PennyMac Mortgage Investment Trust (PMT) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 30, 2024
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	PennyMac Mortgage Investment Trust
Entity Central Index Key	0001464423
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		86,860,960
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	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash	$ 344,358	$ 281,085
Short-term investments at fair value	102,787	128,338
Mortgage-backed securities at fair value pledged to creditors	4,182,382	4,836,292
Loans acquired for sale at fair value ($1,649,411 and $659,751 pledged to creditors, respectively)	1,665,796	669,018
Loans at fair value ($1,427,722 and $1,431,896 pledged to creditors, respectively)	1,429,525	1,433,820
Derivative assets	66,103	89,591
Derivative assets ($29,690 and $16,160 pledged to creditors, respectively)	81,844	177,984
Deposits securing credit risk transfer arrangements pledged to creditors	1,135,447	1,209,498
Mortgage servicing rights at fair value ($3,756,894 and $3,871,249 pledged to creditors, respectively)	3,809,047	3,919,107
Servicing advances ($59,121 and $181,201 pledged to creditors, respectively)	71,124	206,151
Due from PennyMac Financial Services, Inc.	13,966	7,199
Other ($1,230 and $1,905 pledged to creditors, respectively)	224,806	252,538
Total assets	13,055,654	13,113,887
LIABILITIES
Assets sold under agreements to repurchase	5,748,461	5,624,558
Mortgage loan participation purchase and sale agreements	28,790	0
Notes payable secured by credit risk transfer and mortgage servicing assets	2,830,108	2,910,605
Unsecured senior notes	814,915	600,458
Asset-backed financings of variable interest entities at fair value	1,334,797	1,336,731
Interest-only security payable at fair value	35,098	32,667
Derivative and credit risk transfer strip liabilities at fair value	16,151	51,381
Accounts payable and accrued liabilities	114,085	354,989
Income taxes payable	155,544	190,003
Liability for losses under representations and warranties	8,315	26,143
Total liabilities	11,118,867	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 $0.0 par value; issued and outstanding, 86,860,960 and 86,624,044 common shares, respectively	869	866
Additional paid-in capital	1,924,596	1,923,437
Accumulated deficit	(530,160)	(508,695)
Total shareholders’ equity	1,936,787	1,957,090
Total liabilities and shareholders’ equity	13,055,654	13,113,887
Variable Interest Entities [Member]
ASSETS
Loans at fair value ($1,427,722 and $1,431,896 pledged to creditors, respectively)	1,427,575	1,431,689
Derivative assets	29,690	16,160
Deposits securing credit risk transfer arrangements pledged to creditors	1,135,447	1,209,498
Other interest receivable	3,936	4,106
Total assets	2,596,648	2,661,453
LIABILITIES
Asset-backed financings of variable interest entities at fair value	1,334,797	1,336,731
Interest-only security payable at fair value	35,098	32,667
Derivative and credit risk transfer strip liabilities at fair value	13,475	46,692
Accounts payable and accrued liabilities interest payable	3,936	4,106
Total liabilities	1,387,306	1,420,196
PennyMac Financial Services, Inc. [Member]
ASSETS
Due from PennyMac Financial Services, Inc.	8,538	56
LIABILITIES
Due to PennyMac Financial Services, Inc.	$ 32,603	$ 29,262

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Loans acquired for sale at fair value, pledged to creditors	$ 1,649,411,000	$ 659,751,000
Loans at fair value, pledged to creditors	1,427,722,000	1,431,896,000
Derivative assets, pledged to creditors	29,690,000	16,160,000
Mortgage servicing rights pledged to creditors	3,756,894,000	3,871,249,000
Servicing Advances pledged to creditors	59,121,000	181,201,000
Other, pledged to creditors	$ 1,230,000	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net investment income
Net gains (losses) on investments and financings	$ 146,695	$ (109,544)	$ 166,705	$ 13,761
Net gains on loans acquired for sale:	20,059	13,558	46,737	24,477
Loan origination fees	6,640	3,226	11,099	15,227
Contractually specified	162,605	166,809	485,089	496,522
Other	4,012	3,752	9,838	14,521
Net mortgage loan servicing fees	166,617	170,561	494,927	511,043
Change in fair value of mortgage servicing rights	(184,918)	160,926	(263,676)	(64,515)
Mortgage servicing rights hedging results	(67,220)	(50,689)	(175,399)	(81,584)
Net servicing fees from non-affiliates	(85,080)	281,298	57,119	366,438
Interest income	176,734	158,926	472,128	474,629
Interest expense	184,171	183,918	527,539	550,445
Net interest expense	(7,437)	(24,992)	(55,411)	(75,816)
Results of real estate acquired in settlement of loans	(65)	(251)	(155)	(251)
Other	52	134	173	411
Net investment income	80,864	163,429	226,267	344,247
Expenses
Management fees	7,153	7,175	21,474	21,510
Professional services	2,614	2,133	6,738	5,537
Compensation	1,326	1,961	4,611	4,779
Loan collection and liquidation	2,257	1,890	4,297	3,378
Safekeeping	1,174	467	3,067	2,707
Loan origination	1,408	710	2,414	3,785
Other	4,666	4,885	13,441	14,559
Total expenses	54,330	45,009	138,743	140,173
Income before (benefit from) provision for income taxes	26,534	118,420	87,524	204,074
(Benefit from) provision for income taxes	(14,873)	56,998	(26,925)	57,331
Net income	41,407	61,422	114,449	146,743
Dividends on preferred shares	10,455	10,455	31,364	31,364
Net income attributable to common shareholders	$ 30,952	$ 50,967	$ 83,085	$ 115,379
Earnings per common share
Basic	$ 0.36	$ 0.59	$ 0.95	$ 1.31
Diluted	$ 0.36	$ 0.51	$ 0.95	$ 1.2
Weighted average common shares outstanding
Basic	86,861	86,760	86,800	87,613
Diluted	86,861	111,088	86,800	111,941
Nonaffiliates [Member]
Net investment income
Net gains on loans acquired for sale:	$ 18,065	$ 11,704	$ 41,088	$ 19,463
Other	4,012	3,752	9,838	14,521
Net servicing fees from non-affiliates	(85,521)	280,798	55,852	364,944
PennyMac Financial Services, Inc. [Member]
Net investment income
Net gains on loans acquired for sale:	1,994	1,854	5,649	5,014
From PennyMac Financial Services, Inc.	441	500	1,267	1,494
Expenses
Loan servicing fees	22,240	20,257	62,766	61,023
Management fees	7,153	7,175	21,474	21,510
Loan fulfillment fees	$ 11,492	$ 5,531	$ 19,935	$ 22,895

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock	Common Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Balance, Amount at Dec. 31, 2022	$ 1,962,815	$ 541,482	$ 889	$ 1,947,266	$ (526,822)
Balance, Shares at Dec. 31, 2022		22,400	88,889
Net Income (Loss)	146,743	$ 0	$ 0	0	146,743
Share-based compensation, Amount	2,854	0	$ 1	2,853	0
Share-based compensation, Shares			146
Dividends:
Preferred shares dividends	(31,364)	0	$ 0	0	(31,364)
Common share dividends	(104,959)	0	0	0	(104,959)
Repurchase of common shares, Amount	$ (27,011)	$ 0	$ (22)	(26,989)	0
Repurchase of common shares, Shares	(2,274)	0	(2,274)
Balance, Amount at Sep. 30, 2023	$ 1,949,078	$ 541,482	$ 868	1,923,130	(516,402)
Balance, Shares at Sep. 30, 2023		22,400	86,761
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	86,761
Net Income (Loss)	61,422	$ 0	$ 0	0	61,422
Share-based compensation, Amount	1,420	$ 0	$ 0	1,420	0
Share-based compensation, Shares		0	0
Dividends:
Preferred shares dividends	(10,455)	$ 0	$ 0	0	(10,455)
Common share dividends	(34,805)	0	0	0	(34,805)
Balance, Amount at Sep. 30, 2023	1,949,078	$ 541,482	$ 868	1,923,130	(516,402)
Balance, Shares at Sep. 30, 2023		22,400	86,761
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	86,624
Net Income (Loss)	114,449	$ 0	$ 0	0	114,449
Share-based compensation, Amount	1,162	0	$ 3	1,159	0
Share-based compensation, Shares			237
Dividends:
Preferred shares dividends	(31,364)	0	$ 0	0	(31,364)
Common share dividends	(104,550)	0	0	0	(104,550)
Repurchase of common shares, Amount	$ 0
Repurchase of common shares, Shares	0
Balance, Amount at Sep. 30, 2024	$ 1,936,787	$ 541,482	$ 869	1,924,596	(530,160)
Balance, Shares at Sep. 30, 2024		22,400	86,861
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	86,861
Net Income (Loss)	41,407	$ 0	$ 0	0	41,407
Share-based compensation, Amount	816	$ 0	$ 0	816	0
Share-based compensation, Shares		0	0
Dividends:
Preferred shares dividends	(10,455)	$ 0	$ 0	0	(10,455)
Common share dividends	(34,850)	0	0	0	(34,850)
Balance, Amount at Sep. 30, 2024	$ 1,936,787	$ 541,482	$ 869	$ 1,924,596	$ (530,160)
Balance, Shares at Sep. 30, 2024		22,400	86,861

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Dividends declared per common share	$ 0.4	$ 0.4	$ 1.2	$ 1.2

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income	$ 114,449	$ 146,743
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Net gains on investments and financings	(166,705)	(13,761)
Net gains on loans acquired for sale	(46,737)	(24,477)
Change in fair value of mortgage servicing rights	263,676	64,515
Mortgage servicing rights hedging results	175,399	81,584
Accrual of unearned discounts and amortization of purchase premiums on mortgage-backed securities, loans at fair value, and asset-backed financings	(25,967)	8,050
Amortization of debt issuance costs	16,742	11,147
Results of real estate acquired in settlement of loans	155	251
Share-based compensation expense	3,008	3,421
Purchase of loans acquired for sale from nonaffiliates	(67,670,193)	(63,699,477)
Sale to nonaffiliates and repayment of loans acquired for sale	9,340,802	13,576,673
Repurchase of loans subject to representations and warranties	(25,318)	(50,537)
Decrease in servicing advances	134,885	103,636
Repurchase of real estate previously sold as loans acquired for sale	0	(456)
Increase in other assets	(225,737)	(187,922)
Decrease in accounts payable and accrued liabilities	(242,451)	(68,352)
Increase (decrease) in due to PennyMac Financial Services, Inc.	3,341	(8,759)
(Decrease) increase in income taxes payable	(34,459)	51,189
Net cash (used in) provided by operating activities	(1,082,381)	807,162
Cash flows from investing activities
Net decrease in short-term investments	25,551	102,212
Purchase of mortgage-backed securities	(479,960)	(3,108,701)
Sale and repayment of mortgage-backed securities	1,245,129	2,880,273
Repurchase of loans at fair value	0	(119)
Repayment of loans at fair value	75,113	72,925
Net settlement of derivative financial instruments	(1,346)	(56,025)
Distribution from credit risk transfer arrangements	118,668	136,033
Purchase of mortgage servicing rights	(27,981)	(14,637)
Transfer of mortgage servicing rights relating to delinquent loans to Agency	(341)	653
Sale of real estate acquired in settlement of loans	1,127	3,803
Decrease in margin deposits	122,389	44,065
Net cash provided by investing activities	1,078,349	60,482
Cash flows from financing activities
Sale of assets under agreements to repurchase	91,889,781	92,891,387
Repurchase of assets sold under agreements to repurchase	(91,766,070)	(93,488,136)
Issuance of mortgage loan participation purchase and sale agreements	1,771,100	1,739,456
Repayment of mortgage loan participation purchase and sale agreements	(1,742,221)	(1,715,465)
Issuance of notes payable secured by credit risk transfer and mortgage servicing assets	1,306,500	615,000
Repayment of notes payable secured by credit risk transfer and mortgage servicing assets	(1,384,419)	(595,303)
Issuance of asset-backed financing of variable interest entities	8,137	0
Repayment of asset-backed financings of variable interest entities	(73,083)	(70,455)
Issuance of unsecured senior notes	216,500	53,500
Payment of debt issuance costs	(21,260)	(8,344)
Payment of dividends to preferred shareholders	(31,364)	(31,364)
Payment of dividends to common shareholders	(104,450)	(105,812)
Payment of vested share-based compensation tax withholdings	(1,846)	(567)
Repurchase of common shares of beneficial interest	0	(27,011)
Net cash provided by (used in) financing activities	67,305	(743,114)
Net increase in cash	63,273	124,530
Cash at beginning of period	281,085	111,866
Cash at end of period	344,358	236,396
Payments, net:
Income taxes	7,534	6,142
Interest	564,417	562,109
Non cash investing activities:
Receipt of mortgage servicing rights as proceeds from sales of loans	159,456	249,925
Unsettled purchase of mortgage servicing rights	1,447	1,626
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities and interest receivable	35,609	105,096
Transfer of loans and advances to real estate acquired in settlement of loans	0	1,182
Non-cash financing activities:
Dividends declared, not paid	34,850	34,805
PennyMac Loan Services, LLC [Member]
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Purchase of loans acquired for sale from PennyMac Financial Services, Inc.	(191,250)	0
Sale of loans acquired for sale to PennyMac Financial Services, Inc.	57,502,461	50,812,386
(Increase) decrease in due from PennyMac Financial Services, Inc.	$ (8,482)	$ 1,308

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 41,407	$ 61,422	$ 114,449	$ 146,743

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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”) and 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 the securitized reference pools of loans subject to the CRT arrangements into trust entities, and the Company acquired the IO ownership interests and assumed the recourse obligations in the CRT arrangements through the acquisition of beneficial interests in the trust entities. The Company also invests in subordinate MBS, which are among the first beneficial interests in the issuing trusts to absorb credit losses on the underlying loans. The Company’s retention of credit risk through its investment in CRT arrangements and subordinate MBS subjects it to risks associated with delinquency and foreclosure similar to the risks of loss associated with owning the underlying loans, which is greater than the risk of loss associated with selling 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, the returns demanded by market participants and to estimates of cost to service the underlying loans; • 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	9 Months Ended
	Sep. 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, 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 and recapture fees earned by PLS: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Loan servicing fees: Loans acquired for sale $ 158 $ 112 $ 342 $ 569 Loans at fair value 60 33 185 184 Mortgage servicing rights 22,022 20,112 62,239 60,270 $ 22,240 $ 20,257 $ 62,766 $ 61,023 Average investment in loans: Acquired for sale $ 1,069,653 $ 868,808 $ 1,002,719 $ 1,613,347 At fair value $ 1,388,368 $ 1,437,418 $ 1,401,643 $ 1,479,525 Average MSR portfolio unpaid principal balance $ 227,804,449 $ 231,333,064 $ 229,174,686 $ 231,333,990 MSR recapture fees $ 441 $ 500 $ 1,267 $ 1,494 UPB of loans recaptured $ 71,370 $ 77,403 $ 207,651 $ 270,720 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 fair value of the Company's mortgage loan inventory and commitments to purchase mortgage loans to reduce the risk of loss arising from fluctuations in fair value due to movements in interest rates; correspondent seller performance and credit monitoring procedures; and the sale 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 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' UPBs, 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Loan fulfillment fees earned by PLS $ 11,492 $ 5,531 $ 19,935 $ 22,895 UPB of loans fulfilled by PLS $ 5,948,057 $ 2,760,000 $ 9,949,135 $ 12,418,084 Sourcing fees received from PLS included in Net gains on loans acquired for sale $ 1,994 $ 1,854 $ 5,649 $ 5,014 Purchases of loans acquired for sale from PLS $ 191,250 $ — $ 191,250 $ — UPB of loans sold to PLS: Government guaranteed or insured $ 11,843,268 $ 8,606,835 $ 30,200,608 $ 29,127,889 Conventional conforming 8,092,380 9,932,593 26,289,016 21,013,357 $ 19,935,648 $ 18,539,428 $ 56,489,624 $ 50,141,246 Tax service fees paid to PLS $ 1,112 $ 579 $ 1,902 $ 2,690 September 30, 2024 December 31, 2023 (in thousands) Loans included in Loans acquired for sale at fair value $ 114,723 $ 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") exceeds or falls short of the lesser of 8 % and the average Fannie Mae 30 - year MBS yield (the "Target Yield") for the rolling four quarters then ended. The “high watermark” starts at zero and is adjusted quarterly. If the “net income” is lower than the Target Yield, the “high watermark” is increased by the difference. If the “net income” is higher than the Target Yield, the “high watermark” is reduced by the difference. Each time a performance incentive fee is earned, the “high watermark” returns to zero. As a result, the threshold amounts required for PCM to earn a performance incentive fee are adjusted cumulatively based on the performance of PMT’s “net income” over (or under) the Target Yield, until the “net income” in excess of the Target Yield exceeds the then-current cumulative “high watermark” amount. The base management fee and the performance incentive fee are both payable quarterly in arrears. The performance incentive fee may be paid in cash or a combination of cash and the Company’s Common Shares (subject to a limit of no more than 50 % paid in Common Shares), at the Company’s option. In the event of termination of the management agreement between the Company and PCM, PCM may be entitled to a termination fee in certain circumstances. The termination fee is equal to three times the sum of (a) the average annual base management fee, and (b) the average annual performance incentive fee earned by PCM, in each case during the 24-month period before termination of the management agreement. Following is a summary of management fee expenses: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Base management $ 7,153 $ 7,175 $ 21,474 $ 21,510 Performance incentive — — — — $ 7,153 $ 7,175 $ 21,474 $ 21,510 Average shareholders' equity amounts used to calculate $ 1,897,006 $ 1,897,964 $ 1,912,310 $ 1,917,525 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Reimbursement of: Expenses incurred on the Company’s behalf, net $ 6,318 $ 5,893 $ 15,511 $ 15,532 Common overhead incurred by PCM and its affiliates 1,867 1,489 5,811 5,450 Compensation 165 165 495 495 $ 8,350 $ 7,547 $ 21,817 $ 21,477 Payments and settlements during the periods (1) $ 31,752 $ 9,190 $ 91,100 $ 72,446 (1) Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PFSI for the operating, investing and financing activities itemized in this Note. Financing Activities PFSI held 75,000 of the Company’s Common Shares at both September 30, 2024 and December 31, 2023. Amounts Receivable from and Payable to PFSI Amounts receivable from and payable to PFSI are summarized below: September 30, 2024 December 31, 2023 (in thousands) Due from PFSI-Miscellaneous receivables $ 8,538 $ 56 Due to PFSI: Loan servicing fees $ 8,670 $ 6,809 Correspondent production fees 7,986 8,288 Management fees 7,153 7,252 Allocated expenses and expenses and costs paid by PFSI 4,788 5,612 Fulfillment fees 4,006 1,301 $ 32,603 $ 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 September 30, 2024 December 31, 2023 (in thousands) Loan servicing advances $ 71,124 $ 206,151 Other assets-Real estate acquired in settlement of loans 1,378 2,003 $ 72,502 $ 208,154

