PennyMac Mortgage Investment Trust (PMT) 10-Q1 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 31, 2024
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	PennyMac Mortgage Investment Trust
Entity Central Index Key	0001464423
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		86,860,960
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	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash	$ 130,734	$ 281,085
Short-term investments at fair value	336,296	128,338
Mortgage-backed securities at fair value pledged to creditors	4,068,337	4,836,292
Loans acquired for sale at fair value ($685,231 and $659,751 pledged to creditors, respectively)	694,391	669,018
Loans at fair value ($1,376,005 and $1,431,896 pledged to creditors, respectively)	1,377,836	1,433,820
Derivative assets	73,894	89,591
Derivative assets ($24,305 and $16,160 pledged to creditors, respectively)	90,753	177,984
Deposits securing credit risk transfer arrangements pledged to creditors	1,163,268	1,209,498
Mortgage servicing rights at fair value ($3,889,087 and $3,871,249 pledged to creditors, respectively)	3,941,861	3,919,107
Servicing advances ($78,786 and $181,201 pledged to creditors, respectively)	98,989	206,151
Due from PennyMac Financial Services, Inc.	11,675	7,199
Other ($1,515 and $1,905 pledged to creditors, respectively)	178,484	252,538
Total assets	12,080,950	13,113,887
LIABILITIES
Assets sold under agreements to repurchase	4,700,225	5,624,558
Mortgage loan participation purchase and sale agreements	13,582
Notes payable secured by credit risk transfer and mortgage servicing assets	2,933,845	2,910,605
Unsecured senior notes	813,838	600,458
Asset-backed financing of variable interest entities at fair value	1,288,180	1,336,731
Interest-only security payable at fair value	32,708	32,667
Derivative and credit risk transfer strip liabilities at fair value	18,892	51,381
Accounts payable and accrued liabilities	126,314	354,989
Income taxes payable	170,901	190,003
Liability for losses under representations and warranties	13,183	26,143
Total liabilities	10,141,081	11,156,797
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 $0.01par value; issued and outstanding, 86,860,960 and 86,624,044 common shares, respectively	869	866
Additional paid-in capital	1,923,780	1,923,437
Accumulated deficit	(526,262)	(508,695)
Total shareholders’ equity	1,939,869	1,957,090
Total liabilities and shareholders’ equity	12,080,950	13,113,887
Variable Interest Entities [Member]
ASSETS
Loans at fair value ($1,376,005 and $1,431,896 pledged to creditors, respectively)	1,375,838	1,431,689
Derivative assets	24,305	16,160
Deposits securing credit risk transfer arrangements pledged to creditors	1,163,268	1,209,498
Other interest receivable	4,001	4,106
Total assets	2,567,412	2,661,453
LIABILITIES
Asset-backed financing of variable interest entities at fair value	1,288,180	1,336,731
Interest-only security payable at fair value	32,708	32,667
Derivative and credit risk transfer strip liabilities at fair value	16,974	46,692
Accounts payable and accrued liabilities interest payable	4,001	4,106
Total liabilities	1,341,863	1,420,196
PennyMac Financial Services, Inc. [Member]
ASSETS
Due from PennyMac Financial Services, Inc.	1	56
LIABILITIES
Due to PennyMac Financial Services, Inc.	$ 29,413	$ 29,262

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Loans acquired for sale at fair value, pledged to creditors	$ 685,231,000	$ 659,751,000
Loans at fair value, pledged to creditors	1,376,005,000	1,431,896,000
Derivative assets, pledged to creditors	24,305,000	16,160,000
Mortgage servicing rights pledged to creditors	3,889,087,000	3,871,249,000
Servicing Advances pledged to creditors	78,786,000	181,201,000
Other, pledged to creditors	$ 1,515,000	$ 1,905,000
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	86,860,960	86,624,044
Common shares, outstanding	86,860,960	86,624,044

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net investment income
Contractually specified	$ 162,127	$ 165,499	$ 322,484	$ 329,713
Other	2,815	6,826	5,826	10,769
Net mortgage loan servicing fees	164,942	172,325	328,310	340,482
Change in fair value of mortgage servicing rights	(50,556)	(87,997)	(78,758)	(225,441)
Mortgage servicing rights hedging results	(18,365)	23,996	(108,179)	(30,895)
Net servicing fees from non-affiliates	96,494	108,833	142,199	85,140
Net gains on loans acquired for sale:	12,160	4,446	26,678	10,919
Loan origination fees	2,451	4,295	4,459	12,001
Net (losses) gains on investments and financings	(19,743)	(2,499)	20,010	123,305
Interest income	151,835	162,684	295,394	315,703
Interest expense	171,841	187,390	343,368	366,527
Net interest expense	(20,006)	(24,706)	(47,974)	(50,824)
Results of real estate acquired in settlement of loans	(224)	(56)	(90)	0
Other	66	139	121	277
Net investment income	71,198	90,452	145,403	180,818
Expenses
Management fees	7,133	7,078	14,321	14,335
Professional services	2,366	1,881	4,124	3,404
Compensation	1,369	1,279	3,285	2,818
Loan collection and liquidation	671	909	2,040	1,488
Safekeeping	961	1,124	1,893	2,240
Loan origination	533	897	1,006	3,075
Other	4,865	4,673	8,775	9,674
Total expenses	42,589	43,599	84,413	95,164
Income before provision for (benefit from) income taxes	28,609	46,853	60,990	85,654
Provision for (benefit from) income taxes	3,175	22,229	(12,052)	333
Net Income (Loss)	25,434	24,624	73,042	85,321
Dividends on preferred shares	10,454	10,454	20,909	20,909
Net income attributable to common shareholders	$ 14,980	$ 14,170	$ 52,133	$ 64,412
Earnings per common share
Basic	$ 0.17	$ 0.16	$ 0.6	$ 0.73
Diluted	$ 0.17	$ 0.16	$ 0.6	$ 0.68
Weighted average common shares outstanding
Basic	86,849	87,269	86,769	88,046
Diluted	86,849	87,269	86,769	112,374
Nonaffiliates [Member]
Net investment income
Other	$ 2,815	$ 6,826	$ 5,826	$ 10,769
Net servicing fees from non-affiliates	96,021	108,324	141,373	84,146
Net gains on loans acquired for sale:	10,110	2,614	23,023	7,759
PennyMac Financial Services, Inc. [Member]
Net investment income
From PennyMac Financial Services, Inc.	473	509	826	994
Net gains on loans acquired for sale:	2,050	1,832	3,655	3,160
Expenses
Loan servicing fees	20,264	20,317	40,526	40,766
Management fees	7,133	7,078	14,321	14,335
Loan fulfillment fees	$ 4,427	$ 5,441	$ 8,443	$ 17,364

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Common Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Balance, Amount at Dec. 31, 2022	$ 1,962,815	$ 541,482	$ 889	$ 1,947,266	$ (526,822)
Balance, Shares at Dec. 31, 2022		22,400,000	88,889,000
Net Income (Loss)	85,321	$ 0	$ 0	0	85,321
Share-based compensation, Amount	1,434	0	$ 1	1,433	0
Share-based compensation, Shares			146,000
Dividends:
Preferred shares dividends	(20,909)	0	$ 0	0	(20,909)
Common share dividends	(70,154)	0	0	0	(70,154)
Repurchase of common shares, Amount	$ (27,011)	$ 0	$ (22)	(26,989)	0
Repurchase of common shares, Shares	(2,274)	0	(2,274,000)
Balance, Amount at Jun. 30, 2023	$ 1,931,496	$ 541,482	$ 868	1,921,710	(532,564)
Balance, Shares at Jun. 30, 2023		22,400,000	86,761,000
Balance, Amount at Mar. 31, 2023	1,970,734	$ 541,482	$ 884	1,940,297	(511,929)
Balance, Shares at Mar. 31, 2023		22,400,000	88,386,000
Net Income (Loss)	24,624	$ 0	$ 0	0	24,624
Share-based compensation, Amount	845	$ 0	$ 0	845	0
Share-based compensation, Shares		0	11,000
Dividends:
Preferred shares dividends	(10,455)	$ 0	$ 0	0	(10,455)
Common share dividends	(34,804)	0	0	0	(34,804)
Repurchase of common shares, Amount	$ (19,448)	$ 0	$ (16)	(19,432)	0
Repurchase of common shares, Shares	(1,636)	0	(1,636,000)
Balance, Amount at Jun. 30, 2023	$ 1,931,496	$ 541,482	$ 868	1,921,710	(532,564)
Balance, Shares at Jun. 30, 2023		22,400,000	86,761,000
Balance, Amount at Dec. 31, 2023	1,957,090	$ 541,482	$ 866	1,923,437	(508,695)
Balance, Shares at Dec. 31, 2023		22,400,000	86,624,000
Net Income (Loss)	73,042	$ 0	$ 0	0	73,042
Share-based compensation, Amount	346	0	$ 3	343	0
Share-based compensation, Shares			237,000
Dividends:
Preferred shares dividends	(20,910)	0	$ 0	0	(20,910)
Common share dividends	(69,699)	0	0	0	(69,699)
Repurchase of common shares, Amount	$ 0
Repurchase of common shares, Shares	0
Balance, Amount at Jun. 30, 2024	$ 1,939,869	$ 541,482	$ 869	1,923,780	(526,262)
Balance, Shares at Jun. 30, 2024		22,400,000	86,861,000
Balance, Amount at Mar. 31, 2024	1,958,913	$ 541,482	$ 868	1,922,954	(506,391)
Balance, Shares at Mar. 31, 2024		22,400,000	86,845,000
Net Income (Loss)	25,434	$ 0	$ 0	0	25,434
Share-based compensation, Amount	827	$ 0	$ 1	826	0
Share-based compensation, Shares		0	16,000
Dividends:
Preferred shares dividends	(10,455)	$ 0	$ 0	0	(10,455)
Common share dividends	(34,850)	0	0	0	(34,850)
Repurchase of common shares, Amount	$ 0
Repurchase of common shares, Shares	0
Balance, Amount at Jun. 30, 2024	$ 1,939,869	$ 541,482	$ 869	$ 1,923,780	$ (526,262)
Balance, Shares at Jun. 30, 2024		22,400,000	86,861,000

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Deficit [Member]
Dividends declared per common share	$ 0.4	$ 0.4	$ 0.8	$ 0.8

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income	$ 73,042	$ 85,321
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Change in fair value of mortgage servicing rights	78,758	225,441
Mortgage servicing rights hedging results	108,179	30,895
Net gains on loans acquired for sale	(26,678)	(10,919)
Net gains on investments and financings	(20,010)	(123,305)
Accrual of unearned discounts and amortization of purchase premiums on mortgage-backed securities, loans at fair value, and asset-backed financings	(7,049)	2,813
(Accrual) amortization of (premiums) debt issuance costs	9,106	7,463
Results of real estate acquired in settlement of loans	90	0
Share-based compensation expense	2,192	2,001
Purchase of loans acquired for sale from nonaffiliates	(41,331,303)	(41,942,691)
Sale to nonaffiliates and repayment of loans acquired for sale	4,168,594	10,469,060
Repurchase of loans subject to representations and warranties	(17,706)	(36,702)
Decrease in servicing advances	107,074	84,886
Repurchase of real estate previously sold as loans acquired for sale	0	(443)
Increase in other assets	(153,564)	(63,247)
Decrease in accounts payable and accrued liabilities	(231,719)	(54,811)
Increase (decrease) in due to PennyMac Financial Services, Inc.	151	(11,326)
Decrease in income taxes payable	(19,102)	(3,806)
Net cash (used in) provided by operating activities	(98,571)	743,524
Cash flows from investing activities
Net (increase) decrease in short-term investments	(207,958)	10,234
Purchase of mortgage-backed securities	(399,460)	(3,044,317)
Sale and repayment of mortgage-backed securities	1,103,969	2,789,954
Repurchase of loans at fair value	0	(119)
Repayment of loans at fair value	49,223	47,064
Net settlement of derivative financial instruments	(6,005)	1,805
Distribution from credit risk transfer arrangements	76,583	88,479
Purchase of mortgage servicing rights	(26,484)	0
Transfer of mortgage servicing rights relating to delinquent loans to Agency	(216)	723
Sale of real estate acquired in settlement of loans	647	2,609
Decrease (increase) in margin deposits	173,182	(29,088)
Net cash provided by (used in) investing activities	763,481	(132,656)
Cash flows from financing activities
Sale of assets under agreements to repurchase	54,582,250	64,121,374
Repurchase of assets sold under agreements to repurchase	(55,506,481)	(64,823,803)
Issuance of mortgage loan participation purchase and sale agreements	692,186	1,066,247
Repayment of mortgage loan participation purchase and sale agreements	(678,604)	(1,031,460)
Issuance of notes payable secured by credit risk transfer and mortgage servicing assets	908,000	400,000
Repayment of notes payable secured by credit risk transfer and mortgage servicing assets	(882,425)	(46,743)
Issuance of asset-backed financing of variable interest entities	8,137	0
Repayment of asset-backed financings of variable interest entities	(47,806)	(45,747)
Issuance of unsecured senior notes	216,500	0
Payment of debt issuance costs	(14,663)	(4,302)
Payment of dividends to preferred shareholders	(20,910)	(20,909)
Payment of dividends to common shareholders	(69,599)	(71,008)
Payment of vested share-based compensation tax withholdings	(1,846)	(567)
Repurchase of common shares of beneficial interest	0	(27,011)
Net cash used in financing activities	(815,261)	(483,929)
Net (decrease) increase in cash	(150,351)	126,939
Cash at beginning of period	281,085	111,866
Cash at end of period	130,734	238,805
Payments, net:
Income taxes	7,051	4,139
Interest	383,862	365,367
Non cash investing activities:
Receipt of mortgage servicing rights as proceeds from sales of loans	71,868	191,365
Unsettled purchase of mortgage servicing rights	2,944	0
Transfer of loans and advances to real estate acquired in settlement of loans	0	803
Non-cash financing activities:
Dividends declared, not paid	34,850	34,804
PennyMac Loan Services, LLC [Member]
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Sale of loans acquired for sale to PennyMac Financial Services, Inc.	37,161,319	32,087,158
Decrease (increase) in due from PennyMac Financial Services, Inc.	$ 55	$ (4,264)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 25,434	$ 24,624	$ 73,042	$ 85,321

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Organization

Organization	6 Months Ended
Organization	Jun. 30, 2024
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 (“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 wholly-owned subsidiaries of PennyMac Financial Services, Inc. (“PFSI”), a publicly-traded mortgage banking and investment management company separately listed on the New York Stock Exchange. The Company 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 and Recen

Basis of Presentation and Recently Issued Accounting Pronouncements	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Recently Issued Accounting Pronouncements	Note 2—Basis of Presentation and Recently Issued Accounting Pronouncements The Company’s consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s ("FASB") Accounting Standards Codification for interim financial information and with the Securities and Exchange Commission’s instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these financial statements and notes do not include all of the information required by GAAP for complete financial statements. This interim consolidated information should be read together with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. These unaudited consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, income, and cash flows for the interim periods presented, but are not necessarily indicative of the income 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 or restricted cash equivalents during the periods presented. Therefore, the consolidated statements of cash flows do not include references to restricted cash or restricted cash equivalents. Recently Issued Accounting Pronouncements During 2023, the FASB issued two Accounting Standards Updates (“ASUs”) aimed at increasing the amount of detail provided to financial statement users in certain existing disclosures. Neither ASU requires changes to the Company’s accounting. The ASUs are discussed below: Segment Disclosures The FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), that is intended to improve disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for more detailed information about a reportable segment’s expenses. The amendments in ASU 2023-07 are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The key amendments will require that the Company supplement its existing disclosures to include disclosure of: • significant segment expenses that are regularly provided to the chief operating decision maker included within each reported measure of segment profit or loss; and • an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss. The Company will be required to apply ASU 2023-07 in annual periods beginning with its fiscal year ending December 31, 2024 and for quarterly periods ended thereafter with early adoption permitted. Income Tax Disclosures The FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), that is intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires disclosures of: • Reconciliation of the expected income tax at the applicable statutory federal income tax rate to the reported income tax in a tabular format, using both percentages and amounts, broken out into specific categories with certain reconciling items of five percent or greater of the expected tax further broken out by nature and/or jurisdiction; and • Income taxes paid, net of refunds received, broken out between federal and state and local income taxes. Payments to individual jurisdictions representing five percent or more of the total income tax payments must also be separately disclosed. The disclosures required by ASU 2023-09 are required in the Company’s annual financial statements beginning with the year ending December 31, 2025, with early adoption permitted.

Concentration of Risks

Concentration of Risks	6 Months Ended
Concentration of Risks	Jun. 30, 2024
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. Agency MBS, Interest-only (“IO”) stripped MBS, principal-only stripped MBS and senior non-Agency MBS are sensitive to changes in market interest rates. MSRs are sensitive to changes in market interest rates, 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 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 through the acquisition of beneficial interests in the trust entities. The Company also invests in subordinate MBS, which are among the first beneficial interests in the issuing trusts to absorb credit losses on the underlying loans. The Company’s retention of credit risk through its investment in CRT arrangements and subordinate MBS subjects it to risks associated with delinquency and foreclosure similar to the risks of loss associated with owning the underlying loans, which is greater than the risk of loss associated with selling such loans to the Agencies without the retention of such credit risk in the case of CRT arrangements and investing in senior mortgage-backed securities in the case of subordinate MBS. Certain of the Company’s investments in CRT arrangements are structured such that loans that reach a specific number of days delinquent trigger losses chargeable to the CRT arrangements based on the sizes of the delinquent loans and a contractual schedule of loss severity. Therefore, the risks associated with delinquency and foreclosure may in some instances be greater than the risks associated with owning the related loans because the structure of those CRT arrangements provides that the Company may be required to absorb losses in the event of delinquency or foreclosure even when there is ultimately no loss realized with respect to such loans (e.g., as a result of a borrower’s re-performance). In contrast, the structure of the Company’s other investments in CRT arrangements requires PMT to absorb losses only when the reference loans realize losses. 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 and to 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 Agency and senior non-Agency MBS are sensitive to changes in market interest rates .

Transactions with Related Parti

Transactions with Related Parties	6 Months Ended
Transactions with Related Parties	Jun. 30, 2024
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 and 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"). Prime Servicing The per-loan 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 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 per-loan 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 s pecial servicing loan. PLS receives activity-based fees for modifications, foreclosures and liquidations that it facilitates with respect to special servicing, as well as other market-based refinancing and loan disposition fees. 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. MSR Recapture Agreement The Company has an MSR recapture agreement with PLS. Pursuant to the terms of the MSR recapture agreement, if PLS refinances (recaptures) mortgage loans for which the Company previously held the MSRs, PLS is generally required to transfer and convey to the Company cash in an amount equal to: • 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 ("UPB") of all recaptured loans, to (ii) the aggregate UPB 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 and recapture earned by PLS: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Loan servicing fees: Loans acquired for sale at fair value $ 94 $ 172 $ 184 $ 457 Loans at fair value 63 31 125 151 Mortgage servicing rights 20,107 20,114 40,217 40,158 $ 20,264 $ 20,317 $ 40,526 $ 40,766 Average investment in loans: Acquired for sale at fair value $ 854,406 $ 1,609,816 $ 779,997 $ 1,992,706 At fair value $ 1,380,857 $ 1,491,357 $ 1,403,094 $ 1,500,936 Average MSR portfolio unpaid principal balance $ 229,124,554 $ 232,008,151 $ 229,767,433 $ 231,381,212 MSR recapture fees $ 473 $ 509 $ 826 $ 994 UPB of loans recaptured $ 74,208 $ 98,126 $ 136,281 $ 193,317 Correspondent Production Activities The Company is provided fulfillment and other services for the operation of its correspondent business under an amended and restated mortgage banking services agreement with PLS. These services include: provision of models and technology for the pricing of loans and MSRs; reviews of loan data; documentation and appraisals to assess loan quality and risk; hedging the Company's mortgage pipeline to protect it from fluctuations in value due to movements in interest rates; correspondent seller performance and credit monitoring procedures; and the subsequent sale and securitization of loans through secondary mortgage markets on behalf of the Company. 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 and, as of October 1, 2022, designated Fannie Mae or Freddie Mac loans acquired by PLS. The Company does not hold the Ginnie Mae approval required to issue securities guaranteed by Ginnie Mae for a pool of securitized loans or to act as a servicer for such pool of loans. 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. Sourcing fees range from one to two basis points of the loans' UPB, generally based on the average number of calendar days the loans are held by PMT before purchase by PLS . The mortgage banking services ag reement expires, unless terminated earlier in accordance with its terms, on June 30, 2025 , subject to automatic renewal for additional 18 -month periods, unless terminated in accordance with its terms. The Company may purchase newly originated conforming balance non-government insured or guaranteed loans from PLS under a mortgage loan purchase and sale agreement. Following is a summary of correspondent production activity between the Company and PLS: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Loan fulfillment fees earned by PLS $ 4,427 $ 5,441 $ 8,443 $ 17,364 UPB of loans fulfilled by PLS $ 2,229,397 $ 3,029,274 $ 4,001,078 $ 9,658,084 Sourcing fees received from PLS included in Net gains on loans acquired for sale $ 2,050 $ 1,832 $ 3,655 $ 3,160 UPB of loans sold to PLS: Government guaranteed or insured $ 10,500,415 $ 11,307,342 $ 18,357,340 $ 20,521,054 Conventional conforming 10,006,706 7,017,890 18,196,636 11,080,764 $ 20,507,121 $ 18,325,232 $ 36,553,976 $ 31,601,818 Tax service fees paid to PLS $ 431 $ 701 $ 790 $ 2,111 June 30, 2024 December 31, 2023 (in thousands) Loans included in Loans acquired for sale at fair value $ 281,020 $ 168,303 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: • 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 • 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 • 20 % of the amount by which “net income” for the quarter exceeds a 16 % return on “equity” plus the “high watermark.” For the purpose of determining the amount of the performance incentive fee: “Net income” is defined as net income or loss attributable to the Company’s common shares of beneficial interest (“Common Shares”) calculated in accordance with GAAP, and adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges after discussion between PCM and the Company’s independent trustees and after approval by a majority of the Company’s independent trustees. “Equity” is the weighted average of the issue price per Common Share of all of the Company’s public offerings, multiplied by the weighted average number of Common Shares outstanding (including restricted share units) in the rolling four-quarter period. “High watermark” is the quarterly adjustment that reflects the amount by which the “net income” (stated as a percentage of return on "equity") in that quarter exceeds or falls short of the lesser of 8 % and the average Fannie Mae 30 - year MBS yield (the "Target Yield") for the four quarters then ended. The “high watermark” starts at zero and is adjusted quarterly. If the “net income” is lower than the Target Yield, the “high watermark” is increased by the difference. If the “net income” is higher than the Target Yield, the “high watermark” is reduced by the difference. Each time a performance incentive fee is earned, the “high watermark” returns to zero. As a result, the threshold amounts required for PCM to earn a performance incentive fee are adjusted cumulatively based on the performance of PMT’s “net income” over (or under) the Target Yield, until the “net income” in excess of the Target Yield exceeds the then-current cumulative “high watermark” amount. The base management fee and the performance incentive fee are both payable quarterly in arrears. The performance incentive fee may be paid in cash or a combination of cash and the Company’s Common Shares (subject to a limit of no more than 50 % paid in Common Shares), at the Company’s option. In the event of termination of the management agreement between the Company and PCM, PCM may be entitled to a termination fee in certain circumstances. The termination fee is equal to three times the sum of (a) the average annual base management fee, and (b) the average annual performance incentive fee earned by PCM, in each case during the 24-month period before termination of the management agreement. Following is a summary of management fee expenses: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Base management $ 7,133 $ 7,078 $ 14,321 $ 14,335 Performance incentive — — — — $ 7,133 $ 7,078 $ 14,321 $ 14,335 Average shareholders' equity amounts used to calculate $ 1,912,522 $ 1,892,505 $ 1,919,962 $ 1,927,305 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 for these services, 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 the rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of PCM and its affiliates required for the Company’s and its subsidiaries’ operations. These expenses are allocated based on the ratio of the Company’s and its subsidiaries’ proportion of gross assets compared to all remaining gross assets managed or owned by PCM and/or its affiliates as calculated at each fiscal quarter end. Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Reimbursement of: Expenses incurred on the Company’s behalf, net $ 2,779 $ 3,978 $ 9,193 $ 9,639 Common overhead incurred by PCM and its affiliates 2,000 2,140 3,944 3,961 Compensation 165 165 330 330 $ 4,944 $ 6,283 $ 13,467 $ 13,930 Payments and settlements during the quarter (1) $ 29,263 $ 30,872 $ 59,348 $ 63,256 (1) Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PFSI for the operating, investing and financing activities itemized in this Note. Financing Activities PFSI held 75,000 of the Company’s Common Shares at both June 30, 2024 and December 31, 2023. Amounts Receivable from and Payable to PFSI Amounts receivable from and payable to PFSI are summarized below: June 30, 2024 December 31, 2023 (in thousands) Due from PFSI-Miscellaneous receivables $ 1 $ 56 Due to PFSI: Correspondent production fees $ 9,145 $ 8,288 Management fees 7,133 7,252 Loan servicing fees 6,792 6,809 Allocated expenses and expenses and costs paid by PFSI 5,166 5,612 Fulfillment fees 1,177 1,301 $ 29,413 $ 29,262 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 of the Company as summarized below: Balance sheet line including advance amount June 30, 2024 December 31, 2023 (in thousands) Loan servicing advances $ 98,989 $ 206,151 Other assets-Real estate acquired in settlement of loans 1,230 2,003 $ 100,219 $ 208,154

Loan Sales

Loan Sales	6 Months Ended
Loan Sales	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Loan Sales	Note 5—Loan Sales The following table summarizes cash flows between the Company and transferees in transfers of loans that are accounted for as sales where the Company maintains continuing involvement with the loans: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Cash flows: Proceeds from sales $ 2,240,258 $ 4,881,794 $ 4,168,594 $ 10,469,060 Loan servicing fees received $ 162,127 $ 165,499 $ 322,484 $ 329,713 The following table summarizes for the dates presented collection status information for loans that are accounted for as sales where the Company maintains continuing involvement: June 30, 2024 December 31, 2023 (in thousands) UPB of loans outstanding $ 224,229,222 $ 228,838,471 Collection status (UPB) Delinquency: 30-89 days delinquent $ 2,334,456 $ 2,184,500 90 or more days delinquent: Not in foreclosure $ 822,290 $ 1,029,962 In foreclosure $ 86,934 $ 85,045 Bankruptcy $ 241,304 $ 185,320 Custodial funds managed by the Company (1) $ 2,704,150 $ 1,759,974 (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 income.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
Variable Interest Entities	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Note 6—Variable Interest Entities The Company is a variable interest holder in various VIEs that relate to its investing and financing activities as discussed below. Credit Risk Transfer Arrangements The Company has previously entered into certain loan sales arrangements pursuant to which it accepted credit risk relating to the loans sold in exchange for a portion of the interest earned on such loans. These arrangements absorb scheduled or realized credit losses on those loans and comprise the Company’s investments in CRT arrangements. The Company, through 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 securities which are structured such that loans that reach a specific number of days delinquent (including loans in forbearance) trigger losses chargeable to the CRT arrangement based on the sizes of the delinquent loans and a contractual schedule of loss severity; and securities which require the Company to absorb losses only when the reference loans realize credit losses. The Company placed Deposits securing CRT arrangements into 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 decreased through repayments, the percentage exposure of each CRT arrangement increased to maximums ranging from 4.5 % to 5.0 % of outstanding UPB, although the total dollar amount of exposure to losses did not increase. The Company has concluded that the subsidiary trust entities holding its CRT arrangements are VIEs and the Company is the primary beneficiary of the VIEs as it is the holder of the primary beneficial interests which absorb the variability of the trusts’ income. For CRT arrangements where losses are triggered based on the loans’ delinquency status, the Company recognizes its IO ownership interests and recourse obligations on the consolidated balance sheets as CRT Derivatives in Derivative assets and Derivative and credit risk transfer strip liabilities. For CRT securities where losses are absorbed when the reference loans realize credit losses, the Company recognizes its IO ownership interests and recourse obligations as CRT strips which are 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 income. Following is a summary of the CRT arrangements: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Net investment income: Net (losses) gains on investments and financings: CRT Derivatives and strips: CRT derivatives Realized $ 3,564 $ 5,423 $ 6,973 $ 8,453 Valuation changes 1,475 9,410 8,256 17,506 5,039 14,833 15,229 25,959 CRT strips Realized 11,693 11,984 23,378 24,288 Valuation changes 378 34,496 29,718 58,624 12,071 46,480 53,096 82,912 Interest-only security payable at fair value ( 481 ) ( 855 ) ( 41 ) ( 2,135 ) 16,629 60,458 68,284 106,736 Interest income — Deposits securing CRT arrangements 15,383 15,779 31,079 29,991 $ 32,012 $ 76,237 $ 99,363 $ 136,727 Net payments made to settle losses on CRT arrangements $ 128 $ 499 $ 313 $ 1,756 June 30, 2024 December 31, 2023 (in thousands) Carrying value of CRT arrangements: Derivative assets - CRT derivatives $ 24,305 $ 16,160 CRT strip liabilities ( 16,974 ) ( 46,692 ) Deposits securing CRT arrangements 1,163,268 1,209,498 Interest-only security payable at fair value ( 32,708 ) ( 32,667 ) $ 1,137,891 $ 1,146,299 CRT arrangement assets pledged to secure borrowings: Derivative assets $ 24,305 $ 16,160 Deposits securing CRT arrangements (1) $ 1,163,268 $ 1,209,498 UPB of loans underlying CRT arrangements $ 22,204,806 $ 23,152,230 Collection status (UPB): Delinquency Current $ 21,638,731 $ 22,531,905 30-89 days delinquent $ 403,626 $ 411,991 90-180 days delinquent $ 100,882 $ 120,011 180 or more days delinquent $ 42,967 $ 64,647 Foreclosure $ 18,600 $ 23,676 Bankruptcy $ 65,176 $ 58,696 (1) Deposits securing credit risk transfer strip liabilities also secure $ 17.0 million and $ 46.7 million in CRT strip liabilities at June 30, 2024 and December 31, 2023, 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 the senior securities are repaid, substantially all cash inflows will be directed to the subordinate securities, including those held by the Company, until they are fully repaid. The Company’s retention or purchase of subordinate MBS exposes PMT to the credit risk in the underlying loans because the Company’s investments are among the first beneficial interests to absorb credit losses on those assets. The Company’s exposure to losses from its investments in subordinate MBS is limited to its recorded investment in such securities. The Company has concluded that the trusts holding the assets underlying these transactions are VIEs. The Company also has concluded that it is the primary beneficiary of certain of the VIEs as it has the power, through PLS, in its role as the servicer or sub-servicer of the underlying loans, to direct the activities of the trusts that most significantly impact the trusts’ economic performance and, as a holder of subordinate securities, that PMT is exposed to losses that could potentially be significant to the VIEs. Therefore, PMT consolidates those VIEs. The Company recognizes the interest 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 income. Following is a summary of the Company’s investment in subordinate MBS backed by assets held in consolidated VIEs: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Net investment income: Net (losses) gains on investments and financings: Loans at fair value $ ( 2,739 ) $ ( 18,253 ) $ ( 3,979 ) $ ( 7,236 ) Asset-backed financings at fair value 1,295 17,794 8,771 7,634 Interest income 13,449 13,644 25,557 28,810 Interest expense 11,402 12,791 24,080 25,144 $ 603 $ 394 $ 6,269 $ 4,064 June 30, 2024 December 31, 2023 (in thousands) Loans at fair value $ 1,375,838 $ 1,431,689 Asset-backed financings at fair value $ 1,288,180 $ 1,336,731 Retained subordinate MBS at fair value pledged to Assets sold under agreements to repurchase $ 78,337 $ 85,344 Financing of Mortgage Servicing Assets The Company entered into a securitization transaction in which VIEs issued variable funding notes, term notes and term loans backed by beneficial interests in Fannie Mae MSRs. The Company acts as guarantor of the variable funding notes, term notes and term loans. The Company determined that it is the primary beneficiary of the VIEs because, as the holder of the variable funding notes and issuer of performance guarantees, it holds the variable interests in the VIEs. Therefore, the Company consolidates the VIEs. For financial reporting purposes, the MSRs financed by the consolidated VIEs are included in Mortgage servicing rights at fair value, the variable funding notes sold under agreements to repurchase are included in Assets sold under agreements to repurchase and the term notes and term loans are included in Notes payable secured by credit risk transfer and mortgage servicing assets on the Company’s consolidated balance sheets. The financing is described in Note 15 – Long Term Debt .

