PennyMac Financial Services (PFSI) 10-K 19 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 14, 2025	Jun. 30, 2024
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Securities Act File Number	001-38727
Entity Registrant Name	PennyMac Financial Services, Inc.
Entity Central Index Key	0001745916
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1098934
Entity Address, Address Line One	3043 Townsgate Road
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91361
City Area Code	818
Local Phone Number	224-7442
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	PFSI
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2,650,778,086
Entity Common Stock, Shares Outstanding		51,434,010
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Los Angeles, California

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Cash	$ 238,482	$ 938,371
Short-term investment at fair value	420,553	10,268
Principal-only stripped mortgage-backed securities at fair value pledged to creditors	825,865
Loans held for sale at fair value (includes $8,140,834 and $4,329,501 pledged to creditors)	8,217,468	4,420,691
Derivative assets	113,076	179,079
Servicing advances, net (includes valuation allowance of $85,788 and $73,991; $357,939 and $354,831 pledged to creditors)	568,512	694,038
Mortgage servicing rights at fair value (includes $8,609,388 and $7,033,892 pledged to creditors)	8,744,528	7,099,348
Investment in PennyMac Mortgage Investment Trust at fair value	944	1,121
Receivable from PennyMac Mortgage Investment Trust	$ 30,206	$ 29,262
Other Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration]	Affiliated Entity [Member]	Affiliated Entity [Member]
Loans eligible for repurchase	$ 6,157,172	$ 4,889,925
Other (includes $16,697 and $15,653 pledged to creditors)	770,081	582,460
Total assets	26,086,887	18,844,563
LIABILITIES
Assets sold under agreements to repurchase	8,685,207	3,763,956
Mortgage loan participation purchase and sale agreements	496,512	446,054
Notes payable secured by mortgage servicing assets	2,048,972	1,873,415
Unsecured senior notes	3,164,032	2,519,651
Derivative liabilities	40,900	53,275
Mortgage servicing liabilities at fair value	1,683	1,805
Accounts payable and accrued expenses	354,414	449,896
Payable to PennyMac Mortgage Investment Trust	$ 122,317	$ 208,210
Other Liability, Related Party [Extensible Enumeration]	Affiliated Entity [Member]	Affiliated Entity [Member]
Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	$ 25,898	$ 26,099
Income taxes payable	1,131,000	1,042,886
Liability for loans eligible for repurchase	6,157,172	4,889,925
Liability for losses under representations and warranties	29,129	30,788
Total liabilities	22,257,236	15,305,960
Commitments and contingencies - Note 19
STOCKHOLDERS' EQUITY
Common stock-authorized 200,000,000 shares of $0.0001 par value; issued and outstanding, 51,376,616 and 50,178,963 shares, respectively	5	5
Additional paid-in capital	56,072	24,287
Retained earnings	3,773,574	3,514,311
Total stockholders' equity	3,829,651	3,538,603
Total liabilities and stockholders' equity	$ 26,086,887	$ 18,844,563

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Loans held for sale	$ 8,217,468	$ 4,420,691
Servicing advances, net	568,512	694,038
Mortgage servicing rights, at fair value	8,744,528	7,099,348
Other assets	770,081	582,460
Servicing advances, net, valuation allowance	$ 85,788	$ 73,991
Common stock, shares authorized	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares issued	51,376,616	50,178,963
Common stock, shares outstanding	51,376,616	50,178,963
Asset Pledged as Collateral without Right
Loans held for sale	$ 8,140,834	$ 4,329,501
Servicing advances, net	357,939	354,831
Mortgage servicing rights, at fair value	$ 8,609,388	$ 7,033,892
Assets, Pledging Purpose [Extensible Enumeration]	Notes Payable	Notes Payable
Other assets	$ 16,697	$ 15,653

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net gains on loans held for sale at fair value:
Net gains on loans held for sale at fair value	$ 817,368	$ 545,943	$ 791,633
Loan origination fees	185,700	146,118	169,859
Fulfillment fees from PennyMac Mortgage Investment Trust	26,291	27,826	67,991
Loan servicing fees:
Loan servicing fees	1,799,480	1,484,946	1,228,637
Change in fair value of mortgage servicing rights and mortgage servicing liabilities	(433,342)	(605,568)	354,176
Mortgage servicing rights hedging results	(832,483)	(236,778)	(631,484)
Change in fair value of mortgage servicing rights and mortgage-backed securities	(1,265,825)	(842,346)	(277,308)
Net loan servicing fees	533,655	642,600	951,329
Management fees from PennyMac Mortgage Investment Trust	28,623	28,762	31,065
Net interest expense:
Interest income	793,566	632,924	294,062
Interest expense	819,348	637,777	335,427
Net interest expense	(25,782)	(4,853)	(41,365)
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust	(57)	312	(235)
Results of real estate acquired in settlement of loans	864	1,545	2,510
Repricing of payable to exchanged Private National Mortgage Acceptance Company , LLC unitholders	201		576
Other	26,868	13,403	12,392
Total net revenues	1,593,731	1,401,656	1,985,755
Expenses
Compensation	632,738	576,964	735,231
Loan origination	164,092	114,500	173,622
Technology	149,547	143,152	139,950
Servicing	105,997	69,433	59,628
Professional services	37,992	60,521	73,270
Occupancy and equipment	32,898	36,558	40,124
Marketing and advertising	21,969	17,631	46,762
Legal settlements	1,591	162,770	4,649
Other	45,881	36,496	47,272
Total expenses	1,192,705	1,218,025	1,320,508
Income before provision for income taxes	401,026	183,631	665,247
Provision for income taxes	89,603	38,975	189,740
Net income	$ 311,423	$ 144,656	$ 475,507
Earnings per share
Basic (in dollars per share)	$ 6.11	$ 2.89	$ 8.96
Diluted (in dollars per share)	$ 5.84	$ 2.74	$ 8.5
Weighted-average shares outstanding
Basic (in shares)	50,990	49,978	53,065
Diluted (in shares)	53,356	52,733	55,950
Related Party
Net gains on loans held for sale at fair value:
Net gains on loans held for sale at fair value	$ 4,067	$ (1,784)	$ (16,564)
Loan origination fees	2,503	3,216	8,418
Nonrelated Party
Net gains on loans held for sale at fair value:
Net gains on loans held for sale at fair value	813,301	547,727	808,197
Loan origination fees	183,197	142,902	161,441
Net interest expense:
Interest income	793,566	632,924	294,062
Interest expense	819,348	637,777	335,427
Non-affiliates | Nonrelated Party
Loan servicing fees:
Loan servicing fees	1,529,452	1,268,650	1,054,828
PennyMac Mortgage Investment Trust | Related Party
Net gains on loans held for sale at fair value:
Net gains on loans held for sale at fair value	4,067	(1,784)	(16,564)
Loan servicing fees:
Loan servicing fees	83,252	81,347	81,915
Net interest expense:
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust	(57)	312	(235)
Others | Nonrelated Party
Loan servicing fees:
Loan servicing fees	$ 186,776	$ 134,949	$ 91,894

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands		Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Balance at Dec. 31, 2021		$ 6	$ 125,396	$ 3,292,923	$ 3,418,325
Balance (in shares) at Dec. 31, 2021		56,867
Changes in stockholders' equity
Net income				475,507	475,507
Stock based compensation			37,719		37,719
Stock based compensation (in shares)		905
Issuance of common stock in settlement of directors' fees			205		205
Issuance of common stock in settlement of director fees (in shares)		4
Common stock dividends				(54,621)	(54,621)
Repurchase of common stock		$ (1)	(163,320)	(242,765)	(406,086)
Repurchase of common stock (in shares)		(7,788)
Balance at Dec. 31, 2022		$ 5		3,471,044	3,471,049
Balance (in shares) at Dec. 31, 2022		49,988
Changes in stockholders' equity
Net income				144,656	144,656
Stock based compensation			35,655		35,655
Stock based compensation (in shares)		1,389
Issuance of common stock in settlement of directors' fees			180		180
Issuance of common stock in settlement of director fees (in shares)		3
Common stock dividends				(41,446)	(41,446)
Repurchase of common stock			(11,548)	(59,943)	(71,491)
Repurchase of common stock (in shares)		(1,201)
Balance at Dec. 31, 2023		$ 5	24,287	3,514,311	3,538,603
Balance (in shares) at Dec. 31, 2023		50,179
Changes in stockholders' equity
Net income				311,423	311,423
Stock based compensation			31,529		31,529
Stock based compensation (in shares)		1,195
Issuance of common stock in settlement of directors' fees			256		256
Issuance of common stock in settlement of director fees (in shares)		3
Common stock dividends	[1]			(52,160)	(52,160)
Balance at Dec. 31, 2024		$ 5	$ 56,072	$ 3,773,574	$ 3,829,651
Balance (in shares) at Dec. 31, 2024		51,377
[1] For tax purposes, the entire dividend amount is a return of capital to the stockholders.

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Common Stock dividends (in dollars per share)	$ 1	$ 0.8	$ 0.8

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flow from operating activities
Net income	$ 311,423	$ 144,656	$ 475,507
Adjustments to reconcile net income to net cash used in operating activities:
Net gains on loans held for sale at fair value	(817,368)	(545,943)	(791,633)
Change in fair value of mortgage servicing rights, mortgage servicing liabilities	433,342	605,568	(354,176)
Mortgage servicing rights hedging results	832,483	236,778	631,484
Accrual of unearned discounts on principal-only stripped mortgage-backed securities	(25,226)
Capitalization of interest on loans held for sale	(473)	(751)	(3,231)
Amortization of debt issuance costs	28,812	21,432	19,198
Change in fair value of investment in common shares of PennyMac Mortgage Investment Trust	177	(192)	371
Results of real estate acquired in settlement in loans	(864)	(1,545)	(2,510)
Repricing of payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	(201)		(576)
Stock-based compensation expense	20,868	27,582	42,552
Provision (reversal of provision) for servicing advance losses	32,962	3,271	(36,075)
Depreciation and amortization	55,984	53,214	34,409
Impairment of capitalized software	147	46
Amortization of operating lease right-of-use assets	13,676	16,804	15,831
Purchase of loans held for sale from PennyMac Mortgage Investment Trust	(81,997,773)	(72,441,699)	(50,575,617)
Origination of loans held for sale	(18,724,478)	(10,770,257)	(20,297,064)
Purchase of loans held for sale from non-affiliates	(2,862,610)	(2,057,135)	(1,802,769)
Purchase of loans from Ginnie Mae securities and early buyout investors	(3,367,264)	(2,555,865)	(6,199,212)
Sale to non-affiliates and principal payment of loans held for sale	101,105,292	85,684,522	84,345,379
Sale of loans held for sale to PennyMac Mortgage Investment Trust	662,952		298,862
Repurchase of loans subject to representations and warranties	(89,749)	(49,575)	(92,924)
Increase in servicing advances	(15,941)	(76,614)	(36,534)
(Increase) decrease in receivable from PennyMac Mortgage Investment Trust	(4,464)	5,666	2,776
Sale of real estate acquired in settlement of loans	64,156	35,630	19,761
(Increase) decrease in other assets	(95,757)	(60,442)	191,384
(Decrease) increase in accounts payable and accrued expenses	(78,651)	121,677	(109,485)
Decrease in operating lease liabilities	(17,924)	(21,158)	(19,392)
(Decrease) increase in payable to PennyMac Mortgage Investment Trust	(84,916)	1,969	(36,708)
Payments to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement			(3,855)
Increase in income taxes payable	88,115	40,142	317,482
Net cash used in operating activities	(4,533,270)	(1,582,219)	6,033,235
Cash flow from investing activities
(Increase) decrease in short-term investment	(410,285)	1,926	(5,321)
Purchase of principal-only stripped mortgage-backed securities	(935,356)
Repayment of principal-only stripped mortgage-backed securities	96,516
Sale of interest-only stripped mortgage-backed securities	202,186	98,066
Net settlement of derivative financial instruments used for hedging of mortgage servicing rights	(702,593)	(241,956)	(871,878)
Purchase of mortgage servicing rights			(3,993)
Transfer of mortgage servicing rights relating to delinquent loans to Agency		305
Acquisition of capitalized software	(20,382)	(34,784)	(71,935)
Purchase of furniture, fixtures, equipment and leasehold improvements	(1,715)	(1,386)	(7,159)
Sale of furniture, fixtures and equipment		1,000
(Increase) decrease in margin deposits	(116,326)	(96,459)	238,704
Net cash used in investing activities	(1,887,955)	(273,288)	(721,582)
Cash flow from financing activities
Sale of assets under agreements to repurchase	109,006,699	85,352,643	75,076,185
Repurchase of assets sold under agreements to repurchase	(104,083,392)	(84,587,885)	(79,368,855)
Issuance of mortgage loan participation purchase and sale certificates	23,148,016	22,233,907	19,312,943
Repayment of mortgage loan participation purchase and sale certificates	(23,097,566)	(22,075,444)	(19,504,845)
Issuance of notes payable secured by mortgage servicing assets	1,050,000	1,005,000	650,000
Repayment of notes payable secured by mortgage servicing assets	(875,000)	(1,075,000)
Issuance of unsecured senior notes	650,000	750,000
Repayment of obligations under capital lease			(3,489)
Payment of debt issuance costs	(35,922)	(33,018)	(19,606)
Issuance of common stock by exercise of stock options	20,062	17,215	2,947
Payment of withholding taxes relating to stock-based compensation	(9,401)	(9,142)	(7,780)
Payment of dividends to holders of common stock	(52,160)	(41,446)	(54,621)
Repurchase of common stock		(71,491)	(406,086)
Net cash provided by (used in) financing activities	5,721,336	1,465,339	(4,323,207)
Net decrease in cash and restricted cash	(699,889)	(390,168)	988,446
Cash and restricted cash at beginning of period	938,371	1,328,539	340,093
Cash at end of period	238,482	938,371	1,328,539
Supplemental cash flow information:
Cash paid for interest	797,212	639,486	329,975
Cash paid (refunds received) for income taxes, net	1,488	(1,167)	(127,742)
Non-cash investing activities:
Mortgage servicing rights received from loan sales	2,280,830	1,849,957	1,718,094
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities	202,186	98,066
Operating right-of-use assets recognized	1,388	2,893	1,364
Non-cash financing activities:
Issuance of common stock in settlement of directors' fees	$ 256	$ 180	$ 205

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash	$ 238,482	$ 938,371	$ 1,328,536
Restricted cash included in Other assets			3
Cash and restricted cash at end of period	$ 238,482	$ 938,371	$ 1,328,539	$ 340,093

Organization

Organization	12 Months Ended
	Dec. 31, 2024
Organization
Organization	Note 1—Organization PennyMac Financial Services, Inc. (together, with its consolidated subsidiaries, unless the context indicated otherwise, “PFSI” or the “Company”) is a holding corporation and its primary assets are equity interests in Private National Mortgage Acceptance Company, LLC (“PNMAC”). The Company is the managing member of PNMAC, and it operates and controls all of the businesses and consolidates the financial results of PNMAC and its subsidiaries. ​ PNMAC is a Delaware limited liability company which, through its subsidiaries, engages in mortgage banking and investment management activities. PNMAC’s mortgage banking activities consist of residential mortgage loan production and servicing. PNMAC’s investment management activities and a portion of its mortgage banking activities are conducted on behalf of PennyMac Mortgage Investment Trust, a real estate investment trust that invests in residential mortgage-related assets and is separately listed on the New York Stock Exchange under the ticker symbol “PMT”. PNMAC’s primary wholly owned subsidiaries are: ​ ● PennyMac Loan Services, LLC (“PLS”) —a Delaware limited liability company that services residential mortgage loans on behalf of non-affiliates and PMT, purchases, originates and sells new prime credit quality residential mortgage loans and engages in other mortgage banking activities for its account and the account of PMT. ​ PLS is approved as a seller/servicer of mortgage loans by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and as an issuer of securities guaranteed by the Government National Mortgage Association (“Ginnie Mae”). PLS is a licensed Federal Housing Administration Nonsupervised Title II Lender with the United States Department of Housing and Urban Development (“HUD”) and a lender/servicer with the U.S. Department of Veterans Affairs and United States Department of Agriculture (each of the above an “Agency” and collectively the “Agencies”). ​ ● PNMAC Capital Management, LLC (“PCM”) —a Delaware limited liability company registered with the Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940, as amended. PCM has an investment management agreement with PMT.

Concentration of Risk

Concentration of Risk	12 Months Ended
	Dec. 31, 2024
Concentration of Risk
Concentration of Risk	​ Note 2—Concentration of Risk ​ A portion of the Company’s activities relate to PMT. Revenues generated from PMT and its subsidiaries (generally comprised of gains on mortgage loans held for sale, loan origination fees, fulfillment fees, loan servicing fees, management fees, change in fair value of investment in and dividend received from PMT and expenses allocations charged to PMT) totaled 10%, 11% and 9% of total net revenues for the years ended December 31, 2024, 2023 and 2022, respectively. The Company also purchased 79%, 85% and 70% of its loan production from PMT during the years ended December 31, 2024, 2023 and 2022, respectively. ​ The Company maintains cash and short-term investment balances at financial institutions in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. Should one or more of the financial institutions at which the Company’s deposits are maintained fail, there is no guarantee as to the extent that the Company would recover the funds deposited, whether through FDIC coverage or otherwise, or the timing of any recovery. ​

