PennyMac Mortgage Investment Trust (PMT) 10-Q 1 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 30, 2023
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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		86,624,044
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 PRA
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 PRB
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 PRC
Security Exchange Name	NYSE
8.50% Senior Note Due 2028 [Member]
Document And Entity Information [Line Items]
Title of 12(b) Security	8.50% Senior Note Due 2028
Trading Symbol	PMTU
Security Exchange Name	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash	$ 236,396	$ 111,866
Short-term investments at fair value	150,059	252,271
Mortgage-backed securities at fair value pledged to creditors	4,665,970	4,462,601
Loans acquired for sale at fair value ($1,019,247 and $1,801,368 pledged to creditors, respectively)	1,025,730	1,821,933
Loans at fair value ($1,370,220 and $1,510,148 pledged to creditors, respectively)	1,372,118	1,513,399
Derivative assets at fair value	60,681	62,811
Derivative assets ($7,010 and $1,262 pledged to creditors, respectively)	29,750	84,940
Deposits securing credit risk transfer arrangements pledged to creditors	1,237,294	1,325,294
Mortgage servicing rights at fair value ($4,038,113 and $3,962,820 pledged to creditors, respectively)	4,108,661	4,012,737
Servicing advances ($76,740 and $100,888 pledged to creditors, respectively)	93,614	197,972
Due from PennyMac Financial Services, Inc.	6,464	7,657
Other ($2,466 and $3,297 pledged to creditors, respectively)	301,492	134,991
Total assets	13,223,336	13,921,564
LIABILITIES
Assets sold under agreements to repurchase	6,020,716	6,616,528
Mortgage loan participation purchase and sale agreements	23,991	0
Notes payable secured by credit risk transfer and mortgage servicing assets	2,825,591	2,804,028
Unsecured senior notes	599,754	546,254
Asset-backed financing of variable interest entities at fair value	1,279,059	1,414,955
Interest-only security payable at fair value	28,288	21,925
Derivative and credit risk transfer strip liabilities at fair value	140,494	167,226
Accounts payable and accrued liabilities	92,633	160,212
Income taxes payable	202,967	151,778
Liability for losses under representations and warranties	33,152	39,471
Total liabilities	11,274,258	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	1,923,130	1,947,266
Accumulated deficit	(516,402)	(526,822)
Total shareholders’ equity	1,949,078	1,962,815
Total liabilities and shareholders’ equity	13,223,336	13,921,564
Variable Interest Entities [Member]
ASSETS
Loans at fair value ($1,370,220 and $1,510,148 pledged to creditors, respectively)	1,370,021	1,509,942
Derivative assets at fair value	7,010	1,262
Deposits securing credit risk transfer arrangements pledged to creditors	1,237,294	1,325,294
Other interest receivable	4,160	4,343
Total assets	2,618,485	2,840,841
LIABILITIES
Asset-backed financing of variable interest entities at fair value	1,279,059	1,414,955
Interest-only security payable at fair value	28,288	21,925
Derivative and credit risk transfer strip liabilities at fair value	70,860	160,553
Accounts payable and accrued liabilities interest payable	4,160	4,343
Total liabilities	1,382,367	1,601,776
PennyMac Financial Services, Inc. [Member]
ASSETS
Due from PennyMac Financial Services, Inc.	2,252	3,560
LIABILITIES
Due to PennyMac Financial Services, Inc.	$ 27,613	$ 36,372

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Loans acquired for sale at fair value, pledged to creditors	$ 1,019,247,000	$ 1,801,368,000
Loans at fair value, pledged to creditors	1,370,220,000	1,510,148,000
Derivative assets, pledged to creditors	7,010,000	1,262,000
Mortgage servicing rights pledged to creditors	4,038,113,000	3,962,820,000
Servicing Advances pledged to creditors	$ 76,740,000	$ 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	$ 2,466,000	$ 3,297,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net investment income
Contractually specified	$ 166,809	$ 162,987	$ 496,522	$ 461,021
Other	3,752	4,246	14,521	20,539
Net mortgage loan servicing fees	170,561	167,233	511,043	481,560
Change in fair value of mortgage servicing rights	160,926	66,974	(64,515)	504,474
Mortgage servicing rights hedging results	(50,689)	154,269	(81,584)	(87,651)
Net servicing fees from non-affiliates	281,298	390,124	366,438	911,615
Net gains on loans acquired for sale:	13,558	4,313	24,477	15,937
Loan origination fees	3,226	13,215	15,227	42,417
Net (losses) gains on investments and financings	(109,544)	(253,336)	13,761	(713,081)
Interest income	158,926	109,658	474,629	251,419
Interest expense	183,918	114,080	550,445	255,744
Net interest expense	(24,992)	(4,422)	(75,816)	(4,325)
Results of real estate acquired in settlement of loans	(251)	966	(251)	1,195
Other	134	205	411	646
Net investment income	163,429	151,065	344,247	254,404
Expenses
Management fees	7,175	7,731	21,510	23,758
Professional services	2,133	2,394	5,537	7,671
Compensation	1,961	1,368	4,779	4,354
Loan origination	710	2,430	3,785	8,054
Loan collection and liquidation	1,890	690	3,378	5,118
Safekeeping	467	2,986	2,707	6,402
Other	4,885	4,433	14,559	13,001
Total expenses	45,009	60,686	140,173	185,835
Income before provision for income taxes	118,420	90,379	204,074	68,569
Provision for income taxes	56,998	78,466	57,331	146,519
Net income (loss)	61,422	11,913	146,743	(77,950)
Dividends on preferred shares	10,455	10,455	31,364	31,364
Net income (loss) attributable to common shareholders	$ 50,967	$ 1,458	$ 115,379	$ (109,314)
Earnings (loss) per common share
Basic	$ 0.59	$ 0.01	$ 1.31	$ (1.19)
Diluted	$ 0.51	$ 0.01	$ 1.2	$ (1.19)
Weighted average common shares outstanding
Basic	86,760	90,594	87,613	92,221
Diluted	111,088	90,594	111,941	92,221
Nonaffiliates [Member]
Net investment income
Other	$ 3,752	$ 4,246	$ 14,521	$ 20,539
Net servicing fees from non-affiliates	280,798	388,476	364,944	898,383
Net gains on loans acquired for sale:	11,704	3,110	19,463	12,375
PennyMac Financial Services, Inc. [Member]
Net investment income
From PennyMac Financial Services, Inc.	500	1,648	1,494	13,232
Net gains on loans acquired for sale:	1,854	1,203	5,014	3,562
Expenses
Loan servicing fees	20,257	20,247	61,023	61,670
Loan fulfillment fees	5,531	18,407	22,895	55,807
Management fees	$ 7,175	$ 7,731	$ 21,510	$ 23,758

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)	(77,950)			$ 0			$ 0			0			(77,950)
Share-based compensation, Amount	2,608			$ 0			$ 1			2,607			0
Share-based compensation, Shares				0			85,000
Dividends:
Preferred shares dividends	(31,364)			$ 0			$ 0			0			(31,364)
Common share dividends	(128,782)			0			0			0			(128,782)
Repurchase of common shares, Amount	$ (73,746)			$ 0			$ (49)			(73,697)			0
Repurchase of common shares, Shares	(4,888,000)			0			(4,888,000)
Balance, Amount at Sep. 30, 2022	$ 2,017,331			$ 541,482			$ 901			1,960,320			(485,372)
Balance, Shares at Sep. 30, 2022				22,400,000			90,094,000
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
Net Income (Loss)	11,913			$ 0			$ 0			0			11,913
Share-based compensation, Amount	959			$ 0			$ 0			959			0
Share-based compensation, Shares				0			0
Dividends:
Preferred shares dividends	(10,455)			$ 0			$ 0			0			(10,455)
Common share dividends	(42,228)			0			0			0			(42,228)
Repurchase of common shares, Amount	$ (13,498)			$ 0			$ (10)			(13,488)			0
Repurchase of common shares, Shares	(987,000)			0			(987,000)
Balance, Amount at Sep. 30, 2022	$ 2,017,331			$ 541,482			$ 901			1,960,320			(485,372)
Balance, Shares at Sep. 30, 2022				22,400,000			90,094,000
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)	146,743			$ 0			$ 0			0			146,743
Share-based compensation, Amount	2,854			$ 0			$ 1			2,853			0
Share-based compensation, Shares				0			146,000
Dividends:
Preferred shares dividends	(31,364)			$ 0			$ 0			0			(31,364)
Common share dividends	(104,959)			0			0			0			(104,959)
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 Sep. 30, 2023	$ 1,949,078			$ 541,482			$ 868			1,923,130			(516,402)
Balance, Shares at Sep. 30, 2023				22,400,000			86,761,000
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
Net Income (Loss)	61,422			$ 0			$ 0			0			61,422
Share-based compensation, Amount	1,420			$ 0			$ 0			1,420			0
Share-based compensation, Shares				0			0
Dividends:
Preferred shares dividends	(10,455)			$ 0			$ 0			0			(10,455)
Common share dividends	(34,805)			0			0			0			(34,805)
Repurchase of common shares, Amount	$ 0
Repurchase of common shares, Shares	0
Balance, Amount at Sep. 30, 2023	$ 1,949,078			$ 541,482			$ 868			$ 1,923,130			$ (516,402)
Balance, Shares at Sep. 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accumulated Deficit [Member]
Dividends declared per common share	$ 0.4	$ 0.47	$ 1.2	$ 1.41

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income (loss)	$ 146,743	$ (77,950)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Change in fair value of mortgage servicing rights	64,515	(504,474)
Mortgage servicing rights hedging results	81,584	87,651
Net gains on loans acquired for sale	(24,477)	(15,937)
Net (gains) losses on investments and financings	(13,761)	713,081
Accrual of unearned discounts and amortization of purchase premiums on mortgage-backed securities, loans at fair value, and asset-backed financings	8,050	(11,355)
Amortization of debt issuance costs	11,147	11,855
Results of real estate acquired in settlement of loans	251	(1,195)
Share-based compensation expense	3,421	3,130
Purchase of loans acquired for sale at fair value from nonaffiliates	(63,699,477)	(67,083,546)
Sale to nonaffiliates and repayment of loans acquired for sale	13,576,673	31,922,573
Repurchase of loans subject to representation and warranties	(50,537)	(72,933)
Decrease in servicing advances	103,636	123,552
Repurchase of real estate previously sold as loans acquired for sale	(456)	0
Increase in other assets	(187,922)	(223,929)
(Decrease) increase in accounts payable and accrued liabilities	(68,352)	4,550
Decrease in due to PennyMac Financial Services, Inc.	(8,759)	(7,785)
Increase in income taxes payable	51,189	150,519
Net cash provided by operating activities	807,162	1,275,504
Cash flows from investing activities
Net decrease (increase) in short-term investments	102,212	(184,344)
Purchase of mortgage-backed securities at fair value	(3,108,701)	(3,114,891)
Sale and repayment of mortgage-backed securities at fair value	2,880,273	1,294,352
Repurchase of loans at fair value	(119)	0
Repayment of loans at fair value	72,925	133,361
Net settlement of derivative financial instruments	(56,025)	22,840
Distribution from credit risk transfer arrangements	136,033	418,087
Purchase of mortgage servicing rights at fair value	(14,637)	0
Transfer of mortgage servicing rights relating to delinquent loans to Agency	653	0
Sale of real estate acquired in settlement of loans	3,803	7,619
Decrease in margin deposits	44,065	80,275
Net cash provided by (used in) investing activities	60,482	(1,342,701)
Cash flows from financing activities
Sale of assets under agreements to repurchase	92,891,387	94,543,430
Repurchase of assets sold under agreements to repurchase	(93,488,136)	(94,807,378)
Issuance of mortgage loan participation purchase and sale agreements	1,739,456	3,067,648
Repayment of mortgage loan participation purchase and sale agreements	(1,715,465)	(3,100,550)
Issuance of notes payable secured by credit risk transfer and mortgage servicing assets	615,000	713,476
Repayment of notes payable secured by credit risk transfer and mortgage servicing assets	(595,303)	(355,324)
Issuance of Unsecured senior notes	53,500	0
Issuance of asset-backed financings at fair value	0	382,423
Repayment of asset-backed financings at fair value	(70,455)	(130,698)
Payment of debt issuance costs	(8,344)	(8,932)
Payment of dividends to preferred shareholders	(31,364)	(31,364)
Payment of dividends to common shareholders	(105,812)	(131,318)
Payment of vested share-based compensation tax withholdings	(567)	(522)
Repurchase of common shares	(27,011)	(73,746)
Net cash (used in) provided by financing activities	(743,114)	67,145
Net increase (decrease) in cash	124,530	(52)
Cash at beginning of quarter	111,866	58,983
Cash at end of quarter	236,396	58,931
Payments (refunds), net:
Income taxes	6,142	(4,000)
Interest	562,109	244,232
Non-cash investing activities:
Receipt of mortgage servicing rights as proceeds from sales of loans	249,925	543,255
Unsettled purchase of mortgage servicing rights	1,626	0
Exchange of mortgage servicing spread for interest-only stripped securities and interest receivable	105,096	0
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	1,182	0
Non-cash financing activities:
Recognition of asset-backed financings resulting from initial consolidation of VIEs	0	382,423
Dividends declared, not paid	34,805	42,228
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.	50,812,386	36,544,166
Decrease in due from PennyMac Financial Services, Inc.	$ 1,308	$ 12,393

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 61,422	$ 11,913	$ 146,743	$ (77,950)

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 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 separately listed on the New York Stock Exchange. 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 the Agencies 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 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	9 Months Ended
	Sep. 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 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 pandemic-related forbearance and modification activities. 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 (recaptures) 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Loan servicing fees: Loans acquired for sale at fair value $ 112 $ 258 $ 569 $ 780 Loans at fair value 33 111 184 427 MSRs 20,112 19,878 60,270 60,463 $ 20,257 $ 20,247 $ 61,023 $ 61,670 Average investment in loans: Acquired for sale at fair value $ 868,808 $ 1,763,506 $ 1,613,347 $ 1,884,840 At fair value $ 1,437,418 $ 1,659,183 $ 1,479,525 $ 1,655,022 Average MSR portfolio UPB $ 231,333,064 $ 224,756,659 $ 231,333,990 $ 220,988,459 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Loan fulfillment fees earned by PLS $ 5,531 $ 18,407 $ 22,895 $ 55,807 UPB of loans fulfilled by PLS $ 2,760,000 $ 10,226,513 $ 12,418,084 $ 30,319,475 Sourcing fees received from PLS included in Net gains on loans acquired for sale $ 1,854 $ 1,203 $ 5,014 $ 3,562 UPB of loans sold to PLS: Government guaranteed or insured $ 8,606,835 $ 12,261,222 $ 29,127,889 $ 35,643,210 Conventional conforming 9,932,593 — 21,013,357 — $ 18,539,428 $ 12,261,222 $ 50,141,246 $ 35,643,210 Purchases of loans acquired for sale from PLS $ — $ — $ — $ 298,862 Tax service fees paid to PLS $ 579 $ 2,192 $ 2,690 $ 6,938 September 30, 2023 December 31, 2022 (in thousands) Loans included in Loans acquired for sale at fair value $ 499,132 $ 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Base management $ 7,175 $ 7,731 $ 21,510 $ 23,758 Performance incentive — — — — $ 7,175 $ 7,731 $ 21,510 $ 23,758 Average shareholders' equity amounts used $ 1,897,964 $ 2,048,887 $ 1,917,525 $ 2,128,916 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Reimbursement of: Expenses incurred on the Company’s behalf, net $ 5,893 $ 705 $ 15,532 $ 8,896 Common overhead incurred by PCM and its 1,489 2,574 5,450 6,247 Compensation 165 165 495 495 $ 7,547 $ 3,444 $ 21,477 $ 15,638 Payments and settlements during the year (1) $ 9,190 $ 41,509 $ 72,446 $ 110,835 (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 September 30, 2023 and December 31, 2022. Amounts Receivable from and Payable to PFSI Amounts receivable from and payable to PFSI are summarized below: September 30, 2023 December 31, 2022 (in thousands) Due from PFSI-Miscellaneous receivables $ 2,252 $ 3,560 Due to PFSI: Correspondent production fees $ 9,183 $ 6,835 Management fees 7,175 7,307 Loan servicing fees 6,760 6,740 Allocated expenses and expenses and costs 2,672 11,447 Fulfillment fees 1,823 4,043 $ 27,613 $ 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 September 30, 2023 December 31, 2022 (in thousands) Loan servicing advances $ 93,614 $ 197,972 Real estate acquired in settlement of loans 2,109 3,479 $ 95,723 $ 201,451

Loan Sales

Loan Sales	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Cash flows: Proceeds from sales $ 3,107,613 $ 9,709,969 $ 13,576,673 $ 31,922,573 Loan servicing fees received $ 166,809 $ 162,987 $ 496,522 $ 461,021 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: September 30, 2023 December 31, 2022 (in thousands) UPB of loans outstanding $ 230,066,301 $ 229,858,573 Collection status (UPB) Delinquency: 30-89 days delinquent $ 2,005,518 $ 1,903,007 90 or more days delinquent: Not in foreclosure $ 944,892 $ 880,841 In foreclosure $ 69,656 $ 70,921 Bankruptcy $ 170,596 $ 123,239 Custodial funds managed by the Company (1) $ 2,760,857 $ 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	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Net investment income: Net (losses) gains on investments and financings: CRT Derivatives and strips: CRT derivatives Realized $ 4,051 $ 4,624 $ 12,504 $ 34,982 Valuation changes 9,113 ( 365 ) 26,619 ( 42,154 ) 13,164 4,259 39,123 ( 7,172 ) CRT strips Realized 11,241 13,589 35,529 47,430 Valuation changes 9,977 ( 11,788 ) 68,601 ( 103,284 ) 21,218 1,801 104,130 ( 55,854 ) Interest-only security payable at fair value ( 4,228 ) ( 1,701 ) ( 6,363 ) ( 10,593 ) 30,154 4,359 136,890 ( 73,619 ) Interest income — Deposits securing CRT arrangements 16,419 6,978 46,410 9,584 $ 46,573 $ 11,337 $ 183,300 $ ( 64,035 ) Net payments made (recoveries received) to settle losses $ 496 $ 180 $ 2,252 $ ( 20,249 ) September 30, 2023 December 31, 2022 (in thousands) Carrying value of CRT arrangements: Derivative assets - CRT derivatives $ 7,010 $ 1,262 Derivative and credit risk transfer strip liabilities: CRT derivatives ( 2,268 ) ( 23,360 ) CRT strips ( 68,592 ) ( 137,193 ) ( 70,860 ) ( 160,553 ) Deposits securing CRT arrangements 1,237,294 1,325,294 Interest-only security payable at fair value ( 28,288 ) ( 21,925 ) $ 1,145,156 $ 1,144,078 CRT arrangement assets pledged to secure borrowings: Derivative assets $ 7,010 $ 1,262 Deposits securing CRT arrangements (1) $ 1,237,294 $ 1,325,294 UPB of loans underlying CRT arrangements $ 23,613,675 $ 25,315,524 Collection status (UPB): Delinquency Current $ 23,028,327 $ 24,673,719 30-89 days delinquent $ 384,340 $ 409,049 90-180 days delinquent $ 116,110 $ 112,286 180 or more days delinquent $ 66,178 $ 93,717 Foreclosure $ 18,720 $ 26,753 Bankruptcy $ 61,364 $ 54,395 (1) Deposits securing credit risk transfer strip liabilities also secure $ 70.9 million and $ 160.6 million in CRT derivative and CRT strip liabilities at September 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 subordinate securities to receive distributions of principal and/or interest, as applicable, are subordinate to the rights of holders of senior securities. After senior securities are repaid, substantially all cash inflows will be directed to 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Net investment income Fair value changes: Loans at fair value $ ( 54,082 ) $ ( 99,267 ) $ ( 61,318 ) $ ( 318,300 ) Asset-backed financings at fair value 58,474 92,993 66,108 298,834 Interest income 9,505 16,002 38,315 44,587 Interest expense 13,652 14,265 38,796 40,308 $ 245 $ ( 4,537 ) $ 4,309 $ ( 15,187 ) September 30, 2023 December 31, 2022 (in thousands) Loans at fair value $ 1,370,021 $ 1,509,942 Asset-backed financings at fair value $ 1,279,059 $ 1,414,955 Subordinate MBS retained at fair value pledged to Assets sold under agreements to repurchase $ 80,298 $ 84,044