Fair Value

Fair Value	6 Months Ended
Fair Value	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value	Note 7— Fair Value The Company’s consolidated financial statements include assets and liabilities that are measured at or based on their fair values. Measurement at or based on fair value may be on a recurring or nonrecurring basis depending on the accounting principles applicable to the specific asset or liability and whether the Company has elected to carry the item at its fair value as discussed in the following paragraphs. The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine fair value. These levels are: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Prices determined or determinable using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. • Level 3—Prices determined using significant unobservable inputs. In situations where significant observable inputs are unavailable, unobservable inputs may be used. Unobservable inputs reflect the Company’s own judgments about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances. As a result of the difficulty in observing certain significant valuation inputs affecting “Level 3” fair value assets and liabilities, the Company is required to make judgments regarding these items’ fair values. Different persons in possession of the same facts may reasonably arrive at different conclusions as to the inputs to be applied in valuing these assets and liabilities and their fair values. Such differences may result in significantly different fair value measurements. Likewise, due to the general illiquidity of some of these assets and liabilities, subsequent transactions may be at values significantly different from those reported. The Company reclassifies its assets and liabilities between levels of the fair value hierarchy when the 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 has also identified its Asset-backed financings at fair value and Interest-only security payable at fair value to be accounted for at fair value to reflect the generally offsetting changes in fair value of these borrowings to changes in fair value of the assets at fair value collateralizing these financings. For other borrowings, the Company has determined that historical cost accounting is more appropriate because under historical cost accounting debt issuance costs are amortized over the term of the debt facility, thereby matching the debt issuance costs to the periods benefiting from the availability of the debt. Financial Statement Items Measured at Fair Value on a Recurring Basis Following is a summary of financial statement items that are measured at fair value on a recurring basis: June 30, 2024 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 336,296 $ — $ — $ 336,296 Mortgage-backed securities at fair value — 3,980,496 87,841 4,068,337 Loans acquired for sale at fair value — 686,397 7,994 694,391 Loans at fair value — 1,375,838 1,998 1,377,836 Derivative assets: Call options on interest rate futures purchase contracts 10,324 — — 10,324 Put options on interest rate futures purchase contracts 4,474 — — 4,474 Forward purchase contracts — 3,812 — 3,812 Forward sale contracts — 26,971 — 26,971 MBS put options — 1,421 — 1,421 CRT derivatives — — 24,305 24,305 Interest rate lock commitments — — 2,587 2,587 Total derivative assets before netting 14,798 32,204 26,892 73,894 Netting — — — 16,859 Total derivative assets after netting 14,798 32,204 26,892 90,753 Mortgage servicing rights at fair value — — 3,941,861 3,941,861 $ 351,094 $ 6,074,935 $ 4,066,586 $ 10,509,474 Liabilities: Asset-backed financings at fair value $ — $ 1,288,180 $ — $ 1,288,180 Interest-only security payable at fair value — — 32,708 32,708 Derivative and credit risk transfer strip liabilities: Forward purchase contracts — 8,661 — 8,661 Forward sales contracts — 3,693 — 3,693 Interest rate lock commitments — — 1,035 1,035 Total derivative liabilities before netting — 12,354 1,035 13,389 Netting — — — ( 11,471 ) Total derivative liabilities after netting — 12,354 1,035 1,918 Credit risk transfer strips — — 16,974 16,974 Total derivative and credit risk transfer strip liabilities — 12,354 18,009 18,892 $ — $ 1,300,534 $ 50,717 $ 1,339,780 December 31, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 128,338 $ — $ — $ 128,338 Mortgage-backed securities at fair value — 4,742,061 94,231 4,836,292 Loans acquired for sale at fair value — 662,700 6,318 669,018 Loans at fair value — 1,431,689 2,131 1,433,820 Derivative assets: Call options on interest rate futures purchase contracts 41,712 — — 41,712 Put options on interest rate futures purchase contracts 4,324 — — 4,324 Forward purchase contracts — 15,905 — 15,905 Forward sale contracts — 671 — 671 MBS call options — 3,218 — 3,218 MBS put options — 5 — 5 CRT derivatives — — 16,160 16,160 Interest rate lock commitments — — 7,596 7,596 Total derivative assets before netting 46,036 19,799 23,756 89,591 Netting — — — 88,393 Total derivative assets after netting 46,036 19,799 23,756 177,984 Mortgage servicing rights at fair value — — 3,919,107 3,919,107 $ 174,374 $ 6,856,249 $ 4,045,543 $ 11,164,559 Liabilities: Asset-backed financings at fair value $ — $ 1,336,731 $ — $ 1,336,731 Interest-only security payable at fair value — — 32,667 32,667 Derivative liabilities and credit risk transfer strips: Call options on interest rate futures purchase contracts 2,005 — — 2,005 Call options on interest rate futures sell contracts 1,328 — — 1,328 Forward purchase contracts — 490 — 490 Forward sales contracts — 50,363 — 50,363 Interest rate lock commitments — — 64 64 Total derivative liabilities before netting 3,333 50,853 64 54,250 Netting — — — ( 49,561 ) Total derivative liabilities after netting 3,333 50,853 64 4,689 Credit risk transfer strips — — 46,692 46,692 Total derivative and credit risk transfer strip 3,333 50,853 46,756 51,381 $ 3,333 $ 1,387,584 $ 79,423 $ 1,420,779 The following is a summary of changes in items measured at fair value on a recurring basis using Level 3 inputs that are significant to the estimation of the fair values of the assets and liabilities at either the beginning or end of the periods presented: Quarter ended June 30, 2024 Assets (1) Interest-only stripped mortgage-backed securities Loans Loans at CRT Interest rate CRT Mortgage Total (in thousands) Balance, March 31, 2024 $ 94,667 $ 5,096 $ 2,034 $ 22,899 $ 4,845 $ ( 17,352 ) $ 3,951,737 $ 4,063,926 Purchases issuances and (purchase — 4,013 — — 4,760 — ( 13 ) 8,760 Repayments and sales ( 4,984 ) ( 1,018 ) ( 32 ) ( 3,633 ) — ( 11,693 ) — ( 21,360 ) Accrual of unearned discount 2,390 — — — — — — 2,390 Amounts received pursuant to sales — — — — — — 40,619 40,619 Changes in fair value included in results arising from: Changes in instrument - — — — — — — — — Other factors ( 4,232 ) ( 97 ) ( 4 ) 5,039 ( 4,147 ) 12,071 ( 50,556 ) ( 41,926 ) ( 4,232 ) ( 97 ) ( 4 ) 5,039 ( 4,147 ) 12,071 ( 50,556 ) ( 41,926 ) Transfers of: Interest rate lock commitments to loans — — — — ( 3,906 ) — — ( 3,906 ) Mortgage servicing rights relating to — — — — — — 74 74 Balance, June 30, 2024 $ 87,841 $ 7,994 $ 1,998 $ 24,305 $ 1,552 $ ( 16,974 ) $ 3,941,861 $ 4,048,577 Changes in fair value recognized during $ ( 4,232 ) $ ( 112 ) $ ( 11 ) $ 5,039 $ 1,552 $ 378 $ ( 50,556 ) $ ( 47,942 ) (1) For the purpose of this table, CRT derivative, interest rate lock commitment (“IRLC”), and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended June 30, 2024 (in thousands) Interest-only security payable: Balance, March 31, 2024 $ 32,227 Changes in fair value included in income arising from: Changes in instrument - specific credit risk — Other factors 481 481 Balance, June 30, 2024 $ 32,708 Changes in fair value recognized during the quarter relating $ 481 Quarter ended June 30, 2023 Assets (1) Loans Loans at CRT Interest CRT Mortgage Total (in thousands) Balance, March 31, 2023 $ 10,109 $ 3,548 $ ( 13,860 ) $ 8,549 $ ( 113,065 ) $ 3,975,076 $ 3,870,357 Purchases and issuances 767 — — 3,756 — — 4,523 Repayments and sales ( 4,637 ) ( 4 ) ( 5,367 ) — ( 11,984 ) — ( 21,992 ) Amounts received pursuant to sales — — — — — 90,747 90,747 Changes in fair value included in results of Changes in instrument - — — — — — — — Other factors 391 ( 879 ) 14,833 ( 14,355 ) 46,480 ( 87,997 ) ( 41,527 ) 391 ( 879 ) 14,833 ( 14,355 ) 46,480 ( 87,997 ) ( 41,527 ) Transfers of: Interest rate lock commitments — — — 752 — — 752 Mortgage servicing rights relating to — — — — — 112 112 Balance, June 30, 2023 $ 6,630 $ 2,665 $ ( 4,394 ) $ ( 1,298 ) $ ( 78,569 ) $ 3,977,938 $ 3,902,972 Changes in fair value recognized during $ ( 193 ) $ ( 879 ) $ 9,410 $ ( 1,298 ) $ 34,496 $ ( 87,997 ) $ ( 46,461 ) (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended June 30, 2023 (in thousands) Interest-only security payable: Balance, March 31, 2023 $ 23,205 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — Other factors 855 855 Balance, June 30, 2023 $ 24,060 Changes in fair value recognized during the quarter relating $ 855 Six months ended June 30, 2024 Assets (1) Interest-only stripped mortgage-backed securities Loans Loans at CRT Interest rate CRT Mortgage Total (in thousands) Balance, December 31, 2023 $ 94,231 $ 6,318 $ 2,131 $ 16,160 $ 7,532 $ ( 46,692 ) $ 3,919,107 $ 3,998,787 Purchases and issuances — 5,497 — — 7,871 — 29,428 42,796 Repayments and sales ( 10,054 ) ( 3,676 ) ( 91 ) ( 7,084 ) — ( 23,378 ) — ( 44,283 ) Accrual of unearned discounts 4,606 — — — — — — 4,606 Amounts received pursuant to sales — — — — — — 71,868 71,868 Changes in fair value included in results arising from: Changes in instrument - specific — — — — — — — — Other factors ( 942 ) ( 145 ) ( 42 ) 15,229 ( 5,002 ) 53,096 ( 78,758 ) ( 16,564 ) ( 942 ) ( 145 ) ( 42 ) 15,229 ( 5,002 ) 53,096 ( 78,758 ) ( 16,564 ) Transfers of: Interest rate lock commitments to loans — — — — ( 8,849 ) — — ( 8,849 ) Mortgage servicing rights relating to — — — — — — 216 216 Balance, June 30, 2024 $ 87,841 $ 7,994 $ 1,998 $ 24,305 $ 1,552 $ ( 16,974 ) $ 3,941,861 $ 4,048,577 Changes in fair value recognized during $ ( 942 ) $ ( 199 ) $ ( 52 ) $ 8,256 $ 1,552 $ 29,718 $ ( 78,758 ) $ ( 40,425 ) (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Six months ended June 30, 2024 (in thousands) Interest-only security payable: Balance, December 31, 2023 $ 32,667 Changes in fair value included in income arising from: Changes in instrument - specific credit risk — Other factors 41 41 Balance, June 30, 2024 $ 32,708 Changes in fair value recognized during the period relating $ 41 Six months ended June 30, 2023 Assets (1) Loans Loans at CRT Interest CRT strips Mortgage Total (in thousands) Balance, December 31, 2022 $ 10,708 $ 3,457 $ ( 22,098 ) $ ( 478 ) $ ( 137,193 ) $ 4,012,737 $ 3,867,133 Purchases and issuances 4,262 119 — ( 3,931 ) — — 450 Repayments and sales ( 8,404 ) ( 24 ) ( 8,255 ) — ( 24,288 ) — ( 40,971 ) Amounts received pursuant to sales — — — — — 191,365 191,365 Changes in fair value included in results Changes in instrument - specific credit — — — — — — — Other factors 64 ( 427 ) 25,959 12,677 82,912 ( 225,441 ) ( 104,256 ) 64 ( 427 ) 25,959 12,677 82,912 ( 225,441 ) ( 104,256 ) Transfers of: Loans to REO — ( 460 ) — — — — ( 460 ) Interest rate lock commitments — — — ( 9,566 ) — — ( 9,566 ) Mortgage servicing rights relating to — — — — — ( 723 ) ( 723 ) Balance, June 30, 2023 $ 6,630 $ 2,665 $ ( 4,394 ) $ ( 1,298 ) $ ( 78,569 ) $ 3,977,938 $ 3,902,972 Changes in fair value recognized during $ ( 176 ) $ ( 886 ) $ 17,506 $ ( 1,298 ) $ 58,624 $ ( 225,441 ) $ ( 151,671 ) (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Six months ended June 30, 2023 (in thousands) Interest-only security payable: Balance, December 31, 2022 $ 21,925 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — Other factors 2,135 2,135 Balance, June 30, 2023 $ 24,060 Changes in fair value recognized during the period relating $ 2,135 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 (including loans acquired for sale, loans held in consolidated VIEs, and distressed loans): June 30, 2024 December 31, 2023 Fair value Principal Difference Fair value Principal Difference (in thousands) Loans acquired for sale at fair value: Current through 89 days delinquent $ 693,724 $ 678,677 $ 15,047 $ 667,857 $ 648,283 $ 19,574 90 or more days delinquent: Not in foreclosure 594 864 ( 270 ) 433 617 ( 184 ) In foreclosure 73 96 ( 23 ) 728 845 ( 117 ) 667 960 ( 293 ) 1,161 1,462 ( 301 ) $ 694,391 $ 679,637 $ 14,754 $ 669,018 $ 649,745 $ 19,273 Loans at fair value: Held in consolidated VIEs: Current through 89 days delinquent $ 1,375,028 $ 1,646,940 $ ( 271,912 ) $ 1,430,427 $ 1,697,305 $ ( 266,878 ) 90 or more days delinquent: Not in foreclosure 481 607 ( 126 ) 1,262 1,582 ( 320 ) In foreclosure 329 423 ( 94 ) — — — 810 1,030 ( 220 ) 1,262 1,582 ( 320 ) 1,375,838 1,647,970 ( 272,132 ) 1,431,689 1,698,887 ( 267,198 ) Distressed: Current through 89 days delinquent 461 672 ( 211 ) 569 728 ( 159 ) 90 or more days delinquent: Not in foreclosure 277 1,398 ( 1,121 ) 393 2,023 ( 1,630 ) In foreclosure 1,260 2,934 ( 1,674 ) 1,169 2,546 ( 1,377 ) 1,537 4,332 ( 2,795 ) 1,562 4,569 ( 3,007 ) 1,998 5,004 ( 3,006 ) 2,131 5,297 ( 3,166 ) $ 1,377,836 $ 1,652,974 $ ( 275,138 ) $ 1,433,820 $ 1,704,184 $ ( 270,364 ) Following are the changes in fair value included in current period income by consolidated statement of income line item for financial statement items accounted for under the fair value option: Quarter ended June 30, 2024 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 $ — $ — $ ( 34,925 ) $ 6,586 $ ( 28,339 ) Loans acquired for sale at fair value — 1,969 — — 1,969 Loans at fair value — — ( 2,742 ) ( 605 ) ( 3,347 ) Credit risk transfer strips — — 12,071 — 12,071 MSRs at fair value ( 50,556 ) — — — ( 50,556 ) $ ( 50,556 ) $ 1,969 $ ( 25,596 ) $ 5,981 $ ( 68,202 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 481 ) $ — $ ( 481 ) Asset-backed financing of VIEs at fair value — — 1,295 ( 604 ) 691 $ — $ — $ 814 $ ( 604 ) $ 210 Quarter ended June 30, 2023 Net loan Net gains on loans acquired for sale Net (losses) gains on investments and financings Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ — $ ( 61,621 ) $ ( 264 ) $ ( 61,885 ) Loans acquired for sale at fair value — ( 9,424 ) — — ( 9,424 ) Loans at fair value — — ( 19,130 ) ( 1,185 ) ( 20,315 ) Credit risk transfer strips — — 46,480 — 46,480 MSRs at fair value ( 87,997 ) — — — ( 87,997 ) $ ( 87,997 ) $ ( 9,424 ) $ ( 34,271 ) $ ( 1,449 ) $ ( 133,141 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 855 ) $ — $ ( 855 ) Asset-backed financings at fair value — — 17,794 76 17,870 $ — $ — $ 16,939 $ 76 $ 17,015 Six months ended June 30, 2024 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 $ — $ — $ ( 73,123 ) $ 9,677 $ ( 63,446 ) Loans acquired for sale at fair value — 1,632 — — 1,632 Loans at fair value — — ( 4,020 ) ( 2,740 ) ( 6,760 ) Credit risk transfer strips — — 53,096 — 53,096 MSRs at fair value ( 78,758 ) — — — ( 78,758 ) $ ( 78,758 ) $ 1,632 $ ( 24,047 ) $ 6,937 $ ( 94,236 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 41 ) $ — $ ( 41 ) Asset-backed financings at fair value — — 8,771 ( 112 ) 8,659 $ — $ — $ 8,730 $ ( 112 ) $ 8,618 Six months ended June 30, 2023 Net loan Net gains on loans acquired for sale Net (losses) gains on investments and financings Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ — $ 16,597 $ ( 2,220 ) $ 14,377 Loans acquired for sale at fair value — 5,891 — — 5,891 Loans at fair value — — ( 7,662 ) ( 1,059 ) ( 8,721 ) Credit risk transfer strips — — 82,912 — 82,912 MSRs at fair value ( 225,441 ) — — — ( 225,441 ) $ ( 225,441 ) $ 5,891 $ 91,847 $ ( 3,279 ) $ ( 130,982 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 2,135 ) $ — $ ( 2,135 ) Asset-backed financings at fair value — — 7,634 ( 466 ) 7,168 $ — $ — $ 5,499 $ ( 466 ) $ 5,033 Financial Statement Item Measured at Fair Value on a Nonrecurring Basis Following is a summary of the carrying value of assets that were remeasured during the period based on fair value on a nonrecurring basis: Real estate acquired in settlement of loans Level 1 Level 2 Level 3 Total (in thousands) June 30, 2024 $ — $ — $ 713 $ 713 December 31, 2023 $ — $ — $ 753 $ 753 The following table summarizes the fair value changes recognized during the periods on assets held at period end that were remeasured at fair value on a nonrecurring basis: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Real estate acquired in settlement of loans $ ( 246 ) $ ( 124 ) $ ( 150 ) $ ( 62 ) The Company remeasures its REO based on fair value when it evaluates the REO properties for impairment. The Company evaluates its REO for impairment with reference to the respective properties’ fair values less costs to sell. REO may be revalued after acquisition due to the Company receiving greater access to the property, the property being held for an extended period or receiving indications that the property’s fair value may not be supported by developing market conditions. Any subsequent change in fair value to a level that is less than or equal to the property’s cost is recognized in Results of real estate acquired in settlement of loans in the Company’s consolidated statements of income. 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 – Long-Term Debt , 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 2028 Senior Notes, defined in Note 15 – Long-Term Debt , as “Level 2” fair value liabilities. The Company has concluded that the fair values of these borrowings other than term notes and term loans included in Notes payable secured by credit risk transfer and mortgage servicing assets and the Unsecured senior notes approximate the agreements’ carrying values due to the borrowing agreements’ variable interest rates and short maturities. The Company estimates the fair values of the term notes and term loans included in Notes payable secured by credit risk transfer and mortgage servicing assets using indications of fair value provided by nonaffiliate brokers for the term notes and internal estimates of fair value for the term loans, and uses pricing services for estimates of fair value of its Unsecured senior notes. The fair values and carrying values of these liabilities are summarized below: June 30, 2024 December 31, 2023 Instrument Carrying value Fair value Carrying value Fair value (in thousands) Notes payable secured by credit risk transfer $ 2,933,845 $ 2,942,231 $ 2,910,605 $ 2,904,678 Unsecured senior notes $ 813,838 $ 800,382 $ 600,458 $ 580,090 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 income. 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 values of these assets and liabilities to specialized staff within PFSI's capital markets group and subjects the valuation process to significant senior management oversight. With respect to “Level 3” valuations other than IRLCs, the capital markets valuation staff reports to PFSI’s senior management valuation 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 and investment officers as well as other senior members of PFSI’s finance, risk management and capital markets staffs. The capital markets valuation staff is responsible for reporting to PFSI’s senior management valuation 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 values of the Company’s IRLCs are developed by PFSI's capital markets risk management staff and are reviewed by its capital markets operations staff. Valuation Techniques and Inputs The following is a description of the techniques and inputs used in estimating the fair values of “Level 2” and “Level 3” fair value assets and liabilities: Mortgage-Backed Securities The Company’s categorization of its current holdings of MBS is based on whether the respective security is an IO 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 IO securities as “Level 3” fair value assets. The Company uses a discounted cash flow approach to estimate the fair values 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 speed. Significant changes to those inputs in isolation may result in significant changes in the IO securities' fair value measurements. Changes in these key inputs are not directly related. Following are the key inputs used in determining the fair value of IO securities: June 30, 2024 December 31, 2023 Fair value (in thousands) $ 87,841 $ 94,231 Key inputs (1) Pricing spread (2) Range 5.9 % - 6.4 % 5.1 % – 5.1 % Weighted average 6.4 % 5.1 % Annual total prepayment speed (3) Range 10.1 % - 10.3 % 10.9 % – 11.0 % Weighted average 10.1 % 10.9 % Equivalent life (in years) Range 4.7 - 7.5 4.7 – 7.2 Weighted average 7.4 7.1 (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 a derived United States Treasury Securities (“Treasury”) 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 income. 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 prices, quoted market prices or market price equivalents. • 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 values for loans acquired for sale categorized as “Level 3” assets are estimated using a discounted cash flow approach or the loans' contracted selling prices when applicable. Inputs to the discounted cash flow model include current interest rates, payment statuses, property types, discount rates and forecasts of future interest rates, home prices, prepayment speeds, default speeds and loss severities. • 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 fair values, 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 values of CRT derivatives are based on indications of fair value provided to the Company by nonaffiliate brokers for the certificates representing the beneficial interests in the trusts holding the Deposits securing credit risk transfer arrangements pledged to creditors , the recourse obligations and the IO ownership interests. Together, the recourse obligation and the IO ownership interest comprise the CRT derivative. Fair values of the CRT derivatives are derived by deducting the balance of the Deposits securing credit risk transfer arrangements pledged to creditors from the fair values 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 income. Following is a quantitative summary of key unobservable inputs used in the Company’s review and approval of broker-provided fair values for CRT derivatives: June 30, 2024 December 31, 2023 (dollars in thousands) Fair value $ 24,305 $ 16,160 UPB of loans in reference pools $ 5,198,283 $ 5,437,551 Key inputs (1) Discount rate Range 9.7 % – 11.9 % 9.0 % – 9.7 % Weighted average 9.9 % 9.6 % Voluntary prepayment speed (2) Range 7.0 % – 7.4 % 6.9 % – 7.6 % Weighted average 7.2 % 7.4 % Involuntary prepayment speed (3) Range 0.1 % – 0.1 % 0.2 % – 0.8 % Weighted average 0.1 % 0.3 % Remaining loss expectation Range 0.0 % – 0.2 % 0.2 % – 0.3 % Weighted average 0.1 % 0.3 % (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 values of IRLCs based on quoted Agency MBS prices, the probability that the loans will be purchased under the commitments (the “pull-through rate”) and the Company’s estimate of the fair values of the MSRs it expects to receive upon sale of the loans. The significant unobservable inputs used in the fair value measurement of the Company’s IRLCs are the pull-through rates and the estimated MSRs attributed to the mortgage loans subject to the commitments. Significant changes in the pull-through rates or the MSR components of the IRLCs, in isolation, may result in a significant change in the IRLCs’ fair values. The financial effects of changes in these inputs are generally inversely correlated as increasing interest rates have a positive effect on the fair value of the MSR component of an IRLC’s fair value, but also increase the pull-through rate for the loan principal and interest payment cash flow component that has decreased in fair value. Changes in fair value of IRLCs are included in Net gains on loans acquired for sale in the consolidated statements of income. Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs: June 30, 2024 December 31, 2023 Fair value (in thousands) (1) $ 1,552 $ 7,532 Committed amount (in thousands) $ 1,006,730 $ 874,017 Key inputs (2) Pull-through rate Range 56.5 % – 99.0 % 50.0 % - 98.0 % Weighted average 83.9 % 82.5 % MSR fair value expressed as Servicing fee multiple Range 3.0 – 7.0 1.7 - 6.5 Weighted average 5.1 4.6 Percentage of unpaid principal balance Range 0.8 % – 2.4 % 0.4 % - 2.4 % Weighted average 1.9 % 1.7 % (1) For purposes of this table, IRLC asset and liability positions are shown net. (2) Weighted-average inputs are based on the committed amounts. Hedging Derivatives Fair values of derivative financial instruments actively traded on exchanges are categorized by the Company as “Level 1” fair value assets and liabilities. Fair values of derivative financial instruments

Mortgage-Backed Securities

Mortgage-Backed Securities	6 Months Ended
Mortgage-Backed Securities	Jun. 30, 2024
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 June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Balance at beginning of period $ 3,949,678 $ 4,629,004 $ 4,836,292 $ 4,462,601 Purchases 239,875 259,725 399,460 3,044,317 Sales — — ( 941,340 ) ( 2,629,540 ) Repayments ( 92,877 ) ( 95,504 ) ( 162,629 ) ( 160,414 ) Changes in fair value included in income arising from: Accrual (amortization) of net purchase premiums 6,586 ( 263 ) 9,677 ( 2,220 ) Valuation adjustments, net ( 34,925 ) ( 61,621 ) ( 73,123 ) 16,597 ( 28,339 ) ( 61,884 ) ( 63,446 ) 14,377 Balance at end of period $ 4,068,337 $ 4,731,341 $ 4,068,337 $ 4,731,341 June 30, 2024 December 31, 2023 (in thousands) Fair value of mortgage-backed securities pledged to secure Assets sold under agreements to repurchase $ 4,068,337 $ 4,836,292 Following is a summary of the Company’s investments in MBS: June 30, 2024 Security type (1) Principal Unamortized Cumulative Fair value (in thousands) Agency fixed-rate pass-through securities $ 3,295,288 $ ( 1,744 ) $ ( 52,728 ) $ 3,240,816 Principal-only stripped mortgage-backed 551,502 ( 113,872 ) ( 4,999 ) 432,631 Subordinate credit-linked securities 174,813 ( 3,687 ) 25,684 196,810 Senior non-Agency securities 118,248 ( 3,450 ) ( 4,559 ) 110,239 $ 4,139,851 $ ( 122,753 ) $ ( 36,602 ) 3,980,496 Interest-only stripped mortgage-backed $ 405,346 87,841 $ 4,068,337 December 31, 2023 Security type (1) Principal Unamortized Cumulative Fair value (in thousands) Agency fixed-rate pass-through securities $ 4,311,342 $ 34 $ ( 41,320 ) $ 4,270,056 Principal-only stripped mortgage-backed 65,573 ( 18,567 ) 6,330 53,336 Subordinate credit-linked securities 275,963 ( 3,633 ) 28,850 301,180 Senior non-Agency securities 124,771 ( 3,567 ) ( 3,715 ) 117,489 $ 4,777,649 $ ( 25,733 ) $ ( 9,855 ) 4,742,061 Interest-only stripped mortgage-backed $ 419,791 94,231 $ 4,836,292 (1) All MBS have maturities of more than ten years and are pledged to secure Assets sold under agreements to repurchase .

Loans Acquired for Sale at Fair

Loans Acquired for Sale at Fair Value	6 Months Ended
Loans Acquired for Sale at Fair Value	Jun. 30, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Loans Acquired for Sale at Fair Value	Note 9—Loans Acquired for Sale at Fair Value Following is a summary of the distribution of the Company’s loans acquired for sale at fair value: Loan type June 30, 2024 December 31, 2023 (in thousands) Held for sale to nonaffiliates—GSE eligible (1) $ 381,436 $ 491,108 Held for sale to PLS GSE eligible 141,598 62,234 Government insured or guaranteed 139,422 106,069 281,020 168,303 Jumbo 23,941 3,289 Home equity lines of credit 1,513 1,803 Repurchased pursuant to representations and warranties 6,481 4,515 $ 694,391 $ 669,018 Loans pledged to secure: Assets sold under agreements to repurchase $ 670,978 $ 659,751 Mortgage loan participation purchase and sale agreements 14,253 — $ 685,231 $ 659,751 (1) GSE eligibility refers to the eligibility of loans for sale to Fannie Mae or Freddie Mac. The Company sells or finances a portion of its GSE eligible loan production to other investors, including PLS.

Loans at Fair Value

Loans at Fair Value	6 Months Ended
Loans at Fair Value	Jun. 30, 2024
Mortgage Loans At Fair Value [Abstract]
Loans at Fair Value	Note 10—Loans at Fair Value Loans at fair value are comprised primarily of loans held in VIEs securing asset-backed financings as described in Note 6 – Variable Interest Entities – Subordinate Mortgage-Backed Securities . Following is a summary of the distribution of the Company’s loans at fair value: Loan type June 30, 2024 December 31, 2023 (in thousands) Loans in VIEs: Agency-conforming loans secured by investment properties $ 1,329,667 $ 1,383,392 Fixed interest rate jumbo loans 46,171 48,297 1,375,838 1,431,689 Distressed loans 1,998 2,131 $ 1,377,836 $ 1,433,820 Loans at fair value pledged to secure: Asset-backed financings at fair value (1) $ 1,375,838 $ 1,431,689 Assets sold under agreements to repurchase 167 207 $ 1,376,005 $ 1,431,896 (1) As discussed in Note 6 ‒ Variable Interest Entities ‒ Subordinate Mortgage-Backed Securities , the Company holds a portion of the securities issued by the VIEs. At June 30, 2024 and December 31, 2023 , $ 78.3 million and $ 85.3 million, respectively, of such retained securities were pledged to secure Assets sold under agreements to repurchase .

Derivative and Credit Risk Tran

Derivative and Credit Risk Transfer Strip Assets and Liabilities	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative and Credit Risk Transfer Strip Assets and Liabilities	Note 11—Derivative and Credit Risk Transfer Strip Assets and Liabilities Derivative and credit risk transfer assets and liabilities are summarized below: June 30, 2024 December 31, 2023 (in thousands) Derivative assets $ 90,753 $ 177,984 $ 90,753 $ 177,984 Derivative liabilities $ 1,918 $ 4,689 Credit risk transfer strip liabilities 16,974 46,692 $ 18,892 $ 51,381 The Company records all derivative and CRT strip assets and liabilities at fair value and records changes in fair value in current period income. 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 recourse obligations 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 values of certain of its assets and liabilities. The Company bears price risk related to its mortgage production, servicing assets and MBS financing activities due to changes in market interest rates as discussed below: • The Company is exposed to losses if market mortgage interest rates increase, because market interest rate increases generally cause the fair values of MBS, IRLCs and loans acquired for sale to decrease. • The Company is exposed to losses if market mortgage interest rates decrease, because market interest rate decreases generally encourage increased mortgage refinancing activities, which causes the fair values of MSRs to decrease. To manage the price risk resulting from these interest rate risks, the Company uses derivative financial instruments with the intention of moderating the risk that changes in market interest rates will result in unfavorable changes in the fair values of the Company’s MBS, inventory of loans 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 strip liabilities and related margin deposits on the consolidated balance sheets: June 30, 2024 December 31, 2023 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 1,785,000 $ 10,324 $ — 2,315,000 $ 41,712 $ 2,005 Put options on interest rate futures purchase 1,840,000 4,474 — 2,900,000 4,324 — Call options on interest rate futures sell contracts — — — 500,000 — 1,328 Forward purchase contracts 3,162,559 3,812 8,661 2,789,324 15,905 490 Forward sale contracts 7,460,993 26,971 3,693 7,219,512 671 50,363 MBS call options — — — 500,000 3,218 — MBS put options 850,000 1,421 — 450,000 5 — Bond futures 2,384,400 — — 2,860,500 — — Swap futures 951,200 — — 1,048,800 — — Other derivatives not subject to master netting CRT derivatives 5,198,283 24,305 — 5,437,551 16,160 — Interest rate lock commitments 1,006,730 2,587 1,035 874,017 7,596 64 Total derivative instruments before netting 73,894 13,389 89,591 54,250 Netting 16,859 ( 11,471 ) 88,393 ( 49,561 ) $ 90,753 $ 1,918 $ 177,984 $ 4,689 Margin deposits placed with derivative $ 28,330 $ 137,955 Derivative assets pledged to secure: Notes payable secured by credit risk transfer $ 24,305 $ 16,160 (1) Notional amounts provide an indication of the volume of the Company’s derivative activities. (2) All hedging derivatives are interest rate derivatives that are used as economic hedges. Netting of Financial Instruments The Company has elected to net derivative asset and liability positions, and cash collateral placed with or received from its counterparties when such positions are subject to legally enforceable master netting arrangements and the Company intends to set off. The derivative financial instruments that are not subject to master netting arrangements are CRT derivatives and IRLCs. As of June 30, 2024 and December 31, 2023, the Company was not a party to any reverse repurchase agreements or securities lending transactions that are required to be disclosed in the following tables. Derivative Assets, Financial Instruments and Collateral Held by Counterparty The following table summarizes by significant counterparty the amounts of derivative asset positions after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance qualifying for setoff accounting. June 30, 2024 December 31, 2023 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 Counterparty sheet instruments received amount sheet instruments received amount (in thousands) CRT derivatives $ 24,305 $ — $ — $ 24,305 $ 16,160 $ — $ — $ 16,160 Interest rate lock commitments 2,587 — — 2,587 7,596 — — 7,596 Morgan Stanley & Co. LLC 47,095 — — 47,095 79,825 — — 79,825 RJ O’Brien & Associates, LLC 14,798 — — 14,798 42,703 — — 42,703 Wells Fargo Securities, LLC 510 — — 510 7,759 — — 7,759 Athene Annuity & Life Assurance Company 475 — — 475 94 — — 94 Barclays Capital Inc. 295 — — 295 — — — — Goldman Sachs & Co. LLC 240 — — 240 18,701 — — 18,701 J.P. Morgan Securities LLC 127 — — 127 997 — — 997 Bank of America, N.A. — — — — 3,418 — — 3,418 Citigroup Global Markets Inc. — — — — 503 — — 503 Other 321 — — 321 228 — — 228 $ 90,753 $ — $ — $ 90,753 $ 177,984 $ — $ — $ 177,984 Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty The following table summarizes by significant counterparty the amounts of derivative liabilities and assets sold under agreements to repurchase after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance to qualify for setoff accounting. All assets sold under agreements to repurchase represent sufficient collateral or exceed the liability amounts recorded on the consolidated balance sheet. June 30, 2024 December 31, 2023 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 Counterparty sheet (1) pledged amount sheet (1) pledged amount (in thousands) Interest rate lock commitments $ 1,035 $ — $ — $ 1,035 $ 64 $ — $ — $ 64 J.P. Morgan Securities LLC 1,472,895 ( 1,472,895 ) — — 1,521,072 ( 1,521,072 ) — — Wells Fargo Securities, LLC 743,903 ( 743,903 ) — — 569,129 ( 569,129 ) — — Bank of America, N.A. 591,021 ( 590,900 ) — 121 785,756 ( 785,756 ) — — Barclays Capital Inc. 478,021 ( 478,021 ) — — 807,404 ( 803,641 ) — 3,763 Santander US Capital 361,667 ( 361,667 ) — — 292,091 ( 292,091 ) — — Citigroup Global Markets Inc. 319,808 ( 319,748 ) — 60 147,093 ( 147,093 ) — — Daiwa Capital Markets 230,236 ( 230,236 ) — — 340,975 ( 340,975 ) — — RBC Capital Markets, L.P. 156,745 ( 156,745 ) — — 128,602 ( 128,602 ) — — Mizuho Financial Group 100,218 ( 99,722 ) — 496 67,637 ( 67,110 ) — 527 Atlas Securitized Products, L.P. 91,499 ( 91,499 ) — — 783,456 ( 783,456 ) — — Goldman Sachs & Co. LLC 71,005 ( 71,005 ) — — 145,007 ( 145,007 ) — — Morgan Stanley & Co. LLC 50,911 ( 50,911 ) — — 25,814 ( 25,814 ) — — BNP Paribas 28,120 ( 28,120 ) — — 10,121 ( 10,121 ) — — Nomura Holdings America, Inc 8,251 ( 8,205 ) — 46 8,135 ( 7,940 ) — 195 Other 160 — — 160 140 — — 140 $ 4,705,495 $ ( 4,703,577 ) $ — $ 1,918 $ 5,632,496 $ ( 5,627,807 ) $ — $ 4,689 (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 income line items where such gains and losses are included: Quarter ended June 30, Six months ended June 30, Derivative activity Consolidated statements of income line 2024 2023 2024 2023 (in thousands) Interest rate lock commitments Net gains on loans acquired for sale (1) $ ( 3,292 ) $ ( 9,847 ) $ ( 5,980 ) $ ( 820 ) CRT derivatives Net (losses) gains on investments $ 5,039 $ 14,833 $ 15,229 $ 25,959 Hedged item: Assets sold under agreements Net (losses) gains on investments $ — $ — $ 20,098 $ — Interest rate lock Net gains on loans acquired for sale $ 7,163 $ 19,394 $ 9,773 $ ( 1,350 ) Mortgage servicing rights Net loan servicing fees $ ( 18,365 ) $ 23,996 $ ( 108,179 ) $ ( 30,895 ) (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 rollforwards of IRLCs for the period in Note 7 – Fair Value – Financial Statement Items Measured at Fair Value on a Recurring Basis .