Loan Sales

Loan Sales	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Cash flows: Proceeds from sales $ 5,172,208 $ 3,107,613 $ 9,340,802 $ 13,576,673 Loan servicing fees received $ 162,605 $ 166,809 $ 485,089 $ 496,522 The following table summarizes for the dates presented collection status information for loans that are accounted for as sales where the Company maintains continuing involvement: September 30, 2024 December 31, 2023 (in thousands) UPB of loans outstanding $ 224,586,882 $ 228,838,471 Collection status (UPB) Delinquency: 30-89 days delinquent $ 2,510,113 $ 2,184,500 90 or more days delinquent: Not in foreclosure $ 891,525 $ 1,029,962 In foreclosure $ 105,065 $ 85,045 Bankruptcy $ 256,683 $ 185,320 Custodial funds managed by the Company (1) $ 3,019,441 $ 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	9 Months Ended
	Sep. 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. CRT arrangements 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 to losses of each CRT arrangement increased to maximums ranging from 4.5 % to 5.0 % of outstanding UPB, although the total dollar amount of exposure to losses did not increase. The Company has concluded that the subsidiary trust entities holding its CRT arrangements are VIEs and the Company is the primary beneficiary of the VIEs as it is the holder of the primary beneficial interests which absorb the variability of the trusts’ income. For CRT arrangements where losses are triggered based on the loans’ delinquency status, the Company recognizes its IO ownership interests and recourse obligations on the consolidated balance sheets as CRT Derivatives in Derivative assets and Derivative and credit risk transfer strip liabilities. For CRT 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 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 a nonaffiliate) included in the CRT arrangements are included in Net gains (losses) on investments and financings in the consolidated statements of income. Following is a summary of the CRT arrangements: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Net investment income: Net gains (losses) on investments and financings CRT derivatives and strips: CRT derivatives Realized $ 3,275 $ 4,051 $ 10,248 $ 12,504 Valuation changes 5,460 9,113 13,716 26,619 8,735 13,164 23,964 39,123 CRT strips Realized 10,990 11,241 34,368 35,529 Valuation changes 3,499 9,977 33,217 68,601 14,489 21,218 67,585 104,130 Interest-only security payable at fair value ( 2,390 ) ( 4,228 ) ( 2,431 ) ( 6,363 ) 20,834 30,154 89,118 136,890 Interest income — Deposits securing CRT arrangements 15,042 16,419 46,121 46,410 $ 35,876 $ 46,573 $ 135,239 $ 183,300 Net payments made to settle losses on CRT arrangements $ 827 $ 496 $ 1,140 $ 2,252 September 30, 2024 December 31, 2023 (in thousands) Carrying value of CRT arrangements: Derivative assets - CRT derivatives $ 29,690 $ 16,160 CRT strip liabilities ( 13,475 ) ( 46,692 ) Deposits securing CRT arrangements 1,135,447 1,209,498 Interest-only security payable at fair value ( 35,098 ) ( 32,667 ) $ 1,116,564 $ 1,146,299 CRT arrangement assets pledged to secure borrowings: Derivative assets $ 29,690 $ 16,160 Deposits securing CRT arrangements (1) $ 1,135,447 $ 1,209,498 UPB of loans underlying CRT arrangements $ 21,708,165 $ 23,152,230 Collection status (UPB): Delinquency Current $ 21,105,679 $ 22,531,905 30-89 days delinquent $ 424,102 $ 411,991 90-180 days delinquent $ 119,236 $ 120,011 180 or more days delinquent $ 42,283 $ 64,647 Foreclosure $ 16,865 $ 23,676 Bankruptcy $ 64,331 $ 58,696 (1) Deposits securing credit risk transfer arrangements also secure $ 13.5 million and $ 46.7 million in CRT strip liabilities at September 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 priorities of payments and, as such, most of these inflows must be directed first to service and repay the senior securities. The rights of holders of subordinate securities to receive distributions of principal and/or interest, as applicable, are subordinate to the rights of holders of senior securities. After the senior securities are repaid, substantially all cash inflows will be directed to the subordinate securities, including those held by the Company, until they are fully repaid. The Company’s retention or purchase of subordinate MBS exposes PMT to the credit risk in the underlying loans because the Company’s 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Net investment income: Net gains (losses) on investments and financings: Loans at fair value $ 75,360 $ ( 54,082 ) $ 71,381 $ ( 61,318 ) Asset-backed financings at fair value ( 72,922 ) 58,474 ( 64,151 ) 66,108 Interest income 16,037 9,505 41,594 38,315 Interest expense 10,838 13,652 34,918 38,796 $ 7,637 $ 245 $ 13,906 $ 4,309 September 30, 2024 December 31, 2023 (in thousands) Loans at fair value $ 1,427,575 $ 1,431,689 Asset-backed financings at fair value $ 1,334,797 $ 1,336,731 Retained subordinate MBS at fair value pledged to Assets sold under agreements to repurchase $ 83,417 $ 85,344 Financing of Mortgage Servicing Assets The Company entered into financing transactions 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	9 Months Ended
	Sep. 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 of assets and liabilities 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: September 30, 2024 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 102,787 $ — $ — $ 102,787 Mortgage-backed securities at fair value — 4,101,126 81,256 4,182,382 Loans acquired for sale at fair value — 1,659,727 6,069 1,665,796 Loans at fair value — 1,427,575 1,950 1,429,525 Derivative assets: Call options on interest rate futures purchase contracts 12,844 — — 12,844 Put options on interest rate futures purchase contracts 1,953 — — 1,953 Forward purchase contracts — 635 — 635 Forward sale contracts — 11,997 — 11,997 MBS put options — 1,508 — 1,508 CRT derivatives — — 29,690 29,690 Interest rate lock commitments — — 7,476 7,476 Total derivative assets before netting 14,797 14,140 37,166 66,103 Netting — — — 15,741 Total derivative assets after netting 14,797 14,140 37,166 81,844 Mortgage servicing rights at fair value — — 3,809,047 3,809,047 $ 117,584 $ 7,202,568 $ 3,935,488 $ 11,271,381 Liabilities: Asset-backed financings of the variable interest entities $ — $ 1,334,797 $ — $ 1,334,797 Interest-only security payable at fair value — — 35,098 35,098 Derivative and credit risk transfer strip liabilities: Forward purchase contracts — 7,452 — 7,452 Forward sales contracts — 11,530 — 11,530 Interest rate lock commitments — — 1,574 1,574 Total derivative liabilities before netting — 18,982 1,574 20,556 Netting — — — ( 17,880 ) Total derivative liabilities after netting — 18,982 1,574 2,676 Credit risk transfer strips — — 13,475 13,475 Total derivative and credit risk transfer strip liabilities — 18,982 15,049 16,151 $ — $ 1,353,779 $ 50,147 $ 1,386,046 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 of the variable interest entities $ — $ 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 September 30, 2024 Assets (1) Interest-only stripped mortgage-backed securities Loans Loans at CRT Interest rate CRT Mortgage Total (in thousands) Balance, June 30, 2024 $ 87,841 $ 7,994 $ 1,998 $ 24,305 $ 1,552 $ ( 16,974 ) $ 3,941,861 $ 4,048,577 Purchases (purchase adjustments) and — ( 156 ) — — 18,971 — — 18,815 Repayments and sales ( 40,487 ) ( 1,728 ) ( 38 ) ( 3,350 ) — ( 10,990 ) — ( 56,593 ) Accrual of unearned discount 2,264 — — — — — — 2,264 Amounts received pursuant to sales — — — — — — 87,588 87,588 Changes in fair value included in Changes in instrument - — — — — — — — — Other factors ( 3,971 ) ( 41 ) ( 10 ) 8,735 27,776 14,489 ( 184,918 ) ( 137,940 ) ( 3,971 ) ( 41 ) ( 10 ) 8,735 27,776 14,489 ( 184,918 ) ( 137,940 ) Exchange of mortgage servicing spread 35,609 — — — — — ( 35,609 ) — Transfers of: Interest rate lock commitments to loans — — — — ( 42,397 ) — — ( 42,397 ) Mortgage servicing rights relating to — — — — — — 125 125 Balance, September 30, 2024 $ 81,256 $ 6,069 $ 1,950 $ 29,690 $ 5,902 $ ( 13,475 ) $ 3,809,047 $ 3,920,439 Changes in fair value recognized during $ ( 3,971 ) $ ( 9 ) $ ( 19 ) $ 5,460 $ 5,902 $ 3,499 $ ( 180,885 ) $ ( 170,023 ) (1) For the purpose of this table, CRT derivative, interest rate lock commitment (“IRLC”), and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended September 30, 2024 (in thousands) Interest-only security payable: Balance, June 30, 2024 $ 32,708 Changes in fair value included in income arising from: Changes in instrument - specific credit risk — Other factors 2,390 2,390 Balance, September 30, 2024 $ 35,098 Changes in fair value recognized during the quarter relating $ 2,390 Quarter ended September 30, 2023 Assets (1) Interest-only stripped mortgage-backed securities Loans Loans at CRT Interest CRT Mortgage Total (in thousands) Balance, June 30, 2023 $ — $ 6,630 $ 2,665 $ ( 4,394 ) $ ( 1,298 ) $ ( 78,569 ) $ 3,977,938 $ 3,902,972 Purchases and issuances — — — — 6,618 — 16,263 22,881 Repayments and sales — ( 1,383 ) ( 510 ) ( 4,028 ) — ( 11,241 ) — ( 17,162 ) Amounts received pursuant to sales — ( 496 ) — — — — 58,560 58,064 Changes in fair value included in Changes in instrument - — — — — — — — — Other factors ( 14 ) 131 ( 58 ) 13,164 ( 16,255 ) 21,218 160,926 179,112 ( 14 ) 131 ( 58 ) 13,164 ( 16,255 ) 21,218 160,926 179,112 Exchange of mortgage servicing spread 103,547 — — — — — ( 105,096 ) ( 1,549 ) Transfers of: Interest rate lock commitments — — — — 7,587 — — 7,587 Mortgage servicing rights relating to — — — — — — 70 70 Balance, September 30, 2023 $ 103,533 $ 4,882 $ 2,097 $ 4,742 $ ( 3,348 ) $ ( 68,592 ) $ 4,108,661 $ 4,151,975 Changes in fair value recognized during $ ( 14 ) $ ( 104 ) $ ( 74 ) $ 9,113 $ ( 3,348 ) $ 9,977 $ 160,926 $ 176,476 (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended September 30, 2023 (in thousands) Interest-only security payable: Balance, June 30, 2023 $ 24,060 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — Other factors 4,228 4,228 Balance, September 30, 2023 $ 28,288 Changes in fair value recognized during the quarter relating $ 4,228 Nine months ended September 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 — 5,341 — — 26,842 — 29,428 61,611 Repayments and sales ( 50,541 ) ( 5,404 ) ( 129 ) ( 10,434 ) — ( 34,368 ) — ( 100,876 ) Accrual of unearned discounts 6,870 — — — — — — 6,870 Amounts received pursuant to sales — — — — — — 159,456 159,456 Changes in fair value included in Changes in instrument - specific — — — — — — — — Other factors ( 4,913 ) ( 186 ) ( 52 ) 23,964 22,774 67,585 ( 263,676 ) ( 154,504 ) ( 4,913 ) ( 186 ) ( 52 ) 23,964 22,774 67,585 ( 263,676 ) ( 154,504 ) Exchange of mortgage servicing spread 35,609 — — — — — ( 35,609 ) — Transfers of: Interest rate lock commitments to loans — — — — ( 51,246 ) — — ( 51,246 ) Mortgage servicing rights relating to — — — — — — 341 341 Balance, September 30, 2024 $ 81,256 $ 6,069 $ 1,950 $ 29,690 $ 5,902 $ ( 13,475 ) $ 3,809,047 $ 3,920,439 Changes in fair value recognized during $ ( 4,913 ) $ ( 154 ) $ ( 71 ) $ 13,716 $ 5,902 $ 33,217 $ ( 261,304 ) $ ( 213,607 ) (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Nine months ended September 30, 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 2,431 2,431 Balance, September 30, 2024 $ 35,098 Changes in fair value recognized during the period relating $ 2,431 Nine months ended September 30, 2023 Assets (1) Interest-only stripped mortgage-backed securities 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 — 2,687 — 16,263 23,331 Repayments and sales — ( 9,787 ) ( 534 ) ( 12,283 ) — ( 35,529 ) — ( 58,133 ) Amounts received pursuant to sales — ( 496 ) — — — — 249,925 249,429 Changes in fair value included in Changes in instrument - — — — — — — — — Other factors ( 14 ) 195 ( 485 ) 39,123 ( 3,578 ) 104,130 ( 64,515 ) 74,856 ( 14 ) 195 ( 485 ) 39,123 ( 3,578 ) 104,130 ( 64,515 ) 74,856 Exchange of mortgage servicing 103,547 — — — — — ( 105,096 ) ( 1,549 ) Transfers of: — Loans to REO — — ( 460 ) — — — — ( 460 ) Interest rate lock commitments — — — — ( 1,979 ) — — ( 1,979 ) Mortgage servicing rights relating to — — — — — — ( 653 ) ( 653 ) Balance, September 30, 2023 $ 103,533 $ 4,882 $ 2,097 $ 4,742 $ ( 3,348 ) $ ( 68,592 ) $ 4,108,661 $ 4,151,975 Changes in fair value recognized $ ( 14 ) $ ( 74 ) $ ( 1,011 ) $ 26,619 $ ( 3,348 ) $ 68,601 $ ( 64,515 ) $ 26,258 (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Nine months ended September 30, 2023 (in thousands) Interest-only security payable: Balance, December 31, 2022 $ 21,925 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — Other factors 6,363 6,363 Balance, September 30, 2023 $ 28,288 Changes in fair value recognized during the period relating $ 6,363 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): September 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 $ 1,665,099 $ 1,619,369 $ 45,730 $ 667,857 $ 648,283 $ 19,574 90 or more days delinquent: Not in foreclosure 622 873 ( 251 ) 433 617 ( 184 ) In foreclosure 75 96 ( 21 ) 728 845 ( 117 ) 697 969 ( 272 ) 1,161 1,462 ( 301 ) $ 1,665,796 $ 1,620,338 $ 45,458 $ 669,018 $ 649,745 $ 19,273 Loans at fair value: Held in consolidated VIEs: Current through 89 days delinquent $ 1,426,511 $ 1,620,842 $ ( 194,331 ) $ 1,430,427 $ 1,697,305 $ ( 266,878 ) 90 or more days delinquent: Not in foreclosure 891 1,122 ( 231 ) 1,262 1,582 ( 320 ) In foreclosure 173 219 ( 46 ) — — — 1,064 1,341 ( 277 ) 1,262 1,582 ( 320 ) 1,427,575 1,622,183 ( 194,608 ) 1,431,689 1,698,887 ( 267,198 ) Distressed: Current through 89 days delinquent 460 634 ( 174 ) 569 728 ( 159 ) 90 or more days delinquent: Not in foreclosure 1,490 4,332 ( 2,842 ) 393 2,023 ( 1,630 ) In foreclosure — — — 1,169 2,546 ( 1,377 ) 1,490 4,332 ( 2,842 ) 1,562 4,569 ( 3,007 ) 1,950 4,966 ( 3,016 ) 2,131 5,297 ( 3,166 ) $ 1,429,525 $ 1,627,149 $ ( 197,624 ) $ 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 September 30, 2024 Net gains (losses) on investments and financings Net gains on loans acquired Net loan Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ 123,433 $ — $ — $ 15,663 $ 139,096 Loans acquired for sale at fair value — 65,611 — — 65,611 Loans at fair value 75,350 — — 2,229 77,579 Credit risk transfer strips 14,489 — — — 14,489 MSRs at fair value — — ( 184,918 ) — ( 184,918 ) $ 213,272 $ 65,611 $ ( 184,918 ) $ 17,892 $ 111,857 Liabilities: Interest-only security payable at fair value $ ( 2,390 ) $ — $ — $ — $ ( 2,390 ) Asset-backed financings of VIEs at fair value ( 72,922 ) — — 1,026 ( 71,896 ) $ ( 75,312 ) $ — $ — $ 1,026 $ ( 74,286 ) Quarter ended September 30, 2023 Net gains (losses) on investments and financings Net gains on loans acquired Net loan Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ ( 144,031 ) $ — $ — $ 1,048 $ ( 142,983 ) Loans acquired for sale at fair value — ( 13,106 ) — — ( 13,106 ) Loans at fair value ( 54,141 ) — — ( 5,153 ) ( 59,294 ) Credit risk transfer strips 21,218 — — — 21,218 MSRs at fair value — — 160,926 — 160,926 $ ( 176,954 ) $ ( 13,106 ) $ 160,926 $ ( 4,105 ) $ ( 33,239 ) Liabilities: Interest-only security payable at fair value $ ( 4,228 ) $ — $ — $ — $ ( 4,228 ) Asset-backed financings at fair value 58,474 — — 1,132 59,606 $ 54,246 $ — $ — $ 1,132 $ 55,378 Nine months ended September 30, 2024 Net gains (losses) on investments and financings Net gains on loans acquired Net loan Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ 50,310 $ — $ — $ 25,340 $ 75,650 Loans acquired for sale at fair value — 67,243 — — 67,243 Loans at fair value 71,330 — — ( 511 ) 70,819 Credit risk transfer strips 67,585 — — — 67,585 MSRs at fair value — — ( 263,676 ) — ( 263,676 ) $ 189,225 $ 67,243 $ ( 263,676 ) $ 24,829 $ 17,621 Liabilities: Interest-only security payable at fair value $ ( 2,431 ) $ — $ — $ — $ ( 2,431 ) Asset-backed financings at fair value ( 64,151 ) — — 1,138 ( 63,013 ) $ ( 66,582 ) $ — $ — $ 1,138 $ ( 65,444 ) Nine months ended September 30, 2023 Net gains (losses) on investments and financings Net gains on loans acquired Net loan Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ ( 127,434 ) $ — $ — $ ( 1,172 ) $ ( 128,606 ) Loans acquired for sale at fair value — ( 7,215 ) — — ( 7,215 ) Loans at fair value ( 61,803 ) — — ( 6,212 ) ( 68,015 ) Credit risk transfer strips 104,130 — — — 104,130 MSRs at fair value — — ( 64,515 ) — ( 64,515 ) $ ( 85,107 ) $ ( 7,215 ) $ ( 64,515 ) $ ( 7,384 ) $ ( 164,221 ) Liabilities: Interest-only security payable at fair value $ ( 6,363 ) $ — $ — $ — $ ( 6,363 ) Asset-backed financings at fair value 66,108 — — 666 66,774 $ 59,745 $ — $ — $ 666 $ 60,411 Financial Statement Item Measured at Fair Value on a Nonrecurring Basis Following is a summary of the carrying value of assets that were remeasured during the period based on fair value on a nonrecurring basis: Real estate acquired in settlement of loans Level 1 Level 2 Level 3 Total (in thousands) September 30, 2024 $ — $ — $ 438 $ 438 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Real estate acquired in settlement of loans $ 9 $ ( 258 ) $ 105 $ ( 288 ) 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, internal estimates of fair value for the term loans, and pricing services for the Unsecured senior notes. The fair values and carrying values of these liabilities are summarized below: September 30, 2024 December 31, 2023 Instrument Carrying value Fair value Carrying value Fair value (in thousands) Notes payable secured by credit risk transfer $ 2,830,108 $ 2,846,037 $ 2,910,605 $ 2,904,678 Unsecured senior notes $ 814,915 $ 818,647 $ 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, comprised of securities other than IO securities, 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 pricing spread (discount rate) 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: September 30, 2024 December 31, 2023 Fair value (in thousands) $ 81,256 $ 94,231 Key inputs (1) Pricing spread (2) Range 5.9 % – 6.5 % 5.1 % – 5.1 % Weighted average 6.5 % 5.1 % Annual total prepayment speed (3) Range 11.7 % – 12.1 % 10.9 % – 11.0 % Weighted average 11.7 % 10.9 % Equivalent life (in years) Range 4.4 – 6.8 4.7 – 7.2 Weighted average 6.7 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 gains (losses) 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/or pricing services 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 and/or pricing services to include the fair value of MSRs attributable to the loans included in the VIEs. • Loans that are not saleable into active markets, comprised of home equity lines of credit, previously sold loans that the Company repurchased pursuant to the representation and warranties it provided to the purchaser and distressed loans, are categorized as “Level 3” fair value assets: • Fair values 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 balances 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 gains (losses) 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: September 30, 2024 December 31, 2023 (dollars in thousands) Fair value $ 29,690 $ 16,160 UPB of loans in reference pools $ 5,071,449 $ 5,437,551 Key inputs (1) Discount rate Range 8.4 % - 11.7 % 9.0 % – 9.7 % Weighted average 8.7 % 9.6 % Voluntary prepayment speed (2) Range 6.8 % - 7.1 % 6.9 % – 7.6 % Weighted average 7.1 % 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 arrangements, except for remaining loss expectation which is based on the UPB of the loans in the reference pools. (2) Voluntary prepayment speed is measured using life voluntary CPR. (3) Involuntary prepayment speed is measured using life involuntary CPR. Interest Rate Lock Commitments The Company categorizes IRLCs as “Level 3” fair value assets and liabilities. The Company estimates the fair values of IRLCs based on quoted Agency MBS prices, the probability that the loans will be purchased under the commitments (the “pull-through rate”) and the Company’s estimate of the fair values of the MSRs it expects to receive upon sale of the loans. The significant unobservable inputs used in the fair value measurement of the Company’s IRLCs are the pull-through rates and the estimated MSRs attributed to the mortgage loans subject to the commitments. Significant changes in the pull-through rates or the MSR components of the IRLCs, in isolation, may result in a significant change in the IRLCs’ fair values. The financial effects of changes in these inputs are generally inversely correlated as increasing interest rates have a positive effect on the fair value of the MSR component of an IRLC’s fair value, but also increase the pull-through rate for the loan principal and interest payment cash flow component that has decreased in fair value. Changes in fair value of IRLCs are included in Net gains on loans acquired for sale in the consolidated statements of income. Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs: September 30, 2024 December 31, 2023 Fair value (in thousands)

Mortgage-Backed Securities

Mortgage-Backed Securities	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Balance at beginning of period $ 4,068,337 $ 4,731,341 $ 4,836,292 $ 4,462,601 Purchases 80,500 64,384 479,960 3,108,701 Sales ( 35,667 ) — ( 977,007 ) ( 2,629,540 ) Repayments ( 105,493 ) ( 90,319 ) ( 268,122 ) ( 250,733 ) Exchange of mortgage servicing spread for interest-only 35,609 103,547 35,609 103,547 Changes in fair value included in income arising from: Accrual (amortization) of net purchase premiums 15,663 1,048 25,340 ( 1,172 ) Valuation adjustments, net 123,433 ( 144,031 ) 50,310 ( 127,434 ) 139,096 ( 142,983 ) 75,650 ( 128,606 ) Balance at end of period $ 4,182,382 $ 4,665,970 $ 4,182,382 $ 4,665,970 September 30, 2024 December 31, 2023 (in thousands) Fair value of mortgage-backed securities pledged to secure Assets sold under agreements to repurchase $ 4,182,382 $ 4,836,292 Following is a summary of the Company’s investments in MBS: September 30, 2024 Security type (1) Principal Unamortized Cumulative Fair value (in thousands) Agency fixed-rate pass-through securities $ 3,217,437 $ ( 2,344 ) $ 37,815 $ 3,252,908 Principal-only stripped securities 631,601 ( 118,563 ) 27,751 540,789 Subordinate credit-linked securities 174,813 ( 4,744 ) 26,242 196,311 Senior non-Agency securities 115,302 ( 3,177 ) ( 1,007 ) 111,118 $ 4,139,153 $ ( 128,828 ) $ 90,801 4,101,126 Interest-only stripped securities $ 395,952 81,256 $ 4,182,382 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 securities 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 securities $ 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	9 Months Ended
	Sep. 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 September 30, 2024 December 31, 2023 (in thousands) Held for sale to nonaffiliates—GSE eligible (1) $ 1,486,193 $ 491,108 Held for sale to PLS GSE eligible 1,434 62,234 Government insured or guaranteed 113,289 106,069 114,723 168,303 Jumbo 58,811 3,289 Home equity lines of credit 1,445 1,803 Repurchased pursuant to representations and warranties 4,624 4,515 $ 1,665,796 $ 669,018 Loans pledged to secure: Assets sold under agreements to repurchase $ 1,619,233 $ 659,751 Mortgage loan participation purchase and sale agreements 30,178 — $ 1,649,411 $ 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

Loans at Fair Value

Loans at Fair Value	9 Months Ended
	Sep. 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 September 30, 2024 December 31, 2023 (in thousands) Loans in VIEs: Agency-conforming loans secured by investment properties $ 1,379,963 $ 1,383,392 Fixed interest rate jumbo loans 47,612 48,297 1,427,575 1,431,689 Distressed loans 1,950 2,131 $ 1,429,525 $ 1,433,820 Loans at fair value pledged to secure: Asset-backed financings at fair value (1) $ 1,427,575 $ 1,431,689 Assets sold under agreements to repurchase 147 207 $ 1,427,722 $ 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 September 30, 2024 and December 31, 2023 , $ 83.4 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	9 Months Ended
	Sep. 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: September 30, 2024 December 31, 2023 (in thousands) Derivative assets $ 81,844 $ 177,984 $ 81,844 $ 177,984 Derivative liabilities $ 2,676 $ 4,689 Credit risk transfer strip liabilities 13,475 46,692 $ 16,151 $ 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 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 • Certain of the CRT arrangements whereby the Company retained recourse obligations relating to 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: September 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 4,700,000 $ 12,844 $ — 2,315,000 $ 41,712 $ 2,005 Put options on interest rate futures purchase 500,000 1,953 — 2,900,000 4,324 — Call options on interest rate futures sell contracts — — — 500,000 — 1,328 Forward purchase contracts 3,194,957 635 7,452 2,789,324 15,905 490 Forward sale contracts 9,672,080 11,997 11,530 7,219,512 671 50,363 MBS call options — — — 500,000 3,218 — MBS put options 500,000 1,508 — 450,000 5 — Bond futures 2,096,000 — — 2,860,500 — — Swap futures 951,200 — — 1,048,800 — — Other derivatives not subject to master netting CRT derivatives 5,071,449 29,690 — 5,437,551 16,160 — Interest rate lock commitments 2,062,088 7,476 1,574 874,017 7,596 64 Total derivative instruments before netting 66,103 20,556 89,591 54,250 Netting 15,741 ( 17,880 ) 88,393 ( 49,561 ) $ 81,844 $ 2,676 $ 177,984 $ 4,689 Margin deposits placed with derivative $ 33,620 $ 137,955 Derivative assets pledged to secure: Notes payable secured by credit risk transfer $ 29,690 $ 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 September 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. September 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 $ 29,690 $ — $ — $ 29,690 $ 16,160 $ — $ — $ 16,160 Interest rate lock commitments 7,476 — — 7,476 7,596 — — 7,596 RJ O’Brien & Associates, LLC 14,797 — — 14,797 42,703 — — 42,703 Morgan Stanley & Co. LLC 10,699 — — 10,699 79,825 — — 79,825 Wells Fargo Securities, LLC 7,666 — — 7,666 7,759 — — 7,759 Bank of America, N.A. 4,436 — — 4,436 3,418 — — 3,418 Goldman Sachs & Co. LLC 2,163 — — 2,163 18,701 — — 18,701 J.P. Morgan Securities LLC 1,307 — — 1,307 997 — — 997 Citigroup Global Markets Inc. 1,160 — — 1,160 503 — — 503 Other 2,450 — — 2,450 322 — — 322 $ 81,844 $ — $ — $ 81,844 $ 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 with fair values that exceed the liability amounts recorded on the consolidated balance sheet. September 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 $ 1,574 $ — $ — $ 1,574 $ 64 $ — $ — $ 64 J.P. Morgan Securities LLC 1,631,801 ( 1,631,801 ) — — 1,521,072 ( 1,521,072 ) — — Bank of America, N.A. 809,476 ( 809,476 ) — — 785,756 ( 785,756 ) — — Wells Fargo Securities, LLC 803,927 ( 803,927 ) — — 569,129 ( 569,129 ) — — Barclays Capital Inc. 578,798 ( 578,798 ) — — 807,404 ( 803,641 ) — 3,763 Santander US Capital 362,604 ( 362,539 ) — 65 292,091 ( 292,091 ) — — Citigroup Global Markets Inc. 310,707 ( 310,707 ) — — 147,093 ( 147,093 ) — — Daiwa Capital Markets 230,033 ( 230,033 ) — — 340,975 ( 340,975 ) — — Goldman Sachs & Co. LLC 227,545 ( 227,545 ) — — 145,007 ( 145,007 ) — — RBC Capital Markets, L.P. 212,560 ( 212,560 ) — — 128,602 ( 128,602 ) — — Atlas Securitized Products, L.P. 206,873 ( 206,873 ) — — 783,456 ( 783,456 ) — — Morgan Stanley & Co. LLC 201,862 ( 201,862 ) — — 25,814 ( 25,814 ) — — Mizuho Financial Group 98,686 ( 98,121 ) — 565 67,637 ( 67,110 ) — 527 BNP Paribas 77,277 ( 77,277 ) — — 10,121 ( 10,121 ) — — Nomura Holdings America, Inc — — — — 8,135 ( 7,940 ) — 195 Other 472 — — 472 140 — — 140 $ 5,754,195 $ ( 5,751,519 ) $ — $ 2,676 $ 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 September 30, Nine months ended September 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) $ 4,349 $ ( 2,050 ) $ ( 1,631 ) $ ( 2,870 ) CRT derivatives Net gains (losses) on investments $ 8,735 $ 13,164 $ 23,964 $ 39,123 Hedged item: Assets sold under agreements Net gains (losses) on investments $ — $ — $ 20,098 $ — Interest rate lock Net gains on loans acquired for sale $ ( 45,471 ) $ 24,092 $ ( 35,698 ) $ 22,742 Mortgage servicing rights Net loan servicing fees $ ( 67,220 ) $ ( 50,689 ) $ ( 175,399 ) $ ( 81,584 ) (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	9 Months Ended
	Sep. 30, 2024
Text Block [Abstract]
Mortgage Servicing Rights	Note 12—Mortgage Servicing Rights Following is a summary of MSRs: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Balance at beginning of period $ 3,941,861 $ 3,977,938 $ 3,919,107 $ 4,012,737 Purchases — 16,263 29,428 16,263 MSRs resulting from loan sales 87,588 58,560 159,456 249,925 Transfers to Agency of mortgage servicing 125 70 341 ( 653 ) Exchange of mortgage servicing spread for ( 35,609 ) ( 105,096 ) ( 35,609 ) ( 105,096 ) Changes in fair value: Due to changes in inputs used in valuation ( 84,306 ) 263,139 33,303 232,414 Other changes in fair value (2) ( 100,612 ) ( 102,213 ) ( 296,979 ) ( 296,929 ) ( 184,918 ) 160,926 ( 263,676 ) ( 64,515 ) Balance at end of period $ 3,809,047 $ 4,108,661 $ 3,809,047 $ 4,108,661 September 30, 2024 December 31, 2023 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets and Notes payable $ 3,756,894 $ 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Contractually specified servicing fees $ 162,605 $ 166,809 $ 485,089 $ 496,522 Ancillary and other fees: Late charges 1,044 878 3,019 2,442 Other 2,968 2,874 6,819 12,079 4,012 3,752 9,838 14,521 $ 166,617 $ 170,561 $ 494,927 $ 511,043 Average UPB of underlying loans $ 227,804,449 $ 231,333,064 $ 229,174,686 $ 231,333,990

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2024
Other Assets [Abstract]
Other Assets	Note 13— Other Assets Other assets are summarized below: September 30, 2024 December 31, 2023 (dollars in thousands) Margin deposits $ 116,155 $ 124,293 Interest receivable 39,593 37,305 Servicing fees receivable 11,791 14,603 Correspondent lending receivables 8,202 6,313 Other receivables 13,966 7,199 Real estate acquired in settlement of loans 3,401 4,541 Other 31,698 58,284 $ 224,806 $ 252,538 Real estate acquired in settlement of loans pledged to secure Assets sold under agreements to repurchase $ 1,230 $ 1,905