Fair Value

Fair Value	9 Months Ended
	Sep. 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: September 30, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 150,059 $ — $ — $ 150,059 Mortgage-backed securities at fair value — 4,562,437 103,533 4,665,970 Loans acquired for sale at fair value — 1,020,848 4,882 1,025,730 Loans at fair value — 1,370,021 2,097 1,372,118 Derivative assets: Call options on interest rate futures purchase contracts 641 — — 641 Put options on interest rate futures purchase contracts 19,256 — — 19,256 Forward purchase contracts — 1,287 — 1,287 Forward sale contracts — 30,348 — 30,348 MBS put options — 169 — 169 CRT derivatives — — 7,010 7,010 Interest rate lock commitments — — 1,970 1,970 Total derivative assets before netting 19,897 31,804 8,980 60,681 Netting — — — ( 30,931 ) Total derivative assets after netting 19,897 31,804 8,980 29,750 Mortgage servicing rights at fair value — — 4,108,661 4,108,661 $ 169,956 $ 6,985,110 $ 4,228,153 $ 11,352,288 Liabilities: Asset-backed financings at fair value $ — $ 1,279,059 $ — $ 1,279,059 Interest-only security payable at fair value — — 28,288 28,288 Derivative and credit risk transfer strip liabilities: Put options on interest rate futures sell contracts 1,688 — — 1,688 Forward purchase contracts — 9,994 — 9,994 Forward sales contracts — 1,464 — 1,464 CRT derivatives — — 2,268 2,268 Interest rate lock commitments — — 5,318 5,318 Total derivative liabilities before netting 1,688 11,458 7,586 20,732 Netting — — — 51,170 Total derivative liabilities after netting 1,688 11,458 7,586 71,902 Credit risk transfer strips — — 68,592 68,592 Total derivative and credit risk transfer strip liabilities 1,688 11,458 76,178 140,494 $ 1,688 $ 1,290,517 $ 104,466 $ 1,447,841 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 September 30, 2023 Assets (1) Interest-only stripped securities Loans Loans at CRT Interest rate CRT Mortgage Total (in thousands) Balance, June 30, 2023 $ — $ 6,630 $ 2,665 $ ( 4,394 ) $ ( 1,298 ) $ ( 78,569 ) $ 3,977,938 $ 3,902,972 Purchases and issuances — — — — 6,618 — 16,263 22,881 Repayments and sales — ( 1,383 ) ( 510 ) ( 4,028 ) — ( 11,241 ) — ( 17,162 ) Amounts received pursuant to sales — ( 496 ) — — — — 58,560 58,064 Changes in fair value included in results arising from: Changes in instrument - — — — — — — — — Other factors ( 14 ) 131 ( 58 ) 13,164 ( 16,255 ) 21,218 160,926 179,112 ( 14 ) 131 ( 58 ) 13,164 ( 16,255 ) 21,218 160,926 179,112 Exchange of mortgage servicing spread 103,547 — — — — — ( 105,096 ) ( 1,549 ) Transfers of: — Interest rate lock commitments to loans — — — — 7,587 — — 7,587 Mortgage servicing rights relating to — — — — — — 70 70 Balance, September 30, 2023 $ 103,533 $ 4,882 $ 2,097 $ 4,742 $ ( 3,348 ) $ ( 68,592 ) $ 4,108,661 $ 4,151,975 Changes in fair value recognized during $ ( 14 ) $ ( 104 ) $ ( 74 ) $ 9,113 $ ( 3,348 ) $ 9,977 $ 160,926 $ 176,476 (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 September 30, 2023 (in thousands) Interest-only security payable: Balance, June 30, 2023 $ 24,060 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — Other factors 4,228 4,228 Balance, September 30, 2023 $ 28,288 Changes in fair value recognized during the quarter relating $ 4,228 Quarter ended September 30, 2022 Assets (1) Loans Loans at CRT Interest CRT Mortgage Total (in thousands) Balance, June 30, 2022 $ 20,376 $ 3,979 $ ( 22,511 ) $ ( 1,656 ) $ ( 118,333 ) $ 3,695,609 $ 3,577,464 Purchases and issuances 20,803 — — ( 19,218 ) — — 1,585 Repayments and sales ( 30,170 ) ( 47 ) ( 4,223 ) — ( 13,589 ) — ( 48,029 ) Amounts received pursuant to sales — — — — — 178,001 178,001 Changes in fair value included in results Changes in instrument - specific credit — — — — — — — Other factors ( 1,230 ) 56 4,259 ( 71,443 ) 1,801 66,974 417 ( 1,230 ) 56 4,259 ( 71,443 ) 1,801 66,974 417 Transfers of interest rate lock — — — 49,474 — — 49,474 Balance, September 30, 2022 $ 9,779 $ 3,988 $ ( 22,475 ) $ ( 42,843 ) $ ( 130,121 ) $ 3,940,584 $ 3,758,912 Changes in fair value recognized during $ ( 813 ) $ 44 $ ( 365 ) $ ( 42,843 ) $ ( 11,788 ) $ 66,974 $ 11,209 (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 September 30, 2022 (in thousands) Interest-only security payable: Balance, June 30, 2022 $ 19,485 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors 1,701 1,701 Balance, September 30, 2022 $ 21,186 Changes in fair value recognized during the quarter relating $ 1,701 Nine months ended September 30, 2023 Assets (1) Interest-only stripped securities 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 — 2,687 — 16,263 23,331 Repayments and sales — ( 9,787 ) ( 534 ) ( 12,283 ) — ( 35,529 ) — ( 58,133 ) Amounts received pursuant to sales of loans — ( 496 ) — — — — 249,925 249,429 Changes in fair value included in results Changes in instrument - specific — — — — — — — — Other factors ( 14 ) 195 ( 485 ) 39,123 ( 3,578 ) 104,130 ( 64,515 ) 74,856 ( 14 ) 195 ( 485 ) 39,123 ( 3,578 ) 104,130 ( 64,515 ) 74,856 Exchange of mortgage servicing spread 103,547 — — — — — ( 105,096 ) ( 1,549 ) Transfers of: — Loans to REO — — ( 460 ) — — — — ( 460 ) Interest rate lock commitments to loans — — — — ( 1,979 ) — — ( 1,979 ) Mortgage servicing rights relating to — — — — — — ( 653 ) ( 653 ) Balance, September 30, 2023 $ 103,533 $ 4,882 $ 2,097 $ 4,742 $ ( 3,348 ) $ ( 68,592 ) $ 4,108,661 $ 4,151,975 Changes in fair value recognized during $ ( 14 ) $ ( 74 ) $ ( 1,011 ) $ 26,619 $ ( 3,348 ) $ 68,601 $ ( 64,515 ) $ 26,258 (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 Nine months ended September 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 6,363 6,363 Balance, September 30, 2023 $ 28,288 Changes in fair value recognized during the period relating $ 6,363 Nine months ended September 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 72,365 — — ( 88,901 ) — — ( 16,536 ) Repayments and sales ( 89,310 ) ( 677 ) ( 34,267 ) — ( 47,430 ) — ( 171,684 ) Amounts received pursuant to sales — — — — — 543,255 543,255 Changes in fair value included in results Changes in instrument - specific credit — — — — — — — Other factors ( 3,405 ) 504 ( 7,172 ) ( 250,913 ) ( 55,854 ) 504,474 187,634 ( 3,405 ) 504 ( 7,172 ) ( 250,913 ) ( 55,854 ) 504,474 187,634 Transfers of interest rate lock — — — 294,520 — — 294,520 Balance, September 30, 2022 $ 9,779 $ 3,988 $ ( 22,475 ) $ ( 42,843 ) $ ( 130,121 ) $ 3,940,584 $ 3,758,912 Changes in fair value recognized during $ ( 1,121 ) $ 159 $ ( 42,154 ) $ ( 42,843 ) $ ( 103,284 ) $ 504,474 $ 315,231 (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 Nine months ended September 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 10,593 10,593 Balance, September 30, 2022 $ 21,186 Changes in fair value recognized during the period relating $ 10,593 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: September 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 $ 1,025,027 $ 1,015,017 $ 10,010 $ 1,819,551 $ 1,795,445 $ 24,106 90 or more days delinquent: Not in foreclosure 427 618 ( 191 ) 1,666 1,927 ( 261 ) In foreclosure 276 397 ( 121 ) 716 809 ( 93 ) 703 1,015 ( 312 ) 2,382 2,736 ( 354 ) $ 1,025,730 $ 1,016,032 $ 9,698 $ 1,821,933 $ 1,798,181 $ 23,752 Loans at fair value: Held in consolidated VIEs: Current through 89 days delinquent $ 1,369,087 $ 1,718,390 $ ( 349,303 ) $ 1,508,540 $ 1,788,911 $ ( 280,371 ) 90 or more days delinquent: Not in foreclosure 934 1,276 ( 342 ) 1,231 1,642 ( 411 ) In foreclosure — — — 171 226 ( 55 ) 934 1,276 ( 342 ) 1,402 1,868 ( 466 ) 1,370,021 1,719,666 ( 349,645 ) 1,509,942 1,790,779 ( 280,837 ) Distressed: Current through 89 days delinquent 564 775 ( 211 ) 498 682 ( 184 ) 90 or more days delinquent: Not in foreclosure 401 1,989 ( 1,588 ) 1,230 2,964 ( 1,734 ) In foreclosure 1,132 2,546 ( 1,414 ) 1,729 2,728 ( 999 ) 1,533 4,535 ( 3,002 ) 2,959 5,692 ( 2,733 ) 2,097 5,310 ( 3,213 ) 3,457 6,374 ( 2,917 ) $ 1,372,118 $ 1,724,976 $ ( 352,858 ) $ 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 September 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 $ — $ — $ ( 144,031 ) $ 1,048 $ ( 142,983 ) Loans acquired for sale at fair value — ( 13,106 ) — — ( 13,106 ) Loans at fair value — — ( 54,141 ) ( 5,153 ) ( 59,294 ) Credit risk transfer strips — — 21,218 — 21,218 MSRs at fair value 160,926 — — — 160,926 $ 160,926 $ ( 13,106 ) $ ( 176,954 ) $ ( 4,105 ) $ ( 33,239 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 4,228 ) $ — $ ( 4,228 ) Asset-backed financing of VIEs at fair value — — 58,474 1,132 59,606 $ — $ — $ 54,246 $ 1,132 $ 55,378 Quarter ended September 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 $ — $ — $ ( 251,477 ) $ 229 $ ( 251,248 ) Loans acquired for sale at fair value — ( 129,873 ) — — ( 129,873 ) Loans at fair value — — ( 99,211 ) 533 ( 98,678 ) Credit risk transfer strips — — 1,801 — 1,801 MSRs at fair value 66,974 — — — 66,974 $ 66,974 $ ( 129,873 ) $ ( 348,887 ) $ 762 $ ( 411,024 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 1,701 ) $ — $ ( 1,701 ) Asset-backed financings at fair value — — 92,993 993 93,986 $ — $ — $ 91,292 $ 993 $ 92,285 Nine months ended September 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 $ — $ — $ ( 127,434 ) $ ( 1,172 ) $ ( 128,606 ) Loans acquired for sale at fair value — ( 7,215 ) — — ( 7,215 ) Loans at fair value — — ( 61,803 ) ( 6,212 ) ( 68,015 ) Credit risk transfer strips — — 104,130 — 104,130 MSRs at fair value ( 64,515 ) — — — ( 64,515 ) $ ( 64,515 ) $ ( 7,215 ) $ ( 85,107 ) $ ( 7,384 ) $ ( 164,221 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 6,363 ) $ — $ ( 6,363 ) Asset-backed financings at fair value — — 66,108 666 66,774 $ — $ — $ 59,745 $ 666 $ 60,411 Nine months ended September 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 $ — $ — $ ( 620,500 ) $ 13,481 $ ( 607,019 ) Loans acquired for sale at fair value — ( 510,250 ) — — ( 510,250 ) Loans at fair value — — ( 317,796 ) ( 543 ) ( 318,339 ) Credit risk transfer strips — — ( 55,854 ) — ( 55,854 ) MSRs at fair value 504,474 — — — 504,474 $ 504,474 $ ( 510,250 ) $ ( 994,150 ) $ 12,938 $ ( 986,988 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 10,593 ) $ — $ ( 10,593 ) Asset-backed financings at fair value — — 298,834 1,583 300,417 $ — $ — $ 288,241 $ 1,583 $ 289,824 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) September 30, 2023 $ — $ — $ 1,114 $ 1,114 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Real estate asset acquired in settlement of loans $ ( 258 ) $ ( 119 ) $ ( 288 ) $ ( 199 ) 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 the Exchangeable Notes defined in Note 15 are classified as “Level 3” fair value liabilities due to the Company’s reliance on unobservable inputs to estimate these instruments’ fair values. The Company classifies the 2023 Senior Notes, defined in Note 15, as “Level 2” fair value liabilities. The Company has concluded that the fair values of these borrowings other than term notes and term loans included in Notes payable secured by credit risk transfer and mortgage servicing assets and Unsecured 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 indications of fair value provided by nonaffiliate brokers for the term notes and pricing services for Unsecured senior notes and internal estimates of fair value for the term loans. The fair value and carrying value of these liabilities are summarized below: September 30, 2023 December 31, 2022 Instrument Carrying value Fair value Carrying value Fair value (in thousands) Notes payable secured by credit risk transfer $ 2,825,591 $ 2,804,737 $ 2,804,028 $ 2,721,391 Unsecured senior notes $ 599,754 $ 567,189 $ 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 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 capital markets operations staff. Valuation Techniques and Inputs The following is a description of the techniques and inputs used in estimating the fair values of “Level 2” and “Level 3” fair value assets and liabilities: Mortgage-Backed Securities The Company’s categorization of its current holdings of MBS is based on whether the respective security is a pass-through security or an IO security: • The Company categorizes the majority of its current holdings of MBS as “Level 2” fair value assets. Fair value of these securities is established based on quoted market prices for the Company’s MBS holdings or similar securities. • The Company categorizes its current holdings of interest-only stripped ("IO") securities as “Level 3” fair value assets. The Company uses a discounted cash flow approach to estimate the fair value of its IO securities. The key inputs used in the estimation of the fair value of IO securities include discount rate (pricing spread) and prepayment rate (prepayment speed). Significant changes to those inputs in isolation may result in a significant change in the IO securities fair value measurement. Changes in these key inputs are not directly related. Following are the key inputs used in determining the fair value of IO securities: September 30, 2023 Fair value (in thousands) $ 103,533 UPB of securities (in thousands) $ 425,682 Weighted average interest rate 4.9 % Key inputs (1) Pricing spread (2) Range 5.6 % – 5.6 % Weighted average 5.6 % Annual total prepayment speed (3) Range 8.1 % – 8.2 % Weighted average 8.1 % Equivalent life (in years) Range 5.4 - 8.8 Weighted average 8.7 (1) Weighted-average inputs are based on the UPB of the underlying loans. (2) Pricing spread represents a margin that is applied to a reference forward rate to develop periodic discount rates. The Company uses the pricing spread over the United States Treasury (“Treasury”) securities yield curve for the purpose of discounting cash flows relating to IO securities. (3) Prepayment speed is measured using Life Total Conditional Prepayment Rate (“CPR”). Equivalent life is provided as supplementary information. Changes in the fair value of MBS are included in Net (losses) gains on investments and financings in the consolidated statements of operations. Loans Fair value of loans is estimated based on whether the loans are saleable into active markets: • Loans that are saleable into active markets, comprised of most of the Company’s loans 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 pricing 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 rates, voluntary and involuntary prepayment speeds and the remaining loss expectations of the reference loans. Changes in fair value of CRT derivatives are included in Net (losses) gains on investments and financings in the consolidated statements of operations. Following is a quantitative summary of key unobservable inputs used in the Company’s review and approval of broker-provided fair values for CRT derivatives: September 30, 2023 December 31, 2022 (dollars in thousands) Fair value CRT derivatives Assets $ 7,010 $ 1,262 Liabilities $ 2,268 $ 23,360 UPB of loans in reference pools $ 5,556,206 $ 5,972,060 Key inputs (1) Discount rate Range 10.1 % – 11.4 % 8.7 % – 11.1 % Weighted average 11.0 % 10.8 % Voluntary prepayment speed (2) Range 6.7 % – 7.4 % 7.5 % – 8.3 % Weighted average 7.3 % 7.6 % Involuntary prepayment speed (3) Range 0.2 % – 0.8 % 0.5 % – 1.3 % Weighted average 0.4 % 0.6 % Remaining loss expectation Range 0.3 % – 0.4 % 0.4 % – 0.7 % Weighted average 0.3 % 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 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: September 30, 2023 December 31, 2022 Fair value (in thousands) (1) $ ( 3,348 ) $ ( 478 ) Committed amount (in thousands) $ 1,459,919 $ 1,484,384 Key inputs (2) Pull-through rate Range 62.6 % – 100 % 54.8 % – 100 % Weighted average 85.4 % 92.1 % MSR fair value expressed as Servicing fee multiple Range 3.6 – 7.0 1.9 – 7.1 Weighted average 5.3 4.7 Percentage of UPB Range 0.9 % – 2.8 % 0.7 % – 3.1 % Weighted average 1.9 % 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. Fa

Mortgage-Backed Securities

Mortgage-Backed Securities	9 Months Ended
	Sep. 30, 2023
Mortgage Backed Securities [Abstract]
Mortgage-Backed Securities	Note 8— Mortgage-Backed Securities Following is a summary of activity in the Company’s holdings of MBS: Quarter ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Balance at beginning of period $ 4,731,341 $ 3,853,076 $ 4,462,601 $ 2,666,768 Purchases 64,384 354,015 3,108,701 3,114,891 Sales — — ( 2,629,540 ) ( 1,079,826 ) Repayments ( 90,319 ) ( 75,555 ) ( 250,733 ) ( 214,526 ) Exchange of mortgage servicing spread for interest-only 103,547 — 103,547 — Changes in fair value included in income arising from: Accrual (amortization) of net purchase premiums 1,048 229 ( 1,172 ) 13,481 Valuation adjustments ( 144,031 ) ( 251,477 ) ( 127,434 ) ( 620,500 ) ( 142,983 ) ( 251,248 ) ( 128,606 ) ( 607,019 ) Balance at end of period $ 4,665,970 $ 3,880,288 $ 4,665,970 $ 3,880,288 Following is a summary of the Company’s investment in MBS: September 30, 2023 Security type (1) Principal Unamortized Cumulative Fair value (1) (in thousands) Agency fixed-rate pass-through securities $ 4,403,330 $ 494 $ ( 233,304 ) $ 4,170,520 Subordinate credit-linked securities 259,863 ( 3,831 ) 21,053 277,085 Senior non-Agency securities 127,172 ( 3,760 ) ( 8,580 ) 114,832 $ 4,790,365 $ ( 7,097 ) $ ( 220,831 ) 4,562,437 Interest-only stripped mortgage-backed 103,533 $ 4,665,970 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	9 Months Ended
	Sep. 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 September 30, 2023 December 31, 2022 (in thousands) GSE eligible — held for sale to nonaffiliates (1) $ 520,702 $ 1,651,554 Held for sale to PLS (2) 499,132 159,671 Jumbo 1,014 — Home equity lines of credit 1,903 2,424 Repurchased pursuant to representations and warranties 2,979 8,284 $ 1,025,730 $ 1,821,933 Loans pledged to secure: Assets sold under agreements to repurchase $ 994,057 $ 1,801,368 Mortgage loan participation purchase and sale agreements 25,190 — $ 1,019,247 $ 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 or with other investors, including PLS. (2) The Company sells a portion of its loan 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	9 Months Ended
	Sep. 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 September 30, 2023 December 31, 2022 (in thousands) Loans in VIEs: Agency-conforming loans secured by investment properties $ 1,323,199 $ 1,459,160 Fixed interest rate jumbo loans 46,822 50,782 1,370,021 1,509,942 Distressed loans 2,097 3,457 $ 1,372,118 $ 1,513,399 Loans at fair value pledged to secure: Asset-backed financings at fair value (1) $ 1,370,021 $ 1,509,942 Assets sold under agreements to repurchase 199 206 $ 1,370,220 $ 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 September 30, 2023 and December 31, 2022, $ 80.3 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	9 Months Ended
	Sep. 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: September 30, 2023 December 31, 2022 (in thousands) Derivative assets $ 29,750 $ 84,940 $ 29,750 $ 84,940 Derivative liabilities $ 71,902 $ 30,033 Credit risk transfer strip liabilities 68,592 137,193 $ 140,494 $ 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 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 on the consolidated balance sheets: September 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 350,000 $ 641 $ — 1,950,000 $ 2,906 $ — Put options on interest rate futures purchase 2,280,000 19,256 — 1,785,000 8,130 — Put options on interest rate futures sale 200,000 — 1,688 — — — Forward purchase contracts 3,936,766 1,287 9,994 3,929,833 418 15,196 Forward sale contracts 9,547,291 30,348 1,464 11,661,925 43,435 17,279 MBS put options 100,000 169 — 1,050,000 2,783 — Bond futures 3,066,000 — — 867,900 — — Other derivatives not subject to master netting CRT derivatives 5,556,206 7,010 2,268 5,972,060 1,262 23,360 Interest rate lock commitments 1,459,919 1,970 5,318 1,484,384 3,877 4,355 Total derivative instruments before netting 60,681 20,732 62,811 60,190 Netting ( 30,931 ) 51,170 22,129 ( 30,157 ) $ 29,750 $ 71,902 $ 84,940 $ 30,033 Margin deposits (received from) placed $ ( 82,101 ) $ 52,286 Derivative assets pledged to secure: Notes payable secured by credit risk transfer $ 7,010 $ 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 September 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. September 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 Counterparty (in thousands) CRT derivatives $ 7,010 $ — $ — $ 7,010 $ 1,262 $ — $ — $ 1,262 Interest rate lock commitments 1,970 — — 1,970 3,877 — — 3,877 RJ O’Brien & Associates, LLC 18,209 — — 18,209 11,036 — — 11,036 Mizuho Financial Group 1,182 — — 1,182 127 — — 127 Bank of America, N.A. 1,097 — — 1,097 14,666 — — 14,666 Morgan Stanley & Co. LLC — — — — 33,703 — — 33,703 Wells Fargo Securities, LLC — — — — 6,980 — — 6,980 Credit Suisse Securities (USA) LLC — — — — 5,827 — — 5,827 Goldman Sachs & Co. LLC — — — — 2,789 — — 2,789 Barclays Capital Inc. — — — — 2,013 — — 2,013 J.P. Morgan Securities LLC — — — — 110 — — 110 Other 282 — — 282 2,550 — — 2,550 $ 29,750 $ — $ — $ 29,750 $ 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. September 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 Counterparty (in thousands) CRT derivatives $ 2,268 $ — $ — $ 2,268 $ 23,360 $ — $ — $ 23,360 Interest rate lock commitments 5,318 — — 5,318 4,355 — — 4,355 J.P. Morgan Securities LLC 1,564,749 ( 1,560,086 ) — 4,663 1,605,813 ( 1,605,813 ) — — Barclays Capital Inc. 835,314 ( 834,773 ) — 541 1,115,265 ( 1,115,265 ) — — Bank of America, N.A. 814,453 ( 814,453 ) — — 1,239,293 ( 1,239,293 ) — — Atlas Securitized Products, L.P. 775,968 ( 775,968 ) — — — — — — Wells Fargo Securities, LLC 633,576 ( 604,904 ) — 28,672 262,512 ( 262,512 ) — — Daiwa Capital Markets 350,089 ( 350,000 ) — 89 439,089 ( 439,089 ) — — Amherst Pierpont Securities LLC 302,341 ( 302,341 ) — — 283,928 ( 283,294 ) — 634 Morgan Stanley & Co. LLC 243,616 ( 216,040 ) — 27,576 218,730 ( 218,730 ) — — Goldman Sachs & Co. LLC 189,682 ( 189,429 ) — 253 156,952 ( 156,952 ) — — Citigroup Global Markets Inc. 178,693 ( 176,899 ) — 1,794 197,229 ( 195,807 ) — 1,422 Mizuho Financial Group 72,196 ( 72,196 ) — — — — — — BNP Paribas 68,697 ( 68,651 ) — 46 153,220 ( 153,220 ) — — RBC Capital Markets, L.P. 48,301 ( 48,301 ) — — 268,581 ( 268,581 ) — — Nomura Holdings America, Inc 7,937 ( 7,849 ) — 88 4,444 ( 4,444 ) — — Credit Suisse Securities (USA) LLC — — — — 675,639 ( 675,639 ) — — Other 594 — — 594 262 — — 262 $ 6,093,792 $ ( 6,021,890 ) $ — $ 71,902 $ 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 September 30, Nine months ended September 30, Derivative activity Consolidated statements of operations line 2023 2022 2023 2022 (in thousands) Interest rate lock Net gains on loans acquired for sale $ ( 2,050 ) $ ( 41,187 ) $ ( 2,870 ) $ ( 45,294 ) CRT derivatives Net (losses) gains on investments $ 13,164 $ 4,259 $ 39,123 $ ( 7,172 ) Hedged item: Interest rate lock Net gains on loans acquired for sale $ 24,092 $ 172,520 $ 22,742 $ 560,138 Mortgage servicing rights Net loan servicing fees $ ( 50,689 ) $ 154,269 $ ( 81,584 ) $ ( 87,651 ) (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	9 Months Ended
	Sep. 30, 2023
Text Block [Abstract]
Mortgage Servicing Rights	Note 12—Mortgage Servicing Rights Following is a summary of MSRs: Quarter ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Balance at beginning of period $ 3,977,938 $ 3,695,609 $ 4,012,737 $ 2,892,855 Purchases 16,263 — 16,263 — MSRs resulting from loan sales 58,560 178,001 249,925 543,255 Transfer to Agency of mortgage servicing 70 — ( 653 ) — Exchange of mortgage servicing spread for ( 105,096 ) — ( 105,096 ) — Changes in fair value: Due to changes in inputs used in valuation 263,139 162,730 232,414 775,792 Other changes in fair value (2) ( 102,213 ) ( 95,756 ) ( 296,929 ) ( 271,318 ) 160,926 66,974 ( 64,515 ) 504,474 Balance at end of period $ 4,108,661 $ 3,940,584 $ 4,108,661 $ 3,940,584 September 30, 2023 December 31, 2022 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets and Notes payable $ 4,038,113 $ 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Contractually-specified servicing fees $ 166,809 $ 162,987 $ 496,522 $ 461,021 Ancillary and other fees: Late charges 878 662 2,442 1,883 Other 2,874 3,584 12,079 18,656 3,752 4,246 14,521 20,539 $ 170,561 $ 167,233 $ 511,043 $ 481,560 Average MSR servicing portfolio $ 231,333,064 $ 224,756,659 $ 231,333,990 $ 220,988,459 From PFSI—MSR recapture fees $ 500 $ 1,648 $ 1,494 $ 13,232 UPB of loans recaptured $ 77,403 $ 284,821 $ 270,720 $ 2,446,282

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2023
Other Assets [Abstract]
Other Assets	Note 13— Other Assets Other assets are summarized below: September 30, 2023 December 31, 2022 (dollars in thousands) Derivative margin deposits $ 163,863 $ 51,463 Correspondent lending receivables 64,834 8,967 Interest receivable 43,051 31,027 Servicing fees receivable 13,861 15,727 Other receivables 6,464 7,657 Real estate acquired in settlement of loans 5,318 7,734 Other 4,101 12,416 $ 301,492 $ 134,991 Real estate acquired in settlement of loans pledge to secure Assets sold under agreements to repurchase $ 2,466 $ 3,297

Short-Term Debt

Short-Term Debt	9 Months Ended
	Sep. 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 September 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (dollars in thousands) Weighted average interest rate (1) 5.97 % 3.09 % 5.81 % 2.02 % Average balance $ 5,714,082 $ 5,789,433 $ 6,451,377 $ 5,363,690 Total interest expense $ 87,414 $ 46,691 $ 284,027 $ 87,310 Maximum daily amount outstanding $ 6,318,746 $ 6,649,005 $ 9,412,768 $ 8,395,930 (1) Excludes the effect of amortization of debt issuance costs of $ 1.4 million and $ 3.8 million for the quarter and nine months ended September 30, 2023, respectively, and $ 1.7 million and $ 6.1 million for the quarter and nine months ended September 30, 2022, respectively. September 30, 2023 December 31, 2022 (dollars in thousands) Carrying value: Unpaid principal balance $ 6,021,890 $ 6,618,639 Unamortized debt issuance costs ( 1,174 ) ( 2,111 ) $ 6,020,716 $ 6,616,528 Weighted average interest rate 6.08 % 5.03 % Available borrowing capacity (1): Committed $ 465,855 $ 217,279 Uncommitted 5,054,453 4,762,056 $ 5,520,308 $ 4,979,335 Margin deposits placed with (received from) counterparties included in Other assets ( Accounts payable and accrued liabilities ), net $ 93,467 $ ( 13,630 ) Assets securing agreements to repurchase: Mortgage-backed securities $ 4,665,970 $ 4,462,601 Loans acquired for sale at fair value $ 994,057 $ 1,801,368 Loans at fair value: Securities retained in asset-backed financings $ 80,298 $ 84,044 Distressed $ 199 $ 206 Deposits securing credit risk transfer arrangements $ 79,490 $ 455,552 Mortgage servicing rights (2) $ 2,106,489 $ 2,092,794 Servicing advances $ 46,280 $ 100,888 Real estate acquired in settlement of loans $ 2,466 $ 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 September 30, 2023 (1) Unpaid (in thousands) Within 30 days $ 3,661,146 Over 30 to 90 days 1,889,816 Over 90 days to 180 days — Over 180 days to 1 year — Over 1 year to 2 years 470,928 $ 6,021,890 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 September 30, 2023: Loans, REO and MSRs Weighted-average maturity Counterparty Amount at risk Advances Facility (in thousands) Goldman Sachs & Co. LLC $ 1,757 December 19, 2023 December 23, 2023 Barclays Capital Inc. $ 2,507 December 20, 2023 November 13, 2024 Atlas Securitized Products, L.P. $ 53,974 December 21, 2023 June 27, 2025 Bank of America, N.A. $ 15,506 November 3, 2023 June 12, 2025 JPMorgan Chase & Co. $ 128 December 3, 2023 June 16, 2025 Citibank, N.A. $ 8,935 December 14, 2023 June 27, 2025 Wells Fargo Securities, LLC $ 1,027 December 16, 2023 May 3, 2025 Morgan Stanley & Co. LLC $ 9,731 December 25, 2023 January 27, 2025 BNP Paribas Corporate & Institutional Banking $ 3,309 December 24, 2023 September 30, 2025 RBC Capital Markets, L.P. $ 1,194 December 27, 2023 August 9, 2024 Securities Counterparty Amount at risk Weighted average maturity (in thousands) Goldman Sachs & Co. LLC $ 25,485 October 30, 2023 Barclays Capital Inc. $ 52,386 November 3, 2023 Bank of America, N.A. $ 36,519 October 28, 2023 JPMorgan Chase & Co. $ 46,287 October 22, 2023 Citibank, N.A. $ 32,657 October 16, 2023 Wells Fargo Securities, LLC $ 27,848 October 13, 2023 Amherst Pierpont Securities LLC $ 9,401 October 18, 2023 Daiwa Capital Markets America Inc. $ 9,255 October 27, 2023 Nomura Holdings America, Inc $ 3,543 October 3, 2023 Mizuho Financial Group $ 1,977 November 22, 2023 CRT arrangements Counterparty Amount at risk Weighted average maturity (in thousands) Goldman Sachs & Co. LLC $ 34,219 October 27, 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (dollars in thousands) Average balance $ 22,043 $ 31,092 $ 20,991 $ 33,586 Weighted average interest rate (1) 6.69 % 3.69 % 6.46 % 2.53 % Total interest expense $ 403 $ 320 $ 1,109 $ 728 Maximum daily amount outstanding $ 46,303 $ 81,360 $ 90,565 $ 88,633 (1) Excludes the effect of amortization of debt issuance costs of $ 31,000 and $ 94,000 for the quarter and nine months ended September 30, 2023 , respectively, and $ 31,000 and $ 94,000 for the quarter and nine months ended September 30, 2022, respectively. September 30, 2023 (dollars in thousands) Carrying value: Amount outstanding $ 23,991 Unamortized debt issuance costs — $ 23,991 Weighted average interest rate 6.57 % Loans acquired for sale pledged to secure mortgage loan participation $ 25,190