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Significant Accounting Policies
Significant Accounting Policies	Note 3—Significant Accounting Policies ​ A description of the significant accounting policies applied in the preparation of these consolidated financial statements follows. ​ 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 ​ Principles of Consolidation ​ These consolidated financial statements include the accounts of PFSI and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated. The Company also consolidates certain variable interest entities (“VIEs”) as described below. ​ Variable Interest Entities ​ The Company entered into securitization transactions in which VIEs issue variable funding notes (“VFNs”) to PLS and term debt backed by beneficial interests in Ginnie Mae and Fannie Mae mortgage servicing rights (“MSRs”). PLS finances the VFNs by selling them under agreements to repurchase. The Company acts as guarantor of the VFNs and term debt. The Company determined that it is the primary beneficiary of the VIEs because as the holder of the VFNs and guarantor of the VFNs and term debt, it holds the variable interest in the VIEs. Therefore, PFSI consolidates the VIEs. ​ For financial reporting purposes, the MSRs financed by the consolidated VIEs are included in Mortgage servicing rights at fair value Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets Short Term Debt Long Term Debt ​ Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make judgments and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results will likely differ from those estimates. ​ Cash Flows ​ For the purpose of presentation in the statement of cash flows, the Company has identified tenant security deposits relating to rental properties owned by PMT and managed by the Company as restricted cash. Tenant security deposits are included in Other ​ Fair Value ​ Most of the Company’s assets and certain of its liabilities are measured at or based on their fair values. The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine their fair values. 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 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. ​ Short-Term Investment ​ Short-term investment, which represents an investment in an account with a depository institution, is carried at fair value. Changes in fair value are recognized in current period income. The Company classifies its short-term investment as a “Level 1” fair value asset. ​ Principal-Only Stripped Mortgage-Backed Securities ​ Interest income Net loan servicing fees – Mortgage servicing rights hedging results ​ Loans Held for Sale ​ The Company has elected to account for loans held for sale at fair value, with changes in fair value recognized in current period income, to more timely reflect the Company’s performance. All changes in fair value are recognized as a component of Net gains on loans held for sale at fair value ​ Sale Recognition ​ The Company recognizes transfers of loans as sales when it surrenders control over the loans. Control over transferred loans is deemed to be surrendered when (i) the loans have been isolated from the Company, (ii) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred loans, and (iii) the Company does not maintain effective control over the transferred loans through either (a) an agreement that entitles and obligates the Company to repurchase or redeem them before their maturity or (b) the ability to unilaterally cause the holder to return specific loans. ​ Interest Income Recognition ​ Interest income on loans held for sale at fair value is recognized over the life of the loans using their contractual interest rates. Income recognition is suspended and the interest receivable is reversed against Interest income ​ Derivative Financial Instruments ​ The Company holds and issues derivative financial instruments that are created as a result of certain of its operations. 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 are interest rate lock commitments (“IRLCs”) that are created when the Company commits to purchase or originate a loan for sale at a specified interest rate. ​ ​ ● Loans held for sale and IRLCs. The Company bears price risk from the time a commitment to fund a loan is made to a borrower or to purchase a loan from PMT or a non-affiliated entity, to the time either the prospective transaction is cancelled or the loan is sold. During this period, the Company is exposed to losses if market interest rates increase, because the fair value of the purchase commitment or prospective loan decreases. ​ ● MSRs. MSRs are generally subject to reduction in fair value when mortgage interest rates decrease. Decreasing mortgage interest rates normally encourage increased mortgage refinancing activity. Increased refinancing activity reduces the expected life of the mortgage loans underlying the MSRs, thereby reducing the MSRs’ fair values. Reductions in the fair value of MSRs affect earnings primarily through recognition of the changes in fair value. ​ To manage the fair value risk resulting from interest rate risk, the Company uses derivative financial instruments acquired with the intention of reducing the risk that changes in market interest rates will result in unfavorable changes in the fair value of the Company’s IRLCs, inventory of loans held for sale and MSRs. ​ The Company manages the risk created by IRLCs by entering into forward sale agreements to sell the expected mortgage loans or MBS and by the purchase and sale of options on MBS. Such agreements are also accounted for as derivative financial instruments. These and other interest-rate derivatives are also used to manage the fair value risk created by changes in prepayment speeds on certain of the MSRs the Company holds. ​ The Company classifies its IRLCs as “Level 3” fair value assets and liabilities. Fair value of hedging derivative financial instruments that are actively traded on an exchange are categorized by the Company as “Level 1” fair value assets and liabilities. Fair value of hedging derivative financial instruments based on observable MBS prices or interest rate volatilities in the MBS market are categorized as “Level 2” fair value assets and liabilities. ​ The Company does not designate its derivative financial instruments for hedge accounting. Therefore, the Company accounts for its derivative financial instruments as free-standing derivatives. All derivative financial instruments are recognized on the consolidated balance sheet at fair value with changes in the fair values being reported in current period income. ​ Changes in fair value of derivative financial instruments hedging IRLCs, loans held for sale at fair value and MSRs are included in Net gains on loans held for sale at fair value Mortgage servicing rights hedging results, ​ Cash flows from derivative financial instruments hedging IRLCs and loans acquired for sale are included in Cash flows from operating activities Sale and repayment of loans acquired for sale at fair value to nonaffiliates Cash flows from investing activities When the Company has multiple derivative financial instruments with the same counterparty subject to a master netting arrangement, it offsets the amounts recorded as assets and liabilities and amounts recognized for the right to reclaim cash collateral it has deposited with the counterparty or the obligation to return cash collateral it has collected from the counterparty arising from that master netting arrangement. Such offset amounts are presented as either a net asset or liability by counterparty on the Company’s consolidated balance sheets. ​ Servicing Advances ​ Servicing advances represent contractually required protective advances the Company makes on behalf of the loans’ beneficial interest holders. Servicing advances may include advances of scheduled principal and interest amounts due to the beneficial interest holders on delinquent loans, property taxes, insurance premiums and out-of-pocket collection amounts (e.g., preservation and restoration of mortgaged property or real estate acquired in the settlement of loans (“REO”), legal fees, and appraisals) made to protect beneficial interest holders’ interests in the properties collateralizing their loans. Servicing advances are made in compliance with the respective servicing agreements and Agency loan servicing guides. ​ The Company does not expect to incur credit losses on servicing advances as such amounts are generally recoverable from the Agencies. Certain of the Company’s loan servicing agreements and Agency loan servicing guides limit the amounts that the beneficial interest holders or loan insurers or guarantors will reimburse the Company, and beneficial interest holders or guarantors may dispute the level of certain charges incurred in the collection process. ​ The Company is contractually responsible for making the payments required to protect its beneficial interest holders’ interests in the properties collateralizing their loans and may, therefore, be required to incur amounts in excess of insurer or guarantor reimbursement limits. Therefore, the Company provides a valuation allowance on the servicing advances for these amounts in excess of amounts that are expected to ultimately be recovered from the loans’ insurers, guarantors or beneficial interest holders. ​ The servicing advance valuation allowance is estimated based on relevant qualitative and quantitative information about past events, including historical collection and loss experience, current conditions, and reasonable and supportable forecasts that affect collectable amounts. The provision for losses on servicing advances is included in Servicing ​ Mortgage Servicing Rights and Mortgage Servicing Liabilities ​ MSRs and mortgage servicing liabilities (“MSLs”) arise from contractual agreements between the Company and investors (or their agents) in mortgage securities and mortgage loans. Under these contracts, the Company performs loan servicing functions in exchange for fees and other remuneration. The servicing functions typically performed include, among other responsibilities, collecting and remitting loan payments; responding to borrower inquiries; accounting for principal and interest; holding custodial (impounded) funds for payment of property taxes and insurance premiums; counseling delinquent mortgagors; administering loss mitigation activities, including modification and forbearance programs; and supervising foreclosures and property dispositions. ​ The Company is contractually entitled to receive other remuneration including various mortgagor-contracted fees such as late charges and collateral reconveyance charges, and the Company is generally entitled to retain the placement fees earned on impounded funds and funds held pending remittance related to its collection of mortgagor payments. The Company also generally has the right to solicit the mortgagors for other products and services as well as for new mortgages for those considering refinancing their existing loan or purchasing a new home. ​ The Company recognizes MSRs and MSLs initially at fair value, either as proceeds from or liabilities incurred in sales of mortgage loans where the Company assumes the obligation to service the mortgage loan in the sale transaction, or from the purchase of MSRs or receipt of cash for acceptance of MSLs. ​ The fair value of MSRs and MSLs is derived from the net positive or negative, respectively, cash flows associated with the servicing contracts. For loans subject to MSR and MSL contracts, the Company receives a servicing fee, based on the remaining outstanding principal balances of the mortgage loans subject to the servicing contracts. The servicing fees are collected from the monthly payments made by the mortgagors. ​ The fair value of MSRs and MSLs is difficult to determine because MSRs and MSLs are not actively traded in observable stand-alone markets. Considerable judgment is required to estimate the fair values of MSRs and MSLs and the exercise of such judgment can significantly affect the Company’s income. Therefore, the Company classifies its MSRs and MSLs as “Level 3” fair value assets and liabilities. ​ Changes in fair value of MSLs and MSRs are recognized in current period income in Change in fair value of mortgage servicing rights and mortgage servicing liabilities ​ Leases The Company determines if an arrangement is a lease at inception. If the arrangement is determined to be a lease, the Company recognizes both an operating lease right-of-use asset in Other Accounts payable and accrued expenses Occupancy and equipment The Company’s lease agreements include both lease and non-lease components (such as common area maintenance), which are generally included in the lease and are accounted for together with the lease as a single lease component. As such, lease payments represent payments on both lease and non-lease components. At lease commencement, lease liabilities are recognized based on the present value of the remaining lease payments and discounted using the Company’s incremental borrowing rate. Right-of-use assets initially equal the lease liability, adjusted for any lease payments made before lease commencement and for any lease incentives. ​ Furniture, Fixtures, Equipment and Building Improvements ​ Furniture, fixtures, equipment and building improvements are stated at historical cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the various classes of assets, which range from five ​ Capitalized Software ​ The Company capitalizes certain consulting, payroll, and payroll-related costs related to the development of computer software for internal use. Once development is complete and the software is placed in service, the Company amortizes the capitalized costs over three ​ The Company periodically assesses capitalized software for recoverability when events or changes in circumstances indicate that its carrying amount may not be recoverable. If the Company identifies an indicator of impairment, it assesses recoverability by comparing the carrying amount of the asset to the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset. An impairment loss is recognized when the carrying amount is not recoverable and is measured as the excess of carrying value over fair value. ​ Investment in PennyMac Mortgage Investment Trust at Fair Value ​ Common shares of beneficial interest in PMT are carried at fair value with changes in fair value recognized in current period income. Fair value for purposes of the Company’s holdings in PMT is based on the published closing price of the shares as of period end. The Company classifies its investment in common shares of PMT as a “Level 1” fair value asset. ​ Loans Eligible for Repurchase ​ The terms of the Ginnie Mae MBS program allow, but do not require, the Company to repurchase a loan when it is at least three months delinquent. As a result of this right, the Company recognizes the loans in Loans eligible for repurchase Liability for loans eligible for repurchase ​ Borrowings ​ The carrying values of borrowings are based on the accrued cost of the agreements. The costs of creating the facilities underlying the agreements (debt issuance costs) are included in the carrying value of the agreements and are charged to Interest expense ​ ● Debt issuance costs relating to revolving facilities, such as repurchase agreement and mortgage loan participation purchase and sale facilities are amortized on the straight line basis over the term of the facility; and ​ ● Debt issuance cost relating to non-revolving debts, such as the Company’s Notes payable secured by mortgage servicing assets and Unsecured senior notes are amortized over the contractual term of the non-revolving debt using the interest method. ​ Liability for Losses Under Representations and Warranties ​ The Company’s agreements with the Agencies and other investors include representations and warranties related to the loans the Company sells to the Agencies and other investors. The representations and warranties require adherence to Agency and other investor origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law. ​ In the event of a breach of its representations and warranties, the Company may be required to either repurchase the loans with the identified defects or indemnify the investor or insurer. In such cases, the Company bears any subsequent credit loss on the loans. The Company’s credit loss may be reduced by any recourse it may have to correspondent loan sellers that, in turn, had sold such mortgage loans to PMT and breached similar or other representations and warranties. In such event, the Company has the right to seek a recovery of related repurchase losses from that correspondent loan seller, through PMT. ​ As a result of providing representations and warranties to investors and insurers, the Company records a provision for losses on representations and warranties at fair value upon sale of loans. The method used to estimate the liability for representations and warranties is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and loan repurchase rates, the estimated severity of loss in the event of default and the probability of reimbursement by the correspondent loan seller. The Company periodically assesses the adequacy of the recorded liability. The level of the liability for representations and warranties is reviewed and approved by the Company’s management credit committee. Both the initial recognition of, and adjustments to the level of, the liability for representations and warranties are recorded in Net gains on loans held for sale at fair value ​ The level of the liability for representations and warranties is difficult to estimate and requires considerable judgment. The level of loan repurchase losses is dependent on economic factors, investor repurchase demand or insurer claim denial strategies, and other external conditions that may change over the lives of the underlying loans. The Company’s representations and warranties are generally not subject to stated limits of exposure. However, the Company believes that the current unpaid principal balance (“UPB”) of loans sold to date represents the maximum exposure to repurchases related to representations and warranties. ​ Loan Origination Fees Loan origination fees represent compensation to the Company for the origination or purchase of loans. Loan origination fees are earned and recognized upon funding or purchase of the loan by the Company and are collected either at purchase from the correspondent seller, at funding when paid by the borrower or upon sale of the loan when the origination fees are financed by the borrower. Loan Servicing Fees ​ Loan servicing fees are received by the Company for servicing loans. Loan servicing activities are described in Mortgage Servicing Rights and Mortgage Servicing Liabilities Note 4 – Transactions with Related Parties ​ The Company’s obligations under its loan servicing agreements are fulfilled as the Company services the loans. Fees are collected when the loan payments are received from the borrowers in the case of MSRs and MSLs held by the Company or within 30 days of the applicable month-end for subserviced loans. ​ Loan servicing fees relating to owned MSRs are recognized when earned. Loan servicing fees relating to loans subserviced for PMT are recognized in the month in which the loans are serviced. ​ Fulfillment Fees ​ Note 4 – Transactions with Related Parties ​ Management Fees ​ Management fees represent compensation to the Company for management services it provides to PMT. Management fees are based on PMT’s shareholders’ equity amounts and profitability in excess of specified thresholds as detailed in Note 4 – Transactions with Related Parties ​ Stock-Based Compensation ​ The Company establishes the cost of its share-based awards at the awards’ fair values at the grant date of the awards. The Company estimates the fair value of time-based restricted stock units and performance-based restricted stock units awarded with reference to the fair value of its underlying common stock and expected forfeiture rates on the date of the award. The Company estimates the fair value of its stock option awards with reference to the expected price volatility of its shares of common stock, expected dividend yield, expected forfeiture rates, and risk-free interest rate for the period that exercisable stock options are expected to be outstanding. ​ Compensation costs are fixed, except for performance-based restricted stock units, as of the award date. The cost of performance-based restricted stock units is adjusted in each reporting period after the grant for changes in expected performance attainment until the performance share units vest. The Company amortizes the cost of stock based compensation awards to Compensation ​ Marketing and Advertising ​ ​ Income Taxes ​ The Company is subject to federal and state income taxes. Income taxes are provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. ​ The Company recognizes the effect on deferred taxes of a change in tax rates in income in the period in which the change occurs. The Company establishes a valuation allowance if, in management’s judgment, it is not more likely than not that a deferred tax asset will be realized. ​ The Company recognizes tax benefits relating to its tax positions only if, in the opinion of management, it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority. A tax position that meets this standard is recognized as the largest amount that is greater than 50% likely to be realized upon ultimate settlement with the appropriate taxing authority. The Company will classify any penalties and interest as a component of provision for income taxes. ​ As a result of a recapitalization and reorganization of PNMAC in 2013, the Company expects to benefit from amortization and other tax deductions resulting from increases in the tax basis of PNMAC’s assets from the exchange of PennyMac Class A units to the shares of the Company’s common stock. Those deductions will be allocated to the Company and will be taken into account in reporting the Company’s taxable income. ​ The Company entered into a tax receivable agreement with certain of the former unitholders of PNMAC that provides for the additional payment by the Company to exchanging unitholders of PNMAC equal to 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that PFSI realizes due to (i) increases in tax basis resulting from exchanges of the then existing unitholders and (ii) certain other tax benefits related to PFSI entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement. Although a reorganization of the Company in 2018 eliminated the potential for unitholders to exchange any additional units subject to this tax receivable agreement, the Company continues to be subject to the agreement and provide payment when applicable for units exchanged before the reorganization. ​ Recently Issued Accounting Pronouncements ​ Income Tax Disclosures ​ The FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), that is intended to enhance the level of detail and decision usefulness of income tax disclosures. ASU 2023-09 requires disclosures of: ​ ● Reconciliation of the expected tax at the applicable statutory federal income tax rate to the reported 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 ​ ● Disclosure of 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 specified by ASU 2023-09 are required in the Company’s annual financial statements beginning with the year ended December 31, 2025, with early adoption permitted. The Company is evaluating the effect on its disclosures. ​ Accounting Standards Adopted in 2024 ​ Segment Disclosures ​ In November 2023, the FASB issued ASU No. 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 disclosures primarily through enhanced disclosures about significant segment expenses. The key amendments 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 adopted ASU 2023-07, using the retrospective method, for the year ended December 31, 2024. Detailed disclosures are included in Note 27 ‒Segments . ​ Disaggregation of Income Statement Expenses ​ The FASB issued ASU No. 2024-03, Income Statement (Topic 220 ) —Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), to improve the disclosures of expenses by requiring public business entities to provide further disaggregation of relevant expense captions; employee compensation, depreciation and amortization of intangible assets in a separate note to the financial statements. A qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and the total amount of selling expenses and, in an annual reporting period, an entity’s definition of selling expenses. ​ The Company adopted ASU 2024-03 effective December 31, 2024. The disclosure specified by ASU 2024-03 is included in Note 24 ‒Disaggregation of Certain Expense Captions. ​

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2024
Transactions with Related Parties
Transactions with Related Parties	Note 4—Transactions with Related Parties ​ Transactions with PMT ​ Operating Activities ​ Mortgage Loan Production Activities and Mortgage Servicing Rights Recapture ​ Loan Sales ​ ​ MSR Recapture Agreement ​ ​ ● 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% . ​ ​ ​ ● 70% of the fair market value of the MSRs relating to the recaptured loans subject to the first 30% of the “recapture rate”; ● 50% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 30% and up to 50% ; ● 40% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 50% ; and ● a recapture fee of $900 per loan if PLS originates a mortgage loan for the purpose of purchasing a property where the customer has or had a mortgage loan for which PMT holds or held the MSR. ​ ​ ​ Mortgage Banking Services Agreement ​ ​ ​ ● the number of loan commitments 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 ● $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 ● $750 multiplied by the number of all purchased loans that are sold or securitized to parties other than Fannie Mae and Freddie Mac; provided however, that no fulfillment fee shall be due or payable to PLS with respect to any Ginnie Mae loans, and as of October 1, 2022, certain Fannie Mae or Freddie Mac loans acquired by PLS. ​ In December 2024, the mortgage banking services agreement was renewed and amended, effective January 1, 2025, to provide for a quarterly fulfillment fee not to exceed the following: ​ ● the number of non-Ginnie Mae loan commitments issued during the quarter 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, and then multiplied by a ratio of the number of loan commitments issued to PMT during the quarter to the total number of non-Ginnie Mae loan commitments issued during the quarter, plus ● $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, multiplied by a ratio of the number of loans purchased by PMT during the quarter to the total number of non-Ginnie Mae loans purchased during the quarter, plus ● $500 multiplied by the number of all purchased loans that are securitized or sold to parties other than Fannie Mae or Freddie Mac; provided however, that no fulfillment fee shall be due or payable to the Company with respect to any Ginnie Mae mortgage loans, any Fannie Mae mortgage loan or Freddie Mac mortgage loan acquired from PMT by the Company on a discretionary basis, or any mortgage loan acquired by PMT from the Company on or before June 30, 2025, provided that supplemental fees may still be charged in connection with the securitization or sale of any such mortgage loans. ​ ​ ​ ​ In December 2024, the mortgage banking services agreement was renewed and amended to provide for the Company to assume the role of initial correspondent loan purchaser in place of PMT effective July 1, 2025. Under this agreement, PMT retains the right to purchase up to 100% of the non-government insured or guaranteed loans purchased by the Company through its correspondent operations at the Company’s cost plus accrued interest, less any loan administrative fees paid to the Company by the correspondent sellers and subject to quarterly fulfillment fee charges as previously described. The Company may hold or otherwise sell correspondent lending loans to other investors if PMT chooses not to purchase such loans. Accordingly, the sourcing fee arrangement will no longer have any effect beginning July 1, 2025. The mortgage banking services agreement expires on December 31, 2029, subject to automatic renewal for an additional 18-month period unless terminated in accordance with the terms of the agreement. ​ Following is a summary of loan production activities, including MSR recapture, between the Company and PMT: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in thousands) Net gains (losses) on loans held for sale at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gains (losses) on loans sold to PMT (primarily cash) ​ $ 6,260 ​ $ — ​ $ (2,820) Mortgage servicing rights recapture incurred ​ ​ (2,193) ​ ​ (1,784) ​ ​ (13,744) ​ ​ $ 4,067 ​ $ (1,784) ​ $ (16,564) Sale of loans held for sale to PMT ​ $ 662,952 ​ $ — ​ $ 298,862 UPB of loans recaptured ​ $ 353,710 ​ $ 315,412 ​ $ 2,533,115 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax service fees earned from PMT included in Loan origination fees ​ $ 2,503 ​ $ 3,216 ​ $ 8,418 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fulfillment fee revenue ​ $ 26,291 ​ $ 27,826 ​ $ 67,991 Unpaid principal balance of loans fulfilled for PMT subject to fulfillment fees ​ $ 13,446,484 ​ $ 14,898,301 ​ $ 37,090,031 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sourcing fees included in cost of loans purchased from PMT ​ $ 8,069 ​ $ 7,162 ​ $ 4,968 Unpaid principal balance of loans purchased from PMT: ​ ​ ​ ​ ​ ​ ​ ​ ​ Government guaranteed or insured ​ $ 40,838,480 ​ $ 40,476,782 ​ $ 45,768,110 Conventional conforming ​ ​ 39,856,056 ​ ​ 31,141,915 ​ ​ 3,912,157 ​ ​ $ 80,694,536 ​ $ 71,618,697 ​ $ 49,680,267 ​ Servicing Agreement ​ The Company and PMT have entered into a loan servicing agreement (the “Servicing Agreement”), pursuant to which the Company provides subservicing for PMT’s portfolio of MSRs, loans at fair value other than loans purchased with credit deterioration and loans held for sale (prime servicing) and its portfolio of residential mortgage loans purchased with credit deterioration (special servicing). The Servicing Agreement provides for servicing fees of per-loan monthly amounts based on the delinquency, bankruptcy and/or foreclosure status of the serviced loan or REO. The Company also remains entitled to customary ancillary income and market-based fees and charges relating to loans it services for PMT. ​ Prime Servicing ​ ● The base servicing fees for prime servicing loans are calculated through a monthly per-loan dollar amount, with the actual dollar amount for each loan based on whether the loan is a fixed-rate or adjustable-rate loan. The base servicing fee rates are $7.50 per month for fixed-rate loans and $8.50 per month for adjustable-rate loans. ​ ● To the extent that prime loans become delinquent, the Company 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. The Company is also entitled to customary ancillary income and certain market-based fees and charges, including boarding and deboarding fees, liquidation and disposition fees, assumption, modification and origination fees and a percentage of late charges. ​ ● The Company receives certain fees for COVID-19 pandemic-related forbearance and modification activities provided for under the Coronavirus Aid, Relief and Economic Security Act. Special Servicing ​ ● The base servicing fee rates for special servicing 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. The Company also receives a supplemental servicing fee of $25 per month for each special servicing loan. ​ ● The Company receives activity-based fees for modifications, foreclosures and liquidations that it facilitates with respect to special servicing loans, as well as other market-based refinancing and loan disposition fees. ​ Following is a summary of loan servicing fees earned from PMT: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Servicing portfolio ​ 2024 2023 ​ 2022 ​ ​ (in thousands) Prime servicing ​ $ 83,173 ​ $ 81,139 ​ $ 81,386 Special servicing ​ ​ 79 ​ ​ 208 ​ ​ 529 ​ ​ $ 83,252 ​ $ 81,347 ​ $ 81,915 ​ In December 2024, the Servicing Agreement was modified and extended, effective January 1, 2025. Changes to the Servicing Agreement include applying the servicing fee rates under the prime servicing fee schedule to special servicing loans, passing through Agency incentive fees to the Company for loss mitigation activities, adding a fee for processing insurance and guarantee claims on defaulted loans and increasing servicing fee rates for delinquent loans to a range of $18 to $80 per month based on the loans’ delinquency, bankruptcy and foreclosure status. ​ The Servicing Agreement expires on December 31, 2029, ​ Management Agreement ​ The Company has a management agreement with PMT (“Management Agreement”), pursuant to which the Company oversees PMT’s business affairs and for which PFSI collects a base management fee and may collect a performance incentive fee. The Management Agreement provides that: ​ ● The base management fee is calculated quarterly and is equal to the sum of (i) 1.5% per year of PMT’s average shareholders’ equity up to $2 billion, (ii) 1.375% per year of PMT’s average shareholders’ equity in excess of $2 billion and up to $5 billion, and (iii) 1.25% per year of PMT’s average shareholders’ equity in excess of $5 billion. ​ ● The performance incentive fee is calculated quarterly at a defined annualized percentage of the amount by which PMT’s “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 PMT’s “net income” for the quarter exceeds (i) an 8% return on “equity” plus the “high watermark,” up to (ii) a 12% return on PMT’s “equity”; plus ​ ● 15% of the amount by which PMT’s “net income” for the quarter exceeds (i) a 12% return on PMT’s “equity” plus the “high watermark,” up to (ii) a 16% return on PMT’s “equity”; plus ​ ● 20% of the amount by which PMT’s “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 PMT’s common shares of beneficial interest computed in accordance with GAAP adjusted for certain other non-cash charges determined after discussions between the Company and PMT’s independent trustees and approval by a majority of PMT’s independent trustees. ​ “Equity” is the weighted average of the issue price per common share of all of PMT’s public offerings, multiplied by the weighted average number of common shares outstanding (including restricted share units) in the rolling four-quarter period. ​ The “high watermark” is the quarterly adjustment that reflects the amount by which the “net income” (stated as a percentage of return on “equity”) in that quarter exceeds or falls short of the lesser of 8% and the average Fannie Mae 30-year MBS yield (the “Target Yield”) for the four quarters then ended. If the “net income” is less than the Target Yield, the high watermark is increased by the difference. If the “net income” is more 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 the Company 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, and a performance incentive fee is earned. ​ The base management fee and the performance incentive fee are both receivable quarterly in arrears. The performance incentive fee may be paid in cash or a combination of cash and PMT’s common shares (subject to a limit of no more than 50% paid in common shares), at PMT’s option. ​ In the event of termination of the Management Agreement between PMT and the Company, the Company may be entitled to a termination fee in certain circumstances. The termination fee is equal to three times the sum of (a) the average annual base management fee, and (b) the average annual performance incentive fee earned by the Company, in each case during the 24-month period immediately preceding the date of termination. ​ Following is a summary of the base management and performance incentive fees earned from PMT: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 2023 ​ 2022 ​ ​ (in thousands) Base management ​ $ 28,623 ​ $ 28,762 ​ $ 31,065 Performance incentive ​ ​ — ​ ​ — ​ ​ — ​ ​ $ 28,623 ​ $ 28,762 ​ $ 31,065 Average PMT's shareholders' equity used to calculate base management fees ​ $ 1,908,287 ​ $ 1,917,642 ​ $ 2,079,851 ​ In December 2024, the Management Agreement was renewed and amended effective January 1, 2025, to change the incentive fee from a quarterly fee to an annual fee and limit the calculation of the high watermark to the two-year period preceding the fiscal year for which the incentive fee is calculated. In addition, the highwater mark shall never be less than zero after including all high watermark increases and high watermark decreases over any such rolling two fiscal year period. ​ The Management Agreement expires on December 31, 2029, subject to automatic renewal for an additional 18-month period unless terminated in accordance with the terms of the agreement. ​ Expense Reimbursement ​ Under the Management Agreement, PMT reimburses the Company for its organizational and operating expenses, including third-party expenses, incurred on PMT’s behalf, it being understood that the Company and its affiliates shall allocate a portion of their personnel’s time to provide certain legal, tax and investor relations services for the direct benefit of PMT. With respect to the allocation of the Company’s and its affiliates’ personnel compensation, the Company is reimbursed $165,000 per fiscal quarter, such amount to be reviewed annually and not preclude reimbursement for any other services performed by the Company or its affiliates. ​ PMT is also required to pay its pro rata portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Company and its affiliates required for PMT’s and its subsidiaries’ operations. These expenses are allocated based on the ratio of PMT’s proportion of gross assets compared to all remaining gross assets managed or owned by the Company and/or its affiliates as calculated at each fiscal quarter end. ​ ​ The Company received reimbursements from PMT for expenses as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 2023 2022 ​ ​ (in thousands) Reimbursement of: ​ ​ ​ ​ Expenses incurred on PMT's behalf, net ​ $ 20,871 ​ $ 21,468 ​ $ 23,829 Common overhead incurred by the Company ​ ​ 7,909 ​ ​ 7,492 ​ ​ 8,588 Compensation ​ ​ 660 ​ ​ 660 ​ ​ 660 ​ ​ $ 29,440 ​ $ 29,620 ​ $ 33,077 Payments and settlements during the year (1) ​ $ 118,167 ​ $ 94,339 ​ $ 144,012 (1) Payments and settlements include payments for the operating, investing and financing activities summarized in this note and netting settlements made pursuant to master netting agreements between the Company and PMT. ​ Investing Activities ​ The Company holds an investment in PMT in the form of 75,000 common shares of beneficial interest. ​ Following is a summary of investing activities between the Company and PMT: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) ​ Activity during the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends from PennyMac Mortgage Investment Trust ​ $ 120 ​ $ 120 ​ $ 136 ​ Change in fair value of investment in PennyMac Mortgage Investment Trust ​ ​ (177) ​ ​ 192 ​ ​ (371) ​ Dividends received and change in fair value ​ $ (57) ​ $ 312 ​ $ (235) ​ Balance at end of year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value ​ $ 944 ​ $ 1,121 ​ ​ ​ ​ Number of shares ​ ​ 75 ​ ​ 75 ​ ​ ​ ​ ​ Receivable from and Payable to PMT ​ Amounts receivable from and payable to PMT are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Receivable from PMT: ​ ​ ​ ​ ​ ​ Correspondent production fees ​ $ 11,122 ​ $ 8,288 Management fees ​ ​ 7,149 ​ ​ 7,252 Servicing fees ​ ​ 6,822 ​ ​ 6,809 Allocated expenses and expenses incurred on PMT's behalf ​ ​ 3,508 ​ ​ 5,612 Fulfillment fees ​ ​ 1,605 ​ ​ 1,301 ​ ​ $ 30,206 ​ $ 29,262 Payable to PMT: ​ ​ ​ ​ ​ ​ Amounts advanced by PMT to fund its servicing advances ​ $ 106,302 ​ $ 208,154 Other ​ ​ 16,015 ​ ​ 56 ​ ​ $ 122,317 ​ $ 208,210 ​ Exchanged Private National Mortgage Acceptance Company, LLC Unitholders ​ The Company entered into a tax receivable agreement with certain former owners of PNMAC that provides for the payment from time to time by the Company to PNMAC’s exchanged unitholders of an amount equal to 85% of the amount of the net tax benefits, if any, that the Company is deemed to realize as a result of (i) increases in tax basis of PNMAC’s assets resulting from exchanges of ownership interests in PNMAC and (ii) certain other tax benefits related to entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement. ​ Although a reorganization in November 2018 eliminated the potential for unitholders to exchange any additional units subject to this tax receivable agreement, the Company continues to be subject to the agreement and will be required to make payments, to the extent any of the tax benefits specified above are deemed to be realized, under the tax receivable agreement to those certain prior owners of PNMAC who effected exchanges of ownership interests in PNMAC for the Company’s common stock before the closing of the reorganization. ​ Following is a summary of activity in Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 2023 2022 ​ ​ (in thousands) Activity during the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments under tax receivable agreement ​ $ — ​ $ — ​ $ 3,855 Repricing of liability ​ $ (201) ​ $ — ​ $ (576) Balance at end of year ​ $ 25,898 ​ $ 26,099 ​ $ 26,099 ​ Donor Advised Fund ​