Short-Term Debt

Short-Term Debt	9 Months Ended
	Sep. 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 September 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (dollars in thousands) Weighted average interest rate (1) 6.02 % 5.97 % 6.09 % 5.81 % Average balance $ 5,513,519 $ 5,714,082 $ 5,225,906 $ 6,451,377 Total interest expense $ 86,900 $ 87,414 $ 244,821 $ 284,027 Maximum daily amount outstanding $ 6,474,799 $ 6,318,746 $ 7,624,113 $ 9,412,768 (1) Excludes the effect of amortization of debt issuance costs and non-utilization fees of $ 3.4 million and $ 6.4 million for the quarter and nine months ended September 30, 2024 , respectively, and $ 1.4 million and $ 3.8 million for the quarter and nine months ended September 30, 2023, respectively. September 30, 2024 December 31, 2023 (dollars in thousands) Carrying value: Unpaid principal balance $ 5,751,519 $ 5,627,807 Unamortized debt issuance costs ( 3,058 ) ( 3,249 ) $ 5,748,461 $ 5,624,558 Weighted average interest rate 5.55 % 6.14 % Available borrowing capacity (1): Committed $ 597,072 $ 634,147 Uncommitted 4,944,783 5,221,706 $ 5,541,855 $ 5,855,853 Margin deposits placed with (received from) counterparties included in Other assets ( Accounts payable and accrued liabilities ), net $ 36,657 $ ( 116,358 ) Assets securing agreements to repurchase: Mortgage-backed securities $ 4,182,382 $ 4,836,292 Loans acquired for sale at fair value $ 1,619,233 $ 659,751 Loans at fair value: Securities retained in asset-backed financings $ 83,417 $ 85,344 Distressed $ 147 $ 207 Deposits securing credit risk transfer arrangements $ 71,975 $ 77,417 Mortgage servicing rights (2) $ 1,935,890 $ 2,000,574 Servicing advances $ 34,364 $ 101,927 Real estate acquired in settlement of loans $ 1,230 $ 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 September 30, 2024 (1) Unpaid (in thousands) Within 30 days $ 287,565 Over 30 to 90 days 4,071,705 Over 90 days to 180 days 1,240,249 Over 180 days to 1 year — Over 1 year to 2 years 152,000 $ 5,751,519 Weighted average maturity (in months) 2.6 (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 September 30, 2024: Loans, REO and MSRs Weighted-average maturity Counterparty Amount at risk Advances Facility (in thousands) Goldman Sachs & Co. LLC $ 94,042 December 23, 2024 January 26, 2026 Citibank, N.A. $ 44,524 November 9, 2024 June 11, 2026 Bank of America, N.A. $ 43,142 October 11, 2024 June 10, 2026 JPMorgan Chase & Co. $ 10,946 November 9, 2024 June 28, 2026 Atlas Securitized Products, L.P. $ 51,541 November 24, 2024 June 26, 2026 Wells Fargo Securities, LLC $ 7,448 December 19, 2024 October 15, 2025 Barclays Capital Inc. $ 10,112 December 23, 2024 March 6, 2026 RBC Capital Markets, L.P. $ 10,722 January 1, 2025 August 11, 2025 Morgan Stanley & Co. LLC $ 9,549 December 19, 2024 May 22, 2026 BNP Paribas $ 3,207 December 23, 2024 September 30, 2025 Securities Counterparty Amount at risk Weighted average maturity (in thousands) Citibank, N.A. $ 45,724 December 27, 2024 Bank of America, N.A. $ 29,249 November 14, 2024 JPMorgan Chase & Co. $ 58,000 November 11, 2024 Wells Fargo Securities, LLC $ 33,220 January 23, 2025 Barclays Capital Inc. $ 24,401 November 27, 2024 Santander US Capital $ 19,410 December 23, 2024 Daiwa Capital Markets America Inc. $ 6,617 January 2, 2025 Mizuho Financial Group $ 5,448 January 6, 2025 CRT arrangements Counterparty Amount at risk Weighted average maturity (in thousands) Goldman Sachs & Co. LLC $ 22,378 January 8, 2025 Mortgage Loan Participation Purchase and Sale Agreement One of the borrowing facilities secured by loans acquired for sale is in the form of a mortgage loan participation purchase and sale agreement. Participation certificates, each of which represents an undivided beneficial ownership interest in a pool of loans that have been pooled with Fannie Mae or Freddie Mac, are sold to the lender pending the securitization of such loans and the sale of the resulting security. The commitment between the Company and a nonaffiliate to sell such security is also assigned to the lender at the time a participation certificate is sold. The purchase price paid by the lender for each participation certificate is based on the trade price of the security, plus an amount of interest expected to accrue on the security to its anticipated delivery date, minus a present value adjustment, any related hedging costs and a holdback amount. The holdback amount is based on a percentage of the purchase price and is not required to be paid to the Company until the settlement of the security and its delivery to the lender. The mortgage loan participation purchase and sale agreement is summarized below: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (dollars in thousands) Average balance $ 32,353 $ 22,043 $ 18,829 $ 20,991 Weighted average interest rate (1) 6.59 % 6.69 % 6.66 % 6.46 % Total interest expense $ 568 $ 403 $ 1,033 $ 1,109 Maximum daily amount outstanding $ 78,068 $ 46,303 $ 78,068 $ 90,565 (1) Excludes the effect of amortization of debt issuance costs of $ 31,000 and $ 94,000, respectively, for the quarter and nine months ended September 30, 2024 and 2023. September 30, 2024 (dollars in thousands) Carrying value: Amount outstanding $ 28,878 Unamortized debt issuance costs ( 88 ) $ 28,790 Weighted average interest rate 6.10 % Loans acquired for sale pledged to secure mortgage loan participation $ 30,178

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 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 3R August 28, 2024 $ 158,500 $ 155,474 3.10 % September 27, 2028 2024 2R April 4, 2024 $ 247,000 235,364 3.35 % March 29, 2027 2024 1R March 6, 2024 $ 306,000 289,886 3.50 % March 1, 2027 2020 1R February 14, 2020 $ 350,000 46,100 3.35 % February 27, 2025 2019 3R October 16, 2019 $ 375,000 42,918 3.70 % October 29, 2024 $ 769,742 (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 combined committed borrowing capacity of $ 775 million 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 VFNs 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: Maturity date Issuance Issuance date Unpaid principal Annual 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 2021 March 30, 2021 350,000 3.00 % March 25, 2026 March 27, 2028 $ 1,075,000 (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 FT-1 Term Notes and FTL-1 Term Loans under conditions specified in the respective agreements. 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 July 2026 . 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (dollars in thousands) Average balance $ 2,854,487 $ 3,106,809 $ 2,871,883 $ 2,995,752 Weighted average interest rate (1) 8.60 % 8.70 % 8.84 % 8.28 % Total interest expense $ 66,305 $ 69,952 $ 198,760 $ 191,049 Maximum daily amount outstanding $ 3,183,237 $ 3,380,951 $ 3,327,400 $ 3,403,116 (1) Excludes the effect of amortization of debt issuance costs of $ 4.6 million and $ 8.7 million for the quarter and nine months ended September 30, 2024 , respectively, and $ 1.9 million and $ 5.4 million for the quarter and nine months ended September 30, 2023, respectively. September 30, 2024 December 31, 2023 (dollars in thousands) Carrying value: Unpaid principal balance: CRT arrangement financing $ 769,742 $ 747,662 Fannie Mae MSR financing 1,075,000 1,025,000 Freddie Mac MSR and servicing advance receivable financing 995,000 1,145,000 2,839,742 2,917,662 Unamortized debt issuance costs ( 9,634 ) ( 7,057 ) $ 2,830,108 $ 2,910,605 Weighted average interest rate 8.08 % 8.73 % Assets securing notes payable: MSRs (1) $ 3,756,894 $ 3,871,249 Servicing advances $ 24,757 $ 79,274 CRT Agreements: Deposits securing CRT arrangements $ 1,063,472 $ 1,132,081 Derivative assets $ 29,690 $ 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, the 2026 Exchangeable Notes and the 2024 Exchangeable Notes are referred to collectively as 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, Common Shares or a combination of cash and Common Shares, at the Company’s election, for the remainder, if any, of the exchange obligation in excess of the principal amount of the notes being exchanged, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Exchangeable 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Average balance $ 825,000 $ 553,338 $ 710,496 $ 549,063 Weighted average interest rate (1) 6.45 % 5.56 % 6.16 % 5.60 % Interest expense $ 14,571 $ 8,541 $ 35,884 $ 25,316 September 30, 2024 December 31, 2023 (in thousands) Carrying value: Unpaid principal balance $ 825,000 $ 608,500 Unamortized debt issuance costs ( 10,085 ) ( 8,042 ) $ 814,915 $ 600,458 (1) Excludes the effect of amortization of debt issuance costs of $ 1.2 million and $ 3.1 million for the quarter and nine months ended September 30, 2024 , respectively, and $ 790,000 and $ 2.3 million for the quarter and nine months ended September 30, 2023, respectively. Asset-Backed Financings of Variable Interest Entities at Fair Value Following is a summary of financial information relating to the asset-backed financings of VIEs at fair value described in Note 6 ‒ Variable Interest Entities ‒ Subordinate Mortgage-Backed Securities : Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (dollars in thousands) Average balance $ 1,542,753 $ 1,342,093 $ 1,561,810 $ 1,381,994 Total interest expense $ 10,838 $ 13,652 $ 34,918 $ 38,796 Weighted average interest rate (1) 3.06 % 3.70 % 3.08 % 3.69 % (1) Excludes the effect of (accrual) amortization of net issuance premiums and debt issuance costs of $ ( 1.0 ) million and $ ( 1.1 ) million for the quarter and nine months ended September 30, 2024 , respectively, and $ 1.1 million and $ 666,000 for the quarter and nine months ended September 30, 2023, respectively. September 30, 2024 December 31, 2023 (dollars in thousands) Fair value $ 1,334,797 $ 1,336,731 Unpaid principal balance $ 1,527,681 $ 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 financings. Maturities of Long-Term Debt Contractual maturities of long-term debt obligations (based on final maturity dates) are as follows: Twelve months ended September 30, Total 2025 2026 2027 2028 2029 Thereafter (in thousands) Notes payable secured by credit risk transfer $ 2,839,742 $ 89,018 $ 1,345,000 $ 525,250 $ 880,474 $ — $ — Unsecured senior notes 825,000 210,000 345,000 — 53,500 216,500 — Asset-backed financings at fair value (2) 1,527,681 — — — — — 1,527,681 Interest-only security payable at fair value (2) 35,098 — — — — — 35,098 Total $ 5,227,521 $ 299,018 $ 1,690,000 $ 525,250 $ 933,974 $ 216,500 $ 1,562,779 (1) Based on stated maturity. As discussed above, certain of the Notes payable secured by credit risk and mortgage servicing assets allow the Company to exercise optional extensions. (2) Contractual maturity does not reflect expected repayment as borrowers of the underlying loans generally have the right to repay their loans at any time .

Liability for Losses Under Repr

Liability for Losses Under Representations and Warranties	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Balance, beginning of period $ 13,183 $ 37,069 $ 26,143 $ 39,471 Provision for losses: Pursuant to loan sales 459 448 917 2,126 Reduction in liability due to change in estimate ( 5,180 ) ( 4,365 ) ( 18,598 ) ( 7,920 ) Losses incurred ( 147 ) — ( 147 ) ( 525 ) Balance, end of period $ 8,315 $ 33,152 $ 8,315 $ 33,152 UPB of loans subject to representations and warranties at $ 223,245,804 $ 228,679,429

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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: September 30, 2024 (in thousands) Commitments to purchase loans acquired for sale $ 2,062,088 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. The Company and PCM each filed a motion to dismiss the complaint on August 20, 2024.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 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 September 30, Preferred Number of Liquidation Issuance Carrying Quarter Nine months Shares Description (1) shares preference discount value 2024 2023 2024 2023 (in thousands, except dividends per share) Series A 8.125 % Issued March 2017 4,600 $ 115,000 $ 3,828 $ 111,172 $ 0.51 $ 0.51 $ 1.53 $ 1.53 Series B 8.00 % Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 $ 1.50 $ 1.50 Series C 6.75 % Issued August 2021 10,000 250,000 8,225 241,775 $ 0.42 $ 0.42 $ 1.26 $ 1.26 22,400 $ 560,000 $ 18,518 $ 541,482 (1) Par value is $ 0.01 per share. In 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 became redeemable on June 15, 2024. The Series C Cumulative Redeemable Preferred Shares will not be redeemable before August 24, 2026, except in connection with the Company’s qualification as a REIT for U.S. federal income tax purposes or upon the occurrence of a change of control. On or after the date the preferred shares become redeemable, or 120 days after the first date on which such change of control occurs, the Company may, at its option, redeem any or all of the preferred shares at $ 25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. No preferred shares were redeemed during the quarter and nine months ended September 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 September 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: Nine months ended September 30, Cumulative 2024 2023 total (1) (in thousands) Common Shares repurchased — 2,274 29,102 Cost of Common Shares repurchased (2) $ — $ 27,011 $ 427,229 (1) Amounts represent the Common Share repurchase program total from its inception in August 2015 through September 30, 2024. (2) Cumulative total cost of Common Shares repurchased inc ludes $ 582,000 of t ransaction fees.

Net Gains (Losses) on Investmen

Net Gains (Losses) on Investments and Financings	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Net Gains (Losses) on Investments and Financings	Note 19— Net Gains (Losses) on Investments and Financings Net gains (losses) on investments and financings are summarized below: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Mortgage-backed securities $ 123,433 $ ( 144,031 ) $ 50,310 $ ( 127,434 ) Loans: Held in VIEs 75,360 ( 54,082 ) 71,381 ( 61,318 ) Distressed ( 10 ) ( 59 ) ( 51 ) ( 485 ) CRT arrangements 20,834 30,154 89,118 136,890 Asset-backed financings ( 72,922 ) 58,474 ( 64,151 ) 66,108 Hedging derivatives — — 20,098 — $ 146,695 $ ( 109,544 ) $ 166,705 $ 13,761

Net Gains on Loans Acquired for

Net Gains on Loans Acquired for Sale	9 Months Ended
	Sep. 30, 2024
Text Block [Abstract]
Net Gains on Loans Acquired for Sale	Note 20— Net Gains on Loans Acquired for Sale Net gains on loans acquired for sale are summarized below: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) From nonaffiliates: Cash losses: Sales of loans $ ( 23,594 ) $ ( 71,105 ) $ ( 94,999 ) $ ( 260,697 ) Hedging activities ( 72,868 ) ( 30,155 ) ( 116,797 ) ( 52,822 ) ( 96,462 ) ( 101,260 ) ( 211,796 ) ( 313,519 ) Non-cash gains: Receipt of MSRs in mortgage loan sale transactions 87,588 58,560 159,456 249,925 Provision for losses relating to representations Pursuant to loans sales ( 459 ) ( 448 ) ( 917 ) ( 2,126 ) Reduction of liability due to change in estimate 5,180 4,365 18,598 7,920 4,721 3,917 17,681 5,794 Changes in fair value of loans and derivatives Interest rate lock commitments 4,349 ( 2,050 ) ( 1,631 ) ( 2,870 ) Loans ( 9,528 ) ( 1,710 ) ( 3,721 ) 4,569 Hedging derivatives 27,397 54,247 81,099 75,564 22,218 50,487 75,747 77,263 114,527 112,964 252,884 332,982 Total from nonaffiliates 18,065 11,704 41,088 19,463 From PFSI ‒ cash gains 1,994 1,854 5,649 5,014 $ 20,059 $ 13,558 $ 46,737 $ 24,477

Net Interest Expense

Net Interest Expense	9 Months Ended
	Sep. 30, 2024
Banking and Thrift, Interest [Abstract]
Net Interest Expense	Note 21—Net Interest Expense Net interest expense is summarized below: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Interest income: Cash and short-term investments $ 7,590 $ 6,288 $ 22,867 $ 19,311 Mortgage-backed securities 66,573 66,563 184,762 180,244 Loans acquired for sale at fair value 23,900 14,720 50,804 77,487 Loans at fair value 16,044 9,514 41,617 38,348 Deposits securing CRT arrangements 15,042 16,419 46,121 46,410 Placement fees relating to custodial funds 47,256 44,005 124,226 110,602 Other 329 1,417 1,731 2,227 176,734 158,926 472,128 474,629 Interest expense: Assets sold under agreements to repurchase 86,900 87,414 244,821 284,027 Mortgage loan participation purchase and sale agreements 568 403 1,033 1,109 Notes payable secured by credit risk transfer and 66,305 69,952 198,760 191,049 Unsecured senior notes 14,571 8,541 35,884 25,316 Asset-backed financings at fair value 10,838 13,652 34,918 38,796 Interest shortfall on repayments of loans serviced 1,913 1,503 5,011 4,322 Interest on loan impound deposits 2,285 2,079 5,284 4,737 Other 791 374 1,828 1,089 184,171 183,918 527,539 550,445 $ ( 7,437 ) $ ( 24,992 ) $ ( 55,411 ) $ ( 75,816 )

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 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 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Grants: Restricted share units — — 182 172 Performance share units — — 140 166 — — 322 338 Grant date fair value: Restricted share units $ — $ — $ 2,605 $ 2,212 Performance share units — — 2,007 2,088 $ — $ — $ 4,612 $ 4,300 Vestings: Restricted share units — — 164 140 Performance share units (1) — — 203 48 — — 367 188 Forfeitures: Restricted share units — — 3 6 Performance share units — — 4 — — — 7 6 Compensation expense relating to share-based grants $ 816 $ 1,420 $ 3,008 $ 3,421 (1) The actual number of performance-based restricted share units (“RSUs”) that vested during the nine months ended September 30, 2024 was 203,110 Common Shares, which is approximately 140 % of the originally granted performance-based RSUs. September 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	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 23—Income Taxes The Company’s effective tax rate was ( 56.1 )% and ( 30.8 )% with consolidated pretax income of $ 26.5 million and $ 87.5 million for the quarter and nine months ended September 30, 2024. The Company’s taxable REIT subsidiary (“TRS”) recognized a tax benefit of $ 15.5 million on a pretax loss of $ 64.7 million and tax benefit of $ 27.5 million on a pretax loss of $ 115.6 million for the quarter and nine months ended September 30, 2024. For the same periods in 2023, the TRS recognized a tax expense of $ 57.1 million on pretax income of $ 234.0 million and tax expense of $ 56.5 million on pretax income of $ 221.9 million. The Company’s reported consolidated pretax income was $ 118.4 million for the quarter ended September 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 September 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 ended September 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. The 2017 Tax Cuts and Jobs Act (subject to certain limitations) provides a 20 % deduction from taxable income for ordinary REIT dividends.

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 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 period. Diluted earnings per share is determined by dividing net income by the weighted average number of Common Shares and dilutive securities. The Company’s potentially dilutive securities are share-based compensation awards and the Exchangeable 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands except per share amounts) Net income $ 41,407 $ 61,422 $ 114,449 $ 146,743 Dividends on preferred shares ( 10,455 ) ( 10,455 ) ( 31,364 ) ( 31,364 ) Effect of participating securities—share-based compensation ( 106 ) ( 147 ) ( 323 ) ( 332 ) Net income attributable to common shareholders 30,846 50,820 82,762 115,047 Interest on Exchangeable Notes, net of income taxes — 6,359 — 18,773 Loss attributable to participating securities — ( 4 ) — ( 35 ) Diluted net income attributable to common shareholders $ 30,846 $ 57,175 $ 82,762 $ 133,785 Weighted average basic shares outstanding 86,861 86,760 86,800 87,613 Dilutive securities: Shares issuable pursuant to exchange of the Exchangeable Notes — 24,328 — 24,328 Diluted weighted average shares outstanding 86,861 111,088 86,800 111,941 Basic earnings per share $ 0.36 $ 0.59 $ 0.95 $ 1.31 Diluted earnings per share $ 0.36 $ 0.51 $ 0.95 $ 1.20 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Shares issuable under share-based compensation plan 151 188 210 166

Segments

Segments	9 Months Ended
	Sep. 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 September 30, 2024 strategies strategies production Corporate Total (in thousands) Net investment income: Net gains (losses) on investments and financings $ 27,113 $ 119,582 $ — $ — $ 146,695 Net gains on loans acquired for sale — — 20,059 — 20,059 Net loan servicing fees — ( 85,080 ) — — ( 85,080 ) Net interest expense: Interest income 21,389 128,458 23,853 3,034 176,734 Interest expense 21,921 136,873 24,273 1,104 184,171 ( 532 ) ( 8,415 ) ( 420 ) 1,930 ( 7,437 ) Other ( 65 ) — 6,692 — 6,627 26,516 26,087 26,331 1,930 80,864 Expenses: Loan fulfillment and servicing fees 20 22,220 11,492 — 33,732 Management fees — — — 7,153 7,153 Other 47 3,376 1,590 8,432 13,445 67 25,596 13,082 15,585 54,330 Pretax income $ 26,449 $ 491 $ 13,249 $ ( 13,655 ) $ 26,534 Total assets at end of quarter $ 1,453,245 $ 9,429,883 $ 1,724,696 $ 447,830 $ 13,055,654 Credit Interest rate sensitive sensitive Correspondent Quarter ended September 30, 2023 strategies strategies production Corporate Total (in thousands) Net investment income: Net gains (losses) on investments and financings $ 38,772 $ ( 148,316 ) $ — $ — $ ( 109,544 ) Net gains on loans acquired for sale — — 13,558 — 13,558 Net loan servicing fees — 281,298 — — 281,298 Net interest expense: Interest income 26,235 114,430 14,656 3,605 158,926 Interest expense 23,235 142,942 16,388 1,353 183,918 3,000 ( 28,512 ) ( 1,732 ) 2,252 ( 24,992 ) Other ( 251 ) — 3,360 — 3,109 41,521 104,470 15,186 2,252 163,429 Expenses: Loan fulfillment and servicing fees 33 20,224 5,531 — 25,788 Management fees — — — 7,175 7,175 Other 492 2,683 809 8,062 12,046 525 22,907 6,340 15,237 45,009 Pretax income $ 40,996 $ 81,563 $ 8,846 $ ( 12,985 ) $ 118,420 Total assets at end of quarter $ 1,620,322 $ 10,079,073 $ 1,134,812 $ 389,129 $ 13,223,336 Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2024 strategies strategies production Corporate Total (in thousands) Net investment income: Net gains (losses) on investments and financings $ 104,114 $ 62,591 $ — $ — $ 166,705 Net gains on loans acquired for sale — — 46,737 — 46,737 Net loan servicing fees — 57,119 — — 57,119 Net interest expense: Interest income 68,520 343,954 50,652 9,002 472,128 Interest expense 69,204 403,262 51,541 3,532 527,539 ( 684 ) ( 59,308 ) ( 889 ) 5,470 ( 55,411 ) Other ( 155 ) — 11,272 — 11,117 103,275 60,402 57,120 5,470 226,267 Expenses: Loan fulfillment and servicing fees 60 62,706 19,935 — 82,701 Management fees — — — 21,474 21,474 Other 202 7,574 2,716 24,076 34,568 262 70,280 22,651 45,550 138,743 Pretax income $ 103,013 $ ( 9,878 ) $ 34,469 $ ( 40,080 ) $ 87,524 Total assets at end of period $ 1,453,245 $ 9,429,883 $ 1,724,696 $ 447,830 $ 13,055,654 Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2023 strategies strategies production Corporate Total (in thousands) Net investment income: Net gains (losses) on investments and financings $ 161,867 $ ( 148,106 ) $ — $ — $ 13,761 Net gains on loans acquired for sale — — 24,477 — 24,477 Net loan servicing fees — 366,438 — — 366,438 Net interest expense: Interest income 72,775 315,168 77,292 9,394 474,629 Interest expense 62,790 406,098 78,259 3,298 550,445 9,985 ( 90,930 ) ( 967 ) 6,096 ( 75,816 ) Other ( 251 ) — 15,638 — 15,387 171,601 127,402 39,148 6,096 344,247 Expenses: Loan fulfillment and servicing fees 142 60,881 22,895 — 83,918 Management fees — — — 21,510 21,510 Other 2,039 5,155 4,224 23,327 34,745 2,181 66,036 27,119 44,837 140,173 Pretax income $ 169,420 $ 61,366 $ 12,029 $ ( 38,741 ) $ 204,074 Total assets at end of period $ 1,620,322 $ 10,079,073 $ 1,134,812 $ 389,129 $ 13,223,336