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 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: CRT 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 $ 222,152 4.40 % March 25, 2025 — 2021 1R March 4, 2021 $ 659,156 277,133 2.90 % February 28, 2024 February 27, 2026 2020 1R February 14, 2020 $ 350,000 52,600 3.35 % February 27, 2025 (3) 2019 3R October 16, 2019 $ 375,000 49,257 3.70 % October 29, 2024 (3) 2019 2R June 11, 2019 $ 638,000 166,249 3.75 % May 28, 2025 (3) $ 767,391 (1) Interest rates are charged based at a spread to 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 $ 1 billion and matures on June 27, 2025 . 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. On August 16, 2023, two additional lenders were added to the Series 2023-FTL1 Loan and the overall note balance increased by $ 215 million to $ 370 million. 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 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 FTL-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 Issuance Issuance date Issuance amount principal interest rate spread (1) Stated Optional extension (2) (in thousands) Term Loans 2023 May 25, 2023 $ 370,000 $ 370,000 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 $ 1,025,000 (1) Interest rates are charged at a spread to SOFR. (2) The indentures relating to these issuances provide the Company with the option of extending the maturity dates of certain of the FT-1 Term Notes and FTL-1 Term Loans under the conditions specified in the respective agreements. (3) Either June 26, 2028 or June 25, 2029 . Freddie Mac MSR and Servicing Advance Receivables 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 approximately $ 2.0 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 M arch 2025 . T he 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. On August 10, 2023, the Company, through its indirect, wholly owned subsidiaries, PMT ISSUER TRUST - FHLMC SAF, PMT SAF Funding, LLC, and PMC, entered into a structured finance transaction that PMC will use to finance Freddie Mac servicing advance receivables (the “Series 2023-VF1”). The maturity date of the related Series 2023-VF1, Class A-VF1 Variable Funding Note is August 9, 2025 and has a maximum principal amount of $ 150 million. Following is a summary of financial information relating to notes payable secured by credit risk transfer and mortgage servicing assets: Quarter ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (dollars in thousands) Average balance $ 3,106,809 $ 2,801,845 $ 2,995,752 $ 2,550,910 Weighted average interest rate (1) 8.70 % 5.37 % 8.28 % 4.19 % Total interest expense $ 69,952 $ 39,818 $ 191,049 $ 84,597 Maximum daily amount outstanding $ 3,380,951 $ 3,235,376 $ 3,403,116 $ 3,544,637 (1) Excludes the effect of amortization of debt issuance costs of $ 1.9 million and $ 5.4 million for the quarter and nine months ended September 30, 2023 , respectively, and $ 1.9 million and $ 4.7 million for the quarter and nine months ended September 30, 2022, respectively. September 30, 2023 December 31, 2022 (dollars in thousands) Carrying value: Unpaid principal balance: CRT arrangement financing $ 767,391 $ 592,694 Fannie Mae MSR and servicing advance 1,025,000 1,105,000 Freddie Mac MSR financing 1,040,000 1,115,000 2,832,391 2,812,694 Unamortized debt issuance costs ( 6,800 ) ( 8,666 ) $ 2,825,591 $ 2,804,028 Weighted average interest rate 8.71 % 7.30 % Assets securing notes payable: Mortgage servicing rights (1) $ 4,038,113 $ 3,962,820 Servicing advances $ 30,460 $ — CRT Agreements: Deposits securing CRT arrangements $ 1,157,804 $ 869,742 Derivative assets $ 7,010 $ 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 . Unsecured Senior Notes Exchangeable Senior Notes PMC has issued $ 345 million aggregate principal amount of exchangeable senior notes (the “2026 Exchangeable Notes”) due 2026 and $ 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 private offerings. The 2026 Exchangeable Notes will mature on March 15, 2026 unless repurchased or exchanged in accordance with their terms before such date. The 2024 Exchangeable Notes will mature on November 1, 2024 unless repurchased or exchanged in accordance with their terms before such date. Each series of Exchangeable Notes bears interest at a rate of 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. 2023 Senior Notes The Company issued $ 53.5 million principal amount of unsecured 8.50 % senior notes due September 30, 2028 (“the 2023 Senior Notes” and, together with the 2024 Exchangeable Notes and the 2026 Exchangeable Notes, the “Senior Notes”) during September 2023. The 2023 Senior Notes bear interest at a rate of 8.50 % per year, payable quarterly in arrears on March 30, June 30, September 30 and December 30 of each year, beginning on December 30, 2023. On or after September 30, 2025, PMT may redeem for cash all or any portion of the 2023 Senior Notes, at its option, at a redemption price equal to 100 % of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The 2023 Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by PMC, including the due and punctual payment of principal of and interest on the 2023 Senior Notes, whether at stated maturity, upon acceleration, call for redemption or otherwise. Following is financial information relating to the Unsecured Senior Notes: Quarter ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Average balance $ 553,338 $ 545,047 $ 549,063 $ 539,703 Weighted average interest rate (1) 5.56 % 5.55 % 5.60 % 5.67 % Interest expense $ 8,541 $ 8,349 $ 25,316 $ 25,004 (1) Excludes the effect of amortization of debt issuance costs of $ 790,000 and $ 2.3 million for the quarter and nine months ended September 30, 2023, respectively, and $ 718,000 and $ 2.1 million for the quarter and nine months ended September 30, 2022, respectively. September 30, 2023 December 31, 2022 (in thousands) Carrying value: UPB $ 608,500 $ 555,000 Unamortized debt issuance costs ( 8,746 ) ( 8,746 ) $ 599,754 $ 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (dollars in thousands) Average balance $ 1,342,093 $ 1,540,957 $ 1,381,994 $ 1,549,797 Total interest expense $ 13,652 $ 14,265 $ 38,796 $ 40,308 Weighted average interest rate (1) 3.70 % 3.42 % 3.69 % 3.34 % (1) Excludes the effect of amortization of debt issuance cost and premiums of $ 1.1 million and $ 666,000 for the quarter and nine months ended September 30, 2023 , respectively, and $ 1.0 million and $ 1.6 million for the quarter and nine months ended September 30, 2022, respectively. September 30, 2023 December 31, 2022 (dollars in thousands) Fair value $ 1,279,059 $ 1,414,955 Unpaid principal balance $ 1,610,955 $ 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 September 30, Total 2024 2025 2026 2027 2028 Thereafter (in thousands) Notes payable secured by credit risk transfer $ 2,832,391 $ 717,133 $ 1,090,258 $ 350,000 $ 305,000 $ 370,000 $ — Unsecured senior notes 608,500 — 210,000 345,000 — 53,500 — Asset-backed financings at fair value (2) 1,610,955 — — — — — 1,610,955 Interest-only security payable at fair value (2) 28,288 — — — — — 28,288 Total $ 5,080,134 $ 717,133 $ 1,300,258 $ 695,000 $ 305,000 $ 423,500 $ 1,639,243 (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	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Balance, beginning of period $ 37,069 $ 39,441 $ 39,471 $ 40,249 Provision for losses: Pursuant to loan sales 448 996 2,126 3,442 Reduction in liability due to change in estimate ( 4,365 ) ( 817 ) ( 7,920 ) ( 3,512 ) Losses incurred — ( 122 ) ( 525 ) ( 681 ) Balance, end of period $ 33,152 $ 39,498 $ 33,152 $ 39,498 UPB of loans subject to representations and $ 228,679,429 $ 225,129,199

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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: September 30, 2023 (in thousands) Commitments to purchase loans acquired for sale $ 1,459,919 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	9 Months Ended
	Sep. 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 September 30, Preferred Quarter Nine 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 $ 1.53 $ 1.53 B 8.00 % Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 $ 1.50 $ 1.50 Fixed-rate cumulative redeemable C 6.75 % Issued August 2021 10,000 250,000 8,225 241,775 $ 0.42 $ 0.42 $ 1.26 $ 1.26 22,400 $ 560,000 $ 18,518 $ 541,482 (1) Par value is $ 0.01 per share. In March 2021, the United Kingdom's Financial Conduct Authority announced that after June 30, 2023, the USD LIBOR for a three-month tenor would cease publication or no longer be representative. In connection with the cessation of representative USD LIBOR, in March 2022, the U.S. Congress enacted the Adjustable Interest Rate (LIBOR) Act, and, in December 2022, the Board of Governors of the Federal Reserve System issued a final rule thereunder (the "LIBOR Rule”). The LIBOR Rule provides that, with respect to any reference in the terms of a security requiring a poll or inquiries for quotes or information related to USD LIBOR (“Polling Provisions”) contained in so called “fallback provisions” applicable in the event USD LIBOR is not published, such Polling Provisions shall be disregarded and deemed null and void and without any force or effect. In accordance with the Articles Supplementary for each of the Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Series A Preferred Shares”) and the Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Series B Preferred Shares”), and disregarding the Polling Provisions contained therein, the applicable dividend rate for dividend periods from and after March 15, 2024, in the case of the Series A Preferred Shares, or June 15, 2024, in the case of the Series B Preferred Shares, will be calculated at the dividend rate in effect for the immediately preceding dividend period. As a result, the Series A Preferred Shares and Series B Preferred Shares will continue to accumulate dividends from and after March 15, 2024, in the case of the Series A Preferred Shares, or June 15, 2024, in the case of the Series B Preferred Shares, at their annual fixed rate and will not transition to floating reference rates. 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 occurs, the Company may, at its option, redeem any or all of the Preferred Shares at $ 25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. 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 September 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 September 30, Nine months ended September 30, Cumulative 2023 2022 2023 2022 total (1) (in thousands) Common Shares repurchased — 987 2,274 4,888 28,965 Cost of Common Shares repurchased (2) $ — $ 13,498 $ 27,011 $ 73,746 $ 425,751 (1) Amounts represent the Common Share repurchase program total from its inception in August 2015 through September 30, 2023. (2) Cumulative total cost of Common Shares repurchased incl udes $ 579,000 of tra nsaction fees.

Net Gains on Loans Acquired for

Net Gains on Loans Acquired for Sale	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) From nonaffiliates: Cash losses: Sales of loans $ ( 71,105 ) $ ( 390,543 ) $ ( 260,697 ) $ ( 1,128,355 ) Hedging activities ( 30,155 ) 233,139 ( 52,822 ) 695,238 ( 101,260 ) ( 157,404 ) ( 313,519 ) ( 433,117 ) Non-cash gains: Receipt of MSRs in mortgage loan sale transactions 58,560 178,001 249,925 543,255 Provision for losses relating to representations Pursuant to loans sales ( 448 ) ( 996 ) ( 2,126 ) ( 3,442 ) Reduction of liability due to change in estimate 4,365 817 7,920 3,512 3,917 ( 179 ) 5,794 70 Changes in fair value of loans and derivatives Interest rate lock commitments ( 2,050 ) ( 41,187 ) ( 2,870 ) ( 45,294 ) Loans ( 1,710 ) 84,498 4,569 82,561 Hedging derivatives 54,247 ( 60,619 ) 75,564 ( 135,100 ) 50,487 ( 17,308 ) 77,263 ( 97,833 ) 112,964 160,514 332,982 445,492 Total from nonaffiliates 11,704 3,110 19,463 12,375 From PFSI ‒ cash gains 1,854 1,203 5,014 3,562 $ 13,558 $ 4,313 $ 24,477 $ 15,937

Net (Losses) Gains on Investmen

Net (Losses) Gains on Investments and Financings	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) From nonaffiliates: Mortgage-backed securities $ ( 144,031 ) $ ( 251,477 ) $ ( 127,434 ) $ ( 620,500 ) Loans: Held in VIEs ( 54,082 ) ( 99,267 ) ( 61,318 ) ( 318,300 ) Distressed ( 59 ) 56 ( 485 ) 504 CRT arrangements 30,154 4,359 136,890 ( 73,619 ) Asset-backed financings 58,474 92,993 66,108 298,834 $ ( 109,544 ) $ ( 253,336 ) $ 13,761 $ ( 713,081 )

Net Interest Expense

Net Interest Expense	9 Months Ended
	Sep. 30, 2023
Banking and Thrift, Interest [Abstract]
Net Interest Expense	Note 21— Net interest expense Net interest expense is summarized below: Quarter ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Interest income: Cash and short-term investments $ 6,288 $ 1,993 $ 19,311 $ 3,571 Mortgage-backed securities 66,563 36,070 180,244 91,121 Loans acquired for sale at fair value 14,720 27,921 77,487 70,611 Loans at fair value: Held in consolidated variable interest entities 9,505 16,002 38,315 44,587 Distressed 9 16 33 204 Deposits securing CRT arrangements 16,419 6,978 46,410 9,584 Placement fees relating to custodial funds 44,005 20,239 110,602 31,152 Other 1,417 439 2,227 589 158,926 109,658 474,629 251,419 Interest expense: Assets sold under agreements to repurchase 87,414 46,691 284,027 87,310 Mortgage loan participation purchase and 403 320 1,109 728 Notes payable secured by credit risk transfer and 69,952 39,818 191,049 84,597 Unsecured senior notes 8,541 8,349 25,316 25,004 Asset-backed financings at fair value 13,652 14,265 38,796 40,308 Interest shortfall on repayments of loans serviced 1,503 3,504 4,322 14,975 Interest on loan impound deposits 2,079 1,133 4,737 2,822 Other 374 — 1,089 — 183,918 114,080 550,445 255,744 Net interest expense $ ( 24,992 ) $ ( 4,422 ) $ ( 75,816 ) $ ( 4,325 )

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Grants: Restricted share units — — 172 134 Performance share units — — 166 151 — — 338 285 Grant date fair value: Restricted share units $ — $ — $ 2,212 $ 2,101 Performance share units — — 2,088 2,350 $ — $ — $ 4,300 $ 4,451 Vestings: Restricted share units — — 140 79 Performance share units (1) — — 48 41 — — 188 120 Forfeitures: Restricted share units — — 6 — Performance share units — — — 11 — — 6 11 Compensation expense relating to share-based grants $ 1,420 $ 959 $ 3,421 $ 3,130 (1) The actual number of performance-based restricted share units (“RSUs”) that vested during the nine months ended September 30, 2023, was 48,372 Common Shares, which is app roximately 39 % of the originally granted performance-based RSUs. September 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	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 23—Income Taxes The Company’s effective tax rate was 48.1 % and 28.1 % with consolidated pretax income of $ 118.4 million and $ 204.1 million for the quarter and nine months ended September 30, 2023. The Company’s taxable REIT subsidiary (“TRS”) recognized a tax expense of $ 57.1 million on pretax income of $ 234.0 million and a tax expense of $ 56.5 million on pretax income of $ 221.9 million for the quarter and nine months ended September 30, 2023. For the same periods in 2022, the TRS recognized a tax expense of $ 80.8 million on pretax income of $ 344.8 million and a tax expense of $ 151.3 million on pretax income of $ 765.2 million, respectively. The Company’s reported consolidated pretax income for the quarter and nine months ended September 30, 2022 was $ 90.4 million and $ 68.6 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 September 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 September 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	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands except per share amounts) Net income (loss) $ 61,422 $ 11,913 $ 146,743 $ ( 77,950 ) Dividends on preferred shares ( 10,455 ) ( 10,455 ) ( 31,364 ) ( 31,364 ) Effect of participating securities—share-based ( 147 ) ( 111 ) ( 332 ) ( 318 ) Net income (loss) attributable to common shareholders 50,820 1,347 115,047 ( 109,632 ) Interest on Exchangeable Notes, net of income taxes 6,359 — 18,773 — Loss attributable to participating securities ( 4 ) — ( 35 ) — Diluted net income (loss) attributable to common 57,175 1,347 133,785 ( 109,632 ) Weighted average basic shares outstanding 86,760 90,594 87,613 92,221 Dilutive securities‒Shares issuable pursuant 24,328 — 24,328 — Diluted weighted average shares outstanding 111,088 90,594 111,941 92,221 Basic earnings (loss) per share $ 0.59 $ 0.01 $ 1.31 $ ( 1.19 ) Diluted earnings (loss) per share $ 0.51 $ 0.01 $ 1.20 $ ( 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Shares issuable under share-based compensation plan 188 136 166 127 Shares issuable pursuant to exchange of the Exchangeable — 24,328 — 24,328

Segments

Segments	9 Months Ended
	Sep. 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 September 30, 2023 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 281,298 $ — $ — $ 281,298 Net gains on loans acquired for sale — — 13,558 — 13,558 Net (losses) gains on investments and financings 38,772 ( 148,316 ) — — ( 109,544 ) Net interest expense: Interest income 26,235 114,430 14,656 3,605 158,926 Interest expense 23,235 142,942 16,388 1,353 183,918 3,000 ( 28,512 ) ( 1,732 ) 2,252 ( 24,992 ) Other ( 251 ) — 3,360 — 3,109 41,521 104,470 15,186 2,252 163,429 Expenses: Loan fulfillment and servicing fees 33 20,224 5,531 — 25,788 Management fees — — — 7,175 7,175 Other 492 2,683 809 8,062 12,046 525 22,907 6,340 15,237 45,009 Pretax income (loss) $ 40,996 $ 81,563 $ 8,846 $ ( 12,985 ) $ 118,420 Total assets at end of quarter $ 1,620,322 $ 10,079,073 $ 1,134,812 $ 389,129 $ 13,223,336 Credit Interest rate sensitive sensitive Correspondent Quarter ended September 30, 2022 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 390,124 $ — $ — $ 390,124 Net gains on loans acquired for sale — — 4,313 — 4,313 Net (losses) gains on investments and financings ( 2,230 ) ( 251,106 ) — — ( 253,336 ) Net interest expense: Interest income 12,415 68,152 27,862 1,229 109,658 Interest expense 14,097 80,782 18,322 879 114,080 ( 1,682 ) ( 12,630 ) 9,540 350 ( 4,422 ) Other 978 — 13,408 — 14,386 ( 2,934 ) 126,388 27,261 350 151,065 Expenses: Loan fulfillment and servicing fees 57 20,190 18,407 — 38,654 Management fees — — — 7,731 7,731 Other 708 2,688 2,789 8,116 14,301 765 22,878 21,196 15,847 60,686 Pretax income (loss) $ ( 3,699 ) $ 103,510 $ 6,065 $ ( 15,497 ) $ 90,379 Total assets at end of quarter $ 1,656,994 $ 9,365,974 $ 2,505,398 $ 417,574 $ 13,945,940 Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2023 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 366,438 $ — $ — $ 366,438 Net gains on loans acquired for sale — — 24,477 — 24,477 Net (losses) gains on investments and financings 161,867 ( 148,106 ) — — 13,761 Net interest expense: Interest income 72,775 315,168 77,292 9,394 474,629 Interest expense 62,790 406,098 78,259 3,298 550,445 9,985 ( 90,930 ) ( 967 ) 6,096 ( 75,816 ) Other ( 251 ) — 15,638 — 15,387 171,601 127,402 39,148 6,096 344,247 Expenses: Loan fulfillment and servicing fees 142 60,881 22,895 — 83,918 Management fees — — — 21,510 21,510 Other 2,039 5,155 4,224 23,327 34,745 2,181 66,036 27,119 44,837 140,173 Pretax income (loss) $ 169,420 $ 61,366 $ 12,029 $ ( 38,741 ) $ 204,074 Total assets at end of period $ 1,620,322 $ 10,079,073 $ 1,134,812 $ 389,129 $ 13,223,336 Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2022 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 911,615 $ — $ — $ 911,615 Net gains on loans acquired for sale 5 — 15,932 — 15,937 Net (losses) gains on investments and financings ( 104,946 ) ( 608,135 ) — — ( 713,081 ) Net interest expense: Interest income 20,391 158,158 70,436 2,434 251,419 Interest expense 34,653 177,622 41,980 1,489 255,744 ( 14,262 ) ( 19,464 ) 28,456 945 ( 4,325 ) Other 1,237 — 43,021 — 44,258 ( 117,966 ) 284,016 87,409 945 254,404 Expenses: Loan fulfillment and servicing fees 167 61,503 55,807 — 117,477 Management fees — — — 23,758 23,758 Other 5,242 5,425 11,176 22,757 44,600 5,409 66,928 66,983 46,515 185,835 Pretax income (loss) $ ( 123,375 ) $ 217,088 $ 20,426 $ ( 45,570 ) $ 68,569 Total assets at end of period $ 1,656,994 $ 9,365,974 $ 2,505,398 $ 417,574 $ 13,945,940

Regulatory Capital and Liquidit

Regulatory Capital and Liquidity Requirements	9 Months Ended
	Sep. 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 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) September 30, 2023 (2) $ 872,644 $ 588,227 13 % 6 % $ 432,844 $ 205,181 December 31, 2022 $ 1,138,331 $ 586,436 16 % 6 % $ 343,286 $ 79,372 (1) Calculated in accordance with the Agencies’ requirements. (2) The Agencies adopted revised capital and liquidity requirements, most of which became effective on September 30, 2023. The amounts shown for September 30, 2023 are in compliance with those requirements. The Agencies have pending origination liquidity requirements that will be effective on December 31, 2023. The Company believes it is in compliance with the Agencies’ pending liquidity requirements as of September 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	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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 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 separately listed on the New York Stock Exchange. 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)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Loan servicing fees: Loans acquired for sale at fair value $ 112 $ 258 $ 569 $ 780 Loans at fair value 33 111 184 427 MSRs 20,112 19,878 60,270 60,463 $ 20,257 $ 20,247 $ 61,023 $ 61,670 Average investment in loans: Acquired for sale at fair value $ 868,808 $ 1,763,506 $ 1,613,347 $ 1,884,840 At fair value $ 1,437,418 $ 1,659,183 $ 1,479,525 $ 1,655,022 Average MSR portfolio UPB $ 231,333,064 $ 224,756,659 $ 231,333,990 $ 220,988,459
Summary of Correspondent Production Activity	Following is a summary of correspondent production activity between the Company and PLS: Quarter ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Loan fulfillment fees earned by PLS $ 5,531 $ 18,407 $ 22,895 $ 55,807 UPB of loans fulfilled by PLS $ 2,760,000 $ 10,226,513 $ 12,418,084 $ 30,319,475 Sourcing fees received from PLS included in Net gains on loans acquired for sale $ 1,854 $ 1,203 $ 5,014 $ 3,562 UPB of loans sold to PLS: Government guaranteed or insured $ 8,606,835 $ 12,261,222 $ 29,127,889 $ 35,643,210 Conventional conforming 9,932,593 — 21,013,357 — $ 18,539,428 $ 12,261,222 $ 50,141,246 $ 35,643,210 Purchases of loans acquired for sale from PLS $ — $ — $ — $ 298,862 Tax service fees paid to PLS $ 579 $ 2,192 $ 2,690 $ 6,938 September 30, 2023 December 31, 2022 (in thousands) Loans included in Loans acquired for sale at fair value $ 499,132 $ 159,671
Summary of Management Fee Expense	Following is a summary of management fee expenses: Quarter ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Base management $ 7,175 $ 7,731 $ 21,510 $ 23,758 Performance incentive — — — — $ 7,175 $ 7,731 $ 21,510 $ 23,758 Average shareholders' equity amounts used $ 1,897,964 $ 2,048,887 $ 1,917,525 $ 2,128,916
Summary of Expenses	Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses: Quarter ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Reimbursement of: Expenses incurred on the Company’s behalf, net $ 5,893 $ 705 $ 15,532 $ 8,896 Common overhead incurred by PCM and its 1,489 2,574 5,450 6,247 Compensation 165 165 495 495 $ 7,547 $ 3,444 $ 21,477 $ 15,638 Payments and settlements during the year (1) $ 9,190 $ 41,509 $ 72,446 $ 110,835 (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: September 30, 2023 December 31, 2022 (in thousands) Due from PFSI-Miscellaneous receivables $ 2,252 $ 3,560 Due to PFSI: Correspondent production fees $ 9,183 $ 6,835 Management fees 7,175 7,307 Loan servicing fees 6,760 6,740 Allocated expenses and expenses and costs 2,672 11,447 Fulfillment fees 1,823 4,043 $ 27,613 $ 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 September 30, 2023 December 31, 2022 (in thousands) Loan servicing advances $ 93,614 $ 197,972 Real estate acquired in settlement of loans 2,109 3,479 $ 95,723 $ 201,451

