ 0.01	$ 0.01
8.125% Series A Preferred Stock [Member]
Class Of Stock [Line Items]
Cumulative dividend, beneficial interest rate		8.125%	8.125%
Sale of Stock, Transaction Date			Mar. 31, 2017
Preferred stock, par value			$ 0.01
8.00% Series B Preferred Stock [Member]
Class Of Stock [Line Items]
Cumulative dividend, beneficial interest rate			8%
Sale of Stock, Transaction Date			Jul. 31, 2017
Preferred stock, par value			$ 0.01
6.75% Series C Preferred Stock [Member]
Class Of Stock [Line Items]
Cumulative dividend, beneficial interest rate	6.75%		6.75%
Sale of Stock, Transaction Date			Aug. 31, 2017
Preferred stock, par value			$ 0.01

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended	6 Months Ended
	Aug. 31, 2021	Jul. 31, 2017	Mar. 31, 2017	Jun. 30, 2023	Oct. 24, 2022	Oct. 23, 2022	Mar. 31, 2019
Schedule Of Capitalization Equity [Line Items]
Common stock shares repurchase authorized amount before transaction fees					$ 500,000,000	$ 400,000,000
Equity Distribution Agreement [Member]
Schedule Of Capitalization Equity [Line Items]
Maximum aggregate offering price							$ 200,000,000
8.125% Series A Preferred Stock [Member]
Schedule Of Capitalization Equity [Line Items]
Cumulative dividend, beneficial interest rate			8.125%	8.125%
8.125% Series A Preferred Stock [Member] | Fixed Annuity | Date Of Original Issuance To March 14, 2024 [Member]
Schedule Of Capitalization Equity [Line Items]
Preferred stock, liquidation preference			$ 25
8.00% Series B Preferred Stock [Member]
Schedule Of Capitalization Equity [Line Items]
Cumulative dividend, beneficial interest rate				8%
8.00% Series B Preferred Stock [Member] | Date Of Original Issuance To March 14, 2024 [Member]
Schedule Of Capitalization Equity [Line Items]
Cumulative dividend, beneficial interest rate		8%
8.00% Series B Preferred Stock [Member] | Fixed Annuity | Date Of Original Issuance To March 14, 2024 [Member]
Schedule Of Capitalization Equity [Line Items]
Preferred stock, liquidation preference		$ 25
6.75% Series C Preferred Stock [Member]
Schedule Of Capitalization Equity [Line Items]
Cumulative dividend, beneficial interest rate	6.75%			6.75%
6.75% Series C Preferred Stock [Member] | Fixed Annuity | Date Of Original Issuance To March 14, 2024 [Member]
Schedule Of Capitalization Equity [Line Items]
Preferred stock, liquidation preference	$ 25
8.125% Series A, 8.00% Series B, 6.75% Series C Preferred Stock [Member]
Schedule Of Capitalization Equity [Line Items]
Preferred stock redemption price per share				$ 25

Shareholders' Equity - Summar_3

Shareholders' Equity - Summary of Common Share Repurchase Activity (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Common shares repurchased	1,636	1,927	2,274	3,901
Cumulative shares repurchased	28,965		28,965
Cost of common shares repurchased	$ 19,448	$ 28,418	$ 27,011	$ 60,248
Cumulative cost of shares repurchased	$ 425,751		$ 425,751

Shareholders' Equity - Summar_4

Shareholders' Equity - Summary of Common Share Repurchase Activity (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)
Common Stock [Member] | Commission Amount
Schedule Of Capitalization Equity [Line Items]
Transaction fees	$ 579,000