Mortgage Servicing Rights

Mortgage Servicing Rights	6 Months Ended
Mortgage Servicing Rights	Jun. 30, 2024
Text Block [Abstract]
Mortgage Servicing Rights	Note 12—Mortgage Servicing Rights Following is a summary of MSRs: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Balance at beginning of period $ 3,951,737 $ 3,975,076 $ 3,919,107 $ 4,012,737 Purchases (price adjustments) ( 13 ) — 29,428 — MSRs resulting from loan sales 40,619 90,747 71,868 191,365 Transfers to Agency of mortgage servicing 74 112 216 ( 723 ) Changes in fair value: Due to changes in inputs used in valuation 46,039 15,046 117,609 ( 30,725 ) Other changes in fair value (2) ( 96,595 ) ( 103,043 ) ( 196,367 ) ( 194,716 ) ( 50,556 ) ( 87,997 ) ( 78,758 ) ( 225,441 ) Balance at end of period $ 3,941,861 $ 3,977,938 $ 3,941,861 $ 3,977,938 June 30, 2024 December 31, 2023 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets and Notes payable $ 3,889,087 $ 3,871,249 (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 income and are summarized below: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Contractually specified servicing fees $ 162,127 $ 165,499 $ 322,484 $ 329,713 Ancillary and other fees: Late charges 982 805 1,975 1,564 Other 1,833 6,021 3,851 9,205 2,815 6,826 5,826 10,769 $ 164,942 $ 172,325 $ 328,310 $ 340,482 Average MSR UPB $ 229,124,554 $ 232,008,151 $ 229,767,433 $ 231,381,212

Other Assets

Other Assets	6 Months Ended
Other Assets	Jun. 30, 2024
Other Assets [Abstract]
Other Assets	Note 13— Other Assets Other assets are summarized below: June 30, 2024 December 31, 2023 (dollars in thousands) Margin deposits $ 68,969 $ 124,293 Interest receivable 37,183 37,305 Servicing fees receivable 11,431 14,603 Correspondent lending receivables 5,842 6,313 Other receivables 11,675 7,199 Real estate acquired in settlement of loans 3,892 4,541 Other 39,492 58,284 $ 178,484 $ 252,538 Real estate acquired in settlement of loans pledged to secure Assets sold under agreements to repurchase $ 1,515 $ 1,905

Short-Term Debt

Short-Term Debt	6 Months Ended
Short-Term Debt	Jun. 30, 2024
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 relating to the Company and its subsidiaries’ net worth, debt-to-equity ratio, and liquidity. The Company believes that it was in compliance with these covenants as of June 30, 2024. Assets Sold Under Agreements to Repurchase Following is a summary of financial information relating to assets sold under agreements to repurchase: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (dollars in thousands) Weighted average interest rate (1) 6.09 % 5.95 % 6.13 % 5.74 % Average balance $ 5,016,206 $ 6,414,368 $ 5,080,520 $ 6,826,134 Total interest expense $ 77,364 $ 96,346 $ 157,921 $ 196,613 Maximum daily amount outstanding $ 5,525,266 $ 8,499,053 $ 6,562,795 $ 9,330,819 (1) Excludes the effect of amortization of debt issuance costs of $ 1.4 million and $ 3.0 million for the quarter and six months ended June 30, 2024 , respectively, and $ 1.2 million and $ 2.4 million for the quarter and six months ended June 30, 2023, respectively. June 30, 2024 December 31, 2023 (dollars in thousands) Carrying value: Unpaid principal balance $ 4,703,577 $ 5,627,807 Unamortized debt issuance costs ( 3,352 ) ( 3,249 ) $ 4,700,225 $ 5,624,558 Weighted average interest rate 5.83 % 6.14 % Available borrowing capacity (1): Committed $ 909,369 $ 634,147 Uncommitted 5,588,880 5,221,706 $ 6,498,249 $ 5,855,853 Margin deposits placed with (received from) counterparties included in Other assets ( Accounts payable and accrued liabilities ), net $ 22,851 $ ( 116,358 ) Assets securing agreements to repurchase: Mortgage-backed securities $ 4,068,337 $ 4,836,292 Loans acquired for sale at fair value $ 670,978 $ 659,751 Loans at fair value: Securities retained in asset-backed financings $ 78,337 $ 85,344 Distressed $ 167 $ 207 Deposits securing credit risk transfer arrangements $ 73,883 $ 77,417 Mortgage servicing rights (2) $ 2,001,478 $ 2,000,574 Servicing advances $ 49,420 $ 101,927 Real estate acquired in settlement of loans $ 1,515 $ 1,905 (1) The amount the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. (2) Beneficial interests in Fannie Mae MSRs are pledged to secure both Assets sold under agreements to repurchase and Notes payable secured by credit risk transfer and mortgage servicing assets . Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date: Remaining maturity at June 30, 2024 (1) Unpaid (in thousands) Within 30 days $ 3,797,413 Over 30 to 90 days 682,420 Over 90 days to 180 days 156,744 Over 180 days to 1 year 57,000 Over 1 year to 2 years 10,000 $ 4,703,577 Weighted average maturity (in months) 1.1 (1) The Company is subject to margin calls during the period the repurchase agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective repurchase agreements mature if the fair values (as determined by the applicable lender) of the assets securing those repurchase agreements decrease. The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and interest payable) and maturity information relating to the Company’s assets sold under agreements to repurchase is summarized by pledged asset and counterparty below as of June 30, 2024: Loans, REO and MSRs Weighted-average maturity Counterparty Amount at risk Advances Facility (in thousands) Citibank, N.A. $ 35,610 September 8, 2024 June 27, 2025 JPMorgan Chase & Co. $ 3,275 September 8, 2024 June 16, 2025 Atlas Securitized Products, L.P. $ 33,413 September 3, 2024 June 26, 2026 Goldman Sachs & Co. LLC $ 10,798 September 18, 2024 December 8, 2025 Bank of America, N.A. $ 19,043 July 28, 2024 June 10, 2026 Wells Fargo Securities, LLC $ 4,051 September 23, 2024 May 3, 2025 Barclays Capital Inc. $ 3,269 September 19, 2024 March 6, 2026 RBC Capital Markets, L.P. $ 5,535 October 13, 2024 May 9, 2025 Morgan Stanley & Co. LLC $ 3,373 September 22, 2024 May 22, 2026 BNP Paribas $ 817 September 23, 2024 September 30, 2025 Securities Counterparty Amount at risk Weighted average maturity (in thousands) Citibank, N.A. $ 48,619 September 1, 2024 JPMorgan Chase & Co. $ 42,526 July 14, 2024 Bank of America, N.A. $ 13,118 July 15, 2024 Wells Fargo Securities, LLC $ 27,829 July 24, 2024 Barclays Capital Inc. $ 25,179 July 14, 2024 Santander US Capital $ 16,765 July 21, 2024 Daiwa Capital Markets America Inc. $ 5,446 July 1, 2024 Mizuho Financial Group $ 3,820 July 25, 2024 Nomura Holdings America, Inc $ 3,432 August 4, 2024 CRT arrangements Counterparty Amount at risk Weighted average maturity (in thousands) Goldman Sachs & Co. LLC $ 22,534 September 5, 2024 Mortgage Loan Participation Purchase and Sale Agreement One of the borrowing facilities secured by loans acquired for sale is in the form of a mortgage loan participation purchase and sale agreement. Participation certificates, each of which represents an undivided beneficial ownership interest in a pool of loans that have been pooled with Fannie Mae or Freddie Mac, are sold to the lender pending the securitization of such loans and the sale of the resulting security. The commitment between the Company and a nonaffiliate to sell such security is also assigned to the lender at the time a participation certificate is sold. The purchase price paid by the lender for each participation certificate is based on the trade price of the security, plus an amount of interest expected to accrue on the security to its anticipated delivery date, minus a present value adjustment, any related hedging costs and a holdback amount. The holdback amount is based on a percentage of the purchase price and is not required to be paid to the Company until the settlement of the security and its delivery to the lender. The mortgage loan participation purchase and sale agreement is summarized below: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (dollars in thousands) Average balance $ 11,255 $ 23,767 $ 11,993 $ 20,456 Weighted average interest rate (1) 6.72 % 6.44 % 6.75 % 6.34 % Total interest expense $ 219 $ 413 $ 465 $ 706 Maximum daily amount outstanding $ 56,423 $ 90,565 $ 56,423 $ 90,565 (1) Excludes the effect of amortization of debt issuance costs of $ 31,000 and $ 63,000 for the quarter and six months ended June 30, 2024 and 2023, respectively. June 30, 2024 (dollars in thousands) Carrying value: Amount outstanding $ 13,582 Unamortized debt issuance costs — $ 13,582 Weighted average interest rate 6.59 % Loans acquired for sale pledged to secure mortgage loan participation $ 14,253

Long-Term Debt

Long-Term Debt	6 Months Ended
Long-Term Debt	Jun. 30, 2024
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 Issuance date Issuance amount Unpaid principal Annual interest rate spread(1) Maturity date (in thousands) 2024 2R April 4, 2024 $ 247,000 $ 240,923 3.35 % March 29, 2027 2024 1R March 6, 2024 $ 306,000 296,723 3.50 % March 1, 2027 2020 1R February 14, 2020 $ 350,000 47,637 3.35 % February 27, 2025 2019 3R October 16, 2019 $ 375,000 44,416 3.70 % October 29, 2024 2019 2R June 11, 2019 $ 638,000 153,538 3.75 % May 28, 2025 $ 783,237 (1) Interest rates are charged at a spread to the Secured Overnight Financing Rate ("SOFR"). Fannie Mae MSR Financing The Company, through two subsidiaries, PMT ISSUER TRUST-FMSR and PMT CO-ISSUER TRUST-FMSR (together, the "Issuer Trusts"), finances MSRs owned by PMC and the related Excess Servicing Spread ("ESS") owned by PennyMac Holdings, LLC (“PMH”), another subsidiary of PMT, through a combination of repurchase agreements and term financing. The repurchase agreements financings for Fannie Mae MSRs and ESS are effected through the issuance of variable funding notes (a Series 2017-VF1 Note and a Series 2024-VF1 Note, and together the "FMSR VFNs") by the Issuer Trusts to PMC and PMH, which are then sold to qualified institutional buyers under agreements to repurchase. The amounts outstanding under the FMSR VFNs are included in Assets sold under agreements to repurchase in the Company’s consolidated balance sheets. The FMSR VFNs have a committed borrowing combined capacity of $ 1.4 billion under two-year repurchase agreement facilities. The term financing for Fannie Mae MSRs through the Issuer Trusts 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 “FTL-1 Term Loans"). 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 ESS 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 principal interest rate spread(1) Stated Optional extension (2) (in thousands) Term Loans 2023 May 25, 2023 $ 370,000 3.00 % May 25, 2028 May 25, 2029 Term Notes 2024 June 27, 2024 355,000 2.75 % December 27, 2027 June 26, 2028 2022 June 28, 2022 305,000 4.19 % June 25, 2027 (3) 2021 March 30, 2021 350,000 3.00 % March 25, 2026 March 27, 2028 $ 1,380,000 (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 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 March 2025 . The total loan amount available under the agreements may be reduced by other debt outstanding with the counterparties. Advances under the credit agreements are secured by MSRs relating to loans serviced for Freddie Mac guaranteed securities. On August 10, 2023, the Company, through its- wholly-owned subsidiaries, PMT ISSUER TRUST - FHLMC SAF, PMT SAF Funding, LLC, and PMC, entered into a structured finance transaction that allows PMC 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 June 30, Six months ended June 30, 2024 2023 2024 2023 (dollars in thousands) Average balance $ 2,894,850 $ 3,074,414 $ 2,880,677 $ 2,939,303 Weighted average interest rate (1) 9.09 % 8.40 % 8.96 % 8.06 % Total interest expense $ 67,466 $ 66,150 $ 132,455 $ 121,097 Maximum daily amount outstanding $ 3,277,400 $ 3,188,116 $ 3,327,400 $ 3,188,116 (1) Excludes the effect of amortization of debt issuance costs of $ 2.0 million and $ 4.1 million for the quarter and six months ended June 30, 2024 , respectively, and $ 1.8 million and $ 3.6 million for the quarter and six months ended June 30, 2023, respectively. June 30, 2024 December 31, 2023 (dollars in thousands) Carrying value: Unpaid principal balance: CRT arrangement financing $ 783,237 $ 747,662 Fannie Mae MSR financing 1,380,000 1,025,000 Freddie Mac MSR and servicing advance receivable financing 780,000 1,145,000 2,943,237 2,917,662 Unamortized debt issuance costs ( 9,392 ) ( 7,057 ) $ 2,933,845 $ 2,910,605 Weighted average interest rate 8.59 % 8.73 % Assets securing notes payable: MSRs (1) $ 3,889,087 $ 3,871,249 Servicing advances $ 29,366 $ 79,274 CRT Agreements: Deposits securing CRT arrangements $ 1,089,385 $ 1,132,081 Derivative assets $ 24,305 $ 16,160 (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, $ 216.5 million aggregate principal amount of exchangeable senior notes due 2029 (the “2029 Exchangeable Notes”), $ 345 million aggregate principal amount of exchangeable senior notes due 2026 (the “2026 Exchangeable Notes”) and $ 210 million aggregate principal amount of exchangeable senior notes due 2024 (the “2024 Exchangeable Notes”). The 2029 Exchangeable Notes, together with the 2026 Exchangeable Notes and the 2024 Exchangeable Notes, are the (“Exchangeable Notes”). The Exchangeable Notes are summarized below : Initial issuance date Unpaid principal balance Annual interest rate Conversion rates (1) Maturity date (2) (in thousands) May 24, 2024 $ 216,500 8.50 % 63.3332 June 1, 2029 March 5, 2021 345,000 5.50 % 46.1063 March 15, 2026 November 7, 2019 210,000 5.50 % 40.1010 November 1, 2024 $ 771,500 (1) Common Shares per $ 1,000 principal amount. (2) Unless repurchased or exchanged in accordance with their terms before such date. Effective June 21, 2024, the Company and PMC entered into a supplemental indenture, pursuant to which PMC made an irrevocable election to eliminate its option to elect physical share settle on any exchange of the 2024 Exchangeable Notes and the 2026 Exchangeable Notes. As a result of entering into the supplemental indenture, the 2024 Exchangeable Notes and the 2026 Exchangeable Notes are exchangeable for: (1) cash for the principal amount of the notes to be exchanged; and (2) cash, PMT Common Shares or a combination of cash and PMT Common Shares, at the Company’s election, for the remainder, if any, of the exchange obligation in excess of the aggregate principal amount of the notes being exchanged, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Exchangeable Notes are fully and unconditionally guaranteed by the Company. 2028 Senior Notes In September 2023, the Company issued $ 53.5 million principal amount of unsecured 8.50 % senior notes due September 30, 2028 (the "2028 Senior Notes”). Interest on the 2028 Senior Notes is payable quarterly. On or after September 30, 2025, PMT may redeem for cash all or any portion of the 2028 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 2028 Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by PMC, including the due and punctual payment of principal and interest, whether at stated maturity, upon acceleration, call for redemption or otherwise. Following is financial information relating to the unsecured senior notes: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Average balance $ 696,731 $ 547,264 $ 652,615 $ 546,890 Weighted average interest rate (1) 6.13 % 5.59 % 5.97 % 5.63 % Interest expense $ 11,629 $ 8,395 $ 21,313 $ 16,775 June 30, 2024 December 31, 2023 (in thousands) Carrying value: Unpaid principal balance $ 825,000 $ 608,500 Unamortized debt issuance costs ( 11,162 ) ( 8,042 ) $ 813,838 $ 600,458 (1) Excludes the effect of amortization of debt issuance costs of $ 1.0 million and $ 1.9 million for the quarter and six months ended June 30, 2024 , respectively, and $ 764,000 and $ 1.5 million for the quarter and six months ended June 30, 2023. respectively. Asset-Backed Financing of Variable Interest Entities at Fair Value Following is a summary of financial information relating to the asset-backed financings of VIEs at fair value described in Note 6 ‒ Variable Interest Entities ‒ Subordinate Mortgage-Backed Securities : Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (dollars in thousands) Average balance $ 1,561,068 $ 1,392,667 $ 1,571,443 $ 1,402,275 Total interest expense $ 11,402 $ 12,791 $ 24,080 $ 25,144 Weighted average interest rate (1) 3.09 % 3.66 % 3.10 % 3.68 % (1) Excludes the effect of (accrual) amortization of net issuance premiums and debt issuance costs of $ ( 604,000 ) and $ ( 112,000 ) for the quarter and six months ended June 30, 2024 , respectively, and $ 75,000 and $( 466,000 ) for the quarter and six months ended June 30, 2023, respectively. June 30, 2024 December 31, 2023 (dollars in thousands) Fair value $ 1,288,180 $ 1,336,731 Unpaid principal balance $ 1,552,958 $ 1,590,003 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 asset-backed financing. Maturities of Long-Term Debt Contractual maturities of long-term debt obligations (based on final maturity dates) are as follows: Twelve months ended June 30, Total 2025 2026 2027 2028 2029 Thereafter (in thousands) Notes payable secured by credit risk transfer $ 2,943,237 $ 1,000,591 $ 375,000 $ 842,646 $ 725,000 $ — $ — Unsecured senior notes 825,000 210,000 345,000 — — 270,000 — Asset-backed financings at fair value (2) 1,552,958 — — — — — 1,552,958 Interest-only security payable at fair value (2) 32,708 — — — — — 32,708 Total $ 5,353,903 $ 1,210,591 $ 720,000 $ 842,646 $ 725,000 $ 270,000 $ 1,585,666 (1) Based on stated maturity. As discussed above, certain of the Notes payable secured by credit risk and mortgage servicing assets allow the Company to exercise optional extensions. (2) Contractual maturity does not reflect expected repayment as borrowers of the underlying loans generally have the right to repay their loans at any time .

Liability for Losses Under Repr

Liability for Losses Under Representations and Warranties	6 Months Ended
Liability for Losses Under Representations and Warranties	Jun. 30, 2024
Liability For Representations And Warranties [Abstract]
Liability for Losses Under Representations and Warranties	Note 16—Liability for Losses Under Representations and Warranties Following is a summary of the Company’s liability for losses under representations and warranties: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Balance, beginning of period $ 19,519 $ 39,407 $ 26,143 $ 39,471 Provision for losses: Pursuant to loan sales 204 738 458 1,678 Reduction in liability due to change in estimate ( 6,540 ) ( 2,939 ) ( 13,418 ) ( 3,555 ) Losses incurred — ( 137 ) — ( 525 ) Balance, end of period $ 13,183 $ 37,069 $ 13,183 $ 37,069 UPB of loans subject to representations and warranties at $ 222,907,138 $ 230,128,231

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 17—Commitments and Contingencies Commitments The following table summarizes the Company’s outstanding contractual commitments: June 30, 2024 (in thousands) Commitments to purchase loans acquired for sale $ 1,006,730 Legal Proceedings 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, income, or cash flows of the Company. Litigation On June 14, 2024, a purported shareholder of the Company’s Series A Preferred Shares and Series B Preferred Shares (each, as defined hereafter) filed a complaint in a putative class action in the United States District Court for the Central District of California, captioned Roberto Verthelyi v. PennyMac Mortgage Investment Trust and PNMAC Capital Management, LLC, Case No. 2:24-cv-05028 (the “Verthelyi Action”). The Verthelyi Action alleges, among other things, that the Company (and its external investment advisor, PCM), committed unlawful and unfair acts in violation of California’s Unfair Competition Law by replacing its floating three-month London Inter-bank Offered Rate ("LIBOR") dividend rate for the Series A and Series B Preferred Shares with a fixed rate, in violation of the LIBOR Act, 12 U.S.C. § 5801 et seq., and the LIBOR Rule, 12 C.F.R. § 253 et seq. The Verthelyi Action seeks injunctive relief requiring the Company to implement SOFR as a replacement to the three-month LIBOR rate and damages for the putative class in the form of restitution, interest, disgorgement and other relief. The Company believes it has interpreted the Articles Supplementary to its Series A and Series B Preferred Shares consistent with their terms and, more specifically, the interest rate fallback provisions contained therein, as applied under the LIBOR Act and the LIBOR rules, and that the Verthelyi Action is without merit. Accordingly, while no assurance can be provided as to the ultimate outcome of this claim, the Company and PCM plan to vigorously defend the matter. Pursuant to the terms of the Third Amended and Restated Management Agreement, dated as of June 30, 2020, by and between the Company and PCM, the Company has assumed the defense of PCM in the Verthelyi Action.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
Shareholders' Equity	Jun. 30, 2024
Equity [Abstract]
Shareholders' Equity	Note 18—Shareholders’ Equity Preferred Shares of Beneficial Interest Preferred shares of beneficial interest are summarized below: Dividends per share, period ended June 30, Quarter Six months Preferred Share series Description (1) Number of shares Liquidation preference Issuance discount Carrying value 2024 2023 2024 2023 Fixed-rate cumulative redeemable (in thousands, except dividends per share) A 8.125 % Issued March 2017 4,600 $ 115,000 $ 3,828 $ 111,172 $ 0.51 $ 0.51 $ 1.02 $ 1.02 B 8.00 % Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 $ 1.00 $ 1.00 C 6.75 % Issued August 2021 10,000 250,000 8,225 241,775 $ 0.42 $ 0.42 $ 0.84 $ 0.84 22,400 $ 560,000 $ 18,518 $ 541,482 (1) Par value is $ 0.01 per share. In accordance with the Articles Supplementary for each of the Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Series A Preferred Shares”) and the Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Series B Preferred Shares”), and disregarding the polling provisions contained in the Articles Supplementary for the Series A Preferred Shares and the Series B Preferred Shares that are deemed null and void in accordance with Federal Reserve rules, the applicable dividend rate for dividend periods from and after March 15, 2024, in the case of the Series A Preferred Shares, or June 15, 2024, in the case of the Series B Preferred Shares, are being 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 fixed rate then in effect and will not transition to floating reference rates. The Series A Preferred Shares became redeemable on March 15, 2024 and the Series B Preferred Shares become redeemable on June 15, 2024. The Series C Cumulative Redeemable Preferred Shares will not be redeemable before August 24, 2026, except in connection with the Company’s qualification as a REIT for U.S. federal income tax purposes or upon the occurrence of a change of control. On or after the date the preferred shares become redeemable, or 120 days after the first date on which such change of control occurs, the Company may, at its option, redeem any or all of the preferred shares at $ 25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. No preferred shares were redeemed during the quarter and six months ended June 30, 2024. The preferred shares have no stated maturity, are not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless redeemed or repurchased by the Company or converted into Common Shares in connection with a change of control by the holders of the Preferred Shares. Common Shares of Beneficial Interest “At-The-Market” (“ATM”) Equity Offering Program On June 14, 2024, the Company filed a shelf registration statement and a prospectus supplement, and entered into separate equity distribution agreements to sell from time to time, through an ATM equity offering program under which the counterparties will act as sales agents and / or principals, the Company’s Common Shares having an aggregate offering price of up to $ 200 million. As of June 30, 2024, the Company had not sold any Common Shares under the ATM equity offering program. Common Share Repurchase Program The Company has a Common Share repurchase program with a repurchase authorization of $ 500 million before transaction fees. The following table summarizes the Company’s Common Share repurchase activity: Quarter ended June 30, Six months ended June 30, Cumulative 2024 2023 2024 2023 total (1) (in thousands) Common Shares repurchased — 1,636 — 2,274 29,102 Cost of Common Shares repurchased (2) $ — $ 19,448 $ — $ 27,011 $ 427,229 (1) Amounts represent the Common Share repurchase program total from its inception in August 2015 through June 30, 2024. (2) Cumulative total cost of Common Shares repurchased inc ludes $ 582,000 of t ransaction fees.

Net Gains on Loans Acquired for

Net Gains on Loans Acquired for Sale	6 Months Ended
Net Gains on Loans Acquired for Sale	Jun. 30, 2024
Text Block [Abstract]
Net Gains on Loans Acquired for Sale	Note 19— Net Gains on Loans Acquired for Sale Net gains on loans acquired for sale are summarized below: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) From nonaffiliates: Cash losses: Sales of loans $ ( 40,228 ) $ ( 116,647 ) $ ( 71,405 ) $ ( 189,592 ) Hedging activities 26,027 29,449 ( 43,929 ) ( 22,667 ) ( 14,201 ) ( 87,198 ) ( 115,334 ) ( 212,259 ) Non-cash gains: Receipt of MSRs in mortgage loan sale transactions 40,619 90,747 71,868 191,365 Provision for losses relating to representations Pursuant to loans sales ( 204 ) ( 738 ) ( 458 ) ( 1,678 ) Reduction of liability due to change in estimate 6,540 2,939 13,418 3,555 6,336 2,201 12,960 1,877 Changes in fair value of loans and derivatives Interest rate lock commitments ( 3,292 ) ( 9,847 ) ( 5,980 ) ( 820 ) Loans ( 488 ) 16,766 5,807 6,279 Hedging derivatives ( 18,864 ) ( 10,055 ) 53,702 21,317 ( 22,644 ) ( 3,136 ) 53,529 26,776 24,311 89,812 138,357 220,018 Total from nonaffiliates 10,110 2,614 23,023 7,759 From PFSI ‒ cash gains 2,050 1,832 3,655 3,160 $ 12,160 $ 4,446 $ 26,678 $ 10,919

Net (Losses) Gains on Investmen

Net (Losses) Gains on Investments and Financings	6 Months Ended
Net (Losses) Gains on Investments and Financings	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Net (Losses) Gains on Investments and Financings	Note 20— Net (Losses) Gains on Investments and Financings Net (losses) gains on investments and financings are summarized below: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Mortgage-backed securities $ ( 34,925 ) $ ( 61,621 ) $ ( 73,123 ) $ 16,597 Loans: Held in VIEs ( 2,739 ) ( 18,253 ) ( 3,979 ) ( 7,236 ) Distressed ( 3 ) ( 877 ) ( 41 ) ( 426 ) CRT arrangements 16,629 60,458 68,284 106,736 Asset-backed financings 1,295 17,794 8,771 7,634 Hedging derivatives — — 20,098 — $ ( 19,743 ) $ ( 2,499 ) $ 20,010 $ 123,305

Net Interest Expense

Net Interest Expense	6 Months Ended
Net Interest Expense	Jun. 30, 2024
Banking and Thrift, Interest [Abstract]
Net Interest Expense	Note 21—Net Interest Expense Net interest expense is summarized below: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Interest income: Cash and short-term investments $ 7,085 $ 6,712 $ 15,277 $ 13,023 Mortgage-backed securities 58,418 62,542 118,189 113,681 Loans acquired for sale at fair value 14,958 25,779 26,904 62,767 Loans at fair value: Held in consolidated variable interest entities 13,449 13,644 25,557 28,810 Distressed 8 31 16 24 Deposits securing CRT arrangements 15,383 15,779 31,079 29,991 Placement fees relating to custodial funds 41,530 37,677 76,970 66,597 Other 1,004 520 1,402 810 151,835 162,684 295,394 315,703 Interest expense: Assets sold under agreements to repurchase 77,364 96,346 157,921 196,613 Mortgage loan participation purchase and sale agreements 219 413 465 706 Notes payable secured by credit risk transfer and 67,466 66,150 132,455 121,097 Unsecured senior notes 11,629 8,395 21,313 16,775 Asset-backed financings at fair value 11,402 12,791 24,080 25,144 Interest shortfall on repayments of loans serviced 1,805 1,790 3,098 2,819 Interest on loan impound deposits 1,652 1,315 2,999 2,658 Other 304 190 1,037 715 171,841 187,390 343,368 366,527 $ ( 20,006 ) $ ( 24,706 ) $ ( 47,974 ) $ ( 50,824 )

Share-Based Compensation

Share-Based Compensation	6 Months Ended
Share-Based Compensation	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Note 22—Share-Based Compensation The Company has an equity incentive plan, adopted in 2019, that 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 equity incentive plan is administered by the Company’s compensation committee, pursuant to authority delegated by PMT’s board of trustees, which has the authority to make 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 equity incentive 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 equity incentive plan if: • any shares subject to an award granted under the equity incentive plan are forfeited, canceled, exchanged or surrendered; • an award terminates or expires without a distribution of shares to the participant; or • shares are surrendered or withheld by PMT as payment of either the exercise price of an award and/or withholding taxes for an award. Restricted share units have been awarded to trustees and officers of the Company and to other employees of PFSI and its subsidiaries at no cost to the grantees. Such awards generally vest over a one - to three-year period. The following table summarizes the Company’s share-based compensation activity: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Grants: Restricted share units 6 7 182 172 Performance share units — 43 140 166 6 50 322 338 Grant date fair value: Restricted share units $ 83 $ 78 $ 2,605 $ 2,212 Performance share units — 507 2,007 2,088 $ 83 $ 585 $ 4,612 $ 4,300 Vestings: Restricted share units 15 11 164 140 Performance share units (1) — — 203 48 15 11 367 188 Forfeitures: Restricted share units 3 6 3 6 Performance share units 4 — 4 — 7 6 7 6 Compensation expense relating to share-based grants $ 827 $ 845 $ 2,192 $ 2,001 (1) The actual number of performance-based restricted share units (“RSUs”) that vested during the six months ended June 30, 2024 was 203,110 Common Shares, which is approximately 140 % of the originally granted performance-based RSUs. June 30, 2024 Restricted share units Performance share units Shares expected to vest: Number of restricted shares units (in thousands) 265 251 Grant date average fair value per unit $ 14.10 $ 14.04

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 23—Income Taxes The Company’s effective tax rate was 11.1 % and ( 19.8 )% with consolidated pretax income of $ 28.6 million and $ 61.0 million for the quarter and six months ended June 30, 2024. The Company’s taxable REIT subsidiary (“TRS”) recognized a tax expense of 3.0 million on pretax income of $ 9.9 million and a tax benefit of $ 12.0 million on a pretax loss of $ 51.0 million for the quarter and six months ended June 30, 2024. For the same periods in 2023, the TRS recognized a tax expense of $ 21.2 million on pretax income of $ 77.9 million and a tax benefit of $ 0.6 million on a pretax loss of $ 12.2 million. The Company’s reported consolidated pretax income was $ 46.9 million for the quarter ended June 30, 2023. The primary difference between the Company’s effective tax rate and the statutory tax rate is generally attributable to nontaxable REIT income resulting from the dividends paid deduction. The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. On the basis of this evaluation, as of June 30, 2024, the valuation allowance remains zero . The conclusion was primarily based on the fact that the TRS has reported cumulative GAAP income over the last three-year period ending June 30, 2024. The amount of deferred tax assets considered realizable could be adjusted in future periods based on future income. In general, cash dividends declared by the Company will be considered ordinary income to the shareholders for income tax purposes. Some portion of the dividends may be characterized as capital gain distributions or a return of capital. For tax years beginning after December 31, 2017, the 2017 Tax Cuts and Jobs Act (subject to certain limitations) provides a 20 % deduction from taxable income for ordinary REIT dividends.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
Earnings Per Common Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Common Share	Note 24—Earnings Per Common Share The Company determines earnings per share using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to Common Shares and participating securities based on their respective rights to receive dividends. The Company’s participating securities are grants of 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. 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 quarter. Diluted earnings per share is determined by dividing net income by the weighted average number of Common Shares and dilutive securities. The Company’s potentially dilutive securities are share-based compensation awards and the Exchangeable Notes. The number of dilutive securities included in diluted earnings per share is calculated using the treasury stock method for share-based compensation awards and the if-converted method for the Exchangeable Notes. As discussed in Note 15— Long-Term Debt, effective June 21, 2024, the Company entered into a supplemental indenture affecting the terms of conversion of the 2024 Exchangeable Notes and the 2026 Exchangeable Notes. As a result of entering into the supplemental indenture, beginning with the quarter and the six months ended June 30, 2024, the number of shares included in the diluted weighted average shares outstanding will represent the number of shares required to settle the obligation in excess of the unpaid balance of the notes being exchanged. The following table summarizes the basic and diluted earnings per share calculations: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands except per share amounts) Net income $ 25,434 $ 24,624 $ 73,042 $ 85,321 Dividends on preferred shares ( 10,455 ) ( 10,454 ) ( 20,909 ) ( 20,909 ) Effect of participating securities—share-based compensation awards ( 106 ) ( 100 ) ( 217 ) ( 202 ) Net income attributable to common shareholders 14,873 14,070 51,916 64,210 Interest on Exchangeable Notes, net of income taxes — — — 12,682 Diluted net income attributable to common shareholders $ 14,873 $ 14,070 $ 51,916 $ 76,892 Weighted average basic shares outstanding 86,849 87,269 86,769 88,046 Dilutive securities: Shares issuable pursuant to exchange of the Exchangeable Notes — — — 24,328 Diluted weighted average shares outstanding 86,849 87,269 86,769 112,374 Basic earnings per share $ 0.17 $ 0.16 $ 0.60 $ 0.73 Diluted earnings per share $ 0.17 $ 0.16 $ 0.60 $ 0.68 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: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Shares issuable under share-based compensation plan 128 114 322 141 Shares issuable pursuant to exchange of the Exchangeable Notes — 24,328 — —