Loan Sales (Tables)

Loan Sales (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Cash flows: Proceeds from sales $ 3,107,613 $ 9,709,969 $ 13,576,673 $ 31,922,573 Loan servicing fees received $ 166,809 $ 162,987 $ 496,522 $ 461,021
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: September 30, 2023 December 31, 2022 (in thousands) UPB of loans outstanding $ 230,066,301 $ 229,858,573 Collection status (UPB) Delinquency: 30-89 days delinquent $ 2,005,518 $ 1,903,007 90 or more days delinquent: Not in foreclosure $ 944,892 $ 880,841 In foreclosure $ 69,656 $ 70,921 Bankruptcy $ 170,596 $ 123,239 Custodial funds managed by the Company (1) $ 2,760,857 $ 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]	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Net investment income Fair value changes: Loans at fair value $ ( 54,082 ) $ ( 99,267 ) $ ( 61,318 ) $ ( 318,300 ) Asset-backed financings at fair value 58,474 92,993 66,108 298,834 Interest income 9,505 16,002 38,315 44,587 Interest expense 13,652 14,265 38,796 40,308 $ 245 $ ( 4,537 ) $ 4,309 $ ( 15,187 ) September 30, 2023 December 31, 2022 (in thousands) Loans at fair value $ 1,370,021 $ 1,509,942 Asset-backed financings at fair value $ 1,279,059 $ 1,414,955 Subordinate MBS retained at fair value pledged to Assets sold under agreements to repurchase $ 80,298 $ 84,044
Credit Risk Transfer Agreements [Member]
Summary of Credit Risk Transfer Agreements	Following is a summary of the CRT arrangements: Quarter ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Net investment income: Net (losses) gains on investments and financings: CRT Derivatives and strips: CRT derivatives Realized $ 4,051 $ 4,624 $ 12,504 $ 34,982 Valuation changes 9,113 ( 365 ) 26,619 ( 42,154 ) 13,164 4,259 39,123 ( 7,172 ) CRT strips Realized 11,241 13,589 35,529 47,430 Valuation changes 9,977 ( 11,788 ) 68,601 ( 103,284 ) 21,218 1,801 104,130 ( 55,854 ) Interest-only security payable at fair value ( 4,228 ) ( 1,701 ) ( 6,363 ) ( 10,593 ) 30,154 4,359 136,890 ( 73,619 ) Interest income — Deposits securing CRT arrangements 16,419 6,978 46,410 9,584 $ 46,573 $ 11,337 $ 183,300 $ ( 64,035 ) Net payments made (recoveries received) to settle losses $ 496 $ 180 $ 2,252 $ ( 20,249 ) September 30, 2023 December 31, 2022 (in thousands) Carrying value of CRT arrangements: Derivative assets - CRT derivatives $ 7,010 $ 1,262 Derivative and credit risk transfer strip liabilities: CRT derivatives ( 2,268 ) ( 23,360 ) CRT strips ( 68,592 ) ( 137,193 ) ( 70,860 ) ( 160,553 ) Deposits securing CRT arrangements 1,237,294 1,325,294 Interest-only security payable at fair value ( 28,288 ) ( 21,925 ) $ 1,145,156 $ 1,144,078 CRT arrangement assets pledged to secure borrowings: Derivative assets $ 7,010 $ 1,262 Deposits securing CRT arrangements (1) $ 1,237,294 $ 1,325,294 UPB of loans underlying CRT arrangements $ 23,613,675 $ 25,315,524 Collection status (UPB): Delinquency Current $ 23,028,327 $ 24,673,719 30-89 days delinquent $ 384,340 $ 409,049 90-180 days delinquent $ 116,110 $ 112,286 180 or more days delinquent $ 66,178 $ 93,717 Foreclosure $ 18,720 $ 26,753 Bankruptcy $ 61,364 $ 54,395 (1) Deposits securing credit risk transfer strip liabilities also secure $ 70.9 million and $ 160.6 million in CRT derivative and CRT strip liabilities at September 30, 2023 and December 31, 2022, respectively .

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 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: September 30, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 150,059 $ — $ — $ 150,059 Mortgage-backed securities at fair value — 4,562,437 103,533 4,665,970 Loans acquired for sale at fair value — 1,020,848 4,882 1,025,730 Loans at fair value — 1,370,021 2,097 1,372,118 Derivative assets: Call options on interest rate futures purchase contracts 641 — — 641 Put options on interest rate futures purchase contracts 19,256 — — 19,256 Forward purchase contracts — 1,287 — 1,287 Forward sale contracts — 30,348 — 30,348 MBS put options — 169 — 169 CRT derivatives — — 7,010 7,010 Interest rate lock commitments — — 1,970 1,970 Total derivative assets before netting 19,897 31,804 8,980 60,681 Netting — — — ( 30,931 ) Total derivative assets after netting 19,897 31,804 8,980 29,750 Mortgage servicing rights at fair value — — 4,108,661 4,108,661 $ 169,956 $ 6,985,110 $ 4,228,153 $ 11,352,288 Liabilities: Asset-backed financings at fair value $ — $ 1,279,059 $ — $ 1,279,059 Interest-only security payable at fair value — — 28,288 28,288 Derivative and credit risk transfer strip liabilities: Put options on interest rate futures sell contracts 1,688 — — 1,688 Forward purchase contracts — 9,994 — 9,994 Forward sales contracts — 1,464 — 1,464 CRT derivatives — — 2,268 2,268 Interest rate lock commitments — — 5,318 5,318 Total derivative liabilities before netting 1,688 11,458 7,586 20,732 Netting — — — 51,170 Total derivative liabilities after netting 1,688 11,458 7,586 71,902 Credit risk transfer strips — — 68,592 68,592 Total derivative and credit risk transfer strip liabilities 1,688 11,458 76,178 140,494 $ 1,688 $ 1,290,517 $ 104,466 $ 1,447,841 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 September 30, 2023 Assets (1) Interest-only stripped securities Loans Loans at CRT Interest rate CRT Mortgage Total (in thousands) Balance, June 30, 2023 $ — $ 6,630 $ 2,665 $ ( 4,394 ) $ ( 1,298 ) $ ( 78,569 ) $ 3,977,938 $ 3,902,972 Purchases and issuances — — — — 6,618 — 16,263 22,881 Repayments and sales — ( 1,383 ) ( 510 ) ( 4,028 ) — ( 11,241 ) — ( 17,162 ) Amounts received pursuant to sales — ( 496 ) — — — — 58,560 58,064 Changes in fair value included in results arising from: Changes in instrument - — — — — — — — — Other factors ( 14 ) 131 ( 58 ) 13,164 ( 16,255 ) 21,218 160,926 179,112 ( 14 ) 131 ( 58 ) 13,164 ( 16,255 ) 21,218 160,926 179,112 Exchange of mortgage servicing spread 103,547 — — — — — ( 105,096 ) ( 1,549 ) Transfers of: — Interest rate lock commitments to loans — — — — 7,587 — — 7,587 Mortgage servicing rights relating to — — — — — — 70 70 Balance, September 30, 2023 $ 103,533 $ 4,882 $ 2,097 $ 4,742 $ ( 3,348 ) $ ( 68,592 ) $ 4,108,661 $ 4,151,975 Changes in fair value recognized during $ ( 14 ) $ ( 104 ) $ ( 74 ) $ 9,113 $ ( 3,348 ) $ 9,977 $ 160,926 $ 176,476 (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 September 30, 2023 (in thousands) Interest-only security payable: Balance, June 30, 2023 $ 24,060 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — Other factors 4,228 4,228 Balance, September 30, 2023 $ 28,288 Changes in fair value recognized during the quarter relating $ 4,228 Quarter ended September 30, 2022 Assets (1) Loans Loans at CRT Interest CRT Mortgage Total (in thousands) Balance, June 30, 2022 $ 20,376 $ 3,979 $ ( 22,511 ) $ ( 1,656 ) $ ( 118,333 ) $ 3,695,609 $ 3,577,464 Purchases and issuances 20,803 — — ( 19,218 ) — — 1,585 Repayments and sales ( 30,170 ) ( 47 ) ( 4,223 ) — ( 13,589 ) — ( 48,029 ) Amounts received pursuant to sales — — — — — 178,001 178,001 Changes in fair value included in results Changes in instrument - specific credit — — — — — — — Other factors ( 1,230 ) 56 4,259 ( 71,443 ) 1,801 66,974 417 ( 1,230 ) 56 4,259 ( 71,443 ) 1,801 66,974 417 Transfers of interest rate lock — — — 49,474 — — 49,474 Balance, September 30, 2022 $ 9,779 $ 3,988 $ ( 22,475 ) $ ( 42,843 ) $ ( 130,121 ) $ 3,940,584 $ 3,758,912 Changes in fair value recognized during $ ( 813 ) $ 44 $ ( 365 ) $ ( 42,843 ) $ ( 11,788 ) $ 66,974 $ 11,209 (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 September 30, 2022 (in thousands) Interest-only security payable: Balance, June 30, 2022 $ 19,485 Changes in fair value included in income arising from: Changes in instrument-specific credit risk — Other factors 1,701 1,701 Balance, September 30, 2022 $ 21,186 Changes in fair value recognized during the quarter relating $ 1,701 Nine months ended September 30, 2023 Assets (1) Interest-only stripped securities 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 — 2,687 — 16,263 23,331 Repayments and sales — ( 9,787 ) ( 534 ) ( 12,283 ) — ( 35,529 ) — ( 58,133 ) Amounts received pursuant to sales of loans — ( 496 ) — — — — 249,925 249,429 Changes in fair value included in results Changes in instrument - specific — — — — — — — — Other factors ( 14 ) 195 ( 485 ) 39,123 ( 3,578 ) 104,130 ( 64,515 ) 74,856 ( 14 ) 195 ( 485 ) 39,123 ( 3,578 ) 104,130 ( 64,515 ) 74,856 Exchange of mortgage servicing spread 103,547 — — — — — ( 105,096 ) ( 1,549 ) Transfers of: — Loans to REO — — ( 460 ) — — — — ( 460 ) Interest rate lock commitments to loans — — — — ( 1,979 ) — — ( 1,979 ) Mortgage servicing rights relating to — — — — — — ( 653 ) ( 653 ) Balance, September 30, 2023 $ 103,533 $ 4,882 $ 2,097 $ 4,742 $ ( 3,348 ) $ ( 68,592 ) $ 4,108,661 $ 4,151,975 Changes in fair value recognized during $ ( 14 ) $ ( 74 ) $ ( 1,011 ) $ 26,619 $ ( 3,348 ) $ 68,601 $ ( 64,515 ) $ 26,258 (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 Nine months ended September 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 6,363 6,363 Balance, September 30, 2023 $ 28,288 Changes in fair value recognized during the period relating $ 6,363 Nine months ended September 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 72,365 — — ( 88,901 ) — — ( 16,536 ) Repayments and sales ( 89,310 ) ( 677 ) ( 34,267 ) — ( 47,430 ) — ( 171,684 ) Amounts received pursuant to sales — — — — — 543,255 543,255 Changes in fair value included in results Changes in instrument - specific credit — — — — — — — Other factors ( 3,405 ) 504 ( 7,172 ) ( 250,913 ) ( 55,854 ) 504,474 187,634 ( 3,405 ) 504 ( 7,172 ) ( 250,913 ) ( 55,854 ) 504,474 187,634 Transfers of interest rate lock — — — 294,520 — — 294,520 Balance, September 30, 2022 $ 9,779 $ 3,988 $ ( 22,475 ) $ ( 42,843 ) $ ( 130,121 ) $ 3,940,584 $ 3,758,912 Changes in fair value recognized during $ ( 1,121 ) $ 159 $ ( 42,154 ) $ ( 42,843 ) $ ( 103,284 ) $ 504,474 $ 315,231 (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 Nine months ended September 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 10,593 10,593 Balance, September 30, 2022 $ 21,186 Changes in fair value recognized during the period relating $ 10,593
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: September 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 $ 1,025,027 $ 1,015,017 $ 10,010 $ 1,819,551 $ 1,795,445 $ 24,106 90 or more days delinquent: Not in foreclosure 427 618 ( 191 ) 1,666 1,927 ( 261 ) In foreclosure 276 397 ( 121 ) 716 809 ( 93 ) 703 1,015 ( 312 ) 2,382 2,736 ( 354 ) $ 1,025,730 $ 1,016,032 $ 9,698 $ 1,821,933 $ 1,798,181 $ 23,752 Loans at fair value: Held in consolidated VIEs: Current through 89 days delinquent $ 1,369,087 $ 1,718,390 $ ( 349,303 ) $ 1,508,540 $ 1,788,911 $ ( 280,371 ) 90 or more days delinquent: Not in foreclosure 934 1,276 ( 342 ) 1,231 1,642 ( 411 ) In foreclosure — — — 171 226 ( 55 ) 934 1,276 ( 342 ) 1,402 1,868 ( 466 ) 1,370,021 1,719,666 ( 349,645 ) 1,509,942 1,790,779 ( 280,837 ) Distressed: Current through 89 days delinquent 564 775 ( 211 ) 498 682 ( 184 ) 90 or more days delinquent: Not in foreclosure 401 1,989 ( 1,588 ) 1,230 2,964 ( 1,734 ) In foreclosure 1,132 2,546 ( 1,414 ) 1,729 2,728 ( 999 ) 1,533 4,535 ( 3,002 ) 2,959 5,692 ( 2,733 ) 2,097 5,310 ( 3,213 ) 3,457 6,374 ( 2,917 ) $ 1,372,118 $ 1,724,976 $ ( 352,858 ) $ 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 September 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 $ — $ — $ ( 144,031 ) $ 1,048 $ ( 142,983 ) Loans acquired for sale at fair value — ( 13,106 ) — — ( 13,106 ) Loans at fair value — — ( 54,141 ) ( 5,153 ) ( 59,294 ) Credit risk transfer strips — — 21,218 — 21,218 MSRs at fair value 160,926 — — — 160,926 $ 160,926 $ ( 13,106 ) $ ( 176,954 ) $ ( 4,105 ) $ ( 33,239 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 4,228 ) $ — $ ( 4,228 ) Asset-backed financing of VIEs at fair value — — 58,474 1,132 59,606 $ — $ — $ 54,246 $ 1,132 $ 55,378 Quarter ended September 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 $ — $ — $ ( 251,477 ) $ 229 $ ( 251,248 ) Loans acquired for sale at fair value — ( 129,873 ) — — ( 129,873 ) Loans at fair value — — ( 99,211 ) 533 ( 98,678 ) Credit risk transfer strips — — 1,801 — 1,801 MSRs at fair value 66,974 — — — 66,974 $ 66,974 $ ( 129,873 ) $ ( 348,887 ) $ 762 $ ( 411,024 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 1,701 ) $ — $ ( 1,701 ) Asset-backed financings at fair value — — 92,993 993 93,986 $ — $ — $ 91,292 $ 993 $ 92,285 Nine months ended September 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 $ — $ — $ ( 127,434 ) $ ( 1,172 ) $ ( 128,606 ) Loans acquired for sale at fair value — ( 7,215 ) — — ( 7,215 ) Loans at fair value — — ( 61,803 ) ( 6,212 ) ( 68,015 ) Credit risk transfer strips — — 104,130 — 104,130 MSRs at fair value ( 64,515 ) — — — ( 64,515 ) $ ( 64,515 ) $ ( 7,215 ) $ ( 85,107 ) $ ( 7,384 ) $ ( 164,221 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 6,363 ) $ — $ ( 6,363 ) Asset-backed financings at fair value — — 66,108 666 66,774 $ — $ — $ 59,745 $ 666 $ 60,411 Nine months ended September 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 $ — $ — $ ( 620,500 ) $ 13,481 $ ( 607,019 ) Loans acquired for sale at fair value — ( 510,250 ) — — ( 510,250 ) Loans at fair value — — ( 317,796 ) ( 543 ) ( 318,339 ) Credit risk transfer strips — — ( 55,854 ) — ( 55,854 ) MSRs at fair value 504,474 — — — 504,474 $ 504,474 $ ( 510,250 ) $ ( 994,150 ) $ 12,938 $ ( 986,988 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 10,593 ) $ — $ ( 10,593 ) Asset-backed financings at fair value — — 298,834 1,583 300,417 $ — $ — $ 288,241 $ 1,583 $ 289,824
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) September 30, 2023 $ — $ — $ 1,114 $ 1,114 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Real estate asset acquired in settlement of loans $ ( 258 ) $ ( 119 ) $ ( 288 ) $ ( 199 )
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: September 30, 2023 December 31, 2022 Instrument Carrying value Fair value Carrying value Fair value (in thousands) Notes payable secured by credit risk transfer $ 2,825,591 $ 2,804,737 $ 2,804,028 $ 2,721,391 Unsecured senior notes $ 599,754 $ 567,189 $ 546,254 $ 471,781
Key Inputs Used in Determining Fair Value of IO Securities	Following are the key inputs used in determining the fair value of IO securities: September 30, 2023 Fair value (in thousands) $ 103,533 UPB of securities (in thousands) $ 425,682 Weighted average interest rate 4.9 % Key inputs (1) Pricing spread (2) Range 5.6 % – 5.6 % Weighted average 5.6 % Annual total prepayment speed (3) Range 8.1 % – 8.2 % Weighted average 8.1 % Equivalent life (in years) Range 5.4 - 8.8 Weighted average 8.7 (1) Weighted-average inputs are based on the UPB of the underlying loans. (2) Pricing spread represents a margin that is applied to a reference forward rate to develop periodic discount rates. The Company uses the pricing spread over the United States Treasury (“Treasury”) securities yield curve for the purpose of discounting cash flows relating to IO securities. (3) Prepayment speed is measured using Life Total Conditional Prepayment Rate (“CPR”). Equivalent life is provided as supplementary information.
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: September 30, 2023 December 31, 2022 (dollars in thousands) Fair value CRT derivatives Assets $ 7,010 $ 1,262 Liabilities $ 2,268 $ 23,360 UPB of loans in reference pools $ 5,556,206 $ 5,972,060 Key inputs (1) Discount rate Range 10.1 % – 11.4 % 8.7 % – 11.1 % Weighted average 11.0 % 10.8 % Voluntary prepayment speed (2) Range 6.7 % – 7.4 % 7.5 % – 8.3 % Weighted average 7.3 % 7.6 % Involuntary prepayment speed (3) Range 0.2 % – 0.8 % 0.5 % – 1.3 % Weighted average 0.4 % 0.6 % Remaining loss expectation Range 0.3 % – 0.4 % 0.4 % – 0.7 % Weighted average 0.3 % 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 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: September 30, 2023 December 31, 2022 Fair value (in thousands) (1) $ ( 3,348 ) $ ( 478 ) Committed amount (in thousands) $ 1,459,919 $ 1,484,384 Key inputs (2) Pull-through rate Range 62.6 % – 100 % 54.8 % – 100 % Weighted average 85.4 % 92.1 % MSR fair value expressed as Servicing fee multiple Range 3.6 – 7.0 1.9 – 7.1 Weighted average 5.3 4.7 Percentage of UPB Range 0.9 % – 2.8 % 0.7 % – 3.1 % Weighted average 1.9 % 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 broker-provided fair values used to derive the fair value of the CRT strip liabilities: September 30, 2023 December 31, 2022 (dollars in thousands) Fair value $ 68,592 $ 137,193 UPB of loans in the reference pools $ 18,057,469 $ 19,343,464 Key inputs (1) Discount rate Range 8.7 % – 11.0 % 4.3 % – 11.3 % Weighted average 10.7 % 10.5 % Voluntary prepayment speed (2) Range 6.5 % – 7.8 % 7.7 % – 7.9 % Weighted average 6.7 % 7.7 % Involuntary prepayment speed (3) Range 0.2 % – 0.4 % 0.6 % – 2.0 % Weighted average 0.2 % 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (MSR recognized and UPB of underlying loans amounts in thousands) MSR recognized $ 58,560 $ 178,001 $ 249,925 $ 543,255 UPB of underlying loans $ 3,052,557 $ 9,538,175 $ 13,458,182 $ 31,767,152 Weighted average annual servicing fee rate (in basis points) 38 38 40 34 Key inputs (1) Pricing spread (2) Range 5.5 % – 8.5 % 5.5 % – 8.7 % 5.5 % – 8.8 % 5.5 % – 8.9 % Weighted average 5.5 % 6.2 % 5.8 % 6.4 % Prepayment speed (3) Range 10.1 % – 22.7 % 6.8 % – 18.9 % 10.1 % – 22.7 % 6.0 % – 18.9 % Weighted average 11.3 % 10.1 % 12.3 % 9.1 % Equivalent average life (in years) Range 3.2 - 7.2 4.1 – 9.5 2.8 - 7.2 4.0 – 9.5 Weighted average 7.1 7.7 6.8 8.0 Annual per-loan cost of servicing Range $ 69 – $ 71 $ 80 – $ 80 $ 68 – $ 71 $ 80 – $ 80 Weighted average $ 71 $ 80 $ 69 $ 80 (1) Weighted average inputs are based on UPB of the underlying loans. (2) The Company uses the pricing spread over the 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: September 30, 2023 December 31, 2022 (Fair value, UPB of underlying loans and Fair value $ 4,108,661 $ 4,012,737 UPB of underlying loans $ 231,545,013 $ 229,971,035 Weighted average annual servicing fee rate (in basis points) 28 29 Weighted average note interest rate 3.6 % 3.5 % Key inputs (1) Pricing spread (2) Range 5.6 % - 8.7 % 4.9 % – 8.8 % Weighted average 5.6 % 5.7 % Effect on fair value of (3): 5% adverse change $( 52,357 ) $( 52,004 ) 10% adverse change $( 103,437 ) $( 102,727 ) 20% adverse change $( 201,939 ) $( 200,497 ) Prepayment speed (4) Range 4.9 % – 16.9 % 5.1 % – 17.4 % Weighted average 5.9 % 6.3 % Equivalent average life (in years) Range 2.9 - 10.4 3.5 – 9.3 Weighted average 9.2 8.9 Effect on fair value of (3): 5% adverse change $( 47,226 ) $( 51,044 ) 10% adverse change $( 93,108 ) $( 100,544 ) 20% adverse change $( 181,071 ) $( 195,201 ) Annual per-loan cost of servicing Range $ 68 – $ 72 $ 69 – $ 69 Weighted average $ 71 $ 69 Effect on fair value of (3): 5% adverse change $( 17,748 ) $( 17,629 ) 10% adverse change $( 35,495 ) $( 35,258 ) 20% adverse change $( 70,991 ) $( 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 analyses 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)	9 Months Ended
	Sep. 30, 2023
Mortgage Backed Securities [Abstract]
Schedule of Investment in Mortgage Backed Securities Activity	Following is a summary of activity in the Company’s holdings of MBS: Quarter ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Balance at beginning of period $ 4,731,341 $ 3,853,076 $ 4,462,601 $ 2,666,768 Purchases 64,384 354,015 3,108,701 3,114,891 Sales — — ( 2,629,540 ) ( 1,079,826 ) Repayments ( 90,319 ) ( 75,555 ) ( 250,733 ) ( 214,526 ) Exchange of mortgage servicing spread for interest-only 103,547 — 103,547 — Changes in fair value included in income arising from: Accrual (amortization) of net purchase premiums 1,048 229 ( 1,172 ) 13,481 Valuation adjustments ( 144,031 ) ( 251,477 ) ( 127,434 ) ( 620,500 ) ( 142,983 ) ( 251,248 ) ( 128,606 ) ( 607,019 ) Balance at end of period $ 4,665,970 $ 3,880,288 $ 4,665,970 $ 3,880,288
Schedule of Investment in Mortgage Backed Securities	Following is a summary of the Company’s investment in MBS: September 30, 2023 Security type (1) Principal Unamortized Cumulative Fair value (1) (in thousands) Agency fixed-rate pass-through securities $ 4,403,330 $ 494 $ ( 233,304 ) $ 4,170,520 Subordinate credit-linked securities 259,863 ( 3,831 ) 21,053 277,085 Senior non-Agency securities 127,172 ( 3,760 ) ( 8,580 ) 114,832 $ 4,790,365 $ ( 7,097 ) $ ( 220,831 ) 4,562,437 Interest-only stripped mortgage-backed 103,533 $ 4,665,970 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)	9 Months Ended
	Sep. 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 September 30, 2023 December 31, 2022 (in thousands) GSE eligible — held for sale to nonaffiliates (1) $ 520,702 $ 1,651,554 Held for sale to PLS (2) 499,132 159,671 Jumbo 1,014 — Home equity lines of credit 1,903 2,424 Repurchased pursuant to representations and warranties 2,979 8,284 $ 1,025,730 $ 1,821,933 Loans pledged to secure: Assets sold under agreements to repurchase $ 994,057 $ 1,801,368 Mortgage loan participation purchase and sale agreements 25,190 — $ 1,019,247 $ 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 or with other investors, including PLS. (2) The Company sells a portion of its loan 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)	9 Months Ended
	Sep. 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 September 30, 2023 December 31, 2022 (in thousands) Loans in VIEs: Agency-conforming loans secured by investment properties $ 1,323,199 $ 1,459,160 Fixed interest rate jumbo loans 46,822 50,782 1,370,021 1,509,942 Distressed loans 2,097 3,457 $ 1,372,118 $ 1,513,399 Loans at fair value pledged to secure: Asset-backed financings at fair value (1) $ 1,370,021 $ 1,509,942 Assets sold under agreements to repurchase 199 206 $ 1,370,220 $ 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 September 30, 2023 and December 31, 2022, $ 80.3 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)	9 Months Ended
	Sep. 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: September 30, 2023 December 31, 2022 (in thousands) Derivative assets $ 29,750 $ 84,940 $ 29,750 $ 84,940 Derivative liabilities $ 71,902 $ 30,033 Credit risk transfer strip liabilities 68,592 137,193 $ 140,494 $ 167,226
Derivative Assets and Derivative and Credit Risk Transfer Liabilities and Related Margin Deposits	The Company had the following derivative assets and liabilities recorded within Derivative assets and Derivative and credit risk transfer liabilities and related margin deposits on the consolidated balance sheets: September 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 350,000 $ 641 $ — 1,950,000 $ 2,906 $ — Put options on interest rate futures purchase 2,280,000 19,256 — 1,785,000 8,130 — Put options on interest rate futures sale 200,000 — 1,688 — — — Forward purchase contracts 3,936,766 1,287 9,994 3,929,833 418 15,196 Forward sale contracts 9,547,291 30,348 1,464 11,661,925 43,435 17,279 MBS put options 100,000 169 — 1,050,000 2,783 — Bond futures 3,066,000 — — 867,900 — — Other derivatives not subject to master netting CRT derivatives 5,556,206 7,010 2,268 5,972,060 1,262 23,360 Interest rate lock commitments 1,459,919 1,970 5,318 1,484,384 3,877 4,355 Total derivative instruments before netting 60,681 20,732 62,811 60,190 Netting ( 30,931 ) 51,170 22,129 ( 30,157 ) $ 29,750 $ 71,902 $ 84,940 $ 30,033 Margin deposits (received from) placed $ ( 82,101 ) $ 52,286 Derivative assets pledged to secure: Notes payable secured by credit risk transfer $ 7,010 $ 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. September 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 Counterparty (in thousands) CRT derivatives $ 7,010 $ — $ — $ 7,010 $ 1,262 $ — $ — $ 1,262 Interest rate lock commitments 1,970 — — 1,970 3,877 — — 3,877 RJ O’Brien & Associates, LLC 18,209 — — 18,209 11,036 — — 11,036 Mizuho Financial Group 1,182 — — 1,182 127 — — 127 Bank of America, N.A. 1,097 — — 1,097 14,666 — — 14,666 Morgan Stanley & Co. LLC — — — — 33,703 — — 33,703 Wells Fargo Securities, LLC — — — — 6,980 — — 6,980 Credit Suisse Securities (USA) LLC — — — — 5,827 — — 5,827 Goldman Sachs & Co. LLC — — — — 2,789 — — 2,789 Barclays Capital Inc. — — — — 2,013 — — 2,013 J.P. Morgan Securities LLC — — — — 110 — — 110 Other 282 — — 282 2,550 — — 2,550 $ 29,750 $ — $ — $ 29,750 $ 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. September 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 Counterparty (in thousands) CRT derivatives $ 2,268 $ — $ — $ 2,268 $ 23,360 $ — $ — $ 23,360 Interest rate lock commitments 5,318 — — 5,318 4,355 — — 4,355 J.P. Morgan Securities LLC 1,564,749 ( 1,560,086 ) — 4,663 1,605,813 ( 1,605,813 ) — — Barclays Capital Inc. 835,314 ( 834,773 ) — 541 1,115,265 ( 1,115,265 ) — — Bank of America, N.A. 814,453 ( 814,453 ) — — 1,239,293 ( 1,239,293 ) — — Atlas Securitized Products, L.P. 775,968 ( 775,968 ) — — — — — — Wells Fargo Securities, LLC 633,576 ( 604,904 ) — 28,672 262,512 ( 262,512 ) — — Daiwa Capital Markets 350,089 ( 350,000 ) — 89 439,089 ( 439,089 ) — — Amherst Pierpont Securities LLC 302,341 ( 302,341 ) — — 283,928 ( 283,294 ) — 634 Morgan Stanley & Co. LLC 243,616 ( 216,040 ) — 27,576 218,730 ( 218,730 ) — — Goldman Sachs & Co. LLC 189,682 ( 189,429 ) — 253 156,952 ( 156,952 ) — — Citigroup Global Markets Inc. 178,693 ( 176,899 ) — 1,794 197,229 ( 195,807 ) — 1,422 Mizuho Financial Group 72,196 ( 72,196 ) — — — — — — BNP Paribas 68,697 ( 68,651 ) — 46 153,220 ( 153,220 ) — — RBC Capital Markets, L.P. 48,301 ( 48,301 ) — — 268,581 ( 268,581 ) — — Nomura Holdings America, Inc 7,937 ( 7,849 ) — 88 4,444 ( 4,444 ) — — Credit Suisse Securities (USA) LLC — — — — 675,639 ( 675,639 ) — — Other 594 — — 594 262 — — 262 $ 6,093,792 $ ( 6,021,890 ) $ — $ 71,902 $ 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 September 30, Nine months ended September 30, Derivative activity Consolidated statements of operations line 2023 2022 2023 2022 (in thousands) Interest rate lock Net gains on loans acquired for sale $ ( 2,050 ) $ ( 41,187 ) $ ( 2,870 ) $ ( 45,294 ) CRT derivatives Net (losses) gains on investments $ 13,164 $ 4,259 $ 39,123 $ ( 7,172 ) Hedged item: Interest rate lock Net gains on loans acquired for sale $ 24,092 $ 172,520 $ 22,742 $ 560,138 Mortgage servicing rights Net loan servicing fees $ ( 50,689 ) $ 154,269 $ ( 81,584 ) $ ( 87,651 ) (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)	9 Months Ended
	Sep. 30, 2023
Text Block [Abstract]
Summary of MSRs Carried at Fair Value	Following is a summary of MSRs: Quarter ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Balance at beginning of period $ 3,977,938 $ 3,695,609 $ 4,012,737 $ 2,892,855 Purchases 16,263 — 16,263 — MSRs resulting from loan sales 58,560 178,001 249,925 543,255 Transfer to Agency of mortgage servicing 70 — ( 653 ) — Exchange of mortgage servicing spread for ( 105,096 ) — ( 105,096 ) — Changes in fair value: Due to changes in inputs used in valuation 263,139 162,730 232,414 775,792 Other changes in fair value (2) ( 102,213 ) ( 95,756 ) ( 296,929 ) ( 271,318 ) 160,926 66,974 ( 64,515 ) 504,474 Balance at end of period $ 4,108,661 $ 3,940,584 $ 4,108,661 $ 3,940,584 September 30, 2023 December 31, 2022 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets and Notes payable $ 4,038,113 $ 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Contractually-specified servicing fees $ 166,809 $ 162,987 $ 496,522 $ 461,021 Ancillary and other fees: Late charges 878 662 2,442 1,883 Other 2,874 3,584 12,079 18,656 3,752 4,246 14,521 20,539 $ 170,561 $ 167,233 $ 511,043 $ 481,560 Average MSR servicing portfolio $ 231,333,064 $ 224,756,659 $ 231,333,990 $ 220,988,459 From PFSI—MSR recapture fees $ 500 $ 1,648 $ 1,494 $ 13,232 UPB of loans recaptured $ 77,403 $ 284,821 $ 270,720 $ 2,446,282