Loan Sales and Servicing Activi

Loan Sales and Servicing Activities	12 Months Ended
	Dec. 31, 2024
Loan Sales and Servicing Activities
Loan Sales and Servicing Activities	Note 5—Loan Sales and Servicing Activities ​ The Company originates or purchases and sells mortgage loans in the secondary mortgage market without recourse for credit losses. However, the Company maintains continuing involvement with the loans in the form of servicing arrangements and the liability for representations and warranties it makes to purchasers and insurers of the loans. ​ The following table summarizes cash flows between the Company and transferees as a result of the sale of loans in transactions where the Company maintains continuing involvement with the loans as servicer: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 2023 2022 ​ ​ (in thousands) Cash flows: ​ ​ ​ ​ ​ ​ ​ Sales proceeds ​ $ 101,105,292 ​ $ 85,684,522 ​ $ 84,345,379 Servicing fees received ​ $ 1,423,171 ​ $ 1,173,108 ​ $ 931,315 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Balance at beginning of year ​ $ 73,991 ​ $ 78,992 ​ $ 120,940 Provision (reversals of provision) for losses ​ ​ 32,962 ​ ​ 3,271 ​ ​ (36,075) Charge-offs, net ​ ​ (21,165) ​ ​ (8,272) ​ ​ (5,873) Balance at end of year ​ $ 85,788 ​ $ 73,991 ​ $ 78,992 ​ ​ The following table summarizes the UPB of the loans sold by the Company in which it maintains continuing involvement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ 2024 2023 ​ ​ ​ ​ ​ (in thousands) Unpaid principal balance of loans outstanding ​ ​ ​ ​ $ 410,393,342 ​ $ 352,790,614 Delinquent loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ 30-89 days ​ ​ ​ ​ $ 17,301,961 ​ $ 13,775,493 90 days or more: ​ ​ ​ ​ ​ ​ ​ ​ ​ Not in foreclosure ​ ​ ​ ​ $ 8,104,348 ​ $ 6,754,282 In foreclosure ​ ​ ​ ​ $ 693,934 ​ $ 618,694 Foreclosed ​ ​ ​ ​ $ 2,928 ​ $ 7,565 Loans in bankruptcy ​ ​ ​ ​ $ 1,762,324 ​ $ 1,415,614 ​ The following tables summarize the UPB of the Company’s loan servicing portfolio: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ Servicing ​ ​ ​ Total ​ ​ rights owned ​ Subservicing ​ loans serviced ​ ​ (in thousands) Investor: ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-affiliated entities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated ​ $ 410,393,342 ​ $ — ​ $ 410,393,342 Purchased ​ ​ 15,681,406 ​ ​ — ​ ​ 15,681,406 Subserviced ​ ​ — ​ ​ 806,584 ​ ​ 806,584 ​ ​ ​ 426,074,748 ​ ​ 806,584 ​ ​ 426,881,332 PennyMac Mortgage Investment Trust ​ ​ — ​ ​ 230,753,581 ​ ​ 230,753,581 Loans held for sale ​ ​ 8,128,914 ​ ​ — ​ ​ 8,128,914 ​ ​ $ 434,203,662 ​ $ 231,560,165 ​ $ 665,763,827 Delinquent loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 days ​ $ 13,095,250 ​ $ 1,996,821 ​ $ 15,092,071 60 days ​ ​ 4,838,550 ​ ​ 676,508 ​ ​ 5,515,058 90 days or more: ​ ​ ​ ​ ​ ​ ​ ​ ​ Not in foreclosure ​ ​ 8,289,129 ​ ​ 1,210,270 ​ ​ 9,499,399 In foreclosure ​ ​ 730,372 ​ ​ 106,188 ​ ​ 836,560 Foreclosed ​ ​ 3,716 ​ ​ 2,732 ​ ​ 6,448 ​ ​ $ 26,957,017 ​ $ 3,992,519 ​ $ 30,949,536 Loans in bankruptcy ​ $ 1,852,396 ​ $ 286,093 ​ $ 2,138,489 Custodial funds managed by the Company (1) ​ $ 6,171,157 ​ $ 2,391,875 ​ $ 8,563,032 (1) Custodial funds are cash accounts holding funds on behalf of borrowers and investors relating to loans serviced under servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors. Placement fees are included in Interest income in the Company’s consolidated statements of income. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Servicing ​ ​ ​ Total ​ ​ rights owned ​ Subservicing ​ loans serviced ​ ​ (in thousands) Investor: ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-affiliated entities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated ​ $ 352,790,614 ​ $ — ​ $ 352,790,614 Purchased ​ ​ 17,478,397 ​ ​ — ​ ​ 17,478,397 ​ ​ ​ 370,269,011 ​ ​ — ​ ​ 370,269,011 PennyMac Mortgage Investment Trust ​ ​ — ​ ​ 232,653,069 ​ ​ 232,653,069 Loans held for sale ​ ​ 4,294,689 ​ ​ — ​ ​ 4,294,689 ​ ​ $ 374,563,700 ​ $ 232,653,069 ​ $ 607,216,769 Delinquent loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 days ​ $ 11,097,929 ​ $ 1,808,516 ​ $ 12,906,445 60 days ​ ​ 3,316,494 ​ ​ 399,786 ​ ​ 3,716,280 90 days or more: ​ ​ ​ ​ ​ ​ ​ ​ ​ Not in foreclosure ​ ​ 6,941,325 ​ ​ 1,031,299 ​ ​ 7,972,624 In foreclosure ​ ​ 686,359 ​ ​ 92,618 ​ ​ 778,977 Foreclosed ​ ​ 8,133 ​ ​ 4,295 ​ ​ 12,428 ​ ​ $ 22,050,240 ​ $ 3,336,514 ​ $ 25,386,754 Loans in bankruptcy ​ $ 1,523,218 ​ $ 186,593 ​ $ 1,709,811 Custodial funds managed by the Company ​ $ 3,741,978 ​ $ 1,759,974 ​ $ 5,501,952 (1) Custodial funds are cash accounts holding funds on behalf of borrowers and investors relating to loans serviced under servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors. Placement fees are included in Interest income in the Company’s consolidated statements of income. ​ Following is a summary of the geographical distribution of loans included in the Company’s servicing portfolio for the top five and all other states as measured by UPB: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ State ​ 2024 ​ 2023 ​ ​ (in thousands) ​ California ​ $ 76,364,993 ​ $ 72,788,272 Texas ​ ​ 65,317,775 ​ ​ 56,437,082 ​ Florida ​ ​ 63,850,638 ​ ​ 57,824,310 ​ Virginia ​ ​ 36,428,575 ​ ​ 35,376,266 ​ Georgia (1) ​ ​ 28,499,141 ​ ​ — ​ Maryland (1) ​ ​ — ​ ​ 26,746,355 ​ All other states ​ ​ 395,302,705 ​ ​ 358,044,484 ​ ​ ​ $ 665,763,827 ​ $ 607,216,769 ​ (1) Maryland and Georgia were not among the top five states as of December 31, 2024 and December 31, 2023, respectively, and are included in “All other states” as of those dates.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2024
Fair Value.
Fair Value	Note 6—Fair Value Most of the Company’s assets and certain of its liabilities are measured at or based on their fair values. The application of 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. ​ Fair Value Accounting Elections ​ The Company identified its MSRs, its MSLs and all of its non-cash financial assets, to be accounted for at fair value so changes in fair value will be reflected in income as they occur and more timely reflect the results of the Company’s performance. ​ Assets and Liabilities Measured at Fair Value on a Recurring Basis ​ Following is a summary of assets and liabilities that are measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (in thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investment ​ $ 420,553 ​ $ — ​ $ — ​ $ 420,553 Principal-only stripped mortgage-backed securities ​ ​ — ​ ​ 825,865 ​ ​ — ​ ​ 825,865 Loans held for sale ​ ​ — ​ ​ 7,783,415 ​ ​ 434,053 ​ ​ 8,217,468 Derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ — ​ ​ — ​ ​ 56,946 ​ ​ 56,946 Forward purchase contracts ​ ​ — ​ ​ 3,701 ​ ​ — ​ ​ 3,701 Forward sales contracts ​ ​ — ​ ​ 152,526 ​ ​ — ​ ​ 152,526 MBS put options ​ ​ — ​ ​ 3,278 ​ ​ — ​ ​ 3,278 Put options on interest rate futures purchase contracts ​ ​ 12,592 ​ ​ — ​ ​ — ​ ​ 12,592 Call options on interest rate futures purchase contracts ​ ​ 3,250 ​ ​ — ​ ​ — ​ ​ 3,250 Total derivative assets before netting ​ ​ 15,842 ​ ​ 159,505 ​ ​ 56,946 ​ ​ 232,293 Netting ​ ​ — ​ ​ — ​ ​ — ​ ​ (119,217) Total derivative assets ​ ​ 15,842 ​ ​ 159,505 ​ ​ 56,946 ​ ​ 113,076 Mortgage servicing rights ​ ​ — ​ ​ — ​ ​ 8,744,528 ​ ​ 8,744,528 Investment in PennyMac Mortgage Investment Trust ​ ​ 944 ​ ​ — ​ ​ — ​ ​ 944 ​ ​ $ 437,339 ​ $ 8,768,785 ​ $ 9,235,527 ​ $ 18,322,434 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ $ — ​ $ — ​ $ 23,381 ​ $ 23,381 Forward purchase contracts ​ ​ — ​ ​ 66,646 ​ ​ — ​ ​ 66,646 Forward sales contracts ​ ​ — ​ ​ 12,854 ​ ​ — ​ ​ 12,854 Total derivative liabilities before netting ​ ​ — ​ ​ 79,500 ​ ​ 23,381 ​ ​ 102,881 Netting ​ ​ — ​ ​ — ​ ​ — ​ ​ (61,981) Total derivative liabilities ​ ​ — ​ ​ 79,500 ​ ​ 23,381 ​ ​ 40,900 Mortgage servicing liabilities ​ ​ — ​ ​ — ​ ​ 1,683 ​ ​ 1,683 ​ ​ $ — ​ $ 79,500 ​ $ 25,064 ​ $ 42,583 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (in thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investment ​ $ 10,268 ​ $ — ​ $ — ​ $ 10,268 Loans held for sale ​ ​ — ​ ​ 3,942,127 ​ ​ 478,564 ​ ​ 4,420,691 Derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ — ​ ​ — ​ ​ 90,313 ​ ​ 90,313 Forward purchase contracts ​ ​ — ​ ​ 78,448 ​ ​ — ​ ​ 78,448 Forward sales contracts ​ ​ — ​ ​ 6,151 ​ ​ — ​ ​ 6,151 MBS put options ​ ​ — ​ ​ 413 ​ ​ — ​ ​ 413 MBS call options ​ ​ — ​ ​ 6,265 ​ ​ — ​ ​ 6,265 Put options on interest rate futures purchase contracts ​ ​ 11,043 ​ ​ — ​ ​ — ​ ​ 11,043 Call options on interest rate futures purchase contracts ​ ​ 66,176 ​ ​ — ​ ​ — ​ ​ 66,176 Total derivative assets before netting ​ ​ 77,219 ​ ​ 91,277 ​ ​ 90,313 ​ ​ 258,809 Netting ​ ​ — ​ ​ — ​ ​ — ​ ​ (79,730) Total derivative assets ​ ​ 77,219 ​ ​ 91,277 ​ ​ 90,313 ​ ​ 179,079 Mortgage servicing rights ​ ​ — ​ ​ — ​ ​ 7,099,348 ​ ​ 7,099,348 Investment in PennyMac Mortgage Investment Trust ​ ​ 1,121 ​ ​ — ​ ​ — ​ ​ 1,121 ​ ​ $ 88,608 ​ $ 4,033,404 ​ $ 7,668,225 ​ $ 11,710,507 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ $ — ​ $ — ​ $ 720 ​ $ 720 Forward purchase contracts ​ ​ — ​ ​ 5,141 ​ ​ — ​ ​ 5,141 Forward sales contracts ​ ​ — ​ ​ 92,796 ​ ​ — ​ ​ 92,796 Call options on interest rate futures sales contracts ​ ​ 3,209 ​ ​ — ​ ​ — ​ ​ 3,209 Total derivative liabilities before netting ​ ​ 3,209 ​ ​ 97,937 ​ ​ 720 ​ ​ 101,866 Netting ​ ​ — ​ ​ — ​ ​ — ​ ​ (48,591) Total derivative liabilities ​ ​ 3,209 ​ ​ 97,937 ​ ​ 720 ​ ​ 53,275 Mortgage servicing liabilities ​ ​ — ​ ​ — ​ ​ 1,805 ​ ​ 1,805 ​ ​ $ 3,209 ​ $ 97,937 ​ $ 2,525 ​ $ 55,080 ​ As shown above, certain of the Company’s loans held for sale, IRLCs, MSRs, and MSLs are measured using Level 3 fair value inputs. Following are roll forwards of assets and liabilities measured at fair value using “Level 3” fair value inputs at either the beginning or the end of the year presented for each of the three years ended December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2024 ​ ​ ​ ​ Interest ​ Mortgage ​ ​ ​ ​ ​ Loans held ​ rate lock ​ servicing ​ ​ ​ Assets ​ for sale ​ commitments, net (1) ​ rights ​ Total ​ ​ (in thousands) Balance, December 31, 2023 ​ $ 478,564 ​ $ 89,593 ​ $ 7,099,348 ​ $ 7,667,505 Purchases and issuances, net ​ ​ 4,145,555 ​ ​ 542,245 ​ ​ — ​ ​ 4,687,800 Capitalization of interest and servicing advances ​ ​ 45,848 ​ ​ — ​ ​ — ​ ​ 45,848 Sales and repayments ​ ​ (1,562,159) ​ ​ — ​ ​ — ​ ​ (1,562,159) Mortgage servicing rights resulting from loan sales ​ ​ — ​ ​ — ​ ​ 2,280,830 ​ ​ 2,280,830 Changes in fair value included in income arising from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in instrument-specific credit risk ​ ​ 106,723 ​ ​ — ​ ​ — ​ ​ 106,723 Other factors ​ ​ (1,215) ​ ​ 38,645 ​ ​ (433,464) ​ ​ (396,034) ​ ​ ​ 105,508 ​ ​ 38,645 ​ ​ (433,464) ​ ​ (289,311) Transfers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ From Level 3 to Level 2 ​ ​ (2,779,090) ​ ​ — ​ ​ — ​ ​ (2,779,090) To real estate acquired in settlement of loans ​ ​ (173) ​ ​ — ​ ​ — ​ ​ (173) To loans held for sale ​ ​ — ​ ​ (636,918) ​ ​ — ​ ​ (636,918) Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities ​ ​ — ​ ​ — ​ ​ (202,186) ​ ​ (202,186) Balance, December 31, 2024 ​ $ 434,053 ​ $ 33,565 ​ $ 8,744,528 ​ $ 9,212,146 Changes in fair value recognized during the year relating to assets still held at December 31, 2024 ​ $ 21,177 ​ $ 33,565 ​ $ (417,312) ​ $ (362,570) (1) For the purpose of this table, the IRLC asset and liability positions are shown net. ​ ​ ​ ​ ​ ​ ​ Year ended Liabilities ​ December 31, 2024 ​ ​ (in thousands) Mortgage servicing liabilities: ​ ​ ​ Balance, December 31, 2023 ​ $ 1,805 Changes in fair value included in income ​ ​ (122) Balance, December 31, 2024 ​ $ 1,683 Changes in fair value recognized during the year relating to liabilities still outstanding at December 31, 2024 ​ $ (122) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 ​ ​ ​ ​ Interest ​ Mortgage ​ ​ ​ ​ ​ Loans held ​ rate lock ​ servicing ​ ​ ​ Assets ​ for sale ​ commitments, net (1) ​ rights ​ ​ Total ​ ​ (in thousands) Balance, December 31, 2022 ​ $ 345,772 ​ $ 25,844 ​ $ 5,953,621 ​ $ 6,325,237 Purchases and issuances, net ​ ​ 2,353,958 ​ ​ 286,581 ​ ​ — ​ ​ 2,640,539 Capitalization of interest and servicing advances ​ ​ 39,625 ​ ​ — ​ ​ — ​ ​ 39,625 Sales and repayments ​ ​ (654,490) ​ ​ — ​ ​ (305) ​ ​ (654,795) Mortgage servicing rights resulting from loan sales ​ ​ — ​ ​ — ​ ​ 1,849,957 ​ ​ 1,849,957 Changes in fair value included in income arising from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in instrument-specific credit risk ​ ​ 69,934 ​ ​ — ​ ​ — ​ ​ 69,934 Other factors ​ ​ (1,161) ​ ​ 130,424 ​ ​ (605,859) ​ ​ (476,596) ​ ​ ​ 68,773 ​ ​ 130,424 ​ ​ (605,859) ​ ​ (406,662) Transfers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ From Level 3 to Level 2 ​ ​ (1,674,624) ​ ​ — ​ ​ — ​ ​ (1,674,624) To real estate acquired in settlement of loans ​ ​ (450) ​ ​ — ​ ​ — ​ ​ (450) To loans held for sale ​ ​ — ​ ​ (353,256) ​ ​ — ​ ​ (353,256) Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities ​ ​ — ​ ​ — ​ ​ (98,066) ​ ​ (98,066) Balance, December 31, 2023 ​ $ 478,564 ​ $ 89,593 ​ $ 7,099,348 ​ $ 7,667,505 Changes in fair value recognized during the year relating to assets still held at December 31, 2023 ​ $ 33,187 ​ $ 89,593 ​ $ (605,859) ​ $ (483,079) (1) For the purpose of this table, the IRLC asset and liability positions are shown net. ​ ​ ​ ​ ​ Liabilities ​ Year ended December 31, 2023 ​ ​ (in thousands) Mortgage servicing liabilities: ​ ​ ​ Balance, December 31, 2022 ​ $ 2,096 Changes in fair value included in income ​ ​ (291) Balance, December 31, 2023 ​ $ 1,805 Changes in fair value recognized during the year relating to liabilities still outstanding at December 31, 2023 ​ $ (291) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ ​ ​ ​ Interest ​ Mortgage ​ ​ ​ ​ Loans held ​ rate lock ​ servicing ​ ​ Assets ​ for sale ​ commitments, net (1) ​ rights ​ Total ​ ​ (in thousands) Balance, December 31, 2021 ​ $ 1,128,876 ​ $ 322,193 ​ $ 3,878,078 ​ $ 5,329,147 Purchases and issuances, net ​ ​ 3,338,743 ​ ​ 369,769 ​ ​ 3,993 ​ ​ 3,712,505 Capitalization of interest and servicing advances ​ ​ 60,589 ​ ​ — ​ ​ — ​ ​ 60,589 Sales and repayments ​ ​ (1,378,441) ​ ​ — ​ ​ — ​ ​ (1,378,441) Mortgage servicing rights resulting from loan sales ​ ​ — ​ ​ — ​ ​ 1,718,094 ​ ​ 1,718,094 Changes in fair value included in income arising from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in instrument-specific credit risk ​ ​ (41,483) ​ ​ — ​ ​ — ​ ​ (41,483) Other factors ​ ​ (25,156) ​ ​ (624,905) ​ ​ 353,456 ​ ​ (296,605) ​ ​ ​ (66,639) ​ ​ (624,905) ​ ​ 353,456 ​ ​ (338,088) Transfers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ From Level 3 to Level 2 ​ ​ (2,736,940) ​ ​ — ​ ​ — ​ ​ (2,736,940) To real estate acquired in settlement of loans ​ ​ (416) ​ ​ — ​ ​ — ​ ​ (416) To loans held for sale ​ ​ — ​ ​ (41,213) ​ ​ — ​ ​ (41,213) Balance, December 31, 2022 ​ $ 345,772 ​ $ 25,844 ​ $ 5,953,621 ​ $ 6,325,237 Changes in fair value recognized during the year relating to assets still held at December 31, 2022 ​ $ (26,699) ​ $ 25,844 ​ $ 353,456 ​ $ 352,601 (1) For the purpose of this table, the IRLC asset and liability positions are shown net. ​ ​ ​ ​ ​ Liabilities ​ Year ended December 31, 2022 ​ ​ (in thousands) Mortgage servicing liabilities: ​ ​ ​ Balance, December 31, 2021 ​ $ 2,816 Changes in fair value included in income ​ ​ (720) Balance, December 31, 2022 ​ $ 2,096 Changes in fair value recognized during the year relating to liabilities still outstanding at December 31, 2022 ​ $ (720) ​ The Company had transfers among the fair value levels arising from the return to salability in the active secondary market of certain loans held for sale and from transfers of IRLCs to loans held for sale at fair value upon purchase or funding. ​ Assets and Liabilities Measured at Fair Value under the Fair Value Option ​ Net changes in fair values included in income for assets and liabilities carried at fair value as a result of the Company’s election of the fair value option by income statement line item are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ Net gains on ​ Net ​ ​ ​ ​ Net gains on ​ Net ​ ​ ​ ​ Net gains on ​ Net ​ ​ ​ ​ ​ loans held ​ loan ​ ​ ​ ​ loans held ​ loan ​ ​ ​ ​ loans held ​ loan ​ ​ ​ ​ ​ for sale at ​ servicing ​ ​ ​ ​ for sale at ​ servicing ​ ​ ​ ​ for sale at ​ servicing ​ ​ ​ ​ ​ fair value ​ fees ​ Total ​ fair value ​ fees ​ Total ​ fair value ​ fees ​ Total ​ ​ (in thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal-only stripped mortgage-backed securities ​ $ — ​ $ (38,201) ​ $ (38,201) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Loans held for sale ​ ​ 624,304 ​ ​ — ​ ​ 624,304 ​ ​ 440,482 ​ ​ — ​ ​ 440,482 ​ ​ (219,054) ​ ​ — ​ ​ (219,054) Mortgage servicing rights ​ ​ — ​ ​ (433,464) ​ ​ (433,464) ​ ​ — ​ ​ (605,859) ​ ​ (605,859) ​ ​ — ​ ​ 353,456 ​ ​ 353,456 ​ ​ $ 624,304 ​ $ (471,665) ​ $ 152,639 ​ $ 440,482 ​ $ (605,859) ​ $ (165,377) ​ $ (219,054) ​ $ 353,456 ​ $ 134,402 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage servicing liabilities ​ $ — ​ $ 122 ​ $ 122 ​ $ — ​ $ 291 ​ $ 291 ​ $ — ​ $ 720 ​ $ 720 ​ Following are the fair value and related principal amounts due upon maturity of assets accounted for under the fair value option: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ Principal ​ ​ ​ ​ ​ Principal ​ ​ ​ ​ ​ ​ amount ​ ​ ​ ​ ​ amount ​ ​ ​ ​ Fair ​ due upon ​ ​ ​ Fair ​ due upon ​ ​ Loans held for sale ​ value ​ maturity ​ Difference ​ value ​ maturity ​ Difference ​ ​ (in thousands) Current through 89 days delinquent ​ $ 8,187,561 ​ $ 8,089,532 ​ $ 98,029 ​ $ 4,378,042 ​ $ 4,233,764 ​ $ 144,278 90 days or more delinquent: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Not in foreclosure ​ ​ 24,663 ​ ​ 27,901 ​ ​ (3,238) ​ ​ 35,253 ​ ​ 38,922 ​ ​ (3,669) In foreclosure ​ ​ 5,244 ​ ​ 11,481 ​ ​ (6,237) ​ ​ 7,396 ​ ​ 22,003 ​ ​ (14,607) ​ ​ $ 8,217,468 ​ $ 8,128,914 ​ $ 88,554 ​ $ 4,420,691 ​ $ 4,294,689 ​ $ 126,002 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets Measured at Fair Value on a Nonrecurring Basis ​ Following is a summary of assets held at year end that were measured based on fair value on a nonrecurring basis during the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate acquired in settlement of loans ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (in thousands) December 31, 2024 ​ $ — ​ $ — ​ $ 5,238 ​ $ 5,238 December 31, 2023 ​ $ — ​ $ — ​ $ 2,669 ​ $ 2,669 ​ The following table summarizes the total net losses recognized on assets measured based on fair values on a nonrecurring basis during the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Real estate acquired in settlement of loans ​ $ (2,384) ​ $ (710) ​ $ (523) ​ Fair Value of Financial Instruments Carried at Amortized Cost ​ The Company’s Assets sold under agreements to repurchase Mortgage loan participation purchase and sale agreements, Notes payable secured by mortgage servicing assets Unsecured senior notes These liabilities are classified as “Level 3” fair value items due to the Company’s reliance on unobservable inputs to estimate their fair values. The Company has concluded that the fair values of these liabilities other than the Notes payable secured by mortgage servicing assets Unsecured senior notes ​ The Company estimates the fair value of the term notes and term loans included in Notes payable secured by mortgage servicing assets Unsecured senior notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ Fair value ​ Carrying value ​ Fair value ​ Carrying value ​ ​ (in thousands) Term notes and term loans ​ $ 1,742,421 ​ $ 1,724,120 ​ $ 1,730,000 ​ $ 1,724,290 Unsecured senior notes ​ $ 3,172,983 ​ $ 3,164,032 ​ $ 2,467,750 ​ $ 2,519,651 ​ Valuation Governance ​ Most of the Company’s financial assets, and all of its derivatives, MSRs, and MSLs are carried at fair value with changes in fair value recognized in current period income. Certain of the Company’s financial assets and derivatives and all of its MSRs and MSLs are “Level 3” fair value assets and liabilities which require use of unobservable inputs that are significant to the estimation of the items’ fair values. Unobservable inputs reflect the Company’s own judgments about the factors that market participants use in pricing an asset or liability, and are based on the best information available under the circumstances. ​ Due to the difficulty in estimating the fair values of “Level 3” fair value assets and liabilities, the Company has assigned responsibility for estimating the fair values of these assets and liabilities to specialized staff within its capital markets group and subjects the valuation process to significant senior management oversight. ​ With respect to “Level 3” valuations other than IRLCs, the capital markets valuation staff reports to the Company’s senior management valuation subcommittee, which oversees the valuations. The capital markets valuation staff monitors the models used for valuation of the Company’s “Level 3” fair value assets and liabilities, including the models’ performance versus actual results, and reports those results as well as changes in the valuation of the non-IRLC “Level 3” fair value assets and liabilities, including major factors affecting the valuations and any changes in model methods and inputs, to the Company’s senior management valuation subcommittee. The Company’s senior management valuation subcommittee includes the Company’s chief financial, credit, and capital markets officers as well as other senior members of the Company’s finance, risk management and capital markets staffs. ​ To assess the reasonableness of its valuations, the capital markets valuation staff presents an analysis of the effect on the valuations of changes to the significant inputs to the models and, for MSRs, comparisons of its estimates of fair value to those procured from non-affiliate brokers and published surveys. ​ The fair value of the Company’s IRLCs is developed by its capital markets risk management staff and is reviewed by its capital markets operations staff. ​ Valuation Techniques and Inputs ​ Following is a description of the techniques and inputs used in estimating the fair values of “Level 2” and “Level 3” fair value assets and liabilities: ​ Principal-Only Stripped Mortgage-Backed Securities ​ The Company categorizes principal-only stripped MBS as “Level 2” fair value financial instruments. Fair values of these securities are established based on quoted market prices for these or similar securities. ​ Loans Held for Sale ​ Most of the Company’s loans held for sale at fair value are saleable into active markets with observable significant inputs to the estimation of fair value and are therefore categorized as “Level 2” fair value assets. The fair values of “Level 2” fair value loans are determined using their contracted selling price or quoted market price or market price equivalent. ​ Certain of the Company’s loans held for sale are not saleable into active markets with observable significant inputs to the estimation of fair value and are therefore categorized as “Level 3” fair value assets. Loans held for sale categorized as “Level 3” fair value assets include: ​ ● Closed-end second lien mortgage loans. At present, there is no active market with significant observable inputs to the estimation of fair value of the closed-end second lien mortgage loans the Company produces. ​ ● Early buy out (“EBO”) loans. EBO loans are government guaranteed or insured loans purchased by the Company from Ginnie Mae guaranteed securities in its loan servicing portfolio. The Company’s right to purchase a government guaranteed or insured loan from a Ginnie Mae security arises as the result of the loan being at least three months delinquent on the date of purchase by the Company and provides an alternative to the Company’s obligation to continue advancing principal and interest at the coupon rate of the related Ginnie Mae security. Such a loan may be resold to an investor and thereafter may be repurchased to the extent it becomes eligible for resale into a new Ginnie Mae guaranteed security. ​ A loan becomes eligible for resale into a new Ginnie Mae security when the loan becomes current either through completion of a modification of the loan’s terms or after three months of timely payments following either the completion of certain types of payment deferral programs or borrower reperformance and when the issuance date of the new security is at least 120 days after the date the loan was last delinquent. ​ ● Loans with identified defects. Loans that are not saleable into active markets due to identification of a defect by the Company or to the repurchase by the Company of a loan with an identified defect. ​ The Company uses a discounted cash flow model to estimate the fair value of its “Level 3” fair value loans held for sale. The significant unobservable inputs used in the fair value measurement of the Company’s “Level 3” fair value loans held for sale are discount rates, home price projections and voluntary and total prepayment/resale speeds. Significant changes in any of those inputs in isolation could result in a significant change to the loans’ fair value measurement. Increases in home price projections are generally accompanied by an increase in voluntary prepayment speeds. ​ Following is a quantitative summary of key “Level 3” fair value inputs used in the valuation of loans held for sale at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 Fair value (in thousands) ​ $ 434,053 ​ $ 478,564 Key inputs (1): ​ ​ ​ ​ ​ ​ Discount rate: ​ ​ ​ ​ ​ ​ Range ​ ​ 6.5% – 9.3% ​ ​ 7.1% – 10.2% Weighted average ​ ​ 7.0% ​ ​ 7.2% Twelve-month projected housing price index change: ​ ​ ​ ​ ​ ​ Range ​ ​ 2.2% – 2.8% ​ ​ 0.3% – 0.5% Weighted average ​ ​ 2.3% ​ ​ 0.5% Voluntary prepayment/resale speed (2): ​ ​ ​ ​ ​ ​ Range ​ ​ 6.4% – 34.4% ​ ​ 4.0% – 36.9% Weighted average ​ ​ 22.0% ​ ​ 24.8% Total prepayment/resale speed (3): ​ ​ ​ ​ ​ ​ Range ​ ​ 6.5% – 41.3% ​ ​ 4.0% – 50.3% Weighted average ​ ​ 23.9% ​ ​ 32.2% (1) Weighted average inputs are based on fair value of the “Level 3” loans. ​ (2) Voluntary prepayment/resale speed is measured using life voluntary Conditional Prepayment Rate (“CPR”). ​ (3) Total prepayment speed is measured using life total CPR, which includes both voluntary and involuntary prepayment/resale rates. ​ Changes in fair value relating to loans held for sale as the result of changes in the loan’s instrument specific credit risk are indicated by successful modifications of the loan’s terms or changes in the respective loan’s delinquency status and performance history at year end from the later of the beginning of the year or acquisition date. Changes in fair value of loans held for sale are included in Net gains on loans held for sale at fair value ​ Derivative Financial Instruments ​ Interest Rate Lock Commitments ​ The Company categorizes IRLCs as “Level 3” fair value assets or liabilities. The Company estimates the fair value of IRLCs based on quoted Agency MBS prices, its estimate of the fair value of the MSRs it expects to receive in the sale of the loans and the probability that the loans will fund or be purchased (the “pull-through rate”). ​ The significant unobservable inputs used in the fair value measurement of the Company’s IRLCs are the pull-through rate and the MSR component of the Company’s estimate of the fair value of the mortgage loans it has committed to purchase. Significant changes in the pull-through rate or the MSR component of the IRLCs, in isolation, could result in significant changes in the IRLCs’ fair value measurement. The financial effects of changes in these inputs are generally inversely correlated as increasing interest rates have a positive effect on the MSR component of IRLC fair value, but increase the pull-through rate for the loan principal and interest payment cash flow component, which has decreased in fair value. Initial recognition and changes in fair value of IRLCs are included in Net gains on loans acquired for sale at fair value ​ Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 Fair value (in thousands) (1) $ 33,565 ​ $ 89,593 Committed amount (in thousands) ​ ​ 7,801,677 ​ ​ 6,349,628 Key inputs ​ ​ ​ ​ ​ ​ Pull-through rate: ​ ​ ​ ​ ​ ​ Range ​ ​ 29.8% – 100% ​ ​ 10.2% – 100% Weighted average ​ ​ 88.2% ​ ​ 81.1% Mortgage servicing rights fair value expressed as: ​ ​ ​ ​ ​ ​ Servicing fee multiple: ​ ​ ​ ​ ​ ​ Range ​ ​ 1.0 – 8.6 ​ ​ 1.1 – 7.3 Weighted average ​ ​ 5.4 ​ ​ 4.2 Percentage of loan commitment amount: ​ ​ ​ ​ ​ ​ Range ​ ​ 0.3% – 4.6% ​ ​ 0.3% – 4.3% Weighted average ​ ​ 2.4% ​ ​ 1.9% (1) For purposes of this table, the IRLC assets and liability positions are shown net. ​ (2) Weighted average inputs are based on the committed amounts. ​ Hedging Derivatives ​ Hedging derivatives that are actively traded on exchanges are categorized by the Company as “Level 1” fair value assets and liabilities. Hedging derivatives whose fair values are based on observable MBS prices or interest rate volatilities in the MBS market are categorized as “Level 2” fair value assets and liabilities. ​ Changes in the fair value of hedging derivatives are included in Net gains on loans acquired for sale at fair value, Net loan servicing fees – Mortgage servicing rights hedging results ​ Mortgage Servicing Rights ​ MSRs are categorized as “Level 3” fair value assets. The Company uses a discounted cash flow approach to estimate the fair value of MSRs. The key inputs used in the estimation of the fair value of MSRs include the applicable prepayment rate (prepayment speed), pricing spread (a component of discount rate), and annual per-loan cost to service the underlying loans, all of which are unobservable. Significant changes to any of those inputs in isolation could result in a significant change in the MSR fair value measurement. Changes in these key inputs are not directly related. Changes in the fair value of MSRs are included in Net loan servicing fees Change in fair value of mortgage servicing rights and mortgage servicing liabilities ​ Following are the key inputs used in determining the fair value of MSRs received by the Company when it retains the obligation to service the mortgage loans it sells: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (Amount recognized and unpaid principal balance of underlying mortgage loans amounts in thousands) Amount recognized ​ $2,280,830 ​ $1,849,957 ​ $1,718,094 Pool characteristics: ​ ​ ​ ​ ​ ​ Unpaid principal balance of underlying mortgage loans ​ $100,662,790 ​ $86,606,196 ​ $83,569,657 Weighted average servicing fee rate (in basis points) ​ 45 ​ 46 ​ 44 Key inputs (1): ​ ​ ​ ​ ​ ​ Annual total prepayment speed (2): ​ ​ ​ ​ ​ ​ Range ​ 6.4% – 25.8% ​ 7.2% – 23.2% ​ 5.1% – 23.4% Weighted average ​ 10.1% ​ 10.7% ​ 9.4% Equivalent average life (in years): ​ ​ ​ ​ ​ ​ Range ​ 3.5 – 9.9 ​ 3.0 – 9.8 ​ 3.7 – 9.4 Weighted average ​ 8.0 ​ 7.7 ​ 8.1 Pricing spread (3): ​ ​ ​ ​ ​ ​ Range ​ 4.9% – 12.6% ​ 5.5% – 12.6% ​ 5.5% – 16.1% Weighted average ​ 5.8% ​ 6.8% ​ 7.8% Annual per-loan cost of servicing: ​ ​ ​ ​ ​ ​ Range ​ $69 – $127 ​ $68 – $127 ​ $71 – $177 Weighted average ​ $99 ​ $99 ​ $104 (1) Weighted average inputs are based on UPB of the underlying loans. ​ (2) Annual total prepayment speed is measured using life total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information. ​ (3) Pricing spread represents a margin that is applied to a reference interest rate’s forward rate curve to develop periodic discount rates. The Company applies a pricing spread to a derived United States Treasury Securities (“Treasury”) yield curve for purposes of discounting cash flows relating to MSRs. ​ Following is a quantitative summary of key inputs used in the valuation of the Company’s MSRs at year end and the effect on the fair value from adverse changes in those inputs: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (Fair value, unpaid principal balance of underlying mortgage ​ ​ loans and effect on fair value amounts in thousands) Fair value ​ $ 8,744,528 ​ $ 7,099,348 Underlying loan characteristics: ​ ​ ​ ​ Unpaid principal balance ​ $ 426,055,220 ​ $ 370,244,119 Weighted average note interest rate ​ 4.5% ​ 4.1% Weighted average servicing fee rate (in basis points) ​ 38 ​ 38 Key inputs (1): ​ ​ ​ ​ Annual total prepayment speed (2): ​ ​ ​ ​ Range ​ 5.9% – 17.7% ​ 6.1% – 17.8% Weighted average ​ 7.8% ​ 8.3% Equivalent average life (in years): ​ ​ ​ ​ Range ​ 2.7 – 9.1 ​ 3.0 – 9.0 Weighted average ​ 8.4 ​ 8.1 Effect on fair value of (3): ​ ​ ​ ​ 5% adverse change ​ ($126,224) ​ ($107,757) 10% adverse change ​ ($248,349) ​ ($211,643) 20% adverse change ​ ($481,100) ​ ($408,638) Pricing spread (4): ​ ​ ​ ​ Range ​ 5.0% – 11.3% ​ 5.5% – 12.6% Weighted average ​ 6.2% ​ 6.4% Effect on fair value of (3): ​ ​ ​ ​ 5% adverse change ​ ($113,419) ​ ($94,307) 10% adverse change ​ ($223,960) ​ ($186,129) 20% adverse change ​ ($436,805) ​ ($362,671) Per-loan annual cost of servicing: ​ ​ ​ ​ Range ​ $68 – $130 ​ $70 – $135 Weighted average ​ $105 ​ $107 Effect on fair value of (3): ​ ​ ​ ​ 5% adverse change ​ ($48,830) ​ ($44,572) 10% adverse change ​ ($97,661) ​ ($89,145) 20% adverse change ​ ($195,321) ​ ($178,289) (1) Weighted average inputs are based on UPB of the underlying loans. ​ (2) Annual total prepayment speed is measured using life total CPR , which includes both voluntary and involuntary prepayments . Equivalent average life is provided as supplementary information. (3) These analyses hold constant all of the inputs other than the input that is being changed in order to show an estimate of the effect on fair value of a change in a specific input. The Company expects that in a market shock event, multiple inputs would be affected and the effects of these changes may compound or counteract each other. Therefore, these analyses are not projections of the effects of a shock event or a change in the estimate of an input and should not be relied upon as earnings projections. (4) The Company applies a pricing spread to a derived Treasury yield curve for purposes of discounting cash flows relating to MSRs. ​ ​ Mortgage Servicing Liabilities ​ MSLs are categorized as “Level 3” fair value liabilities. The Company uses a discounted cash flow approach to estimate the fair value of MSLs. The key inputs used in the estimation of the fair value of MSLs include the annual total prepayment speed, applicable pricing spread, and the per-loan annual cost of servicing the underlying loans. Changes in the fair value of MSLs are included in Net servicing fees Change in fair value of mortgage servicing rights and mortgage servicing liabilities ​ Following are the key inputs used in determining the fair value of MSLs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2024 ​ ​ 2023 Fair value (in thousands) ​ $ 1,683 ​ $ 1,805 Underlying loan characteristics: ​ ​ ​ ​ ​ Unpaid principal balance of underlying loans (in thousands) ​ $ 19,528 ​ $ 24,892 Servicing fee rate (in basis points) ​ ​ 25 ​ ​ 25 Key inputs (1): ​ ​ ​ ​ ​ ​ Annual total prepayment speed (2) ​ ​ 15.7% ​ ​ 16.1% Equivalent average life (in years) ​ ​ 5.1 ​ ​ 5.1 Pricing spread (3) ​ ​ 8.6% ​ ​ 8.3% Per-loan annual cost of servicing ​ $ 969 ​ $ 1,043 (1) Weighted average inputs are based on UPB of the underlying mortgage loans. (2) Annual total prepayment speed is measured using life total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information. (3) The Company applies a pricing spread to a derived Treasury yield curve for purposes of discounting cash flows relating to MSLs.