Segments

Segments	6 Months Ended
Segments	Jun. 30, 2024
Segment Reporting [Abstract]
Segments	Note 25—Segments The Company operates in four segments as described in Note 1 ‒ Organization. The Company’s reportable segments are identified based on PMT’s investment strategies. The Company’s chief operating decision maker is its chief executive officer. The following disclosures about the Company’s business segments are presented consistent with the way the Company’s chief operating decision maker organizes and evaluates financial information for making operating decisions and assessing performance. Financial highlights by operating segment are summarized below: Credit Interest rate sensitive sensitive Correspondent Quarter ended June 30, 2024 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 96,494 $ — $ — $ 96,494 Net gains on loans acquired for sale — — 12,160 — 12,160 Net (losses) gains on investments and financings 17,410 ( 37,153 ) — — ( 19,743 ) Net interest expense: Interest income 22,923 111,316 14,907 2,689 151,835 Interest expense 24,272 131,566 15,006 997 171,841 ( 1,349 ) ( 20,250 ) ( 99 ) 1,692 ( 20,006 ) Other ( 224 ) — 2,517 — 2,293 15,837 39,091 14,578 1,692 71,198 Expenses: Loan fulfillment and servicing fees 21 20,243 4,427 — 24,691 Management fees — — — 7,133 7,133 Other 78 1,972 600 8,115 10,765 99 22,215 5,027 15,248 42,589 Pretax income $ 15,738 $ 16,876 $ 9,551 $ ( 13,556 ) $ 28,609 Total assets at end of quarter $ 1,471,470 $ 9,421,790 $ 719,756 $ 467,934 $ 12,080,950 Credit Interest rate sensitive sensitive Correspondent Quarter ended June 30, 2023 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 108,833 $ — $ — $ 108,833 Net gains on loans acquired for sale — — 4,446 — 4,446 Net (losses) gains on investments and financings 68,707 ( 71,206 ) — — ( 2,499 ) Net interest expense: Interest income 25,146 108,656 25,708 3,174 162,684 Interest expense 21,752 137,987 26,740 911 187,390 3,394 ( 29,331 ) ( 1,032 ) 2,263 ( 24,706 ) Other ( 56 ) — 4,434 — 4,378 72,045 8,296 7,848 2,263 90,452 Expenses: Loan fulfillment and servicing fees 32 20,285 5,441 — 25,758 Management fees — — — 7,078 7,078 Other 911 1,183 1,007 7,662 10,763 943 21,468 6,448 14,740 43,599 Pretax income $ 71,102 $ ( 13,172 ) $ 1,400 $ ( 12,477 ) $ 46,853 Total assets at end of quarter $ 1,638,662 $ 10,099,868 $ 1,161,519 $ 484,873 $ 13,384,922 Credit Interest rate sensitive sensitive Correspondent Six months ended June 30, 2024 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 142,199 $ — $ — $ 142,199 Net gains on loans acquired for sale — — 26,678 — 26,678 Net (losses) gains on investments and financings 77,001 ( 56,991 ) — — 20,010 Net interest expense: Interest income 47,132 215,496 26,798 5,968 295,394 Interest expense 47,283 266,389 27,268 2,428 343,368 ( 151 ) ( 50,893 ) ( 470 ) 3,540 ( 47,974 ) Other ( 90 ) — 4,580 — 4,490 76,760 34,315 30,788 3,540 145,403 Expenses: Loan fulfillment and servicing fees 41 40,485 8,443 — 48,969 Management fees — — — 14,321 14,321 Other 155 4,197 1,127 15,644 21,123 196 44,682 9,570 29,965 84,413 Pretax income $ 76,564 $ ( 10,367 ) $ 21,218 $ ( 26,425 ) $ 60,990 Total assets at end of period $ 1,471,470 $ 9,421,790 $ 719,756 $ 467,934 $ 12,080,950 Credit Interest rate sensitive sensitive Correspondent Six months ended June 30, 2023 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 85,140 $ — $ — $ 85,140 Net gains on loans acquired for sale — — 10,919 — 10,919 Net (losses) gains on investments and financings 123,096 209 — — 123,305 Net interest expense: Interest income 46,540 200,738 62,635 5,790 315,703 Interest expense 39,554 263,156 61,872 1,945 366,527 6,986 ( 62,418 ) 763 3,845 ( 50,824 ) Other — — 12,278 — 12,278 130,082 22,931 23,960 3,845 180,818 Expenses: Loan fulfillment and servicing fees 109 40,658 17,363 — 58,130 Management fees — — — 14,335 14,335 Other 1,547 2,472 3,415 15,265 22,699 1,656 43,130 20,778 29,600 95,164 Pretax income $ 128,426 $ ( 20,199 ) $ 3,182 $ ( 25,755 ) $ 85,654 Total assets at end of period $ 1,638,662 $ 10,099,868 $ 1,161,519 $ 484,873 $ 13,384,922

Regulatory Capital and Liquidit

Regulatory Capital and Liquidity Requirements	6 Months Ended
Regulatory Capital and Liquidity Requirements	Jun. 30, 2024
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' applicable capital and liquidity amounts and requirements are summarized below: Net worth (1) Tangible net worth / Liquidity (1) Measurement date Actual Required Actual Required Actual Required (dollars in thousands) June 30, 2024 $ 839,660 $ 577,947 15 % 6 % $ 566,152 $ 208,704 December 31, 2023 $ 874,628 $ 584,131 15 % 6 % $ 450,210 $ 210,691 (1) Calculated in accordance with the Agencies’ requirements. Noncompliance with the Agencies’ capital and liquidity requirements can result in the Agencies taking various remedial actions up to and including removing the Company’s ability to sell loans to and service loans on behalf of the Agencies.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 27—Subsequent Events Management has evaluated all events and transactions through the date the Company issued these consolidated financial statements. During this period, all agreements to repurchase assets that matured before the date of this Report were extended or renewed.

Organization and Basis of Prese

Organization and Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The Company’s consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s ("FASB") Accounting Standards Codification for interim financial information and with the Securities and Exchange Commission’s instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these financial statements and notes do not include all of the information required by GAAP for complete financial statements. This interim consolidated information should be read together with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. These unaudited consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, income, and cash flows for the interim periods presented, but are not necessarily indicative of the income 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 or restricted cash equivalents during the periods presented. Therefore, the consolidated statements of cash flows do not include references to restricted cash or restricted cash equivalents.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements During 2023, the FASB issued two Accounting Standards Updates (“ASUs”) aimed at increasing the amount of detail provided to financial statement users in certain existing disclosures. Neither ASU requires changes to the Company’s accounting. The ASUs are discussed below: Segment Disclosures The FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), that is intended to improve disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for more detailed information about a reportable segment’s expenses. The amendments in ASU 2023-07 are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The key amendments will require that the Company supplement its existing disclosures to include disclosure of: • significant segment expenses that are regularly provided to the chief operating decision maker included within each reported measure of segment profit or loss; and • an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss. The Company will be required to apply ASU 2023-07 in annual periods beginning with its fiscal year ending December 31, 2024 and for quarterly periods ended thereafter with early adoption permitted. Income Tax Disclosures The FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), that is intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires disclosures of: • Reconciliation of the expected income tax at the applicable statutory federal income tax rate to the reported income tax in a tabular format, using both percentages and amounts, broken out into specific categories with certain reconciling items of five percent or greater of the expected tax further broken out by nature and/or jurisdiction; and • Income taxes paid, net of refunds received, broken out between federal and state and local income taxes. Payments to individual jurisdictions representing five percent or more of the total income tax payments must also be separately disclosed. The disclosures required by ASU 2023-09 are required in the Company’s annual financial statements beginning with the year ending December 31, 2025, with early adoption permitted.
Fair Value	The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine fair value. These levels are: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Prices determined or determinable using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. • Level 3—Prices determined using significant unobservable inputs. In situations where significant observable inputs are unavailable, unobservable inputs may be used. Unobservable inputs reflect the Company’s own judgments about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances. As a result of the difficulty in observing certain significant valuation inputs affecting “Level 3” fair value assets and liabilities, the Company is required to make judgments regarding these items’ fair values. Different persons in possession of the same facts may reasonably arrive at different conclusions as to the inputs to be applied in valuing these assets and liabilities and their fair values. Such differences may result in significantly different fair value measurements. Likewise, due to the general illiquidity of some of these assets and liabilities, subsequent transactions may be at values significantly different from those reported. The Company reclassifies its assets and liabilities between levels of the fair value hierarchy when the 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 has also identified its Asset-backed financings at fair value and Interest-only security payable at fair value to be accounted for at fair value to reflect the generally offsetting changes in fair value of these borrowings to changes in fair value of the assets at fair value collateralizing these financings. For other borrowings, the Company has determined that historical cost accounting is more appropriate because under historical cost accounting debt issuance costs are amortized over the term of the debt facility, thereby matching the debt issuance costs to the periods benefiting from the availability of the debt.

Transactions with Related Par_2

Transactions with Related Parties (Tables)	6 Months Ended
Transactions with Related Parties (Tables)	Jun. 30, 2024
Related Party Transactions [Abstract]
Summary of Correspondent Production Activity	Following is a summary of correspondent production activity between the Company and PLS: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Loan fulfillment fees earned by PLS $ 4,427 $ 5,441 $ 8,443 $ 17,364 UPB of loans fulfilled by PLS $ 2,229,397 $ 3,029,274 $ 4,001,078 $ 9,658,084 Sourcing fees received from PLS included in Net gains on loans acquired for sale $ 2,050 $ 1,832 $ 3,655 $ 3,160 UPB of loans sold to PLS: Government guaranteed or insured $ 10,500,415 $ 11,307,342 $ 18,357,340 $ 20,521,054 Conventional conforming 10,006,706 7,017,890 18,196,636 11,080,764 $ 20,507,121 $ 18,325,232 $ 36,553,976 $ 31,601,818 Tax service fees paid to PLS $ 431 $ 701 $ 790 $ 2,111 June 30, 2024 December 31, 2023 (in thousands) Loans included in Loans acquired for sale at fair value $ 281,020 $ 168,303
Summary of Loan Servicing Fees Earned and Mortgage Servicing Rights Recaptured Income Earned	Following is a summary of loan servicing fees and recapture earned by PLS: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Loan servicing fees: Loans acquired for sale at fair value $ 94 $ 172 $ 184 $ 457 Loans at fair value 63 31 125 151 Mortgage servicing rights 20,107 20,114 40,217 40,158 $ 20,264 $ 20,317 $ 40,526 $ 40,766 Average investment in loans: Acquired for sale at fair value $ 854,406 $ 1,609,816 $ 779,997 $ 1,992,706 At fair value $ 1,380,857 $ 1,491,357 $ 1,403,094 $ 1,500,936 Average MSR portfolio unpaid principal balance $ 229,124,554 $ 232,008,151 $ 229,767,433 $ 231,381,212 MSR recapture fees $ 473 $ 509 $ 826 $ 994 UPB of loans recaptured $ 74,208 $ 98,126 $ 136,281 $ 193,317
Summary of Management Fee Expense	Following is a summary of management fee expenses: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Base management $ 7,133 $ 7,078 $ 14,321 $ 14,335 Performance incentive — — — — $ 7,133 $ 7,078 $ 14,321 $ 14,335 Average shareholders' equity amounts used to calculate $ 1,912,522 $ 1,892,505 $ 1,919,962 $ 1,927,305
Summary of Expenses	Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Reimbursement of: Expenses incurred on the Company’s behalf, net $ 2,779 $ 3,978 $ 9,193 $ 9,639 Common overhead incurred by PCM and its affiliates 2,000 2,140 3,944 3,961 Compensation 165 165 330 330 $ 4,944 $ 6,283 $ 13,467 $ 13,930 Payments and settlements during the quarter (1) $ 29,263 $ 30,872 $ 59,348 $ 63,256 (1) Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PFSI for the operating, investing and financing activities itemized in this Note.
Summary of Amounts Receivable From and Payable to PFSI	Amounts receivable from and payable to PFSI are summarized below: June 30, 2024 December 31, 2023 (in thousands) Due from PFSI-Miscellaneous receivables $ 1 $ 56 Due to PFSI: Correspondent production fees $ 9,145 $ 8,288 Management fees 7,133 7,252 Loan servicing fees 6,792 6,809 Allocated expenses and expenses and costs paid by PFSI 5,166 5,612 Fulfillment fees 1,177 1,301 $ 29,413 $ 29,262
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 of the Company as summarized below: Balance sheet line including advance amount June 30, 2024 December 31, 2023 (in thousands) Loan servicing advances $ 98,989 $ 206,151 Other assets-Real estate acquired in settlement of loans 1,230 2,003 $ 100,219 $ 208,154

Loan Sales (Tables)

Loan Sales (Tables)	6 Months Ended
Loan Sales (Tables)	Jun. 30, 2024
Loan Sales [Abstract]
Summary of Cash Flows between Company and Transferees in Transfers Accounted for Sales	The following table summarizes cash flows between the Company and transferees in transfers of loans that are accounted for as sales where the Company maintains continuing involvement with the loans: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Cash flows: Proceeds from sales $ 2,240,258 $ 4,881,794 $ 4,168,594 $ 10,469,060 Loan servicing fees received $ 162,127 $ 165,499 $ 322,484 $ 329,713
Summary of Collection Status Information for Loans Accounted for Sales	The following table summarizes for the dates presented collection status information for loans that are accounted for as sales where the Company maintains continuing involvement: June 30, 2024 December 31, 2023 (in thousands) UPB of loans outstanding $ 224,229,222 $ 228,838,471 Collection status (UPB) Delinquency: 30-89 days delinquent $ 2,334,456 $ 2,184,500 90 or more days delinquent: Not in foreclosure $ 822,290 $ 1,029,962 In foreclosure $ 86,934 $ 85,045 Bankruptcy $ 241,304 $ 185,320 Custodial funds managed by the Company (1) $ 2,704,150 $ 1,759,974 (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 income.

Variable Interest Entities (Tab

Variable Interest Entities (Tables) - Variable Interest Entities [Member]	6 Months Ended
	Jun. 30, 2024
Summary of Investment in Subordinate MBS Backed by Assets Held in Consolidated VIEs	Following is a summary of the Company’s investment in subordinate MBS backed by assets held in consolidated VIEs: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Net investment income: Net (losses) gains on investments and financings: Loans at fair value $ ( 2,739 ) $ ( 18,253 ) $ ( 3,979 ) $ ( 7,236 ) Asset-backed financings at fair value 1,295 17,794 8,771 7,634 Interest income 13,449 13,644 25,557 28,810 Interest expense 11,402 12,791 24,080 25,144 $ 603 $ 394 $ 6,269 $ 4,064 June 30, 2024 December 31, 2023 (in thousands) Loans at fair value $ 1,375,838 $ 1,431,689 Asset-backed financings at fair value $ 1,288,180 $ 1,336,731 Retained subordinate MBS at fair value pledged to Assets sold under agreements to repurchase $ 78,337 $ 85,344
Credit Risk Transfer Agreements [Member]
Summary of Credit Risk Transfer Agreements	Following is a summary of the CRT arrangements: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Net investment income: Net (losses) gains on investments and financings: CRT Derivatives and strips: CRT derivatives Realized $ 3,564 $ 5,423 $ 6,973 $ 8,453 Valuation changes 1,475 9,410 8,256 17,506 5,039 14,833 15,229 25,959 CRT strips Realized 11,693 11,984 23,378 24,288 Valuation changes 378 34,496 29,718 58,624 12,071 46,480 53,096 82,912 Interest-only security payable at fair value ( 481 ) ( 855 ) ( 41 ) ( 2,135 ) 16,629 60,458 68,284 106,736 Interest income — Deposits securing CRT arrangements 15,383 15,779 31,079 29,991 $ 32,012 $ 76,237 $ 99,363 $ 136,727 Net payments made to settle losses on CRT arrangements $ 128 $ 499 $ 313 $ 1,756 June 30, 2024 December 31, 2023 (in thousands) Carrying value of CRT arrangements: Derivative assets - CRT derivatives $ 24,305 $ 16,160 CRT strip liabilities ( 16,974 ) ( 46,692 ) Deposits securing CRT arrangements 1,163,268 1,209,498 Interest-only security payable at fair value ( 32,708 ) ( 32,667 ) $ 1,137,891 $ 1,146,299 CRT arrangement assets pledged to secure borrowings: Derivative assets $ 24,305 $ 16,160 Deposits securing CRT arrangements (1) $ 1,163,268 $ 1,209,498 UPB of loans underlying CRT arrangements $ 22,204,806 $ 23,152,230 Collection status (UPB): Delinquency Current $ 21,638,731 $ 22,531,905 30-89 days delinquent $ 403,626 $ 411,991 90-180 days delinquent $ 100,882 $ 120,011 180 or more days delinquent $ 42,967 $ 64,647 Foreclosure $ 18,600 $ 23,676 Bankruptcy $ 65,176 $ 58,696 (1) Deposits securing credit risk transfer strip liabilities also secure $ 17.0 million and $ 46.7 million in CRT strip liabilities at June 30, 2024 and December 31, 2023, respectively .

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
Fair Value (Tables)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Financial Statement Items Measured at Fair Value on Recurring Basis	Following is a summary of financial statement items that are measured at fair value on a recurring basis: June 30, 2024 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 336,296 $ — $ — $ 336,296 Mortgage-backed securities at fair value — 3,980,496 87,841 4,068,337 Loans acquired for sale at fair value — 686,397 7,994 694,391 Loans at fair value — 1,375,838 1,998 1,377,836 Derivative assets: Call options on interest rate futures purchase contracts 10,324 — — 10,324 Put options on interest rate futures purchase contracts 4,474 — — 4,474 Forward purchase contracts — 3,812 — 3,812 Forward sale contracts — 26,971 — 26,971 MBS put options — 1,421 — 1,421 CRT derivatives — — 24,305 24,305 Interest rate lock commitments — — 2,587 2,587 Total derivative assets before netting 14,798 32,204 26,892 73,894 Netting — — — 16,859 Total derivative assets after netting 14,798 32,204 26,892 90,753 Mortgage servicing rights at fair value — — 3,941,861 3,941,861 $ 351,094 $ 6,074,935 $ 4,066,586 $ 10,509,474 Liabilities: Asset-backed financings at fair value $ — $ 1,288,180 $ — $ 1,288,180 Interest-only security payable at fair value — — 32,708 32,708 Derivative and credit risk transfer strip liabilities: Forward purchase contracts — 8,661 — 8,661 Forward sales contracts — 3,693 — 3,693 Interest rate lock commitments — — 1,035 1,035 Total derivative liabilities before netting — 12,354 1,035 13,389 Netting — — — ( 11,471 ) Total derivative liabilities after netting — 12,354 1,035 1,918 Credit risk transfer strips — — 16,974 16,974 Total derivative and credit risk transfer strip liabilities — 12,354 18,009 18,892 $ — $ 1,300,534 $ 50,717 $ 1,339,780 December 31, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 128,338 $ — $ — $ 128,338 Mortgage-backed securities at fair value — 4,742,061 94,231 4,836,292 Loans acquired for sale at fair value — 662,700 6,318 669,018 Loans at fair value — 1,431,689 2,131 1,433,820 Derivative assets: Call options on interest rate futures purchase contracts 41,712 — — 41,712 Put options on interest rate futures purchase contracts 4,324 — — 4,324 Forward purchase contracts — 15,905 — 15,905 Forward sale contracts — 671 — 671 MBS call options — 3,218 — 3,218 MBS put options — 5 — 5 CRT derivatives — — 16,160 16,160 Interest rate lock commitments — — 7,596 7,596 Total derivative assets before netting 46,036 19,799 23,756 89,591 Netting — — — 88,393 Total derivative assets after netting 46,036 19,799 23,756 177,984 Mortgage servicing rights at fair value — — 3,919,107 3,919,107 $ 174,374 $ 6,856,249 $ 4,045,543 $ 11,164,559 Liabilities: Asset-backed financings at fair value $ — $ 1,336,731 $ — $ 1,336,731 Interest-only security payable at fair value — — 32,667 32,667 Derivative liabilities and credit risk transfer strips: Call options on interest rate futures purchase contracts 2,005 — — 2,005 Call options on interest rate futures sell contracts 1,328 — — 1,328 Forward purchase contracts — 490 — 490 Forward sales contracts — 50,363 — 50,363 Interest rate lock commitments — — 64 64 Total derivative liabilities before netting 3,333 50,853 64 54,250 Netting — — — ( 49,561 ) Total derivative liabilities after netting 3,333 50,853 64 4,689 Credit risk transfer strips — — 46,692 46,692 Total derivative and credit risk transfer strip 3,333 50,853 46,756 51,381 $ 3,333 $ 1,387,584 $ 79,423 $ 1,420,779
Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis	The following is a summary of changes in items measured at fair value on a recurring basis using Level 3 inputs that are significant to the estimation of the fair values of the assets and liabilities at either the beginning or end of the periods presented: Quarter ended June 30, 2024 Assets (1) Interest-only stripped mortgage-backed securities Loans Loans at CRT Interest rate CRT Mortgage Total (in thousands) Balance, March 31, 2024 $ 94,667 $ 5,096 $ 2,034 $ 22,899 $ 4,845 $ ( 17,352 ) $ 3,951,737 $ 4,063,926 Purchases issuances and (purchase — 4,013 — — 4,760 — ( 13 ) 8,760 Repayments and sales ( 4,984 ) ( 1,018 ) ( 32 ) ( 3,633 ) — ( 11,693 ) — ( 21,360 ) Accrual of unearned discount 2,390 — — — — — — 2,390 Amounts received pursuant to sales — — — — — — 40,619 40,619 Changes in fair value included in results arising from: Changes in instrument - — — — — — — — — Other factors ( 4,232 ) ( 97 ) ( 4 ) 5,039 ( 4,147 ) 12,071 ( 50,556 ) ( 41,926 ) ( 4,232 ) ( 97 ) ( 4 ) 5,039 ( 4,147 ) 12,071 ( 50,556 ) ( 41,926 ) Transfers of: Interest rate lock commitments to loans — — — — ( 3,906 ) — — ( 3,906 ) Mortgage servicing rights relating to — — — — — — 74 74 Balance, June 30, 2024 $ 87,841 $ 7,994 $ 1,998 $ 24,305 $ 1,552 $ ( 16,974 ) $ 3,941,861 $ 4,048,577 Changes in fair value recognized during $ ( 4,232 ) $ ( 112 ) $ ( 11 ) $ 5,039 $ 1,552 $ 378 $ ( 50,556 ) $ ( 47,942 ) (1) For the purpose of this table, CRT derivative, interest rate lock commitment (“IRLC”), and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended June 30, 2024 (in thousands) Interest-only security payable: Balance, March 31, 2024 $ 32,227 Changes in fair value included in income arising from: Changes in instrument - specific credit risk — Other factors 481 481 Balance, June 30, 2024 $ 32,708 Changes in fair value recognized during the quarter relating $ 481 Quarter ended June 30, 2023 Assets (1) Loans Loans at CRT Interest CRT Mortgage Total (in thousands) Balance, March 31, 2023 $ 10,109 $ 3,548 $ ( 13,860 ) $ 8,549 $ ( 113,065 ) $ 3,975,076 $ 3,870,357 Purchases and issuances 767 — — 3,756 — — 4,523 Repayments and sales ( 4,637 ) ( 4 ) ( 5,367 ) — ( 11,984 ) — ( 21,992 ) Amounts received pursuant to sales — — — — — 90,747 90,747 Changes in fair value included in results of Changes in instrument - — — — — — — — Other factors 391 ( 879 ) 14,833 ( 14,355 ) 46,480 ( 87,997 ) ( 41,527 ) 391 ( 879 ) 14,833 ( 14,355 ) 46,480 ( 87,997 ) ( 41,527 ) Transfers of: Interest rate lock commitments — — — 752 — — 752 Mortgage servicing rights relating to — — — — — 112 112 Balance, June 30, 2023 $ 6,630 $ 2,665 $ ( 4,394 ) $ ( 1,298 ) $ ( 78,569 ) $ 3,977,938 $ 3,902,972 Changes in fair value recognized during $ ( 193 ) $ ( 879 ) $ 9,410 $ ( 1,298 ) $ 34,496 $ ( 87,997 ) $ ( 46,461 ) (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended June 30, 2023 (in thousands) Interest-only security payable: Balance, March 31, 2023 $ 23,205 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — Other factors 855 855 Balance, June 30, 2023 $ 24,060 Changes in fair value recognized during the quarter relating $ 855 Six months ended June 30, 2024 Assets (1) Interest-only stripped mortgage-backed securities Loans Loans at CRT Interest rate CRT Mortgage Total (in thousands) Balance, December 31, 2023 $ 94,231 $ 6,318 $ 2,131 $ 16,160 $ 7,532 $ ( 46,692 ) $ 3,919,107 $ 3,998,787 Purchases and issuances — 5,497 — — 7,871 — 29,428 42,796 Repayments and sales ( 10,054 ) ( 3,676 ) ( 91 ) ( 7,084 ) — ( 23,378 ) — ( 44,283 ) Accrual of unearned discounts 4,606 — — — — — — 4,606 Amounts received pursuant to sales — — — — — — 71,868 71,868 Changes in fair value included in results arising from: Changes in instrument - specific — — — — — — — — Other factors ( 942 ) ( 145 ) ( 42 ) 15,229 ( 5,002 ) 53,096 ( 78,758 ) ( 16,564 ) ( 942 ) ( 145 ) ( 42 ) 15,229 ( 5,002 ) 53,096 ( 78,758 ) ( 16,564 ) Transfers of: Interest rate lock commitments to loans — — — — ( 8,849 ) — — ( 8,849 ) Mortgage servicing rights relating to — — — — — — 216 216 Balance, June 30, 2024 $ 87,841 $ 7,994 $ 1,998 $ 24,305 $ 1,552 $ ( 16,974 ) $ 3,941,861 $ 4,048,577 Changes in fair value recognized during $ ( 942 ) $ ( 199 ) $ ( 52 ) $ 8,256 $ 1,552 $ 29,718 $ ( 78,758 ) $ ( 40,425 ) (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Six months ended June 30, 2024 (in thousands) Interest-only security payable: Balance, December 31, 2023 $ 32,667 Changes in fair value included in income arising from: Changes in instrument - specific credit risk — Other factors 41 41 Balance, June 30, 2024 $ 32,708 Changes in fair value recognized during the period relating $ 41 Six months ended June 30, 2023 Assets (1) Loans Loans at CRT Interest CRT strips Mortgage Total (in thousands) Balance, December 31, 2022 $ 10,708 $ 3,457 $ ( 22,098 ) $ ( 478 ) $ ( 137,193 ) $ 4,012,737 $ 3,867,133 Purchases and issuances 4,262 119 — ( 3,931 ) — — 450 Repayments and sales ( 8,404 ) ( 24 ) ( 8,255 ) — ( 24,288 ) — ( 40,971 ) Amounts received pursuant to sales — — — — — 191,365 191,365 Changes in fair value included in results Changes in instrument - specific credit — — — — — — — Other factors 64 ( 427 ) 25,959 12,677 82,912 ( 225,441 ) ( 104,256 ) 64 ( 427 ) 25,959 12,677 82,912 ( 225,441 ) ( 104,256 ) Transfers of: Loans to REO — ( 460 ) — — — — ( 460 ) Interest rate lock commitments — — — ( 9,566 ) — — ( 9,566 ) Mortgage servicing rights relating to — — — — — ( 723 ) ( 723 ) Balance, June 30, 2023 $ 6,630 $ 2,665 $ ( 4,394 ) $ ( 1,298 ) $ ( 78,569 ) $ 3,977,938 $ 3,902,972 Changes in fair value recognized during $ ( 176 ) $ ( 886 ) $ 17,506 $ ( 1,298 ) $ 58,624 $ ( 225,441 ) $ ( 151,671 ) (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Six months ended June 30, 2023 (in thousands) Interest-only security payable: Balance, December 31, 2022 $ 21,925 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — Other factors 2,135 2,135 Balance, June 30, 2023 $ 24,060 Changes in fair value recognized during the period relating $ 2,135
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 (including loans acquired for sale, loans held in consolidated VIEs, and distressed loans): June 30, 2024 December 31, 2023 Fair value Principal Difference Fair value Principal Difference (in thousands) Loans acquired for sale at fair value: Current through 89 days delinquent $ 693,724 $ 678,677 $ 15,047 $ 667,857 $ 648,283 $ 19,574 90 or more days delinquent: Not in foreclosure 594 864 ( 270 ) 433 617 ( 184 ) In foreclosure 73 96 ( 23 ) 728 845 ( 117 ) 667 960 ( 293 ) 1,161 1,462 ( 301 ) $ 694,391 $ 679,637 $ 14,754 $ 669,018 $ 649,745 $ 19,273 Loans at fair value: Held in consolidated VIEs: Current through 89 days delinquent $ 1,375,028 $ 1,646,940 $ ( 271,912 ) $ 1,430,427 $ 1,697,305 $ ( 266,878 ) 90 or more days delinquent: Not in foreclosure 481 607 ( 126 ) 1,262 1,582 ( 320 ) In foreclosure 329 423 ( 94 ) — — — 810 1,030 ( 220 ) 1,262 1,582 ( 320 ) 1,375,838 1,647,970 ( 272,132 ) 1,431,689 1,698,887 ( 267,198 ) Distressed: Current through 89 days delinquent 461 672 ( 211 ) 569 728 ( 159 ) 90 or more days delinquent: Not in foreclosure 277 1,398 ( 1,121 ) 393 2,023 ( 1,630 ) In foreclosure 1,260 2,934 ( 1,674 ) 1,169 2,546 ( 1,377 ) 1,537 4,332 ( 2,795 ) 1,562 4,569 ( 3,007 ) 1,998 5,004 ( 3,006 ) 2,131 5,297 ( 3,166 ) $ 1,377,836 $ 1,652,974 $ ( 275,138 ) $ 1,433,820 $ 1,704,184 $ ( 270,364 )
Summary of Changes in Fair Value Included in Current Period Results of Operations	Following are the changes in fair value included in current period income by consolidated statement of income line item for financial statement items accounted for under the fair value option: Quarter ended June 30, 2024 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 $ — $ — $ ( 34,925 ) $ 6,586 $ ( 28,339 ) Loans acquired for sale at fair value — 1,969 — — 1,969 Loans at fair value — — ( 2,742 ) ( 605 ) ( 3,347 ) Credit risk transfer strips — — 12,071 — 12,071 MSRs at fair value ( 50,556 ) — — — ( 50,556 ) $ ( 50,556 ) $ 1,969 $ ( 25,596 ) $ 5,981 $ ( 68,202 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 481 ) $ — $ ( 481 ) Asset-backed financing of VIEs at fair value — — 1,295 ( 604 ) 691 $ — $ — $ 814 $ ( 604 ) $ 210 Quarter ended June 30, 2023 Net loan Net gains on loans acquired for sale Net (losses) gains on investments and financings Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ — $ ( 61,621 ) $ ( 264 ) $ ( 61,885 ) Loans acquired for sale at fair value — ( 9,424 ) — — ( 9,424 ) Loans at fair value — — ( 19,130 ) ( 1,185 ) ( 20,315 ) Credit risk transfer strips — — 46,480 — 46,480 MSRs at fair value ( 87,997 ) — — — ( 87,997 ) $ ( 87,997 ) $ ( 9,424 ) $ ( 34,271 ) $ ( 1,449 ) $ ( 133,141 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 855 ) $ — $ ( 855 ) Asset-backed financings at fair value — — 17,794 76 17,870 $ — $ — $ 16,939 $ 76 $ 17,015 Six months ended June 30, 2024 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 $ — $ — $ ( 73,123 ) $ 9,677 $ ( 63,446 ) Loans acquired for sale at fair value — 1,632 — — 1,632 Loans at fair value — — ( 4,020 ) ( 2,740 ) ( 6,760 ) Credit risk transfer strips — — 53,096 — 53,096 MSRs at fair value ( 78,758 ) — — — ( 78,758 ) $ ( 78,758 ) $ 1,632 $ ( 24,047 ) $ 6,937 $ ( 94,236 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 41 ) $ — $ ( 41 ) Asset-backed financings at fair value — — 8,771 ( 112 ) 8,659 $ — $ — $ 8,730 $ ( 112 ) $ 8,618 Six months ended June 30, 2023 Net loan Net gains on loans acquired for sale Net (losses) gains on investments and financings Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ — $ — $ 16,597 $ ( 2,220 ) $ 14,377 Loans acquired for sale at fair value — 5,891 — — 5,891 Loans at fair value — — ( 7,662 ) ( 1,059 ) ( 8,721 ) Credit risk transfer strips — — 82,912 — 82,912 MSRs at fair value ( 225,441 ) — — — ( 225,441 ) $ ( 225,441 ) $ 5,891 $ 91,847 $ ( 3,279 ) $ ( 130,982 ) Liabilities: Interest-only security payable at fair value $ — $ — $ ( 2,135 ) $ — $ ( 2,135 ) Asset-backed financings at fair value — — 7,634 ( 466 ) 7,168 $ — $ — $ 5,499 $ ( 466 ) $ 5,033
Summary of Carrying Value of Financial Statement Items Remeasured Based on Fair Value on Nonrecurring Basis	Following is a summary of the carrying value of assets that were remeasured during the period based on fair value on a nonrecurring basis: Real estate acquired in settlement of loans Level 1 Level 2 Level 3 Total (in thousands) June 30, 2024 $ — $ — $ 713 $ 713 December 31, 2023 $ — $ — $ 753 $ 753
Summary of Changes in Fair Value Recognized in Assets that Remeasured at Fair Value on a Nonrecurring Basis	The following table summarizes the fair value changes recognized during the periods on assets held at period end that were remeasured at fair value on a nonrecurring basis: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Real estate acquired in settlement of loans $ ( 246 ) $ ( 124 ) $ ( 150 ) $ ( 62 )
Carrying and Fair Values of Notes Payable Secured by Credit Risk Transfer and Mortgage Servicing Rights and Exchangeable Senior Notes	The fair values and carrying values of these liabilities are summarized below: June 30, 2024 December 31, 2023 Instrument Carrying value Fair value Carrying value Fair value (in thousands) Notes payable secured by credit risk transfer $ 2,933,845 $ 2,942,231 $ 2,910,605 $ 2,904,678 Unsecured senior notes $ 813,838 $ 800,382 $ 600,458 $ 580,090
Key Inputs Used in Determining Fair Value of IO Securities	Following are the key inputs used in determining the fair value of IO securities: June 30, 2024 December 31, 2023 Fair value (in thousands) $ 87,841 $ 94,231 Key inputs (1) Pricing spread (2) Range 5.9 % - 6.4 % 5.1 % – 5.1 % Weighted average 6.4 % 5.1 % Annual total prepayment speed (3) Range 10.1 % - 10.3 % 10.9 % – 11.0 % Weighted average 10.1 % 10.9 % Equivalent life (in years) Range 4.7 - 7.5 4.7 – 7.2 Weighted average 7.4 7.1 (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 a derived United States Treasury Securities (“Treasury”) 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: June 30, 2024 December 31, 2023 (dollars in thousands) Fair value $ 24,305 $ 16,160 UPB of loans in reference pools $ 5,198,283 $ 5,437,551 Key inputs (1) Discount rate Range 9.7 % – 11.9 % 9.0 % – 9.7 % Weighted average 9.9 % 9.6 % Voluntary prepayment speed (2) Range 7.0 % – 7.4 % 6.9 % – 7.6 % Weighted average 7.2 % 7.4 % Involuntary prepayment speed (3) Range 0.1 % – 0.1 % 0.2 % – 0.8 % Weighted average 0.1 % 0.3 % Remaining loss expectation Range 0.0 % – 0.2 % 0.2 % – 0.3 % Weighted average 0.1 % 0.3 % (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: June 30, 2024 December 31, 2023 Fair value (in thousands) (1) $ 1,552 $ 7,532 Committed amount (in thousands) $ 1,006,730 $ 874,017 Key inputs (2) Pull-through rate Range 56.5 % – 99.0 % 50.0 % - 98.0 % Weighted average 83.9 % 82.5 % MSR fair value expressed as Servicing fee multiple Range 3.0 – 7.0 1.7 - 6.5 Weighted average 5.1 4.6 Percentage of unpaid principal balance Range 0.8 % – 2.4 % 0.4 % - 2.4 % Weighted average 1.9 % 1.7 % (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 of the CRT strip liabilities: June 30, 2024 December 31, 2023 (dollars in thousands) Fair value $ 16,974 $ 46,692 Unpaid principal balance of loans in the reference pools $ 17,006,523 $ 17,714,679 Key inputs (1) Discount rate Range 8.2 % – 9.4 % 7.9 % – 9.6 % Weighted average 9.3 % 9.4 % Voluntary prepayment speed (2) Range 7.3 % – 7.4 % 6.6 % – 8.2 % Weighted average 7.3 % 6.8 % Involuntary prepayment speed (3) Range 0.1 % – 0.2 % 0.2 % – 0.3 % Weighted average 0.1 % 0.2 % Remaining loss expectation Range 0.4 % – 1.5 % 0.5 % – 1.6 % Weighted average 0.5 % 0.6 % (1) Weighted average inputs are based on fair value amounts of the CRT arrangements, except for remaining loss expectation which is based on the UPB of the loans in the reference pools. (2) Voluntary prepayment speed is measured using life voluntary CPR. (3) Involuntary prepayment speed is measured using life involuntary CPR.
Key Assumptions Used in Determining Fair Value of MSRs at Time of Initial Recognition	Following are the key inputs used in determining the fair value of MSRs at the time of initial recognition: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 MSRs recognized (in thousands) $ 40,619 $ 90,747 $ 71,868 $ 191,365 Unpaid principal balance of underlying loans (in thousands) $ 2,242,511 $ 4,856,301 $ 4,073,529 $ 10,405,626 Weighted average annual servicing fee rate (in basis points) 35 39 35 40 Key inputs (1) Pricing spread (2) Range 5.9 % – 8.1 % 5.5 % – 8.8 % 5.5 % – 8.5 % 5.5 % – 8.8 % Weighted average 6.0 % 5.9 % 5.8 % 5.9 % Prepayment speed (3) Range 10.8 % – 17.8 % 11.8 % – 20.2 % 10.8 % – 17.8 % 11.8 % – 21.8 % Weighted average 11.5 % 11.9 % 12.4 % 12.6 % Equivalent average life (in years) Range 3.4 – 7.2 2.9 - 7.1 3.4 – 7.2 2.8 - 7.1 Weighted average 7.1 7.0 6.8 6.7 Annual per-loan cost of servicing Range $ 69 – $ 87 $ 68 – $ 69 $ 69 – $ 87 $ 68 – $ 69 Weighted average $ 69 $ 69 $ 70 $ 69 (1) Weighted average inputs are based on UPB of the underlying loans. (2) The Company uses the pricing spread over a derived Treasury yield curve for the purpose of discounting cash flows relating to MSRs. (3) Prepayment speed is measured using life total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information.
Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of Dates Presented, and Effect on Estimated Fair Value from Adverse Changes in Those Inputs	Following is a quantitative summary of key inputs used in the valuation of MSRs as of the dates presented, and the effect on the fair value from adverse changes in those inputs: June 30, 2024 December 31, 2023 Fair value (in thousands) $ 3,941,861 $ 3,919,107 Unpaid principal balance of underlying loans (in thousands) $ 227,842,960 $ 230,294,583 Weighted average annual servicing fee rate (in basis points) 28 28 Weighted average note interest rate 3.7 % 3.7 % Key inputs (1) Pricing spread (2) Range 5.4 % - 8.1 % 5.5 % – 8.5 % Weighted average 5.5 % 5.5 % Effect on fair value (in thousands) of (3): 5% adverse change $( 48,117 ) $( 48,362 ) 10% adverse change $( 95,095 ) $( 95,575 ) 20% adverse change $( 185,782 ) $( 186,699 ) Prepayment speed (4) Range 6.7 % - 17.7 % 6.5 % – 17.9 % Weighted average 6.8 % 7.0 % Equivalent average life (in years) Range 2.6 - 9.2 2.7 – 9.4 Weighted average 8.5 8.5 Effect on fair value (in thousands) of (3): 5% adverse change $( 54,297 ) $( 53,964 ) 10% adverse change $( 106,844 ) $( 106,144 ) 20% adverse change $( 207,027 ) $( 205,509 ) Annual per-loan cost of servicing Range $ 68 - $ 89 $ 70 – $ 89 Weighted average $ 68 $ 70 Effect on fair value (in thousands) of (3): 5% adverse change $( 16,566 ) $( 17,276 ) 10% adverse change $( 33,131 ) $( 34,551 ) 20% adverse change $( 66,262 ) $( 69,103 ) (1) Weighted-average inputs are based on the UPB of the underlying loans. (2) The Company uses a pricing spread over a derived Treasury 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)	6 Months Ended
Mortgage-Backed Securities (Tables)	Jun. 30, 2024
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 June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Balance at beginning of period $ 3,949,678 $ 4,629,004 $ 4,836,292 $ 4,462,601 Purchases 239,875 259,725 399,460 3,044,317 Sales — — ( 941,340 ) ( 2,629,540 ) Repayments ( 92,877 ) ( 95,504 ) ( 162,629 ) ( 160,414 ) Changes in fair value included in income arising from: Accrual (amortization) of net purchase premiums 6,586 ( 263 ) 9,677 ( 2,220 ) Valuation adjustments, net ( 34,925 ) ( 61,621 ) ( 73,123 ) 16,597 ( 28,339 ) ( 61,884 ) ( 63,446 ) 14,377 Balance at end of period $ 4,068,337 $ 4,731,341 $ 4,068,337 $ 4,731,341
Schedule of Mortgage Backed Securities Pledged to Secure Assets Sold	June 30, 2024 December 31, 2023 (in thousands) Fair value of mortgage-backed securities pledged to secure Assets sold under agreements to repurchase $ 4,068,337 $ 4,836,292
Schedule of Investments in Mortgage Backed Securities	Following is a summary of the Company’s investments in MBS: June 30, 2024 Security type (1) Principal Unamortized Cumulative Fair value (in thousands) Agency fixed-rate pass-through securities $ 3,295,288 $ ( 1,744 ) $ ( 52,728 ) $ 3,240,816 Principal-only stripped mortgage-backed 551,502 ( 113,872 ) ( 4,999 ) 432,631 Subordinate credit-linked securities 174,813 ( 3,687 ) 25,684 196,810 Senior non-Agency securities 118,248 ( 3,450 ) ( 4,559 ) 110,239 $ 4,139,851 $ ( 122,753 ) $ ( 36,602 ) 3,980,496 Interest-only stripped mortgage-backed $ 405,346 87,841 $ 4,068,337 December 31, 2023 Security type (1) Principal Unamortized Cumulative Fair value (in thousands) Agency fixed-rate pass-through securities $ 4,311,342 $ 34 $ ( 41,320 ) $ 4,270,056 Principal-only stripped mortgage-backed 65,573 ( 18,567 ) 6,330 53,336 Subordinate credit-linked securities 275,963 ( 3,633 ) 28,850 301,180 Senior non-Agency securities 124,771 ( 3,567 ) ( 3,715 ) 117,489 $ 4,777,649 $ ( 25,733 ) $ ( 9,855 ) 4,742,061 Interest-only stripped mortgage-backed $ 419,791 94,231 $ 4,836,292 (1) All MBS have maturities of more than ten years and are pledged to secure Assets sold under agreements to repurchase .