Regulatory Capital and Liquidit

Regulatory Capital and Liquidity Requirements	9 Months Ended
	Sep. 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) September 30, 2024 $ 865,895 $ 580,944 13 % 6 % $ 587,218 $ 219,026 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	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Loan fulfillment fees earned by PLS $ 11,492 $ 5,531 $ 19,935 $ 22,895 UPB of loans fulfilled by PLS $ 5,948,057 $ 2,760,000 $ 9,949,135 $ 12,418,084 Sourcing fees received from PLS included in Net gains on loans acquired for sale $ 1,994 $ 1,854 $ 5,649 $ 5,014 Purchases of loans acquired for sale from PLS $ 191,250 $ — $ 191,250 $ — UPB of loans sold to PLS: Government guaranteed or insured $ 11,843,268 $ 8,606,835 $ 30,200,608 $ 29,127,889 Conventional conforming 8,092,380 9,932,593 26,289,016 21,013,357 $ 19,935,648 $ 18,539,428 $ 56,489,624 $ 50,141,246 Tax service fees paid to PLS $ 1,112 $ 579 $ 1,902 $ 2,690 September 30, 2024 December 31, 2023 (in thousands) Loans included in Loans acquired for sale at fair value $ 114,723 $ 168,303
Summary of Loan Servicing Fees Earned and Mortgage Servicing Rights Recaptured Income Earned	Following is a summary of loan servicing and recapture fees earned by PLS: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Loan servicing fees: Loans acquired for sale $ 158 $ 112 $ 342 $ 569 Loans at fair value 60 33 185 184 Mortgage servicing rights 22,022 20,112 62,239 60,270 $ 22,240 $ 20,257 $ 62,766 $ 61,023 Average investment in loans: Acquired for sale $ 1,069,653 $ 868,808 $ 1,002,719 $ 1,613,347 At fair value $ 1,388,368 $ 1,437,418 $ 1,401,643 $ 1,479,525 Average MSR portfolio unpaid principal balance $ 227,804,449 $ 231,333,064 $ 229,174,686 $ 231,333,990 MSR recapture fees $ 441 $ 500 $ 1,267 $ 1,494 UPB of loans recaptured $ 71,370 $ 77,403 $ 207,651 $ 270,720
Summary of Management Fee Expense	Following is a summary of management fee expenses: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Base management $ 7,153 $ 7,175 $ 21,474 $ 21,510 Performance incentive — — — — $ 7,153 $ 7,175 $ 21,474 $ 21,510 Average shareholders' equity amounts used to calculate $ 1,897,006 $ 1,897,964 $ 1,912,310 $ 1,917,525
Summary of Expenses	Following is a summary of the Company’s reimbursements to PCM and its affiliates for expenses: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Reimbursement of: Expenses incurred on the Company’s behalf, net $ 6,318 $ 5,893 $ 15,511 $ 15,532 Common overhead incurred by PCM and its affiliates 1,867 1,489 5,811 5,450 Compensation 165 165 495 495 $ 8,350 $ 7,547 $ 21,817 $ 21,477 Payments and settlements during the periods (1) $ 31,752 $ 9,190 $ 91,100 $ 72,446 (1) Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PFSI for the operating, investing and financing activities itemized in this Note.
Summary of Amounts Receivable From and Payable to PFSI	Amounts receivable from and payable to PFSI are summarized below: September 30, 2024 December 31, 2023 (in thousands) Due from PFSI-Miscellaneous receivables $ 8,538 $ 56 Due to PFSI: Loan servicing fees $ 8,670 $ 6,809 Correspondent production fees 7,986 8,288 Management fees 7,153 7,252 Allocated expenses and expenses and costs paid by PFSI 4,788 5,612 Fulfillment fees 4,006 1,301 $ 32,603 $ 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 September 30, 2024 December 31, 2023 (in thousands) Loan servicing advances $ 71,124 $ 206,151 Other assets-Real estate acquired in settlement of loans 1,378 2,003 $ 72,502 $ 208,154

Loan Sales (Tables)

Loan Sales (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Cash flows: Proceeds from sales $ 5,172,208 $ 3,107,613 $ 9,340,802 $ 13,576,673 Loan servicing fees received $ 162,605 $ 166,809 $ 485,089 $ 496,522
Summary of Collection Status Information for Loans Accounted for Sales	The following table summarizes for the dates presented collection status information for loans that are accounted for as sales where the Company maintains continuing involvement: September 30, 2024 December 31, 2023 (in thousands) UPB of loans outstanding $ 224,586,882 $ 228,838,471 Collection status (UPB) Delinquency: 30-89 days delinquent $ 2,510,113 $ 2,184,500 90 or more days delinquent: Not in foreclosure $ 891,525 $ 1,029,962 In foreclosure $ 105,065 $ 85,045 Bankruptcy $ 256,683 $ 185,320 Custodial funds managed by the Company (1) $ 3,019,441 $ 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]	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Net investment income: Net gains (losses) on investments and financings: Loans at fair value $ 75,360 $ ( 54,082 ) $ 71,381 $ ( 61,318 ) Asset-backed financings at fair value ( 72,922 ) 58,474 ( 64,151 ) 66,108 Interest income 16,037 9,505 41,594 38,315 Interest expense 10,838 13,652 34,918 38,796 $ 7,637 $ 245 $ 13,906 $ 4,309 September 30, 2024 December 31, 2023 (in thousands) Loans at fair value $ 1,427,575 $ 1,431,689 Asset-backed financings at fair value $ 1,334,797 $ 1,336,731 Retained subordinate MBS at fair value pledged to Assets sold under agreements to repurchase $ 83,417 $ 85,344
Credit Risk Transfer Agreements [Member]
Summary of Credit Risk Transfer Agreements	Following is a summary of the CRT arrangements: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Net investment income: Net gains (losses) on investments and financings CRT derivatives and strips: CRT derivatives Realized $ 3,275 $ 4,051 $ 10,248 $ 12,504 Valuation changes 5,460 9,113 13,716 26,619 8,735 13,164 23,964 39,123 CRT strips Realized 10,990 11,241 34,368 35,529 Valuation changes 3,499 9,977 33,217 68,601 14,489 21,218 67,585 104,130 Interest-only security payable at fair value ( 2,390 ) ( 4,228 ) ( 2,431 ) ( 6,363 ) 20,834 30,154 89,118 136,890 Interest income — Deposits securing CRT arrangements 15,042 16,419 46,121 46,410 $ 35,876 $ 46,573 $ 135,239 $ 183,300 Net payments made to settle losses on CRT arrangements $ 827 $ 496 $ 1,140 $ 2,252 September 30, 2024 December 31, 2023 (in thousands) Carrying value of CRT arrangements: Derivative assets - CRT derivatives $ 29,690 $ 16,160 CRT strip liabilities ( 13,475 ) ( 46,692 ) Deposits securing CRT arrangements 1,135,447 1,209,498 Interest-only security payable at fair value ( 35,098 ) ( 32,667 ) $ 1,116,564 $ 1,146,299 CRT arrangement assets pledged to secure borrowings: Derivative assets $ 29,690 $ 16,160 Deposits securing CRT arrangements (1) $ 1,135,447 $ 1,209,498 UPB of loans underlying CRT arrangements $ 21,708,165 $ 23,152,230 Collection status (UPB): Delinquency Current $ 21,105,679 $ 22,531,905 30-89 days delinquent $ 424,102 $ 411,991 90-180 days delinquent $ 119,236 $ 120,011 180 or more days delinquent $ 42,283 $ 64,647 Foreclosure $ 16,865 $ 23,676 Bankruptcy $ 64,331 $ 58,696 (1) Deposits securing credit risk transfer arrangements also secure $ 13.5 million and $ 46.7 million in CRT strip liabilities at September 30, 2024 and December 31, 2023, respectively .

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 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: September 30, 2024 Level 1 Level 2 Level 3 Total (in thousands) Assets: Short-term investments $ 102,787 $ — $ — $ 102,787 Mortgage-backed securities at fair value — 4,101,126 81,256 4,182,382 Loans acquired for sale at fair value — 1,659,727 6,069 1,665,796 Loans at fair value — 1,427,575 1,950 1,429,525 Derivative assets: Call options on interest rate futures purchase contracts 12,844 — — 12,844 Put options on interest rate futures purchase contracts 1,953 — — 1,953 Forward purchase contracts — 635 — 635 Forward sale contracts — 11,997 — 11,997 MBS put options — 1,508 — 1,508 CRT derivatives — — 29,690 29,690 Interest rate lock commitments — — 7,476 7,476 Total derivative assets before netting 14,797 14,140 37,166 66,103 Netting — — — 15,741 Total derivative assets after netting 14,797 14,140 37,166 81,844 Mortgage servicing rights at fair value — — 3,809,047 3,809,047 $ 117,584 $ 7,202,568 $ 3,935,488 $ 11,271,381 Liabilities: Asset-backed financings of the variable interest entities $ — $ 1,334,797 $ — $ 1,334,797 Interest-only security payable at fair value — — 35,098 35,098 Derivative and credit risk transfer strip liabilities: Forward purchase contracts — 7,452 — 7,452 Forward sales contracts — 11,530 — 11,530 Interest rate lock commitments — — 1,574 1,574 Total derivative liabilities before netting — 18,982 1,574 20,556 Netting — — — ( 17,880 ) Total derivative liabilities after netting — 18,982 1,574 2,676 Credit risk transfer strips — — 13,475 13,475 Total derivative and credit risk transfer strip liabilities — 18,982 15,049 16,151 $ — $ 1,353,779 $ 50,147 $ 1,386,046 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 of the variable interest entities $ — $ 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 September 30, 2024 Assets (1) Interest-only stripped mortgage-backed securities Loans Loans at CRT Interest rate CRT Mortgage Total (in thousands) Balance, June 30, 2024 $ 87,841 $ 7,994 $ 1,998 $ 24,305 $ 1,552 $ ( 16,974 ) $ 3,941,861 $ 4,048,577 Purchases (purchase adjustments) and — ( 156 ) — — 18,971 — — 18,815 Repayments and sales ( 40,487 ) ( 1,728 ) ( 38 ) ( 3,350 ) — ( 10,990 ) — ( 56,593 ) Accrual of unearned discount 2,264 — — — — — — 2,264 Amounts received pursuant to sales — — — — — — 87,588 87,588 Changes in fair value included in Changes in instrument - — — — — — — — — Other factors ( 3,971 ) ( 41 ) ( 10 ) 8,735 27,776 14,489 ( 184,918 ) ( 137,940 ) ( 3,971 ) ( 41 ) ( 10 ) 8,735 27,776 14,489 ( 184,918 ) ( 137,940 ) Exchange of mortgage servicing spread 35,609 — — — — — ( 35,609 ) — Transfers of: Interest rate lock commitments to loans — — — — ( 42,397 ) — — ( 42,397 ) Mortgage servicing rights relating to — — — — — — 125 125 Balance, September 30, 2024 $ 81,256 $ 6,069 $ 1,950 $ 29,690 $ 5,902 $ ( 13,475 ) $ 3,809,047 $ 3,920,439 Changes in fair value recognized during $ ( 3,971 ) $ ( 9 ) $ ( 19 ) $ 5,460 $ 5,902 $ 3,499 $ ( 180,885 ) $ ( 170,023 ) (1) For the purpose of this table, CRT derivative, interest rate lock commitment (“IRLC”), and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended September 30, 2024 (in thousands) Interest-only security payable: Balance, June 30, 2024 $ 32,708 Changes in fair value included in income arising from: Changes in instrument - specific credit risk — Other factors 2,390 2,390 Balance, September 30, 2024 $ 35,098 Changes in fair value recognized during the quarter relating $ 2,390 Quarter ended September 30, 2023 Assets (1) Interest-only stripped mortgage-backed securities Loans Loans at CRT Interest CRT Mortgage Total (in thousands) Balance, June 30, 2023 $ — $ 6,630 $ 2,665 $ ( 4,394 ) $ ( 1,298 ) $ ( 78,569 ) $ 3,977,938 $ 3,902,972 Purchases and issuances — — — — 6,618 — 16,263 22,881 Repayments and sales — ( 1,383 ) ( 510 ) ( 4,028 ) — ( 11,241 ) — ( 17,162 ) Amounts received pursuant to sales — ( 496 ) — — — — 58,560 58,064 Changes in fair value included in Changes in instrument - — — — — — — — — Other factors ( 14 ) 131 ( 58 ) 13,164 ( 16,255 ) 21,218 160,926 179,112 ( 14 ) 131 ( 58 ) 13,164 ( 16,255 ) 21,218 160,926 179,112 Exchange of mortgage servicing spread 103,547 — — — — — ( 105,096 ) ( 1,549 ) Transfers of: Interest rate lock commitments — — — — 7,587 — — 7,587 Mortgage servicing rights relating to — — — — — — 70 70 Balance, September 30, 2023 $ 103,533 $ 4,882 $ 2,097 $ 4,742 $ ( 3,348 ) $ ( 68,592 ) $ 4,108,661 $ 4,151,975 Changes in fair value recognized during $ ( 14 ) $ ( 104 ) $ ( 74 ) $ 9,113 $ ( 3,348 ) $ 9,977 $ 160,926 $ 176,476 (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Quarter ended September 30, 2023 (in thousands) Interest-only security payable: Balance, June 30, 2023 $ 24,060 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — Other factors 4,228 4,228 Balance, September 30, 2023 $ 28,288 Changes in fair value recognized during the quarter relating $ 4,228 Nine months ended September 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 — 5,341 — — 26,842 — 29,428 61,611 Repayments and sales ( 50,541 ) ( 5,404 ) ( 129 ) ( 10,434 ) — ( 34,368 ) — ( 100,876 ) Accrual of unearned discounts 6,870 — — — — — — 6,870 Amounts received pursuant to sales — — — — — — 159,456 159,456 Changes in fair value included in Changes in instrument - specific — — — — — — — — Other factors ( 4,913 ) ( 186 ) ( 52 ) 23,964 22,774 67,585 ( 263,676 ) ( 154,504 ) ( 4,913 ) ( 186 ) ( 52 ) 23,964 22,774 67,585 ( 263,676 ) ( 154,504 ) Exchange of mortgage servicing spread 35,609 — — — — — ( 35,609 ) — Transfers of: Interest rate lock commitments to loans — — — — ( 51,246 ) — — ( 51,246 ) Mortgage servicing rights relating to — — — — — — 341 341 Balance, September 30, 2024 $ 81,256 $ 6,069 $ 1,950 $ 29,690 $ 5,902 $ ( 13,475 ) $ 3,809,047 $ 3,920,439 Changes in fair value recognized during $ ( 4,913 ) $ ( 154 ) $ ( 71 ) $ 13,716 $ 5,902 $ 33,217 $ ( 261,304 ) $ ( 213,607 ) (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Nine months ended September 30, 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 2,431 2,431 Balance, September 30, 2024 $ 35,098 Changes in fair value recognized during the period relating $ 2,431 Nine months ended September 30, 2023 Assets (1) Interest-only stripped mortgage-backed securities 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 — 2,687 — 16,263 23,331 Repayments and sales — ( 9,787 ) ( 534 ) ( 12,283 ) — ( 35,529 ) — ( 58,133 ) Amounts received pursuant to sales — ( 496 ) — — — — 249,925 249,429 Changes in fair value included in Changes in instrument - — — — — — — — — Other factors ( 14 ) 195 ( 485 ) 39,123 ( 3,578 ) 104,130 ( 64,515 ) 74,856 ( 14 ) 195 ( 485 ) 39,123 ( 3,578 ) 104,130 ( 64,515 ) 74,856 Exchange of mortgage servicing 103,547 — — — — — ( 105,096 ) ( 1,549 ) Transfers of: — Loans to REO — — ( 460 ) — — — — ( 460 ) Interest rate lock commitments — — — — ( 1,979 ) — — ( 1,979 ) Mortgage servicing rights relating to — — — — — — ( 653 ) ( 653 ) Balance, September 30, 2023 $ 103,533 $ 4,882 $ 2,097 $ 4,742 $ ( 3,348 ) $ ( 68,592 ) $ 4,108,661 $ 4,151,975 Changes in fair value recognized $ ( 14 ) $ ( 74 ) $ ( 1,011 ) $ 26,619 $ ( 3,348 ) $ 68,601 $ ( 64,515 ) $ 26,258 (1) For the purpose of this table, CRT derivative, IRLC, and CRT strip asset and liability positions are shown net. (2) The Company had transfers among the fair value levels arising from transfers of IRLCs to loans acquired for sale at fair value upon purchase of the respective loans. Liabilities Nine months ended September 30, 2023 (in thousands) Interest-only security payable: Balance, December 31, 2022 $ 21,925 Changes in fair value included in results of operations arising from: Changes in instrument - specific credit risk — Other factors 6,363 6,363 Balance, September 30, 2023 $ 28,288 Changes in fair value recognized during the period relating $ 6,363
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): September 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 $ 1,665,099 $ 1,619,369 $ 45,730 $ 667,857 $ 648,283 $ 19,574 90 or more days delinquent: Not in foreclosure 622 873 ( 251 ) 433 617 ( 184 ) In foreclosure 75 96 ( 21 ) 728 845 ( 117 ) 697 969 ( 272 ) 1,161 1,462 ( 301 ) $ 1,665,796 $ 1,620,338 $ 45,458 $ 669,018 $ 649,745 $ 19,273 Loans at fair value: Held in consolidated VIEs: Current through 89 days delinquent $ 1,426,511 $ 1,620,842 $ ( 194,331 ) $ 1,430,427 $ 1,697,305 $ ( 266,878 ) 90 or more days delinquent: Not in foreclosure 891 1,122 ( 231 ) 1,262 1,582 ( 320 ) In foreclosure 173 219 ( 46 ) — — — 1,064 1,341 ( 277 ) 1,262 1,582 ( 320 ) 1,427,575 1,622,183 ( 194,608 ) 1,431,689 1,698,887 ( 267,198 ) Distressed: Current through 89 days delinquent 460 634 ( 174 ) 569 728 ( 159 ) 90 or more days delinquent: Not in foreclosure 1,490 4,332 ( 2,842 ) 393 2,023 ( 1,630 ) In foreclosure — — — 1,169 2,546 ( 1,377 ) 1,490 4,332 ( 2,842 ) 1,562 4,569 ( 3,007 ) 1,950 4,966 ( 3,016 ) 2,131 5,297 ( 3,166 ) $ 1,429,525 $ 1,627,149 $ ( 197,624 ) $ 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 September 30, 2024 Net gains (losses) on investments and financings Net gains on loans acquired Net loan Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ 123,433 $ — $ — $ 15,663 $ 139,096 Loans acquired for sale at fair value — 65,611 — — 65,611 Loans at fair value 75,350 — — 2,229 77,579 Credit risk transfer strips 14,489 — — — 14,489 MSRs at fair value — — ( 184,918 ) — ( 184,918 ) $ 213,272 $ 65,611 $ ( 184,918 ) $ 17,892 $ 111,857 Liabilities: Interest-only security payable at fair value $ ( 2,390 ) $ — $ — $ — $ ( 2,390 ) Asset-backed financings of VIEs at fair value ( 72,922 ) — — 1,026 ( 71,896 ) $ ( 75,312 ) $ — $ — $ 1,026 $ ( 74,286 ) Quarter ended September 30, 2023 Net gains (losses) on investments and financings Net gains on loans acquired Net loan Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ ( 144,031 ) $ — $ — $ 1,048 $ ( 142,983 ) Loans acquired for sale at fair value — ( 13,106 ) — — ( 13,106 ) Loans at fair value ( 54,141 ) — — ( 5,153 ) ( 59,294 ) Credit risk transfer strips 21,218 — — — 21,218 MSRs at fair value — — 160,926 — 160,926 $ ( 176,954 ) $ ( 13,106 ) $ 160,926 $ ( 4,105 ) $ ( 33,239 ) Liabilities: Interest-only security payable at fair value $ ( 4,228 ) $ — $ — $ — $ ( 4,228 ) Asset-backed financings at fair value 58,474 — — 1,132 59,606 $ 54,246 $ — $ — $ 1,132 $ 55,378 Nine months ended September 30, 2024 Net gains (losses) on investments and financings Net gains on loans acquired Net loan Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ 50,310 $ — $ — $ 25,340 $ 75,650 Loans acquired for sale at fair value — 67,243 — — 67,243 Loans at fair value 71,330 — — ( 511 ) 70,819 Credit risk transfer strips 67,585 — — — 67,585 MSRs at fair value — — ( 263,676 ) — ( 263,676 ) $ 189,225 $ 67,243 $ ( 263,676 ) $ 24,829 $ 17,621 Liabilities: Interest-only security payable at fair value $ ( 2,431 ) $ — $ — $ — $ ( 2,431 ) Asset-backed financings at fair value ( 64,151 ) — — 1,138 ( 63,013 ) $ ( 66,582 ) $ — $ — $ 1,138 $ ( 65,444 ) Nine months ended September 30, 2023 Net gains (losses) on investments and financings Net gains on loans acquired Net loan Net interest Total (in thousands) Assets: Mortgage-backed securities at fair value $ ( 127,434 ) $ — $ — $ ( 1,172 ) $ ( 128,606 ) Loans acquired for sale at fair value — ( 7,215 ) — — ( 7,215 ) Loans at fair value ( 61,803 ) — — ( 6,212 ) ( 68,015 ) Credit risk transfer strips 104,130 — — — 104,130 MSRs at fair value — — ( 64,515 ) — ( 64,515 ) $ ( 85,107 ) $ ( 7,215 ) $ ( 64,515 ) $ ( 7,384 ) $ ( 164,221 ) Liabilities: Interest-only security payable at fair value $ ( 6,363 ) $ — $ — $ — $ ( 6,363 ) Asset-backed financings at fair value 66,108 — — 666 66,774 $ 59,745 $ — $ — $ 666 $ 60,411
Summary of Carrying Value of Financial Statement Items Remeasured Based on Fair Value on Nonrecurring Basis	Following is a summary of the carrying value of assets that were remeasured during the period based on fair value on a nonrecurring basis: Real estate acquired in settlement of loans Level 1 Level 2 Level 3 Total (in thousands) September 30, 2024 $ — $ — $ 438 $ 438 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Real estate acquired in settlement of loans $ 9 $ ( 258 ) $ 105 $ ( 288 )
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: September 30, 2024 December 31, 2023 Instrument Carrying value Fair value Carrying value Fair value (in thousands) Notes payable secured by credit risk transfer $ 2,830,108 $ 2,846,037 $ 2,910,605 $ 2,904,678 Unsecured senior notes $ 814,915 $ 818,647 $ 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: September 30, 2024 December 31, 2023 Fair value (in thousands) $ 81,256 $ 94,231 Key inputs (1) Pricing spread (2) Range 5.9 % – 6.5 % 5.1 % – 5.1 % Weighted average 6.5 % 5.1 % Annual total prepayment speed (3) Range 11.7 % – 12.1 % 10.9 % – 11.0 % Weighted average 11.7 % 10.9 % Equivalent life (in years) Range 4.4 – 6.8 4.7 – 7.2 Weighted average 6.7 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: September 30, 2024 December 31, 2023 (dollars in thousands) Fair value $ 29,690 $ 16,160 UPB of loans in reference pools $ 5,071,449 $ 5,437,551 Key inputs (1) Discount rate Range 8.4 % - 11.7 % 9.0 % – 9.7 % Weighted average 8.7 % 9.6 % Voluntary prepayment speed (2) Range 6.8 % - 7.1 % 6.9 % – 7.6 % Weighted average 7.1 % 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 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.
Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments	Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs: September 30, 2024 December 31, 2023 Fair value (in thousands) (1) $ 5,902 $ 7,532 Committed amount (in thousands) $ 2,062,088 $ 874,017 Key inputs (2) Pull-through rate Range 52.1 % - 99.0 % 50.0 % - 98.0 % Weighted average 87.3 % 82.5 % MSR fair value expressed as Servicing fee multiple Range 2.0 - 8.2 1.7 - 6.5 Weighted average 5.3 4.6 Percentage of unpaid principal balance Range 0.5 % - 2.6 % 0.4 % - 2.4 % Weighted average 2.0 % 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: September 30, 2024 December 31, 2023 (dollars in thousands) Fair value $ 13,475 $ 46,692 Unpaid principal balance of loans in the reference pools $ 16,636,716 $ 17,714,679 Key inputs (1) Discount rate Range 6.9 % - 8.7 % 7.9 % – 9.6 % Weighted average 8.4 % 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 MSRs recognized (in thousands) $ 87,588 $ 58,560 $ 159,456 $ 249,925 Unpaid principal balance of underlying loans (in thousands) $ 5,130,285 $ 3,052,557 $ 9,203,814 $ 13,458,182 Weighted average annual servicing fee rate (in basis points) 35 38 35 40 Key inputs (1) Pricing spread (2) Range 5.4 % - 7.3 % 5.5 % – 8.5 % 5.4 % - 8.5 % 5.5 % – 8.8 % Weighted average 5.5 % 5.5 % 5.6 % 5.8 % Prepayment speed (3) Range 11.7 % - 26.7 % 10.1 % – 22.7 % 10.8 % - 26.7 % 10.1 % – 22.7 % Weighted average 13.6 % 11.3 % 13.1 % 12.3 % Equivalent average life (in years) Range 3.5 – 6.4 3.2 - 7.2 3.4 – 7.2 2.8 - 7.2 Weighted average 6.3 7.1 6.5 6.8 Annual per-loan cost of servicing Range $ 68 – $ 87 $ 69 – $ 71 $ 68 – $ 87 $ 68 – $ 71 Weighted average $ 68 $ 71 $ 69 $ 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: September 30, 2024 December 31, 2023 Fair value (in thousands) $ 3,809,047 $ 3,919,107 Unpaid principal balance of underlying loans (in thousands) $ 228,127,324 $ 230,294,583 Weighted average annual servicing fee rate (in basis points) 28 28 Weighted average note interest rate 3.8 % 3.7 % Key inputs (1) Pricing spread (2) Range 5.4 % - 8.1 % 5.5 % – 8.5 % Weighted average 5.4 % 5.5 % Effect on fair value (in thousands) of (3): 5% adverse change $( 46,966 ) $( 48,362 ) 10% adverse change $( 92,816 ) $( 95,575 ) 20% adverse change $( 181,313 ) $( 186,699 ) Prepayment speed (4) Range 7.4 % - 18.8 % 6.5 % – 17.9 % Weighted average 7.5 % 7.0 % Equivalent average life (in years) Range 2.5 – 8.5 2.7 – 9.4 Weighted average 8.2 8.5 Effect on fair value (in thousands) of (3): 5% adverse change $( 57,286 ) $( 53,964 ) 10% adverse change $( 112,596 ) $( 106,144 ) 20% adverse change $( 217,698 ) $( 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 $( 16,607 ) $( 17,276 ) 10% adverse change $( 33,214 ) $( 34,551 ) 20% adverse change $( 66,428 ) $( 69,103 ) (1) Weighted-average inputs are based on the UPBs 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)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Balance at beginning of period $ 4,068,337 $ 4,731,341 $ 4,836,292 $ 4,462,601 Purchases 80,500 64,384 479,960 3,108,701 Sales ( 35,667 ) — ( 977,007 ) ( 2,629,540 ) Repayments ( 105,493 ) ( 90,319 ) ( 268,122 ) ( 250,733 ) Exchange of mortgage servicing spread for interest-only 35,609 103,547 35,609 103,547 Changes in fair value included in income arising from: Accrual (amortization) of net purchase premiums 15,663 1,048 25,340 ( 1,172 ) Valuation adjustments, net 123,433 ( 144,031 ) 50,310 ( 127,434 ) 139,096 ( 142,983 ) 75,650 ( 128,606 ) Balance at end of period $ 4,182,382 $ 4,665,970 $ 4,182,382 $ 4,665,970
Schedule of Mortgage Backed Securities Pledged to Secure Assets Sold	September 30, 2024 December 31, 2023 (in thousands) Fair value of mortgage-backed securities pledged to secure Assets sold under agreements to repurchase $ 4,182,382 $ 4,836,292
Schedule of Investments in Mortgage Backed Securities	Following is a summary of the Company’s investments in MBS: September 30, 2024 Security type (1) Principal Unamortized Cumulative Fair value (in thousands) Agency fixed-rate pass-through securities $ 3,217,437 $ ( 2,344 ) $ 37,815 $ 3,252,908 Principal-only stripped securities 631,601 ( 118,563 ) 27,751 540,789 Subordinate credit-linked securities 174,813 ( 4,744 ) 26,242 196,311 Senior non-Agency securities 115,302 ( 3,177 ) ( 1,007 ) 111,118 $ 4,139,153 $ ( 128,828 ) $ 90,801 4,101,126 Interest-only stripped securities $ 395,952 81,256 $ 4,182,382 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 securities 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 securities $ 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)	9 Months Ended
	Sep. 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 September 30, 2024 December 31, 2023 (in thousands) Held for sale to nonaffiliates—GSE eligible (1) $ 1,486,193 $ 491,108 Held for sale to PLS GSE eligible 1,434 62,234 Government insured or guaranteed 113,289 106,069 114,723 168,303 Jumbo 58,811 3,289 Home equity lines of credit 1,445 1,803 Repurchased pursuant to representations and warranties 4,624 4,515 $ 1,665,796 $ 669,018 Loans pledged to secure: Assets sold under agreements to repurchase $ 1,619,233 $ 659,751 Mortgage loan participation purchase and sale agreements 30,178 — $ 1,649,411 $ 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