Principal-Only Stripped Mortgag

Principal-Only Stripped Mortgage-Backed Securities	12 Months Ended
	Dec. 31, 2024
Principal-Only Stripped Mortgage-Backed Securities
Principal-Only Stripped Mortgage-Backed Securities	​ Note 7—Principal-Only Stripped Mortgage-Backed Securities ​ Following is a summary of activity in the Company’s investment in principal-only stripped MBS: ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2024 ​ ​ (in thousands) Balance at beginning of year ​ $ — Purchases ​ ​ 935,356 Repayments ​ ​ (96,516) Changes in fair value included in income arising from: ​ ​ ​ Accrual of purchase discounts ​ ​ 25,226 Valuation adjustments ​ ​ (38,201) ​ ​ ​ (12,975) Balance at end of year ​ $ 825,865 Fair value of principal-only stripped mortgage-backed securities to secure Assets sold under agreements to repurchase ​ $ 825,865 ​ Following is a summary of the Company’s investment in principal-only stripped MBS: ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ (in thousands) Principal balance ​ $ 1,061,484 Unearned discounts ​ ​ (197,418) Cumulative valuation changes ​ ​ (38,201) Fair value ​ $ 825,865 ​ All of the Company’s principal-only stripped MBS had contractual maturities of over ten years.