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Other Assets [Abstract]
Summary of Other Assets	Other assets are summarized below: September 30, 2023 December 31, 2022 (dollars in thousands) Derivative margin deposits $ 163,863 $ 51,463 Correspondent lending receivables 64,834 8,967 Interest receivable 43,051 31,027 Servicing fees receivable 13,861 15,727 Other receivables 6,464 7,657 Real estate acquired in settlement of loans 5,318 7,734 Other 4,101 12,416 $ 301,492 $ 134,991 Real estate acquired in settlement of loans pledge to secure Assets sold under agreements to repurchase $ 2,466 $ 3,297

Short-Term Debt (Tables)

Short-Term Debt (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (dollars in thousands) Weighted average interest rate (1) 5.97 % 3.09 % 5.81 % 2.02 % Average balance $ 5,714,082 $ 5,789,433 $ 6,451,377 $ 5,363,690 Total interest expense $ 87,414 $ 46,691 $ 284,027 $ 87,310 Maximum daily amount outstanding $ 6,318,746 $ 6,649,005 $ 9,412,768 $ 8,395,930 (1) Excludes the effect of amortization of debt issuance costs of $ 1.4 million and $ 3.8 million for the quarter and nine months ended September 30, 2023, respectively, and $ 1.7 million and $ 6.1 million for the quarter and nine months ended September 30, 2022, respectively. September 30, 2023 December 31, 2022 (dollars in thousands) Carrying value: Unpaid principal balance $ 6,021,890 $ 6,618,639 Unamortized debt issuance costs ( 1,174 ) ( 2,111 ) $ 6,020,716 $ 6,616,528 Weighted average interest rate 6.08 % 5.03 % Available borrowing capacity (1): Committed $ 465,855 $ 217,279 Uncommitted 5,054,453 4,762,056 $ 5,520,308 $ 4,979,335 Margin deposits placed with (received from) counterparties included in Other assets ( Accounts payable and accrued liabilities ), net $ 93,467 $ ( 13,630 ) Assets securing agreements to repurchase: Mortgage-backed securities $ 4,665,970 $ 4,462,601 Loans acquired for sale at fair value $ 994,057 $ 1,801,368 Loans at fair value: Securities retained in asset-backed financings $ 80,298 $ 84,044 Distressed $ 199 $ 206 Deposits securing credit risk transfer arrangements $ 79,490 $ 455,552 Mortgage servicing rights (2) $ 2,106,489 $ 2,092,794 Servicing advances $ 46,280 $ 100,888 Real estate acquired in settlement of loans $ 2,466 $ 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 September 30, 2023 (1) Unpaid (in thousands) Within 30 days $ 3,661,146 Over 30 to 90 days 1,889,816 Over 90 days to 180 days — Over 180 days to 1 year — Over 1 year to 2 years 470,928 $ 6,021,890 Weighted average maturity (in months) 2.8 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) Goldman Sachs & Co. LLC $ 25,485 October 30, 2023 Barclays Capital Inc. $ 52,386 November 3, 2023 Bank of America, N.A. $ 36,519 October 28, 2023 JPMorgan Chase & Co. $ 46,287 October 22, 2023 Citibank, N.A. $ 32,657 October 16, 2023 Wells Fargo Securities, LLC $ 27,848 October 13, 2023 Amherst Pierpont Securities LLC $ 9,401 October 18, 2023 Daiwa Capital Markets America Inc. $ 9,255 October 27, 2023 Nomura Holdings America, Inc $ 3,543 October 3, 2023 Mizuho Financial Group $ 1,977 November 22, 2023 CRT arrangements Counterparty Amount at risk Weighted average maturity (in thousands) Goldman Sachs & Co. LLC $ 34,219 October 27, 2023
Summary of Mortgage Loan Participation Purchase and Sale Agreement	The mortgage loan participation purchase and sale agreement is summarized below: Quarter ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (dollars in thousands) Average balance $ 22,043 $ 31,092 $ 20,991 $ 33,586 Weighted average interest rate (1) 6.69 % 3.69 % 6.46 % 2.53 % Total interest expense $ 403 $ 320 $ 1,109 $ 728 Maximum daily amount outstanding $ 46,303 $ 81,360 $ 90,565 $ 88,633 (1) Excludes the effect of amortization of debt issuance costs of $ 31,000 and $ 94,000 for the quarter and nine months ended September 30, 2023 , respectively, and $ 31,000 and $ 94,000 for the quarter and nine months ended September 30, 2022, respectively. September 30, 2023 (dollars in thousands) Carrying value: Amount outstanding $ 23,991 Unamortized debt issuance costs — $ 23,991 Weighted average interest rate 6.57 % Loans acquired for sale pledged to secure mortgage loan participation $ 25,190
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) Goldman Sachs & Co. LLC $ 1,757 December 19, 2023 December 23, 2023 Barclays Capital Inc. $ 2,507 December 20, 2023 November 13, 2024 Atlas Securitized Products, L.P. $ 53,974 December 21, 2023 June 27, 2025 Bank of America, N.A. $ 15,506 November 3, 2023 June 12, 2025 JPMorgan Chase & Co. $ 128 December 3, 2023 June 16, 2025 Citibank, N.A. $ 8,935 December 14, 2023 June 27, 2025 Wells Fargo Securities, LLC $ 1,027 December 16, 2023 May 3, 2025 Morgan Stanley & Co. LLC $ 9,731 December 25, 2023 January 27, 2025 BNP Paribas Corporate & Institutional Banking $ 3,309 December 24, 2023 September 30, 2025 RBC Capital Markets, L.P. $ 1,194 December 27, 2023 August 9, 2024

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (dollars in thousands) Average balance $ 3,106,809 $ 2,801,845 $ 2,995,752 $ 2,550,910 Weighted average interest rate (1) 8.70 % 5.37 % 8.28 % 4.19 % Total interest expense $ 69,952 $ 39,818 $ 191,049 $ 84,597 Maximum daily amount outstanding $ 3,380,951 $ 3,235,376 $ 3,403,116 $ 3,544,637 (1) Excludes the effect of amortization of debt issuance costs of $ 1.9 million and $ 5.4 million for the quarter and nine months ended September 30, 2023 , respectively, and $ 1.9 million and $ 4.7 million for the quarter and nine months ended September 30, 2022, respectively. September 30, 2023 December 31, 2022 (dollars in thousands) Carrying value: Unpaid principal balance: CRT arrangement financing $ 767,391 $ 592,694 Fannie Mae MSR and servicing advance 1,025,000 1,105,000 Freddie Mac MSR financing 1,040,000 1,115,000 2,832,391 2,812,694 Unamortized debt issuance costs ( 6,800 ) ( 8,666 ) $ 2,825,591 $ 2,804,028 Weighted average interest rate 8.71 % 7.30 % Assets securing notes payable: Mortgage servicing rights (1) $ 4,038,113 $ 3,962,820 Servicing advances $ 30,460 $ — CRT Agreements: Deposits securing CRT arrangements $ 1,157,804 $ 869,742 Derivative assets $ 7,010 $ 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 Unsecured Senior Notes	Following is financial information relating to the Unsecured Senior Notes: Quarter ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Average balance $ 553,338 $ 545,047 $ 549,063 $ 539,703 Weighted average interest rate (1) 5.56 % 5.55 % 5.60 % 5.67 % Interest expense $ 8,541 $ 8,349 $ 25,316 $ 25,004 Excludes the effect of amortization of debt issuance costs of $ 790,000 and $ 2.3 million for the quarter and nine months ended September 30, 2023, respectively, and $ 718,000 and $ 2.1 million for the quarter and nine months ended September 30, 2022, respectively. September 30, 2023 December 31, 2022 (in thousands) Carrying value: UPB $ 608,500 $ 555,000 Unamortized debt issuance costs ( 8,746 ) ( 8,746 ) $ 599,754 $ 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (dollars in thousands) Average balance $ 1,342,093 $ 1,540,957 $ 1,381,994 $ 1,549,797 Total interest expense $ 13,652 $ 14,265 $ 38,796 $ 40,308 Weighted average interest rate (1) 3.70 % 3.42 % 3.69 % 3.34 % (1) Excludes the effect of amortization of debt issuance cost and premiums of $ 1.1 million and $ 666,000 for the quarter and nine months ended September 30, 2023 , respectively, and $ 1.0 million and $ 1.6 million for the quarter and nine months ended September 30, 2022, respectively. September 30, 2023 December 31, 2022 (dollars in thousands) Fair value $ 1,279,059 $ 1,414,955 Unpaid principal balance $ 1,610,955 $ 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 September 30, Total 2024 2025 2026 2027 2028 Thereafter (in thousands) Notes payable secured by credit risk transfer $ 2,832,391 $ 717,133 $ 1,090,258 $ 350,000 $ 305,000 $ 370,000 $ — Unsecured senior notes 608,500 — 210,000 345,000 — 53,500 — Asset-backed financings at fair value (2) 1,610,955 — — — — — 1,610,955 Interest-only security payable at fair value (2) 28,288 — — — — — 28,288 Total $ 5,080,134 $ 717,133 $ 1,300,258 $ 695,000 $ 305,000 $ 423,500 $ 1,639,243 (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: CRT 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 $ 222,152 4.40 % March 25, 2025 — 2021 1R March 4, 2021 $ 659,156 277,133 2.90 % February 28, 2024 February 27, 2026 2020 1R February 14, 2020 $ 350,000 52,600 3.35 % February 27, 2025 (3) 2019 3R October 16, 2019 $ 375,000 49,257 3.70 % October 29, 2024 (3) 2019 2R June 11, 2019 $ 638,000 166,249 3.75 % May 28, 2025 (3) $ 767,391 (1) Interest rates are charged based at a spread to 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
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 Issuance Issuance date Issuance amount principal interest rate spread (1) Stated Optional extension (2) (in thousands) Term Loans 2023 May 25, 2023 $ 370,000 $ 370,000 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 $ 1,025,000 (1) Interest rates are charged at a spread to SOFR. (2) The indentures relating to these issuances provide the Company with the option of extending the maturity dates of certain of the FT-1 Term Notes and FTL-1 Term Loans under the conditions specified in the respective agreements. (3) Either June 26, 2028 or June 25, 2029 .

Liability for Losses Under Re_2

Liability for Losses Under Representations and Warranties (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Balance, beginning of period $ 37,069 $ 39,441 $ 39,471 $ 40,249 Provision for losses: Pursuant to loan sales 448 996 2,126 3,442 Reduction in liability due to change in estimate ( 4,365 ) ( 817 ) ( 7,920 ) ( 3,512 ) Losses incurred — ( 122 ) ( 525 ) ( 681 ) Balance, end of period $ 33,152 $ 39,498 $ 33,152 $ 39,498 UPB of loans subject to representations and $ 228,679,429 $ 225,129,199

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Company's Outstanding Contractual Commitments	The following table summarizes the Company’s outstanding contractual commitments: September 30, 2023 (in thousands) Commitments to purchase loans acquired for sale $ 1,459,919

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Preferred Shares of Beneficial Interest	Preferred shares of beneficial interest are summarized below: Dividends per share, period ended September 30, Preferred Quarter Nine 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 $ 1.53 $ 1.53 B 8.00 % Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 $ 1.50 $ 1.50 Fixed-rate cumulative redeemable C 6.75 % Issued August 2021 10,000 250,000 8,225 241,775 $ 0.42 $ 0.42 $ 1.26 $ 1.26 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 September 30, Nine months ended September 30, Cumulative 2023 2022 2023 2022 total (1) (in thousands) Common Shares repurchased — 987 2,274 4,888 28,965 Cost of Common Shares repurchased (2) $ — $ 13,498 $ 27,011 $ 73,746 $ 425,751 (1) Amounts represent the Common Share repurchase program total from its inception in August 2015 through September 30, 2023. (2) Cumulative total cost of Common Shares repurchased incl udes $ 579,000 of tra nsaction fees.

Net Gains on Loans Acquired f_2

Net Gains on Loans Acquired for Sale (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) From nonaffiliates: Cash losses: Sales of loans $ ( 71,105 ) $ ( 390,543 ) $ ( 260,697 ) $ ( 1,128,355 ) Hedging activities ( 30,155 ) 233,139 ( 52,822 ) 695,238 ( 101,260 ) ( 157,404 ) ( 313,519 ) ( 433,117 ) Non-cash gains: Receipt of MSRs in mortgage loan sale transactions 58,560 178,001 249,925 543,255 Provision for losses relating to representations Pursuant to loans sales ( 448 ) ( 996 ) ( 2,126 ) ( 3,442 ) Reduction of liability due to change in estimate 4,365 817 7,920 3,512 3,917 ( 179 ) 5,794 70 Changes in fair value of loans and derivatives Interest rate lock commitments ( 2,050 ) ( 41,187 ) ( 2,870 ) ( 45,294 ) Loans ( 1,710 ) 84,498 4,569 82,561 Hedging derivatives 54,247 ( 60,619 ) 75,564 ( 135,100 ) 50,487 ( 17,308 ) 77,263 ( 97,833 ) 112,964 160,514 332,982 445,492 Total from nonaffiliates 11,704 3,110 19,463 12,375 From PFSI ‒ cash gains 1,854 1,203 5,014 3,562 $ 13,558 $ 4,313 $ 24,477 $ 15,937

Net (Losses) Gains on Investm_2

Net (Losses) Gains on Investments and Financings (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) From nonaffiliates: Mortgage-backed securities $ ( 144,031 ) $ ( 251,477 ) $ ( 127,434 ) $ ( 620,500 ) Loans: Held in VIEs ( 54,082 ) ( 99,267 ) ( 61,318 ) ( 318,300 ) Distressed ( 59 ) 56 ( 485 ) 504 CRT arrangements 30,154 4,359 136,890 ( 73,619 ) Asset-backed financings 58,474 92,993 66,108 298,834 $ ( 109,544 ) $ ( 253,336 ) $ 13,761 $ ( 713,081 )

Net Interest Expense (Tables)

Net Interest Expense (Tables)	9 Months Ended
	Sep. 30, 2023
Banking and Thrift, Interest [Abstract]
Summary of Net Interest Expense	Net interest expense is summarized below: Quarter ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Interest income: Cash and short-term investments $ 6,288 $ 1,993 $ 19,311 $ 3,571 Mortgage-backed securities 66,563 36,070 180,244 91,121 Loans acquired for sale at fair value 14,720 27,921 77,487 70,611 Loans at fair value: Held in consolidated variable interest entities 9,505 16,002 38,315 44,587 Distressed 9 16 33 204 Deposits securing CRT arrangements 16,419 6,978 46,410 9,584 Placement fees relating to custodial funds 44,005 20,239 110,602 31,152 Other 1,417 439 2,227 589 158,926 109,658 474,629 251,419 Interest expense: Assets sold under agreements to repurchase 87,414 46,691 284,027 87,310 Mortgage loan participation purchase and 403 320 1,109 728 Notes payable secured by credit risk transfer and 69,952 39,818 191,049 84,597 Unsecured senior notes 8,541 8,349 25,316 25,004 Asset-backed financings at fair value 13,652 14,265 38,796 40,308 Interest shortfall on repayments of loans serviced 1,503 3,504 4,322 14,975 Interest on loan impound deposits 2,079 1,133 4,737 2,822 Other 374 — 1,089 — 183,918 114,080 550,445 255,744 Net interest expense $ ( 24,992 ) $ ( 4,422 ) $ ( 75,816 ) $ ( 4,325 )

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Grants: Restricted share units — — 172 134 Performance share units — — 166 151 — — 338 285 Grant date fair value: Restricted share units $ — $ — $ 2,212 $ 2,101 Performance share units — — 2,088 2,350 $ — $ — $ 4,300 $ 4,451 Vestings: Restricted share units — — 140 79 Performance share units (1) — — 48 41 — — 188 120 Forfeitures: Restricted share units — — 6 — Performance share units — — — 11 — — 6 11 Compensation expense relating to share-based grants $ 1,420 $ 959 $ 3,421 $ 3,130 (1) The actual number of performance-based restricted share units (“RSUs”) that vested during the nine months ended September 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	September 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)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands except per share amounts) Net income (loss) $ 61,422 $ 11,913 $ 146,743 $ ( 77,950 ) Dividends on preferred shares ( 10,455 ) ( 10,455 ) ( 31,364 ) ( 31,364 ) Effect of participating securities—share-based ( 147 ) ( 111 ) ( 332 ) ( 318 ) Net income (loss) attributable to common shareholders 50,820 1,347 115,047 ( 109,632 ) Interest on Exchangeable Notes, net of income taxes 6,359 — 18,773 — Loss attributable to participating securities ( 4 ) — ( 35 ) — Diluted net income (loss) attributable to common 57,175 1,347 133,785 ( 109,632 ) Weighted average basic shares outstanding 86,760 90,594 87,613 92,221 Dilutive securities‒Shares issuable pursuant 24,328 — 24,328 — Diluted weighted average shares outstanding 111,088 90,594 111,941 92,221 Basic earnings (loss) per share $ 0.59 $ 0.01 $ 1.31 $ ( 1.19 ) Diluted earnings (loss) per share $ 0.51 $ 0.01 $ 1.20 $ ( 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 (in thousands) Shares issuable under share-based compensation plan 188 136 166 127 Shares issuable pursuant to exchange of the Exchangeable — 24,328 — 24,328