Net Gains on Loans Acquired f_3

Net Gains on Loans Acquired for Sale - Summary of Net Gains on Mortgage Loans Acquired for Sale (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Non-cash gains:
Receipt of MSRs in mortgage loan sale transactions			$ (191,365)	$ (365,254)
Provision for losses relating to representations and warranties provided in loan sales:
Pursuant to loans sales	$ (738)	$ (1,129)	(1,678)	(2,446)
Changes in fair value of loans and derivatives
Net gains on loans acquired for sale	4,446	7,671	10,919	11,624
PennyMac Financial Services, Inc. [Member]
Changes in fair value of loans and derivatives
Net gains on loans acquired for sale	1,832	1,063	3,160	2,359
Nonaffiliates [Member]
Cash losses:
Sales of loans	(116,647)	(298,024)	(189,592)	(737,812)
Hedging activities	29,449	123,997	(22,667)	462,099
Cash gain, net of effects of cash hedging, on sale of mortgage loans acquired for sale	(87,198)	(174,027)	(212,259)	(275,713)
Non-cash gains:
Receipt of MSRs in mortgage loan sale transactions	90,747	170,658	191,365	365,254
Provision for losses relating to representations and warranties provided in loan sales:
Pursuant to loans sales	(738)	(1,129)	(1,678)	(2,446)
Reduction of liability due to change in estimate	2,939	1,530	3,555	2,695
Provision for losses relating to representations and warranties	2,201	401	1,877	249
Changes in fair value of loans and derivatives
Interest rate lock commitments	(9,847)	21,809	(820)	(4,107)
Loans	16,766	(23,955)	6,279	(1,937)
Hedging derivatives	(10,055)	11,722	21,317	(74,481)
Total non cash portion of gain on mortgage loans acquired for sale	(3,136)	9,576	26,776	(80,525)
Net cash of gain on mortgage loans acquired for sale	89,812	180,635	220,018	284,978
Net gains on loans acquired for sale	$ 2,614	$ 6,608	$ 7,759	$ 9,265

Net (Losses) Gains on Investm_3

Net (Losses) Gains on Investments and Financings - Summary of Net (Losses) Gains on Investments and Financings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Asset-backed financings at fair value	$ 17,794	$ 116,667	$ 7,634	$ 205,841
Net (losses) gains on investments and financings	(2,499)	(230,650)	123,305	(459,745)
Nonaffiliates [Member]
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Loans at fair value	89,812	180,635	220,018	284,978
Investment securities at fair value, Mortgage-backed securities	(61,621)	(182,498)	16,597	(369,023)
CRT arrangements	60,458	(42,355)	106,736	(77,978)
Nonaffiliates [Member] | Distressed [Member]
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Loans at fair value	(877)	5	(426)	448
Nonaffiliates [Member] | Variable Interest Entities [Member]
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Loans at fair value	$ (18,253)	$ (122,469)	$ (7,236)	$ (219,033)

Net Interest (Expense) Income -

Net Interest (Expense) Income - Summary of Net Interest (Expense) Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest income:
Cash and short-term investments	$ 6,712	$ 1,175	$ 13,023	$ 1,578
Mortgage-backed securities	62,542	40,651	113,681	55,051
Loans acquired for sale at fair value	25,779	23,442	62,767	42,690
Distressed	31	14	24	188
Deposits securing CRT arrangements	15,779	2,384	29,991	2,606
Placement fees relating to custodial funds	37,677	7,204	66,597	10,914
Other	520	92	810	149
Interest income	162,684	90,698	315,703	141,761
Interest expense:
Assets sold under agreements to repurchase	96,346	25,048	196,613	40,619
Mortgage loan participation purchase and sale agreements	413	232	706	408
Notes payable secured by credit risk transfer and mortgage servicing assets	66,150	24,413	121,097	44,779
Asset-backed financings at fair value	12,791	15,016	25,144	26,043
Interest shortfall on repayments of loans serviced for Agency securitizations	1,790	4,430	2,819	11,472
Interest on loan impound deposits	1,315	677	2,658	1,689
Other	190	0	715	0
Interest expense, total	187,390	78,150	366,527	141,664
Net interest (expense) income	(24,706)	12,548	(50,824)	97
Convertible Debt [Member]
Interest expense:
Total interest expense	8,395	8,334	16,775	16,654
Variable Interest Entities [Member]
Interest income:
Loans at fair value	$ 13,644	$ 15,736	$ 28,810	$ 28,585

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - Restricted Share Units [Member]	6 Months Ended
	Jun. 30, 2023
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	1 year
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-Based Compensation Activity (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	50	58	338	285
Total grant date value of share units	$ 585	$ 894	$ 4,300	$ 4,451
Total share units vested	11	1	188	120
Total share units forfeiture	6	2	6	11
Compensation expense relating to share-based grants	$ 845	$ 1,142	$ 2,001	$ 2,171
Restricted Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	7	6	172	134
Total grant date value of share units	$ 78	$ 95	$ 2,212	$ 2,101
Total share units vested	11	1	140	79
Total share units forfeiture	6	0	6	0
Performance Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	43	52	166	151
Total grant date value of share units	$ 507	$ 799	$ 2,088	$ 2,350
Total share units vested	0	0	48	41
Total share units forfeiture	0	2	0	11

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Share-Based Compensation Activity (Parenthetical) (Detail) - Performance Shares Units [Member]	6 Months Ended
	Jun. 30, 2023 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share vested due to exceeding performance goal	48,372
Vesting percentage	39%