Loans Held for Sale at Fair Val

Loans Held for Sale at Fair Value	12 Months Ended
	Dec. 31, 2024
Loans Held for Sale at Fair Value
Loans Held for Sale at Fair Value	Note 8—Loans Held for Sale at Fair Value ​ Loans held for sale at fair value are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, Mortgage type ​ 2024 ​ 2023 ​ ​ (in thousands) Government-insured or guaranteed ​ $ 4,154,069 ​ $ 2,099,135 Conventional conforming ​ ​ 3,127,082 ​ ​ 1,821,085 Jumbo ​ ​ 502,264 ​ ​ 21,907 Closed-end second lien ​ ​ 272,285 ​ ​ 322,015 Purchased from Ginnie Mae securities serviced by the Company ​ ​ 145,026 ​ ​ 146,585 Repurchased pursuant to representations and warranties ​ ​ 16,742 ​ ​ 9,964 ​ ​ $ 8,217,468 ​ $ 4,420,691 Fair value of loans pledged to secure: ​ ​ ​ ​ ​ ​ Assets sold under agreements to repurchase ​ $ 7,612,832 ​ $ 3,858,977 Mortgage loan participation purchase and sale agreements ​ ​ 528,002 ​ ​ 470,524 ​ ​ $ 8,140,834 ​ $ 4,329,501 ​

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2024
Derivative Financial Instruments
Derivative Financial Instruments	Note 9—Derivative Financial Instruments ​ Derivative Notional Amounts and Fair Value of Derivatives ​ The Company had the following derivative financial instruments recorded on its consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ Fair value ​ ​ ​ Fair value ​ ​ Notional ​ Derivative ​ Derivative ​ Notional ​ Derivative ​ Derivative Derivative instrument ​ amount (1) ​ assets ​ liabilities ​ amount (1) ​ assets ​ liabilities ​ ​ (in thousands) Not subject to master netting arrangements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ 7,801,677 ​ $ 56,946 ​ $ 23,381 ​ 6,349,628 ​ $ 90,313 ​ $ 720 Subject to master netting arrangements (2): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward purchase contracts ​ 12,760,764 ​ ​ 3,701 ​ ​ 66,646 ​ 15,863,667 ​ ​ 78,448 ​ ​ 5,141 Forward sales contracts ​ 23,440,334 ​ ​ 152,526 ​ ​ 12,854 ​ 14,477,159 ​ ​ 6,151 ​ ​ 92,796 MBS put options ​ 450,000 ​ ​ 3,278 ​ ​ — ​ 2,925,000 ​ ​ 413 ​ ​ — MBS call options ​ — ​ ​ — ​ ​ — ​ 1,000,000 ​ ​ 6,265 ​ ​ — Put options on interest rate futures purchase contracts ​ 4,270,000 ​ ​ 12,592 ​ ​ — ​ 8,717,500 ​ ​ 11,043 ​ ​ — Call options on interest rate futures purchase contracts ​ 7,600,000 ​ ​ 3,250 ​ ​ — ​ 4,250,000 ​ ​ 66,176 ​ ​ 3,209 Treasury futures purchase contracts ​ 7,467,000 ​ ​ — ​ ​ — ​ 5,986,500 ​ ​ — ​ ​ — Treasury futures sale contracts ​ 10,521,000 ​ ​ — ​ ​ — ​ 10,677,000 ​ ​ — ​ ​ — Total derivatives before netting ​ ​ ​ ​ 232,293 ​ ​ 102,881 ​ ​ ​ ​ 258,809 ​ ​ 101,866 Netting ​ ​ ​ ​ (119,217) ​ ​ (61,981) ​ ​ ​ ​ (79,730) ​ ​ (48,591) ​ ​ ​ ​ $ 113,076 ​ $ 40,900 ​ ​ ​ $ 179,079 ​ $ 53,275 Deposits received from derivative counterparties included in the derivative balances above, net ​ ​ ​ $ (57,236) ​ ​ ​ ​ ​ ​ $ (31,139) ​ ​ ​ (1) Notional amounts provide an indication of the volume of the Company’s derivative activity. ​ (2) All of these interest rate derivatives are used for hedging purposes as economic hedges. ​ Derivative Assets, Financial Instruments, and Cash Collateral Held by Counterparty ​ The following table summarizes by significant counterparty the amount of derivative asset positions after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance qualifying for netting. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ Gross amount not ​ ​ ​ ​ ​ Gross amount not ​ ​ ​ ​ ​ ​ offset in the ​ ​ ​ ​ ​ offset in the ​ ​ ​ ​ ​ ​ consolidated ​ ​ ​ ​ ​ consolidated ​ ​ ​ ​ Net amount ​ balance sheet ​ ​ ​ Net amount ​ balance sheet ​ ​ ​ ​ of assets in the ​ ​ ​ Cash ​ ​ ​ of assets in the ​ ​ ​ Cash ​ ​ ​ ​ consolidated ​ Financial ​ collateral ​ Net ​ consolidated ​ Financial ​ collateral ​ Net Counterparty ​ balance sheet ​ instruments ​ received ​ amount ​ balance sheet ​ instruments ​ received ​ amount ​ ​ (in thousands) Interest rate lock commitments ​ $ 56,946 ​ $ — ​ $ — ​ $ 56,946 ​ $ 90,313 ​ $ — ​ $ — ​ $ 90,313 RJ O' Brien ​ ​ 15,842 ​ ​ — ​ ​ — ​ ​ 15,842 ​ ​ 74,010 ​ ​ — ​ ​ — ​ ​ 74,010 Morgan Stanley Bank, N.A. ​ ​ 15,260 ​ ​ — ​ ​ — ​ ​ 15,260 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Bank of America, N.A. ​ ​ 8,221 ​ ​ — ​ ​ — ​ ​ 8,221 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Bank of Montreal ​ ​ 3,781 ​ ​ — ​ ​ — ​ ​ 3,781 ​ ​ 137 ​ ​ — ​ ​ — ​ ​ 137 Athene Annuity & Life Assurance Company ​ ​ 2,352 ​ ​ — ​ ​ — ​ ​ 2,352 ​ ​ — ​ ​ — ​ ​ — ​ ​ — BNP Paribas ​ ​ 2,260 ​ ​ — ​ ​ — ​ ​ 2,260 ​ ​ 157 ​ ​ — ​ ​ — ​ ​ 157 Mizuho Bank, Ltd. ​ ​ 1,683 ​ ​ — ​ ​ — ​ ​ 1,683 ​ ​ 1,467 ​ ​ — ​ ​ — ​ ​ 1,467 Citibank, N.A. ​ ​ 657 ​ ​ — ​ ​ — ​ ​ 657 ​ ​ 2,947 ​ ​ — ​ ​ — ​ ​ 2,947 Goldman Sachs ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 8,473 ​ ​ — ​ ​ — ​ ​ 8,473 Others ​ ​ 6,074 ​ ​ — ​ ​ — ​ ​ 6,074 ​ ​ 1,575 ​ ​ — ​ ​ — ​ ​ 1,575 ​ ​ $ 113,076 ​ $ — ​ $ — ​ $ 113,076 ​ $ 179,079 ​ $ — ​ $ — ​ $ 179,079 ​ Derivative Liabilities, Financial Instruments, and Collateral Held by Counterparty ​ The following table summarizes by significant counterparty the amount of derivative liabilities and assets sold under agreements to repurchase after considering master netting arrangements and financial instruments or cash pledged that do not qualify under the accounting guidance for netting. All assets sold under agreements to repurchase are secured by sufficient collateral with fair values that exceed the liability amount recorded on the consolidated balance sheets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ Gross amounts ​ ​ ​ ​ ​ Gross amounts ​ ​ ​ ​ ​ ​ not offset in the ​ ​ ​ ​ ​ not offset in the ​ ​ ​ ​ Net amount ​ consolidated ​ ​ ​ Net amount ​ consolidated ​ ​ ​ ​ of liabilities ​ balance sheet ​ ​ ​ of liabilities ​ balance sheet ​ ​ ​ ​ in the ​ ​ ​ Cash ​ ​ ​ in the ​ ​ ​ Cash ​ ​ ​ ​ consolidated ​ Financial ​ collateral ​ Net ​ consolidated ​ Financial ​ collateral ​ Net Counterparty balance sheet instruments (1) pledged amount balance sheet instruments (1) pledged amount ​ ​ (in thousands) Interest rate lock commitments ​ $ 23,381 ​ $ — ​ $ — ​ $ 23,381 ​ $ 720 ​ $ — ​ $ — ​ $ 720 Atlas Securitized Products, L.P. ​ ​ 1,938,756 ​ ​ (1,938,756) ​ ​ — ​ ​ — ​ ​ 1,210,473 ​ ​ (1,210,473) ​ ​ — ​ ​ — Bank of America, N.A. ​ ​ 1,294,213 ​ ​ (1,294,213) ​ ​ — ​ ​ — ​ ​ 875,766 ​ ​ (872,148) ​ ​ — ​ ​ 3,618 JPMorgan Chase Bank, N.A. ​ ​ 1,220,822 ​ ​ (1,214,559) ​ ​ — ​ ​ 6,263 ​ ​ 243,225 ​ ​ (243,225) ​ ​ — ​ ​ — Wells Fargo Bank, N.A. ​ ​ 795,119 ​ ​ (789,305) ​ ​ — ​ ​ 5,814 ​ ​ 116,275 ​ ​ (114,647) ​ ​ — ​ ​ 1,628 Royal Bank of Canada ​ ​ 785,597 ​ ​ (785,597) ​ ​ — ​ ​ — ​ ​ 457,743 ​ ​ (457,743) ​ ​ — ​ ​ — BNP Paribas ​ ​ 568,790 ​ ​ (568,790) ​ ​ — ​ ​ — ​ ​ 185,425 ​ ​ (185,425) ​ ​ — ​ ​ — Morgan Stanley Bank, N.A. ​ ​ 472,659 ​ ​ (472,659) ​ ​ — ​ ​ — ​ ​ 195,714 ​ ​ (164,149) ​ ​ — ​ ​ 31,565 Citibank, N.A. ​ ​ 455,426 ​ ​ (455,426) ​ ​ — ​ ​ — ​ ​ 174,221 ​ ​ (174,221) ​ ​ — ​ ​ — Goldman Sachs ​ ​ 336,894 ​ ​ (336,624) ​ ​ — ​ ​ 270 ​ ​ 178,751 ​ ​ (178,751) ​ ​ — ​ ​ — Santander US Capital Markets LLC ​ ​ 282,077 ​ ​ (282,077) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Barclays Capital ​ ​ 258,559 ​ ​ (254,750) ​ ​ — ​ ​ 3,809 ​ ​ 128,488 ​ ​ (118,667) ​ ​ — ​ ​ 9,821 Nomura Corporate Funding Americas ​ ​ 175,000 ​ ​ (175,000) ​ ​ — ​ ​ — ​ ​ 50,000 ​ ​ (50,000) ​ ​ — ​ ​ — Mizuho Bank, Ltd. ​ ​ 125,000 ​ ​ (125,000) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Others ​ ​ 1,363 ​ ​ — ​ ​ — ​ ​ 1,363 ​ ​ 5,923 ​ ​ — ​ ​ — ​ ​ 5,923 ​ ​ $ 8,733,656 ​ $ (8,692,756) ​ $ — ​ $ 40,900 ​ $ 3,822,724 ​ $ (3,769,449) ​ $ — ​ $ 53,275 (1) Amounts represent the UPB of Assets sold under agreements to repurchase . ​ Following are the gains (losses) recognized by the Company on derivative financial instruments and the income statement line items where such gains and losses are included: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Derivative activity ​ Consolidated income statement line ​ 2024 ​ 2023 2022 ​ ​ ​ ​ (in thousands) Interest rate lock commitments ​ Net gains on loans held for sale at fair value (1) ​ $ (56,028) ​ $ 63,749 ​ $ (296,349) Hedged item: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments and loans held for sale ​ Net gains on loans held for sale at fair value ​ $ 251,305 ​ $ 46,941 ​ $ 1,326,964 Mortgage servicing rights ​ Net loan servicing fees–Mortgage servicing rights hedging results ​ $ (794,282) ​ $ (236,778) ​ $ (631,484) (1) Represents net change in fair value of IRLCs from the beginning to the end of the year. Amounts recognized at the date of commitment and fair value changes recognized during the period until purchase of the underlying loans are shown in the rollforward of IRLCs for the year in Note 6 – Fair Value – Assets and Liabilities Measured at Fair Value on a Recurring Basis.

Mortgage Servicing Rights and M

Mortgage Servicing Rights and Mortgage Servicing Liabilities	12 Months Ended
	Dec. 31, 2024
Mortgage Servicing Rights and Mortgage Servicing Liabilities
Mortgage Servicing Rights and Mortgage Servicing Liabilities	Note 10—Mortgage Servicing Rights and Mortgage Servicing Liabilities ​ Mortgage Servicing Rights at Fair Value: ​ The activity in MSRs is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Balance at beginning of year ​ $ 7,099,348 ​ $ 5,953,621 ​ $ 3,878,078 Additions (deductions): ​ ​ ​ ​ ​ ​ ​ ​ ​ MSRs resulting from loan sales ​ ​ 2,280,830 ​ ​ 1,849,957 ​ ​ 1,718,094 Purchases ​ ​ — ​ ​ — ​ ​ 3,993 Transfer of mortgage servicing rights relating to delinquent loans to Agency ​ ​ — ​ ​ (305) ​ ​ — Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities ​ ​ (202,186) ​ ​ (98,066) ​ ​ — ​ ​ ​ 2,078,644 ​ ​ 1,751,586 ​ ​ 1,722,087 Change in fair value due to: ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in inputs used in valuation model (1) ​ ​ 407,423 ​ ​ 56,757 ​ ​ 877,324 Other changes in fair value (2) ​ ​ (840,887) ​ ​ (662,616) ​ ​ (523,868) Total change in fair value ​ ​ (433,464) ​ ​ (605,859) ​ ​ 353,456 Balance at end of year ​ $ 8,744,528 ​ $ 7,099,348 ​ $ 5,953,621 Unpaid principal balance of underlying loans at end of year ​ $ 426,055,220 ​ $ 370,244,119 ​ $ 314,567,639 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ (in thousands) Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets ​ ​ ​ ​ $ 8,609,388 ​ $ 7,033,892 (1) Principally reflects changes in pricing spread, annual total prepayment speed, per loan annual cost of servicing and UPB of underlying loan inputs. ​ (2) Represents changes due to realization of cash flows. ​ Mortgage Servicing Liabilities at Fair Value: ​ The activity in MSLs is summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Balance at beginning of year ​ $ 1,805 ​ $ 2,096 ​ $ 2,816 Changes in fair value due to: ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in inputs used in valuation model (1) ​ ​ 35 ​ ​ (50) ​ ​ (347) Other changes in fair value (2) ​ ​ (157) ​ ​ (241) ​ ​ (373) Total change in fair value ​ ​ (122) ​ ​ (291) ​ ​ (720) Balance at end of year ​ $ 1,683 ​ $ 1,805 ​ $ 2,096 Unpaid principal balance of underlying loans at end of year ​ $ 19,528 ​ $ 24,892 ​ $ 33,157 ​ (1) Principally reflects changes in annual total prepayment speed, pricing spread and per loan annual cost of servicing. ​ (2) Represents changes due to realization of cash flows. Contractual servicing fees relating to MSRs and MSLs are recorded in Net loan servicing fees—Loan servicing fees—From non-affiliates Net loan servicing fees—Loan servicing fees—Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Contractual servicing fees ​ $ 1,529,452 ​ $ 1,268,650 ​ $ 1,054,828 Other fees: ​ ​ ​ ​ ​ ​ ​ ​ ​ Late charges ​ ​ 73,227 ​ ​ 55,685 ​ ​ 40,583 Other ​ ​ 13,705 ​ ​ 9,539 ​ ​ 13,742 ​ ​ $ 1,616,384 ​ $ 1,333,874 ​ $ 1,109,153 ​

Capitalized Software

Capitalized Software	12 Months Ended
	Dec. 31, 2024
Capitalized software
Capitalized Software
Capitalized Software	Note 11—Capitalized Software Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Cost ​ $ 286,467 ​ $ 266,124 Less: Accumulated amortization ​ ​ (165,665) ​ ​ (117,388) ​ ​ $ 120,802 ​ $ 148,736 ​ Technology ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Amortization ​ $ 48,169 ​ $ 43,462 ​ $ 23,955 Impairment ​ $ 147 ​ $ 46 ​ $ — ​

Furniture, Fixtures, Equipment

Furniture, Fixtures, Equipment and Building Improvements	12 Months Ended
	Dec. 31, 2024
Furniture, Fixtures, Equipment and Building Improvements
Furniture, fixtures, equipment and building improvements
Furniture, Fixtures, Equipment and Building Improvements	Note 12—Furniture, Fixtures, Equipment and Building Improvements Furniture, fixtures, equipment and building improvements, included in Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ (in thousands) Furniture, fixtures, equipment and building improvements ​ $ 84,382 ​ $ 82,667 Less: Accumulated depreciation and amortization ​ ​ (71,466) ​ ​ (63,651) ​ ​ ​ $ 12,916 ​ $ 19,016 ​ ​ Depreciation and amortization expenses included in Occupancy and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ ​ (in thousands) ​ Depreciation and amortization expenses ​ $ 7,815 ​ $ 9,752 ​ $ 10,454 ​ ​

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases
Leases	Note 13—Leases The Company has operating lease agreements relating to its office facilities. The Company’s operating lease agreements have remaining terms ranging from less than one year to six years; some of these operating lease agreements include options to extend their terms for up to five years. None of the Company’s operating lease agreements require the Company to make variable lease payments. ​ The Company’s operating lease right-of-use assets included in Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (dollars in thousands) Lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ $ 15,870 ​ $ 18,782 ​ $ 19,779 Short-term leases ​ ​ 303 ​ ​ 436 ​ ​ 778 Sublease income ​ ​ (1,405) ​ ​ (902) ​ ​ (46) Net lease expense included in Occupancy and equipment ​ $ 14,768 ​ $ 18,316 ​ $ 20,511 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments for operating leases ​ $ 20,118 ​ $ 24,026 ​ $ 23,475 Operating lease right-of-use assets recognized ​ $ 1,388 ​ $ 2,893 ​ $ 1,364 Period end weighted averages: ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining lease term (in years) ​ ​ 3.6 ​ ​ 4.3 ​ ​ 4.8 Discount rate ​ ​ 4.0% ​ ​ 3.8% ​ ​ 3.8% ​ The maturities of the Company’s operating lease liabilities are summarized below: ​ ​ ​ ​ ​ Year ended December 31, ​ Operating leases ​ ​ (in thousands) 2025 ​ $ 19,698 2026 ​ ​ 14,590 2027 ​ ​ 7,050 2028 ​ ​ 5,065 2029 ​ ​ 3,922 Thereafter ​ ​ 3,141 Total lease payments ​ ​ 53,466 Less imputed interest ​ ​ (5,024) Operating lease liability included in Accounts payable and accrued expenses ​ $ 48,442 ​

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2024
Other Asset
Other Assets	Note 14—Other Assets Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Margin deposits ​ $ 288,153 ​ $ 135,645 Capitalized software, net ​ ​ 120,802 ​ ​ 148,736 Interest receivable ​ ​ 41,286 ​ ​ 35,196 Servicing fees receivable, net ​ ​ 38,676 ​ ​ 37,271 Other servicing receivables ​ ​ 54,058 ​ ​ 30,530 Prepaid expenses ​ ​ 45,762 ​ ​ 36,044 Operating lease right-of-use assets ​ ​ 36,572 ​ ​ 49,926 Deposits securing Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets ​ ​ 16,697 ​ ​ 15,653 Real estate acquired in settlement of loans ​ ​ 14,976 ​ ​ 14,982 Furniture, fixtures, equipment and building improvements, net ​ ​ 12,916 ​ ​ 19,016 Other ​ ​ 100,183 ​ ​ 59,461 ​ ​ $ 770,081 ​ $ 582,460 Deposits securing Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets ​ $ 16,697 ​ $ 15,653 ​

Short-Term Debt

Short-Term Debt	12 Months Ended
	Dec. 31, 2024
Short-Term Debt
Short-Term Debt	Note 15—Short-Term Debt ​ The borrowing facilities described throughout these Notes 15 and 16 contain various covenants, including financial covenants governing the Company’s net worth, debt-to-equity ratio and liquidity. Management believes that the Company was in compliance with these covenants as of December 31, 2024. ​ Assets Sold Under Agreements to Repurchase ​ The Company has multiple secured borrowing facilities in the form of asset sales under agreements to repurchase. These borrowing facilities are secured by MBS, loans held for sale at fair value or participation certificates backed by mortgage servicing assets. Eligible assets are sold at advance rates based on their fair values (as determined by the lender). Interest is charged at a rate based on the Secured Overnight Financing Rate (“SOFR”). Principal-only stripped MBS, loans and participation certificates financed under these agreements may be re-pledged by the lenders. ​ Assets sold under agreements to repurchase are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (dollars in thousands) Average balance of assets sold under agreements to repurchase ​ $ 5,474,998 ​ $ 3,701,448 ​ $ 2,580,513 Weighted average interest rate (1) ​ ​ 6.79% ​ ​ 7.12% ​ ​ 3.59% Total interest expense ​ $ 393,977 ​ $ 279,289 ​ $ 105,459 Maximum daily amount outstanding ​ $ 8,591,735 ​ $ 6,358,007 ​ $ 7,289,147 (1) Excludes the effect of amortization of debt issuance costs and non-utilization fees totaling $22.2 million, $15.7 million and $12.9 million for the years ended December 31, 2024, 2023 and 2022, respectively ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (dollars in thousands) Carrying value: ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ $ 8,692,756 ​ $ 3,769,449 Unamortized debt issuance costs ​ ​ (7,549) ​ ​ (5,493) ​ ​ $ 8,685,207 ​ $ 3,763,956 Weighted average interest rate ​ ​ 5.89% ​ ​ 7.05% Available borrowing capacity (1): ​ ​ ​ ​ ​ ​ Committed ​ $ 460,000 ​ $ 1,282,040 Uncommitted ​ ​ 3,104,026 ​ ​ 5,548,511 ​ ​ $ 3,564,026 ​ $ 6,830,551 Assets securing repurchase agreements: ​ ​ ​ ​ ​ ​ Principal-only stripped MBS ​ $ 825,865 ​ $ — Loans held for sale ​ $ 7,612,832 ​ $ 3,858,977 Servicing advances (2) ​ $ 357,939 ​ $ 354,831 Mortgage servicing rights (2) ​ $ 7,488,539 ​ $ 6,284,239 Deposits (2) ​ $ 16,697 ​ $ 15,653 (1) The amount the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. ​ (2) Beneficial interests in the Ginnie Mae MSRs, servicing advances and deposits together serve as the collateral backing servicing asset facilities that are included in Assets sold under agreements to repurchase and the term notes and term loans included in Notes payable secured by mortgage servicing assets . The term notes and term loans are described in Note 16 — Long-Term Debt - Notes payable secured by mortgage servicing assets. ​ ​ Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date: ​ ​ ​ ​ ​ Remaining maturity at December 31, 2024 (1) ​ Unpaid principal balance ​ ​ (dollars in thousands) Within 30 days ​ $ 1,902,179 Over 30 to 90 days ​ ​ 5,692,381 Over 90 to 180 days ​ ​ 108,542 Over 180 days to one year ​ ​ 246,095 Over one year to two years ​ ​ 743,559 Total assets sold under agreements to repurchase ​ $ 8,692,756 Weighted average maturity (in months) ​ ​ 4.0 (1) The Company is subject to margin calls during the period the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the fair value (as determined by the applicable lender) of the assets securing those agreements decreases. ​ The amounts at risk (the fair value of the assets pledged plus the related margin deposits, less the amounts advanced by the counterparty and interest payable) relating to the Company’s assets sold under agreements to repurchase are summarized by counterparty below as of December 31, 2024: ​ Loans held for sale and MSRs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ​ ​ Counterparty ​ Amount at risk ​ maturity of advances ​ Facility maturity ​ ​ (in thousands) ​ ​ ​ ​ Atlas Securitized Products, L.P., Goldman Sachs Bank USA, Nomura Corporate Funding Americas and Mizuho Bank, Ltd. (1) ​ $ 5,770,912 ​ May 6, 2026 ​ May 6, 2026 Atlas Securitized Products, L.P. ​ $ 138,531 ​ May 21, 2025 ​ June 26, 2026 Bank of America, N.A. ​ $ 76,289 ​ February 2, 2025 ​ June 10, 2026 JP Morgan Chase Bank, N.A. ​ $ 55,833 ​ March 5, 2025 ​ June 28, 2026 Royal Bank of Canada ​ $ 41,459 ​ January 28, 2025 ​ November 10, 2025 Barclays Bank PLC ​ $ 37,068 ​ April 26, 2025 ​ March 6, 2026 Citibank, N.A. ​ $ 26,417 ​ March 8, 2025 ​ June 11, 2026 Morgan Stanley Bank, N.A. ​ $ 25,893 ​ March 18, 2025 ​ May 22, 2026 BNP Paribas ​ $ 24,468 ​ March 22, 2025 ​ September 30, 2026 Wells Fargo Bank, N.A. ​ $ 14,954 ​ March 16, 2025 ​ October 15, 2025 Goldman Sachs Bank USA ​ $ 7,475 ​ March 17, 2025 ​ December 8, 2025 (1) The amount at risk includes the beneficial interests in Ginnie Mae MSRs and servicing advances pledged to serve as the collateral backing servicing asset facilities included in Assets sold under agreements to repurchase and the term notes and term loans included in Notes payable secured by mortgage servicing assets . The facilities mature on various dates ranging from August 4, 2025 through October 28, 2026 and the facility maturity date shown in this table represents a weighted average of those dates. ​ Principal-only stripped MBS ​ ​ ​ ​ ​ ​ ​ Counterparty ​ Amount at risk ​ Maturity ​ ​ (in thousands) ​ ​ Bank of America, N.A. ​ $ 1,788 ​ January 24, 2025 JP Morgan Chase Bank, N.A. ​ $ 21,739 ​ January 6, 2025 Wells Fargo Bank, N.A. ​ $ 18,238 ​ January 23, 2025 Santander US Capital Markets LLC ​ $ 13,226 ​ January 15, 2025 ​ Mortgage Loan Participation Purchase and Sale Agreements ​ Certain of the borrowing facilities secured by mortgage loans held for sale are in the form of mortgage loan participation purchase and sale agreements. Participation certificates, each of which represents an undivided beneficial ownership interest in mortgage loans that have been pooled into Fannie Mae, Freddie Mac or Ginnie Mae securities, are sold to a lender pending the securitization of the mortgage loans and sale of the resulting securities which generally occurs within 30 days. A commitment to sell the securities resulting from the pending securitization between the Company and a non-affiliate is also assigned to the lender at the time a participation certificate is 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 that is based on a percentage of the purchase price. The holdback amount is not required to be paid to the Company until the settlement of the security and its delivery to the lender. ​ The mortgage loan participation purchase and sale agreements are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 2022 ​ ​ (dollars in thousands) Average balance ​ $ 243,132 ​ $ 238,197 ​ $ 211,035 Weighted average interest rate (1) ​ ​ 6.46% ​ ​ 6.48% ​ ​ 3.16% Total interest expense ​ $ 16,404 ​ $ 16,129 ​ $ 7,314 Maximum daily amount outstanding ​ $ 518,042 ​ $ 515,537 ​ $ 515,043 (1) Excludes the effect of amortization of debt issuance costs totaling $695,000 , $688,000 and $651,000 for the years ended December 31, 2024, 2023 and 2022, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ ​ ​ ​ (dollars in thousands) Carrying value: ​ ​ ​ ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ ​ ​ ​ $ 496,856 ​ $ 446,406 Unamortized debt issuance costs ​ ​ ​ ​ ​ (344) ​ ​ (352) ​ ​ ​ ​ ​ $ 496,512 ​ $ 446,054 Weighted average interest rate ​ ​ ​ ​ ​ 5.58% ​ ​ 6.60% Fair value of loans pledged to secure mortgage loan participation purchase and sale agreements ​ ​ ​ ​ $ 528,002 ​ $ 470,524 ​