Loans Acquired for Sale at Fa_2

Loans Acquired for Sale at Fair Value (Tables)	6 Months Ended
Loans Acquired for Sale at Fair Value (Tables)	Jun. 30, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Summary of Distribution of Company's Loans Acquired for Sale at Fair Value	Following is a summary of the distribution of the Company’s loans acquired for sale at fair value: Loan type June 30, 2024 December 31, 2023 (in thousands) Held for sale to nonaffiliates—GSE eligible (1) $ 381,436 $ 491,108 Held for sale to PLS GSE eligible 141,598 62,234 Government insured or guaranteed 139,422 106,069 281,020 168,303 Jumbo 23,941 3,289 Home equity lines of credit 1,513 1,803 Repurchased pursuant to representations and warranties 6,481 4,515 $ 694,391 $ 669,018 Loans pledged to secure: Assets sold under agreements to repurchase $ 670,978 $ 659,751 Mortgage loan participation purchase and sale agreements 14,253 — $ 685,231 $ 659,751 GSE eligibility refers to the eligibility of loans for sale to Fannie Mae or Freddie Mac. The Company sells or finances a portion of its GSE eligible loan production to other investors, including PLS.

Loans at Fair Value (Tables)

Loans at Fair Value (Tables)	6 Months Ended
Loans at Fair Value (Tables)	Jun. 30, 2024
Mortgage Loans At Fair Value [Abstract]
Summary of Distribution of Company's Loans at Fair Value	Following is a summary of the distribution of the Company’s loans at fair value: Loan type June 30, 2024 December 31, 2023 (in thousands) Loans in VIEs: Agency-conforming loans secured by investment properties $ 1,329,667 $ 1,383,392 Fixed interest rate jumbo loans 46,171 48,297 1,375,838 1,431,689 Distressed loans 1,998 2,131 $ 1,377,836 $ 1,433,820 Loans at fair value pledged to secure: Asset-backed financings at fair value (1) $ 1,375,838 $ 1,431,689 Assets sold under agreements to repurchase 167 207 $ 1,376,005 $ 1,431,896 (1) As discussed in Note 6 ‒ Variable Interest Entities ‒ Subordinate Mortgage-Backed Securities , the Company holds a portion of the securities issued by the VIEs. At June 30, 2024 and December 31, 2023 , $ 78.3 million and $ 85.3 million, respectively, of such retained securities were pledged to secure Assets sold under agreements to repurchase .

Derivative and Credit Risk Tr_2

Derivative and Credit Risk Transfer Strip Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Derivative and Credit Risk Transfer Assets and Liabilities	Derivative and credit risk transfer assets and liabilities are summarized below: June 30, 2024 December 31, 2023 (in thousands) Derivative assets $ 90,753 $ 177,984 $ 90,753 $ 177,984 Derivative liabilities $ 1,918 $ 4,689 Credit risk transfer strip liabilities 16,974 46,692 $ 18,892 $ 51,381
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 strip liabilities and related margin deposits on the consolidated balance sheets: June 30, 2024 December 31, 2023 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 1,785,000 $ 10,324 $ — 2,315,000 $ 41,712 $ 2,005 Put options on interest rate futures purchase 1,840,000 4,474 — 2,900,000 4,324 — Call options on interest rate futures sell contracts — — — 500,000 — 1,328 Forward purchase contracts 3,162,559 3,812 8,661 2,789,324 15,905 490 Forward sale contracts 7,460,993 26,971 3,693 7,219,512 671 50,363 MBS call options — — — 500,000 3,218 — MBS put options 850,000 1,421 — 450,000 5 — Bond futures 2,384,400 — — 2,860,500 — — Swap futures 951,200 — — 1,048,800 — — Other derivatives not subject to master netting CRT derivatives 5,198,283 24,305 — 5,437,551 16,160 — Interest rate lock commitments 1,006,730 2,587 1,035 874,017 7,596 64 Total derivative instruments before netting 73,894 13,389 89,591 54,250 Netting 16,859 ( 11,471 ) 88,393 ( 49,561 ) $ 90,753 $ 1,918 $ 177,984 $ 4,689 Margin deposits placed with derivative $ 28,330 $ 137,955 Derivative assets pledged to secure: Notes payable secured by credit risk transfer $ 24,305 $ 16,160 (1) Notional amounts provide an indication of the volume of the Company’s derivative activities. (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 amounts of derivative asset positions after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance qualifying for setoff accounting. June 30, 2024 December 31, 2023 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 Counterparty sheet instruments received amount sheet instruments received amount (in thousands) CRT derivatives $ 24,305 $ — $ — $ 24,305 $ 16,160 $ — $ — $ 16,160 Interest rate lock commitments 2,587 — — 2,587 7,596 — — 7,596 Morgan Stanley & Co. LLC 47,095 — — 47,095 79,825 — — 79,825 RJ O’Brien & Associates, LLC 14,798 — — 14,798 42,703 — — 42,703 Wells Fargo Securities, LLC 510 — — 510 7,759 — — 7,759 Athene Annuity & Life Assurance Company 475 — — 475 94 — — 94 Barclays Capital Inc. 295 — — 295 — — — — Goldman Sachs & Co. LLC 240 — — 240 18,701 — — 18,701 J.P. Morgan Securities LLC 127 — — 127 997 — — 997 Bank of America, N.A. — — — — 3,418 — — 3,418 Citigroup Global Markets Inc. — — — — 503 — — 503 Other 321 — — 321 228 — — 228 $ 90,753 $ — $ — $ 90,753 $ 177,984 $ — $ — $ 177,984
Summary of Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty	The following table summarizes by significant counterparty the amounts of derivative liabilities and assets sold under agreements to repurchase after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance to qualify for setoff accounting. All assets sold under agreements to repurchase represent sufficient collateral or exceed the liability amounts recorded on the consolidated balance sheet. June 30, 2024 December 31, 2023 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 Counterparty sheet (1) pledged amount sheet (1) pledged amount (in thousands) Interest rate lock commitments $ 1,035 $ — $ — $ 1,035 $ 64 $ — $ — $ 64 J.P. Morgan Securities LLC 1,472,895 ( 1,472,895 ) — — 1,521,072 ( 1,521,072 ) — — Wells Fargo Securities, LLC 743,903 ( 743,903 ) — — 569,129 ( 569,129 ) — — Bank of America, N.A. 591,021 ( 590,900 ) — 121 785,756 ( 785,756 ) — — Barclays Capital Inc. 478,021 ( 478,021 ) — — 807,404 ( 803,641 ) — 3,763 Santander US Capital 361,667 ( 361,667 ) — — 292,091 ( 292,091 ) — — Citigroup Global Markets Inc. 319,808 ( 319,748 ) — 60 147,093 ( 147,093 ) — — Daiwa Capital Markets 230,236 ( 230,236 ) — — 340,975 ( 340,975 ) — — RBC Capital Markets, L.P. 156,745 ( 156,745 ) — — 128,602 ( 128,602 ) — — Mizuho Financial Group 100,218 ( 99,722 ) — 496 67,637 ( 67,110 ) — 527 Atlas Securitized Products, L.P. 91,499 ( 91,499 ) — — 783,456 ( 783,456 ) — — Goldman Sachs & Co. LLC 71,005 ( 71,005 ) — — 145,007 ( 145,007 ) — — Morgan Stanley & Co. LLC 50,911 ( 50,911 ) — — 25,814 ( 25,814 ) — — BNP Paribas 28,120 ( 28,120 ) — — 10,121 ( 10,121 ) — — Nomura Holdings America, Inc 8,251 ( 8,205 ) — 46 8,135 ( 7,940 ) — 195 Other 160 — — 160 140 — — 140 $ 4,705,495 $ ( 4,703,577 ) $ — $ 1,918 $ 5,632,496 $ ( 5,627,807 ) $ — $ 4,689 (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 income line items where such gains and losses are included: Quarter ended June 30, Six months ended June 30, Derivative activity Consolidated statements of income line 2024 2023 2024 2023 (in thousands) Interest rate lock commitments Net gains on loans acquired for sale (1) $ ( 3,292 ) $ ( 9,847 ) $ ( 5,980 ) $ ( 820 ) CRT derivatives Net (losses) gains on investments $ 5,039 $ 14,833 $ 15,229 $ 25,959 Hedged item: Assets sold under agreements Net (losses) gains on investments $ — $ — $ 20,098 $ — Interest rate lock Net gains on loans acquired for sale $ 7,163 $ 19,394 $ 9,773 $ ( 1,350 ) Mortgage servicing rights Net loan servicing fees $ ( 18,365 ) $ 23,996 $ ( 108,179 ) $ ( 30,895 ) (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 rollforwards of IRLCs for the period in Note 7 – Fair Value – Financial Statement Items Measured at Fair Value on a Recurring Basis .

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	6 Months Ended
Mortgage Servicing Rights (Tables)	Jun. 30, 2024
Text Block [Abstract]
Summary of MSRs Carried at Fair Value	Following is a summary of MSRs: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Balance at beginning of period $ 3,951,737 $ 3,975,076 $ 3,919,107 $ 4,012,737 Purchases (price adjustments) ( 13 ) — 29,428 — MSRs resulting from loan sales 40,619 90,747 71,868 191,365 Transfers to Agency of mortgage servicing 74 112 216 ( 723 ) Changes in fair value: Due to changes in inputs used in valuation 46,039 15,046 117,609 ( 30,725 ) Other changes in fair value (2) ( 96,595 ) ( 103,043 ) ( 196,367 ) ( 194,716 ) ( 50,556 ) ( 87,997 ) ( 78,758 ) ( 225,441 ) Balance at end of period $ 3,941,861 $ 3,977,938 $ 3,941,861 $ 3,977,938 June 30, 2024 December 31, 2023 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets and Notes payable $ 3,889,087 $ 3,871,249 (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 income and are summarized below: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Contractually specified servicing fees $ 162,127 $ 165,499 $ 322,484 $ 329,713 Ancillary and other fees: Late charges 982 805 1,975 1,564 Other 1,833 6,021 3,851 9,205 2,815 6,826 5,826 10,769 $ 164,942 $ 172,325 $ 328,310 $ 340,482 Average MSR UPB $ 229,124,554 $ 232,008,151 $ 229,767,433 $ 231,381,212

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
Other Assets (Tables)	Jun. 30, 2024
Other Assets [Abstract]
Summary of Other Assets	Other assets are summarized below: June 30, 2024 December 31, 2023 (dollars in thousands) Margin deposits $ 68,969 $ 124,293 Interest receivable 37,183 37,305 Servicing fees receivable 11,431 14,603 Correspondent lending receivables 5,842 6,313 Other receivables 11,675 7,199 Real estate acquired in settlement of loans 3,892 4,541 Other 39,492 58,284 $ 178,484 $ 252,538 Real estate acquired in settlement of loans pledged to secure Assets sold under agreements to repurchase $ 1,515 $ 1,905

Short-Term Debt (Tables)

Short-Term Debt (Tables)	6 Months Ended
Short-Term Debt (Tables)	Jun. 30, 2024
Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase	Following is a summary of financial information relating to assets sold under agreements to repurchase: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (dollars in thousands) Weighted average interest rate (1) 6.09 % 5.95 % 6.13 % 5.74 % Average balance $ 5,016,206 $ 6,414,368 $ 5,080,520 $ 6,826,134 Total interest expense $ 77,364 $ 96,346 $ 157,921 $ 196,613 Maximum daily amount outstanding $ 5,525,266 $ 8,499,053 $ 6,562,795 $ 9,330,819 (1) Excludes the effect of amortization of debt issuance costs of $ 1.4 million and $ 3.0 million for the quarter and six months ended June 30, 2024 , respectively, and $ 1.2 million and $ 2.4 million for the quarter and six months ended June 30, 2023, respectively. June 30, 2024 December 31, 2023 (dollars in thousands) Carrying value: Unpaid principal balance $ 4,703,577 $ 5,627,807 Unamortized debt issuance costs ( 3,352 ) ( 3,249 ) $ 4,700,225 $ 5,624,558 Weighted average interest rate 5.83 % 6.14 % Available borrowing capacity (1): Committed $ 909,369 $ 634,147 Uncommitted 5,588,880 5,221,706 $ 6,498,249 $ 5,855,853 Margin deposits placed with (received from) counterparties included in Other assets ( Accounts payable and accrued liabilities ), net $ 22,851 $ ( 116,358 ) Assets securing agreements to repurchase: Mortgage-backed securities $ 4,068,337 $ 4,836,292 Loans acquired for sale at fair value $ 670,978 $ 659,751 Loans at fair value: Securities retained in asset-backed financings $ 78,337 $ 85,344 Distressed $ 167 $ 207 Deposits securing credit risk transfer arrangements $ 73,883 $ 77,417 Mortgage servicing rights (2) $ 2,001,478 $ 2,000,574 Servicing advances $ 49,420 $ 101,927 Real estate acquired in settlement of loans $ 1,515 $ 1,905 (1) The amount the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. (2) Beneficial interests in Fannie Mae MSRs are pledged to secure both Assets sold under agreements to repurchase and Notes payable secured by credit risk transfer and mortgage servicing assets .
Summary of Maturities of Outstanding Advances Under Repurchase Agreements by Maturity Date	Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date: Remaining maturity at June 30, 2024 (1) Unpaid (in thousands) Within 30 days $ 3,797,413 Over 30 to 90 days 682,420 Over 90 days to 180 days 156,744 Over 180 days to 1 year 57,000 Over 1 year to 2 years 10,000 $ 4,703,577 Weighted average maturity (in months) 1.1 The Company is subject to margin calls during the period the repurchase agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective repurchase agreements mature if the fair values (as determined by the applicable lender) of the assets securing those repurchase agreements decrease.
Summary of Assets Sold under Agreements to Repurchase by Counterparty	Securities Counterparty Amount at risk Weighted average maturity (in thousands) Citibank, N.A. $ 48,619 September 1, 2024 JPMorgan Chase & Co. $ 42,526 July 14, 2024 Bank of America, N.A. $ 13,118 July 15, 2024 Wells Fargo Securities, LLC $ 27,829 July 24, 2024 Barclays Capital Inc. $ 25,179 July 14, 2024 Santander US Capital $ 16,765 July 21, 2024 Daiwa Capital Markets America Inc. $ 5,446 July 1, 2024 Mizuho Financial Group $ 3,820 July 25, 2024 Nomura Holdings America, Inc $ 3,432 August 4, 2024 CRT arrangements Counterparty Amount at risk Weighted average maturity (in thousands) Goldman Sachs & Co. LLC $ 22,534 September 5, 2024
Summary of Mortgage Loan Participation Purchase and Sale Agreement	The mortgage loan participation purchase and sale agreement is summarized below: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (dollars in thousands) Average balance $ 11,255 $ 23,767 $ 11,993 $ 20,456 Weighted average interest rate (1) 6.72 % 6.44 % 6.75 % 6.34 % Total interest expense $ 219 $ 413 $ 465 $ 706 Maximum daily amount outstanding $ 56,423 $ 90,565 $ 56,423 $ 90,565 (1) Excludes the effect of amortization of debt issuance costs of $ 31,000 and $ 63,000 for the quarter and six months ended June 30, 2024 and 2023, respectively. June 30, 2024 (dollars in thousands) Carrying value: Amount outstanding $ 13,582 Unamortized debt issuance costs — $ 13,582 Weighted average interest rate 6.59 % Loans acquired for sale pledged to secure mortgage loan participation $ 14,253
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) Citibank, N.A. $ 35,610 September 8, 2024 June 27, 2025 JPMorgan Chase & Co. $ 3,275 September 8, 2024 June 16, 2025 Atlas Securitized Products, L.P. $ 33,413 September 3, 2024 June 26, 2026 Goldman Sachs & Co. LLC $ 10,798 September 18, 2024 December 8, 2025 Bank of America, N.A. $ 19,043 July 28, 2024 June 10, 2026 Wells Fargo Securities, LLC $ 4,051 September 23, 2024 May 3, 2025 Barclays Capital Inc. $ 3,269 September 19, 2024 March 6, 2026 RBC Capital Markets, L.P. $ 5,535 October 13, 2024 May 9, 2025 Morgan Stanley & Co. LLC $ 3,373 September 22, 2024 May 22, 2026 BNP Paribas $ 817 September 23, 2024 September 30, 2025

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
Long-Term Debt (Tables)	Jun. 30, 2024
Summary of Financial Information Relating to Note Payable Secured by Credit Risk Transfer and Mortgage Servicing Assets	Following is a summary of financial information relating to notes payable secured by credit risk transfer and mortgage servicing assets: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (dollars in thousands) Average balance $ 2,894,850 $ 3,074,414 $ 2,880,677 $ 2,939,303 Weighted average interest rate (1) 9.09 % 8.40 % 8.96 % 8.06 % Total interest expense $ 67,466 $ 66,150 $ 132,455 $ 121,097 Maximum daily amount outstanding $ 3,277,400 $ 3,188,116 $ 3,327,400 $ 3,188,116 (1) Excludes the effect of amortization of debt issuance costs of $ 2.0 million and $ 4.1 million for the quarter and six months ended June 30, 2024 , respectively, and $ 1.8 million and $ 3.6 million for the quarter and six months ended June 30, 2023, respectively. June 30, 2024 December 31, 2023 (dollars in thousands) Carrying value: Unpaid principal balance: CRT arrangement financing $ 783,237 $ 747,662 Fannie Mae MSR financing 1,380,000 1,025,000 Freddie Mac MSR and servicing advance receivable financing 780,000 1,145,000 2,943,237 2,917,662 Unamortized debt issuance costs ( 9,392 ) ( 7,057 ) $ 2,933,845 $ 2,910,605 Weighted average interest rate 8.59 % 8.73 % Assets securing notes payable: MSRs (1) $ 3,889,087 $ 3,871,249 Servicing advances $ 29,366 $ 79,274 CRT Agreements: Deposits securing CRT arrangements $ 1,089,385 $ 1,132,081 Derivative assets $ 24,305 $ 16,160 (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 June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Average balance $ 696,731 $ 547,264 $ 652,615 $ 546,890 Weighted average interest rate (1) 6.13 % 5.59 % 5.97 % 5.63 % Interest expense $ 11,629 $ 8,395 $ 21,313 $ 16,775 June 30, 2024 December 31, 2023 (in thousands) Carrying value: Unpaid principal balance $ 825,000 $ 608,500 Unamortized debt issuance costs ( 11,162 ) ( 8,042 ) $ 813,838 $ 600,458 (1) Excludes the effect of amortization of debt issuance costs of $ 1.0 million and $ 1.9 million for the quarter and six months ended June 30, 2024 , respectively, and $ 764,000 and $ 1.5 million for the quarter and six months ended June 30, 2023. respectively.
Summary of Financial Information Relating to Asset-Backed Financing of a VIE at Fair Value	Following is a summary of financial information relating to the asset-backed financings of VIEs at fair value described in Note 6 ‒ Variable Interest Entities ‒ Subordinate Mortgage-Backed Securities : Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (dollars in thousands) Average balance $ 1,561,068 $ 1,392,667 $ 1,571,443 $ 1,402,275 Total interest expense $ 11,402 $ 12,791 $ 24,080 $ 25,144 Weighted average interest rate (1) 3.09 % 3.66 % 3.10 % 3.68 % (1) Excludes the effect of (accrual) amortization of net issuance premiums and debt issuance costs of $ ( 604,000 ) and $ ( 112,000 ) for the quarter and six months ended June 30, 2024 , respectively, and $ 75,000 and $( 466,000 ) for the quarter and six months ended June 30, 2023, respectively. June 30, 2024 December 31, 2023 (dollars in thousands) Fair value $ 1,288,180 $ 1,336,731 Unpaid principal balance $ 1,552,958 $ 1,590,003 Weighted average interest rate 3.22 % 3.22 %
Schedule of Contractual Maturities on Long Term Debt Obligations	Maturities of Long-Term Debt Contractual maturities of long-term debt obligations (based on final maturity dates) are as follows: Twelve months ended June 30, Total 2025 2026 2027 2028 2029 Thereafter (in thousands) Notes payable secured by credit risk transfer $ 2,943,237 $ 1,000,591 $ 375,000 $ 842,646 $ 725,000 $ — $ — Unsecured senior notes 825,000 210,000 345,000 — — 270,000 — Asset-backed financings at fair value (2) 1,552,958 — — — — — 1,552,958 Interest-only security payable at fair value (2) 32,708 — — — — — 32,708 Total $ 5,353,903 $ 1,210,591 $ 720,000 $ 842,646 $ 725,000 $ 270,000 $ 1,585,666 (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 .
CRT Arrangement Financing [Member]
Summary of Term Note Issued to Qualified Institutional Buyers	Following is a summary of the CRT Term Notes outstanding: CRT Issuance date Issuance amount Unpaid principal Annual interest rate spread(1) Maturity date (in thousands) 2024 2R April 4, 2024 $ 247,000 $ 240,923 3.35 % March 29, 2027 2024 1R March 6, 2024 $ 306,000 296,723 3.50 % March 1, 2027 2020 1R February 14, 2020 $ 350,000 47,637 3.35 % February 27, 2025 2019 3R October 16, 2019 $ 375,000 44,416 3.70 % October 29, 2024 2019 2R June 11, 2019 $ 638,000 153,538 3.75 % May 28, 2025 $ 783,237 (1) Interest rates are charged at a spread to the Secured Overnight Financing Rate ("SOFR").
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 principal interest rate spread(1) Stated Optional extension (2) (in thousands) Term Loans 2023 May 25, 2023 $ 370,000 3.00 % May 25, 2028 May 25, 2029 Term Notes 2024 June 27, 2024 355,000 2.75 % December 27, 2027 June 26, 2028 2022 June 28, 2022 305,000 4.19 % June 25, 2027 (3) 2021 March 30, 2021 350,000 3.00 % March 25, 2026 March 27, 2028 $ 1,380,000 (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 .
Exchangeable Senior Notes [Member]
Summary of Term Note Issued to Qualified Institutional Buyers	: Initial issuance date Unpaid principal balance Annual interest rate Conversion rates (1) Maturity date (2) (in thousands) May 24, 2024 $ 216,500 8.50 % 63.3332 June 1, 2029 March 5, 2021 345,000 5.50 % 46.1063 March 15, 2026 November 7, 2019 210,000 5.50 % 40.1010 November 1, 2024 $ 771,500 (1) Common Shares per $ 1,000 principal amount. (2) Unless repurchased or exchanged in accordance with their terms before such date.

Liability for Losses Under Re_2

Liability for Losses Under Representations and Warranties (Tables)	6 Months Ended
	Jun. 30, 2024
Liability For Representations And Warranties [Abstract]
Summary of Company's Liability for Losses under Representations and Warranties	Following is a summary of the Company’s liability for losses under representations and warranties: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Balance, beginning of period $ 19,519 $ 39,407 $ 26,143 $ 39,471 Provision for losses: Pursuant to loan sales 204 738 458 1,678 Reduction in liability due to change in estimate ( 6,540 ) ( 2,939 ) ( 13,418 ) ( 3,555 ) Losses incurred — ( 137 ) — ( 525 ) Balance, end of period $ 13,183 $ 37,069 $ 13,183 $ 37,069 UPB of loans subject to representations and warranties at $ 222,907,138 $ 230,128,231

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Company's Outstanding Contractual Commitments	The following table summarizes the Company’s outstanding contractual commitments: June 30, 2024 (in thousands) Commitments to purchase loans acquired for sale $ 1,006,730

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
Shareholders' Equity (Tables)	Jun. 30, 2024
Equity [Abstract]
Schedule of Preferred Shares of Beneficial Interest	Preferred shares of beneficial interest are summarized below: Dividends per share, period ended June 30, Quarter Six months Preferred Share series Description (1) Number of shares Liquidation preference Issuance discount Carrying value 2024 2023 2024 2023 Fixed-rate cumulative redeemable (in thousands, except dividends per share) A 8.125 % Issued March 2017 4,600 $ 115,000 $ 3,828 $ 111,172 $ 0.51 $ 0.51 $ 1.02 $ 1.02 B 8.00 % Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 $ 1.00 $ 1.00 C 6.75 % Issued August 2021 10,000 250,000 8,225 241,775 $ 0.42 $ 0.42 $ 0.84 $ 0.84 22,400 $ 560,000 $ 18,518 $ 541,482 (1) Par value is $ 0.01 per share.
Summary of Common Share Repurchase Activity	The following table summarizes the Company’s Common Share repurchase activity: Quarter ended June 30, Six months ended June 30, Cumulative 2024 2023 2024 2023 total (1) (in thousands) Common Shares repurchased — 1,636 — 2,274 29,102 Cost of Common Shares repurchased (2) $ — $ 19,448 $ — $ 27,011 $ 427,229 (1) Amounts represent the Common Share repurchase program total from its inception in August 2015 through June 30, 2024. (2) Cumulative total cost of Common Shares repurchased inc ludes $ 582,000 of t ransaction fees.