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 281,298 $ — $ — $ 281,298 Net gains on loans acquired for sale — — 13,558 — 13,558 Net (losses) gains on investments and financings 38,772 ( 148,316 ) — — ( 109,544 ) Net interest expense: Interest income 26,235 114,430 14,656 3,605 158,926 Interest expense 23,235 142,942 16,388 1,353 183,918 3,000 ( 28,512 ) ( 1,732 ) 2,252 ( 24,992 ) Other ( 251 ) — 3,360 — 3,109 41,521 104,470 15,186 2,252 163,429 Expenses: Loan fulfillment and servicing fees 33 20,224 5,531 — 25,788 Management fees — — — 7,175 7,175 Other 492 2,683 809 8,062 12,046 525 22,907 6,340 15,237 45,009 Pretax income (loss) $ 40,996 $ 81,563 $ 8,846 $ ( 12,985 ) $ 118,420 Total assets at end of quarter $ 1,620,322 $ 10,079,073 $ 1,134,812 $ 389,129 $ 13,223,336 Credit Interest rate sensitive sensitive Correspondent Quarter ended September 30, 2022 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 390,124 $ — $ — $ 390,124 Net gains on loans acquired for sale — — 4,313 — 4,313 Net (losses) gains on investments and financings ( 2,230 ) ( 251,106 ) — — ( 253,336 ) Net interest expense: Interest income 12,415 68,152 27,862 1,229 109,658 Interest expense 14,097 80,782 18,322 879 114,080 ( 1,682 ) ( 12,630 ) 9,540 350 ( 4,422 ) Other 978 — 13,408 — 14,386 ( 2,934 ) 126,388 27,261 350 151,065 Expenses: Loan fulfillment and servicing fees 57 20,190 18,407 — 38,654 Management fees — — — 7,731 7,731 Other 708 2,688 2,789 8,116 14,301 765 22,878 21,196 15,847 60,686 Pretax income (loss) $ ( 3,699 ) $ 103,510 $ 6,065 $ ( 15,497 ) $ 90,379 Total assets at end of quarter $ 1,656,994 $ 9,365,974 $ 2,505,398 $ 417,574 $ 13,945,940 Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2023 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 366,438 $ — $ — $ 366,438 Net gains on loans acquired for sale — — 24,477 — 24,477 Net (losses) gains on investments and financings 161,867 ( 148,106 ) — — 13,761 Net interest expense: Interest income 72,775 315,168 77,292 9,394 474,629 Interest expense 62,790 406,098 78,259 3,298 550,445 9,985 ( 90,930 ) ( 967 ) 6,096 ( 75,816 ) Other ( 251 ) — 15,638 — 15,387 171,601 127,402 39,148 6,096 344,247 Expenses: Loan fulfillment and servicing fees 142 60,881 22,895 — 83,918 Management fees — — — 21,510 21,510 Other 2,039 5,155 4,224 23,327 34,745 2,181 66,036 27,119 44,837 140,173 Pretax income (loss) $ 169,420 $ 61,366 $ 12,029 $ ( 38,741 ) $ 204,074 Total assets at end of period $ 1,620,322 $ 10,079,073 $ 1,134,812 $ 389,129 $ 13,223,336 Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2022 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 911,615 $ — $ — $ 911,615 Net gains on loans acquired for sale 5 — 15,932 — 15,937 Net (losses) gains on investments and financings ( 104,946 ) ( 608,135 ) — — ( 713,081 ) Net interest expense: Interest income 20,391 158,158 70,436 2,434 251,419 Interest expense 34,653 177,622 41,980 1,489 255,744 ( 14,262 ) ( 19,464 ) 28,456 945 ( 4,325 ) Other 1,237 — 43,021 — 44,258 ( 117,966 ) 284,016 87,409 945 254,404 Expenses: Loan fulfillment and servicing fees 167 61,503 55,807 — 117,477 Management fees — — — 23,758 23,758 Other 5,242 5,425 11,176 22,757 44,600 5,409 66,928 66,983 46,515 185,835 Pretax income (loss) $ ( 123,375 ) $ 217,088 $ 20,426 $ ( 45,570 ) $ 68,569 Total assets at end of period $ 1,656,994 $ 9,365,974 $ 2,505,398 $ 417,574 $ 13,945,940

Regulatory Capital and Liquid_2

Regulatory Capital and Liquidity Requirements (Tables)	9 Months Ended
	Sep. 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) September 30, 2023 (2) $ 872,644 $ 588,227 13 % 6 % $ 432,844 $ 205,181 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)	9 Months Ended
	Sep. 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 ($)	Sep. 30, 2023	Sep. 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]	9 Months Ended
	Sep. 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]	9 Months Ended
	Sep. 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]	9 Months Ended
	Sep. 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]	9 Months Ended
	Sep. 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]	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Loan, Mortgage, Held-for-Sale, Fair Value Disclosure	$ 1,025,730		$ 1,025,730		$ 1,821,933
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Loan fulfillment fees earned by PLS	5,531	$ 18,407	22,895	$ 55,807
UPB of loans fulfilled by PLS	2,760,000	10,226,513	12,418,084	30,319,475
Sourcing fees received from PLS included in Net gains on loans acquired for sale	1,854	1,203	5,014	3,562
UPB of loans sold to PLS	18,539,428	12,261,222	50,141,246	35,643,210
Purchases of loans acquired for sale from PLS	0	0	0	298,862
Tax service fees paid to PLS	579	2,192	2,690	6,938
Loan, Mortgage, Held-for-Sale, Fair Value Disclosure	499,132		499,132		$ 159,671
PennyMac Loan Services, LLC [Member] | Government Guaranteed Or Insured [Member]
Related Party Transaction [Line Items]
UPB of loans sold to PLS	8,606,835	12,261,222	29,127,889	35,643,210
PennyMac Loan Services, LLC [Member] | Conventional Conforming [Member]
Related Party Transaction [Line Items]
UPB of loans sold to PLS	$ 9,932,593	$ 0	$ 21,013,357	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Loan servicing fees	$ 20,257	$ 20,247	$ 61,023	$ 61,670
Average MSR portfolio UPB	231,333,064	224,756,659	231,333,990	220,988,459
Loans acquired for sale at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees	112	258	569	780
Average investment in loans acquired for sale at fair value	868,808	1,763,506	1,613,347	1,884,840
Loans at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees	33	111	184	427
Loans at fair value	1,437,418	1,659,183	1,479,525	1,655,022
Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Loan servicing fees	$ 20,112	$ 19,878	$ 60,270	$ 60,463

Transactions with Related Pa_10

Transactions with Related Parties - Management Fees - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 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%
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	$ 27,613,000	$ 36,372,000

Transactions with Related Pa_11

Transactions with Related Parties - Summary of Management Fee Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 7,175	$ 7,731	$ 21,510	$ 23,758
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	7,175	7,731	21,510	23,758
Average shareholders' equity amounts used to calculate base management fee expense	1,897,964	2,048,887	1,917,525	2,128,916
PNMAC Capital Management LLC [Member] | Base [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	7,175	7,731	21,510	23,758
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		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Expenses incurred on the Company’s behalf, net		$ 5,893	$ 705	$ 0	$ 8,896
Common overhead incurred by PCM and its affiliates		1,489	2,574	5,450	6,247
Compensation		165	165	0	495
Total expenses incurred in transaction with affiliates		7,547	3,444	21,477	15,638
Payments and settlements during the year	[1]	$ 0	$ 41,509	$ 72,446	$ 110,835
[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	Sep. 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	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Allocated expenses and expenses and costs paid by PFSI on PMT’s behalf	$ 2,672	$ 11,447
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Due from PFSI-Miscellaneous receivables	2,252	3,560
Correspondent production fees	9,183	6,835
Management fees	7,175	7,307
Loan servicing fees	6,760	6,740
Fulfillment fees	1,823	4,043
Total expense due to affiliate	$ 27,613	$ 36,372

Transactions with Related Pa_15

Transactions with Related Parties - Summary of Transfer Cash to Fund Loan Servicing Advances (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Loan servicing advances	$ 93,614	$ 197,972
Real estate acquired in settlement of loans	5,318	7,734
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Loan servicing advances	93,614	197,972
Real estate acquired in settlement of loans	2,109	3,479
Servicing advances and real estate acquired	$ 95,723	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cash flows:
Proceeds from sales	$ 3,107,613	$ 9,709,969	$ 13,576,673	$ 31,922,573
Loan servicing fees received	$ 166,809	$ 162,987	$ 496,522	$ 461,021

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		Sep. 30, 2023	Dec. 31, 2022
Mortgage Loans On Real Estate [Line Items]
UPB of loans outstanding		$ 230,066,301	$ 229,858,573
Collection Status (UPB)
30-89 days delinquent		2,005,518	1,903,007
90 or more days delinquent:
Not in foreclosure		944,892	880,841
In foreclosure		69,656	70,921
Bankruptcy		170,596	123,239
Custodial funds managed by the Company	[1]	$ 2,760,857	$ 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]	9 Months Ended
	Sep. 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		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2028	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2022
CRT strips:
Net investment income		$ 163,429	$ 151,065	$ 344,247	$ 254,404
Carrying value of CRT arrangements:
CRT strips		68,592		68,592							$ 137,193
Total derivative and credit risk transfer strip liabilities		140,494		140,494							167,226
Derivative and credit risk transfer strip assets		29,750		29,750							84,940
Interest-only security payable at fair value		28,288		28,288		$ 0	$ 0	$ 0	$ 0	$ 0	21,925
Variable Interest Entities [Member]
Carrying value of CRT arrangements:
Interest-only security payable at fair value		28,288		28,288							21,925
Variable Interest Entities [Member] | Credit Risk Transfer Agreements [Member]
CRT derivatives:
Realized		4,051	4,624	12,504	34,982
Valuation changes		9,113	(365)	26,619	(42,154)
(Losses) gains recognized on gross derivative related to credit risk transactions		13,164	4,259	39,123	(7,172)
CRT strips:
Realized		11,241	13,589	35,529	47,430
Valuation changes		9,977	(11,788)	68,601	(103,284)
Credit risk transfer strips		21,218	1,801	104,130	(55,854)
Interest-only security payable at fair value		(4,228)	(1,701)	(6,363)	(10,593)
(Losses) gains recognized on gross derivative related to credit risk transactions		30,154	4,359	136,890	(73,619)
Interest income — Deposits securing CRT arrangements		16,419	6,978	46,410	9,584
Net investment income		46,573	11,337	183,300	(64,035)
Net payments made (recoveries received) to settle losses (recoveries) on CRT arrangements		496	$ 180	2,252	$ (20,249)
Carrying value of CRT arrangements:
Derivative assets - CRT derivatives		7,010		7,010							1,262
CRT derivatives		(2,268)		(2,268)							(23,360)
CRT strips		(68,592)		(68,592)							(137,193)
Total derivative and credit risk transfer strip liabilities		(70,860)		(70,860)							(160,553)
Deposits securing CRT arrangements		1,237,294		1,237,294							1,325,294
Interest-only security payable at fair value		(28,288)		(28,288)							(21,925)
Total		1,145,156		1,145,156							1,144,078
Derivative assets		7,010		7,010							1,262
Derivative and credit risk transfer strip assets pledged to secure	[1]	1,237,294		1,237,294							1,325,294
UPB of loans underlying CRT arrangements		23,613,675		23,613,675							25,315,524
Variable Interest Entities [Member] | Credit Risk Transfer Agreements [Member] | Purchase Commitment [Member]
Collection status (UPB):
Current		23,028,327		23,028,327							24,673,719
30-89 days delinquent		384,340		384,340							409,049
90-180 days delinquent		116,110		116,110							112,286
180 or more days delinquent		66,178		66,178							93,717
Foreclosure		18,720		18,720							26,753
Bankruptcy		$ 61,364		$ 61,364							$ 54,395
[1] Deposits securing credit risk transfer strip liabilities also secure $ 70.9 million and $ 160.6 million in CRT derivative and CRT strip liabilities at September 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	Sep. 30, 2023	Dec. 31, 2022
Transfer Of Financial Assets Accounted For As Sales [Line Items]
Deposits securing CRT strips and derivatives liabilities	$ 70.9	$ 160.6

Variable Interest Entities - _3

Variable Interest Entities - Summary of Investment in Subordinate Mortgage Backed Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Asset-backed financings at fair value	$ 58,474	$ 92,993	$ 66,108	$ 298,834
Interest income	158,926	109,658	474,629	251,419
Interest expense	183,918	114,080	550,445	255,744
Net investment income	163,429	151,065	344,247	254,404
Loans at fair value	1,372,118		1,372,118		$ 1,513,399
Asset-backed financings at fair value	1,279,059		1,279,059		1,414,955
Variable Interest Entities [Member]
Loans at fair value	1,370,021		1,370,021		1,509,942
Asset-backed financings at fair value	1,279,059		1,279,059		1,414,955
Variable Interest Entities [Member] | Subordinate Mortgage Backed Securities [Member]
Loans at fair value	(54,082)	(99,267)	(61,318)	(318,300)
Asset-backed financings at fair value	58,474	92,993	66,108	298,834
Interest income	9,505	16,002	38,315	44,587
Interest expense	13,652	14,265	38,796	40,308
Net investment income	245	$ (4,537)	4,309	$ (15,187)
Loans at fair value	1,370,021		1,370,021		1,509,942
Asset-backed financings at fair value	1,279,059		1,279,059		1,414,955
Subordinate MBS retained at fair value pledged to secure Assets sold under agreements to repurchase	$ 80,298		$ 80,298		$ 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		Sep. 30, 2028	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Assets:
Short-term investments							$ 150,059		$ 252,271
Mortgage-backed securities at fair value pledged to creditors							4,665,970		4,462,601
Loans acquired for sale at fair value							1,025,730		1,821,933
Derivative assets							60,681		62,811
Derivative assets, Netting							(30,931)		22,129
Total derivative assets after netting							29,750		84,940
Mortgage servicing rights at fair value							4,108,661	$ 3,977,938	4,012,737	$ 3,940,584	$ 3,695,609	$ 2,892,855
Liabilities:
Asset-backed financings at fair value							1,279,059		1,414,955
Interest-only security payable at fair value		$ 0	$ 0	$ 0	$ 0	$ 0	28,288		21,925
Derivative and credit risk transfer strip liabilities:
Derivative liabilities							20,732		60,190
Derivative liabilities, Netting							51,170		(30,157)
Total derivative liabilities after netting							71,902		30,033
Total derivative and credit risk transfer strip liabilities							140,494		167,226
CRT Derivatives [Member]
Assets:
Derivative assets	[1]						7,010		1,262
Total derivative assets after netting							7,010		1,262
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]						2,268		23,360
Interest Rate Lock Commitments [Member]
Assets:
Derivative assets	[1]						1,970		3,877
Total derivative assets after netting							1,970		3,877
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]						5,318		4,355
Forward Purchase Contracts [Member]
Assets:
Derivative assets	[1]						1,287		418
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]						9,994		15,196
Forward Sales Contracts [Member]
Assets:
Derivative assets	[1]						30,348		43,435
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]						1,464		17,279
Call Options on Interest Rate Futures Purchase Contracts [Member]
Assets:
Derivative assets	[1]						641		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]						19,256		8,130
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]						0		0
MBS Put Options [Member]
Assets:
Derivative assets	[1]						169		2,783
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]						0		0
Put Options on Interest Rate Futures Sell Contracts [Member]
Assets:
Derivative assets	[1]						0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]						1,688		0
Recurring [Member]
Assets:
Short-term investments							150,059		252,271
Mortgage-backed securities at fair value pledged to creditors							4,665,970		4,462,601
Loans acquired for sale at fair value							1,025,730		1,821,933
Loans at fair value							1,372,118		1,513,399
Total Assets							11,352,288		12,147,881
Derivative assets							60,681		62,811
Derivative assets, Netting							(30,931)		22,129
Total derivative assets after netting							29,750		84,940
Mortgage servicing rights at fair value							4,108,661		4,012,737
Liabilities:
Asset-backed financings at fair value							1,279,059		1,414,955
Interest-only security payable at fair value							28,288		21,925
Derivative and credit risk transfer strip liabilities:
Derivative liabilities							20,732		60,190
Derivative liabilities, Netting							51,170		(30,157)
Total derivative liabilities after netting							71,902		30,033
Total derivative and credit risk transfer strip liabilities							140,494		167,226
Total liabilities							1,447,841		1,604,106
Recurring [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities							68,592		137,193
Recurring [Member] | CRT Derivatives [Member]
Assets:
Derivative assets							7,010		1,262
Derivative and credit risk transfer strip liabilities:
Derivative liabilities							2,268		23,360
Recurring [Member] | Level 1 [Member]
Assets:
Short-term investments							150,059		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							169,956		263,307
Derivative assets							19,897		11,036
Derivative assets, Netting							0		0
Total derivative assets after netting							19,897		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							1,688		0
Derivative liabilities, Netting							0		0
Total derivative liabilities after netting							1,688		0
Total derivative and credit risk transfer strip liabilities							1,688		0
Total liabilities							1,688		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							4,562,437		4,462,601
Loans acquired for sale at fair value							1,020,848		1,811,225
Loans at fair value							1,370,021		1,509,942
Total Assets							6,985,110		7,830,404
Derivative assets							31,804		46,636
Derivative assets, Netting							0		0
Total derivative assets after netting							31,804		46,636
Mortgage servicing rights at fair value							0		0
Liabilities:
Asset-backed financings at fair value							1,279,059		1,414,955
Interest-only security payable at fair value							0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities							11,458		32,475
Derivative liabilities, Netting							0		0
Total derivative liabilities after netting							11,458		32,475
Total derivative and credit risk transfer strip liabilities							11,458		32,475
Total liabilities							1,290,517		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							103,533		0
Loans acquired for sale at fair value							4,882		10,708
Loans at fair value							2,097		3,457
Total Assets							4,228,153		4,032,041
Derivative assets							8,980		5,139
Derivative assets, Netting							0		0
Total derivative assets after netting							8,980		5,139
Mortgage servicing rights at fair value							4,108,661		4,012,737
Liabilities:
Asset-backed financings at fair value							0		0
Interest-only security payable at fair value							28,288		21,925
Derivative and credit risk transfer strip liabilities:
Derivative liabilities							7,586		27,715
Derivative liabilities, Netting							0		0
Total derivative liabilities after netting							7,586		27,715
Total derivative and credit risk transfer strip liabilities							76,178		164,908
Total liabilities							104,466		186,833
Recurring [Member] | Level 3 [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities							68,592		137,193
Recurring [Member] | Level 3 [Member] | CRT Derivatives [Member]
Assets:
Derivative assets							7,010		1,262
Derivative and credit risk transfer strip liabilities:
Derivative liabilities							2,268		23,360
Recurring [Member] | Interest Rate Lock Commitments [Member]
Assets:
Derivative assets							1,970		3,877
Derivative and credit risk transfer strip liabilities:
Derivative liabilities							5,318		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							1,970		3,877
Derivative and credit risk transfer strip liabilities:
Derivative liabilities							5,318		4,355
Recurring [Member] | Forward Purchase Contracts [Member]
Assets:
Derivative assets							1,287		418
Derivative and credit risk transfer strip liabilities:
Derivative liabilities							9,994		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							1,287		418
Derivative and credit risk transfer strip liabilities:
Derivative liabilities							9,994		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							30,348		43,435
Derivative and credit risk transfer strip liabilities:
Derivative liabilities							1,464		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							30,348		43,435
Derivative and credit risk transfer strip liabilities:
Derivative liabilities							1,464		17,279
Recurring [Member] | Forward Sales Contracts [Member] | Level 3 [Member]
Assets:
Derivative assets							0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities							0		0
Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member]
Assets:
Derivative assets							641		2,906
Recurring [Member] | Call Options on Interest Rate Futures Purchase Contracts [Member] | Level 1 [Member]
Assets:
Derivative assets							641		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							19,256		8,130
Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts | Level 1 [Member]
Assets:
Derivative assets							19,256		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							169		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							169		2,783
Recurring [Member] | MBS Put Options [Member] | Level 3 [Member]
Assets:
Derivative assets							0		$ 0
Recurring [Member] | Put Options on Interest Rate Futures Sell Contracts [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities							1,688
Recurring [Member] | Put Options on Interest Rate Futures Sell Contracts [Member] | Level 1 [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities							1,688
Recurring [Member] | Put Options on Interest Rate Futures Sell Contracts [Member] | Level 2 [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities							0
Recurring [Member] | Put Options on Interest Rate Futures Sell Contracts [Member] | Level 3 [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities							$ 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	9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Assets:
Amounts received pursuant to sales of loans	$ 58,560		$ 178,001		$ 249,925	$ 543,255
Changes in fair value included in results of operations arising from:
Loans to REO					(1,182)	0
Mortgage servicing rights relating to delinquent loans to Agency					$ (653)	$ 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	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)	$ (478)
Changes in fair value included in results of operations arising from:
Ending balance	$ (3,348)				(3,348)
Recurring [Member]
Assets:
Beginning balance	3,902,972		$ 3,577,464	3,867,133	3,867,133	2,921,723
Purchases and issuances	22,881		(1,585)		23,331	(16,536)
Repayments and sales	(17,162)		(48,029)		(58,133)	(171,684)
Amounts received pursuant to sales of loans	58,064		178,001		249,429	543,255
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk	0		0		0	0
Other factors	(179,112)		417		74,856	187,634
Total	179,112		417		74,856	187,634
Exchange of mortgage servicing spread for interest-only stripped securities and accrued interest	(1,549)
Exchange of mortgage servicing spread for interest-only stripped securities and interest receivable					(1,549)
Loans to REO					(460)
Interest rate lock commitments to loans acquired for sale	7,587		49,474		(1,979)	294,520
Mortgage servicing rights relating to delinquent loans to Agency	70				(653)
Ending balance	4,151,975	$ 3,902,972	3,758,912	3,902,972	4,151,975	3,758,912
Changes in fair value recognized during the quarter/period relating to assets	176,476		11,209		(26,258)	315,231
Recurring [Member] | CRT Derivatives [Member]
Assets:
Beginning balance	(4,394)		(22,511)	(22,098)	(22,098)	18,964
Purchases and issuances	0		0		0	0
Repayments and sales	(4,028)		4,223		(12,283)	(34,267)
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	13,164		(4,259)		39,123	(7,172)
Total	13,164		(4,259)		39,123	(7,172)
Exchange of mortgage servicing spread for interest-only stripped securities and accrued interest	0
Exchange of mortgage servicing spread for interest-only stripped securities and interest receivable					0
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	4,742	(4,394)	(22,475)	(4,394)	4,742	(22,475)
Changes in fair value recognized during the quarter/period relating to assets	9,113		(365)		26,619	(42,154)
Recurring [Member] | Credit Risk Transfer Strips [Member]
Assets:
Beginning balance	(78,569)		(118,333)	(137,193)	(137,193)	(26,837)
Purchases and issuances	0		0		0	0
Repayments and sales	(11,241)		13,589		(35,529)	(47,430)
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	21,218		(1,801)		104,130	(55,854)
Total	21,218		(1,801)		104,130	(55,854)
Exchange of mortgage servicing spread for interest-only stripped securities and accrued interest	0
Exchange of mortgage servicing spread for interest-only stripped securities and interest receivable					0
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	(68,592)	(78,569)	(130,121)	(78,569)	(68,592)	(130,121)
Changes in fair value recognized during the quarter/period relating to assets	9,977		(11,788)		68,601	(103,284)
Recurring [Member] | Loans At Fair Value [Member]
Assets:
Beginning balance	2,665		3,979	3,457	3,457	4,161
Purchases and issuances	0		0		119	0
Repayments and sales	(510)		47		(534)	(677)
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	(58)		56		(485)	504
Total	(58)		56		(485)	504
Exchange of mortgage servicing spread for interest-only stripped securities and accrued interest	0
Exchange of mortgage servicing spread for interest-only stripped securities and interest receivable					0
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	2,097	2,665	3,988	2,665	2,097	3,988
Changes in fair value recognized during the quarter/period relating to assets	(74)		44		(1,011)	159
Recurring [Member] | Mortgage servicing rights [Member]
Assets:
Beginning balance	3,977,938		3,695,609	4,012,737	4,012,737	2,892,855
Purchases and issuances	16,263		0		16,263	0
Repayments and sales	0		0		0	0
Amounts received pursuant to sales of loans	58,560		178,001		249,925	543,255
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk	0		0		0	0
Other factors	160,926		66,974		(64,515)	504,474
Total	160,926		66,974		(64,515)	504,474
Exchange of mortgage servicing spread for interest-only stripped securities and accrued interest	(105,096)
Exchange of mortgage servicing spread for interest-only stripped securities and interest receivable					(105,096)
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	70				(653)
Ending balance	4,108,661	3,977,938	3,940,584	3,977,938	4,108,661	3,940,584
Changes in fair value recognized during the quarter/period relating to assets	160,926		66,974		(64,515)	504,474
Recurring [Member] | Interest-only Stripped Securities [Member]
Assets:
Beginning balance	0			0	0
Purchases and issuances	0				0
Repayments and sales	0				0
Amounts received pursuant to sales of loans	0				0
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk	0				0
Other factors	(14)				(14)
Total	(14)				(14)
Exchange of mortgage servicing spread for interest-only stripped securities and accrued interest	103,547
Exchange of mortgage servicing spread for interest-only stripped securities and interest receivable					103,547
Loans to REO					0
Interest rate lock commitments to loans acquired for sale	0				0
Mortgage servicing rights relating to delinquent loans to Agency	0				0
Ending balance	103,533	0		0	103,533
Changes in fair value recognized during the quarter/period relating to assets	(14)				(14)
Recurring [Member] | Loans acquired for sale [Member]
Assets:
Beginning balance	6,630		20,376	10,708	10,708	30,129
Purchases and issuances	0		20,803		4,262	72,365
Repayments and sales	(1,383)		(30,170)		(9,787)	(89,310)
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	131		(1,230)		195	(3,405)
Total	131		(1,230)		195	(3,405)
Exchange of mortgage servicing spread for interest-only stripped securities and accrued interest	0
Exchange of mortgage servicing spread for interest-only stripped securities and interest receivable					0
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	4,882	6,630	9,779	6,630	4,882	9,779
Changes in fair value recognized during the quarter/period relating to assets	(104)		(813)		(74)	(1,121)
Recurring [Member] | Interest Rate Lock Commitments [Member]
Assets:
Beginning balance	(1,298)		(1,656)	(478)	(478)	2,451
Purchases and issuances	6,618		(19,218)		2,687	(88,901)
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	(16,255)		(71,443)		(3,578)	(250,913)
Total	(16,255)		(71,443)		(3,578)	(250,913)
Exchange of mortgage servicing spread for interest-only stripped securities and accrued interest	0
Exchange of mortgage servicing spread for interest-only stripped securities and interest receivable					0
Loans to REO					0
Interest rate lock commitments to loans acquired for sale	7,587		49,474		(1,979)	294,520
Mortgage servicing rights relating to delinquent loans to Agency	0				0
Ending balance	(3,348)	(1,298)	(42,843)	(1,298)	(3,348)	(42,843)
Changes in fair value recognized during the quarter/period relating to assets	(3,348)		(42,843)		(3,348)	(42,843)
Recurring [Member] | Interest-only security payable [Member]
Liabilities:
Beginning balance	24,060		19,485	21,925	21,925	10,593
Changes in instrument-specific credit risk\Other factors	4,228		1,701		6,363	10,593
Ending balance	28,288	$ 24,060	21,186	$ 24,060	28,288	21,186
Changes in fair value recognized during the quarter relating to liability	4,228		1,701		6,363	10,593
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	$ 4,228		$ 1,701		$ 6,363	$ 10,593