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2024
Long-Term Debt.
Long-Term Debt	Note 16—Long-Term Debt ​ Notes Payable Secured by Mortgage Servicing Assets ​ Term Notes and Term Loans ​ The Company, through its wholly-owned subsidiaries PNMAC, PLS and the PNMAC GMSR ISSUER TRUST (“Issuer Trust”), has entered into a structured finance transaction, in which PLS pledges and/or sells to the Issuer Trust participation certificates representing beneficial interests in Ginnie Mae mortgage servicing assets pursuant to a repurchase agreement. The Issuer Trust has issued VFNs to PLS, has issued secured term notes (the “Term Notes”) to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), and has entered into a series of syndicated term loans with various lenders (the “Term Loans”). The Term Notes and Term Loans are secured by the participation certificates relating to Ginnie Mae mortgage servicing assets financed pursuant to the servicing asset repurchase facilities, and rank pari passu with the mortgage servicing asset VFNs which are sold by PLS under agreements to repurchase as shown in Note 15 — Short-Term Debt Following is a summary of the issued and outstanding Term Notes and Term Loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity date Issuance date ​ Principal balance ​ Annual interest rate spread (1) ​ Stated ​ Optional extension (2) ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ Term Notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 3, 2022 ​ $ 500,000 ​ 4.25% ​ 5/25/2027 ​ 5/25/2029 February 29, 2024 ​ ​ 425,000 ​ 3.20% ​ 3/26/2029 ​ 3/25/2031 Term Loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, 2023 ​ ​ 680,000 ​ 3.00% ​ 2/25/2028 ​ 2/25/2029 October 25, 2023 ​ ​ 125,000 ​ 3.00% ​ 10/25/2028 ​ ​ ​ ​ $ 1,730,000 ​ ​ ​ ​ ​ ​ (1) Interest is charged at a rate based on SOFR plus a spread. (2) The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of the Term Notes or Term Loans as specified in the respective agreements. Freddie Mac MSR Notes Payable ​ The Company has notes payable to two lenders that are secured by Freddie Mac MSRs. Interest is charged at a rate of SOFR ​ Notes payable secured by mortgage servicing assets are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (dollars in thousands) Average balance ​ $ 1,848,374 ​ $ 2,421,124 ​ $ 1,584,383 Weighted average interest rate (1) ​ ​ 8.73% ​ ​ 8.59% ​ ​ 4.88% Total interest expense ​ $ 164,161 ​ $ 211,085 ​ $ 79,813 (1) Excludes the effect of amortization of debt issuance costs totaling $2.9 million, $3.2 million and $2.5 million for the years ended December 31, 2024, 2023 and 2022, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (dollars in thousands) Carrying value: ​ ​ ​ ​ ​ ​ Unpaid principal balance: ​ ​ ​ ​ ​ ​ Term Notes and Term Loans ​ $ 1,730,000 ​ $ 1,730,000 Freddie Mac MSR Notes Payable ​ ​ 325,000 ​ ​ 150,000 ​ ​ ​ 2,055,000 ​ ​ 1,880,000 Unamortized debt issuance costs ​ ​ (6,028) ​ ​ (6,585) ​ ​ $ 2,048,972 ​ $ 1,873,415 Weighted average interest rate ​ ​ 7.81% ​ ​ 8.82% Assets pledged to secure notes payable (1): ​ ​ ​ ​ ​ ​ Servicing advances ​ $ 357,939 ​ $ 354,831 Mortgage servicing rights ​ $ 8,609,388 ​ $ 7,033,892 Deposits ​ $ 16,697 ​ $ 15,653 (1) Beneficial interests in the Ginnie Mae MSRs, servicing advances and deposits together serve as the collateral backing servicing asset facilities that are included in Assets sold under agreements to repurchase and the Term Notes and Term Loans are included in Notes payable secured by mortgage servicing assets. Unsecured Senior Notes The Company issued unsecured senior notes (the “Unsecured Notes”) to qualified institutional buyers under Rule 144A of the Securities Act. The Unsecured Notes are senior unsecured obligations of the Company and will rank senior in right of payment to any future subordinate indebtedness of the Company, equally in right of payment with all existing and future senior indebtedness of the Company and effectively subordinate to any existing and future secured indebtedness of the Company to the extent of the fair value of collateral securing such indebtedness. ​ The Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by PFSI’s existing and future wholly-owned domestic subsidiaries (other than certain excluded subsidiaries defined in the indenture under which the Unsecured Notes were issued). The guarantees are senior unsecured obligations of the guarantors and will rank senior in right of payment to any future subordinate indebtedness of the guarantors, equally in right of payment with all existing and future senior indebtedness of the guarantors and effectively subordinate to any existing and future secured indebtedness of the guarantors to the extent of the fair value of collateral securing such indebtedness. The Unsecured Notes and the guarantees are structurally subordinate to the indebtedness and liabilities of the Company’s subsidiaries that do not guarantee the Unsecured Notes. ​ Following is a summary of the Company’s issued and outstanding Unsecured Notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance date ​ Principal balance ​ Note interest rate ​ Maturity date ​ Optional redemption date (1) ​ ​ (in thousands) ​ (annual) ​ ​ ​ ​ September 29, 2020 ​ $ 500,000 ​ 5.375% ​ October 15, 2025 ​ October 15, 2022 October 19, 2020 ​ ​ 150,000 ​ 5.375% ​ October 15, 2025 ​ October 15, 2022 February 11, 2021 ​ ​ 650,000 ​ 4.25% ​ February 15, 2029 ​ February 15, 2024 September 16, 2021 ​ ​ 500,000 ​ 5.75% ​ September 15, 2031 ​ September 15, 2026 December 11, 2023 ​ ​ 750,000 ​ 7.875% ​ December 15, 2029 ​ December 15, 2026 May 23, 2024 ​ ​ 650,000 ​ 7.125% ​ November 15, 2030 ​ November 15, 2026 ​ ​ $ 3,200,000 ​ ​ ​ ​ ​ ​ (1) Before the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at a price equal to 100% of the principal amount, plus accrued and unpaid interest and a make-whole premium or the Company may redeem up to 40% of the Unsecured Notes for that issuance with an amount equal to or less than the net proceeds from certain equity offerings at the redemption price set forth in the indenture, plus accrued and unpaid interest. On or after the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at the redemption prices set forth in the indenture, plus accrued and unpaid interest. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 ​ 2023 ​ 2022 ​ ​ (dollars in thousands) Average balance ​ $ 2,946,039 ​ $ 1,843,151 ​ $ 1,800,000 Weighted average interest rate (1) ​ ​ 6.04% ​ ​ 5.13% ​ ​ 5.07% Total interest expense ​ $ 184,304 ​ $ 98,396 ​ $ 95,014 (1) Excludes the effect of amortization of debt issuance costs of $6.5 million, $3.8 million and $3.7 million on for the years ended December 31, 2024, 2023 and 2022, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (dollars in thousands) Carrying value: ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ $ 3,200,000 ​ $ 2,550,000 Unamortized debt issuance costs and premiums, net ​ ​ (35,968) ​ ​ (30,349) ​ ​ $ 3,164,032 ​ $ 2,519,651 Weighted average interest rate ​ ​ 6.15% ​ ​ 5.90% ​ Maturities of Long-Term Debt ​ Maturities of long-term debt obligations (based on stated maturity dates) are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ ​ 2025 ​ 2026 ​ 2027 ​ 2028 ​ 2029 ​ Thereafter ​ Total ​ ​ (in thousands) Notes payable secured by mortgage servicing assets (1) ​ $ — ​ $ 325,000 ​ $ 500,000 ​ $ 805,000 ​ $ 425,000 ​ $ — ​ $ 2,055,000 Unsecured senior notes ​ ​ 650,000 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,400,000 ​ ​ 1,150,000 ​ ​ 3,200,000 Total ​ $ 650,000 ​ $ 325,000 ​ $ 500,000 ​ $ 805,000 ​ $ 1,825,000 ​ $ 1,150,000 ​ $ 5,255,000 (1) The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of the Term Notes by two years after their stated maturities.

Liability for Losses Under Repr

Liability for Losses Under Representations and Warranties	12 Months Ended
	Dec. 31, 2024
Liability for Losses Under Representations and Warranties
Liability for Losses Under Representations and Warranties	Note 17—Liability for Losses Under Representations and Warranties Following is a summary of the Company’s liability for losses under representations and warranties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Balance at beginning of year ​ $ 30,788 ​ $ 32,421 ​ $ 43,521 Provision for losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Resulting from sales of loans ​ ​ 16,486 ​ ​ 12,997 ​ ​ 9,617 Resulting from change in estimate ​ ​ (13,579) ​ ​ (9,115) ​ ​ (8,451) Losses incurred ​ ​ (4,566) ​ ​ (5,515) ​ ​ (12,266) Balance at end of year ​ $ 29,129 ​ $ 30,788 ​ $ 32,421 Unpaid principal balance of loans subject to representations and warranties at end of year ​ $ 413,382,503 ​ $ 354,423,684 ​ $ 296,774,121 ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Taxes
Income Taxes	Note 18—Income Taxes ​ The Company files U.S. federal and state corporate income tax returns for PFSI and partnership returns for PNMAC. The Company’s federal tax returns are subject to examination for 2021 and forward and its state tax returns are generally subject to examination for 2020 and forward. PNMAC’s federal partnership returns are subject to examination for 2021 and forward, and its state tax returns are generally subject to examination for 2020 and forward. The Internal Revenue Service has recently concluded their examination of the Company’s federal income tax return for 2020 and issued a no change letter. California has opened an audit for tax years 2019 and 2020. The Company does not expect any material changes from these examinations as of December 31, 2024. ​ The following table details the Company’s provision for income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) ​ Current (benefit) expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ (44) ​ $ 1,436 ​ $ (2,944) ​ State ​ ​ 258 ​ ​ 620 ​ ​ (249) ​ Total current expense (benefit) ​ ​ 214 ​ ​ 2,056 ​ ​ (3,193) ​ Deferred expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ ​ 70,877 ​ ​ 31,375 ​ ​ 131,670 ​ State ​ ​ 18,512 ​ ​ 5,544 ​ ​ 61,263 ​ Total deferred expense ​ ​ 89,389 ​ ​ 36,919 ​ ​ 192,933 ​ Total provision for income taxes ​ $ 89,603 ​ $ 38,975 ​ $ 189,740 ​ ​ The following table is a reconciliation of the Company’s provision for income taxes at statutory rates to the provision for income taxes at the Company’s effective income tax rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2024 ​ 2023 ​ 2022 Federal income tax at statutory rate ​ 21.0% ​ 21.0% ​ 21.0% ​ State income taxes, net of federal benefit ​ 5.2% ​ 4.7% ​ 5.9% ​ Tax rate revaluation ​ (1.9) % ​ (2.2) % ​ 1.2% ​ Other ​ (2.0) % ​ (2.3) % ​ 0.4% ​ Effective income tax rate ​ 22.3% ​ 21.2% ​ 28.5% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The components of the Company’s provision for deferred income taxes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) ​ Mortgage servicing rights ​ $ 231,892 ​ $ 186,628 ​ $ 326,378 ​ Net operating loss ​ ​ (181,759) ​ ​ (111,496) ​ ​ (160,605) ​ Reserves and losses ​ ​ 39,071 ​ ​ (41,641) ​ ​ 13,480 ​ Additional tax basis in partnership from exchanges of partnership units into the Company's common stock ​ ​ 3,841 ​ ​ 3,803 ​ ​ 4,517 ​ Compensation accruals ​ ​ (451) ​ ​ 7,403 ​ ​ 10,473 ​ California franchise taxes ​ ​ — ​ ​ — ​ ​ 4,447 ​ Other ​ ​ (3,205) ​ ​ (7,778) ​ ​ (5,757) ​ Total provision for deferred income taxes ​ $ 89,389 ​ $ 36,919 ​ $ 192,933 ​ ​ The components of Income taxes payable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Current income tax (receivable) payable ​ $ (45) ​ $ 1,230 Deferred income tax liability, net ​ ​ 1,131,045 ​ ​ 1,041,656 Income taxes payable ​ $ 1,131,000 ​ $ 1,042,886 ​ The tax effects of temporary differences that gave rise to deferred income tax assets and liabilities are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2024 ​ 2023 ​ ​ (in thousands) ​ Deferred income tax assets: ​ ​ ​ ​ ​ ​ ​ Net operating loss carryforward ​ $ 454,936 ​ $ 273,178 ​ Reserves and losses ​ ​ 36,365 ​ ​ 75,436 ​ Compensation accruals ​ ​ 35,718 ​ ​ 35,266 ​ Additional tax basis in partnership from exchanges of partnership units into the Company's common stock ​ ​ 18,116 ​ ​ 21,957 ​ Other ​ ​ 8,588 ​ ​ 9,943 ​ Gross deferred income tax assets ​ ​ 553,723 ​ ​ 415,780 ​ Deferred income tax liabilities: ​ ​ ​ ​ ​ ​ ​ Mortgage servicing rights ​ ​ 1,678,702 ​ ​ 1,446,810 ​ Other ​ ​ 6,066 ​ ​ 10,626 ​ Gross deferred income tax liabilities ​ ​ 1,684,768 ​ ​ 1,457,436 ​ Net deferred income tax liability ​ $ 1,131,045 ​ $ 1,041,656 ​ ​ The Company recorded a deferred tax asset of $454.9 million for net operating losses, of which $181.3 million related to net operating losses incurred in 2024 and the remaining balance of $273.6 million related to net operating losses incurred between 2018 and 2023. The $355.7 million related to federal net operating loss carry forward has no expiration date but is subject to an annual utilization limitation of up to 80% of taxable income. Of the remaining $99.2 million in deferred tax assets, relating to state net operating losses, $12.3 million expires between 2032 and 2037, $68.9 million expires in 2042 and $18.0 million has no expiration date. The Company expects to fully utilize these net operating losses before their expiration dates. ​ At December 31, 2024 and 2023, the Company had no unrecognized tax benefits and does not anticipate any unrecognized tax benefits. Should the recognition of any interest or penalties relative to unrecognized tax benefits be necessary, it is the Company’s policy to record such expenses in the Company’s income tax accounts. No such accruals existed at December 31, 2024 and 2023. ​ The Company made dividend payments of $52.2 million to holders of common stock in 2024. For tax purposes, the entire distribution is a return of capital to the stockholders.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies.
Commitments and Contingencies	Note 19—Commitments and Contingencies ​ Commitments to Purchase and Fund Loans ​ ​ Legal Proceedings ​ From time to time, the Company may be involved in various claims, investigations, lawsuits and other legal and regulatory proceedings in the ordinary course of its business. The amount, if any, of ultimate liability with respect to such matters cannot be determined, but despite the inherent uncertainties of litigation, management believes that the ultimate disposition of any such proceedings and exposure will not have, individually or taken together, a material adverse effect on the financial condition, income, or cash flows of the Company. ​ Litigation ​ On November 5, 2019, Black Knight Servicing Technologies, LLC (“Black Knight”), now a wholly-owned subsidiary of Intercontinental Exchange, Inc. (NYSE: ICE), filed a Complaint and Demand for Jury Trial in the Fourth Judicial Circuit Court in and for Duval County, Florida (the “Florida State Court”), captioned Black Knight Servicing Technologies, LLC v. PennyMac Loan Services, LLC (“PLS”), Case No. 2019-CA-007908, alleging breach of contract and misappropriation of MSP® System trade secrets. On November 6, 2019, PLS filed unlawful monopolization claims against Black Knight pursuant to the Sherman Act and Clayton Act seeking injunctive relief. On March 30, 2020, the Florida State Court granted a motion to compel arbitration filed by the Company, after which all claims of the Company and Black Knight were consolidated into a binding arbitration. ​ On November 28, 2023, the arbitrator issued an interim award (the “Interim Award”) granting in part and denying in part Black Knight’s breach of contract claim. The arbitrator’s Interim Award also denied in full Black Knight’s claim of trade secrets misappropriation. The Interim Award granted Black Knight monetary damages in the amount of $155.2 million, plus prejudgment interest and reasonable attorneys’ fees, and it denied in full all of Black Knight’s claims for injunctive and declaratory relief. ​ The Interim Award also granted PLS’ claim that Black Knight violated federal antitrust laws, specifically unlawful monopolization in violation of Section 2 of the Sherman Act, and granted PLS’ claim for injunctive relief under the Sherman Act and Clayton Act, as well as its reasonable attorneys’ fees and costs. The parties subsequently agreed not to seek attorneys’ fees or costs on any claims. ​ As a result of the Interim Award, PLS’ loan servicing technology, known as Servicing Systems Environment, or SSE, and all related intellectual property and software developed by or on behalf of PLS, remain the proprietary technology of PLS, free and clear of any restrictions on use. To this end, the arbitrator expressly enjoined Black Knight from claiming ownership to any portion of SSE or preventing the Company from commercializing SSE. Black Knight is also enjoined from enforcing any of its contract clauses requiring that its clients process their loans exclusively on the MSP platform. ​ On January 12, 2024, the arbitrator issued the final award (the “Final Award”), reducing Black Knight’s monetary damages to $150.2 million, plus interest. As a result of the Final Award, the Company reported a pretax expense accrual of $158.4 million in its financial results for the fourth quarter of fiscal year 2023. On February 14, 2024, the Company paid in full and Black Knight accepted payment of all damages and accrued interest due under the Final Award. On March 15, 2024, the Florida State Court confirmed the Final Award, giving the rulings and remedies therein preclusive effect. The Final Award was entered as a judgment in the Florida State Court on August 10, 2024. ​

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity.
Stockholders' Equity	Note 20—Stockholders’ Equity ​ The Company has a common stock repurchase program in the amount of $2 billion before transaction costs and excise taxes. The following table summarizes the Company’s stock repurchase activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ Cumulative ​ ​ 2024 ​ 2023 ​ 2022 ​ total (1) ​ ​ (in thousands) Shares of common stock repurchased ​ ​ — ​ ​ 1,201 ​ ​ 7,788 ​ ​ 34,063 Cost of shares of common stock repurchased ​ $ — ​ $ 71,491 ​ $ 406,086 ​ $ 1,788,198 (1) Amounts represent the total shares of common stock repurchased under the stock repurchase program through December 31, 2024. Cumulative total cost of common stock repurchase includes $537,000 of transaction fees. ​ The shares of repurchased common stock were canceled upon settlement of the repurchase transactions. ​ The Company made dividend payments of $52.2 million to holders of common stock in 2024. For tax purposes, the entire distribution is a return of capital to the stockholders.

Net Gains on Loans Held for Sal

Net Gains on Loans Held for Sale	12 Months Ended
	Dec. 31, 2024
Net Gains on Loans Held for Sale
Net Gains on Loans Held for Sale	Note 21—Net Gains on Loans Held for Sale ​ Net gains on loans held for sale at fair value are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) From non-affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ $ (1,731,125) ​ $ (1,337,613) ​ $ (2,128,195) Hedging activities ​ ​ 495,429 ​ ​ (99,515) ​ ​ 1,347,843 ​ ​ ​ (1,235,696) ​ ​ (1,437,128) ​ ​ (780,352) Non-cash gains: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage servicing rights resulting from loan sales ​ ​ 2,280,830 ​ ​ 1,849,957 ​ ​ 1,718,094 Provisions for losses relating to representations and warranties: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pursuant to loan sales ​ ​ (16,486) ​ ​ (12,997) ​ ​ (9,617) Reductions in liability due to changes in estimate ​ ​ 13,579 ​ ​ 9,115 ​ ​ 8,451 Changes in fair values of loans and derivatives held at end of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ (56,028) ​ ​ 63,749 ​ ​ (296,349) Loans ​ ​ 71,226 ​ ​ (71,425) ​ ​ 188,849 Hedging derivatives ​ ​ (244,124) ​ ​ 146,456 ​ ​ (20,879) ​ ​ ​ 813,301 ​ ​ 547,727 ​ ​ 808,197 From PennyMac Mortgage Investment Trust (1) ​ ​ 4,067 ​ ​ (1,784) ​ ​ (16,564) ​ ​ $ 817,368 ​ $ 545,943 ​ $ 791,633 (1) Gains on sales of loans to PMT are described in Note 4– Transactions with Related Parties.