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of Restricted Share Units and Performance Share Units Expected to Vest (Detail) shares in Thousands	Jun. 30, 2023 $ / shares shares
Restricted Share Units [Member]
Shares expected to vest:
Number of units (in thousands) | shares	251
Grant date average fair value per unit | $ / shares	$ 14.29
Performance Share Units [Member]
Shares expected to vest:
Number of units (in thousands) | shares	260
Grant date average fair value per unit | $ / shares	$ 14.07

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax [Line Items]
Effective income tax rates	47.40%		0.40%
Income (loss) before benefit from income taxes	$ 46,853	$ (39,868)	$ 85,654	$ (21,810)
Expense (benefit) from income taxes	22,229	30,866	$ 333	68,053
Percentage of deduction from taxable income			20%
Taxable REIT Subsidiary [Member]
Income Tax [Line Items]
Income (loss) before benefit from income taxes	77,900	147,600	$ 12,200	420,400
Expense (benefit) from income taxes	21,200	$ 32,600	600	$ 70,500
Deferred tax assets, valuation allowance	$ 0		$ 0

Earnings Per Common Share - Sum

Earnings Per Common Share - Summary of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 24,624	$ (70,734)	$ 85,321	$ (89,863)
Dividends on preferred shares	(10,454)	(10,455)	(20,909)	(20,909)
Effect of participating securities‒share-based compensation awards	(100)	(104)	(202)	(207)
Net income (loss) attributable to common shareholders	14,070	(81,293)	64,210	(110,979)
Interest on Exchangeable Notes, net of income taxes	0	0	12,682	0
Diluted net income (loss) attributable to common shareholders	$ 14,070	$ (81,293)	$ 76,892	$ (110,979)
Weighted average basic shares outstanding	87,269	91,963	88,046	93,048
Dilutive securities-Shares issuable pursuant to exchange of the Exchangeable Notes	0	0	24,328	0
Diluted weighted average shares outstanding	87,269	91,963	112,374	93,048
Basic earnings (loss) per share	$ 0.16	$ (0.88)	$ 0.73	$ (1.19)
Diluted earnings (loss) per share	$ 0.16	$ (0.88)	$ 0.68	$ (1.19)

Earnings Per Common Share - S_2

Earnings Per Common Share - Summary of Potentially Dilutive Shares Excluded from Computation of Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Plan [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive stock excluded from the diluted earnings per share	114	78	141	181
Shares Issuable Pursuant to Exchange of Exchangeable Senior Notes [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive stock excluded from the diluted earnings per share	24,328	24,328	0	24,328

Segments - Additional Informati

Segments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2023 Segment
Segment Reporting [Abstract]
Number of business segments	4