Net Gains on Loans Acquired f_2

Net Gains on Loans Acquired for Sale (Tables)	6 Months Ended
Net Gains on Loans Acquired for Sale (Tables)	Jun. 30, 2024
Text Block [Abstract]
Schedule of Net Gains on Loans Acquired for Sale	Net gains on loans acquired for sale are summarized below: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) From nonaffiliates: Cash losses: Sales of loans $ ( 40,228 ) $ ( 116,647 ) $ ( 71,405 ) $ ( 189,592 ) Hedging activities 26,027 29,449 ( 43,929 ) ( 22,667 ) ( 14,201 ) ( 87,198 ) ( 115,334 ) ( 212,259 ) Non-cash gains: Receipt of MSRs in mortgage loan sale transactions 40,619 90,747 71,868 191,365 Provision for losses relating to representations Pursuant to loans sales ( 204 ) ( 738 ) ( 458 ) ( 1,678 ) Reduction of liability due to change in estimate 6,540 2,939 13,418 3,555 6,336 2,201 12,960 1,877 Changes in fair value of loans and derivatives Interest rate lock commitments ( 3,292 ) ( 9,847 ) ( 5,980 ) ( 820 ) Loans ( 488 ) 16,766 5,807 6,279 Hedging derivatives ( 18,864 ) ( 10,055 ) 53,702 21,317 ( 22,644 ) ( 3,136 ) 53,529 26,776 24,311 89,812 138,357 220,018 Total from nonaffiliates 10,110 2,614 23,023 7,759 From PFSI ‒ cash gains 2,050 1,832 3,655 3,160 $ 12,160 $ 4,446 $ 26,678 $ 10,919

Net (Losses) Gains on Investm_2

Net (Losses) Gains on Investments and Financings (Tables)	6 Months Ended
Net (Losses) Gains on Investments and Financings (Tables)	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Net (Losses) Gains on Investments and Financings	Net (losses) gains on investments and financings are summarized below: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Mortgage-backed securities $ ( 34,925 ) $ ( 61,621 ) $ ( 73,123 ) $ 16,597 Loans: Held in VIEs ( 2,739 ) ( 18,253 ) ( 3,979 ) ( 7,236 ) Distressed ( 3 ) ( 877 ) ( 41 ) ( 426 ) CRT arrangements 16,629 60,458 68,284 106,736 Asset-backed financings 1,295 17,794 8,771 7,634 Hedging derivatives — — 20,098 — $ ( 19,743 ) $ ( 2,499 ) $ 20,010 $ 123,305

Net Interest Expense (Tables)

Net Interest Expense (Tables)	6 Months Ended
Net Interest Expense (Tables)	Jun. 30, 2024
Banking and Thrift, Interest [Abstract]
Summary of Net Interest Expense	Net interest expense is summarized below: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Interest income: Cash and short-term investments $ 7,085 $ 6,712 $ 15,277 $ 13,023 Mortgage-backed securities 58,418 62,542 118,189 113,681 Loans acquired for sale at fair value 14,958 25,779 26,904 62,767 Loans at fair value: Held in consolidated variable interest entities 13,449 13,644 25,557 28,810 Distressed 8 31 16 24 Deposits securing CRT arrangements 15,383 15,779 31,079 29,991 Placement fees relating to custodial funds 41,530 37,677 76,970 66,597 Other 1,004 520 1,402 810 151,835 162,684 295,394 315,703 Interest expense: Assets sold under agreements to repurchase 77,364 96,346 157,921 196,613 Mortgage loan participation purchase and sale agreements 219 413 465 706 Notes payable secured by credit risk transfer and 67,466 66,150 132,455 121,097 Unsecured senior notes 11,629 8,395 21,313 16,775 Asset-backed financings at fair value 11,402 12,791 24,080 25,144 Interest shortfall on repayments of loans serviced 1,805 1,790 3,098 2,819 Interest on loan impound deposits 1,652 1,315 2,999 2,658 Other 304 190 1,037 715 171,841 187,390 343,368 366,527 $ ( 20,006 ) $ ( 24,706 ) $ ( 47,974 ) $ ( 50,824 )

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
Share-Based Compensation (Tables)	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Share-Based Compensation Activity	The following table summarizes the Company’s share-based compensation activity: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Grants: Restricted share units 6 7 182 172 Performance share units — 43 140 166 6 50 322 338 Grant date fair value: Restricted share units $ 83 $ 78 $ 2,605 $ 2,212 Performance share units — 507 2,007 2,088 $ 83 $ 585 $ 4,612 $ 4,300 Vestings: Restricted share units 15 11 164 140 Performance share units (1) — — 203 48 15 11 367 188 Forfeitures: Restricted share units 3 6 3 6 Performance share units 4 — 4 — 7 6 7 6 Compensation expense relating to share-based grants $ 827 $ 845 $ 2,192 $ 2,001 (1) The actual number of performance-based restricted share units (“RSUs”) that vested during the six months ended June 30, 2024 was 203,110 Common Shares, which is approximately 140 % of the originally granted performance-based RSUs.
Summary of Restricted Share Units and Performance Share Units Expected to Vest	June 30, 2024 Restricted share units Performance share units Shares expected to vest: Number of restricted shares units (in thousands) 265 251 Grant date average fair value per unit $ 14.10 $ 14.04

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
Earnings Per Common Share (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Summary of Basic and Diluted Earnings per Share	The following table summarizes the basic and diluted earnings per share calculations: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands except per share amounts) Net income $ 25,434 $ 24,624 $ 73,042 $ 85,321 Dividends on preferred shares ( 10,455 ) ( 10,454 ) ( 20,909 ) ( 20,909 ) Effect of participating securities—share-based compensation awards ( 106 ) ( 100 ) ( 217 ) ( 202 ) Net income attributable to common shareholders 14,873 14,070 51,916 64,210 Interest on Exchangeable Notes, net of income taxes — — — 12,682 Diluted net income attributable to common shareholders $ 14,873 $ 14,070 $ 51,916 $ 76,892 Weighted average basic shares outstanding 86,849 87,269 86,769 88,046 Dilutive securities: Shares issuable pursuant to exchange of the Exchangeable Notes — — — 24,328 Diluted weighted average shares outstanding 86,849 87,269 86,769 112,374 Basic earnings per share $ 0.17 $ 0.16 $ 0.60 $ 0.73 Diluted earnings per share $ 0.17 $ 0.16 $ 0.60 $ 0.68
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: Quarter ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands) Shares issuable under share-based compensation plan 128 114 322 141 Shares issuable pursuant to exchange of the Exchangeable Notes — 24,328 — —

Segments (Tables)

Segments (Tables)	6 Months Ended
Segments (Tables)	Jun. 30, 2024
Segment Reporting [Abstract]
Financial Highlights by Operating Segment	Financial highlights by operating segment are summarized below: Credit Interest rate sensitive sensitive Correspondent Quarter ended June 30, 2024 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 96,494 $ — $ — $ 96,494 Net gains on loans acquired for sale — — 12,160 — 12,160 Net (losses) gains on investments and financings 17,410 ( 37,153 ) — — ( 19,743 ) Net interest expense: Interest income 22,923 111,316 14,907 2,689 151,835 Interest expense 24,272 131,566 15,006 997 171,841 ( 1,349 ) ( 20,250 ) ( 99 ) 1,692 ( 20,006 ) Other ( 224 ) — 2,517 — 2,293 15,837 39,091 14,578 1,692 71,198 Expenses: Loan fulfillment and servicing fees 21 20,243 4,427 — 24,691 Management fees — — — 7,133 7,133 Other 78 1,972 600 8,115 10,765 99 22,215 5,027 15,248 42,589 Pretax income $ 15,738 $ 16,876 $ 9,551 $ ( 13,556 ) $ 28,609 Total assets at end of quarter $ 1,471,470 $ 9,421,790 $ 719,756 $ 467,934 $ 12,080,950 Credit Interest rate sensitive sensitive Correspondent Quarter ended June 30, 2023 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 108,833 $ — $ — $ 108,833 Net gains on loans acquired for sale — — 4,446 — 4,446 Net (losses) gains on investments and financings 68,707 ( 71,206 ) — — ( 2,499 ) Net interest expense: Interest income 25,146 108,656 25,708 3,174 162,684 Interest expense 21,752 137,987 26,740 911 187,390 3,394 ( 29,331 ) ( 1,032 ) 2,263 ( 24,706 ) Other ( 56 ) — 4,434 — 4,378 72,045 8,296 7,848 2,263 90,452 Expenses: Loan fulfillment and servicing fees 32 20,285 5,441 — 25,758 Management fees — — — 7,078 7,078 Other 911 1,183 1,007 7,662 10,763 943 21,468 6,448 14,740 43,599 Pretax income $ 71,102 $ ( 13,172 ) $ 1,400 $ ( 12,477 ) $ 46,853 Total assets at end of quarter $ 1,638,662 $ 10,099,868 $ 1,161,519 $ 484,873 $ 13,384,922 Credit Interest rate sensitive sensitive Correspondent Six months ended June 30, 2024 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 142,199 $ — $ — $ 142,199 Net gains on loans acquired for sale — — 26,678 — 26,678 Net (losses) gains on investments and financings 77,001 ( 56,991 ) — — 20,010 Net interest expense: Interest income 47,132 215,496 26,798 5,968 295,394 Interest expense 47,283 266,389 27,268 2,428 343,368 ( 151 ) ( 50,893 ) ( 470 ) 3,540 ( 47,974 ) Other ( 90 ) — 4,580 — 4,490 76,760 34,315 30,788 3,540 145,403 Expenses: Loan fulfillment and servicing fees 41 40,485 8,443 — 48,969 Management fees — — — 14,321 14,321 Other 155 4,197 1,127 15,644 21,123 196 44,682 9,570 29,965 84,413 Pretax income $ 76,564 $ ( 10,367 ) $ 21,218 $ ( 26,425 ) $ 60,990 Total assets at end of period $ 1,471,470 $ 9,421,790 $ 719,756 $ 467,934 $ 12,080,950 Credit Interest rate sensitive sensitive Correspondent Six months ended June 30, 2023 strategies strategies production Corporate Total (in thousands) Net investment income: Net loan servicing fees $ — $ 85,140 $ — $ — $ 85,140 Net gains on loans acquired for sale — — 10,919 — 10,919 Net (losses) gains on investments and financings 123,096 209 — — 123,305 Net interest expense: Interest income 46,540 200,738 62,635 5,790 315,703 Interest expense 39,554 263,156 61,872 1,945 366,527 6,986 ( 62,418 ) 763 3,845 ( 50,824 ) Other — — 12,278 — 12,278 130,082 22,931 23,960 3,845 180,818 Expenses: Loan fulfillment and servicing fees 109 40,658 17,363 — 58,130 Management fees — — — 14,335 14,335 Other 1,547 2,472 3,415 15,265 22,699 1,656 43,130 20,778 29,600 95,164 Pretax income $ 128,426 $ ( 20,199 ) $ 3,182 $ ( 25,755 ) $ 85,654 Total assets at end of period $ 1,638,662 $ 10,099,868 $ 1,161,519 $ 484,873 $ 13,384,922

Regulatory Capital and Liquid_2

Regulatory Capital and Liquidity Requirements (Tables)	6 Months Ended
Regulatory Capital and Liquidity Requirements (Tables)	Jun. 30, 2024
Mortgage Banking [Abstract]
Summary of Applicable Capital and Liquidity Amounts and Requirements by Agencies	The Agencies' applicable capital and liquidity amounts and requirements are summarized below: Net worth (1) Tangible net worth / Liquidity (1) Measurement date Actual Required Actual Required Actual Required (dollars in thousands) June 30, 2024 $ 839,660 $ 577,947 15 % 6 % $ 566,152 $ 208,704 December 31, 2023 $ 874,628 $ 584,131 15 % 6 % $ 450,210 $ 210,691 (1) Calculated in accordance with the Agencies’ requirements.

Organization - Additional Infor

Organization - Additional Information (Detail)	6 Months Ended
Organization - Additional Information (Detail)	Jun. 30, 2024 Segment
Accounting Policies [Abstract]
Number of business segments	4
Percentage of taxable income for distributions	90%

Basis of Presentation and Rec_2

Basis of Presentation and Recently Issued Accounting Pronouncements - Additional Information (Detail) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Restricted cash	$ 0	$ 0

Transactions with Related Par_3

Transactions with Related Parties - Loan Servicing - Additional Information (Detail) - PennyMac Loan Services, LLC [Member]	6 Months Ended
	Jun. 30, 2024
Mortgage Loans On Real Estate [Line Items]
Servicing agreement expiration date	Jun. 30, 2025
Service agreement maturity renewal term	18 months

Transactions with Related Par_4

Transactions with Related Parties - Prime Servicing - Additional Information (Detail) - PennyMac Loan Services, LLC [Member]	6 Months Ended
	Jun. 30, 2024 USD ($)
Subserviced loan [Member] \| Fixed-Rate Mortgage Loans [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees per month	$ 7.5
Subserviced loan [Member] \| Adjustable rate mortgage loans [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees per month	8.5
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	10,000
Prime Mortgage Loans [Member] \| Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Additional servicing fees per loan per month	$ 55,000

Transactions with Related Par_5

Transactions with Related Parties - Special Servicing - Additional Information (Detail) - PennyMac Loan Services, LLC [Member]	6 Months Ended
	Jun. 30, 2024 USD ($)
Mortgage Loans On Real Estate [Line Items]
Servicing agreement expiration date	Jun. 30, 2025
Service agreement maturity renewal term	18 months
Distressed loans [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees for REO per month	$ 75
Supplemental servicing fee	25
Distressed loans [Member] \| Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees per month	30,000
Distressed loans [Member] \| Maximum [Member]
Mortgage Loans On Real Estate [Line Items]
Base servicing fees per month	$ 95

Transactions with Related Par_6

Transactions with Related Parties - MSR Recapture Agreement - Additional Information (Detail) - 2020 MSR Recapture Agreement [Member]	6 Months Ended
	Jun. 30, 2024
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 - Summary of Loan Servicing Fees Earned and Mortgage Servicing Rights Recaptured Income Earned (Detail) - PennyMac Loan Services, LLC [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Loan servicing fees	$ 20,264	$ 20,317	$ 40,526	$ 40,766
Average MSR portfolio unpaid principal balance	229,124,554	232,008,151	229,767,433	231,381,212
MSR recapture fees	473	509	826	994
UPB of loans recaptured	74,208	98,126	136,281	193,317
Loans acquired for sale at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees	94	172	184	457
Average investment in loans acquired for sale at fair value	854,406	1,609,816	779,997	1,992,706
Loans at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees	63	31	125	151
Loans at fair value	1,380,857	1,491,357	1,403,094	1,500,936
Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Loan servicing fees	$ 20,107	$ 20,114	$ 40,217	$ 40,158

Transactions with Related Par_8

Transactions with Related Parties - Correspondent Production Activities - Additional Information (Detail) - 2020 MBS Agreement [Member]	6 Months Ended
	Jun. 30, 2024 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	2%
Minimum [Member]
Mortgage Loans On Real Estate [Line Items]
Mortgage loans commitments multiplier	$ 355
Mortgage adjusted loan commitments	16,500
Number of mortgage loans purchased multiplier	195
Number of mortgage loans purchased	$ 16,500
Interest income and sourcing fee	1%

Transactions with Related Par_9

Transactions with Related Parties - Summary of Correspondent Production Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Loan, Mortgage, Held-for-Sale, Fair Value Disclosure	$ 694,391		$ 694,391		$ 669,018
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Loan fulfillment fees earned by PLS	4,427	$ 5,441	8,443	$ 17,364
UPB of loans fulfilled by PLS	2,229,397	3,029,274	4,001,078	9,658,084
Sourcing fees received from PLS included in Net gains on loans acquired for sale	2,050	1,832	3,655	3,160
UPB of loans sold to PLS	20,507,121	18,325,232	36,553,976	31,601,818
Tax service fees paid to PLS	431	701	790	2,111
Loan, Mortgage, Held-for-Sale, Fair Value Disclosure	281,020		281,020		$ 168,303
PennyMac Loan Services, LLC [Member] \| Government Guaranteed Or Insured [Member]
Related Party Transaction [Line Items]
UPB of loans sold to PLS	10,500,415	11,307,342	18,357,340	20,521,054
PennyMac Loan Services, LLC [Member] \| Conventional Conforming [Member]
Related Party Transaction [Line Items]
UPB of loans sold to PLS	$ 10,006,706	$ 7,017,890	$ 18,196,636	$ 11,080,764

Transactions with Related Pa_10

Transactions with Related Parties - Management Fees - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Mortgage Loans On Real Estate [Line Items]
MBS yield, average number of year		30 years
Investment, Type [Extensible Enumeration]	Federal National Mortgage Association Certificates and Obligations (FNMA) [Member]	Federal National Mortgage Association Certificates and Obligations (FNMA) [Member]
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.
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	$ 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%	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%	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	$ 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	$ 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%	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%	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%	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	$ 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	$ 5,000,000,000
PennyMac Financial Services, Inc. [Member]
Mortgage Loans On Real Estate [Line Items]
Performance incentive fee description		The performance incentive fee is equal to the sum of: •10% of the amount by which “net income” for the quarter exceeds (i) an 8% return on “equity” plus the “high watermark”, up to (ii) a 12% return on “equity”; plus •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 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	$ 29,413,000	$ 29,413,000	$ 29,262,000

Transactions with Related Pa_11

Transactions with Related Parties - Summary of Management Fee Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 7,133	$ 7,078	$ 14,321	$ 14,335
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	7,133	7,078	14,321	14,335
Average shareholders' equity amounts used to calculate base management fee expense	1,912,522	1,892,505	1,919,962	1,927,305
PNMAC Capital Management LLC [Member] \| Base [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	7,133	7,078	14,321	14,335
PNMAC Capital Management LLC [Member] \| Performance incentive [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 0	$ 0	$ 0	$ 0

Transactions with Related Pa_12

Transactions with Related Parties - Summary of Expenses (Detail) - PNMAC Capital Management LLC [Member] - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Expenses incurred on the Company’s behalf, net		$ 2,779	$ 3,978	$ 9,193	$ 9,639
Common overhead incurred by PCM and its affiliates		2,000	2,140	3,944	3,961
Compensation		165	165	330	330
Total expenses incurred in transaction with affiliates		4,944	6,283	13,467	13,930
Payments and settlements during the quarter	[1]	$ 29,263	$ 30,872	$ 59,348	$ 63,256

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

Transactions with Related Pa_13

Transactions with Related Parties - Note Payable to PLS - Additional Information (Detail) - shares	Jun. 30, 2024	Dec. 31, 2023
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Number of common shares held by affiliate	75,000	75,000

Transactions with Related Pa_14

Transactions with Related Parties - Summary of Amounts Receivable From and Payable to PFSI (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Allocated expenses and expenses and costs paid by PFSI on PMT’s behalf	$ 5,166	$ 5,612
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Due from PFSI-Miscellaneous receivables	1	56
Correspondent production fees	9,145	8,288
Management fees	7,133	7,252
Loan servicing fees	6,792	6,809
Fulfillment fees	1,177	1,301
Total expense due to affiliate	$ 29,413	$ 29,262

Transactions with Related Pa_15

Transactions with Related Parties - Summary of Transfer Cash to Fund Loan Servicing Advances (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Loan servicing advances	$ 98,989	$ 206,151
Other assets-Real estate acquired in settlement of loans	3,892	4,541
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Loan servicing advances	98,989	206,151
Other assets-Real estate acquired in settlement of loans	1,230	2,003
Servicing advances and real estate acquired	$ 100,219	$ 208,154

Loan Sales - Summary of Cash Fl

Loan Sales - Summary of Cash Flows between Company and Transferees in Transfers Accounted for Sales (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash flows:
Proceeds from sales	$ 2,240,258	$ 4,881,794	$ 4,168,594	$ 10,469,060
Loan servicing fees received	$ 162,127	$ 165,499	$ 322,484	$ 329,713

Loan Sales - Summary of Collect

Loan Sales - Summary of Collection Status Information for Loans Accounted for Sales (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Mortgage Loans On Real Estate [Line Items]
UPB of loans outstanding		$ 224,229,222	$ 228,838,471
Collection Status (UPB)
30-89 days delinquent		2,334,456	2,184,500
90 or more days delinquent:
Not in foreclosure		822,290	1,029,962
In foreclosure		86,934	85,045
Bankruptcy		241,304	185,320
Custodial funds managed by the Company	[1]	$ 2,704,150	$ 1,759,974

[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 income.

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) - Credit Risk Transfer Agreements [Member]	6 Months Ended
	Jun. 30, 2024
Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Initially established percentage of unpaid principal balance of loans sold under recourse obligation losses	3.50%
Increase to maximum percentage of outstanding unpaid principal balance	4.50%
Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Initially established percentage of unpaid principal balance of loans sold under recourse obligation losses	4%
Increase to maximum percentage of outstanding unpaid principal balance	5%

Variable Interest Entities - Su

Variable Interest Entities - Summary of Credit Risk Transfer Agreements (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2030	Jun. 30, 2029	Jun. 30, 2028	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2023
CRT strips:
Net investment income		$ 71,198	$ 90,452	$ 145,403	$ 180,818
Carrying value of CRT arrangements:
Derivative and credit risk transfer strip assets		90,753		90,753								$ 177,984
Interest-only security payable at fair value		32,708		32,708		$ 32,708	$ 0	$ 0	$ 0	$ 0	$ 0	32,667
Variable Interest Entities [Member]
Carrying value of CRT arrangements:
Interest-only security payable at fair value		32,708		32,708								32,667
Variable Interest Entities [Member] \| Credit Risk Transfer Agreements [Member]
CRT derivatives:
Realized		3,564	5,423	6,973	8,453
Valuation changes		378	34,496	29,718	58,624
Gains recognized on gross derivative related to credit risk transactions		12,071	46,480	53,096	82,912
CRT strips:
Realized		11,693	11,984	23,378	24,288
Valuation changes		1,475	9,410	8,256	17,506
Credit risk transfer strips		5,039	14,833	15,229	25,959
Interest-only security payable at fair value		(481)	(855)	(41)	(2,135)
Gains recognized on gross derivative related to credit risk transactions		16,629	60,458	68,284	106,736
Interest income — Deposits securing CRT arrangements		15,383	15,779	31,079	29,991
Net investment income		32,012	76,237	99,363	136,727
Net payments made to settle losses on CRT arrangements		128	$ 499	313	$ 1,756
Carrying value of CRT arrangements:
Derivative assets - CRT derivatives		24,305		24,305								16,160
CRT strip liabilities		(16,974)		(16,974)								(46,692)
Derivative and credit risk transfer strip assets		1,137,891		1,137,891								1,146,299
Deposits securing CRT arrangements		1,163,268		1,163,268								1,209,498
Interest-only security payable at fair value		(32,708)		(32,708)								(32,667)
Derivative assets		24,305		24,305								16,160
Derivative and credit risk transfer strip assets pledged to secure	[1]	1,163,268		1,163,268								1,209,498
UPB of loans underlying CRT arrangements		22,204,806		22,204,806								23,152,230
Variable Interest Entities [Member] \| Credit Risk Transfer Agreements [Member] \| Purchase Commitment [Member]
Collection status (UPB):
Current		21,638,731		21,638,731								22,531,905
30-89 days delinquent		403,626		403,626								411,991
90-180 days delinquent		100,882		100,882								120,011
180 or more days delinquent		42,967		42,967								64,647
Foreclosure		18,600		18,600								23,676
Bankruptcy		$ 65,176		$ 65,176								$ 58,696

[1] Deposits securing credit risk transfer strip liabilities also secure $ 17.0 million and $ 46.7 million in CRT strip liabilities at June 30, 2024 and December 31, 2023, respectively .

Variable Interest Entities - _2

Variable Interest Entities - Summary of Credit Risk Transfer Agreements (Parenthetical) (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Transfer Of Financial Assets Accounted For As Sales [Line Items]
Deposits securing CRT strips and derivatives liabilities	$ 17	$ 46.7

Variable Interest Entities - _3

Variable Interest Entities - Summary of Investment in Subordinate MBS Backed by Assets Held in Consolidated VIEs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Asset-backed financings at fair value	$ 1,295	$ 17,794	$ 8,771	$ 7,634
Interest income	151,835	162,684	295,394	315,703
Interest expense	171,841	187,390	343,368	366,527
Net investment income	71,198	90,452	145,403	180,818
Loans at fair value	1,377,836		1,377,836		$ 1,433,820
Asset-backed financings at fair value	1,288,180		1,288,180		1,336,731
Variable Interest Entities [Member]
Loans at fair value	(2,739)	(18,253)	(3,979)	(7,236)
Loans at fair value	1,375,838		1,375,838		1,431,689
Asset-backed financings at fair value	1,288,180		1,288,180		1,336,731
Variable Interest Entities [Member] \| Subordinate Mortgage Backed Securities [Member]
Loans at fair value	(2,739)	(18,253)	(3,979)	(7,236)
Asset-backed financings at fair value	1,295	17,794	8,771	7,634
Interest income	13,449	13,644	25,557	28,810
Interest expense	11,402	12,791	24,080	25,144
Net investment income	603	$ 394	6,269	$ 4,064
Loans at fair value	1,375,838		1,375,838		1,431,689
Asset-backed financings at fair value	1,288,180		1,288,180		1,336,731
Retained subordinate MBS at fair value pledged to secure Assets sold under agreements to repurchase	$ 78,337		$ 78,337		$ 85,344

Fair Value - Summary of Financi

Fair Value - Summary of Financial Statement Items Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Jun. 30, 2030	Jun. 30, 2029	Jun. 30, 2028	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets:
Short-term investments								$ 336,296		$ 128,338
Mortgage-backed securities at fair value								4,068,337		4,836,292
Loans acquired for sale at fair value								694,391		669,018
Derivative assets								73,894		89,591
Derivative assets, Netting								16,859		88,393
Total derivative assets after netting								90,753		177,984
Mortgage servicing rights at fair value								3,941,861	$ 3,951,737	3,919,107	$ 3,977,938	$ 3,975,076	$ 4,012,737
Liabilities:
Asset-backed financings at fair value								1,288,180		1,336,731
Interest-only security payable at fair value		$ 32,708	$ 0	$ 0	$ 0	$ 0	$ 0	32,708		32,667
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								13,389		54,250
Derivative liabilities, Netting								(11,471)		(49,561)
Total derivative liabilities after netting								1,918		4,689
Total derivative and credit risk transfer strip liabilities								18,892		51,381
CRT Derivatives [Member]
Assets:
Derivative assets	[1]							24,305		16,160
Total derivative assets after netting								24,305		16,160
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							0		0
Interest Rate Lock Commitments [Member]
Assets:
Derivative assets	[1]							2,587		7,596
Total derivative assets after netting								2,587		7,596
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							1,035		64
Forward Purchase Contracts [Member]
Assets:
Derivative assets	[1]							3,812		15,905
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							8,661		490
Forward Sales Contracts [Member]
Assets:
Derivative assets	[1]							26,971		671
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							3,693		50,363
Call Options on Interest Rate Futures Purchase Contracts [Member]
Assets:
Derivative assets	[1]							10,324		41,712
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							0		2,005
Put Options On Interest Rate Futures Purchase Contracts
Assets:
Derivative assets	[1]							4,474		4,324
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							0		0
MBS Call Options [Member]
Assets:
Derivative assets	[1]							0		3,218
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							0		0
MBS Put Options [Member]
Assets:
Derivative assets	[1]							1,421		5
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							0		0
Call Options On Interest Rate Futures Sell Contracts [Member]
Assets:
Derivative assets	[1]							0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							0		1,328
Recurring [Member]
Assets:
Short-term investments								336,296		128,338
Mortgage-backed securities at fair value								4,068,337		4,836,292
Loans acquired for sale at fair value								694,391		669,018
Loans at fair value								1,377,836		1,433,820
Total Assets								10,509,474		11,164,559
Derivative assets								73,894		89,591
Derivative assets, Netting								16,859		88,393
Total derivative assets after netting								90,753		177,984
Mortgage servicing rights at fair value								3,941,861		3,919,107
Liabilities:
Asset-backed financings at fair value								1,288,180		1,336,731
Interest-only security payable at fair value								32,708		32,667
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								13,389		54,250
Derivative liabilities, Netting								(11,471)		(49,561)
Total derivative liabilities after netting								1,918		4,689
Total derivative and credit risk transfer strip liabilities								18,892		51,381
Total liabilities								1,339,780		1,420,779
Recurring [Member] \| Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								16,974		46,692
Recurring [Member] \| CRT Derivatives [Member]
Assets:
Derivative assets								24,305		16,160
Recurring [Member] \| Level 1 [Member]
Assets:
Short-term investments								336,296		128,338
Mortgage-backed securities at fair value								0		0
Loans acquired for sale at fair value								0		0
Loans at fair value								0		0
Total Assets								351,094		174,374
Derivative assets								14,798		46,036
Derivative assets, Netting								0		0
Total derivative assets after netting								14,798		46,036
Mortgage servicing rights at fair value								0		0
Liabilities:
Asset-backed financings at fair value								0		0
Interest-only security payable at fair value								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								0		3,333
Derivative liabilities, Netting								0		0
Total derivative liabilities after netting								0		3,333
Total derivative and credit risk transfer strip liabilities								0		3,333
Total liabilities								0		3,333
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
Recurring [Member] \| Level 2 [Member]
Assets:
Short-term investments								0		0
Mortgage-backed securities at fair value								3,980,496		4,742,061
Loans acquired for sale at fair value								686,397		662,700
Loans at fair value								1,375,838		1,431,689
Total Assets								6,074,935		6,856,249
Derivative assets								32,204		19,799
Derivative assets, Netting								0		0
Total derivative assets after netting								32,204		19,799
Mortgage servicing rights at fair value								0		0
Liabilities:
Asset-backed financings at fair value								1,288,180		1,336,731
Interest-only security payable at fair value								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								12,354		50,853
Derivative liabilities, Netting								0		0
Total derivative liabilities after netting								12,354		50,853
Total derivative and credit risk transfer strip liabilities								12,354		50,853
Total liabilities								1,300,534		1,387,584
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
Recurring [Member] \| Level 3 [Member]
Assets:
Short-term investments								0		0
Mortgage-backed securities at fair value								87,841		94,231
Loans acquired for sale at fair value								7,994		6,318
Loans at fair value								1,998		2,131
Total Assets								4,066,586		4,045,543
Derivative assets								26,892		23,756
Derivative assets, Netting								0		0
Total derivative assets after netting								26,892		23,756
Mortgage servicing rights at fair value								3,941,861		3,919,107
Liabilities:
Asset-backed financings at fair value								0		0
Interest-only security payable at fair value								32,708		32,667
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								1,035		64
Derivative liabilities, Netting								0		0
Total derivative liabilities after netting								1,035		64
Total derivative and credit risk transfer strip liabilities								18,009		46,756
Total liabilities								50,717		79,423
Recurring [Member] \| Level 3 [Member] \| Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								16,974		46,692
Recurring [Member] \| Level 3 [Member] \| CRT Derivatives [Member]
Assets:
Derivative assets								24,305		16,160
Recurring [Member] \| Interest Rate Lock Commitments [Member]
Assets:
Derivative assets								2,587		7,596
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								1,035		64
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								2,587		7,596
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								1,035		64
Recurring [Member] \| Forward Purchase Contracts [Member]
Assets:
Derivative assets								3,812		15,905
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								8,661		490
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								3,812		15,905
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								8,661		490
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								26,971		671
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								3,693		50,363
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								26,971		671
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								3,693		50,363
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								10,324		41,712
Derivative and credit risk transfer strip liabilities:
Derivative liabilities										2,005
Recurring [Member] \| Call Options on Interest Rate Futures Purchase Contracts [Member] \| Level 1 [Member]
Assets:
Derivative assets								10,324		41,712
Derivative and credit risk transfer strip liabilities:
Derivative liabilities										2,005
Recurring [Member] \| Call Options on Interest Rate Futures Purchase Contracts [Member] \| Level 2 [Member]
Assets:
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities										0
Recurring [Member] \| Call Options on Interest Rate Futures Purchase Contracts [Member] \| Level 3 [Member]
Assets:
Derivative assets								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities										0
Recurring [Member] \| Put Options On Interest Rate Futures Purchase Contracts
Assets:
Derivative assets								4,474		4,324
Recurring [Member] \| Put Options On Interest Rate Futures Purchase Contracts \| Level 1 [Member]
Assets:
Derivative assets								4,474		4,324
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 Call Options [Member]
Assets:
Derivative assets										3,218
Recurring [Member] \| MBS Call Options [Member] \| Level 1 [Member]
Assets:
Derivative assets										0
Recurring [Member] \| MBS Call Options [Member] \| Level 2 [Member]
Assets:
Derivative assets										3,218
Recurring [Member] \| MBS Call Options [Member] \| Level 3 [Member]
Assets:
Derivative assets										0
Recurring [Member] \| MBS Put Options [Member]
Assets:
Derivative assets								1,421		5
Recurring [Member] \| MBS Put Options [Member] \| Level 1 [Member]
Assets:
Derivative assets								0		0
Recurring [Member] \| MBS Put Options [Member] \| Level 2 [Member]
Assets:
Derivative assets								1,421		5
Recurring [Member] \| MBS Put Options [Member] \| Level 3 [Member]
Assets:
Derivative assets								$ 0		0
Recurring [Member] \| Call Options On Interest Rate Futures Sell Contracts [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities										1,328
Recurring [Member] \| Call Options On Interest Rate Futures Sell Contracts [Member] \| Level 1 [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities										1,328
Recurring [Member] \| Call Options On Interest Rate Futures Sell Contracts [Member] \| Level 2 [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities										0
Recurring [Member] \| Call 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
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Assets:
Amounts received pursuant to sales of loans	$ 40,619	$ 90,747	$ 71,868	$ 191,365
Changes in fair value included in results of operations arising from:
Loans to REO			0	(803)
Mortgage servicing rights relating to delinquent loans to Agency			$ 216	$ (723)
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
Interest Rate Lock Commitments [Member]
Assets:
Beginning balance			$ 7,532
Changes in fair value included in results of operations arising from:
Ending balance	$ 1,552		1,552
Recurring [Member]
Assets:
Beginning balance	4,063,926	$ 3,870,357	3,998,787	$ 3,867,133
Purchases and issuances (purchase adjustments)	8,760	4,523	42,796	450
Repayments and sales	(21,360)	(21,992)	(44,283)	(40,971)
Accrual of unearned discounts	2,390		4,606
Amounts received pursuant to sales of loans	40,619	90,747	71,868	191,365
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	(41,926)	(41,527)	(16,564)	(104,256)
Total	(41,926)	(41,527)	(16,564)	(104,256)
Loans to REO				(460)
Interest rate lock commitments to loans acquired for sale	(3,906)	752	(8,849)	(9,566)
Mortgage servicing rights relating to delinquent loans to Agency	74	112	216	(723)
Ending balance	4,048,577	3,902,972	4,048,577	3,902,972
Changes in fair value recognized during the quarter relating to assets	(47,942)	(46,461)	(40,425)	(151,671)
Recurring [Member] \| CRT Derivatives [Member]
Assets:
Beginning balance	22,899	(13,860)	16,160	(22,098)
Purchases and issuances (purchase adjustments)	0	0	0	0
Repayments and sales	(3,633)	(5,367)	(7,084)	(8,255)
Accrual of unearned discounts	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	5,039	14,833	15,229	25,959
Total	5,039	14,833	15,229	25,959
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	0	0
Ending balance	24,305	(4,394)	24,305	(4,394)
Changes in fair value recognized during the quarter relating to assets	5,039	9,410	8,256	17,506
Recurring [Member] \| Credit Risk Transfer Strips [Member]
Assets:
Beginning balance	(17,352)	(113,065)	(46,692)	(137,193)
Purchases and issuances (purchase adjustments)	0	0	0	0
Repayments and sales	(11,693)	(11,984)	(23,378)	(24,288)
Accrual of unearned discounts	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	12,071	46,480	53,096	82,912
Total	12,071	46,480	53,096	82,912
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	0	0
Ending balance	(16,974)	(78,569)	(16,974)	(78,569)
Changes in fair value recognized during the quarter relating to assets	378	34,496	29,718	58,624
Recurring [Member] \| Loans At Fair Value [Member]
Assets:
Beginning balance	2,034	3,548	2,131	3,457
Purchases and issuances (purchase adjustments)	0	0	0	119
Repayments and sales	(32)	(4)	(91)	(24)
Accrual of unearned discounts	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	(4)	(879)	(42)	(427)
Total	(4)	(879)	(42)	(427)
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	0	0
Ending balance	1,998	2,665	1,998	2,665
Changes in fair value recognized during the quarter relating to assets	(11)	(879)	(52)	(886)
Recurring [Member] \| Mortgage servicing rights [Member]
Assets:
Beginning balance	3,951,737	3,975,076	3,919,107	4,012,737
Purchases and issuances (purchase adjustments)	(13)	0	29,428	0
Repayments and sales	0	0	0	0
Accrual of unearned discounts	0		0
Amounts received pursuant to sales of loans	40,619	90,747	71,868	191,365
Changes in fair value included in results of operations arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	(50,556)	(87,997)	(78,758)	(225,441)
Total	(50,556)	(87,997)	(78,758)	(225,441)
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	74	112	216	(723)
Ending balance	3,941,861	3,977,938	3,941,861	3,977,938
Changes in fair value recognized during the quarter relating to assets	(50,556)	(87,997)	(78,758)	(225,441)
Recurring [Member] \| Loans acquired for sale [Member]
Assets:
Beginning balance	5,096	10,109	6,318	10,708
Purchases and issuances (purchase adjustments)	4,013	767	5,497	4,262
Repayments and sales	(1,018)	(4,637)	(3,676)	(8,404)
Accrual of unearned discounts	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	(97)	391	(145)	64
Total	(97)	391	(145)	64
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	0
Ending balance	7,994	6,630	7,994	6,630
Changes in fair value recognized during the quarter relating to assets	(112)	(193)	(199)	(176)
Recurring [Member] \| Interest Rate Lock Commitments [Member]
Assets:
Beginning balance	4,845	8,549	7,532	(478)
Purchases and issuances (purchase adjustments)	4,760	3,756	7,871	(3,931)
Repayments and sales	0	0	0	0
Accrual of unearned discounts	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	(4,147)	(14,355)	(5,002)	12,677
Total	(4,147)	(14,355)	(5,002)	12,677
Loans to REO				0
Interest rate lock commitments to loans acquired for sale	(3,906)	752	(8,849)	(9,566)
Mortgage servicing rights relating to delinquent loans to Agency	0	0	0	0
Ending balance	1,552	(1,298)	1,552	(1,298)
Changes in fair value recognized during the quarter relating to assets	1,552	(1,298)	1,552	(1,298)
Recurring [Member] \| Interest-only security payable [Member]
Liabilities:
Beginning balance	32,227	23,205	32,667	21,925
Changes in instrument-specific credit risk\Other factors	481	855	41	2,135
Ending balance	32,708	24,060	32,708	24,060
Changes in fair value recognized during the quarter relating to liability	481	855	41	2,135
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	481	$ 855	41	$ 2,135
Recurring [Member] \| Interest-Only Stripped Mortgage-Backed Securities [Member]
Assets:
Beginning balance	94,667		94,231
Purchases and issuances (purchase adjustments)	0		0
Repayments and sales	(4,984)		(10,054)
Accrual of unearned discounts	2,390		4,606
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	(4,232)		(942)
Total	(4,232)		(942)
Interest rate lock commitments to loans acquired for sale	0		0
Mortgage servicing rights relating to delinquent loans to Agency	0		0
Ending balance	87,841		87,841
Changes in fair value recognized during the quarter relating to assets	$ (4,232)		$ (942)