Net Interest Expense

Net Interest Expense	12 Months Ended
	Dec. 31, 2024
Net Interest Expense
Net Interest Expense	Note 22—Net Interest Expense ​ Net interest expense is summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Interest income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and short-term investments ​ $ 56,252 ​ $ 68,457 ​ $ 19,839 Principal-only stripped mortgage-backed securities ​ ​ 26,035 ​ ​ — ​ ​ — Loans held for sale ​ ​ 326,697 ​ ​ 279,506 ​ ​ 172,124 Placement fees relating to custodial funds ​ ​ 383,798 ​ ​ 284,877 ​ ​ 102,099 Other ​ ​ 784 ​ ​ 84 ​ ​ — ​ ​ ​ 793,566 ​ ​ 632,924 ​ ​ 294,062 Interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets sold under agreements to repurchase ​ ​ 393,977 ​ ​ 279,289 ​ ​ 105,459 Mortgage loan participation purchase and sale agreements ​ ​ 16,404 ​ ​ 16,129 ​ ​ 7,314 Notes payable secured by mortgage servicing assets ​ ​ 164,161 ​ ​ 211,085 ​ ​ 79,813 Unsecured senior notes ​ ​ 184,304 ​ ​ 98,396 ​ ​ 95,014 Interest shortfall on repayments of mortgage loans serviced for Agency securitizations ​ ​ 46,385 ​ ​ 21,538 ​ ​ 40,741 Interest on mortgage loan impound deposits ​ ​ 11,298 ​ ​ 9,795 ​ ​ 7,066 Other ​ ​ 2,819 ​ ​ 1,545 ​ ​ 20 ​ ​ ​ 819,348 ​ ​ 637,777 ​ ​ 335,427 ​ ​ $ (25,782) ​ $ (4,853) ​ $ (41,365) ​

Stock-based Compensation

Stock-based Compensation	12 Months Ended
	Dec. 31, 2024
Stock-based Compensation
Stock-based Compensation	Note 23—Stock-based Compensation ​ The Company has adopted equity incentive plans that provide for grants of stock options, time-based and performance-based restricted stock units (“RSUs”), stock appreciation rights, performance units and stock grants. As of December 31, 2024, the Company has 5.3 million units available for future awards. ​ Following is a summary of the stock-based compensation expense by instrument awarded: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Performance-based RSUs ​ $ 1,490 ​ $ 9,740 ​ $ 18,096 Time-based RSUs ​ ​ 12,443 ​ ​ 11,672 ​ ​ 14,837 Stock options ​ ​ 6,935 ​ ​ 6,170 ​ ​ 9,619 ​ ​ $ 20,868 ​ $ 27,582 ​ $ 42,552 ​ Performance-Based RSUs ​ The performance based RSUs provide for the issuance of shares of the Company’s common stock based on the achievement of performance goals and job performance ratings. No shares under the grants with performance periods ending December 31, 2024 are expected to vest as the performance goals were not achieved. ​ The fair value of the performance-based RSUs is measured based on the fair value of the Company’s common stock at the grant date, taking into consideration the expected outcome of the performance goal, and the number of shares to be forfeited during the vesting period. The Company applies forfeiture rates of 0 – 20.3% per year based on the grantees’ employee classification. The actual number of shares that vest could vary from zero, if the performance goals are not met, to as much as 300% of the units granted, if the performance goals are meaningfully exceeded. ​ The table below summarizes performance-based RSU activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands, except per unit amounts) ​ Number of units: ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ ​ 873 ​ ​ 976 ​ ​ 1,226 ​ Granted ​ ​ 246 ​ ​ 307 ​ ​ 342 ​ Vested (1) ​ ​ (274) ​ ​ (385) ​ ​ (509) ​ Forfeited or cancelled ​ ​ (62) ​ ​ (25) ​ ​ (83) ​ Outstanding at end of year ​ ​ 783 ​ ​ 873 ​ ​ 976 ​ Weighted average grant date fair value per unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ $ 58.90 ​ $ 48.94 ​ $ 36.12 ​ Granted ​ $ 84.93 ​ $ 60.70 ​ $ 57.10 ​ Vested ​ $ 58.86 ​ $ 35.36 ​ $ 23.40 ​ Forfeited ​ $ 65.29 ​ $ 58.46 ​ $ 49.14 ​ Outstanding at end of year ​ $ 66.58 ​ $ 58.90 ​ $ 48.94 ​ (1) The actual number of performance-based RSUs vested during the years ended December 31, 2024, 2023 and 2022 were 309,000 , 617,000 and 654,000 shares, respectively, which is approximately 113% , 160% and 128% of the originally granted units, respectively, due to performance exceeding the established target for the respective grant. ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized compensation cost (in thousands) ​ ​ ​ ​ $ 9,415 Number of shares expected to vest (in thousands) ​ ​ ​ ​ ​ 467 Weighted average remaining vesting period (in months) ​ ​ ​ ​ ​ 11 ​ Time-Based RSUs ​ The RSU grant agreements provide for the award of time-based RSUs, entitling the award recipient to one share of the Company’s common stock for each RSU. In general, and except as otherwise provided by the agreement, one-third ​ Compensation cost relating to time-based RSUs is based on the grant date fair value of the Company’s common stock and the number of shares expected to vest. For purposes of estimating the cost of the time-based RSUs granted, the Company applies forfeiture rates of 0% – 20.3% per year based on the grantees’ employee classification. ​ The table below summarizes time-based RSU activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands, except per unit amounts) Number of units: ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ ​ 412 ​ ​ 483 ​ ​ 434 Granted ​ ​ 152 ​ ​ 187 ​ ​ 331 Vested ​ ​ (215) ​ ​ (247) ​ ​ (246) Forfeited ​ ​ (27) ​ ​ (11) ​ ​ (36) Outstanding at end of year ​ ​ 322 ​ ​ 412 ​ ​ 483 Weighted average grant date fair value per unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ $ 58.90 ​ $ 53.71 ​ $ 41.74 Granted ​ $ 85.66 ​ $ 60.72 ​ $ 57.10 Vested ​ $ 59.18 ​ $ 50.09 ​ $ 37.34 Forfeited ​ $ 66.59 ​ $ 57.66 ​ $ 51.97 Outstanding at end of year ​ $ 70.64 ​ $ 58.90 ​ $ 53.71 ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized compensation cost (in thousands) ​ ​ ​ ​ $ 4,982 Number of units expected to vest (in thousands) ​ ​ ​ ​ ​ 303 Weighted average remaining vesting period (in months) ​ ​ ​ ​ ​ 8 ​ Stock Options ​ The stock option award agreements provide for the award of options to purchase common stock. In general, and except as otherwise provided by the agreement, one-third ​ Each stock option has a term of ten years from the date of grant but expires (1) immediately upon termination of the holder’s employment or other association with the Company for cause, (2) one year after the holder’s employment or other association is terminated due to death or disability and (3) three months after the holder’s employment or other association is terminated for any other reason. ​ The fair value of each stock option award is estimated on the date of grant using a variant of the Black Scholes model based on the following inputs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2024 ​ 2023 ​ 2022 Expected volatility (1) ​ 38% ​ 38% ​ 37% ​ Expected dividends ​ 0.9% ​ 1.3% ​ 1.4% ​ Risk-free interest rate ​ 4.2% - 5.0% ​ 4.2% - 5.0% ​ 1.1% - 2.1% ​ Expected grantee forfeiture rate ​ 0% - 5.1% ​ 0% - 5.1% ​ 0% - 5.1% ​ (1) Based on historical volatilities of the Company’s common stock. ​ The Company uses its historical employee departure behavior to estimate the grantee forfeiture rates used in its option-pricing model. The expected term of common stock options granted is derived from the Company’s option pricing model and represents the period that common stock options granted are expected to be outstanding. The risk-free interest rate for periods within the contractual term of the common stock option is based on the U.S. Treasury yield curve in effect at the time of grant. ​ The table below summarizes stock option award activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands, except per option amounts) Number of stock options: ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ ​ 3,857 ​ ​ 4,317 ​ ​ 3,906 Granted ​ ​ 188 ​ ​ 221 ​ ​ 574 Exercised ​ ​ (788) ​ ​ (658) ​ ​ (155) Forfeited ​ ​ (47) ​ ​ (23) ​ ​ (8) Outstanding at end of year ​ ​ 3,210 ​ ​ 3,857 ​ ​ 4,317 Weighted average exercise price per option: ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ $ 35.08 ​ $ 32.46 ​ $ 28.43 Granted ​ $ 84.93 ​ $ 60.67 ​ $ 57.10 Exercised ​ $ 25.68 ​ $ 25.66 ​ $ 21.09 Forfeited ​ $ 64.97 ​ $ 58.10 ​ $ 53.10 Outstanding at end of year ​ $ 39.87 ​ $ 35.08 ​ $ 32.46 ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of options exercisable at end of year (in thousands) ​ ​ ​ ​ ​ 2,738 Weighted average exercise price per exercisable option ​ ​ ​ ​ $ 34.94 Weighted average remaining contractual term (in years): ​ ​ ​ ​ ​ ​ Outstanding ​ ​ ​ ​ ​ 4.7 Exercisable ​ ​ ​ ​ ​ 4.1 Aggregate intrinsic value: ​ ​ ​ ​ ​ ​ Outstanding (in thousands) ​ ​ ​ ​ $ 199,893 Exercisable (in thousands) ​ ​ ​ ​ $ 184,011 Expected vesting amounts: ​ ​ ​ ​ ​ ​ Number of options expected to vest (in thousands) ​ ​ ​ ​ ​ 465 Weighted average vesting period (in months) ​ ​ ​ ​ ​ 8 ​

Disaggregation of Certain Expen

Disaggregation of Certain Expense Captions	12 Months Ended
	Dec. 31, 2024
Disaggregation of Certain Expense Captions
Disaggregation of Certain Expense Captions	Note 24—Disaggregation of Certain Expense Captions ​ As discussed in Note 3 - Significant Accounting Policies – Accounting Standards Adopted in 2024 effective ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Expense line ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Technology ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of capitalized software ​ $ 48,169 ​ $ 43,462 ​ $ 23,955 Impairment of capitalized software ​ ​ 147 ​ ​ 46 ​ ​ — Other (1) ​ ​ 101,231 ​ ​ 99,644 ​ ​ 115,995 Total technology expenses ​ $ 149,547 ​ $ 143,152 ​ $ 139,950 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Occupancy and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation ​ $ 7,815 ​ $ 9,752 ​ $ 10,454 Operating lease cost ​ ​ 14,465 ​ ​ 17,880 ​ ​ 19,733 Short-term lease cost ​ ​ 303 ​ ​ 436 ​ ​ 778 Other (2) ​ ​ 10,315 ​ ​ 8,490 ​ ​ 9,159 Total occupancy and equipment expenses ​ $ 32,898 ​ $ 36,558 ​ $ 40,124 (1) Other technology expense consists primarily software licensing and maintenance and data center expenses. ​ (2) Other occupancy and equipment expenses consists primarily common area maintenance charges, repair and security expenses. ​

Earnings Per Share of Common St

Earnings Per Share of Common Stock	12 Months Ended
	Dec. 31, 2024
Earnings Per Share of Common Stock
Earnings Per Share of Common Stock	Note 25—Earnings Per Share of Common Stock ​ Basic earnings per share of common stock is determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share of common stock is determined by dividing net income by the weighted average number of shares of common stock and dilutive securities outstanding during the year. ​ The Company’s potentially dilutive securities are stock-based compensation awards. The Company applies the treasury stock method to determine the diluted weighted average number of shares of common stock outstanding based on the outstanding stock-based compensation awards. ​ The following table summarizes the basic and diluted earnings per share calculations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands, except per share amounts) Net income ​ $ 311,423 ​ $ 144,656 ​ $ 475,507 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of common stock outstanding ​ ​ 50,990 ​ ​ 49,978 ​ ​ 53,065 Effect of dilutive securities - shares issuable under stock-based compensation plan ​ ​ 2,366 ​ ​ 2,755 ​ ​ 2,885 Weighted average diluted shares of common stock outstanding ​ ​ 53,356 ​ ​ 52,733 ​ ​ 55,950 Basic earnings per share ​ $ 6.11 ​ $ 2.89 ​ $ 8.96 Diluted earnings per share ​ $ 5.84 ​ $ 2.74 ​ $ 8.50 ​ Calculations of diluted earnings per share require certain potentially dilutive shares to be excluded when their inclusion in the diluted earnings per share calculation would be anti-dilutive. The following table summarizes the weighted-average number of anti-dilutive outstanding performance-based RSUs, time-based RSUs and stock options excluded from the calculation of diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 2023 2022 ​ ​ (in thousands except for weighted average exercise price) Performance-based RSUs (1) ​ ​ 775 ​ ​ 561 ​ ​ 281 Time-based RSUs ​ ​ 3 ​ ​ 2 ​ ​ 62 Stock options (2) ​ ​ 153 ​ ​ 289 ​ ​ 1,339 Total anti-dilutive units and options ​ ​ 931 ​ ​ 852 ​ ​ 1,682 Weighted average exercise price of anti-dilutive stock options (2) ​ $ 84.93 ​ $ 59.42 ​ $ 58.58 (1) Certain performance-based RSUs were outstanding but not included in the computation of earnings per share because the performance thresholds included in such RSUs have not been achieved. ​ (2) Certain stock options were outstanding but not included in the computation of diluted earnings per share because the weighted-average exercise prices were above the average stock price for the year.

Regulatory Capital and Liquidit

Regulatory Capital and Liquidity Requirements	12 Months Ended
	Dec. 31, 2024
Regulatory Capital and Liquidity Requirements
Regulatory Capital and Liquidity Requirements	Note 26—Regulatory Capital and Liquidity Requirements ​ The Company, through PLS, is required to maintain specified levels of capital and liquidity to remain a seller/servicer in good standing with the Agencies. Such capital and liquid asset requirements generally are tied to the size of the Company’s loan servicing portfolio, loan origination volume and delinquency rate. ​ The Agencies’ capital and liquidity requirements, the calculations of which are specified by each Agency, are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ Requirement/Agency ​ Actual (1) ​ Requirement (1) ​ Actual (1) ​ Requirement (1) ​ ​ (dollars in thousands) ​ Capital ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae & Freddie Mac ​ $ 7,457,748 ​ $ 1,380,100 ​ $ 6,890,144 ​ $ 1,211,365 ​ Ginnie Mae ​ $ 6,952,347 ​ $ 1,526,074 ​ $ 6,559,001 ​ $ 1,314,677 ​ HUD ​ $ 6,952,347 ​ $ 2,500 ​ $ 6,559,001 ​ $ 2,500 ​ Risk-based capital ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ginnie Mae (2) ​ ​ 40 % ​ 6 % ​ ​ ​ ​ ​ ​ Liquidity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae & Freddie Mac ​ $ 870,243 ​ $ 630,698 ​ $ 1,243,927 ​ $ 543,913 ​ Ginnie Mae ​ $ 1,208,755 ​ $ 460,200 ​ $ 1,684,457 ​ $ 389,501 ​ Adjusted net worth / Total assets ratio ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ginnie Mae ​ ​ 35 % ​ 6 % ​ 48 % ​ 6 % Tangible net worth / Total assets ratio ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae & Freddie Mac ​ ​ 29 % ​ 6 % ​ 37 % ​ 6 % (1) Calculated in compliance with the respective Agency’s requirements. ​ (2) Ginnie Mae has issued a risk-based capital requirement that became effective December 31, 2024. ​ Noncompliance with an Agency’s requirements can result in such Agency taking various remedial actions up to and including terminating PLS’s ability to sell loans to and service loans on behalf of the respective Agency.

Segments

Segments	12 Months Ended
	Dec. 31, 2024
Segments
Segments	Note 27—Segments ​ The Company’s reportable segments are identified based on their unique business activities. The following disclosures about the Company’s business segments are presented consistent with the way the Company’s chief operating decision maker organizes and evaluates financial information for making operating decisions and assessing performance. The reportable segments are evaluated based on income or loss before provisions for (benefit from) income taxes. The chief operating decision maker uses pre-tax segment results to assess segment performance and allocate operating and capital resources among the two reportable segments. The segments are separately evaluated because they represent different products and services. The Company’s chief operating decision maker is its chief executive officer. ​ During the year ended December 31, 2024, the Company adopted ASU 2023-07. Concurrent with the adoption of ASU 2023-07 management reassessed its segment definitions to those shown below. Prior year amounts have been recast to conform those years’ presentation to current year presentation. ​ The Company conducts its business in two operating and reportable segments, production and servicing: ​ ● The production segment performs loan origination, acquisition and sale activities, including the fulfillment of correspondent production activities for PMT. ● The servicing segment performs servicing of loans on behalf of PMT and non-affiliate investors, execution and management of early buyout transactions and servicing of loans sourced and managed for PMT. ● Non-segment activities are included under the heading “Corporate and other” and include amounts attributable to corporate activities that are not directly attributable to the production and servicing segments as well as investment management fees earned from PMT. None of the other items meet the quantitative threshold to be classified as a reportable segment. ​ ​ Financial performance and results by segment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2024 ​ ​ ​ Production ​ Servicing ​ Reportable segment total ​ Corporate and other ​ Consolidated Total ​ ​ (in thousands) ​ Revenues: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gains on loans held for sale at fair value ​ $ 726,720 ​ $ 90,648 ​ $ 817,368 ​ $ — ​ $ 817,368 ​ Loan origination fees ​ ​ 185,700 ​ ​ — ​ ​ 185,700 ​ ​ — ​ ​ 185,700 ​ Fulfillment fees from PennyMac Mortgage Investment Trust ​ ​ 26,291 ​ ​ — ​ ​ 26,291 ​ ​ — ​ ​ 26,291 ​ Net loan servicing fees ​ ​ — ​ ​ 533,655 ​ ​ 533,655 ​ ​ — ​ ​ 533,655 ​ Management fees ​ ​ — ​ ​ — ​ ​ — ​ ​ 28,623 ​ ​ 28,623 ​ Net interest income (expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 321,210 ​ ​ 470,492 ​ ​ 791,702 ​ ​ 1,864 ​ ​ 793,566 ​ Interest expense ​ ​ 318,750 ​ ​ 500,598 ​ ​ 819,348 ​ ​ — ​ ​ 819,348 ​ ​ ​ ​ 2,460 ​ ​ (30,106) ​ ​ (27,646) ​ ​ 1,864 ​ ​ (25,782) ​ Other ​ ​ 531 ​ ​ 1,167 ​ ​ 1,698 ​ ​ 26,178 ​ ​ 27,876 ​ Total net revenue ​ ​ 941,702 ​ ​ 595,364 ​ ​ 1,537,066 ​ ​ 56,665 ​ ​ 1,593,731 ​ Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Compensation ​ ​ 315,838 ​ ​ 204,371 ​ ​ 520,209 ​ ​ 112,529 ​ ​ 632,738 ​ Loan origination ​ ​ 164,092 ​ ​ — ​ ​ 164,092 ​ ​ — ​ ​ 164,092 ​ Technology ​ ​ 95,603 ​ ​ 39,511 ​ ​ 135,114 ​ ​ 14,433 ​ ​ 149,547 ​ Servicing ​ ​ — ​ ​ 105,997 ​ ​ 105,997 ​ ​ — ​ ​ 105,997 ​ Professional services ​ ​ 11,206 ​ ​ 6,906 ​ ​ 18,112 ​ ​ 19,880 ​ ​ 37,992 ​ Occupancy and equipment ​ ​ 15,683 ​ ​ 11,142 ​ ​ 26,825 ​ ​ 6,073 ​ ​ 32,898 ​ Marketing and advertising ​ ​ 20,138 ​ ​ 280 ​ ​ 20,418 ​ ​ 1,551 ​ ​ 21,969 ​ Legal settlements ​ ​ — ​ ​ (30) ​ ​ (30) ​ ​ 1,621 ​ ​ 1,591 ​ Other (2) ​ ​ 7,911 ​ ​ 22,185 ​ ​ 30,096 ​ ​ 15,785 ​ ​ 45,881 ​ Total expenses ​ ​ 630,471 ​ ​ 390,362 ​ ​ 1,020,833 ​ ​ 171,872 ​ ​ 1,192,705 ​ Income (loss) before provision for income taxes ​ $ 311,231 ​ $ 205,002 ​ $ 516,233 ​ $ (115,207) ​ $ 401,026 ​ Segment assets at end of year ​ $ 8,431,612 ​ $ 17,588,018 ​ $ 26,019,630 ​ $ 67,257 ​ $ 26,086,887 ​ Acquisition of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized software ​ $ 16,156 ​ $ 3,685 ​ $ 19,841 ​ $ 541 ​ $ 20,382 ​ Furniture, fixtures, equipment and building improvements ​ $ 465 ​ $ 1,039 ​ $ 1,504 ​ $ 211 ​ $ 1,715 ​ Amortization of capitalized software ​ $ 39,160 ​ $ 7,881 ​ $ 47,041 ​ $ 1,128 ​ $ 48,169 ​ Depreciation and amortization of furniture, fixtures, equipment and building improvements ​ $ 3,743 ​ $ 2,804 ​ $ 6,547 ​ $ 1,268 ​ $ 7,815 ​ (1) All revenues are from external customers. The segments do not recognize intersegment revenues. ​ (2) Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as safekeeping, travel, postage and corporate insurance. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 ​ ​ ​ Production ​ Servicing ​ Reportable segment total ​ Corporate and other ​ Consolidated Total ​ ​ ​ (in thousands) ​ Revenues: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gains on loans held for sale at fair value ​ $ 453,063 ​ $ 92,880 ​ $ 545,943 ​ $ — ​ $ 545,943 ​ Loan origination fees ​ ​ 146,118 ​ ​ — ​ ​ 146,118 ​ ​ — ​ ​ 146,118 ​ Fulfillment fees from PennyMac Mortgage Investment Trust ​ ​ 27,826 ​ ​ — ​ ​ 27,826 ​ ​ — ​ ​ 27,826 ​ Net loan servicing fees ​ ​ — ​ ​ 642,600 ​ ​ 642,600 ​ ​ — ​ ​ 642,600 ​ Management fees ​ ​ — ​ ​ — ​ ​ — ​ ​ 28,762 ​ ​ 28,762 ​ Net interest income (expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 272,307 ​ ​ 358,247 ​ ​ 630,554 ​ ​ 2,370 ​ ​ 632,924 ​ Interest expense ​ ​ 254,890 ​ ​ 382,887 ​ ​ 637,777 ​ ​ — ​ ​ 637,777 ​ ​ ​ ​ 17,417 ​ ​ (24,640) ​ ​ (7,223) ​ ​ 2,370 ​ ​ (4,853) ​ Other ​ ​ 250 ​ ​ 3,663 ​ ​ 3,913 ​ ​ 11,347 ​ ​ 15,260 ​ Total net revenue ​ ​ 644,674 ​ ​ 714,503 ​ ​ 1,359,177 ​ ​ 42,479 ​ ​ 1,401,656 ​ Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Compensation ​ ​ 274,447 ​ ​ 201,002 ​ ​ 475,449 ​ ​ 101,515 ​ ​ 576,964 ​ Loan origination ​ ​ 114,500 ​ ​ — ​ ​ 114,500 ​ ​ — ​ ​ 114,500 ​ Technology ​ ​ 88,086 ​ ​ 40,343 ​ ​ 128,429 ​ ​ 14,723 ​ ​ 143,152 ​ Servicing ​ ​ — ​ ​ 69,433 ​ ​ 69,433 ​ ​ — ​ ​ 69,433 ​ Professional services ​ ​ 10,825 ​ ​ 7,485 ​ ​ 18,310 ​ ​ 42,211 ​ ​ 60,521 ​ Occupancy and equipment ​ ​ 18,353 ​ ​ 10,774 ​ ​ 29,127 ​ ​ 7,431 ​ ​ 36,558 ​ Marketing and advertising ​ ​ 16,125 ​ ​ 178 ​ ​ 16,303 ​ ​ 1,328 ​ ​ 17,631 ​ Legal settlements ​ ​ 853 ​ ​ — ​ ​ 853 ​ ​ 161,917 ​ ​ 162,770 ​ Other (2) ​ ​ 5,407 ​ ​ 16,896 ​ ​ 22,303 ​ ​ 14,193 ​ ​ 36,496 ​ Total expenses ​ ​ 528,596 ​ ​ 346,111 ​ ​ 874,707 ​ ​ 343,318 ​ ​ 1,218,025 ​ Income (loss) before provision for income taxes ​ $ 116,078 ​ $ 368,392 ​ $ 484,470 ​ $ (300,839) ​ $ 183,631 ​ Segment assets at end of year ​ $ 4,560,323 ​ $ 14,036,203 ​ $ 18,596,526 ​ $ 248,037 ​ $ 18,844,563 ​ Acquisition of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized software ​ $ 32,504 ​ $ 416 ​ $ 32,920 ​ $ 1,864 ​ $ 34,784 ​ Furniture, fixtures, equipment and building improvements ​ $ 199 ​ $ 991 ​ $ 1,190 ​ $ 196 ​ $ 1,386 ​ Amortization of capitalized software ​ $ 31,285 ​ $ 9,934 ​ $ 41,219 ​ $ 2,243 ​ $ 43,462 ​ Depreciation and amortization of furniture, fixtures, equipment and building improvements ​ $ 5,225 ​ $ 2,965 ​ $ 8,190 ​ $ 1,562 ​ $ 9,752 ​ (1) All revenues are from external customers. The segments do not recognize intersegment revenues. ​ (2) Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as safekeeping, travel, postage and corporate insurance. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ ​ ​ Production ​ Servicing ​ Reportable segment total ​ Corporate and other ​ Consolidated Total ​ ​ ​ (in thousands) ​ Revenues: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gains on loans held for sale at fair value ​ $ 599,895 ​ $ 191,738 ​ $ 791,633 ​ $ — ​ $ 791,633 ​ Loan origination fees ​ ​ 169,859 ​ ​ — ​ ​ 169,859 ​ ​ — ​ ​ 169,859 ​ Fulfillment fees from PennyMac Mortgage Investment Trust ​ ​ 67,991 ​ ​ — ​ ​ 67,991 ​ ​ — ​ ​ 67,991 ​ Net loan servicing fees ​ ​ — ​ ​ 951,329 ​ ​ 951,329 ​ ​ — ​ ​ 951,329 ​ Management fees ​ ​ — ​ ​ — ​ ​ — ​ ​ 31,065 ​ ​ 31,065 ​ Net interest income (expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 134,206 ​ ​ 158,954 ​ ​ 293,160 ​ ​ 902 ​ ​ 294,062 ​ Interest expense ​ ​ 108,072 ​ ​ 227,355 ​ ​ 335,427 ​ ​ — ​ ​ 335,427 ​ ​ ​ ​ 26,134 ​ ​ (68,401) ​ ​ (42,267) ​ ​ 902 ​ ​ (41,365) ​ Other ​ ​ 441 ​ ​ 3,119 ​ ​ 3,560 ​ ​ 11,683 ​ ​ 15,243 ​ Total net revenue ​ ​ 864,320 ​ ​ 1,077,785 ​ ​ 1,942,105 ​ ​ 43,650 ​ ​ 1,985,755 ​ Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Compensation ​ ​ 384,884 ​ ​ 205,332 ​ ​ 590,216 ​ ​ 145,015 ​ ​ 735,231 ​ Loan origination ​ ​ 173,622 ​ ​ — ​ ​ 173,622 ​ ​ — ​ ​ 173,622 ​ Technology ​ ​ 81,826 ​ ​ 41,256 ​ ​ 123,082 ​ ​ 16,868 ​ ​ 139,950 ​ Servicing ​ ​ — ​ ​ 59,628 ​ ​ 59,628 ​ ​ — ​ ​ 59,628 ​ Professional services ​ ​ 22,769 ​ ​ 7,500 ​ ​ 30,269 ​ ​ 43,001 ​ ​ 73,270 ​ Occupancy and equipment ​ ​ 21,653 ​ ​ 12,353 ​ ​ 34,006 ​ ​ 6,118 ​ ​ 40,124 ​ Marketing and advertising ​ ​ 40,419 ​ ​ 679 ​ ​ 41,098 ​ ​ 5,664 ​ ​ 46,762 ​ Legal settlements ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,649 ​ ​ 4,649 ​ Other (2) ​ ​ 8,348 ​ ​ 19,824 ​ ​ 28,172 ​ ​ 19,100 ​ ​ 47,272 ​ Total expenses ​ ​ 733,521 ​ ​ 346,572 ​ ​ 1,080,093 ​ ​ 240,415 ​ ​ 1,320,508 ​ Income (loss) before provision for income taxes ​ $ 130,799 ​ $ 731,213 ​ $ 862,012 ​ $ (196,765) ​ $ 665,247 ​ Segment assets at end of year ​ $ 3,617,627 ​ $ 13,056,461 ​ $ 16,674,088 ​ $ 148,496 ​ $ 16,822,584 ​ Acquisition of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized software ​ $ 66,171 ​ $ 1,365 ​ $ 67,536 ​ $ 4,399 ​ $ 71,935 ​ Furniture, fixtures, equipment and building improvements ​ $ 5,146 ​ $ 1,515 ​ $ 6,661 ​ $ 498 ​ $ 7,159 ​ Amortization of capitalized software ​ $ 11,653 ​ $ 9,961 ​ $ 21,614 ​ $ 2,341 ​ $ 23,955 ​ Depreciation and amortization of furniture, fixtures, equipment and building improvements ​ $ 5,832 ​ $ 3,044 ​ $ 8,876 ​ $ 1,578 ​ $ 10,454 ​ (1) All revenues are from external customers. The segments do not recognize intersegment revenues. ​ (2) Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as safekeeping, travel, postage and corporate insurance.