Segments - Financial Highlights

Segments - Financial Highlights by Operating Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Net investment income:
Net loan servicing fees	$ 108,833	$ 217,313	$ 85,140	$ 521,491
Net gains on loans acquired for sale	4,446	7,671	10,919	11,624
Net (losses) gains on investments and financings	(2,499)	(230,650)	123,305	(459,745)
Net interest (expense) income:
Interest income	162,684	90,698	315,703	141,761
Interest expense	187,390	78,150	366,527	141,664
Net interest (expense) income	(24,706)	12,548	(50,824)	97
Other	4,378	14,618	12,278	29,872
Net investment income	90,452	21,500	180,818	103,339
Expenses:
Loan servicing fees and fulfillment payable to PFSI	25,758	40,981	58,130	78,823
Management fees	7,078	7,910	14,335	16,027
Other	10,763	12,477	22,699	30,299
Total expenses	43,599	61,368	95,164	125,149
Income (loss) before provision for income taxes	46,853	(39,868)	85,654	(21,810)
Total assets at end of quarter/period	13,384,922	13,217,279	13,384,922	13,217,279	$ 13,921,564
Credit Sensitive Strategies [Member]
Net investment income:
Net loan servicing fees	0	0	0	0
Net gains on loans acquired for sale	0	9	0	5
Net (losses) gains on investments and financings	68,707	(57,811)	123,096	(102,716)
Net interest (expense) income:
Interest income	25,146	5,919	46,540	7,977
Interest expense	21,752	10,428	39,554	20,556
Net interest (expense) income	3,394	(4,509)	6,986	(12,579)
Other	(56)	(28)	0	260
Net investment income	72,045	(62,339)	130,082	(115,030)
Expenses:
Loan servicing fees and fulfillment payable to PFSI	32	51	109	111
Management fees	0	0	0	0
Other	911	1,323	1,547	4,534
Total expenses	943	1,374	1,656	4,645
Income (loss) before provision for income taxes	71,102	(63,713)	128,426	(119,675)
Total assets at end of quarter/period	1,638,662	1,663,700	1,638,662	1,663,700
Interest Rate Sensitive Strategies [Member]
Net investment income:
Net loan servicing fees	108,833	217,313	85,140	521,491
Net gains on loans acquired for sale	0	0	0	0
Net (losses) gains on investments and financings	(71,206)	(172,839)	209	(357,029)
Net interest (expense) income:
Interest income	108,656	60,895	200,738	90,006
Interest expense	137,987	55,154	263,156	96,839
Net interest (expense) income	(29,331)	5,741	(62,418)	(6,833)
Other	0	0	0	0
Net investment income	8,296	50,215	22,931	157,629
Expenses:
Loan servicing fees and fulfillment payable to PFSI	20,285	20,284	40,658	41,312
Management fees	0	0	0	0
Other	1,183	562	2,472	2,737
Total expenses	21,468	20,846	43,130	44,049
Income (loss) before provision for income taxes	(13,172)	29,369	(20,199)	113,580
Total assets at end of quarter/period	10,099,868	9,146,234	10,099,868	9,146,234
Correspondent Production [Member]
Net investment income:
Net loan servicing fees	0	0	0	0
Net gains on loans acquired for sale	4,446	7,662	10,919	11,619
Net (losses) gains on investments and financings	0	0	0	0
Net interest (expense) income:
Interest income	25,708	23,393	62,635	42,573
Interest expense	26,740	12,101	61,872	23,661
Net interest (expense) income	(1,032)	11,292	763	18,912
Other	4,434	14,646	12,278	29,612
Net investment income	7,848	33,600	23,960	60,143
Expenses:
Loan servicing fees and fulfillment payable to PFSI	5,441	20,646	17,363	37,400
Management fees	0	0	0	0
Other	1,007	3,174	3,415	8,386
Total expenses	6,448	23,820	20,778	45,786
Income (loss) before provision for income taxes	1,400	9,780	3,182	14,357
Total assets at end of quarter/period	1,161,519	1,972,934	1,161,519	1,972,934
Corporate [Member]
Net investment income:
Net loan servicing fees	0	0	0	0
Net gains on loans acquired for sale	0	0	0	0
Net (losses) gains on investments and financings	0	0	0	0
Net interest (expense) income:
Interest income	3,174	491	5,790	1,205
Interest expense	911	467	1,945	608
Net interest (expense) income	2,263	24	3,845	597
Other	0	0	0	0
Net investment income	2,263	24	3,845	597
Expenses:
Loan servicing fees and fulfillment payable to PFSI	0	0	0	0
Management fees	7,078	7,910	14,335	16,027
Other	7,662	7,418	15,265	14,642
Total expenses	14,740	15,328	29,600	30,669
Income (loss) before provision for income taxes	(12,477)	(15,304)	(25,755)	(30,072)
Total assets at end of quarter/period	$ 484,873	$ 434,411	$ 484,873	$ 434,411

Regulatory Capital and Liquid_3

Regulatory Capital and Liquidity Requirements - Additional Information (Detail)	Jun. 30, 2023 USD ($)
Minimum [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Basis point	6%
Fannie Mae Or Freddie Mac Mortgage Loans [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Minimum net worth amount	$ 2,500,000
Basis point	0.25%
Unpaid Principal Balance [Member] | Fannie Mae Or Freddie Mac Mortgage Loans [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Basis point	2%
Liquidity requirement basis point	0.035%
Nonperforming mortgage loans [Member] | Fannie Mae Or Freddie Mac Mortgage Loans [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Basis point	70%
Nonperforming mortgage loans [Member] | Fannie Mae Or Freddie Mac Mortgage Loans [Member] | Minimum [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Basis point	6%

Regulatory Capital and Liquid_4

Regulatory Capital and Liquidity Requirements - Summary of Capital and Liquidity Amounts and Requirements by Agencies (Detail) - Fannie Mae and Freddie Mac [Member] $ in Thousands		Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Capital Requirements By Agencies [Line Items]
Net worth, Actual	[1]	$ 1,027,178	$ 1,138,331
Net worth, Required	[1]	$ 588,688	$ 586,436
Tangible net worth / total assets ratio, Actual	[1]	0.16	0.16
Tangible net worth / total assets ratio, Required	[1]	0.06	0.06
Liquidity, Actual	[1]	$ 398,335	$ 343,286
Liquidity, Required	[1]	$ 79,928	$ 79,372
[1] Calculated in accordance with the Agencies’ requirements.