Fair Value - Fair Values and Re

Fair Value - Fair Values and Related Principal Amounts Due upon Maturity of Loans Accounted for Under Fair Value Option (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Loans, fair value [Abstract]
Fair value, Total	$ 1,377,836	$ 1,433,820
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	1,652,974	1,704,184
Loans, difference, [Abstract]
Difference	(275,138)	(270,364)
Loans acquired for sale at fair value [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	693,724	667,857
90 or more days delinquent, not in foreclosure	594	433
90 or more days delinquent, in foreclosure	73	728
Fair value, Total	694,391	669,018
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	678,677	648,283
90 or more days delinquent, not in foreclosure	864	617
90 or more days delinquent, in foreclosure	96	845
Principal amount due upon maturity	679,637	649,745
Loans, difference, [Abstract]
Current through 89 days delinquent	15,047	19,574
90 or more days delinquent, not in foreclosure	(270)	(184)
90 or more days delinquent, in foreclosure	(23)	(117)
Difference	14,754	19,273
Loans acquired for sale at fair value [Member] \| Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	667	1,161
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	960	1,462
Loans, difference, [Abstract]
Difference	(293)	(301)
Loans at Fair Value Held in Consolidated VIE [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	1,375,028	1,430,427
90 or more days delinquent, not in foreclosure	481	1,262
90 or more days delinquent, in foreclosure	329	0
Fair value	1,375,838	1,431,689
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	1,646,940	1,697,305
90 or more days delinquent, not in foreclosure	607	1,582
90 or more days delinquent, in foreclosure	423	0
Principal amount due upon maturity	1,647,970	1,698,887
Loans, difference, [Abstract]
Current through 89 days delinquent	(271,912)	(266,878)
90 or more days delinquent, not in foreclosure	(126)	(320)
90 or more days delinquent, in foreclosure	(94)	0
Difference	(272,132)	(267,198)
Loans at Fair Value Held in Consolidated VIE [Member] \| Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	810	1,262
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	1,030	1,582
Loans, difference, [Abstract]
Difference	(220)	(320)
Distressed at Fair Value [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	461	569
90 or more days delinquent, not in foreclosure	277	393
90 or more days delinquent, in foreclosure	1,260	1,169
Fair value	1,998	2,131
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	672	728
90 or more days delinquent, not in foreclosure	1,398	2,023
90 or more days delinquent, in foreclosure	2,934	2,546
Principal amount due upon maturity	5,004	5,297
Loans, difference, [Abstract]
Current through 89 days delinquent	(211)	(159)
90 or more days delinquent, not in foreclosure	(1,121)	(1,630)
90 or more days delinquent, in foreclosure	(1,674)	(1,377)
Difference	(3,006)	(3,166)
Distressed at Fair Value [Member] \| Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	1,537	1,562
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	4,332	4,569
Loans, difference, [Abstract]
Difference	$ (2,795)	$ (3,007)

Fair Value - Summary of Chang_2

Fair Value - Summary of Changes in Fair Value Included in Current Period Results of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Credit Risk Transfer Strips [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	$ 12,071	$ 46,480	$ 53,096	$ 82,912
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)	12,071	46,480	53,096	82,912
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)	(481)	(855)	(41)	(2,135)
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)	(481)	(855)	(41)	(2,135)
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 of VIEs at Fair Value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	691	17,870	8,659	7,168
Asset-Backed Financings of VIEs 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 of VIEs 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 of VIEs 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)	1,295	17,794	8,771	7,634
Asset-Backed Financings of VIEs 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)	(604)	76	(112)	(466)
Liabilities, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	210	17,015	8,618	5,033
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
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)	814	16,939	8,730	5,499
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)	(604)	76	(112)	(466)
Mortgage-backed securities at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(28,339)	(61,885)	(63,446)	14,377
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)	(34,925)	(61,621)	(73,123)	16,597
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)	6,586	(264)	9,677	(2,220)
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)	1,969	(9,424)	1,632	5,891
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)	1,969	(9,424)	1,632	5,891
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)	(3,347)	(20,315)	(6,760)	(8,721)
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)	(2,742)	(19,130)	(4,020)	(7,662)
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)	(605)	(1,185)	(2,740)	(1,059)
MSRs at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(50,556)	(87,997)	(78,758)	(225,441)
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)	(50,556)	(87,997)	(78,758)	(225,441)
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)	(68,202)	(133,141)	(94,236)	(130,982)
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)	(50,556)	(87,997)	(78,758)	(225,441)
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)	1,969	(9,424)	1,632	5,891
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)	(25,596)	(34,271)	(24,047)	91,847
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)	$ 5,981	$ (1,449)	$ 6,937	$ (3,279)

Fair Value - Summary of Carryin

Fair Value - Summary of Carrying Value of Assets Remeasured Based on Fair Value on Nonrecurring Basis (Detail) - Nonrecurring [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate acquired in settlement of loans	$ 713	$ 753
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	$ 713	$ 753

Fair Value - Summary of Chang_3

Fair Value - Summary of Changes in Fair Value Recognized in Assets that Remeasured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate acquired in settlement of loans	$ (246)	$ (124)	$ (150)	$ (62)

Fair Value - Carrying and Fair

Fair Value - Carrying and Fair Values of Notes Payable Secured by Credit Risk Transfer and Mortgage Servicing Rights and Exchangeable Senior Notes (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
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	$ 2,933,845	$ 2,910,605
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	2,942,231	2,904,678
Unsecured Senior Notes [Member] \| Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable	813,838	600,458
Unsecured Senior Notes [Member] \| Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Notes payable	$ 800,382	$ 580,090

Fair Value - Key Inputs Used in

Fair Value - Key Inputs Used in Determining Fair Value of IO (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 4,068,337	$ 4,836,292
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread	6.70%	6.50%
Fair value inputs, Prepayment speed	5.40%	5.50%
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread	17.70%	17.90%
Fair value inputs, Prepayment speed	8.10%	8.50%
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread	5.50%	5.50%
Fair value inputs, Prepayment speed	6.80%	7%
IO [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 87,841	$ 94,231
IO [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread	5.90%	5.10%
Fair value inputs, Prepayment speed	10.10%	10.90%
Fair value inputs, Equivalent life (in years)	4 years 8 months 12 days	4 years 8 months 12 days
IO [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread	6.40%	5.10%
Fair value inputs, Prepayment speed	10.30%	11%
Fair value inputs, Equivalent life (in years)	7 years 6 months	7 years 2 months 12 days
IO [Member] \| Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread	6.40%	5.10%
Fair value inputs, Prepayment speed	10.10%	10.90%
Fair value inputs, Equivalent life (in years)	7 years 4 months 24 days	7 years 1 month 6 days

Fair Value - Additional Informa

Fair Value - Additional Information (Detail)	6 Months Ended
Fair Value - Additional Information (Detail)	Jun. 30, 2024
Level 3 [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated loans at fair value of cash flows valuation, discounted annual rate	20%

Fair Value - Quantitative Summa

Fair Value - Quantitative Summary of Key Unobservable Inputs Used in Review and Approval of Broker-provided Fair Values for CRT Derivatives (Detail) - CRT Derivatives [Member] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 24,305	$ 16,160
UPB of loans in reference pools	$ 5,198,283	$ 5,437,551
Discount Rate [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in fair value for CRT agreements	9.70%	9%
Discount Rate [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in fair value for CRT agreements	11.90%	9.70%
Discount Rate [Member] \| Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in fair value for CRT agreements	9.90%	9.60%
Voluntary Prepayment Speed [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in fair value for CRT agreements	7%	6.90%
Voluntary Prepayment Speed [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in fair value for CRT agreements	7.40%	7.60%
Voluntary Prepayment Speed [Member] \| Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in fair value for CRT agreements	7.20%	7.40%
Involuntary Prepayment Speed [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in fair value for CRT agreements	0.10%	0.20%
Involuntary Prepayment Speed [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in fair value for CRT agreements	0.10%	0.80%
Involuntary Prepayment Speed [Member] \| Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in fair value for CRT agreements	0.10%	0.30%
Measurement Input, Loss Severity \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in fair value for CRT agreements	0%	0.20%
Measurement Input, Loss Severity \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in fair value for CRT agreements	0.20%	0.30%
Measurement Input, Loss Severity \| Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in fair value for CRT agreements	0.10%	0.30%

Fair Value - Quantitative Sum_2

Fair Value - Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
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	56.50%	50%
Pull-Through Rate [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	99%	98%
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	83.90%	82.50%
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%	1.70%
Servicing Fee Multiple [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	7%	6.50%
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	5.10%	4.60%
Percentage of Unpaid Principal Balance [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	0.80%	0.40%
Percentage of Unpaid Principal Balance [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	2.40%	2.40%
Percentage of Unpaid Principal Balance [Member] \| Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	1.90%	1.70%
Interest Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 1,552	$ 7,532
Committed amount	$ 1,006,730	$ 874,017

Fair Value - Summary of Key Uno

Fair Value - Summary of Key Unobservable Inputs Used in Valuation Credit Risk Transfer Strip Liabilities (Detail) - Credit Risk Transfer Strips [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of CRT derivatives liabilities	$ 16,974	$ 46,692
Unpaid principal balance of loans in the reference pools	$ 17,006,523	$ 17,714,679
Maximum [Member] \| Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	9.40%	9.60%
Maximum [Member] \| Voluntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	7.40%	8.20%
Maximum [Member] \| Involuntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.20%	0.30%
Maximum [Member] \| Remaining Loss Expectation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	1.50%	1.60%
Minimum [Member] \| Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	8.20%	7.90%
Minimum [Member] \| Voluntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	7.30%	6.60%
Minimum [Member] \| Involuntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.10%	0.20%
Minimum [Member] \| Remaining Loss Expectation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.40%	0.50%
Weighted Average [Member] \| Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	9.30%	9.40%
Weighted Average [Member] \| Voluntary Prepayment Speed [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	7.30%	6.80%
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	0.10%	0.20%
Weighted Average [Member] \| Remaining Loss Expectation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation	0.50%	0.60%

Fair Value - Key Assumptions Us

Fair Value - Key Assumptions Used in Determining Fair Value of MSRs at Time of Initial Recognition (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) UsdPerLoan	Jun. 30, 2023 USD ($) UsdPerLoan	Jun. 30, 2024 USD ($) UsdPerLoan	Jun. 30, 2023 USD ($) UsdPerLoan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, MSR recognized \| $	$ 40,619	$ 90,747	$ 71,868	$ 191,365
Fair value, Unpaid principal balance of underlying loans \| $	$ 2,242,511	$ 4,856,301	$ 4,073,529	$ 10,405,626
Fair value, Weighted-average annual servicing fee rate (in basis points)	0.35%	0.39%	0.35%	0.40%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Pricing spread during period	10.80%	11.80%	10.80%	11.80%
Fair Value inputs, Prepayment speed during period	5.90%	5.50%	5.50%	5.50%
Fair Value inputs, Weighted average equivalent average life during period	3 years 4 months 24 days	2 years 10 months 24 days	3 years 4 months 24 days	2 years 9 months 18 days
Fair Value inputs, Annual per loan cost of servicing during period	69	68	69	68
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Pricing spread during period	17.80%	20.20%	17.80%	21.80%
Fair Value inputs, Prepayment speed during period	8.10%	8.80%	8.50%	8.80%
Fair Value inputs, Weighted average equivalent average life during period	7 years 2 months 12 days	7 years 1 month 6 days	7 years 2 months 12 days	7 years 1 month 6 days
Fair Value inputs, Annual per loan cost of servicing during period	87	69	87	69
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Pricing spread during period	6%	5.90%	5.80%	5.90%
Fair Value inputs, Prepayment speed during period	11.50%	11.90%	12.40%	12.60%
Fair Value inputs, Weighted average equivalent average life during period	7 years 1 month 6 days	7 years	6 years 9 months 18 days	6 years 8 months 12 days
Fair Value inputs, Annual per loan cost of servicing during period	69	69	70	69

Fair Value - Quantitative Sum_3

Fair Value - Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of Dates Presented, and Effect on Estimated Fair Value from Adverse Changes in Those Inputs (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) UsdPerLoan	Dec. 31, 2023 USD ($) UsdPerLoan	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at end of period	$ 3,941,861	$ 3,919,107	$ 3,951,737	$ 3,977,938	$ 3,975,076	$ 4,012,737
Unpaid principal balance of underlying loans, Fair Value	$ 227,842,960	$ 230,294,583
Weighted-average annual servicing fee rate (in basis points), Fair value input	28%	28%
Weighted-average note interest rate, Fair value	3.70%	3.70%
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	$ (48,117)	$ (48,362)
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	(95,095)	(95,575)
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	(185,782)	(186,699)
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	(54,297)	(53,964)
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	(106,844)	(106,144)
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	(207,027)	(205,509)
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	(16,566)	(17,276)
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	(33,131)	(34,551)
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	$ (66,262)	$ (69,103)
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	6.70%	6.50%
Estimated fair value inputs, Prepayment speed	5.40%	5.50%
Estimated fair value inputs, Annual per-loan cost of servicing \| UsdPerLoan	68	70
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 7 months 6 days	2 years 8 months 12 days
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	17.70%	17.90%
Estimated fair value inputs, Prepayment speed	8.10%	8.50%
Estimated fair value inputs, Annual per-loan cost of servicing \| UsdPerLoan	89	89
Maximum [Member] \| Mortgage service rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Life (in years)	9 years 2 months 12 days	9 years 4 months 24 days
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	5.50%	5.50%
Estimated fair value inputs, Prepayment speed	6.80%	7%
Estimated fair value inputs, Annual per-loan cost of servicing \| UsdPerLoan	68	70
Weighted Average [Member] \| Mortgage service rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Life (in years)	8 years 6 months	8 years 6 months

Mortgage-Backed Securities - Su

Mortgage-Backed Securities - Summary of Investment in Mortgage Backed Securities Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Mortgage Backed Securities [Line Items]
Balance at beginning of period			$ 4,836,292
Changes in fair value included in income arising from:
Balance at end of period	$ 4,068,337		4,068,337
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Balance at beginning of period	3,949,678	$ 4,629,004	4,836,292	$ 4,462,601
Purchases	239,875	259,725	399,460	3,044,317
Sales	0	0	(941,340)	(2,629,540)
Repayments	(92,877)	(95,504)	(162,629)	(160,414)
Changes in fair value included in income arising from:
Accrual (amortization) of net purchase premiums and discounts	6,586	(263)	9,677	(2,220)
Valuation adjustments, net	(34,925)	(61,621)	(73,123)	16,597
Total changes in fair value included in income	(28,339)	(61,884)	(63,446)	14,377
Balance at end of period	$ 4,068,337	$ 4,731,341	$ 4,068,337	$ 4,731,341

Mortgage-Backed Securities - Sc

Mortgage-Backed Securities - Schedule of Mortgage Backed Securities Pledged to Secure Assets Sold (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Assets sold under agreements to repurchase	$ 4,068,337	$ 4,836,292

Mortgage-Backed Securities - _2

Mortgage-Backed Securities - Summary of Investments in Mortgage Backed Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Mortgage Backed Securities [Line Items]
Fair value	$ 4,068,337	$ 4,836,292
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance or notional amount	4,139,851	4,777,649
Unamortized net purchase premiums (discounts)	(122,753)	(25,733)
Cumulative valuation changes	(36,602)	(9,855)
Fair value	3,980,496	4,742,061
Interest-Only Stripped Mortgage-Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance or notional amount	405,346	419,791
Fair value	87,841	94,231
Mortgage-Backed Securities Including Interest-Only Stripped Mortgage-Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Fair value	4,068,337	4,836,292
Agency Fixed Rate Pass Through Securities [Member] \| Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance or notional amount	3,295,288	4,311,342
Unamortized net purchase premiums (discounts)	(1,744)	34
Cumulative valuation changes	(52,728)	(41,320)
Fair value	3,240,816	4,270,056
Principal - Only Stripped Mortgage - Backed Securities [Member] \| Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance or notional amount	551,502	65,573
Unamortized net purchase premiums (discounts)	(113,872)	(18,567)
Cumulative valuation changes	(4,999)	6,330
Fair value	432,631	53,336
Subordinate Credit-Linked Securities \| Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance or notional amount	174,813	275,963
Unamortized net purchase premiums (discounts)	(3,687)	(3,633)
Cumulative valuation changes	25,684	28,850
Fair value	196,810	301,180
Senior Non-Agency Securities [Member] \| Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance or notional amount	118,248	124,771
Unamortized net purchase premiums (discounts)	(3,450)	(3,567)
Cumulative valuation changes	(4,559)	(3,715)
Fair value	$ 110,239	$ 117,489

Loans Acquired for Sale at Fa_3

Loans Acquired for Sale at Fair Value - Summary of Distribution of Company's Loans Acquired for Sale at Fair Value (Detail) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		$ 694,391	$ 669,018
Loans pledged to secure total		685,231	659,751
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		670,978	659,751
PennyMac Loan Services, LLC [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		281,020	168,303
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		14,253	0
Held for Sale to Nonaffiliates-GSE Eligible [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		381,436	491,108
Held for sale to PLS - GSE Eligible [Member] \| PennyMac Loan Services, LLC [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value	[1]	141,598	62,234
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		139,422	106,069
Jumbo [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		23,941	3,289
Home Equity Lines of Credit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		1,513	1,803
Repurchased Pursuant to Representations and Warranties [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		$ 6,481	$ 4,515

[1] GSE eligibility refers to the eligibility of loans for sale to Fannie Mae or Freddie Mac. The Company sells or finances a portion of its GSE eligible loan production to other investors, including PLS.

Loans at Fair Value - Summary o

Loans at Fair Value - Summary of Distribution of Company's Loans at Fair Value (Detail) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Financing Receivable Recorded Investment [Line Items]
Fair value		$ 1,377,836	$ 1,433,820
Asset-backed financings at fair value (1)	[1]	1,375,838	1,431,689
Loans at fair value, pledged to creditors		1,376,005	1,431,896
Loans in VIEs [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value		1,375,838	1,431,689
Distressed [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value		1,998	2,131
Agency-conforming loans secured by investment properties [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value		1,329,667	1,383,392
Fixed interest rate jumbo loans held in a VIE [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value		46,171	48,297
Loans acquired for sale at fair value [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value		694,391	669,018
Assets sold under agreements to repurchase		$ 167	$ 207

[1] As discussed in Note 6 ‒ Variable Interest Entities ‒ Subordinate Mortgage-Backed Securities , the Company holds a portion of the securities issued by the VIEs. At June 30, 2024 and December 31, 2023 , $ 78.3 million and $ 85.3 million, respectively, of such retained securities were pledged to secure Assets sold under agreements to repurchase .

Loans at Fair Value - Summary_2

Loans at Fair Value - Summary of Distribution of Company's Loans at Fair Value (Parenthetical) (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Mortgage Loans At Fair Value [Abstract]
Securities retained at fair value pledged to secure Assets sold under agreements to repurchase	$ 78.3	$ 85.3

Derivative and Credit Risk Tr_3

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Derivative and Credit Risk Transfer Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets	$ 90,753	$ 177,984
Derivative and credit risk transfer strip assets	90,753	177,984
Derivative liabilities	1,918	4,689
Credit risk transfer strip liabilities	16,974	46,692
Total derivative and credit risk transfer strip liabilities	$ 18,892	$ 51,381

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 ($)		Jun. 30, 2024		Dec. 31, 2023
Derivatives Fair Value [Line Items]
Total derivatives assets before netting		$ 73,894,000		$ 89,591,000
Derivative assets, Netting		16,859,000		88,393,000
Total derivative assets after netting		90,753,000		177,984,000
Margin deposits placed with derivative counterparties included in derivative balances above, net		28,330,000		137,955,000
Derivative assets pledged to secure:
Notes payable secured by credit risk transfer and mortgage servicing assets		2,933,845,000		2,910,605,000
Total derivative liabilities		13,389,000		54,250,000
Derivative liabilities, Netting		(11,471,000)		(49,561,000)
Total derivative liabilities after netting		1,918,000		4,689,000
Derivative assets related to CRT Derivatives [Member]
Derivative assets pledged to secure:
Notes payable secured by credit risk transfer and mortgage servicing assets		24,305,000		16,160,000
CRT Derivatives [Member]
Derivatives Fair Value [Line Items]
Notional amount	[2]	5,198,283,000	[1]	5,437,551,000
Total derivatives assets before netting	[1]	24,305,000		16,160,000
Total derivative assets after netting		24,305,000		16,160,000
Derivative assets pledged to secure:
Total derivative liabilities	[1]	0		0
Forward Purchase Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	3,162,559,000		2,789,324,000
Total derivatives assets before netting	[1]	3,812,000		15,905,000
Derivative assets pledged to secure:
Total derivative liabilities	[1]	8,661,000		490,000
Forward Sale Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	7,460,993,000		7,219,512,000
Total derivatives assets before netting	[1]	26,971,000		671,000
Derivative assets pledged to secure:
Total derivative liabilities	[1]	3,693,000		50,363,000
Interest Rate Lock Commitments [Member]
Derivatives Fair Value [Line Items]
Notional amount	[2]	1,006,730,000	[1]	874,017,000
Total derivatives assets before netting	[1]	2,587,000		7,596,000
Total derivative assets after netting		2,587,000		7,596,000
Derivative assets pledged to secure:
Total derivative liabilities	[1]	1,035,000		64,000
Call Options on Interest Rate Futures Purchase Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	1,785,000,000		2,315,000,000
Total derivatives assets before netting	[1]	10,324,000		41,712,000
Derivative assets pledged to secure:
Total derivative liabilities	[1]	0		2,005,000
Put Options On Interest Rate Futures Purchase Contracts
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	1,840,000,000		2,900,000,000
Total derivatives assets before netting	[1]	4,474,000		4,324,000
Derivative assets pledged to secure:
Total derivative liabilities	[1]	0		0
Call Options On Interest Rate Futures Sell Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	0		500,000,000
Total derivatives assets before netting	[1]	0		0
Derivative assets pledged to secure:
Total derivative liabilities	[1]	0		1,328,000
MBS Call Options [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	0		500,000,000
Total derivatives assets before netting	[1]	0		3,218,000
Derivative assets pledged to secure:
Total derivative liabilities	[1]	0		0
MBS Put Options [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	850,000,000		450,000,000
Total derivatives assets before netting	[1]	1,421,000		5,000
Derivative assets pledged to secure:
Total derivative liabilities	[1]	0		0
Swap Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	951,200,000		1,048,800,000
Total derivatives assets before netting	[1]	0		0
Derivative assets pledged to secure:
Total derivative liabilities	[1]	0		0
Bond Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	2,384,400,000		2,860,500,000
Total derivatives assets before netting	[1]	0		0
Derivative assets pledged to secure:
Total derivative liabilities	[1]	$ 0		$ 0

[1] All hedging derivatives are interest rate derivatives that are used as economic hedges. Notional amounts provide an indication of the volume of the Company’s derivative activities.

Derivative and Credit Risk Tr_5

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Derivative Assets, Financial Instruments and Collateral Held by Counterparty (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Offsetting Assets [Line Items]
Total derivative assets after netting	$ 90,753	$ 177,984
Financial instruments	0	0
Cash collateral received	0	0
Net amount	90,753	177,984
CRT Derivatives [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	24,305	16,160
Financial instruments	0	0
Cash collateral received	0	0
Net amount	24,305	16,160
Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	2,587	7,596
Financial instruments	0	0
Cash collateral received	0	0
Net amount	2,587	7,596
Morgan Stanley & Co. LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	47,095	79,825
Financial instruments	0	0
Cash collateral received	0	0
Net amount	47,095	79,825
RJ O'Brien & Associates, LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	14,798	42,703
Financial instruments	0	0
Cash collateral received	0	0
Net amount	14,798	42,703
Wells Fargo Securities L L C
Offsetting Assets [Line Items]
Total derivative assets after netting	510	7,759
Financial instruments	0	0
Cash collateral received	0	0
Net amount	510	7,759
Athene Annuity And Life Assurance Company [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	475	94
Financial instruments	0	0
Cash collateral received	0	0
Net amount	475	94
Barclays Capital Inc. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	295	0
Financial instruments	0	0
Cash collateral received	0	0
Net amount	295	0
Goldman Sachs & Co. LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	240	18,701
Financial instruments	0	0
Cash collateral received	0	0
Net amount	240	18,701
J.P. Morgan Securities LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	127	997
Financial instruments	0	0
Cash collateral received	0	0
Net amount	127	997
Bank of America, N.A. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	0	3,418
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	3,418
Citigroup Global Markets Inc. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	0	503
Financial instruments	0	0
Cash collateral received	0	0
Net amount	0	503
Other [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	321	228
Financial instruments	0	0
Cash collateral received	0	0
Net amount	$ 321	$ 228

Derivative and Credit Risk Tr_6

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty (Detail) - Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	$ 4,705,495	$ 5,632,496
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(4,703,577)	(5,627,807)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	1,918	4,689
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	1,035	64
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	1,035	64
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	1,472,895	1,521,072
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(1,472,895)	(1,521,072)
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	743,903	569,129
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(743,903)	(569,129)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Bank of America, N.A. [Member] \| Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	591,021	785,756
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(590,900)	(785,756)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	121	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	478,021	807,404
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(478,021)	(803,641)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	3,763
Santander US Capital [Member] \| Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	361,667	292,091
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(361,667)	(292,091)
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	319,808	147,093
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(319,748)	(147,093)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	60	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	230,236	340,975
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(230,236)	(340,975)
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	156,745	128,602
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(156,745)	(128,602)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Mizuho Financial Group [Member] \| Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	100,218	67,637
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(99,722)	(67,110)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	496	527
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	91,499	783,456
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(91,499)	(783,456)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Goldman Sachs & Co. LLC [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	71,005	145,007
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(71,005)	(145,007)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Morgan Stanley & Co. LLC [Member] \| Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	50,911	25,814
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(50,911)	(25,814)
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	28,120	10,121
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(28,120)	(10,121)
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	8,251	8,135
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(8,205)	(7,940)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	46	195
Other [Member] \| Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	160	140
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	$ 160	$ 140

Derivative and Credit Risk Tr_7

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Net Gains (Losses) Recognized on Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest Rate Lock Commitments [Member]
Derivative Instruments Gain Loss [Line Items]
Net gains on derivative financial instruments used as economic hedges	$ (3,292)	$ (9,847)	$ (5,980)	$ (820)
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
CRT Derivatives [Member]
Derivative Instruments Gain Loss [Line Items]
Net gains on derivative financial instruments used as economic hedges	$ 5,039	$ 14,833	$ 15,229	$ 25,959
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	(Losses) Gains On Investments And Financings	(Losses) Gains On Investments And Financings	(Losses) Gains On Investments And Financings	(Losses) Gains On Investments And Financings
Assets Sold Under Agreements to Repurchase [Member]
Derivative Instruments Gain Loss [Line Items]
Net gains on derivative financial instruments used as economic hedges	$ 0	$ 0	$ 20,098	$ 0
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	(Losses) Gains On Investments And Financings	(Losses) Gains On Investments And Financings	(Losses) Gains On Investments And Financings	(Losses) Gains On Investments And Financings
Interest rate lock commitments and loans acquired for sale [Member]
Derivative Instruments Gain Loss [Line Items]
Net gains on derivative financial instruments used as economic hedges	$ 7,163	$ 19,394	$ 9,773	$ (1,350)
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 gains on derivative financial instruments used as economic hedges	$ (18,365)	$ 23,996	$ (108,179)	$ (30,895)
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

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of MSRs Carried at Fair Value (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Summary Of Mortgage Servicing Rights [Line Items]
Balance at beginning of period		$ 3,951,737	$ 3,975,076	$ 3,919,107	$ 4,012,737
Purchases (price adjustments)		(13)	0	29,428	0
Servicing Asset At Fair Value Additions From Loan Sales		40,619	90,747	71,868	191,365
Transfers to Agency of mortgage servicing rights relating to delinquent loans		74	112	216	(723)
Due to changes in inputs used in valuation model	[1]	46,039	15,046	117,609	(30,725)
Other changes in fair value	[2]	(96,595)	(103,043)	(196,367)	(194,716)
Change in fair value, Total		(50,556)	(87,997)	(78,758)	(225,441)
Balance at end of period		3,941,861	$ 3,977,938	3,941,861	$ 3,977,938
Pledged Assets [Member]
Summary Of Mortgage Servicing Rights [Line Items]
Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase and Notes payable secured by credit risk transfer and mortgage servicing assets		$ 3,889,087		$ 3,889,087		$ 3,871,249

[1] Primarily reflects changes in pricing spread, prepayment speed, servicing cost, and UPB of underlying loan inputs. Represents changes due to realization of expected cash flows.