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	Sep. 30, 2023	Dec. 31, 2022
Loans, fair value [Abstract]
Fair value	$ 1,372,118	$ 1,513,399
Fair value, Total	1,372,118	1,513,399
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	1,724,976	1,797,153
Loans, difference, [Abstract]
Difference	352,858	(283,754)
Loans acquired for sale at fair value [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	1,025,027	1,819,551
90 or more days delinquent, not in foreclosure	427	1,666
90 or more days delinquent, in foreclosure	276	716
Fair value, Total	1,025,730	1,821,933
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	1,015,017	1,795,445
90 or more days delinquent, not in foreclosure	618	1,927
90 or more days delinquent, in foreclosure	397	809
Principal amount due upon maturity	1,016,032	1,798,181
Loans, difference, [Abstract]
Current through 89 days delinquent	10,010	24,106
90 or more days delinquent, not in foreclosure	(191)	(261)
90 or more days delinquent, in foreclosure	(121)	(93)
Difference	9,698	23,752
Loans acquired for sale at fair value [Member] | Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	703	2,382
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	1,015	2,736
Loans, difference, [Abstract]
Difference	(312)	(354)
Loans at Fair Value Held in Consolidated VIE [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	1,369,087	1,508,540
90 or more days delinquent, not in foreclosure	934	1,231
90 or more days delinquent, in foreclosure	0	171
Fair value	1,370,021	1,509,942
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	1,718,390	1,788,911
90 or more days delinquent, not in foreclosure	1,276	1,642
90 or more days delinquent, in foreclosure	0	226
Principal amount due upon maturity	1,719,666	1,790,779
Loans, difference, [Abstract]
Current through 89 days delinquent	(349,303)	(280,371)
90 or more days delinquent, not in foreclosure	(342)	(411)
90 or more days delinquent, in foreclosure	0	(55)
Difference	(349,645)	(280,837)
Loans at Fair Value Held in Consolidated VIE [Member] | Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	1,533	2,959
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	4,535	5,692
Loans, difference, [Abstract]
Difference	(3,002)	(2,733)
Distressed at Fair Value [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	564	498
90 or more days delinquent, not in foreclosure	401	1,230
90 or more days delinquent, in foreclosure	1,132	1,729
Fair value	2,097	3,457
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	775	682
90 or more days delinquent, not in foreclosure	1,989	2,964
90 or more days delinquent, in foreclosure	2,546	2,728
Principal amount due upon maturity	5,310	6,374
Loans, difference, [Abstract]
Current through 89 days delinquent	(211)	(184)
90 or more days delinquent, not in foreclosure	(1,588)	(1,734)
90 or more days delinquent, in foreclosure	(1,414)	(999)
Difference	(3,213)	(2,917)
Distressed at Fair Value [Member] | Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	934	1,402
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	1,276	1,868
Loans, difference, [Abstract]
Difference	$ (342)	$ (466)

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Credit Risk Transfer Strips [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	$ 21,218	$ (1,801)	$ 0	$ (55,854)
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)	21,218	(1,801)	0	(55,854)
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)	(4,228)	(1,701)	(6,363)	(10,593)
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)	(4,228)	(1,701)	(6,363)	(10,593)
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)	59,606	93,986	66,774	300,417
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)	58,474	92,993	66,108	298,834
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)	1,132	993	(666)	1,583
Liabilities, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	55,378	92,285	60,411	289,824
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)	54,246	91,292	59,745	288,241
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)	1,132	993	666	1,583
Mortgage-backed securities at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(142,983)	(251,248)	128,606	(607,019)
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)	(144,031)	(251,477)	127,434	(620,500)
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)	1,048	229	(1,172)	13,481
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)	(13,106)	(129,873)	0	(510,250)
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)	(13,106)	(129,873)	0	(510,250)
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)	(59,294)	(98,678)	68,015	(318,339)
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)	(54,141)	(99,211)	(61,803)	(317,796)
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)	(5,153)	(533)	(6,212)	(543)
MSRs at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	160,926	66,974	64,515	504,474
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)	160,926	66,974	0	504,474
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)	(33,239)	(411,024)	(164,221)	(986,988)
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)	160,926	66,974	(64,515)	504,474
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)	(13,106)	(129,873)	(7,215)	(510,250)
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)	(176,954)	(348,887)	(85,107)	(994,150)
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)	$ (4,105)	$ 762	$ (7,384)	$ 12,938

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	Sep. 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	$ 1,114	$ 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	$ 1,114	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 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	$ (258)	$ (119)	$ (288)	$ (199)

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	Sep. 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	$ 2,825,591	$ 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	2,804,737	2,721,391
Unsecured Senior Notes [Member] | Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable	599,754	546,254
Unsecured Senior Notes [Member] | Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable	$ 567,189	$ 471,781

Fair Value - Key Inputs Used in

Fair Value - Key Inputs Used in Determining Fair Value of IO (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 4,665,970	$ 4,462,601
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread	5.60%	4.90%
Fair value inputs, Prepayment speed	4.90%	5.10%
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread	8.70%	8.80%
Fair value inputs, Prepayment speed	16.90%	17.40%
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread	5.60%	5.70%
Fair value inputs, Prepayment speed	5.90%	6.30%
IO [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 103,533
UPB of securities	$ 425,682
Weighted average interest rate	4.90%
IO [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread	5.60%
Fair value inputs, Prepayment speed	8.10%
Fair value inputs, Equivalent life (in years)	5 years 4 months 24 days
IO [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread	5.60%
Fair value inputs, Prepayment speed	8.20%
Fair value inputs, Equivalent life (in years)	8 years 9 months 18 days
IO [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread	5.60%
Fair value inputs, Prepayment speed	8.10%
Fair value inputs, Equivalent life (in years)	8 years 8 months 12 days

Fair Value - Additional Informa

Fair Value - Additional Information (Detail)	9 Months Ended
	Sep. 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	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair value of CRT derivatives
Fair value of CRT derivatives assets	$ 7,010	$ 1,262
Fair value of CRT derivatives liabilities	2,268	23,360
UPB of loans in reference pools	$ 5,556,206	$ 5,972,060
Discount Rate [Member] | Minimum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	10.10%	8.70%
Discount Rate [Member] | Maximum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	11.40%	11.10%
Discount Rate [Member] | Weighted Average [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	11%	10.80%
Voluntary Prepayment Speed [Member] | Minimum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	6.70%	7.50%
Voluntary Prepayment Speed [Member] | Maximum [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	7.40%	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	0.80%	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	0.40%	0.70%
Measurement Input, Loss Severity | Weighted Average [Member]
Fair value of CRT derivatives
Key inputs used in fair value for CRT agreements	0.30%	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	Sep. 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	62.60%	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	85.40%	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	3.60%	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	7%	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	5.30%	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	0.90%	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	1.90%	1.90%
Interest Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ (3,348)	$ (478)
Committed amount	$ 1,459,919	$ 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	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of CRT derivatives liabilities	$ 68,592	$ 137,193
UPB of loans in the reference pools	$ 18,057,469	$ 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	11%	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	7.80%	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	0.40%	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	8.70%	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	10.70%	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	0.20%	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		9 Months Ended
	Sep. 30, 2023 USD ($) UsdPerLoan	Sep. 30, 2022 USD ($) UsdPerLoan	Sep. 30, 2023 USD ($) UsdPerLoan	Sep. 30, 2022 USD ($) UsdPerLoan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, MSR recognized | $	$ 58,560	$ 178,001	$ 249,925	$ 543,255
Fair value, UPB of underlying loans | $	$ 0	$ 9,538,175	$ 0	$ 31,767,152
Fair value, Weighted-average annual servicing fee rate (in basis points)	0.38%	0.38%	0.40%	0.34%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Pricing spread during period	5.50%	5.50%	5.50%	5.50%
Fair Value inputs, Prepayment speed during period	10.10%	6.80%	10.10%	6%
Fair Value inputs, Weighted average equivalent average life during period	3 years 2 months 12 days	4 years 1 month 6 days	2 years 9 months 18 days	4 years
Fair Value inputs, Annual per loan cost of servicing during period	69	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	8.50%	8.70%	8.80%	8.90%
Fair Value inputs, Prepayment speed during period	22.70%	18.90%	22.70%	18.90%
Fair Value inputs, Weighted average equivalent average life during period	7 years 2 months 12 days	9 years 6 months	7 years 2 months 12 days	9 years 6 months
Fair Value inputs, Annual per loan cost of servicing during period	71	80	71	80
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Pricing spread during period	5.50%	6.20%	5.80%	6.40%
Fair Value inputs, Prepayment speed during period	11.30%	10.10%	12.30%	9.10%
Fair Value inputs, Weighted average equivalent average life during period	7 years 1 month 6 days	7 years 8 months 12 days	6 years 9 months 18 days	8 years
Fair Value inputs, Annual per loan cost of servicing during period	71	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	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) UsdPerLoan	Dec. 31, 2022 USD ($) UsdPerLoan	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at end of period	$ 4,108,661	$ 4,012,737	$ 3,977,938	$ 3,940,584	$ 3,695,609	$ 2,892,855
UPB of underlying loans, Fair Value	$ 231,545,013	$ 229,971,035
Weighted-average annual servicing fee rate (in basis points), Fair value input	28%	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	$ (52,357)	$ (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	(103,437)	(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	(201,939)	(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	(47,226)	(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	(93,108)	(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	(181,071)	(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	(17,748)	(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	(35,495)	(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	$ (70,991)	$ (70,515)
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	5.60%	4.90%
Estimated fair value inputs, Prepayment speed	4.90%	5.10%
Estimated fair value inputs, Annual per-loan cost of servicing | UsdPerLoan	68	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	8.70%	8.80%
Estimated fair value inputs, Prepayment speed	16.90%	17.40%
Estimated fair value inputs, Annual per-loan cost of servicing | UsdPerLoan	72	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)	10 years 4 months 24 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	5.60%	5.70%
Estimated fair value inputs, Prepayment speed	5.90%	6.30%
Estimated fair value inputs, Annual per-loan cost of servicing | UsdPerLoan	71	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)	9 years 2 months 12 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 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	$ 4,665,970		4,665,970
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Balance at beginning of period	4,731,341	$ 3,853,076	4,462,601	$ 2,666,768
Purchases	64,384	354,015	3,108,701	3,114,891
Sales	0	0	(2,629,540)	(1,079,826)
Repayments	(90,319)	(75,555)	(250,733)	(214,526)
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities	103,547	0	103,547	0
Changes in fair value included in income arising from:
Accrual (amortization) of net purchase premiums (discounts)	1,048	229	(1,172)	13,481
Valuation adjustments	(144,031)	(251,477)	(127,434)	(620,500)
Total changes in fair value included in income	(142,983)	(251,248)	(128,606)	(607,019)
Balance at end of period	$ 4,665,970	$ 3,880,288	$ 4,665,970	$ 3,880,288

Mortgage-Backed Securities - _2

Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Mortgage Backed Securities [Line Items]
Fair value	$ 4,665,970	$ 4,462,601
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	4,790,365	4,905,768
Unamortized net purchase premiums (discounts)	(7,097)	29,599
Cumulative valuation changes	(220,831)	(472,766)
Fair value	4,562,437	4,462,601
Interest-Only Stripped Mortgage-Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Fair value	103,533
Mortgage-Backed Securities Including Interest-Only Stripped Mortgage-Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Fair value	4,665,970
Agency Fixed Rate Pass Through Securities [Member] | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	4,403,330	4,693,045
Unamortized net purchase premiums (discounts)	494	30,423
Cumulative valuation changes	(233,304)	(460,966)
Fair value	4,170,520	4,262,502
Subordinate Credit-Linked Securities | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	259,863	184,620
Unamortized net purchase premiums (discounts)	(3,831)	52
Cumulative valuation changes	21,053	(6,774)
Fair value	277,085	177,898
Senior Non-Agency Securities [Member] | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance	127,172	28,103
Unamortized net purchase premiums (discounts)	(3,760)	(876)
Cumulative valuation changes	(8,580)	(5,026)
Fair value	$ 114,832	$ 22,201

Mortgage-Backed Securities - _3

Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities (Parenthetical) (Detail)	9 Months Ended
	Sep. 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		Sep. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		$ 1,025,730	$ 1,821,933
Loans pledged to secure total		1,019,247	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		994,057	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		499,132	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		25,190	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]	520,702	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]	499,132	159,671
Jumbo [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		1,014	0
Home Equity Lines of Credit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		1,903	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		$ 2,979	$ 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 or with other investors, including PLS. The Company sells a portion of its loan 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 - Summary o

Loans at Fair Value - Summary of Distribution of Company's Loans at Fair Value (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Financing Receivable Recorded Investment [Line Items]
Fair value	$ 1,372,118	$ 1,513,399
Asset-backed financings at fair value (1)	1,370,021	1,509,942
Loans at fair value, pledged to creditors	1,370,220	1,510,148
Loans in VIEs [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	1,370,021	1,509,942
Distressed [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	2,097	3,457
Agency-conforming loans secured by investment properties [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	1,323,199	1,459,160
Fixed interest rate jumbo loans held in a VIE [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	46,822	50,782
Loans acquired for sale at fair value [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value	1,025,730	1,821,933
Assets sold under agreements to repurchase	$ 199	$ 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	Sep. 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	$ 80.3	$ 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	Sep. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets	$ 29,750	$ 84,940
Derivative and credit risk transfer strip assets	29,750	84,940
Derivative liabilities	71,902	30,033
Credit risk transfer strip liabilities	68,592	137,193
Total derivative and credit risk transfer strip liabilities	$ 140,494	$ 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 (Detail) - USD ($)		Sep. 30, 2023	Dec. 31, 2022
Derivatives Fair Value [Line Items]
Total derivatives assets before netting		$ 60,681,000	$ 62,811,000
Derivative assets, Netting		(30,931,000)	22,129,000
Total derivative assets after netting		29,750,000	84,940,000
Margin deposits (received from) placed with derivative counterparties included in derivative balances above, net		(82,101,000)	52,286,000
Derivative assets pledged to secure:
Notes payable secured by credit risk transfer and mortgage servicing assets		2,825,591,000	2,804,028,000
Total derivative liabilities		20,732,000	60,190,000
Derivative liabilities, Netting		51,170,000	(30,157,000)
Total derivative liabilities after netting		71,902,000	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		7,010,000	1,262,000
CRT Derivatives [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1]	5,556,206,000	5,972,060,000
Total derivatives assets before netting	[2]	7,010,000	1,262,000
Total derivative assets after netting		7,010,000	1,262,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	2,268,000	23,360,000
Forward Purchase Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	3,936,766,000	3,929,833,000
Total derivatives assets before netting	[2]	1,287,000	418,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	9,994,000	15,196,000
Forward Sale Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	9,547,291,000	11,661,925,000
Total derivatives assets before netting	[2]	30,348,000	43,435,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	1,464,000	17,279,000
Interest Rate Lock Commitments [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1]	1,459,919,000	1,484,384,000
Total derivatives assets before netting	[2]	1,970,000	3,877,000
Total derivative assets after netting		1,970,000	3,877,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	5,318,000	4,355,000
Call Options on Interest Rate Futures Purchase Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	350,000,000	1,950,000,000
Total derivatives assets before netting	[2]	641,000	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]	2,280,000,000	1,785,000,000
Total derivatives assets before netting	[2]	19,256,000	8,130,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	0	0
Put Options on Interest Rate Futures Sale Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	200,000,000	0
Total derivatives assets before netting	[2]	0	0
Derivative assets pledged to secure:
Total derivative liabilities	[2]	1,688,000	0
MBS Put Options [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	100,000,000	1,050,000,000
Total derivatives assets before netting	[2]	169,000	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]	3,066,000,000	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	Sep. 30, 2023	Dec. 31, 2022
Offsetting Assets [Line Items]
Total derivative assets after netting	$ 29,750	$ 84,940
Financial instruments	0	0
Cash collateral received	0	0
Net amount	29,750	84,940
CRT Derivatives [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	7,010	1,262
Financial instruments	0	0
Cash collateral received	0	0
Net amount	7,010	1,262
Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	1,970	3,877
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,970	3,877
RJ O'Brien & Associates, LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	18,209	11,036
Financial instruments	0	0
Cash collateral received	0	0
Net amount	18,209	11,036
Mizuho Financial Group [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	1,182	127
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,182	127
Bank of America, N.A. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	1,097	14,666
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,097	14,666
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
Wells Fargo Securities L L C
Offsetting Assets [Line Items]
Total derivative assets after netting	0	6,980
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	6,980
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
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
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	282	2,550
Financial instruments	0	0
Cash collateral received	0	0
Net amount	$ 282	$ 2,550

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	Sep. 30, 2023	Dec. 31, 2022
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	$ 6,093,792	$ 6,648,672
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(6,021,890)	(6,618,639)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	71,902	30,033
CRT Derivatives [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	2,268	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	2,268	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	5,318	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	5,318	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	1,564,749	1,605,813
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(1,560,086)	(1,605,813)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	4,663	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	835,314	1,115,265
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(834,773)	(1,115,265)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	541	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	814,453	1,239,293
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(814,453)	(1,239,293)
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	775,968	0
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(775,968)	0
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	633,576	262,512
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(604,904)	(262,512)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	28,672	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	350,089	439,089
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(350,000)	(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	302,341	283,928
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(302,341)	(283,294)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	634
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	243,616	218,730
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(216,040)	(218,730)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	27,576	0
Goldman Sachs & Co. LLC [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	189,682	156,952
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(189,429)	(156,952)
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	178,693	197,229
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(176,899)	(195,807)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	1,794	1,422
Mizuho Financial Group [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	72,196	0
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(72,196)	0
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	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	68,697	153,220
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(68,651)	(153,220)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
RBC Capital Markets, L.P. [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	48,301	268,581
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(48,301)	(268,581)
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	7,937	4,444
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(7,849)	(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	594	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	$ 594	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest Rate Lock Commitments [Member]
Derivative Instruments Gain Loss [Line Items]
Net (losses) gains on derivative financial instruments used as economic hedges	$ (2,050)	$ (41,187)	$ (2,870)	$ (45,294)
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	$ 24,092	$ 172,520	$ 22,742	$ 560,138
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	$ (50,689)	$ 154,269	$ (81,584)	$ (87,651)
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	$ 13,164	$ 4,259	$ 39,123	$ (7,172)
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		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Summary Of Mortgage Servicing Rights [Line Items]
Balance at beginning of period		$ 3,977,938	$ 3,695,609	$ 4,012,737	$ 2,892,855
Purchases		16,263	0	16,263	0
Servicing Asset At Fair Value Additions From Loan Sales		58,560	178,001	249,925	543,255
Transfer to Agency of mortgage servicing rights relating to delinquent loans		70	0	(653)	0
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities and interest receivable		(105,096)	0	(105,096)	0
Due to changes in inputs used in valuation model	[1]	263,139	162,730	232,414	775,792
Other changes in fair value	[2]	(102,213)	(95,756)	(296,929)	(271,318)
Change in fair value, Total		160,926	66,974	(64,515)	504,474
Balance at end of period		4,108,661	$ 3,940,584	4,108,661	$ 3,940,584
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		$ 4,038,113		$ 4,038,113		$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Transfers and Servicing [Abstract]
Contractually-specified servicing fees	$ 166,809	$ 162,987	$ 496,522	$ 461,021
Late charges	878	662	2,442	1,883
Other	2,874	3,584	12,079	18,656
Mortgage loan other servicing fees	3,752	4,246	14,521	20,539
Net mortgage loan servicing fees	170,561	167,233	511,043	481,560
Average MSR servicing portfolio	231,333,064	224,756,659	231,333,990	220,988,459
From PFSI-MSR recapture fees	500	1,648	1,494	13,232
UPB of loans recaptured	$ 77,403	$ 284,821	$ 270,720	$ 2,446,282

Other Assets - Summary of Other

Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Assets [Line Items]
Derivative margin deposits	$ 163,863	$ 51,463
Correspondent lending receivables	64,834	8,967
Interest receivable	43,051	31,027
Servicing fees receivable	13,861	15,727
Other receivables	6,464	7,657
Real estate acquired in settlement of loans	5,318	7,734
Other	4,101	12,416
Other Assets	301,492	134,991
Real Estate Acquired in Settlement of Loans Pledge to Secure [Member]
Other Assets [Line Items]
Assets sold under agreements to repurchase	$ 2,466	$ 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		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Weighted average interest rate	5.97%	3.09%	5.81%	2.02%
Average balance	$ 5,714,082,000	$ 5,789,433,000	$ 6,451,377,000	$ 5,363,690,000
Total interest expense	87,414,000	46,691,000	284,027,000	87,310,000
Maximum daily amount outstanding	6,318,746,000	$ 6,649,005,000	9,412,768,000	$ 8,395,930,000
Assets Sold Under Agreements To Repurchase	6,021,890,000		6,021,890,000		$ 6,618,639,000
Assets sold under agreements to repurchase, At year end	6,020,716,000		$ 6,020,716,000		$ 6,616,528,000
Weighted average interest rate			6.08%		5.03%
Available borrowing capacity, Committed			$ 465,855,000		$ 217,279,000
Available borrowing capacity, Uncommitted			5,054,453,000		4,762,056,000
Available borrowing capacity			5,520,308,000		4,979,335,000
Margin deposits placed with (received from) counterparties included in Other assets (Accounts payable and accrued liabilities), net	93,467,000		93,467,000		(13,630,000)
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Unamortized debt issuance costs	(1,174,000)		(1,174,000)		(2,111,000)
Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	4,665,970,000		4,665,970,000		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	994,057,000		994,057,000		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	80,298,000		80,298,000		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	199,000		199,000		206,000
Servicing advances [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	46,280,000		46,280,000		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	2,466,000		2,466,000		3,297,000
Mortgage service rights [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	2,106,489,000		2,106,489,000		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	$ 79,490,000		$ 79,490,000		$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of debt issuance costs	$ 1.4	$ 1.7	$ 3.8	$ 6.1

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	9 Months Ended
	Sep. 30, 2023 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 6,021,890
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	$ 3,661,146
Over 30 to 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	1,889,816
Over 90 days to 180 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	0
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	$ 470,928