Loans at Fair Value (Tables)

Loans at Fair Value (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 December 31, 2023 (in thousands) Loans in VIEs: Agency-conforming loans secured by investment properties $ 1,379,963 $ 1,383,392 Fixed interest rate jumbo loans 47,612 48,297 1,427,575 1,431,689 Distressed loans 1,950 2,131 $ 1,429,525 $ 1,433,820 Loans at fair value pledged to secure: Asset-backed financings at fair value (1) $ 1,427,575 $ 1,431,689 Assets sold under agreements to repurchase 147 207 $ 1,427,722 $ 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 September 30, 2024 and December 31, 2023 , $ 83.4 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)	9 Months Ended
	Sep. 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: September 30, 2024 December 31, 2023 (in thousands) Derivative assets $ 81,844 $ 177,984 $ 81,844 $ 177,984 Derivative liabilities $ 2,676 $ 4,689 Credit risk transfer strip liabilities 13,475 46,692 $ 16,151 $ 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: September 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 4,700,000 $ 12,844 $ — 2,315,000 $ 41,712 $ 2,005 Put options on interest rate futures purchase 500,000 1,953 — 2,900,000 4,324 — Call options on interest rate futures sell contracts — — — 500,000 — 1,328 Forward purchase contracts 3,194,957 635 7,452 2,789,324 15,905 490 Forward sale contracts 9,672,080 11,997 11,530 7,219,512 671 50,363 MBS call options — — — 500,000 3,218 — MBS put options 500,000 1,508 — 450,000 5 — Bond futures 2,096,000 — — 2,860,500 — — Swap futures 951,200 — — 1,048,800 — — Other derivatives not subject to master netting CRT derivatives 5,071,449 29,690 — 5,437,551 16,160 — Interest rate lock commitments 2,062,088 7,476 1,574 874,017 7,596 64 Total derivative instruments before netting 66,103 20,556 89,591 54,250 Netting 15,741 ( 17,880 ) 88,393 ( 49,561 ) $ 81,844 $ 2,676 $ 177,984 $ 4,689 Margin deposits placed with derivative $ 33,620 $ 137,955 Derivative assets pledged to secure: Notes payable secured by credit risk transfer $ 29,690 $ 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. September 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 $ 29,690 $ — $ — $ 29,690 $ 16,160 $ — $ — $ 16,160 Interest rate lock commitments 7,476 — — 7,476 7,596 — — 7,596 RJ O’Brien & Associates, LLC 14,797 — — 14,797 42,703 — — 42,703 Morgan Stanley & Co. LLC 10,699 — — 10,699 79,825 — — 79,825 Wells Fargo Securities, LLC 7,666 — — 7,666 7,759 — — 7,759 Bank of America, N.A. 4,436 — — 4,436 3,418 — — 3,418 Goldman Sachs & Co. LLC 2,163 — — 2,163 18,701 — — 18,701 J.P. Morgan Securities LLC 1,307 — — 1,307 997 — — 997 Citigroup Global Markets Inc. 1,160 — — 1,160 503 — — 503 Other 2,450 — — 2,450 322 — — 322 $ 81,844 $ — $ — $ 81,844 $ 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 with fair values that exceed the liability amounts recorded on the consolidated balance sheet. September 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 $ 1,574 $ — $ — $ 1,574 $ 64 $ — $ — $ 64 J.P. Morgan Securities LLC 1,631,801 ( 1,631,801 ) — — 1,521,072 ( 1,521,072 ) — — Bank of America, N.A. 809,476 ( 809,476 ) — — 785,756 ( 785,756 ) — — Wells Fargo Securities, LLC 803,927 ( 803,927 ) — — 569,129 ( 569,129 ) — — Barclays Capital Inc. 578,798 ( 578,798 ) — — 807,404 ( 803,641 ) — 3,763 Santander US Capital 362,604 ( 362,539 ) — 65 292,091 ( 292,091 ) — — Citigroup Global Markets Inc. 310,707 ( 310,707 ) — — 147,093 ( 147,093 ) — — Daiwa Capital Markets 230,033 ( 230,033 ) — — 340,975 ( 340,975 ) — — Goldman Sachs & Co. LLC 227,545 ( 227,545 ) — — 145,007 ( 145,007 ) — — RBC Capital Markets, L.P. 212,560 ( 212,560 ) — — 128,602 ( 128,602 ) — — Atlas Securitized Products, L.P. 206,873 ( 206,873 ) — — 783,456 ( 783,456 ) — — Morgan Stanley & Co. LLC 201,862 ( 201,862 ) — — 25,814 ( 25,814 ) — — Mizuho Financial Group 98,686 ( 98,121 ) — 565 67,637 ( 67,110 ) — 527 BNP Paribas 77,277 ( 77,277 ) — — 10,121 ( 10,121 ) — — Nomura Holdings America, Inc — — — — 8,135 ( 7,940 ) — 195 Other 472 — — 472 140 — — 140 $ 5,754,195 $ ( 5,751,519 ) $ — $ 2,676 $ 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 September 30, Nine months ended September 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) $ 4,349 $ ( 2,050 ) $ ( 1,631 ) $ ( 2,870 ) CRT derivatives Net gains (losses) on investments $ 8,735 $ 13,164 $ 23,964 $ 39,123 Hedged item: Assets sold under agreements Net gains (losses) on investments $ — $ — $ 20,098 $ — Interest rate lock Net gains on loans acquired for sale $ ( 45,471 ) $ 24,092 $ ( 35,698 ) $ 22,742 Mortgage servicing rights Net loan servicing fees $ ( 67,220 ) $ ( 50,689 ) $ ( 175,399 ) $ ( 81,584 ) (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)	9 Months Ended
	Sep. 30, 2024
Text Block [Abstract]
Summary of MSRs Carried at Fair Value	Following is a summary of MSRs: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Balance at beginning of period $ 3,941,861 $ 3,977,938 $ 3,919,107 $ 4,012,737 Purchases — 16,263 29,428 16,263 MSRs resulting from loan sales 87,588 58,560 159,456 249,925 Transfers to Agency of mortgage servicing 125 70 341 ( 653 ) Exchange of mortgage servicing spread for ( 35,609 ) ( 105,096 ) ( 35,609 ) ( 105,096 ) Changes in fair value: Due to changes in inputs used in valuation ( 84,306 ) 263,139 33,303 232,414 Other changes in fair value (2) ( 100,612 ) ( 102,213 ) ( 296,979 ) ( 296,929 ) ( 184,918 ) 160,926 ( 263,676 ) ( 64,515 ) Balance at end of period $ 3,809,047 $ 4,108,661 $ 3,809,047 $ 4,108,661 September 30, 2024 December 31, 2023 (in thousands) Fair value of mortgage servicing rights pledged to secure Assets and Notes payable $ 3,756,894 $ 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Contractually specified servicing fees $ 162,605 $ 166,809 $ 485,089 $ 496,522 Ancillary and other fees: Late charges 1,044 878 3,019 2,442 Other 2,968 2,874 6,819 12,079 4,012 3,752 9,838 14,521 $ 166,617 $ 170,561 $ 494,927 $ 511,043 Average UPB of underlying loans $ 227,804,449 $ 231,333,064 $ 229,174,686 $ 231,333,990

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Other Assets [Abstract]
Summary of Other Assets	Other assets are summarized below: September 30, 2024 December 31, 2023 (dollars in thousands) Margin deposits $ 116,155 $ 124,293 Interest receivable 39,593 37,305 Servicing fees receivable 11,791 14,603 Correspondent lending receivables 8,202 6,313 Other receivables 13,966 7,199 Real estate acquired in settlement of loans 3,401 4,541 Other 31,698 58,284 $ 224,806 $ 252,538 Real estate acquired in settlement of loans pledged to secure Assets sold under agreements to repurchase $ 1,230 $ 1,905

Short-Term Debt (Tables)

Short-Term Debt (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (dollars in thousands) Weighted average interest rate (1) 6.02 % 5.97 % 6.09 % 5.81 % Average balance $ 5,513,519 $ 5,714,082 $ 5,225,906 $ 6,451,377 Total interest expense $ 86,900 $ 87,414 $ 244,821 $ 284,027 Maximum daily amount outstanding $ 6,474,799 $ 6,318,746 $ 7,624,113 $ 9,412,768 (1) Excludes the effect of amortization of debt issuance costs and non-utilization fees of $ 3.4 million and $ 6.4 million for the quarter and nine months ended September 30, 2024 , respectively, and $ 1.4 million and $ 3.8 million for the quarter and nine months ended September 30, 2023, respectively. September 30, 2024 December 31, 2023 (dollars in thousands) Carrying value: Unpaid principal balance $ 5,751,519 $ 5,627,807 Unamortized debt issuance costs ( 3,058 ) ( 3,249 ) $ 5,748,461 $ 5,624,558 Weighted average interest rate 5.55 % 6.14 % Available borrowing capacity (1): Committed $ 597,072 $ 634,147 Uncommitted 4,944,783 5,221,706 $ 5,541,855 $ 5,855,853 Margin deposits placed with (received from) counterparties included in Other assets ( Accounts payable and accrued liabilities ), net $ 36,657 $ ( 116,358 ) Assets securing agreements to repurchase: Mortgage-backed securities $ 4,182,382 $ 4,836,292 Loans acquired for sale at fair value $ 1,619,233 $ 659,751 Loans at fair value: Securities retained in asset-backed financings $ 83,417 $ 85,344 Distressed $ 147 $ 207 Deposits securing credit risk transfer arrangements $ 71,975 $ 77,417 Mortgage servicing rights (2) $ 1,935,890 $ 2,000,574 Servicing advances $ 34,364 $ 101,927 Real estate acquired in settlement of loans $ 1,230 $ 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 September 30, 2024 (1) Unpaid (in thousands) Within 30 days $ 287,565 Over 30 to 90 days 4,071,705 Over 90 days to 180 days 1,240,249 Over 180 days to 1 year — Over 1 year to 2 years 152,000 $ 5,751,519 Weighted average maturity (in months) 2.6 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. $ 45,724 December 27, 2024 Bank of America, N.A. $ 29,249 November 14, 2024 JPMorgan Chase & Co. $ 58,000 November 11, 2024 Wells Fargo Securities, LLC $ 33,220 January 23, 2025 Barclays Capital Inc. $ 24,401 November 27, 2024 Santander US Capital $ 19,410 December 23, 2024 Daiwa Capital Markets America Inc. $ 6,617 January 2, 2025 Mizuho Financial Group $ 5,448 January 6, 2025 CRT arrangements Counterparty Amount at risk Weighted average maturity (in thousands) Goldman Sachs & Co. LLC $ 22,378 January 8, 2025
Summary of Mortgage Loan Participation Purchase and Sale Agreement	The mortgage loan participation purchase and sale agreement is summarized below: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (dollars in thousands) Average balance $ 32,353 $ 22,043 $ 18,829 $ 20,991 Weighted average interest rate (1) 6.59 % 6.69 % 6.66 % 6.46 % Total interest expense $ 568 $ 403 $ 1,033 $ 1,109 Maximum daily amount outstanding $ 78,068 $ 46,303 $ 78,068 $ 90,565 (1) Excludes the effect of amortization of debt issuance costs of $ 31,000 and $ 94,000, respectively, for the quarter and nine months ended September 30, 2024 and 2023. September 30, 2024 (dollars in thousands) Carrying value: Amount outstanding $ 28,878 Unamortized debt issuance costs ( 88 ) $ 28,790 Weighted average interest rate 6.10 % Loans acquired for sale pledged to secure mortgage loan participation $ 30,178
Loans RE and MSRs Sold Under Agreements to Repurchase [Member]
Summary of Assets Sold under Agreements to Repurchase by Counterparty	Loans, REO and MSRs Weighted-average maturity Counterparty Amount at risk Advances Facility (in thousands) Goldman Sachs & Co. LLC $ 94,042 December 23, 2024 January 26, 2026 Citibank, N.A. $ 44,524 November 9, 2024 June 11, 2026 Bank of America, N.A. $ 43,142 October 11, 2024 June 10, 2026 JPMorgan Chase & Co. $ 10,946 November 9, 2024 June 28, 2026 Atlas Securitized Products, L.P. $ 51,541 November 24, 2024 June 26, 2026 Wells Fargo Securities, LLC $ 7,448 December 19, 2024 October 15, 2025 Barclays Capital Inc. $ 10,112 December 23, 2024 March 6, 2026 RBC Capital Markets, L.P. $ 10,722 January 1, 2025 August 11, 2025 Morgan Stanley & Co. LLC $ 9,549 December 19, 2024 May 22, 2026 BNP Paribas $ 3,207 December 23, 2024 September 30, 2025

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (dollars in thousands) Average balance $ 2,854,487 $ 3,106,809 $ 2,871,883 $ 2,995,752 Weighted average interest rate (1) 8.60 % 8.70 % 8.84 % 8.28 % Total interest expense $ 66,305 $ 69,952 $ 198,760 $ 191,049 Maximum daily amount outstanding $ 3,183,237 $ 3,380,951 $ 3,327,400 $ 3,403,116 (1) Excludes the effect of amortization of debt issuance costs of $ 4.6 million and $ 8.7 million for the quarter and nine months ended September 30, 2024 , respectively, and $ 1.9 million and $ 5.4 million for the quarter and nine months ended September 30, 2023, respectively. September 30, 2024 December 31, 2023 (dollars in thousands) Carrying value: Unpaid principal balance: CRT arrangement financing $ 769,742 $ 747,662 Fannie Mae MSR financing 1,075,000 1,025,000 Freddie Mac MSR and servicing advance receivable financing 995,000 1,145,000 2,839,742 2,917,662 Unamortized debt issuance costs ( 9,634 ) ( 7,057 ) $ 2,830,108 $ 2,910,605 Weighted average interest rate 8.08 % 8.73 % Assets securing notes payable: MSRs (1) $ 3,756,894 $ 3,871,249 Servicing advances $ 24,757 $ 79,274 CRT Agreements: Deposits securing CRT arrangements $ 1,063,472 $ 1,132,081 Derivative assets $ 29,690 $ 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Average balance $ 825,000 $ 553,338 $ 710,496 $ 549,063 Weighted average interest rate (1) 6.45 % 5.56 % 6.16 % 5.60 % Interest expense $ 14,571 $ 8,541 $ 35,884 $ 25,316 September 30, 2024 December 31, 2023 (in thousands) Carrying value: Unpaid principal balance $ 825,000 $ 608,500 Unamortized debt issuance costs ( 10,085 ) ( 8,042 ) $ 814,915 $ 600,458 (1) Excludes the effect of amortization of debt issuance costs of $ 1.2 million and $ 3.1 million for the quarter and nine months ended September 30, 2024 , respectively, and $ 790,000 and $ 2.3 million for the quarter and nine months ended September 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (dollars in thousands) Average balance $ 1,542,753 $ 1,342,093 $ 1,561,810 $ 1,381,994 Total interest expense $ 10,838 $ 13,652 $ 34,918 $ 38,796 Weighted average interest rate (1) 3.06 % 3.70 % 3.08 % 3.69 % (1) Excludes the effect of (accrual) amortization of net issuance premiums and debt issuance costs of $ ( 1.0 ) million and $ ( 1.1 ) million for the quarter and nine months ended September 30, 2024 , respectively, and $ 1.1 million and $ 666,000 for the quarter and nine months ended September 30, 2023, respectively. September 30, 2024 December 31, 2023 (dollars in thousands) Fair value $ 1,334,797 $ 1,336,731 Unpaid principal balance $ 1,527,681 $ 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 September 30, Total 2025 2026 2027 2028 2029 Thereafter (in thousands) Notes payable secured by credit risk transfer $ 2,839,742 $ 89,018 $ 1,345,000 $ 525,250 $ 880,474 $ — $ — Unsecured senior notes 825,000 210,000 345,000 — 53,500 216,500 — Asset-backed financings at fair value (2) 1,527,681 — — — — — 1,527,681 Interest-only security payable at fair value (2) 35,098 — — — — — 35,098 Total $ 5,227,521 $ 299,018 $ 1,690,000 $ 525,250 $ 933,974 $ 216,500 $ 1,562,779 (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 3R August 28, 2024 $ 158,500 $ 155,474 3.10 % September 27, 2028 2024 2R April 4, 2024 $ 247,000 235,364 3.35 % March 29, 2027 2024 1R March 6, 2024 $ 306,000 289,886 3.50 % March 1, 2027 2020 1R February 14, 2020 $ 350,000 46,100 3.35 % February 27, 2025 2019 3R October 16, 2019 $ 375,000 42,918 3.70 % October 29, 2024 $ 769,742 (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: Maturity date Issuance Issuance date Unpaid principal Annual 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 2021 March 30, 2021 350,000 3.00 % March 25, 2026 March 27, 2028 $ 1,075,000 (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 FT-1 Term Notes and FTL-1 Term Loans under conditions specified in the respective agreements.
Exchangeable Senior Notes [Member]
Summary of Term Note Issued to Qualified Institutional Buyers	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.

Liability for Losses Under Re_2

Liability for Losses Under Representations and Warranties (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Balance, beginning of period $ 13,183 $ 37,069 $ 26,143 $ 39,471 Provision for losses: Pursuant to loan sales 459 448 917 2,126 Reduction in liability due to change in estimate ( 5,180 ) ( 4,365 ) ( 18,598 ) ( 7,920 ) Losses incurred ( 147 ) — ( 147 ) ( 525 ) Balance, end of period $ 8,315 $ 33,152 $ 8,315 $ 33,152 UPB of loans subject to representations and warranties at $ 223,245,804 $ 228,679,429

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Company's Outstanding Contractual Commitments	The following table summarizes the Company’s outstanding contractual commitments: September 30, 2024 (in thousands) Commitments to purchase loans acquired for sale $ 2,062,088

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Preferred Shares of Beneficial Interest	Preferred shares of beneficial interest are summarized below: Dividends per share, period ended September 30, Preferred Number of Liquidation Issuance Carrying Quarter Nine months Shares Description (1) shares preference discount value 2024 2023 2024 2023 (in thousands, except dividends per share) Series A 8.125 % Issued March 2017 4,600 $ 115,000 $ 3,828 $ 111,172 $ 0.51 $ 0.51 $ 1.53 $ 1.53 Series B 8.00 % Issued July 2017 7,800 195,000 6,465 188,535 $ 0.50 $ 0.50 $ 1.50 $ 1.50 Series C 6.75 % Issued August 2021 10,000 250,000 8,225 241,775 $ 0.42 $ 0.42 $ 1.26 $ 1.26 22,400 $ 560,000 $ 18,518 $ 541,482 (1) Par value is $ 0.01 per share.
Summary of Common Share Repurchase Activity	The following table summarizes the Company’s Common Share repurchase activity: Nine months ended September 30, Cumulative 2024 2023 total (1) (in thousands) Common Shares repurchased — 2,274 29,102 Cost of Common Shares repurchased (2) $ — $ 27,011 $ 427,229 (1) Amounts represent the Common Share repurchase program total from its inception in August 2015 through September 30, 2024. (2) Cumulative total cost of Common Shares repurchased inc ludes $ 582,000 of t ransaction fees.

Net Gains (Losses) on Investm_2

Net Gains (Losses) on Investments and Financings (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Net Gains (Losses) on Investments and Financings	Net gains (losses) on investments and financings are summarized below: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Mortgage-backed securities $ 123,433 $ ( 144,031 ) $ 50,310 $ ( 127,434 ) Loans: Held in VIEs 75,360 ( 54,082 ) 71,381 ( 61,318 ) Distressed ( 10 ) ( 59 ) ( 51 ) ( 485 ) CRT arrangements 20,834 30,154 89,118 136,890 Asset-backed financings ( 72,922 ) 58,474 ( 64,151 ) 66,108 Hedging derivatives — — 20,098 — $ 146,695 $ ( 109,544 ) $ 166,705 $ 13,761

Net Gains on Loans Acquired f_2

Net Gains on Loans Acquired for Sale (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) From nonaffiliates: Cash losses: Sales of loans $ ( 23,594 ) $ ( 71,105 ) $ ( 94,999 ) $ ( 260,697 ) Hedging activities ( 72,868 ) ( 30,155 ) ( 116,797 ) ( 52,822 ) ( 96,462 ) ( 101,260 ) ( 211,796 ) ( 313,519 ) Non-cash gains: Receipt of MSRs in mortgage loan sale transactions 87,588 58,560 159,456 249,925 Provision for losses relating to representations Pursuant to loans sales ( 459 ) ( 448 ) ( 917 ) ( 2,126 ) Reduction of liability due to change in estimate 5,180 4,365 18,598 7,920 4,721 3,917 17,681 5,794 Changes in fair value of loans and derivatives Interest rate lock commitments 4,349 ( 2,050 ) ( 1,631 ) ( 2,870 ) Loans ( 9,528 ) ( 1,710 ) ( 3,721 ) 4,569 Hedging derivatives 27,397 54,247 81,099 75,564 22,218 50,487 75,747 77,263 114,527 112,964 252,884 332,982 Total from nonaffiliates 18,065 11,704 41,088 19,463 From PFSI ‒ cash gains 1,994 1,854 5,649 5,014 $ 20,059 $ 13,558 $ 46,737 $ 24,477

Net Interest Expense (Tables)

Net Interest Expense (Tables)	9 Months Ended
	Sep. 30, 2024
Banking and Thrift, Interest [Abstract]
Summary of Net Interest Expense	Net interest expense is summarized below: Quarter ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Interest income: Cash and short-term investments $ 7,590 $ 6,288 $ 22,867 $ 19,311 Mortgage-backed securities 66,573 66,563 184,762 180,244 Loans acquired for sale at fair value 23,900 14,720 50,804 77,487 Loans at fair value 16,044 9,514 41,617 38,348 Deposits securing CRT arrangements 15,042 16,419 46,121 46,410 Placement fees relating to custodial funds 47,256 44,005 124,226 110,602 Other 329 1,417 1,731 2,227 176,734 158,926 472,128 474,629 Interest expense: Assets sold under agreements to repurchase 86,900 87,414 244,821 284,027 Mortgage loan participation purchase and sale agreements 568 403 1,033 1,109 Notes payable secured by credit risk transfer and 66,305 69,952 198,760 191,049 Unsecured senior notes 14,571 8,541 35,884 25,316 Asset-backed financings at fair value 10,838 13,652 34,918 38,796 Interest shortfall on repayments of loans serviced 1,913 1,503 5,011 4,322 Interest on loan impound deposits 2,285 2,079 5,284 4,737 Other 791 374 1,828 1,089 184,171 183,918 527,539 550,445 $ ( 7,437 ) $ ( 24,992 ) $ ( 55,411 ) $ ( 75,816 )

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Grants: Restricted share units — — 182 172 Performance share units — — 140 166 — — 322 338 Grant date fair value: Restricted share units $ — $ — $ 2,605 $ 2,212 Performance share units — — 2,007 2,088 $ — $ — $ 4,612 $ 4,300 Vestings: Restricted share units — — 164 140 Performance share units (1) — — 203 48 — — 367 188 Forfeitures: Restricted share units — — 3 6 Performance share units — — 4 — — — 7 6 Compensation expense relating to share-based grants $ 816 $ 1,420 $ 3,008 $ 3,421 (1) The actual number of performance-based restricted share units (“RSUs”) that vested during the nine months ended September 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	September 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)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands except per share amounts) Net income $ 41,407 $ 61,422 $ 114,449 $ 146,743 Dividends on preferred shares ( 10,455 ) ( 10,455 ) ( 31,364 ) ( 31,364 ) Effect of participating securities—share-based compensation ( 106 ) ( 147 ) ( 323 ) ( 332 ) Net income attributable to common shareholders 30,846 50,820 82,762 115,047 Interest on Exchangeable Notes, net of income taxes — 6,359 — 18,773 Loss attributable to participating securities — ( 4 ) — ( 35 ) Diluted net income attributable to common shareholders $ 30,846 $ 57,175 $ 82,762 $ 133,785 Weighted average basic shares outstanding 86,861 86,760 86,800 87,613 Dilutive securities: Shares issuable pursuant to exchange of the Exchangeable Notes — 24,328 — 24,328 Diluted weighted average shares outstanding 86,861 111,088 86,800 111,941 Basic earnings per share $ 0.36 $ 0.59 $ 0.95 $ 1.31 Diluted earnings per share $ 0.36 $ 0.51 $ 0.95 $ 1.20
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 September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands) Shares issuable under share-based compensation plan 151 188 210 166