Mortgage Servicing Rights - S_2

Mortgage Servicing Rights - Summary of Net Loan Servicing Fees Relating to MSRs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Transfers and Servicing [Abstract]
Contractually-specified servicing fees	$ 162,127	$ 165,499	$ 322,484	$ 329,713
Late charges	982	805	1,975	1,564
Other	1,833	6,021	3,851	9,205
Mortgage loan other servicing fees	2,815	6,826	5,826	10,769
Net mortgage loan servicing fees	164,942	172,325	328,310	340,482
Average MSR UPB	$ 229,124,554	$ 232,008,151	$ 229,767,433	$ 231,381,212

Other Assets - Summary of Other

Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Assets [Line Items]
Margin deposits	$ 68,969	$ 124,293
Interest receivable	37,183	37,305
Servicing fees receivable	11,431	14,603
Correspondent lending receivables	5,842	6,313
Other receivables	11,675	7,199
Real estate acquired in settlement of loans	3,892	4,541
Other	39,492	58,284
Other Assets	178,484	252,538
Real Estate Acquired in Settlement of Loans Pledge to Secure [Member]
Other Assets [Line Items]
Assets sold under agreements to repurchase	$ 1,515	$ 1,905

Assets Sold Under Agreements to

Assets Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Assets Sold under Agreements to Repurchase [Line Items]
Weighted average interest rate	6.09%	5.95%	6.13%	5.74%
Average balance	$ 5,016,206,000	$ 6,414,368,000	$ 5,080,520,000	$ 6,826,134,000
Total interest expense	77,364,000	96,346,000	157,921,000	196,613,000
Maximum daily amount outstanding	5,525,266,000	$ 8,499,053,000	6,562,795,000	$ 9,330,819,000
Assets Sold Under Agreements To Repurchase	4,703,577,000		4,703,577,000		$ 5,627,807,000
Unamortized debt issuance costs	(3,352,000)		(3,352,000)		(3,249,000)
Assets sold under agreements to repurchase, At year end	4,700,225,000		$ 4,700,225,000		$ 5,624,558,000
Weighted average interest rate			5.83%		6.14%
Available borrowing capacity, Committed			$ 909,369,000		$ 634,147,000
Available borrowing capacity, Uncommitted			5,588,880,000		5,221,706,000
Available borrowing capacity			6,498,249,000		5,855,853,000
Margin deposits placed with (received from) counterparties included in Other assets (Accounts payable and accrued liabilities), net	22,851,000		22,851,000		(116,358,000)
Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	4,068,337,000		4,068,337,000		4,836,292,000
Loans Acquired For Sale At Fair Value [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	670,978,000		670,978,000		659,751,000
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	78,337,000		78,337,000		85,344,000
Loans At Fair Value \| Distressed loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	167,000		167,000		207,000
Servicing advances [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	49,420,000		49,420,000		101,927,000
Real estate acquired in settlement of loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	1,515,000		1,515,000		1,905,000
Mortgage service rights [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	2,001,478,000		2,001,478,000		2,000,574,000
Deposits Securing Credit Risk Transfer Arrangements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	$ 73,883,000		$ 73,883,000		$ 77,417,000

Assets Sold Under Agreements _2

Assets Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Assets Sold under Agreements to Repurchase (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of debt issuance costs	$ 1.4	$ 1.2	$ 3	$ 2.4

Assets Sold Under Agreements _3

Assets Sold Under Agreements to Repurchase - Summary of Maturities of Outstanding Advances Under Repurchase Agreements by Maturity Date (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 4,703,577
Weighted average maturity (in months)	1 month 3 days
Within 30 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 3,797,413
Over 30 to 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	682,420
Over 90 days to 180 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	156,744
Over 180 Days to 1 Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	57,000
Over 1 year to 2 years [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 10,000

Assets Sold Under Agreements _4

Assets Sold Under Agreements to Repurchase - Summary of Assets Sold under Agreements to Repurchase by Counterparty (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Citibank, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 48,619
Weighted average maturity	Sep. 01, 2024
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	$ 35,610
Weighted-average maturity, Advances	Sep. 08, 2024
Weighted-average maturity, Facility	Jun. 27, 2025
JPMorgan Chase & Co. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 42,526
Weighted average maturity	Jul. 14, 2024
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	$ 3,275
Weighted-average maturity, Advances	Sep. 08, 2024
Weighted-average maturity, Facility	Jun. 16, 2025
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	$ 33,413
Weighted-average maturity, Advances	Sep. 03, 2024
Weighted-average maturity, Facility	Jun. 26, 2026
Goldman Sachs & Co. LLC [Member] \| Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 10,798
Weighted-average maturity, Advances	Sep. 18, 2024
Weighted-average maturity, Facility	Dec. 08, 2025
Goldman Sachs & Co. LLC [Member] \| Credit Risk Transfer Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 22,534
Weighted average maturity	Sep. 05, 2024
Bank of America, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 13,118
Weighted average maturity	Jul. 15, 2024
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	$ 19,043
Weighted-average maturity, Advances	Jul. 28, 2024
Weighted-average maturity, Facility	Jun. 10, 2026
Wells Fargo Securities L L C [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 27,829
Weighted average maturity	Jul. 24, 2024
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	$ 4,051
Weighted-average maturity, Advances	Sep. 23, 2024
Weighted-average maturity, Facility	May 03, 2025
Santander US Capital [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 16,765
Weighted average maturity	Jul. 21, 2024
Barclays Capital Inc. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 25,179
Weighted average maturity	Jul. 14, 2024
Barclays Capital Inc. [Member] \| Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 3,269
Weighted-average maturity, Advances	Sep. 19, 2024
Weighted-average maturity, Facility	Mar. 06, 2026
Daiwa Capital Markets America Inc. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 5,446
Weighted average maturity	Jul. 01, 2024
Mizuho Financial Group [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 3,820
Weighted average maturity	Jul. 25, 2024
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	$ 5,535
Weighted-average maturity, Advances	Oct. 13, 2024
Weighted-average maturity, Facility	May 09, 2025
Morgan Stanley & Co. LLC [Member] \| Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 3,373
Weighted-average maturity, Advances	Sep. 22, 2024
Weighted-average maturity, Facility	May 22, 2026
BNP Paribas [Member] \| Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 817
Weighted-average maturity, Advances	Sep. 23, 2024
Weighted-average maturity, Facility	Sep. 30, 2025
Nomura Holdings America Inc [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 3,432
Weighted average maturity	Aug. 04, 2024

Mortgage Loan Participation Pur

Mortgage Loan Participation Purchase and Sale Agreement - Summary of Mortgage Loan Participation Purchase and Sale Agreement (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
At period end:
Mortgage loan participation purchase and sale agreements	$ 13,582		$ 13,582
Mortgage Loan Participation Purchase and Sale Agreement [Member]
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Average balance	$ 11,255	$ 23,767	$ 11,993	$ 20,456
Weighted average interest rate	6.72%	6.44%	6.75%	6.34%
Total interest expense	$ 219	$ 413	$ 465	$ 706
Maximum daily amount outstanding	56,423	$ 90,565	56,423	$ 90,565
At period end:
Amount outstanding	13,582		13,582
Unamortized debt issuance costs	0		0
Mortgage loan participation purchase and sale agreements	13,582		$ 13,582
Weighted average interest rate			6.59%
Loans acquired for sale pledged to secure	$ 14,253		$ 14,253

Mortgage Loan Participation P_2

Mortgage Loan Participation Purchase and Sale Agreement - Summary of Mortgage Loan Participation Purchase and Sale Agreement (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Amortization of premiums and debt issuance costs			$ 9,106	$ 7,463
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	$ 63,000	$ 31,000	$ 63,000

Long-Term Debt - Summary of Ter

Long-Term Debt - Summary of Term Note Issued to Qualified Institutional Buyers (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Secured Debt \| CRT Arrangement Financing [Member]
Debt Instrument [Line Items]
Unpaid principal balance	$ 783,237
Secured Term Notes \| Fannie Mae MSR Financing
Debt Instrument [Line Items]
Unpaid principal balance	1,380,000
April 4, 2024 [Member] \| Secured Debt \| CRT Arrangement Financing [Member]
Debt Instrument [Line Items]
Notes Issued	247,000
Unpaid principal balance	$ 240,923
Interest rate spread (Annual)	3.35%
Maturity date, Stated	Mar. 29, 2027
March 6, 2024 [Member] \| Secured Debt \| CRT Arrangement Financing [Member]
Debt Instrument [Line Items]
Notes Issued	$ 306,000
Unpaid principal balance	$ 296,723
Interest rate spread (Annual)	3.50%
Maturity date, Stated	Mar. 01, 2027
February 14, 2020 [Member] \| Secured Debt \| CRT Arrangement Financing [Member]
Debt Instrument [Line Items]
Notes Issued	$ 350,000
Unpaid principal balance	$ 47,637
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	$ 44,416
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	$ 153,538
Interest rate spread (Annual)	3.75%
Maturity date, Stated	May 28, 2025
May 25, 2023 [Member] \| Secured Term Notes \| Fannie Mae MSR Financing
Debt Instrument [Line Items]
Unpaid principal balance	$ 370,000
Interest rate spread (Annual)	3%
Maturity date, Stated	May 25, 2028
Maturity date, Optional extension	May 25, 2029
June 27, 2024 [Member] \| Secured Term Notes \| Fannie Mae MSR Financing
Debt Instrument [Line Items]
Unpaid principal balance	$ 355,000
Interest rate spread (Annual)	2.75%
Maturity date, Stated	Dec. 27, 2027
Maturity date, Optional extension	Jun. 26, 2028
June 28, 2022 [Member] \| Secured Term Notes \| Fannie Mae MSR Financing
Debt Instrument [Line Items]
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]
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) - USD ($)		6 Months Ended
Long-Term Debt - Additional Information (Detail) - USD ($)	Aug. 10, 2023	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2023
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
2026 Exchangeable Notes [Member]
Debt Instrument [Line Items]
Aggregate loan amount		$ 345,000,000
2024 Exchangeable Notes [Member]
Debt Instrument [Line Items]
Aggregate loan amount		210,000,000
2029 Exchangeable Notes [Member]
Debt Instrument [Line Items]
Aggregate loan amount		216,500,000
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
2028 Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount				$ 53,500,000
Percentage of interest on debt				8.50%
2028 Senior Notes [Member] \| Forecast [Member]
Debt Instrument [Line Items]
Percentage of interest on debt			100%
PennyMac Loan Services, LLC [Member] \| Fannie Mae MSR Financing
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 1,400,000,000
Repurchase agreement facilities		2 years

Long-Term Debt - Summary of Fin

Long-Term Debt - Summary of Financial Information Relating to Note Payable Secured by Credit Risk Transfer and Mortgage Servicing Assets (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Carrying value:
Balance	$ 2,933,845,000		$ 2,933,845,000		$ 2,910,605,000
Assets securing notes payable:
Derivative assets	24,305,000		24,305,000		16,160,000
Freddie Mae MSR and Servicing Advance Receivables Financing
Carrying value:
Carrying value of notes	780,000,000		780,000,000		1,145,000,000
Freddie Mac MSR Financing
Carrying value:
Balance	2,933,845,000		2,933,845,000		2,910,605,000
Carrying value of notes	2,943,237,000		2,943,237,000		2,917,662,000
Assets securing notes payable:
MSRs	3,889,087,000		3,889,087,000		3,871,249,000
Servicing advances	29,366,000		29,366,000		79,274,000
Deposits securing CRT arrangements			1,089,385,000		1,132,081,000
Notes Payable [Member] \| Freddie Mac MSR Financing
Short Term Debt [Line Items]
Average balance	$ 2,894,850,000	$ 3,074,414,000	$ 2,880,677,000	$ 2,939,303,000
Weighted-average interest rate	9.09%	8.40%	8.96%	8.06%
Total interest expense	$ 67,466,000	$ 66,150,000	$ 132,455,000	$ 121,097,000
Maximum daily amount outstanding	3,277,400,000	$ 3,188,116,000	3,327,400,000	$ 3,188,116,000
Carrying value:
Unamortized debt issuance costs	$ (9,392,000)		$ (9,392,000)		$ (7,057,000)
Weighted average interest rate	8.59%		8.59%		8.73%
Assets securing notes payable:
Derivative assets	$ 24,305,000		$ 24,305,000		$ 16,160,000
CRT Arrangement Financing [Member] \| Freddie Mac MSR Financing
Carrying value:
Carrying value of notes	783,237,000		783,237,000		747,662,000
Freddie Mac Credit Agreements [Member] \| Fannie Mae MSR Financing
Carrying value:
Carrying value of notes	$ 1,380,000,000		$ 1,380,000,000		$ 1,025,000,000

Long-Term Debt - Summary of F_2

Long-Term Debt - Summary of Financial Information Relating to Note Payable Secured by Credit Risk Transfer and Mortgage Servicing Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Short Term Debt [Line Items]
Amortization of premiums and debt issuance costs			$ 9,106	$ 7,463
Notes Payable [Member] \| Freddie Mac MSR Financing
Short Term Debt [Line Items]
Amortization of premiums and debt issuance costs	$ 2,000	$ 1,800	$ 4,100	$ 3,600

Long-Term Debt - Summary of F_3

Long-Term Debt - Summary of Financial Information Relating to Exchangeable Senior Notes (Detail) - Unsecured Senior Notes [Member] - Exchangeable Senior Notes [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) Conversion Rate
Debt Instrument [Line Items]
Unpaid principal balance	$ 771,500
May 24, 2024 [Member]
Debt Instrument [Line Items]
Unpaid principal balance	$ 216,500
Interest rate spread (Annual)	8.50%
Conversion rates \| Conversion Rate	63.3332
Maturity date, Stated	Jun. 01, 2029
March 5, 2021 [Member]
Debt Instrument [Line Items]
Unpaid principal balance	$ 345,000
Interest rate spread (Annual)	5.50%
Conversion rates \| Conversion Rate	46.1063
Maturity date, Stated	Mar. 15, 2026
November 7, 2019 [Member]
Debt Instrument [Line Items]
Unpaid principal balance	$ 210,000
Interest rate spread (Annual)	5.50%
Conversion rates \| Conversion Rate	40.101
Maturity date, Stated	Nov. 01, 2024

Long-Term Debt - Summary of F_4

Long-Term Debt - Summary of Financial Information Relating to Exchangeable Senior Notes (Parenthetical) (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Exchangeable Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount	$ 1,000

Long-Term Debt - Summary of F_5

Long-Term Debt - Summary of Financial Information Relating to Unsecured Senior Notes (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2030	Jun. 30, 2029	Jun. 30, 2028	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2023
Carrying value:
Exchangeable senior notes	$ 813,838		$ 813,838								$ 600,458
Convertible Debt [Member]
Carrying value:
Unamortized debt issuance costs	(11,162)		(11,162)								(8,042)
Convertible Debt [Member] \| Nonaffiliates [Member]
Short Term Debt [Line Items]
Average balance	$ 696,731	$ 547,264	$ 652,615	$ 546,890
Weighted average interest rate	6.13%	5.59%	5.97%	5.63%
Interest expense	$ 11,629	$ 8,395	$ 21,313	$ 16,775
Exchangeable Senior Notes and 2023 Senior Notes [Member]
Carrying value:
Unpaid principal balance	$ 825,000		$ 825,000		$ 0	$ 270,000	$ 0	$ 0	$ 345,000	$ 210,000	$ 608,500

Long-Term Debt - Summary of F_6

Long-Term Debt - Summary of Financial Information Relating to Unsecured Senior Notes(Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Short Term Debt [Line Items]
(Accrual) amortization of (premiums) debt issuance costs			$ 9,106	$ 7,463
Exchangeable Notes [Member]
Short Term Debt [Line Items]
Conversion options	$ 1,000	$ 764,000	$ 1,900	$ 1,500

Long-Term Debt - Summary of F_7

Long-Term Debt - Summary of Financial Information Relating to Asset-Backed Financing of a VIE at Fair Value (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2030	Jun. 30, 2029	Jun. 30, 2028	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2023
Short Term Debt [Line Items]
Asset-backed financing of variable interest entities at fair value	$ 1,288,180		$ 1,288,180								$ 1,336,731
Unpaid principal balance	1,552,958		1,552,958		$ 1,552,958	$ 0	$ 0	$ 0	$ 0	$ 0
Variable Interest Entities [Member]
Short Term Debt [Line Items]
Asset-backed financing of variable interest entities at fair value	1,288,180		1,288,180								1,336,731
Asset-backed Securities \| Variable Interest Entities [Member]
Short Term Debt [Line Items]
Asset-backed financing of variable interest entities at fair value	1,288,180		1,288,180								1,336,731
Unpaid principal balance	1,552,958		1,552,958								$ 1,590,003
Asset-backed Securities \| Variable Interest Entities [Member] \| Asset Backed Secured Financing Liability Fair Value
Short Term Debt [Line Items]
Average balance	1,561,068	$ 1,392,667	1,571,443	$ 1,402,275
Total interest expense	$ 11,402	$ 12,791	$ 24,080	$ 25,144
Weighted average interest rate	3.09%	3.66%	3.10%	3.68%
Weighted average interest rate	3.22%		3.22%								3.22%

Long-Term Debt - Summary of F_8

Long-Term Debt - Summary of Financial Information Relating to Asset-Backed Financing of a VIE at Fair Value (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
(Accrual) amortization of net debt issuance costs and of issuance premiums			$ 9,106	$ 7,463
Variable Interest Entities [Member] \| Asset-backed Securities \| Asset Backed Secured Financing Liability Fair Value
Debt Instrument [Line Items]
(Accrual) amortization of net debt issuance costs and of issuance premiums	$ (604,000)	$ 75,000	$ (112,000)	$ (466,000)

Long-Term Debt - Schedule of Co

Long-Term Debt - Schedule of Contractual Maturities on Long Term Debt Obligations (Detail) - USD ($) $ in Thousands	Jun. 30, 2030	Jun. 30, 2029	Jun. 30, 2028	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Notes payable secured by credit risk transfer and mortgage servicing assets	$ 0	$ 0	$ 725,000	$ 842,646	$ 375,000	$ 1,000,591	$ 2,943,237
Asset-backed financings at fair value	1,552,958	0	0	0	0	0	1,552,958
Interest-only security payable at fair value	32,708	0	0	0	0	0	32,708	$ 32,667
Total	1,585,666	270,000	725,000	842,646	720,000	1,210,591	5,353,903
Exchangeable Senior Notes and 2023 Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured senior notes	$ 0	$ 270,000	$ 0	$ 0	$ 345,000	$ 210,000	$ 825,000	$ 608,500

Liability for Losses under Re_3

Liability for Losses under Representations and Warranties - Summary of Company's Liability for Losses under Representations and Warranties (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Mortgage Banking [Abstract]
Balance, beginning of period	$ 19,519	$ 39,407	$ 26,143	$ 39,471
Provision for losses:
Pursuant to loan sales	204	738	458	1,678
Reduction in liability due to change in estimate	(6,540)	(2,939)	(13,418)	(3,555)
Losses incurred	0	(137)	0	(525)
Balance, end of period	13,183	37,069	13,183	37,069
UPB of loans subject to representations and warranties at end of period	$ 222,907,138	$ 230,128,231	$ 222,907,138	$ 230,128,231

Commitments and Contingencies -

Commitments and Contingencies - Company's Outstanding Contractual Commitments (Detail) $ in Thousands	Jun. 30, 2024 USD ($)
Commitments to purchase mortgage loans:
Commitments to purchase loans acquired for sale	$ 1,006,730

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class Of Stock [Line Items]
Number of shares	22,400,000		22,400,000		22,400,000
Liquidation preference	$ 560,000,000		$ 560,000,000		$ 560,000,000
Issuance discount	18,518,000		18,518,000
Carrying value	$ 541,482,000		$ 541,482,000		$ 541,482,000
8.125% Series A Preferred Stock [Member]
Class Of Stock [Line Items]
Number of shares	4,600,000		4,600,000
Liquidation preference	$ 115,000,000		$ 115,000,000
Issuance discount	3,828,000		3,828,000
Carrying value	$ 111,172,000		$ 111,172,000
Dividends per share	$ 0.51	$ 0.51	$ 1.02	$ 1.02
8.00% Series B Preferred Stock [Member]
Class Of Stock [Line Items]
Number of shares	7,800,000		7,800,000
Liquidation preference	$ 195,000,000		$ 195,000,000
Issuance discount	6,465,000		6,465,000
Carrying value	$ 188,535,000		$ 188,535,000
Dividends per share	$ 0.5	0.5	$ 1	1
6.75% Series C Preferred Stock [Member]
Class Of Stock [Line Items]
Number of shares	10,000,000		10,000,000
Liquidation preference	$ 250,000,000		$ 250,000,000
Issuance discount	8,225,000		8,225,000
Carrying value	$ 241,775,000		$ 241,775,000
Dividends per share	$ 0.42	$ 0.42	$ 0.84	$ 0.84

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Parenthetical) (Detail) - $ / shares	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
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, 2021
Preferred stock, par value	$ 0.01

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 14, 2024
Schedule Of Capitalization Equity [Line Items]
Common stock shares repurchase authorized amount before transaction fees	$ 500,000,000	$ 500,000,000
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 Cumulative Redeemable Preferred Stock [Member]
Schedule Of Capitalization Equity [Line Items]
Preferred stock redemption price per share	$ 25	$ 25
Preferred stock redemption share	0	0

Shareholders' Equity - Summar_3

Shareholders' Equity - Summary of Common Share Repurchase Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Equity [Abstract]
Common shares repurchased	0	1,636	0	2,274
Cumulative shares repurchased					29,102,000
Cost of common shares repurchased	$ 0	$ 19,448	$ 0	$ 27,011
Cumulative cost of shares repurchased					$ 427,229

Shareholders' Equity - Summar_4

Shareholders' Equity - Summary of Common Share Repurchase Activity (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)
Common Stock [Member] \| Commission Amount
Schedule Of Capitalization Equity [Line Items]
Transaction fees	$ 582,000

Net Gains on Loans Acquired f_3

Net Gains on Loans Acquired for Sale - Summary of Net Gains on Mortgage Loans Acquired for Sale (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Non-cash gains:
Receipt of MSRs in mortgage loan sale transactions			$ (71,868)	$ (191,365)
Provision for losses relating to representations and warranties provided in loan sales:
Pursuant to loans sales	$ (204)	$ (738)	(458)	(1,678)
Changes in fair value of loans and derivatives
Net gains on loans acquired for sale	12,160	4,446	26,678	10,919
PennyMac Financial Services, Inc. [Member]
Changes in fair value of loans and derivatives
Net gains on loans acquired for sale	2,050	1,832	3,655	3,160
Nonaffiliates [Member]
Cash losses:
Sales of loans	(40,228)	(116,647)	(71,405)	(189,592)
Hedging activities	26,027	29,449	(43,929)	(22,667)
Cash gain, net of effects of cash hedging, on sale of mortgage loans acquired for sale	(14,201)	(87,198)	(115,334)	(212,259)
Non-cash gains:
Receipt of MSRs in mortgage loan sale transactions	40,619	90,747	71,868	191,365
Provision for losses relating to representations and warranties provided in loan sales:
Pursuant to loans sales	(204)	(738)	(458)	(1,678)
Reduction of liability due to change in estimate	6,540	2,939	13,418	3,555
Provision for losses relating to representations and warranties	6,336	2,201	12,960	1,877
Changes in fair value of loans and derivatives
Interest rate lock commitments	(3,292)	(9,847)	(5,980)	(820)
Loans	(488)	16,766	5,807	6,279
Hedging derivatives	(18,864)	(10,055)	53,702	21,317
Total non cash portion of gain on mortgage loans acquired for sale	(22,644)	(3,136)	53,529	26,776
Net cash of gain on mortgage loans acquired for sale	24,311	89,812	138,357	220,018
Net gains on loans acquired for sale	$ 10,110	$ 2,614	$ 23,023	$ 7,759

Net (Losses) Gains on Investm_3

Net (Losses) Gains on Investments and Financings - Summary of Net (Losses) Gains on Investments and Financings (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Investment securities at fair value, Mortgage-backed securities	$ (34,925)	$ (61,621)	$ (73,123)	$ 16,597
CRT arrangements	16,629	60,458	68,284	106,736
Asset-backed financings	1,295	17,794	8,771	7,634
Hedging derivatives	0	0	20,098	0
Net gains on investments and financings	(19,743)	(2,499)	20,010	123,305
Distressed [Member]
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Loans	(3)	(877)	(41)	(426)
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	(2,739)	(18,253)	(3,979)	(7,236)
Nonaffiliates [Member]
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Loans	$ 24,311	$ 89,812	$ 138,357	$ 220,018

Net Interest Expense - Summary

Net Interest Expense - Summary of Net Interest Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest income:
Cash and short-term investments	$ 7,085	$ 6,712	$ 15,277	$ 13,023
Mortgage-backed securities	58,418	62,542	118,189	113,681
Loans acquired for sale at fair value	14,958	25,779	26,904	62,767
Distressed	8	31	16	24
Deposits securing CRT arrangements	15,383	15,779	31,079	29,991
Placement fees relating to custodial funds	41,530	37,677	76,970	66,597
Other	1,004	520	1,402	810
Interest income	151,835	162,684	295,394	315,703
Interest expense:
Assets sold under agreements to repurchase	77,364	96,346	157,921	196,613
Mortgage loan participation purchase and sale agreements	219	413	465	706
Notes payable secured by credit risk transfer and mortgage servicing assets	67,466	66,150	132,455	121,097
Asset-backed financings at fair value	11,402	12,791	24,080	25,144
Interest shortfall on repayments of loans serviced for Agency securitizations	1,805	1,790	3,098	2,819
Interest on loan impound deposits	1,652	1,315	2,999	2,658
Other	304	190	1,037	715
Interest expense, total	171,841	187,390	343,368	366,527
Net interest expense	(20,006)	(24,706)	(47,974)	(50,824)
Unsecured Senior Notes [Member]
Interest expense:
Total interest expense	11,629	8,395	21,313	16,775
Variable Interest Entities [Member]
Interest income:
Loans at fair value	$ 13,449	$ 13,644	$ 25,557	$ 28,810

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - Restricted Share Units [Member]	6 Months Ended
	Jun. 30, 2024
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	1 year
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-Based Compensation Activity (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	15	11	367	188
Total grant date value of share units	$ 83	$ 585	$ 4,612	$ 4,300
Total share units vested	6	50	322	338
Total share units forfeiture	7	6	7	6
Compensation expense relating to share-based grants	$ 827	$ 845	$ 2,192	$ 2,001
Restricted Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	6	7	182	172
Total grant date value of share units	$ 83	$ 78	$ 2,605	$ 2,212
Total share units vested	15	11	164	140
Total share units forfeiture	3	6	3	6
Performance Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	0	43	140	166
Total grant date value of share units	$ 0	$ 507	$ 2,007	$ 2,088
Total share units vested	0	0	203	48
Total share units forfeiture	4	0	4	0

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Share-Based Compensation Activity (Parenthetical) (Detail) - Performance Shares Units [Member]	6 Months Ended
	Jun. 30, 2024 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share vested due to exceeding performance goal	203,110
Vesting percentage	140%

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of Restricted Share Units and Performance Share Units Expected to Vest (Detail) shares in Thousands	Jun. 30, 2024 $ / shares shares
Restricted Share Units [Member]
Shares expected to vest:
Number of units (in thousands) \| shares	265
Grant date average fair value per unit \| $ / shares	$ 14.1
Performance Share Units [Member]
Shares expected to vest:
Number of units (in thousands) \| shares	251
Grant date average fair value per unit \| $ / shares	$ 14.04

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax [Line Items]
Effective income tax rates	11.10%		(19.80%)
Income (loss) before benefit from income taxes	$ 28,609	$ 46,853	$ 60,990	$ 85,654
Expense (benefit) from income taxes	3,175	22,229	$ (12,052)	333
Percentage of deduction from taxable income			20%
Taxable REIT Subsidiary [Member]
Income Tax [Line Items]
Income (loss) before benefit from income taxes	9,900	77,900	$ (51,000)	(12,200)
Expense (benefit) from income taxes	3,000	$ 21,200	(12,000)	$ (600)
Deferred tax assets, valuation allowance	$ 0		$ 0

Earnings Per Common Share - Sum

Earnings Per Common Share - Summary of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net (loss) income	$ 25,434	$ 24,624	$ 73,042	$ 85,321
Dividends on preferred shares	(10,455)	(10,454)	(20,909)	(20,909)
Effect of participating securities‒share-based compensation awards	(106)	(100)	(217)	(202)
Net income attributable to common shareholders	14,873	14,070	51,916	64,210
Interest on Exchangeable Notes, net of income taxes	0	0		12,682
Diluted net income attributable to common shareholders	$ 14,873	$ 14,070	$ 51,916	$ 76,892
Weighted average basic shares outstanding	86,849	87,269	86,769	88,046
Dilutive securities:
Shares issuable pursuant to exchange of the Exchangeable Notes	0	0	0	24,328
Diluted weighted average shares outstanding	86,849	87,269	86,769	112,374
Basic earnings per share	$ 0.17	$ 0.16	$ 0.6	$ 0.73
Diluted earnings per share	$ 0.17	$ 0.16	$ 0.6	$ 0.68

Earnings Per Common Share - S_2

Earnings Per Common Share - Summary of Potentially Dilutive Shares Excluded from Computation of Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
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	128	114	322	141
Shares Issuable Pursuant to Exchange of Exchangeable 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	0

Segments - Additional Informati

Segments - Additional Information (Detail)	6 Months Ended
Segments - Additional Information (Detail)	Jun. 30, 2024 Segment
Segment Reporting [Abstract]
Number of business segments	4

Segments - Financial Highlights

Segments - Financial Highlights by Operating Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Net investment income:
Net loan servicing fees	$ 96,494	$ 108,833	$ 142,199	$ 85,140
Net gains on loans acquired for sale	12,160	4,446	26,678	10,919
Net (losses) gains on investments and financings	(19,743)	(2,499)	20,010	123,305
Net interest expense:
Interest income	151,835	162,684	295,394	315,703
Interest expense	171,841	187,390	343,368	366,527
Net interest expense	(20,006)	(24,706)	(47,974)	(50,824)
Other	2,293	4,378	4,490	12,278
Net investment income	71,198	90,452	145,403	180,818
Expenses:
Loan servicing fees and fulfillment payable to PFSI	24,691	25,758	48,969	58,130
Management fees	7,133	7,078	14,321	14,335
Other	10,765	10,763	21,123	22,699
Total expenses	42,589	43,599	84,413	95,164
Income before provision for (benefit from) income taxes	28,609	46,853	60,990	85,654
Total assets at end of quarter	12,080,950	13,384,922	12,080,950	13,384,922	$ 13,113,887
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	0
Net (losses) gains on investments and financings	17,410	68,707	77,001	123,096
Net interest expense:
Interest income	22,923	25,146	47,132	46,540
Interest expense	24,272	21,752	47,283	39,554
Net interest expense	(1,349)	3,394	(151)	6,986
Other	(224)	(56)	(90)	0
Net investment income	15,837	72,045	76,760	130,082
Expenses:
Loan servicing fees and fulfillment payable to PFSI	21	32	41	109
Management fees	0	0	0	0
Other	78	911	155	1,547
Total expenses	99	943	196	1,656
Income before provision for (benefit from) income taxes	15,738	71,102	76,564	128,426
Total assets at end of quarter	1,471,470	1,638,662	1,471,470	1,638,662
Interest Rate Sensitive Strategies [Member]
Net investment income:
Net loan servicing fees	96,494	108,833	142,199	85,140
Net gains on loans acquired for sale	0	0	0	0
Net (losses) gains on investments and financings	(37,153)	(71,206)	(56,991)	209
Net interest expense:
Interest income	111,316	108,656	215,496	200,738
Interest expense	131,566	137,987	266,389	263,156
Net interest expense	(20,250)	(29,331)	(50,893)	(62,418)
Other	0	0	0	0
Net investment income	39,091	8,296	34,315	22,931
Expenses:
Loan servicing fees and fulfillment payable to PFSI	20,243	20,285	40,485	40,658
Management fees	0	0	0	0
Other	1,972	1,183	4,197	2,472
Total expenses	22,215	21,468	44,682	43,130
Income before provision for (benefit from) income taxes	16,876	(13,172)	(10,367)	(20,199)
Total assets at end of quarter	9,421,790	10,099,868	9,421,790	10,099,868
Correspondent Production [Member]
Net investment income:
Net loan servicing fees	0	0	0	0
Net gains on loans acquired for sale	12,160	4,446	26,678	10,919
Net (losses) gains on investments and financings	0	0	0	0
Net interest expense:
Interest income	14,907	25,708	26,798	62,635
Interest expense	15,006	26,740	27,268	61,872
Net interest expense	(99)	(1,032)	(470)	763
Other	2,517	4,434	4,580	12,278
Net investment income	14,578	7,848	30,788	23,960
Expenses:
Loan servicing fees and fulfillment payable to PFSI	4,427	5,441	8,443	17,363
Management fees	0	0	0	0
Other	600	1,007	1,127	3,415
Total expenses	5,027	6,448	9,570	20,778
Income before provision for (benefit from) income taxes	9,551	1,400	21,218	3,182
Total assets at end of quarter	719,756	1,161,519	719,756	1,161,519
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	2,689	3,174	5,968	5,790
Interest expense	997	911	2,428	1,945
Net interest expense	1,692	2,263	3,540	3,845
Other	0	0	0	0
Net investment income	1,692	2,263	3,540	3,845
Expenses:
Loan servicing fees and fulfillment payable to PFSI	0	0	0	0
Management fees	7,133	7,078	14,321	14,335
Other	8,115	7,662	15,644	15,265
Total expenses	15,248	14,740	29,965	29,600
Income before provision for (benefit from) income taxes	(13,556)	(12,477)	(26,425)	(25,755)
Total assets at end of quarter	$ 467,934	$ 484,873	$ 467,934	$ 484,873

Regulatory Capital and Liquid_3

Regulatory Capital and Liquidity Requirements - Summary of Applicable Capital and Liquidity Amounts and Requirements by Agencies (Detail) $ in Thousands		Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Capital Requirements By Agencies [Line Items]
Net worth, Actual	[1]	$ 839,660	$ 874,628
Net worth, Required	[1]	$ 577,947	$ 584,131
Tangible net worth / total assets ratio, Actual	[1]	0.15	0.15
Tangible net worth / total assets ratio, Required	[1]	0.06	0.06
Liquidity, Actual	[1]	$ 566,152	$ 450,210
Liquidity, Required	[1]	$ 208,704	$ 210,691

[1] Calculated in accordance with the Agencies’ requirements.