Assets Sold Under Agreements _4

Assets Sold Under Agreements to Repurchase - Summary of Assets Sold under Agreements to Repurchase by Counterparty (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Barclays Capital Inc. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 52,386
Weighted average maturity	Nov. 03, 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	$ 2,507
Weighted-average maturity, Advances	Dec. 20, 2023
Weighted-average maturity, Facility	Nov. 13, 2024
Goldman Sachs & Co. LLC [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 25,485
Weighted average maturity	Oct. 30, 2023
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	$ 1,757
Weighted-average maturity, Advances	Dec. 19, 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	$ 34,219
Weighted average maturity	Oct. 27, 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	$ 53,974
Weighted-average maturity, Advances	Dec. 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	$ 36,519
Weighted average maturity	Oct. 28, 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	$ 15,506
Weighted-average maturity, Advances	Nov. 03, 2023
Weighted-average maturity, Facility	Jun. 12, 2025
Citibank, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 32,657
Weighted average maturity	Oct. 16, 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	$ 8,935
Weighted-average maturity, Advances	Dec. 14, 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	$ 27,848
Weighted average maturity	Oct. 13, 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	$ 1,027
Weighted-average maturity, Advances	Dec. 16, 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	$ 1,194
Weighted-average maturity, Advances	Dec. 27, 2023
Weighted-average maturity, Facility	Aug. 09, 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	$ 9,731
Weighted-average maturity, Advances	Dec. 25, 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	$ 3,309
Weighted-average maturity, Advances	Dec. 24, 2023
Weighted-average maturity, Facility	Sep. 30, 2025
JPMorgan Chase & Co. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 46,287
Weighted average maturity	Oct. 22, 2023
JPMorgan Chase & Co. [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 128
Weighted-average maturity, Advances	Dec. 03, 2023
Weighted-average maturity, Facility	Jun. 16, 2025
Daiwa Capital Markets America Inc. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 9,255
Weighted average maturity	Oct. 27, 2023
Amherst Pierpont Securities LLC [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 9,401
Weighted average maturity	Oct. 18, 2023
Nomura Holdings America Inc [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 3,543
Weighted average maturity	Oct. 03, 2023
Mizuho Financial Group [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 1,977
Weighted average maturity	Nov. 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
At period end:
Mortgage loan participation purchase and sale agreements	$ 23,991		$ 23,991		$ 0
Mortgage Loan Participation Purchase and Sale Agreement [Member]
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Weighted average interest rate	6.69%	3.69%	6.46%	2.53%
Average balance	$ 22,043	$ 31,092	$ 20,991	$ 33,586
Total interest expense	403	320	1,109	728
Maximum daily amount outstanding	46,303	$ 81,360	90,565	$ 88,633
At period end:
Amount outstanding	23,991		23,991
Unamortized debt issuance costs	0		0
Mortgage loan participation purchase and sale agreements	23,991		$ 23,991
Weighted average interest rate			6.57%
Loans acquired for sale pledged to secure	$ 25,190		$ 25,190

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Amortization of premiums and debt issuance costs			$ 11,147,000	$ 11,855,000
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	$ 94,000	$ 94,000

Long-Term Debt - Summary of Ter

Long-Term Debt - Summary of Term Note Issued to Qualified Institutional Buyers (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Secured Debt | CRT Arrangement Financing [Member]
Debt Instrument [Line Items]
Unpaid principal balance	$ 767,391
Secured Term Notes | Fannie Mae MSR Financing
Debt Instrument [Line Items]
Unpaid principal balance	1,025,000
May 25, 2023 [Member] | Secured Term Notes | Fannie Mae MSR Financing
Debt Instrument [Line Items]
Notes Issued	370,000
Unpaid principal balance	$ 370,000
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 [Member]
Debt Instrument [Line Items]
Notes Issued	$ 235,000
Unpaid principal balance	$ 222,152
Interest rate spread (Annual)	4.40%
Maturity date, Stated	Mar. 25, 2025
March 4, 2021 [Member] | Secured Debt | CRT Arrangement Financing [Member]
Debt Instrument [Line Items]
Notes Issued	$ 659,156
Unpaid principal balance	$ 277,133
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 [Member]
Debt Instrument [Line Items]
Notes Issued	$ 350,000
Unpaid principal balance	$ 52,600
Interest rate spread (Annual)	3.35%
Maturity date, Stated	Feb. 27, 2025
October 16, 2019 [Member] | Secured Debt | CRT Arrangement Financing [Member]
Debt Instrument [Line Items]
Notes Issued	$ 375,000
Unpaid principal balance	$ 49,257
Interest rate spread (Annual)	3.70%
Maturity date, Stated	Oct. 29, 2024
June 11, 2019 [Member] | Secured Debt | CRT Arrangement Financing [Member]
Debt Instrument [Line Items]
Notes Issued	$ 638,000
Unpaid principal balance	$ 166,249
Interest rate spread (Annual)	3.75%
Maturity date, Stated	May 28, 2025
June 28, 2022 [Member] | Secured Term Notes | Fannie Mae MSR 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 MSR 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

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)				9 Months Ended
	Aug. 10, 2023 USD ($)	May 25, 2023 USD ($)	Nov. 19, 2019	Sep. 30, 2023 USD ($)	Sep. 30, 2025	Aug. 16, 2023 USD ($)
Credit Agreements [Member] | Freddie Mac MSR and Servicing Advance Receivables Financing
Debt Instrument [Line Items]
Aggregate loan amount				$ 2,000,000,000
Maturity date of debt instrument				Mar. 31, 2025
Series 2023-FTL1 Loan | Fannie Mae MSR 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
Series 2023-FTL1 Loan | Fannie Mae MSR Financing | Maximum [Member]
Debt Instrument [Line Items]
Aggregate loan amount						$ 370,000,000
Series 2023-FTL1 Loan | Fannie Mae MSR Financing | Minimum [Member]
Debt Instrument [Line Items]
Aggregate loan amount						$ 215,000,000
Series 2023-VF1 and Class A-VF1 Variable Funding Note | Freddie Mac MSR and Servicing Advance Receivables Financing
Debt Instrument [Line Items]
Maturity date of debt instrument	Aug. 09, 2025
Series 2023-VF1 and Class A-VF1 Variable Funding Note | Freddie Mac MSR and Servicing Advance Receivables Financing | Maximum [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 150,000,000
Exchangeable Senior Notes due March 15, 2026 [Member]
Debt Instrument [Line Items]
Maturity date of debt instrument				Mar. 15, 2026
Exchangeable Senior Notes Per Note Principal Amount				$ 1,000
Percentage of interest on debt				5.50%
Aggregate principal amount				$ 345,000,000
2024 Exchangeable Notes and 2026 Exchangeable Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount				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
2023 Senior Notes [Member]
Debt Instrument [Line Items]
Percentage of interest on debt				8.50%
Aggregate principal amount				$ 53,500,000
2023 Senior Notes [Member] | Forecast [Member]
Debt Instrument [Line Items]
Percentage of interest on debt					100%
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 MSR Financing
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity				$ 1,000,000,000
Extended termination date of debt instrument				Jun. 27, 2025

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		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Carrying value:
Balance	$ 2,825,591,000		$ 2,825,591,000		$ 2,804,028,000
Assets securing notes payable:
Derivative assets	7,010,000		7,010,000		1,262,000
Freddie Mac MSR Financing
Carrying value:
Balance	2,825,591,000		2,825,591,000		2,804,028,000
Carrying value of notes	2,832,391,000		2,832,391,000		2,812,694,000
Assets securing notes payable:
Mortgage servicing rights	4,038,113,000		4,038,113,000		3,962,820,000
Servicing advances	30,460,000		30,460,000
Deposits securing CRT arrangements			1,157,804,000		869,742,000
Notes Payable [Member] | Freddie Mac MSR Financing
Short Term Debt [Line Items]
Average balance	$ 3,106,809,000	$ 2,801,845,000	$ 2,995,752,000	$ 2,550,910,000
Weighted-average interest rate	8.70%	5.37%	8.28%	4.19%
Total interest expense	$ 69,952,000	$ 39,818,000	$ 191,049,000	$ 84,597,000
Maximum daily amount outstanding	3,380,951,000	$ 3,235,376,000	3,403,116,000	$ 3,544,637,000
Carrying value:
Unamortized debt issuance costs	$ (6,800,000)		$ (6,800,000)		$ (8,666,000)
Weighted average interest rate	8.71%		8.71%		7.30%
Assets securing notes payable:
Derivative assets	$ 7,010,000		$ 7,010,000		$ 1,262,000
CRT Arrangement Financing [Member] | Freddie Mac MSR Financing
Carrying value:
Carrying value of notes	767,391,000		767,391,000		592,694,000
Freddie Mac Credit Agreements [Member] | Freddie Mae MSR and Servicing Advance Receivables Financing
Carrying value:
Carrying value of notes	1,025,000,000		1,025,000,000		1,105,000,000
Freddie Mac Credit Agreements [Member] | Freddie Mac MSR Financing
Carrying value:
Carrying value of notes	$ 1,040,000,000		$ 1,040,000,000		$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Short Term Debt [Line Items]
Amortization of premiums and debt issuance costs			$ 11,147	$ 11,855
Notes Payable [Member] | Freddie Mac MSR Financing
Short Term Debt [Line Items]
Amortization of premiums and debt issuance costs	$ 1,900	$ 1,900	$ 5,400	$ 4,700

Long-Term Debt - Summary of F_3

Long-Term Debt - Summary of Financial Information Relating to Unsecured Senior Notes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2029	Sep. 30, 2028	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2022
Carrying value:
Exchangeable senior notes	$ 599,754		$ 599,754								$ 546,254
Convertible Debt [Member]
Carrying value:
Unamortized debt issuance costs	(8,746)		(8,746)								(8,746)
Convertible Debt [Member] | Nonaffiliates [Member]
Short Term Debt [Line Items]
Average balance	$ 553,338	$ 545,047	$ 549,063	$ 539,703
Weighted average interest rate	5.56%	5.55%	5.60%	5.67%
Interest expense	$ 8,541	$ 8,349	$ 25,316	$ 25,004
Exchangeable Senior Notes and 2023 Senior Notes [Member]
Carrying value:
UPB	$ 608,500		$ 608,500		$ 0	$ 53,500	$ 0	$ 345,000	$ 210,000	$ 0	$ 555,000

Long-Term Debt - Summary of F_4

Long-Term Debt - Summary of Financial Information Relating to Unsecured Senior Notes (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Short Term Debt [Line Items]
Amortization of debt issuance costs			$ 11,147	$ 11,855
Exchangeable Notes [Member]
Short Term Debt [Line Items]
Conversion options	$ 790,000	$ 718,000	$ 2,300	$ 2,100

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2029	Sep. 30, 2028	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2022
Short Term Debt [Line Items]
Asset-backed financing of variable interest entities at fair value	$ 1,279,059		$ 1,279,059								$ 1,414,955
Unpaid principal balance	1,610,955		1,610,955		$ 1,610,955	$ 0	$ 0	$ 0	$ 0	$ 0
Variable Interest Entities [Member]
Short Term Debt [Line Items]
Asset-backed financing of variable interest entities at fair value	1,279,059		1,279,059								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	1,279,059		1,279,059								1,414,955
Unpaid principal balance	1,610,955		1,610,955								$ 1,681,410
Asset-backed Securities | Variable Interest Entities [Member] | Asset Backed Secured Financing Liability Fair Value
Short Term Debt [Line Items]
Average balance	1,342,093	$ 1,540,957	1,381,994	$ 1,549,797
Total interest expense	$ 13,652	$ 14,265	$ 38,796	$ 40,308
Weighted average interest rate	3.70%	3.42%	3.69%	3.34%
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 ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Amortization of premiums and debt issuance costs			$ 11,147,000	$ 11,855,000
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	$ 1,100	$ 1,000,000	$ 666,000,000	$ 1,600,000

Long-Term Debt - Schedule of Co

Long-Term Debt - Schedule of Contractual Maturities on Long Term Debt Obligations (Detail) - USD ($) $ in Thousands	Sep. 30, 2029	Sep. 30, 2028	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Notes payable secured by credit risk transfer and mortgage servicing assets	$ 0	$ 370,000	$ 305,000	$ 350,000	$ 1,090,258	$ 717,133	$ 2,832,391
Asset-backed financings at fair value	1,610,955	0	0	0	0	0	1,610,955
Interest-only security payable at fair value		0	0	0	0	0	28,288	$ 21,925
Total	1,639,243	423,500	305,000	695,000	1,300,258	717,133	5,080,134
Exchangeable Senior Notes and 2023 Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured senior notes	$ 0	$ 53,500	$ 0	$ 345,000	$ 210,000	$ 0	$ 608,500	$ 555,000

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Mortgage Banking [Abstract]
Balance, beginning of period	$ 37,069	$ 39,441	$ 39,471	$ 40,249
Provision for losses:
Pursuant to loan sales	448	996	2,126	3,442
Reduction in liability due to change in estimate	(4,365)	(817)	(7,920)	(3,512)
Losses incurred	0	(122)	(525)	(681)
Balance, end of period	33,152	39,498	33,152	39,498
UPB of loans subject to representations and warranties at end of period	$ 228,679,429	$ 225,129,199	$ 228,679,429	$ 225,129,199

Commitments and Contingencies -

Commitments and Contingencies - Company's Outstanding Contractual Commitments (Detail) $ in Thousands	Sep. 30, 2023 USD ($)
Commitments to purchase mortgage loans:
Commitments to purchase loans acquired for sale	$ 1,459,919

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	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	$ 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	$ 1.53	$ 1.53
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	$ 1.5	1.5
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	$ 1.26	$ 1.26

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Parenthetical) (Detail) - $ / shares	9 Months Ended
	Sep. 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%
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%
Sale of Stock, Transaction Date	Aug. 31, 2017
Preferred stock, par value	$ 0.01

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 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%
8.00% Series B Preferred Stock [Member]
Schedule Of Capitalization Equity [Line Items]
Cumulative dividend, beneficial interest rate	8%
6.75% Series C Preferred Stock [Member]
Schedule Of Capitalization Equity [Line Items]
Cumulative dividend, beneficial interest rate	6.75%
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Common shares repurchased	0	987	2,274	4,888
Cumulative shares repurchased	28,965		28,965
Cost of common shares repurchased	$ 0	$ 13,498	$ 27,011	$ 73,746
Cumulative cost of shares repurchased	$ 425,751		$ 425,751

Shareholders' Equity - Summar_4

Shareholders' Equity - Summary of Common Share Repurchase Activity (Parenthetical) (Details)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Non-cash gains:
Receipt of MSRs in mortgage loan sale transactions			$ (249,925)	$ (543,255)
Provision for losses relating to representations and warranties provided in loan sales:
Pursuant to loans sales	$ (448)	$ (996)	(2,126)	(3,442)
Changes in fair value of loans and derivatives
Net gains on loans acquired for sale	13,558	4,313	24,477	15,937
PennyMac Financial Services, Inc. [Member]
Changes in fair value of loans and derivatives
Net gains on loans acquired for sale	1,854	1,203	5,014	3,562
Nonaffiliates [Member]
Cash losses:
Sales of loans	(71,105)	(390,543)	(260,697)	(1,128,355)
Hedging activities	(30,155)	233,139	(52,822)	695,238
Cash gain, net of effects of cash hedging, on sale of mortgage loans acquired for sale	50,487	(17,308)	77,263	(97,833)
Non-cash gains:
Receipt of MSRs in mortgage loan sale transactions	58,560	178,001	249,925	543,255
Provision for losses relating to representations and warranties provided in loan sales:
Pursuant to loans sales	(448)	(996)	(2,126)	(3,442)
Reduction of liability due to change in estimate	4,365	817	7,920	3,512
Provision for losses relating to representations and warranties	3,917	(179)	5,794	70
Changes in fair value of loans and derivatives
Interest rate lock commitments	(2,050)	(41,187)	(2,870)	(45,294)
Loans	(1,710)	84,498	4,569	82,561
Hedging derivatives	54,247	(60,619)	75,564	(135,100)
Total non cash portion of gain on mortgage loans acquired for sale	(101,260)	(157,404)	(313,519)	(433,117)
Net cash of gain on mortgage loans acquired for sale	112,964	160,514	332,982	445,492
Net gains on loans acquired for sale	$ 11,704	$ 3,110	$ 19,463	$ 12,375

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 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	$ 58,474	$ 92,993	$ 66,108	$ 298,834
Net (losses) gains on investments and financings	(109,544)	(253,336)	13,761	(713,081)
Nonaffiliates [Member]
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Loans	112,964	160,514	332,982	445,492
Investment securities at fair value, Mortgage-backed securities	(144,031)	(251,477)	(127,434)	(620,500)
CRT arrangements	30,154	4,359	136,890	(73,619)
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	(59)	56	(485)	504
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	$ (54,082)	$ (99,267)	$ (61,318)	$ (318,300)

Net Interest Expense - Summary

Net Interest Expense - Summary of Net Interest Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest income:
Cash and short-term investments	$ 6,288	$ 1,993	$ 19,311	$ 3,571
Mortgage-backed securities	66,563	36,070	180,244	91,121
Loans acquired for sale at fair value	14,720	27,921	77,487	70,611
Distressed	9	16	33	204
Deposits securing CRT arrangements	16,419	6,978	46,410	9,584
Placement fees relating to custodial funds	44,005	20,239	110,602	31,152
Other	1,417	439	2,227	589
Interest income	158,926	109,658	474,629	251,419
Interest expense:
Assets sold under agreements to repurchase	87,414	46,691	284,027	87,310
Mortgage loan participation purchase and sale agreements	403	320	1,109	728
Notes payable secured by credit risk transfer and mortgage servicing assets	69,952	39,818	191,049	84,597
Asset-backed financings at fair value	13,652	14,265	38,796	40,308
Interest shortfall on repayments of loans serviced for Agency securitizations	1,503	3,504	4,322	14,975
Interest on loan impound deposits	2,079	1,133	4,737	2,822
Other	374	0	1,089	0
Interest expense, total	183,918	114,080	550,445	255,744
Net interest expense	(24,992)	(4,422)	(75,816)	(4,325)
Unsecured Senior Notes [Member]
Interest expense:
Total interest expense	8,541	8,349	25,316	25,004
Variable Interest Entities [Member]
Interest income:
Loans at fair value	$ 9,505	$ 16,002	$ 38,315	$ 44,587

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - Restricted Share Units [Member]	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	0	0	338	285
Total grant date value of share units	$ 0	$ 0	$ 4,300	$ 4,451
Total share units vested	0	0	188	120
Total share units forfeiture	0	0	6	11
Compensation expense relating to share-based grants	$ 1,420	$ 959	$ 3,421	$ 3,130
Restricted Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	0	0	172	134
Total grant date value of share units	$ 0	$ 0	$ 2,212	$ 2,101
Total share units vested	0	0	140	79
Total share units forfeiture	0	0	6	0
Performance Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	0	0	48	41
Total grant date value of share units	$ 0	$ 0	$ 2,088	$ 2,350
Total share units vested	0	0	166	151
Total share units forfeiture	0	0	0	11

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Share-Based Compensation Activity (Parenthetical) (Detail) - Performance Shares Units [Member]	9 Months Ended
	Sep. 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	Sep. 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax [Line Items]
Effective income tax rates	48.10%		28.10%
Income (loss) before benefit from income taxes	$ 118,420	$ 90,379	$ 204,074	$ 68,569
Expense (benefit) from income taxes	56,998	78,466	$ 57,331	146,519
Percentage of deduction from taxable income			20%
Taxable REIT Subsidiary [Member]
Income Tax [Line Items]
Income (loss) before benefit from income taxes	234,000	344,800	$ 221,900	765,200
Expense (benefit) from income taxes	57,100	$ 80,800	56,500	$ 151,300
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 61,422	$ 11,913	$ 146,743	$ (77,950)
Dividends on preferred shares	(10,455)	(10,455)	(31,364)	(31,364)
Effect of participating securities‒share-based compensation awards	(147)	(111)	(332)	(318)
Net income (loss) attributable to common shareholders	50,820	1,347	115,047	(109,632)
Interest on Exchangeable Notes, net of income taxes	6,359	0	18,773	0
Loss attributable to participating securities	(4)	0	(35)	0
Net Income (Loss) Available to Common Stockholders, Diluted, Total	$ 57,175	$ 1,347	$ 133,785	$ (109,632)
Weighted average basic shares outstanding	86,760	90,594	87,613	92,221
Dilutive securities-Shares issuable pursuant to exchange of the Exchangeable Notes	24,328	0	24,328	0
Diluted weighted average shares outstanding	111,088	90,594	111,941	92,221
Basic earnings (loss) per share	$ 0.59	$ 0.01	$ 1.31	$ (1.19)
Diluted earnings (loss) per share	$ 0.51	$ 0.01	$ 1.2	$ (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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 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	188	136	166	127
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	0	24,328	0	24,328

Segments - Additional Informati

Segments - Additional Information (Detail)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Net investment income:
Net loan servicing fees	$ 281,298	$ 390,124	$ 366,438	$ 911,615
Net gains on loans acquired for sale	13,558	4,313	24,477	15,937
Net (losses) gains on investments and financings	109,544	(253,336)	13,761	(713,081)
Net interest expense:
Interest income	158,926	109,658	474,629	251,419
Interest expense	183,918	114,080	550,445	255,744
Net interest expense	(24,992)	(4,422)	(75,816)	(4,325)
Other	3,109	14,386	15,387	44,258
Net investment income	163,429	151,065	344,247	254,404
Expenses:
Loan servicing fees and fulfillment payable to PFSI	25,788	38,654	83,918	117,477
Management fees	7,175	7,731	21,510	23,758
Other	12,046	14,301	34,745	44,600
Total expenses	45,009	60,686	140,173	185,835
Income before provision for income taxes	118,420	90,379	204,074	68,569
Total assets at end of quarter/period	13,223,336	13,945,940	13,223,336	13,945,940	$ 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	0	0	5
Net (losses) gains on investments and financings	38,772	(2,230)	161,867	(104,946)
Net interest expense:
Interest income	26,235	12,415	72,775	20,391
Interest expense	23,235	14,097	62,790	34,653
Net interest expense	3,000	(1,682)	9,985	(14,262)
Other	(251)	978	(251)	1,237
Net investment income	41,521	(2,934)	171,601	(117,966)
Expenses:
Loan servicing fees and fulfillment payable to PFSI	33	57	142	167
Management fees	0	0	0	0
Other	492	708	2,039	5,242
Total expenses	525	765	2,181	5,409
Income before provision for income taxes	40,996	(3,699)	169,420	(123,375)
Total assets at end of quarter/period	1,620,322	1,656,994	1,620,322	1,656,994
Interest Rate Sensitive Strategies [Member]
Net investment income:
Net loan servicing fees	281,298	390,124	366,438	911,615
Net gains on loans acquired for sale	0	0	0	0
Net (losses) gains on investments and financings	(148,316)	(251,106)	(148,106)	(608,135)
Net interest expense:
Interest income	114,430	68,152	315,168	158,158
Interest expense	142,942	80,782	406,098	177,622
Net interest expense	(28,512)	(12,630)	(90,930)	(19,464)
Other	0	0	0	0
Net investment income	104,470	126,388	127,402	284,016
Expenses:
Loan servicing fees and fulfillment payable to PFSI	20,224	20,190	60,881	61,503
Management fees	0	0	0	0
Other	2,683	2,688	5,155	5,425
Total expenses	22,907	22,878	66,036	66,928
Income before provision for income taxes	81,563	103,510	(61,366)	217,088
Total assets at end of quarter/period	10,079,073	9,365,974	10,079,073	9,365,974
Correspondent Production [Member]
Net investment income:
Net loan servicing fees	0	0	0	0
Net gains on loans acquired for sale	13,558	4,313	24,477	15,932
Net (losses) gains on investments and financings	0	0	0	0
Net interest expense:
Interest income	14,656	27,862	77,292	70,436
Interest expense	16,388	18,322	78,259	41,980
Net interest expense	(1,732)	9,540	(967)	28,456
Other	3,360	13,408	15,638	43,021
Net investment income	15,186	27,261	39,148	87,409
Expenses:
Loan servicing fees and fulfillment payable to PFSI	5,531	18,407	22,895	55,807
Management fees	0	0	0	0
Other	809	2,789	4,224	11,176
Total expenses	6,340	21,196	27,119	66,983
Income before provision for income taxes	8,846	6,065	12,029	20,426
Total assets at end of quarter/period	1,134,812	2,505,398	1,134,812	2,505,398
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:
Interest income	3,605	1,229	9,394	2,434
Interest expense	1,353	879	3,298	1,489
Net interest expense	2,252	350	6,096	945
Other	0	0	0	0
Net investment income	2,252	350	6,096	945
Expenses:
Loan servicing fees and fulfillment payable to PFSI	0	0	0	0
Management fees	7,175	7,731	21,510	23,758
Other	8,062	8,116	23,327	22,757
Total expenses	15,237	15,847	44,837	46,515
Income before provision for income taxes	(12,985)	(15,497)	(38,741)	(45,570)
Total assets at end of quarter/period	$ 389,129	$ 417,574	$ 389,129	$ 417,574

Regulatory Capital and Liquid_3

Regulatory Capital and Liquidity Requirements - Summary of Capital and Liquidity Amounts and Requirements by Agencies (Detail) - Fannie Mae and Freddie Mac [Member] $ in Thousands		Sep. 30, 2023 USD ($)	[2]	Dec. 31, 2022 USD ($)
Capital Requirements By Agencies [Line Items]
Net worth, Actual	[1]	$ 872,644		$ 1,138,331
Net worth, Required	[1]	$ 588,227		$ 586,436
Tangible net worth / total assets ratio, Actual	[1]	0.13		0.16
Tangible net worth / total assets ratio, Required	[1]	0.06		0.06
Liquidity, Actual	[1]	$ 432,844		$ 343,286
Liquidity, Required	[1]	$ 205,181		$ 79,372
[1] Calculated in accordance with the Agencies’ requirements. The Agencies adopted revised capital and liquidity requirements, most of which became effective on September 30, 2023. The amounts shown for September 30, 2023 are in compliance with those requirements. The Agencies have pending origination liquidity requirements that will be effective on December 31, 2023. The Company believes it is in compliance with the Agencies’ pending liquidity requirements as of September 30, 2023 .