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 strategies strategies production Corporate Total (in thousands) Net investment income: Net gains (losses) on investments and financings $ 27,113 $ 119,582 $ — $ — $ 146,695 Net gains on loans acquired for sale — — 20,059 — 20,059 Net loan servicing fees — ( 85,080 ) — — ( 85,080 ) Net interest expense: Interest income 21,389 128,458 23,853 3,034 176,734 Interest expense 21,921 136,873 24,273 1,104 184,171 ( 532 ) ( 8,415 ) ( 420 ) 1,930 ( 7,437 ) Other ( 65 ) — 6,692 — 6,627 26,516 26,087 26,331 1,930 80,864 Expenses: Loan fulfillment and servicing fees 20 22,220 11,492 — 33,732 Management fees — — — 7,153 7,153 Other 47 3,376 1,590 8,432 13,445 67 25,596 13,082 15,585 54,330 Pretax income $ 26,449 $ 491 $ 13,249 $ ( 13,655 ) $ 26,534 Total assets at end of quarter $ 1,453,245 $ 9,429,883 $ 1,724,696 $ 447,830 $ 13,055,654 Credit Interest rate sensitive sensitive Correspondent Quarter ended September 30, 2023 strategies strategies production Corporate Total (in thousands) Net investment income: Net gains (losses) on investments and financings $ 38,772 $ ( 148,316 ) $ — $ — $ ( 109,544 ) Net gains on loans acquired for sale — — 13,558 — 13,558 Net loan servicing fees — 281,298 — — 281,298 Net interest expense: Interest income 26,235 114,430 14,656 3,605 158,926 Interest expense 23,235 142,942 16,388 1,353 183,918 3,000 ( 28,512 ) ( 1,732 ) 2,252 ( 24,992 ) Other ( 251 ) — 3,360 — 3,109 41,521 104,470 15,186 2,252 163,429 Expenses: Loan fulfillment and servicing fees 33 20,224 5,531 — 25,788 Management fees — — — 7,175 7,175 Other 492 2,683 809 8,062 12,046 525 22,907 6,340 15,237 45,009 Pretax income $ 40,996 $ 81,563 $ 8,846 $ ( 12,985 ) $ 118,420 Total assets at end of quarter $ 1,620,322 $ 10,079,073 $ 1,134,812 $ 389,129 $ 13,223,336 Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2024 strategies strategies production Corporate Total (in thousands) Net investment income: Net gains (losses) on investments and financings $ 104,114 $ 62,591 $ — $ — $ 166,705 Net gains on loans acquired for sale — — 46,737 — 46,737 Net loan servicing fees — 57,119 — — 57,119 Net interest expense: Interest income 68,520 343,954 50,652 9,002 472,128 Interest expense 69,204 403,262 51,541 3,532 527,539 ( 684 ) ( 59,308 ) ( 889 ) 5,470 ( 55,411 ) Other ( 155 ) — 11,272 — 11,117 103,275 60,402 57,120 5,470 226,267 Expenses: Loan fulfillment and servicing fees 60 62,706 19,935 — 82,701 Management fees — — — 21,474 21,474 Other 202 7,574 2,716 24,076 34,568 262 70,280 22,651 45,550 138,743 Pretax income $ 103,013 $ ( 9,878 ) $ 34,469 $ ( 40,080 ) $ 87,524 Total assets at end of period $ 1,453,245 $ 9,429,883 $ 1,724,696 $ 447,830 $ 13,055,654 Credit Interest rate sensitive sensitive Correspondent Nine months ended September 30, 2023 strategies strategies production Corporate Total (in thousands) Net investment income: Net gains (losses) on investments and financings $ 161,867 $ ( 148,106 ) $ — $ — $ 13,761 Net gains on loans acquired for sale — — 24,477 — 24,477 Net loan servicing fees — 366,438 — — 366,438 Net interest expense: Interest income 72,775 315,168 77,292 9,394 474,629 Interest expense 62,790 406,098 78,259 3,298 550,445 9,985 ( 90,930 ) ( 967 ) 6,096 ( 75,816 ) Other ( 251 ) — 15,638 — 15,387 171,601 127,402 39,148 6,096 344,247 Expenses: Loan fulfillment and servicing fees 142 60,881 22,895 — 83,918 Management fees — — — 21,510 21,510 Other 2,039 5,155 4,224 23,327 34,745 2,181 66,036 27,119 44,837 140,173 Pretax income $ 169,420 $ 61,366 $ 12,029 $ ( 38,741 ) $ 204,074 Total assets at end of period $ 1,620,322 $ 10,079,073 $ 1,134,812 $ 389,129 $ 13,223,336

Regulatory Capital and Liquid_2

Regulatory Capital and Liquidity Requirements (Tables)	9 Months Ended
	Sep. 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) September 30, 2024 $ 865,895 $ 580,944 13 % 6 % $ 587,218 $ 219,026 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)	9 Months Ended
	Sep. 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 ($)	Sep. 30, 2024	Sep. 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]	9 Months Ended
	Sep. 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]	9 Months Ended
	Sep. 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]	9 Months Ended
	Sep. 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]	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Loan servicing fees	$ 22,240	$ 20,257	$ 62,766	$ 61,023
Average MSR portfolio unpaid principal balance	227,804,449	231,333,064	229,174,686	231,333,990
MSR recapture fees	441	500	1,267	1,494
UPB of loans recaptured	71,370	77,403	207,651	270,720
Loans acquired for sale [Member]
Related Party Transaction [Line Items]
Loan servicing fees	158	112	342	569
Average investment in loans acquired for sale at fair value	1,069,653	868,808	1,002,719	1,613,347
Loans at fair value [Member]
Related Party Transaction [Line Items]
Loan servicing fees	60	33	185	184
Loans at fair value	1,388,368	1,437,418	1,401,643	1,479,525
Mortgage servicing rights [Member]
Related Party Transaction [Line Items]
Loan servicing fees	$ 22,022	$ 20,112	$ 62,239	$ 60,270

Transactions with Related Par_8

Transactions with Related Parties - Correspondent Production Activities - Additional Information (Detail) - 2020 MBS Agreement [Member]	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Loan, Mortgage, Held-for-Sale, Fair Value Disclosure	$ 1,665,796		$ 1,665,796		$ 669,018
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Loan fulfillment fees earned by PLS	11,492	$ 5,531	19,935	$ 22,895
UPB of loans fulfilled by PLS	5,948,057	2,760,000	9,949,135	12,418,084
Sourcing fees received from PLS included in Net gains on loans acquired for sale	1,994	1,854	5,649	5,014
Purchases of loans acquired for sale from PLS	191,250	0	191,250	0
UPB of loans sold to PLS	19,935,648	18,539,428	56,489,624	50,141,246
Tax service fees paid to PLS	1,112	579	1,902	2,690
Loan, Mortgage, Held-for-Sale, Fair Value Disclosure	114,723		114,723		$ 168,303
PennyMac Loan Services, LLC [Member] | Government Guaranteed Or Insured [Member]
Related Party Transaction [Line Items]
UPB of loans sold to PLS	11,843,268	8,606,835	30,200,608	29,127,889
PennyMac Loan Services, LLC [Member] | Conventional Conforming [Member]
Related Party Transaction [Line Items]
UPB of loans sold to PLS	$ 8,092,380	$ 9,932,593	$ 26,289,016	$ 21,013,357

Transactions with Related Pa_10

Transactions with Related Parties - Management Fees - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 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	$ 32,603,000	$ 32,603,000	$ 29,262,000

Transactions with Related Pa_11

Transactions with Related Parties - Summary of Management Fee Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 7,153	$ 7,175	$ 21,474	$ 21,510
PNMAC Capital Management LLC [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	7,153	7,175	21,474	21,510
Average shareholders' equity amounts used to calculate base management fee expense	1,897,006	1,897,964	1,912,310	1,917,525
PNMAC Capital Management LLC [Member] | Base [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	7,153	7,175	21,474	21,510
PNMAC Capital Management LLC [Member] | Performance incentive [Member]
Related Party Transaction [Line Items]
Total management fee incurred during the period	$ 0	$ 0	$ 0	$ 0

Transactions with Related Pa_12

Transactions with Related Parties - Summary of Expenses (Detail) - PNMAC Capital Management LLC [Member] - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Expenses incurred on the Company’s behalf, net		$ 6,318	$ 5,893	$ 15,511	$ 15,532
Common overhead incurred by PCM and its affiliates		1,867	1,489	5,811	5,450
Compensation		165	165	495	495
Total expenses incurred in transaction with affiliates		8,350	7,547	21,817	21,477
Payments and settlements during the periods	[1]	$ 31,752	$ 9,190	$ 91,100	$ 72,446
[1] Payments and settlements include payments and netting settlements made pursuant to master netting agreements between the Company and PFSI for the operating, investing and financing activities itemized in this Note.

Transactions with Related Pa_13

Transactions with Related Parties - Note Payable to PLS - Additional Information (Detail) - shares	Sep. 30, 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	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Allocated expenses and expenses and costs paid by PFSI on PMT’s behalf	$ 4,788	$ 5,612
PennyMac Financial Services, Inc. [Member]
Related Party Transaction [Line Items]
Due from PFSI-Miscellaneous receivables	8,538	56
Loan servicing fees	8,670	6,809
Correspondent production fees	7,986	8,288
Management fees	7,153	7,252
Fulfillment fees	4,006	1,301
Total expense due to affiliate	$ 32,603	$ 29,262

Transactions with Related Pa_15

Transactions with Related Parties - Summary of Transfer Cash to Fund Loan Servicing Advances (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Loan servicing advances	$ 71,124	$ 206,151
Other assets-Real estate acquired in settlement of loans	3,401	4,541
PennyMac Loan Services, LLC [Member]
Related Party Transaction [Line Items]
Loan servicing advances	71,124	206,151
Other assets-Real estate acquired in settlement of loans	1,378	2,003
Servicing advances and real estate acquired	$ 72,502	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash flows:
Proceeds from sales	$ 5,172,208	$ 3,107,613	$ 9,340,802	$ 13,576,673
Loan servicing fees received	$ 162,605	$ 166,809	$ 485,089	$ 496,522

Loan Sales - Summary of Collect

Loan Sales - Summary of Collection Status Information for Loans Accounted for Sales (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Mortgage Loans On Real Estate [Line Items]
UPB of loans outstanding		$ 224,586,882	$ 228,838,471
Collection Status (UPB)
30-89 days delinquent		2,510,113	2,184,500
90 or more days delinquent:
Not in foreclosure		891,525	1,029,962
In foreclosure		105,065	85,045
Bankruptcy		256,683	185,320
Custodial funds managed by the Company	[1]	$ 3,019,441	$ 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]	9 Months Ended
	Sep. 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		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2030	Sep. 30, 2029	Sep. 30, 2028	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2023
CRT strips:
Net investment income		$ 80,864	$ 163,429	$ 226,267	$ 344,247
Carrying value of CRT arrangements:
Derivative and credit risk transfer strip assets		81,844		81,844								$ 177,984
Interest-only security payable at fair value		35,098		35,098		$ 35,098	$ 0	$ 0	$ 0	$ 0	$ 0	32,667
Variable Interest Entities [Member]
Carrying value of CRT arrangements:
Interest-only security payable at fair value		35,098		35,098								32,667
Variable Interest Entities [Member] | Credit Risk Transfer Agreements [Member]
CRT derivatives:
Realized		3,275	4,051	10,248	12,504
Valuation changes		5,460	9,113	13,716	26,619
Gains recognized on gross derivative related to credit risk transactions		8,735	13,164	23,964	39,123
CRT strips:
Realized		10,990	11,241	34,368	35,529
Valuation changes		3,499	9,977	33,217	68,601
Credit risk transfer strips		14,489	21,218	67,585	104,130
Interest-only security payable at fair value		(2,390)	(4,228)	(2,431)	(6,363)
Gains recognized on gross derivative related to credit risk transactions		20,834	30,154	89,118	136,890
Interest income — Deposits securing CRT arrangements		15,042	16,419	46,121	46,410
Net investment income		35,876	46,573	135,239	183,300
Net payments made to settle losses on CRT arrangements		827	$ 496	1,140	$ 2,252
Carrying value of CRT arrangements:
Derivative assets - CRT derivatives		29,690		29,690								16,160
CRT strip liabilities		(13,475)		(13,475)								(46,692)
Derivative and credit risk transfer strip assets		1,116,564		1,116,564								1,146,299
Deposits securing CRT arrangements		1,135,447		1,135,447								1,209,498
Interest-only security payable at fair value		(35,098)		(35,098)								(32,667)
Derivative assets		29,690		29,690								16,160
Derivative and credit risk transfer strip assets pledged to secure	[1]	1,135,447		1,135,447								1,209,498
UPB of loans underlying CRT arrangements		21,708,165		21,708,165								23,152,230
Variable Interest Entities [Member] | Credit Risk Transfer Agreements [Member] | Purchase Commitment [Member]
Collection status (UPB):
Current		21,105,679		21,105,679								22,531,905
30-89 days delinquent		424,102		424,102								411,991
90-180 days delinquent		119,236		119,236								120,011
180 or more days delinquent		42,283		42,283								64,647
Foreclosure		16,865		16,865								23,676
Bankruptcy		$ 64,331		$ 64,331								$ 58,696
[1] Deposits securing credit risk transfer arrangements also secure $ 13.5 million and $ 46.7 million in CRT strip liabilities at September 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	Sep. 30, 2024	Dec. 31, 2023
Transfer Of Financial Assets Accounted For As Sales [Line Items]
Deposits securing CRT strips and derivatives liabilities	$ 13.5	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Asset-backed financings at fair value	$ (72,922)	$ 58,474	$ (64,151)	$ 66,108
Interest income	176,734	158,926	472,128	474,629
Net investment income	80,864	163,429	226,267	344,247
Loans at fair value	1,429,525		1,429,525		$ 1,433,820
Asset-backed financings at fair value	1,334,797		1,334,797		1,336,731
Variable Interest Entities [Member]
Loans at fair value	75,360	(54,082)	71,381	(61,318)
Loans at fair value	1,427,575		1,427,575		1,431,689
Asset-backed financings at fair value	1,334,797		1,334,797		1,336,731
Variable Interest Entities [Member] | Subordinate Mortgage Backed Securities [Member]
Loans at fair value	75,360	(54,082)	71,381	(61,318)
Asset-backed financings at fair value	(72,922)	58,474	(64,151)	66,108
Interest income	16,037	9,505	41,594	38,315
Interest expense	10,838	13,652	34,918	38,796
Net investment income	7,637	$ 245	13,906	$ 4,309
Loans at fair value	1,427,575		1,427,575		1,431,689
Asset-backed financings at fair value	1,334,797		1,334,797		1,336,731
Retained subordinate MBS at fair value pledged to secure Assets sold under agreements to repurchase	$ 83,417		$ 83,417		$ 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		Sep. 30, 2030	Sep. 30, 2029	Sep. 30, 2028	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Assets:
Short-term investments								$ 102,787		$ 128,338
Mortgage-backed securities at fair value								4,182,382		4,836,292
Loans acquired for sale at fair value								1,665,796		669,018
Derivative assets								66,103		89,591
Derivative assets, Netting								15,741		88,393
Total derivative assets after netting								81,844		177,984
Mortgage servicing rights at fair value								3,809,047	$ 3,941,861	3,919,107	$ 4,108,661	$ 3,977,938	$ 4,012,737
Liabilities:
Interest-only security payable at fair value		$ 35,098	$ 0	$ 0	$ 0	$ 0	$ 0	35,098		32,667
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								20,556		54,250
Derivative liabilities, Netting								(17,880)		(49,561)
Total derivative liabilities after netting								2,676		4,689
Total derivative and credit risk transfer strip liabilities								16,151		51,381
CRT Derivatives [Member]
Assets:
Derivative assets	[1]							29,690		16,160
Total derivative assets after netting								29,690		16,160
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							0		0
Interest Rate Lock Commitments [Member]
Assets:
Derivative assets	[1]							7,476		7,596
Total derivative assets after netting								7,476		7,596
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							1,574		64
Forward Purchase Contracts [Member]
Assets:
Derivative assets	[1]							635		15,905
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							7,452		490
Forward Sales Contracts [Member]
Assets:
Derivative assets	[1]							11,997		671
Derivative and credit risk transfer strip liabilities:
Derivative liabilities	[1]							11,530		50,363
Call Options on Interest Rate Futures Purchase Contracts [Member]
Assets:
Derivative assets	[1]							12,844		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]							1,953		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]							1,508		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								102,787		128,338
Mortgage-backed securities at fair value								4,182,382		4,836,292
Loans acquired for sale at fair value								1,665,796		669,018
Loans at fair value								1,429,525		1,433,820
Total Assets								11,271,381		11,164,559
Derivative assets								66,103		89,591
Derivative assets, Netting								15,741		88,393
Total derivative assets after netting								81,844		177,984
Mortgage servicing rights at fair value								3,809,047		3,919,107
Liabilities:
Asset-backed financings of the variable interest entities at fair value								1,334,797		1,336,731
Interest-only security payable at fair value								35,098		32,667
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								20,556		54,250
Derivative liabilities, Netting								(17,880)		(49,561)
Total derivative liabilities after netting								2,676		4,689
Total derivative and credit risk transfer strip liabilities								16,151		51,381
Total liabilities								1,386,046		1,420,779
Recurring [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								13,475		46,692
Recurring [Member] | CRT Derivatives [Member]
Assets:
Derivative assets								29,690		16,160
Recurring [Member] | Level 1 [Member]
Assets:
Short-term investments								102,787		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								117,584		174,374
Derivative assets								14,797		46,036
Derivative assets, Netting								0		0
Total derivative assets after netting								14,797		46,036
Mortgage servicing rights at fair value								0		0
Liabilities:
Asset-backed financings of the variable interest entities 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								4,101,126		4,742,061
Loans acquired for sale at fair value								1,659,727		662,700
Loans at fair value								1,427,575		1,431,689
Total Assets								7,202,568		6,856,249
Derivative assets								14,140		19,799
Derivative assets, Netting								0		0
Total derivative assets after netting								14,140		19,799
Mortgage servicing rights at fair value								0		0
Liabilities:
Asset-backed financings of the variable interest entities at fair value								1,334,797		1,336,731
Interest-only security payable at fair value								0		0
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								18,982		50,853
Derivative liabilities, Netting								0		0
Total derivative liabilities after netting								18,982		50,853
Total derivative and credit risk transfer strip liabilities								18,982		50,853
Total liabilities								1,353,779		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								81,256		94,231
Loans acquired for sale at fair value								6,069		6,318
Loans at fair value								1,950		2,131
Total Assets								3,935,488		4,045,543
Derivative assets								37,166		23,756
Derivative assets, Netting								0		0
Total derivative assets after netting								37,166		23,756
Mortgage servicing rights at fair value								3,809,047		3,919,107
Liabilities:
Asset-backed financings of the variable interest entities at fair value								0		0
Interest-only security payable at fair value								35,098		32,667
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								1,574		64
Derivative liabilities, Netting								0		0
Total derivative liabilities after netting								1,574		64
Total derivative and credit risk transfer strip liabilities								15,049		46,756
Total liabilities								50,147		79,423
Recurring [Member] | Level 3 [Member] | Credit Risk Transfer Strips [Member]
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								13,475		46,692
Recurring [Member] | Level 3 [Member] | CRT Derivatives [Member]
Assets:
Derivative assets								29,690		16,160
Recurring [Member] | Interest Rate Lock Commitments [Member]
Assets:
Derivative assets								7,476		7,596
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								1,574		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								7,476		7,596
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								1,574		64
Recurring [Member] | Forward Purchase Contracts [Member]
Assets:
Derivative assets								635		15,905
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								7,452		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								635		15,905
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								7,452		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								11,997		671
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								11,530		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								11,997		671
Derivative and credit risk transfer strip liabilities:
Derivative liabilities								11,530		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								12,844		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								12,844		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								1,953		4,324
Recurring [Member] | Put Options On Interest Rate Futures Purchase Contracts | Level 1 [Member]
Assets:
Derivative assets								1,953		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								1,508		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								1,508		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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Assets:
Amounts received pursuant to sales of loans	$ 87,588	$ 58,560	$ 159,456	$ 249,925
Changes in fair value included in income arising from:
Loans to REO			0	(1,182)
Mortgage servicing rights relating to delinquent loans to Agency			$ 341	$ (653)
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 income arising from:
Ending balance	$ 5,902		5,902
Recurring [Member]
Assets:
Beginning balance	4,048,577	$ 3,902,972	3,998,787	$ 3,867,133
Purchases and issuances (purchase adjustments)	18,815	22,881	61,611	23,331
Repayments and sales	(56,593)	(17,162)	(100,876)	(58,133)
Accrual of unearned discounts	2,264		6,870
Amounts received pursuant to sales of loans	87,588	58,064	159,456	249,429
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	(137,940)	179,112	(154,504)	74,856
Total	(137,940)	179,112	(154,504)	74,856
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities	0	(1,549)	0	(1,549)
Loans to REO				(460)
Interest rate lock commitments to loans acquired for sale	(42,397)	7,587	(51,246)	(1,979)
Mortgage servicing rights relating to delinquent loans to Agency	125	70	341	(653)
Ending balance	3,920,439	4,151,975	3,920,439	4,151,975
Changes in fair value recognized during the quarter relating to assets	(170,023)	176,476	(213,607)	26,258
Recurring [Member] | CRT Derivatives [Member]
Assets:
Beginning balance	24,305	(4,394)	16,160	(22,098)
Purchases and issuances (purchase adjustments)	0	0	0	0
Repayments and sales	(3,350)	(4,028)	(10,434)	(12,283)
Accrual of unearned discounts	0		0
Amounts received pursuant to sales of loans	0	0	0	0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	8,735	13,164	23,964	39,123
Total	8,735	13,164	23,964	39,123
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities	0	0	0	0
Loans to REO				0
Interest rate lock commitments to loans acquired for sale	0	0	0	0
Mortgage servicing rights relating to delinquent loans to Agency	0	0	0	0
Ending balance	29,690	4,742	29,690	4,742
Changes in fair value recognized during the quarter relating to assets	5,460	9,113	13,716	26,619
Recurring [Member] | Credit Risk Transfer Strips [Member]
Assets:
Beginning balance	(16,974)	(78,569)	(46,692)	(137,193)
Purchases and issuances (purchase adjustments)	0	0	0	0
Repayments and sales	(10,990)	(11,241)	(34,368)	(35,529)
Accrual of unearned discounts	0		0
Amounts received pursuant to sales of loans	0	0	0	0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	14,489	21,218	67,585	104,130
Total	14,489	21,218	67,585	104,130
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities	0	0	0	0
Loans to REO				0
Interest rate lock commitments to loans acquired for sale	0	0	0	0
Mortgage servicing rights relating to delinquent loans to Agency	0	0	0	0
Ending balance	(13,475)	(68,592)	(13,475)	(68,592)
Changes in fair value recognized during the quarter relating to assets	3,499	9,977	33,217	68,601
Recurring [Member] | Loans At Fair Value [Member]
Assets:
Beginning balance	1,998	2,665	2,131	3,457
Purchases and issuances (purchase adjustments)	0	0	0	119
Repayments and sales	(38)	(510)	(129)	(534)
Accrual of unearned discounts	0		0
Amounts received pursuant to sales of loans	0	0	0	0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	(10)	(58)	(52)	(485)
Total	(10)	(58)	(52)	(485)
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities	0	0	0	0
Loans to REO				(460)
Interest rate lock commitments to loans acquired for sale	0	0	0	0
Mortgage servicing rights relating to delinquent loans to Agency	0	0	0	0
Ending balance	1,950	2,097	1,950	2,097
Changes in fair value recognized during the quarter relating to assets	(19)	(74)	(71)	(1,011)
Recurring [Member] | Mortgage servicing rights [Member]
Assets:
Beginning balance	3,941,861	3,977,938	3,919,107	4,012,737
Purchases and issuances (purchase adjustments)	0	16,263	29,428	16,263
Repayments and sales	0	0	0	0
Accrual of unearned discounts	0		0
Amounts received pursuant to sales of loans	87,588	58,560	159,456	249,925
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	(184,918)	160,926	(263,676)	(64,515)
Total	(184,918)	160,926	(263,676)	(64,515)
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities	(35,609)	(105,096)	(35,609)	(105,096)
Loans to REO				0
Interest rate lock commitments to loans acquired for sale	0	0	0	0
Mortgage servicing rights relating to delinquent loans to Agency	125	70	341	(653)
Ending balance	3,809,047	4,108,661	3,809,047	4,108,661
Changes in fair value recognized during the quarter relating to assets	(180,885)	160,926	(261,304)	(64,515)
Recurring [Member] | Interest-Only Stripped Mortgage-Backed Securities [Member]
Assets:
Beginning balance	87,841	0	94,231	0
Purchases and issuances (purchase adjustments)	0	0	0	0
Repayments and sales	(40,487)	0	(50,541)	0
Accrual of unearned discounts	2,264		6,870
Amounts received pursuant to sales of loans	0	0	0	0
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	(3,971)	(14)	(4,913)	(14)
Total	(3,971)	(14)	(4,913)	(14)
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities	35,609	103,547	35,609	103,547
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	81,256	103,533	81,256	103,533
Changes in fair value recognized during the quarter relating to assets	(3,971)	(14)	(4,913)	(14)
Recurring [Member] | Loans acquired for sale [Member]
Assets:
Beginning balance	7,994	6,630	6,318	10,708
Purchases and issuances (purchase adjustments)	(156)	0	5,341	4,262
Repayments and sales	(1,728)	(1,383)	(5,404)	(9,787)
Accrual of unearned discounts	0		0
Amounts received pursuant to sales of loans	0	(496)	0	(496)
Changes in fair value included in income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	(41)	131	(186)	195
Total	(41)	131	(186)	195
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities	0	0	0	0
Loans to REO				0
Interest rate lock commitments to loans acquired for sale	0	0	0	0
Mortgage servicing rights relating to delinquent loans to Agency	0	0	0
Ending balance	6,069	4,882	6,069	4,882
Changes in fair value recognized during the quarter relating to assets	(9)	(104)	(154)	(74)
Recurring [Member] | Interest Rate Lock Commitments [Member]
Assets:
Beginning balance	1,552	(1,298)	7,532	(478)
Purchases and issuances (purchase adjustments)	18,971	6,618	26,842	2,687
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 income arising from:
Changes in instrument-specific credit risk	0	0	0	0
Other factors	27,776	(16,255)	22,774	(3,578)
Total	27,776	(16,255)	22,774	(3,578)
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities	0	0	0	0
Loans to REO				0
Interest rate lock commitments to loans acquired for sale	(42,397)	7,587	(51,246)	(1,979)
Mortgage servicing rights relating to delinquent loans to Agency	0	0	0	0
Ending balance	5,902	(3,348)	5,902	(3,348)
Changes in fair value recognized during the quarter relating to assets	5,902	(3,348)	5,902	(3,348)
Recurring [Member] | Interest-only security payable [Member]
Liabilities:
Beginning balance	32,708	24,060	32,667	21,925
Changes in instrument-specific credit risk\Other factors	2,390	4,228	2,431	6,363
Ending balance	35,098	28,288	35,098	28,288
Changes in fair value recognized during the quarter relating to liability	2,390	4,228	2,431	6,363
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	$ 2,390	$ 4,228	$ 2,431	$ 6,363

Fair Value - Fair Values and Re

Fair Value - Fair Values and Related Principal Amounts Due upon Maturity of Loans Accounted for Under Fair Value Option (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Loans, fair value [Abstract]
Fair value, Total	$ 1,429,525	$ 1,433,820
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	1,627,149	1,704,184
Loans, difference, [Abstract]
Difference	(197,624)	(270,364)
Loans acquired for sale at fair value [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	1,665,099	667,857
90 or more days delinquent, not in foreclosure	622	433
90 or more days delinquent, in foreclosure	75	728
Fair value, Total	1,665,796	669,018
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	1,619,369	648,283
90 or more days delinquent, not in foreclosure	873	617
90 or more days delinquent, in foreclosure	96	845
Principal amount due upon maturity	1,620,338	649,745
Loans, difference, [Abstract]
Current through 89 days delinquent	45,730	19,574
90 or more days delinquent, not in foreclosure	(251)	(184)
90 or more days delinquent, in foreclosure	(21)	(117)
Difference	45,458	19,273
Loans acquired for sale at fair value [Member] | Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	697	1,161
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	969	1,462
Loans, difference, [Abstract]
Difference	(272)	(301)
Loans at Fair Value Held in Consolidated VIE [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	1,426,511	1,430,427
90 or more days delinquent, not in foreclosure	891	1,262
90 or more days delinquent, in foreclosure	173	0
Fair value	1,427,575	1,431,689
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	1,620,842	1,697,305
90 or more days delinquent, not in foreclosure	1,122	1,582
90 or more days delinquent, in foreclosure	219	0
Principal amount due upon maturity	1,622,183	1,698,887
Loans, difference, [Abstract]
Current through 89 days delinquent	(194,331)	(266,878)
90 or more days delinquent, not in foreclosure	(231)	(320)
90 or more days delinquent, in foreclosure	(46)	0
Difference	(194,608)	(267,198)
Loans at Fair Value Held in Consolidated VIE [Member] | Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	1,064	1,262
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	1,341	1,582
Loans, difference, [Abstract]
Difference	(277)	(320)
Distressed at Fair Value [Member]
Loans, fair value [Abstract]
Current through 89 days delinquent	460	569
90 or more days delinquent, not in foreclosure	1,490	393
90 or more days delinquent, in foreclosure	0	1,169
Fair value	1,950	2,131
Loans, principal amount due upon maturity [Abstract]
Current through 89 days delinquent	634	728
90 or more days delinquent, not in foreclosure	4,332	2,023
90 or more days delinquent, in foreclosure	0	2,546
Principal amount due upon maturity	4,966	5,297
Loans, difference, [Abstract]
Current through 89 days delinquent	(174)	(159)
90 or more days delinquent, not in foreclosure	(2,842)	(1,630)
90 or more days delinquent, in foreclosure	0	(1,377)
Difference	(3,016)	(3,166)
Distressed at Fair Value [Member] | Nonperforming mortgage loans [Member]
Loans, fair value [Abstract]
Fair value	1,490	1,562
Loans, principal amount due upon maturity [Abstract]
Principal amount due upon maturity	4,332	4,569
Loans, difference, [Abstract]
Difference	$ (2,842)	$ (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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Credit Risk Transfer Strips [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	$ 14,489	$ 21,218	$ 67,585	$ 104,130
Credit Risk Transfer Strips [Member] | Net Gains (Losses) on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	14,489	21,218	67,585	104,130
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 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 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)	(2,390)	(4,228)	(2,431)	(6,363)
Interest-only security payable [Member] | Net Gains (Losses) on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(2,390)	(4,228)	(2,431)	(6,363)
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 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 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)	(71,896)	59,606	(63,013)	66,774
Asset-Backed Financings of VIEs at Fair Value [Member] | Net Gains (Losses) on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(72,922)	58,474	(64,151)	66,108
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 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 Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	1,026	1,132	1,138	666
Liabilities, Total [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(74,286)	55,378	(65,444)	60,411
Liabilities, Total [Member] | Net Gains (Losses) on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(75,312)	54,246	(66,582)	59,745
Liabilities, Total [Member] | Net Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	0	0	0	0
Liabilities, Total [Member] | Net 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 Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	1,026	1,132	1,138	666
Mortgage-backed securities at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	139,096	(142,983)	75,650	(128,606)
Mortgage-backed securities at fair value [Member] | Net Gains (Losses) on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	123,433	(144,031)	50,310	(127,434)
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 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 Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	15,663	1,048	25,340	(1,172)
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)	65,611	(13,106)	67,243	(7,215)
Loans acquired for sale at fair value [Member] | Net Gains (Losses) 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 Gains on Loans Acquired for Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	65,611	(13,106)	67,243	(7,215)
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 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)	77,579	(59,294)	70,819	(68,015)
At fair value [Member] | Net Gains (Losses) on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	75,350	(54,141)	71,330	(61,803)
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 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 Interest Income (Expense) [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	2,229	(5,153)	(511)	(6,212)
MSRs at fair value [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(184,918)	160,926	(263,676)	(64,515)
MSRs at fair value [Member] | Net Gains (Losses) 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 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 Loan Servicing Fees [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	(184,918)	160,926	(263,676)	(64,515)
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)	111,857	(33,239)	17,621	(164,221)
Assets, Total [Member] | Net Gains (Losses) on Investments and Financings [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value included in current period income (expense)	213,272	(176,954)	189,225	(85,107)
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)	65,611	(13,106)	67,243	(7,215)
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)	(184,918)	160,926	(263,676)	(64,515)
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)	$ 17,892	$ (4,105)	$ 24,829	$ (7,384)

Fair Value - Summary of Carryin

Fair Value - Summary of Carrying Value of Assets Remeasured Based on Fair Value on Nonrecurring Basis (Detail) - Nonrecurring [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate acquired in settlement of loans	$ 438	$ 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	$ 438	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate acquired in settlement of loans	$ 9	$ (258)	$ 105	$ (288)

Fair Value - Carrying and Fair

Fair Value - Carrying and Fair Values of Notes Payable Secured by Credit Risk Transfer and Mortgage Servicing Rights and Exchangeable Senior Notes (Detail) - USD ($) $ in Thousands	Sep. 30, 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	$ 2,830,108	$ 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	2,846,037	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	814,915	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	$ 818,647	$ 580,090

Fair Value - Key Inputs Used in

Fair Value - Key Inputs Used in Determining Fair Value of IO (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 4,182,382	$ 4,836,292
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, Pricing spread	7.40%	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	18.80%	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	5.40%	5.50%
Fair value inputs, Prepayment speed	7.50%	7%
IO [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 81,256	$ 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	11.70%	10.90%
Fair value inputs, Equivalent life (in years)	4 years 4 months 24 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	6.50%	5.10%
Fair value inputs, Prepayment speed	12.10%	11%
Fair value inputs, Equivalent life (in years)	6 years 9 months 18 days	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	6.50%	5.10%
Fair value inputs, Prepayment speed	11.70%	10.90%
Fair value inputs, Equivalent life (in years)	6 years 8 months 12 days	7 years 1 month 6 days

Fair Value - Additional Informa

Fair Value - Additional Information (Detail)	9 Months Ended
	Sep. 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	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 29,690	$ 16,160
UPB of loans in reference pools	$ 5,071,449	$ 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	8.40%	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	11.70%	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	8.70%	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	6.80%	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	7.10%	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	7.10%	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	Sep. 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	52.10%	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	87.30%	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	2%	1.70%
Servicing Fee Multiple [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Key inputs used in valuation of IRLCs	8.20%	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	5.30%	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	0.50%	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	2.60%	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	2%	1.70%
Interest Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 5,902	$ 7,532
Committed amount	$ 2,062,088	$ 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	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of CRT derivatives liabilities	$ 13,475	$ 46,692
Unpaid principal balance of loans in the reference pools	$ 16,636,716	$ 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	8.70%	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	6.90%	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	8.40%	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		9 Months Ended
	Sep. 30, 2024 USD ($) UsdPerLoan	Sep. 30, 2023 USD ($) UsdPerLoan	Sep. 30, 2024 USD ($) UsdPerLoan	Sep. 30, 2023 USD ($) UsdPerLoan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, MSR recognized | $	$ 87,588	$ 58,560	$ 159,456	$ 249,925
Fair value, Unpaid principal balance of underlying loans | $	$ 5,130,285	$ 3,052,557	$ 9,203,814	$ 13,458,182
Fair value, Weighted-average annual servicing fee rate (in basis points)	0.35%	0.38%	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	11.70%	10.10%	10.80%	10.10%
Fair Value inputs, Prepayment speed during period	5.40%	5.50%	5.40%	5.50%
Fair Value inputs, Weighted average equivalent average life during period	3 years 6 months	3 years 2 months 12 days	3 years 4 months 24 days	2 years 9 months 18 days
Fair Value inputs, Annual per loan cost of servicing during period	68	69	68	68
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Pricing spread during period	26.70%	22.70%	26.70%	22.70%
Fair Value inputs, Prepayment speed during period	7.30%	8.50%	8.50%	8.80%
Fair Value inputs, Weighted average equivalent average life during period	6 years 4 months 24 days	7 years 2 months 12 days	7 years 2 months 12 days	7 years 2 months 12 days
Fair Value inputs, Annual per loan cost of servicing during period	87	71	87	71
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value inputs, Pricing spread during period	5.50%	5.50%	5.60%	5.80%
Fair Value inputs, Prepayment speed during period	13.60%	11.30%	13.10%	12.30%
Fair Value inputs, Weighted average equivalent average life during period	6 years 3 months 18 days	7 years 1 month 6 days	6 years 6 months	6 years 9 months 18 days
Fair Value inputs, Annual per loan cost of servicing during period	68	71	69	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	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) UsdPerLoan	Dec. 31, 2023 USD ($) UsdPerLoan	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at end of period	$ 3,809,047	$ 3,919,107	$ 3,941,861	$ 4,108,661	$ 3,977,938	$ 4,012,737
Unpaid principal balance of underlying loans, Fair Value	$ 228,127,324	$ 230,294,583
Weighted-average annual servicing fee rate (in basis points), Fair value input	28%	28%
Weighted-average note interest rate, Fair value	3.80%	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	$ (46,966)	$ (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	(92,816)	(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	(181,313)	(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	(57,286)	(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	(112,596)	(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	(217,698)	(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	(16,607)	(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	(33,214)	(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	$ (66,428)	$ (69,103)
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value inputs, Pricing spread	7.40%	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 6 months	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	18.80%	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)	8 years 6 months	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	5.40%	5.50%
Estimated fair value inputs, Prepayment speed	7.50%	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 2 months 12 days	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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	$ 4,182,382		4,182,382
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Balance at beginning of period	4,068,337	$ 4,731,341	4,836,292	$ 4,462,601
Purchases	80,500	64,384	479,960	3,108,701
Sales	(35,667)	0	(977,007)	(2,629,540)
Repayments	(105,493)	(90,319)	(268,122)	(250,733)
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities	35,609	103,547	35,609	103,547
Changes in fair value included in income arising from:
Accrual (amortization) of net purchase premiums and discounts	15,663	1,048	25,340	(1,172)
Valuation adjustments, net	123,433	(144,031)	50,310	(127,434)
Total changes in fair value included in income	139,096	(142,983)	75,650	(128,606)
Balance at end of period	$ 4,182,382	$ 4,665,970	$ 4,182,382	$ 4,665,970

Mortgage-Backed Securities - Sc

Mortgage-Backed Securities - Schedule of Mortgage Backed Securities Pledged to Secure Assets Sold (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Assets sold under agreements to repurchase	$ 4,182,382	$ 4,836,292

Mortgage-Backed Securities - _2

Mortgage-Backed Securities - Summary of Investments in Mortgage Backed Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Mortgage Backed Securities [Line Items]
Fair value	$ 4,182,382	$ 4,836,292
Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance or notional amount	4,139,153	4,777,649
Unamortized net purchase premiums (discounts)	(128,828)	(25,733)
Cumulative valuation changes	90,801	(9,855)
Fair value	4,101,126	4,742,061
Interest-Only Stripped Mortgage-Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance or notional amount	395,952	419,791
Fair value	81,256	94,231
Mortgage-Backed Securities Including Interest-Only Stripped Mortgage-Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Fair value	4,182,382	4,836,292
Agency Fixed Rate Pass Through Securities [Member] | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance or notional amount	3,217,437	4,311,342
Unamortized net purchase premiums (discounts)	(2,344)	34
Cumulative valuation changes	37,815	(41,320)
Fair value	3,252,908	4,270,056
Principal - Only Stripped Mortgage - Backed Securities [Member] | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance or notional amount	631,601	65,573
Unamortized net purchase premiums (discounts)	(118,563)	(18,567)
Cumulative valuation changes	27,751	6,330
Fair value	540,789	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)	(4,744)	(3,633)
Cumulative valuation changes	26,242	28,850
Fair value	196,311	301,180
Senior Non-Agency Securities [Member] | Mortgage Backed Securities [Member]
Mortgage Backed Securities [Line Items]
Principal balance or notional amount	115,302	124,771
Unamortized net purchase premiums (discounts)	(3,177)	(3,567)
Cumulative valuation changes	(1,007)	(3,715)
Fair value	$ 111,118	$ 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		Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		$ 1,665,796	$ 669,018
Loans pledged to secure total		1,649,411	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		1,619,233	659,751
PennyMac Loan Services, LLC [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		114,723	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		30,178	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		1,486,193	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]	1,434	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		113,289	106,069
Jumbo [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans acquired for sale at fair value		58,811	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		1,445	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		$ 4,624	$ 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

Loans at Fair Value - Summary o

Loans at Fair Value - Summary of Distribution of Company's Loans at Fair Value (Detail) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Financing Receivable Recorded Investment [Line Items]
Fair value		$ 1,429,525	$ 1,433,820
Asset-backed financings at fair value (1)	[1]	1,427,575	1,431,689
Loans at fair value, pledged to creditors		1,427,722	1,431,896
Loans in VIEs [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value		1,427,575	1,431,689
Distressed [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value		1,950	2,131
Agency-conforming loans secured by investment properties [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value		1,379,963	1,383,392
Fixed interest rate jumbo loans held in a VIE [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value		47,612	48,297
Loans acquired for sale at fair value [Member]
Financing Receivable Recorded Investment [Line Items]
Fair value		1,665,796	669,018
Assets sold under agreements to repurchase		$ 147	$ 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 September 30, 2024 and December 31, 2023 , $ 83.4 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	Sep. 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	$ 83.4	$ 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	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets	$ 81,844	$ 177,984
Derivative and credit risk transfer strip assets	81,844	177,984
Derivative liabilities	2,676	4,689
Credit risk transfer strip liabilities	13,475	46,692
Total derivative and credit risk transfer strip liabilities	$ 16,151	$ 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 ($)		Sep. 30, 2024	Dec. 31, 2023
Derivatives Fair Value [Line Items]
Total derivatives assets before netting		$ 66,103,000	$ 89,591,000
Derivative assets, Netting		15,741,000	88,393,000
Total derivative assets after netting		81,844,000	177,984,000
Margin deposits placed with derivative counterparties included in derivative balances above, net		33,620,000	137,955,000
Derivative assets pledged to secure:
Notes payable secured by credit risk transfer and mortgage servicing assets		2,830,108,000	2,910,605,000
Total derivative liabilities		20,556,000	54,250,000
Derivative liabilities, Netting		(17,880,000)	(49,561,000)
Total derivative liabilities after netting		2,676,000	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		29,690,000	16,160,000
CRT Derivatives [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1]	5,071,449,000	5,437,551,000
Total derivatives assets before netting	[2]	29,690,000	16,160,000
Total derivative assets after netting		29,690,000	16,160,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	0	0
Forward Purchase Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	3,194,957,000	2,789,324,000
Total derivatives assets before netting	[2]	635,000	15,905,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	7,452,000	490,000
Forward Sale Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	9,672,080,000	7,219,512,000
Total derivatives assets before netting	[2]	11,997,000	671,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	11,530,000	50,363,000
Interest Rate Lock Commitments [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1]	2,062,088,000	874,017,000
Total derivatives assets before netting	[2]	7,476,000	7,596,000
Total derivative assets after netting		7,476,000	7,596,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	1,574,000	64,000
Call Options on Interest Rate Futures Purchase Contracts [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	4,700,000,000	2,315,000,000
Total derivatives assets before netting	[2]	12,844,000	41,712,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	0	2,005,000
Put Options On Interest Rate Futures Purchase Contracts
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	500,000,000	2,900,000,000
Total derivatives assets before netting	[2]	1,953,000	4,324,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	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	[2]	0	0
Derivative assets pledged to secure:
Total derivative liabilities	[2]	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	[2]	0	3,218,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	0	0
MBS Put Options [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	500,000,000	450,000,000
Total derivatives assets before netting	[2]	1,508,000	5,000
Derivative assets pledged to secure:
Total derivative liabilities	[2]	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	[2]	0	0
Derivative assets pledged to secure:
Total derivative liabilities	[2]	0	0
Bond Futures [Member]
Derivatives Fair Value [Line Items]
Notional amount	[1],[2]	2,096,000,000	2,860,500,000
Total derivatives assets before netting	[2]	0	0
Derivative assets pledged to secure:
Total derivative liabilities	[2]	$ 0	$ 0
[1] Notional amounts provide an indication of the volume of the Company’s derivative activities. All hedging derivatives are interest rate derivatives that are used as economic hedges.

Derivative and Credit Risk Tr_5

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Derivative Assets, Financial Instruments and Collateral Held by Counterparty (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Offsetting Assets [Line Items]
Total derivative assets after netting	$ 81,844	$ 177,984
Financial instruments	0	0
Cash collateral received	0	0
Net amount	81,844	177,984
CRT Derivatives [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	29,690	16,160
Financial instruments	0	0
Cash collateral received	0	0
Net amount	29,690	16,160
Interest Rate Lock Commitments [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	7,476	7,596
Financial instruments	0	0
Cash collateral received	0	0
Net amount	7,476	7,596
RJ O'Brien & Associates, LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	14,797	42,703
Financial instruments	0	0
Cash collateral received	0	0
Net amount	14,797	42,703
Morgan Stanley & Co. LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	10,699	79,825
Financial instruments	0	0
Cash collateral received	0	0
Net amount	10,699	79,825
Wells Fargo Securities L L C
Offsetting Assets [Line Items]
Total derivative assets after netting	7,666	7,759
Financial instruments	0	0
Cash collateral received	0	0
Net amount	7,666	7,759
Bank of America, N.A. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	4,436	3,418
Financial instruments	0	0
Cash collateral received	0	0
Net amount	4,436	3,418
Goldman Sachs & Co. LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	2,163	18,701
Financial instruments	0	0
Cash collateral received	0	0
Net amount	2,163	18,701
J.P. Morgan Securities LLC [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	1,307	997
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,307	997
Citigroup Global Markets Inc. [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	1,160	503
Financial instruments	0	0
Cash collateral received	0	0
Net amount	1,160	503
Other [Member]
Offsetting Assets [Line Items]
Total derivative assets after netting	2,450	322
Financial instruments	0	0
Cash collateral received	0	0
Net amount	$ 2,450	$ 322

Derivative and Credit Risk Tr_6

Derivative and Credit Risk Transfer Strip Assets and Liabilities - Summary of Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty (Detail) - Unpaid Principal Balance Before Unamortized Debt Issuance Costs Adjustment [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	$ 5,754,195	$ 5,632,496
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(5,751,519)	(5,627,807)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	2,676	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	1,574	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	1,574	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	1,631,801	1,521,072
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(1,631,801)	(1,521,072)
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	809,476	785,756
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(809,476)	(785,756)
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	803,927	569,129
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(803,927)	(569,129)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Barclays Capital Inc. [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	578,798	807,404
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(578,798)	(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	362,604	292,091
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(362,539)	(292,091)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	65	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	310,707	147,093
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(310,707)	(147,093)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Daiwa Capital Markets [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	230,033	340,975
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(230,033)	(340,975)
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	227,545	145,007
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(227,545)	(145,007)
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	212,560	128,602
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(212,560)	(128,602)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	0
Atlas Securitized Products, L.P. [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	206,873	783,456
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(206,873)	(783,456)
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	201,862	25,814
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(201,862)	(25,814)
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	98,686	67,637
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(98,121)	(67,110)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	565	527
BNP Paribas [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	77,277	10,121
Gross amounts not offset in the consolidated balance sheet, Financial instruments	(77,277)	(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	0	8,135
Gross amounts not offset in the consolidated balance sheet, Financial instruments	0	(7,940)
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged	0	0
Net amount	0	195
Other [Member] | Security Sold Under Agreements to Repurchase [Member]
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the consolidated balance sheet	472	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	$ 472	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest Rate Lock Commitments [Member]
Derivative Instruments Gain Loss [Line Items]
Net gains on derivative financial instruments used as economic hedges	$ 4,349	$ (2,050)	$ (1,631)	$ (2,870)
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	$ 8,735	$ 13,164	$ 23,964	$ 39,123
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	$ (45,471)	$ 24,092	$ (35,698)	$ 22,742
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	$ (67,220)	$ (50,689)	$ (175,399)	$ (81,584)
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		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Summary Of Mortgage Servicing Rights [Line Items]
Balance at beginning of period		$ 3,941,861	$ 3,977,938	$ 3,919,107	$ 4,012,737
Purchases		0	16,263	29,428	16,263
Servicing Asset At Fair Value Additions From Loan Sales		87,588	58,560	159,456	249,925
Transfers to Agency of mortgage servicing rights relating to delinquent loans		125	70	341	(653)
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities and interest receivable		(35,609)	(105,096)	(35,609)	(105,096)
Due to changes in inputs used in valuation model	[1]	(84,306)	263,139	33,303	232,414
Other changes in fair value	[2]	(100,612)	(102,213)	(296,979)	(296,929)
Change in fair value, Total		(184,918)	160,926	(263,676)	(64,515)
Balance at end of period		3,809,047	$ 4,108,661	3,809,047	$ 4,108,661
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		$ 3,756,894		$ 3,756,894		$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Transfers and Servicing [Abstract]
Contractually-specified servicing fees	$ 162,605	$ 166,809	$ 485,089	$ 496,522
Late charges	1,044	878	3,019	2,442
Other	2,968	2,874	6,819	12,079
Mortgage loan other servicing fees	4,012	3,752	9,838	14,521
Net mortgage loan servicing fees	166,617	170,561	494,927	511,043
Average UPB of underlying loans	$ 227,804,449	$ 231,333,064	$ 229,174,686	$ 231,333,990

Other Assets - Summary of Other

Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Assets [Line Items]
Margin deposits	$ 116,155	$ 124,293
Interest receivable	39,593	37,305
Servicing fees receivable	11,791	14,603
Correspondent lending receivables	8,202	6,313
Other receivables	13,966	7,199
Real estate acquired in settlement of loans	3,401	4,541
Other	31,698	58,284
Other Assets	224,806	252,538
Real Estate Acquired in Settlement of Loans Pledge to Secure [Member]
Other Assets [Line Items]
Assets sold under agreements to repurchase	$ 1,230	$ 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		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Assets Sold under Agreements to Repurchase [Line Items]
Weighted average interest rate	6.02%	5.97%	6.09%	5.81%
Average balance	$ 5,513,519,000	$ 5,714,082,000	$ 5,225,906,000	$ 6,451,377,000
Total interest expense	86,900,000	87,414,000	244,821,000	284,027,000
Maximum daily amount outstanding	6,474,799,000	$ 6,318,746,000	7,624,113,000	$ 9,412,768,000
Assets Sold Under Agreements To Repurchase	5,751,519,000		5,751,519,000		$ 5,627,807,000
Unamortized debt issuance costs	(3,058,000)		(3,058,000)		(3,249,000)
Assets sold under agreements to repurchase, At year end	5,748,461,000		$ 5,748,461,000		$ 5,624,558,000
Weighted average interest rate			5.55%		6.14%
Available borrowing capacity, Committed			$ 597,072,000		$ 634,147,000
Available borrowing capacity, Uncommitted			4,944,783,000		5,221,706,000
Available borrowing capacity			5,541,855,000		5,855,853,000
Margin deposits placed with (received from) counterparties included in Other assets (Accounts payable and accrued liabilities), net	36,657,000		36,657,000		(116,358,000)
Mortgage Backed Securities [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	4,182,382,000		4,182,382,000		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	1,619,233,000		1,619,233,000		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	83,417,000		83,417,000		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	147,000		147,000		207,000
Servicing advances [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	34,364,000		34,364,000		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	1,230,000		1,230,000		1,905,000
Mortgage service rights [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Market Value	1,935,890,000		1,935,890,000		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	$ 71,975,000		$ 71,975,000		$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Assets Sold Under Agreements to Repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amortization of debt issuance costs and non utilization fees	$ 3.4	$ 1.4	$ 6.4	$ 3.8

Assets Sold Under Agreements _3

Assets Sold Under Agreements to Repurchase - Summary of Maturities of Outstanding Advances Under Repurchase Agreements by Maturity Date (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 5,751,519
Weighted average maturity (in months)	2 months 18 days
Within 30 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 287,565
Over 30 to 90 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	4,071,705
Over 90 days to 180 days [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	1,240,249
Over 180 Days to 1 Year [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	0
Over 1 year to 2 years [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maturity of repurchase agreements	$ 152,000

Assets Sold Under Agreements _4

Assets Sold Under Agreements to Repurchase - Summary of Assets Sold under Agreements to Repurchase by Counterparty (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
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	$ 94,042
Weighted-average maturity, Advances	Dec. 23, 2024
Weighted-average maturity, Facility	Jan. 26, 2026
Goldman Sachs & Co. LLC [Member] | Credit Risk Transfer Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 22,378
Weighted average maturity	Jan. 08, 2025
Citibank, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 45,724
Weighted average maturity	Dec. 27, 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	$ 44,524
Weighted-average maturity, Advances	Nov. 09, 2024
Weighted-average maturity, Facility	Jun. 11, 2026
Bank of America, N.A. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 29,249
Weighted average maturity	Nov. 14, 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	$ 43,142
Weighted-average maturity, Advances	Oct. 11, 2024
Weighted-average maturity, Facility	Jun. 10, 2026
JPMorgan Chase & Co. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 58,000
Weighted average maturity	Nov. 11, 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	$ 10,946
Weighted-average maturity, Advances	Nov. 09, 2024
Weighted-average maturity, Facility	Jun. 28, 2026
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	$ 51,541
Weighted-average maturity, Advances	Nov. 24, 2024
Weighted-average maturity, Facility	Jun. 26, 2026
Wells Fargo Securities L L C [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 33,220
Weighted average maturity	Jan. 23, 2025
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	$ 7,448
Weighted-average maturity, Advances	Dec. 19, 2024
Weighted-average maturity, Facility	Oct. 15, 2025
Barclays Capital Inc. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 24,401
Weighted average maturity	Nov. 27, 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	$ 10,112
Weighted-average maturity, Advances	Dec. 23, 2024
Weighted-average maturity, Facility	Mar. 06, 2026
Santander US Capital [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 19,410
Weighted average maturity	Dec. 23, 2024
Daiwa Capital Markets America Inc. [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 6,617
Weighted average maturity	Jan. 02, 2025
Mizuho Financial Group [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 5,448
Weighted average maturity	Jan. 06, 2025
RBC Capital Markets L.P. [Member] | Mortgage loans acquired for sale, mortgage loans, REO and MSRs sold under agreements to repurchase [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount at risk	$ 10,722
Weighted-average maturity, Advances	Jan. 01, 2025
Weighted-average maturity, Facility	Aug. 11, 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	$ 9,549
Weighted-average maturity, Advances	Dec. 19, 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	$ 3,207
Weighted-average maturity, Advances	Dec. 23, 2024
Weighted-average maturity, Facility	Sep. 30, 2025

Mortgage Loan Participation Pur

Mortgage Loan Participation Purchase and Sale Agreement - Summary of Mortgage Loan Participation Purchase and Sale Agreement (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
At period end:
Mortgage loan participation purchase and sale agreements	$ 28,790		$ 28,790		$ 0
Mortgage Loan Participation Purchase and Sale Agreement [Member]
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Average balance	$ 32,353	$ 22,043	$ 18,829	$ 20,991
Weighted average interest rate	6.59%	6.69%	6.66%	6.46%
Total interest expense	$ 568	$ 403	$ 1,033	$ 1,109
Maximum daily amount outstanding	78,068	$ 46,303	78,068	$ 90,565
At period end:
Amount outstanding	28,878		28,878
Unamortized debt issuance costs	(88)		(88)
Mortgage loan participation purchase and sale agreements	28,790		$ 28,790
Weighted average interest rate			6.10%
Loans acquired for sale pledged to secure	$ 30,178		$ 30,178

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Mortgage Loan Participation Purchase And Sale Agreement [Line Items]
Amortization of premiums and debt issuance costs			$ 16,742	$ 11,147
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	$ 94,000	$ 31,000	$ 94,000

Long-Term Debt - Summary of Ter

Long-Term Debt - Summary of Term Note Issued to Qualified Institutional Buyers (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Secured Debt | CRT Arrangement Financing [Member]
Debt Instrument [Line Items]
Unpaid principal balance	$ 769,742
Secured Term Notes | Fannie Mae MSR Financing
Debt Instrument [Line Items]
Unpaid principal balance	1,075,000
August 28, 2024 [Member] | Secured Debt | CRT Arrangement Financing [Member]
Debt Instrument [Line Items]
Notes Issued	158,500
Unpaid principal balance	$ 155,474
Interest rate spread (Annual)	3.10%
Maturity date, Stated	Sep. 27, 2028
April 4, 2024 [Member] | Secured Debt | CRT Arrangement Financing [Member]
Debt Instrument [Line Items]
Notes Issued	$ 247,000
Unpaid principal balance	$ 235,364
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	$ 289,886
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	$ 46,100
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	$ 42,918
Interest rate spread (Annual)	3.70%
Maturity date, Stated	Oct. 29, 2024
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
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 ($)		9 Months Ended
	Aug. 10, 2023	Sep. 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		Jul. 31, 2026
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		$ 775,000,000
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		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Carrying value:
Balance	$ 2,830,108,000		$ 2,830,108,000		$ 2,910,605,000
Assets securing notes payable:
Derivative assets	29,690,000		29,690,000		16,160,000
Freddie Mae MSR and Servicing Advance Receivables Financing
Carrying value:
Carrying value of notes	995,000,000		995,000,000		1,145,000,000
Freddie Mac MSR Financing
Carrying value:
Balance	2,830,108,000		2,830,108,000		2,910,605,000
Carrying value of notes	2,839,742,000		2,839,742,000		2,917,662,000
Assets securing notes payable:
MSRs	3,756,894,000		3,756,894,000		3,871,249,000
Servicing advances	24,757,000		24,757,000		79,274,000
Deposits securing CRT arrangements			1,063,472,000		1,132,081,000
Notes Payable [Member] | Freddie Mac MSR Financing
Short Term Debt [Line Items]
Average balance	$ 2,854,487,000	$ 3,106,809,000	$ 2,871,883,000	$ 2,995,752,000
Weighted-average interest rate	8.60%	8.70%	8.84%	8.28%
Total interest expense	$ 66,305,000	$ 69,952,000	$ 198,760,000	$ 191,049,000
Maximum daily amount outstanding	3,183,237,000	$ 3,380,951,000	3,327,400,000	$ 3,403,116,000
Carrying value:
Unamortized debt issuance costs	$ (9,634,000)		$ (9,634,000)		$ (7,057,000)
Weighted average interest rate	8.08%		8.08%		8.73%
Assets securing notes payable:
Derivative assets	$ 29,690,000		$ 29,690,000		$ 16,160,000
CRT Arrangement Financing [Member] | Freddie Mac MSR Financing
Carrying value:
Carrying value of notes	769,742,000		769,742,000		747,662,000
Freddie Mac Credit Agreements [Member] | Fannie Mae MSR Financing
Carrying value:
Carrying value of notes	$ 1,075,000,000		$ 1,075,000,000		$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Short Term Debt [Line Items]
Amortization of premiums and debt issuance costs			$ 16,742	$ 11,147
Notes Payable [Member] | Freddie Mac MSR Financing
Short Term Debt [Line Items]
Amortization of premiums and debt issuance costs	$ 4,600	$ 1,900	$ 8,700	$ 5,400

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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2030	Sep. 30, 2029	Sep. 30, 2028	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2023
Carrying value:
Exchangeable senior notes	$ 814,915		$ 814,915								$ 600,458
Convertible Debt [Member]
Carrying value:
Unamortized debt issuance costs	(10,085)		(10,085)								(8,042)
Convertible Debt [Member] | Nonaffiliates [Member]
Short Term Debt [Line Items]
Average balance	$ 825,000	$ 553,338	$ 710,496	$ 549,063
Weighted average interest rate	6.45%	5.56%	6.16%	5.60%
Interest expense	$ 14,571	$ 8,541	$ 35,884	$ 25,316
Exchangeable Senior Notes and 2023 Senior Notes [Member]
Carrying value:
Unpaid principal balance	$ 825,000		$ 825,000		$ 0	$ 216,500	$ 53,500	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Short Term Debt [Line Items]
Amortization of debt issuance costs			$ 16,742	$ 11,147
Exchangeable Notes [Member]
Short Term Debt [Line Items]
Conversion options	$ 1,200	$ 790,000	$ 3,100	$ 2,300

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2030	Sep. 30, 2029	Sep. 30, 2028	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2023
Short Term Debt [Line Items]
Asset-backed financing of variable interest entities at fair value	$ 1,334,797		$ 1,334,797								$ 1,336,731
Unpaid principal balance	1,527,681		1,527,681		$ 1,527,681	$ 0	$ 0	$ 0	$ 0	$ 0
Variable Interest Entities [Member]
Short Term Debt [Line Items]
Asset-backed financing of variable interest entities at fair value	1,334,797		1,334,797								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	1,334,797		1,334,797								1,336,731
Unpaid principal balance	1,527,681		1,527,681								$ 1,590,003
Asset-backed Securities | Variable Interest Entities [Member] | Asset Backed Secured Financing Liability Fair Value
Short Term Debt [Line Items]
Average balance	1,542,753	$ 1,342,093	1,561,810	$ 1,381,994
Total interest expense	$ 10,838	$ 13,652	$ 34,918	$ 38,796
Weighted average interest rate	3.06%	3.70%	3.08%	3.69%
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
(Accrual) amortization of net debt issuance costs and of issuance premiums			$ 16,742	$ 11,147
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	$ (1,000)	$ 1,100	$ (1,100)	$ 666,000

Long-Term Debt - Schedule of Co

Long-Term Debt - Schedule of Contractual Maturities on Long Term Debt Obligations (Detail) - USD ($) $ in Thousands	Sep. 30, 2030	Sep. 30, 2029	Sep. 30, 2028	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Notes payable secured by credit risk transfer and mortgage servicing assets	$ 0	$ 0	$ 880,474	$ 525,250	$ 1,345,000	$ 89,018	$ 2,839,742
Asset-backed financings at fair value	1,527,681	0	0	0	0	0	1,527,681
Interest-only security payable at fair value	35,098	0	0	0	0	0	35,098	$ 32,667
Total	1,562,779	216,500	933,974	525,250	1,690,000	299,018	5,227,521
Exchangeable Senior Notes and 2023 Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured senior notes	$ 0	$ 216,500	$ 53,500	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Mortgage Banking [Abstract]
Balance, beginning of period	$ 13,183	$ 37,069	$ 26,143	$ 39,471
Provision for losses:
Pursuant to loan sales	459	448	917	2,126
Reduction in liability due to change in estimate	(5,180)	(4,365)	(18,598)	(7,920)
Losses incurred	(147)	0	(147)	(525)
Balance, end of period	8,315	33,152	8,315	33,152
UPB of loans subject to representations and warranties at end of period	$ 223,245,804	$ 228,679,429	$ 223,245,804	$ 228,679,429

Commitments and Contingencies -

Commitments and Contingencies - Company's Outstanding Contractual Commitments (Detail) $ in Thousands	Sep. 30, 2024 USD ($)
Commitments to purchase mortgage loans:
Commitments to purchase loans acquired for sale	$ 2,062,088

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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
Series A 8.125% Preferred Stock [Member]
Class Of Stock [Line Items]
Number of shares	4,600,000		4,600,000
Liquidation preference	$ 115,000,000		$ 115,000,000
Issuance discount	3,828,000		3,828,000
Carrying value	$ 111,172,000		$ 111,172,000
Dividends per share	$ 0.51	$ 0.51	$ 1.53	$ 1.53
Series B 8.00% Preferred Stock [Member]
Class Of Stock [Line Items]
Number of shares	7,800,000		7,800,000
Liquidation preference	$ 195,000,000		$ 195,000,000
Issuance discount	6,465,000		6,465,000
Carrying value	$ 188,535,000		$ 188,535,000
Dividends per share	$ 0.5	0.5	$ 1.5	1.5
Series C 6.75% Preferred Stock [Member]
Class Of Stock [Line Items]
Number of shares	10,000,000		10,000,000
Liquidation preference	$ 250,000,000		$ 250,000,000
Issuance discount	8,225,000		8,225,000
Carrying value	$ 241,775,000		$ 241,775,000
Dividends per share	$ 0.42	$ 0.42	$ 1.26	$ 1.26

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of Preferred Shares of Beneficial Interest (Parenthetical) (Detail) - $ / shares	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2024	Sep. 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 ($) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Common shares repurchased	0	2,274
Cumulative shares repurchased	29,102
Cost of common shares repurchased	$ 0	$ 27,011
Cumulative cost of shares repurchased	$ 427,229

Shareholders' Equity - Summar_4

Shareholders' Equity - Summary of Common Share Repurchase Activity (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Common Stock [Member] | Commission Amount
Schedule Of Capitalization Equity [Line Items]
Transaction fees	$ 582,000

Net Gains (Losses) on Investm_3

Net Gains (Losses) on Investments and Financings - Summary of Net Gains (Losses) on Investments and Financings (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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	$ 123,433	$ (144,031)	$ 50,310	$ (127,434)
CRT arrangements	20,834	30,154	89,118	136,890
Asset-backed financings	(72,922)	58,474	(64,151)	66,108
Hedging derivatives	0	0	20,098	0
Net gains (losses) on investments and financings	146,695	(109,544)	166,705	13,761
Distressed [Member]
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items]
Loans	(10)	(59)	(51)	(485)
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	$ 75,360	$ (54,082)	$ 71,381	$ (61,318)

Net Gains on Loans Acquired f_3

Net Gains on Loans Acquired for Sale - Summary of Net Gains on Mortgage Loans Acquired for Sale (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Non-cash gains:
Receipt of MSRs in mortgage loan sale transactions			$ (159,456)	$ (249,925)
Provision for losses relating to representations and warranties provided in loan sales:
Pursuant to loans sales	$ (459)	$ (448)	(917)	(2,126)
Changes in fair value of loans and derivatives
Net gains on loans acquired for sale	20,059	13,558	46,737	24,477
PennyMac Financial Services, Inc. [Member]
Changes in fair value of loans and derivatives
Net gains on loans acquired for sale	1,994	1,854	5,649	5,014
Nonaffiliates [Member]
Cash losses:
Sales of loans	(23,594)	(71,105)	(94,999)	(260,697)
Hedging activities	(72,868)	(30,155)	(116,797)	(52,822)
Cash gain, net of effects of cash hedging, on sale of mortgage loans acquired for sale	(96,462)	(101,260)	(211,796)	(313,519)
Non-cash gains:
Receipt of MSRs in mortgage loan sale transactions	87,588	58,560	159,456	249,925
Provision for losses relating to representations and warranties provided in loan sales:
Pursuant to loans sales	(459)	(448)	(917)	(2,126)
Reduction of liability due to change in estimate	5,180	4,365	18,598	7,920
Provision for losses relating to representations and warranties	4,721	3,917	17,681	5,794
Changes in fair value of loans and derivatives
Interest rate lock commitments	4,349	(2,050)	(1,631)	(2,870)
Loans	(9,528)	(1,710)	(3,721)	4,569
Hedging derivatives	27,397	54,247	81,099	75,564
Total non cash portion of gain on mortgage loans acquired for sale	22,218	50,487	75,747	77,263
Net cash of gain on mortgage loans acquired for sale	114,527	112,964	252,884	332,982
Net gains on loans acquired for sale	$ 18,065	$ 11,704	$ 41,088	$ 19,463

Net Interest Expense - Summary

Net Interest Expense - Summary of Net Interest Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income:
Cash and short-term investments	$ 7,590	$ 6,288	$ 22,867	$ 19,311
Mortgage-backed securities	66,573	66,563	184,762	180,244
Loans acquired for sale at fair value	23,900	14,720	50,804	77,487
Loans at fair value	16,044	9,514	41,617	38,348
Deposits securing CRT arrangements	15,042	16,419	46,121	46,410
Placement fees relating to custodial funds	47,256	44,005	124,226	110,602
Other	329	1,417	1,731	2,227
Interest income	176,734	158,926	472,128	474,629
Interest expense:
Assets sold under agreements to repurchase	86,900	87,414	244,821	284,027
Mortgage loan participation purchase and sale agreements	568	403	1,033	1,109
Notes payable secured by credit risk transfer and mortgage servicing assets	66,305	69,952	198,760	191,049
Asset-backed financings at fair value	10,838	13,652	34,918	38,796
Interest shortfall on repayments of loans serviced for Agency securitizations	1,913	1,503	5,011	4,322
Interest on loan impound deposits	2,285	2,079	5,284	4,737
Other	791	374	1,828	1,089
Interest expense, total	184,171	183,918	527,539	550,445
Net interest expense	(7,437)	(24,992)	(55,411)	(75,816)
Unsecured Senior Notes [Member]
Interest expense:
Total interest expense	$ 14,571	$ 8,541	$ 35,884	$ 25,316

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - Restricted Share Units [Member]	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	0	0	322	338
Total grant date value of share units	$ 0	$ 0	$ 4,612	$ 4,300
Total share units vested	0	0	367	188
Total share units forfeiture	0	0	7	6
Compensation expense relating to share-based grants	$ 816	$ 1,420	$ 3,008	$ 3,421
Restricted Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	0	0	182	172
Total grant date value of share units	$ 0	$ 0	$ 2,605	$ 2,212
Total share units vested	0	0	164	140
Total share units forfeiture	0	0	3	6
Performance Shares Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share units granted	0	0	140	166
Total grant date value of share units	$ 0	$ 0	$ 2,007	$ 2,088
Total share units vested	0	0	203	48
Total share units forfeiture	0	0	4	0

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Share-Based Compensation Activity (Parenthetical) (Detail) - Performance Shares Units [Member]	9 Months Ended
	Sep. 30, 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	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax [Line Items]
Effective income tax rates	(56.10%)		(30.80%)
Income (loss) before benefit from income taxes	$ 26,534	$ 118,420	$ 87,524	$ 204,074
Expense (benefit) from income taxes	(14,873)	56,998	$ (26,925)	57,331
Percentage of deduction from taxable income			20%
Taxable REIT Subsidiary [Member]
Income Tax [Line Items]
Income (loss) before benefit from income taxes	(64,700)	234,000	$ (115,600)	221,900
Expense (benefit) from income taxes	(15,500)	$ 57,100	(27,500)	$ 56,500
Deferred tax assets, valuation allowance	$ 0		$ 0

Earnings Per Common Share - Sum

Earnings Per Common Share - Summary of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 41,407	$ 61,422	$ 114,449	$ 146,743
Dividends on preferred shares	(10,455)	(10,455)	(31,364)	(31,364)
Effect of participating securities‒share-based compensation awards	(106)	(147)	(323)	(332)
Net income attributable to common shareholders	30,846	50,820	82,762	115,047
Interest on Exchangeable Notes, net of income taxes	0	6,359	0	18,773
Loss attributable to participating securities	0	(4)	0	(35)
Diluted net income attributable to common shareholders	$ 30,846	$ 57,175	$ 82,762	$ 133,785
Weighted average basic shares outstanding	86,861	86,760	86,800	87,613
Dilutive securities:
Shares issuable pursuant to exchange of the Exchangeable Notes	0	24,328	0	24,328
Diluted weighted average shares outstanding	86,861	111,088	86,800	111,941
Basic earnings per share	$ 0.36	$ 0.59	$ 0.95	$ 1.31
Diluted earnings per share	$ 0.36	$ 0.51	$ 0.95	$ 1.2

Earnings Per Common Share - S_2

Earnings Per Common Share - Summary of Potentially Dilutive Shares Excluded from Computation of Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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	151	188	210	166

Segments - Additional Informati

Segments - Additional Information (Detail)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Net investment income:
Net gains (losses) on investments and financings	$ 146,695	$ (109,544)	$ 166,705	$ 13,761
Net gains on loans acquired for sale	20,059	13,558	46,737	24,477
Net loan servicing fees	(85,080)	281,298	57,119	366,438
Net interest expense:
Interest income	176,734	158,926	472,128	474,629
Interest expense	184,171	183,918	527,539	550,445
Net interest expense	(7,437)	(24,992)	(55,411)	(75,816)
Other	6,627	3,109	11,117	15,387
Net investment income	80,864	163,429	226,267	344,247
Expenses:
Loan servicing fees and fulfillment payable to PFSI	33,732	25,788	82,701	83,918
Management fees	7,153	7,175	21,474	21,510
Other	13,445	12,046	34,568	34,745
Total expenses	54,330	45,009	138,743	140,173
Income before (benefit from) provision for income taxes	26,534	118,420	87,524	204,074
Total assets at end of quarter	13,055,654	13,223,336	13,055,654	13,223,336	$ 13,113,887
Credit Sensitive Strategies [Member]
Net investment income:
Net gains (losses) on investments and financings	27,113	38,772	104,114	161,867
Net gains on loans acquired for sale	0	0	0	0
Net loan servicing fees	0	0	0	0
Net interest expense:
Interest income	21,389	26,235	68,520	72,775
Interest expense	21,921	23,235	69,204	62,790
Net interest expense	(532)	3,000	(684)	9,985
Other	(65)	(251)	(155)	(251)
Net investment income	26,516	41,521	103,275	171,601
Expenses:
Loan servicing fees and fulfillment payable to PFSI	20	33	60	142
Management fees	0	0	0	0
Other	47	492	202	2,039
Total expenses	67	525	262	2,181
Income before (benefit from) provision for income taxes	26,449	40,996	103,013	169,420
Total assets at end of quarter	1,453,245	1,620,322	1,453,245	1,620,322
Interest Rate Sensitive Strategies [Member]
Net investment income:
Net gains (losses) on investments and financings	119,582	(148,316)	62,591	(148,106)
Net gains on loans acquired for sale	0	0	0	0
Net loan servicing fees	(85,080)	281,298	57,119	366,438
Net interest expense:
Interest income	128,458	114,430	343,954	315,168
Interest expense	136,873	142,942	403,262	406,098
Net interest expense	(8,415)	(28,512)	(59,308)	(90,930)
Other	0	0	0	0
Net investment income	26,087	104,470	60,402	127,402
Expenses:
Loan servicing fees and fulfillment payable to PFSI	22,220	20,224	62,706	60,881
Management fees	0	0	0	0
Other	3,376	2,683	7,574	5,155
Total expenses	25,596	22,907	70,280	66,036
Income before (benefit from) provision for income taxes	491	81,563	(9,878)	61,366
Total assets at end of quarter	9,429,883	10,079,073	9,429,883	10,079,073
Correspondent Production [Member]
Net investment income:
Net gains (losses) on investments and financings	0	0	0	0
Net gains on loans acquired for sale	20,059	13,558	46,737	24,477
Net loan servicing fees	0	0	0	0
Net interest expense:
Interest income	23,853	14,656	50,652	77,292
Interest expense	24,273	16,388	51,541	78,259
Net interest expense	(420)	(1,732)	(889)	(967)
Other	6,692	3,360	11,272	15,638
Net investment income	26,331	15,186	57,120	39,148
Expenses:
Loan servicing fees and fulfillment payable to PFSI	11,492	5,531	19,935	22,895
Management fees	0	0	0	0
Other	1,590	809	2,716	4,224
Total expenses	13,082	6,340	22,651	27,119
Income before (benefit from) provision for income taxes	13,249	8,846	34,469	12,029
Total assets at end of quarter	1,724,696	1,134,812	1,724,696	1,134,812
Corporate [Member]
Net investment income:
Net gains (losses) on investments and financings	0	0	0	0
Net gains on loans acquired for sale	0	0	0	0
Net loan servicing fees	0	0	0	0
Net interest expense:
Interest income	3,034	3,605	9,002	9,394
Interest expense	1,104	1,353	3,532	3,298
Net interest expense	1,930	2,252	5,470	6,096
Other	0	0	0	0
Net investment income	1,930	2,252	5,470	6,096
Expenses:
Loan servicing fees and fulfillment payable to PFSI	0	0	0	0
Management fees	7,153	7,175	21,474	21,510
Other	8,432	8,062	24,076	23,327
Total expenses	15,585	15,237	45,550	44,837
Income before (benefit from) provision for income taxes	(13,655)	(12,985)	(40,080)	(38,741)
Total assets at end of quarter	$ 447,830	$ 389,129	$ 447,830	$ 389,129

Regulatory Capital and Liquid_3

Regulatory Capital and Liquidity Requirements - Summary of Applicable Capital and Liquidity Amounts and Requirements by Agencies (Detail) $ in Thousands		Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Capital Requirements By Agencies [Line Items]
Net worth, Actual	[1]	$ 865,895	$ 874,628
Net worth, Required	[1]	$ 580,944	$ 584,131
Tangible net worth / total assets ratio, Actual	[1]	0.13	0.15
Tangible net worth / total assets ratio, Required	[1]	0.06	0.06
Liquidity, Actual	[1]	$ 587,218	$ 450,210
Liquidity, Required	[1]	$ 219,026	$ 210,691
[1] Calculated in accordance with the Agencies’ requirements.