Parent Company Information

Parent Company Information	12 Months Ended
	Dec. 31, 2024
Parent Company Information
Parent Company Information	Note 28—Parent Company Information ​ The Company’s debt financing agreements require PLS, the Company’s indirect controlled subsidiary, to comply with financial covenants that include a minimum tangible net worth of $1.3 billion. PLS is limited from transferring funds to the Parent by this minimum tangible net worth requirement. The Company’s Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Company’s existing and future wholly-owned domestic subsidiaries (other than certain excluded subsidiaries defined in the indentures under which the Unsecured Notes were issued). ​ ​ PENNYMAC FINANCIAL SERVICES, INC. CONDENSED BALANCE SHEETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2024 ​ 2023 ​ ​ (in thousands) ​ ASSETS ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 2,994 ​ $ 8,639 ​ Investments in subsidiaries ​ ​ 4,809,214 ​ ​ 4,488,039 ​ Due from subsidiaries ​ ​ 3,012,578 ​ ​ 2,322,854 ​ Total assets ​ $ 7,824,786 ​ $ 6,819,532 ​ LIABILITIES AND STOCKHOLDERS' EQUITY ​ ​ ​ ​ ​ ​ ​ Unsecured senior notes ​ $ 3,164,032 ​ $ 2,519,651 ​ Accounts payable and accrued expenses ​ ​ 34,274 ​ ​ 29,636 ​ Payable to subsidiaries ​ ​ — ​ ​ 187 ​ Income taxes payable ​ ​ 796,829 ​ ​ 731,455 ​ Total liabilities ​ ​ 3,995,135 ​ ​ 3,280,929 ​ Stockholders' equity ​ ​ 3,829,651 ​ ​ 3,538,603 ​ Total liabilities and stockholders' equity ​ $ 7,824,786 ​ $ 6,819,532 ​ ​ ​ PENNYMAC FINANCIAL SERVICES, INC. CONDENSED STATEMENTS OF INCOME ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 2022 ​ ​ (in thousands) Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends from subsidiaries ​ $ 9,378 ​ $ 80,617 ​ $ 417,391 Net interest income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income: ​ ​ ​ ​ ​ ​ ​ ​ ​ From non-affiliates ​ ​ 5 ​ ​ — ​ ​ — From subsidiary ​ ​ 255,773 ​ ​ 156,082 ​ ​ 121,452 ​ ​ ​ 255,778 ​ ​ 156,082 ​ ​ 121,452 Interest expense ​ ​ 184,304 ​ ​ 98,396 ​ ​ 95,014 ​ ​ ​ 71,474 ​ ​ 57,686 ​ ​ 26,438 Total net revenues ​ ​ 80,852 ​ ​ 138,303 ​ ​ 443,829 Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Charitable contributions ​ ​ 2,500 ​ ​ — ​ ​ — Other ​ ​ 838 ​ ​ 931 ​ ​ 267 Total expenses ​ ​ 3,338 ​ ​ 931 ​ ​ 267 Income before provision for income taxes and equity in undistributed earnings of subsidiaries ​ ​ 77,514 ​ ​ 137,372 ​ ​ 443,562 Provision for income taxes ​ ​ 66,398 ​ ​ 31,267 ​ ​ 129,948 Income before equity in undistributed earnings of subsidiaries ​ ​ 11,116 ​ ​ 106,105 ​ ​ 313,614 Equity in undistributed earnings of subsidiaries ​ ​ 300,307 ​ ​ 38,551 ​ ​ 161,893 Net income ​ $ 311,423 ​ $ 144,656 ​ $ 475,507 ​ PENNYMAC FINANCIAL SERVICES, INC. CONDENSED STATEMENTS OF CASH FLOWS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Cash flows from operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 311,423 ​ $ 144,656 ​ $ 475,507 Adjustments to reconcile net income to net cash provided by operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in undistributed earnings of subsidiaries ​ ​ (300,307) ​ ​ (38,551) ​ ​ (161,893) Amortization of net debt issuance costs ​ ​ 6,509 ​ ​ 3,802 ​ ​ 3,701 Decrease in receivable from PennyMac Mortgage Investment Trust ​ ​ — ​ ​ 27 ​ ​ — Increase in intercompany receivable ​ ​ (698,869) ​ ​ (894,204) ​ ​ (31,566) Increase (decrease) in accounts payable and accrued expenses ​ ​ 4,638 ​ ​ 3,280 ​ ​ (1,779) (Decrease) increase in payable to subsidiaries ​ ​ (187) ​ ​ 52 ​ ​ 19 Increase in income taxes payable ​ ​ 65,374 ​ ​ 32,383 ​ ​ 217,771 Net cash (used in) provided by operating activities ​ ​ (611,419) ​ ​ (748,555) ​ ​ 501,760 Cash flows from financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance of unsecured senior notes ​ ​ 650,000 ​ ​ 750,000 ​ ​ — Payment of debt issuance costs ​ ​ (12,128) ​ ​ (14,071) ​ ​ — Payment of dividend to holders of common stock ​ ​ (52,160) ​ ​ (41,446) ​ ​ (54,621) Issuance of common stock pursuant to exercise of stock options ​ ​ 20,062 ​ ​ 17,215 ​ ​ 2,947 Payment of withholding taxes relating to stock-based compensation ​ ​ — ​ ​ — ​ ​ (7,780) Repurchase of common stock ​ ​ — ​ ​ — ​ ​ (406,086) Net cash provided by (used in) financing activities ​ ​ 605,774 ​ ​ 711,698 ​ ​ (465,540) Net (decrease) increase in cash (1) ​ ​ (5,645) ​ ​ (36,857) ​ ​ 36,220 Cash at beginning of year ​ ​ 8,639 ​ ​ 45,496 ​ ​ 9,276 Cash at end of year ​ $ 2,994 ​ $ 8,639 ​ $ 45,496 Supplemental cash flow information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-cash financing activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchase of common stock by PNMAC on behalf of Parent company ​ $ — ​ $ 71,491 ​ $ — Payment of withholding taxes relating to stock-based compensation by PNMAC on behalf of Parent company ​ $ 9,401 ​ $ 9,142 ​ $ — Issuance of common stock in settlement of directors' fees ​ $ 256 ​ $ 180 ​ $ 205 (1) The Company did no t hold restricted cash during the years presented.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events
Subsequent Events	Note 29—Subsequent Events ​ Management has evaluated all events and transactions through the date the Company issued these consolidated financial statements. During this period: ​ ● On February 6, 2025, the Company issued $850 million in principal amount of 6.875% unsecured senior notes due February, 15, 2033 that will be fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by its existing and future wholly-owned domestic subsidiaries. ​ ● On January 30, 2024 , the Company announced a cash dividend of $0.30 per common share. The dividend will be paid on February 23, 2025 to common stockholders of record as of February 13, 2025 . ​ ● All agreements to repurchase assets that matured before the date of this Report were extended or renewed. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 311,423	$ 144,656	$ 475,507

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Enterprise Risk Management Framework and Governance ​ The Cybersecurity Program is integrated with our enterprise risk management framework and is primarily managed by the CIO, the CISO, and other information security personnel and consultants, and is overseen by risk management, internal audit, senior management and the board of directors to ensure the confidentiality, integrity and the availability of the Company’s enterprise information systems, data and business operations. The Cybersecurity Program utilizes specialized third-party cybersecurity service providers to periodically perform penetration testing across certain internet-facing and business critical applications as well as external and internal network penetration tests. ​ Our Enterprise Risk Management unit separately provides independent oversight and monitoring of the Cybersecurity Program through periodic quality control testing and regulatory compliance verification of the Cybersecurity Program’s controls. Our Internal Audit unit is an independent corporate function reporting to the board of directors’ Audit Committee that also reviews the effectiveness of the Cybersecurity Program and whether it is effectively integrated into our overall enterprise risk management framework . Additionally, Enterprise Risk Management and Internal Audit units may from time to time separately engage consulting services to perform independent cybersecurity controls audits and provide expert guidance.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Cybersecurity Program, which is integrated ​ ● Information Security Risk Assessment - Conducting internal and external risk and control assessment, quality control and assurance testing. ​ ● I dentity and Access Management - Managing enterprise identity and access control systems. ​ ● Security Architecture - Managing security architecture, including secure code deployment standards, architecture security reviews, and cybersecurity advisory support. ​ ● Security Engineering - Designing, implementing and operating security technologies, including but not limited to malware protections, security event and incident management, data loss prevention, and phishing defenses. ​ ● Security Operations - Ensuring continuous operational coverage of security events and alerts, maintaining and executing processes for triage, containment, investigation and escalation/communication and threat intelligence. ​ ● Attack Surface Management - Managing vulnerability and patch management, network penetration testing, application security testing and exercises, including cybersecurity training, cyber-attack simulations and tabletop exercises with senior management to detect control gaps. ​ ● Third-Party Assessments - Coordinating, reviewing and analyzing third-party providers’ assessments of the Cybersecurity Program. Internal Audit may also perform a periodic cybersecurity program audit that may be supported by external consulting firms. ​ ● Third-Party Service Provider Reviews – Identifying and reviewing material risks from cybersecurity threats associated with certain third-party service providers.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Board of Directors Oversight ​ The board of directors oversees reports from the board committees and third-party consultants
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Management Oversight ​ Our CIO, CISO and other senior executives who oversee the Company’s enterprise IT infrastructure periodically meet in management committees to ensure that our enterprise information systems are protected from internal and external cybersecurity threats by monitoring cybersecurity controls, risk assessments and information system reports. The CIO, CISO and our management committees periodically provide cybersecurity reports about our Cybersecurity Program to senior management, the board of directors and our board committees.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Board of Directors Oversight ​ The board of directors oversees reports from the board committees and third-party consultants ​ Management Oversight ​ Our CIO, CISO and other senior executives who oversee the Company’s enterprise IT infrastructure periodically meet in management committees to ensure that our enterprise information systems are protected from internal and external cybersecurity threats by monitoring cybersecurity controls, risk assessments and information system reports. The CIO, CISO and our management committees periodically provide cybersecurity reports about our Cybersecurity Program to senior management, the board of directors and our board committees.
Cybersecurity Risk Role of Management [Text Block]	Our CIO, CISO and other senior executives who oversee the Company’s enterprise IT infrastructure periodically meet in management committees to ensure that our enterprise information systems are protected from internal and external cybersecurity threats by monitoring cybersecurity controls, risk assessments and information system reports. The CIO, CISO and our management committees periodically provide cybersecurity reports about our Cybersecurity Program to senior management, the board of directors and our board committees.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Risk Committee
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CIO, CISO and other senior executives who oversee the Company’s enterprise IT infrastructure periodically meet in management committees to ensure that our enterprise information systems are protected from internal and external cybersecurity threats by monitoring cybersecurity controls, risk assessments and information system reports.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	When a potential cybersecurity incident is detected, we gather the necessary information to classify the incident by type and severity and activate containment plans and response teams depending on the nature of the incident. Cybersecurity incidents that may impact enterprise business operations, compromise critical systems or result in unauthorized access to critical data will be escalated to the CISO and an internal incident response team comprised of senior IT, business operations and compliance personnel to coordinate any internal and external responses. The CISO and the internal incident team will also elevate any material cybersecurity incidents or unauthorized occurrences that jeopardize the confidentiality, integrity or availability of enterprise information to senior management and the board of directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Significant Accounting Policies
Basis of Presentation	​ 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 ​
Principles of Consolidation	Principles of Consolidation ​ These consolidated financial statements include the accounts of PFSI and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated. The Company also consolidates certain variable interest entities (“VIEs”) as described below. ​ Variable Interest Entities ​ The Company entered into securitization transactions in which VIEs issue variable funding notes (“VFNs”) to PLS and term debt backed by beneficial interests in Ginnie Mae and Fannie Mae mortgage servicing rights (“MSRs”). PLS finances the VFNs by selling them under agreements to repurchase. The Company acts as guarantor of the VFNs and term debt. The Company determined that it is the primary beneficiary of the VIEs because as the holder of the VFNs and guarantor of the VFNs and term debt, it holds the variable interest in the VIEs. Therefore, PFSI consolidates the VIEs. ​ For financial reporting purposes, the MSRs financed by the consolidated VIEs are included in Mortgage servicing rights at fair value Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets Short Term Debt Long Term Debt ​
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make judgments and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results will likely differ from those estimates.
Cash Flows	Cash Flows ​ For the purpose of presentation in the statement of cash flows, the Company has identified tenant security deposits relating to rental properties owned by PMT and managed by the Company as restricted cash. Tenant security deposits are included in Other ​
Fair Value	Fair Value ​ Most of the Company’s assets and certain of its liabilities are measured at or based on their fair values. The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine their fair values. 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 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.
Short-Term Investment	Short-Term Investment ​ Short-term investment, which represents an investment in an account with a depository institution, is carried at fair value. Changes in fair value are recognized in current period income. The Company classifies its short-term investment as a “Level 1” fair value asset.
Principal-Only Stripped Mortgage-Backed Securities	Principal-Only Stripped Mortgage-Backed Securities ​ Interest income Net loan servicing fees – Mortgage servicing rights hedging results
Loans Held for Sale	Loans Held for Sale ​ The Company has elected to account for loans held for sale at fair value, with changes in fair value recognized in current period income, to more timely reflect the Company’s performance. All changes in fair value are recognized as a component of Net gains on loans held for sale at fair value ​ Sale Recognition ​ The Company recognizes transfers of loans as sales when it surrenders control over the loans. Control over transferred loans is deemed to be surrendered when (i) the loans have been isolated from the Company, (ii) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred loans, and (iii) the Company does not maintain effective control over the transferred loans through either (a) an agreement that entitles and obligates the Company to repurchase or redeem them before their maturity or (b) the ability to unilaterally cause the holder to return specific loans.
Interest Income Recognition	​ Interest Income Recognition ​ Interest income on loans held for sale at fair value is recognized over the life of the loans using their contractual interest rates. Income recognition is suspended and the interest receivable is reversed against Interest income
Derivative Financial Instruments	Derivative Financial Instruments ​ The Company holds and issues derivative financial instruments that are created as a result of certain of its operations. 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 are interest rate lock commitments (“IRLCs”) that are created when the Company commits to purchase or originate a loan for sale at a specified interest rate. ​ ​ ● Loans held for sale and IRLCs. The Company bears price risk from the time a commitment to fund a loan is made to a borrower or to purchase a loan from PMT or a non-affiliated entity, to the time either the prospective transaction is cancelled or the loan is sold. During this period, the Company is exposed to losses if market interest rates increase, because the fair value of the purchase commitment or prospective loan decreases. ​ ● MSRs. MSRs are generally subject to reduction in fair value when mortgage interest rates decrease. Decreasing mortgage interest rates normally encourage increased mortgage refinancing activity. Increased refinancing activity reduces the expected life of the mortgage loans underlying the MSRs, thereby reducing the MSRs’ fair values. Reductions in the fair value of MSRs affect earnings primarily through recognition of the changes in fair value. ​ To manage the fair value risk resulting from interest rate risk, the Company uses derivative financial instruments acquired with the intention of reducing the risk that changes in market interest rates will result in unfavorable changes in the fair value of the Company’s IRLCs, inventory of loans held for sale and MSRs. ​ The Company manages the risk created by IRLCs by entering into forward sale agreements to sell the expected mortgage loans or MBS and by the purchase and sale of options on MBS. Such agreements are also accounted for as derivative financial instruments. These and other interest-rate derivatives are also used to manage the fair value risk created by changes in prepayment speeds on certain of the MSRs the Company holds. ​ The Company classifies its IRLCs as “Level 3” fair value assets and liabilities. Fair value of hedging derivative financial instruments that are actively traded on an exchange are categorized by the Company as “Level 1” fair value assets and liabilities. Fair value of hedging derivative financial instruments based on observable MBS prices or interest rate volatilities in the MBS market are categorized as “Level 2” fair value assets and liabilities. ​ The Company does not designate its derivative financial instruments for hedge accounting. Therefore, the Company accounts for its derivative financial instruments as free-standing derivatives. All derivative financial instruments are recognized on the consolidated balance sheet at fair value with changes in the fair values being reported in current period income. ​ Changes in fair value of derivative financial instruments hedging IRLCs, loans held for sale at fair value and MSRs are included in Net gains on loans held for sale at fair value Mortgage servicing rights hedging results, ​ Cash flows from derivative financial instruments hedging IRLCs and loans acquired for sale are included in Cash flows from operating activities Sale and repayment of loans acquired for sale at fair value to nonaffiliates Cash flows from investing activities When the Company has multiple derivative financial instruments with the same counterparty subject to a master netting arrangement, it offsets the amounts recorded as assets and liabilities and amounts recognized for the right to reclaim cash collateral it has deposited with the counterparty or the obligation to return cash collateral it has collected from the counterparty arising from that master netting arrangement. Such offset amounts are presented as either a net asset or liability by counterparty on the Company’s consolidated balance sheets.
Servicing Advances	Servicing Advances ​ Servicing advances represent contractually required protective advances the Company makes on behalf of the loans’ beneficial interest holders. Servicing advances may include advances of scheduled principal and interest amounts due to the beneficial interest holders on delinquent loans, property taxes, insurance premiums and out-of-pocket collection amounts (e.g., preservation and restoration of mortgaged property or real estate acquired in the settlement of loans (“REO”), legal fees, and appraisals) made to protect beneficial interest holders’ interests in the properties collateralizing their loans. Servicing advances are made in compliance with the respective servicing agreements and Agency loan servicing guides. ​ The Company does not expect to incur credit losses on servicing advances as such amounts are generally recoverable from the Agencies. Certain of the Company’s loan servicing agreements and Agency loan servicing guides limit the amounts that the beneficial interest holders or loan insurers or guarantors will reimburse the Company, and beneficial interest holders or guarantors may dispute the level of certain charges incurred in the collection process. ​ The Company is contractually responsible for making the payments required to protect its beneficial interest holders’ interests in the properties collateralizing their loans and may, therefore, be required to incur amounts in excess of insurer or guarantor reimbursement limits. Therefore, the Company provides a valuation allowance on the servicing advances for these amounts in excess of amounts that are expected to ultimately be recovered from the loans’ insurers, guarantors or beneficial interest holders. ​ The servicing advance valuation allowance is estimated based on relevant qualitative and quantitative information about past events, including historical collection and loss experience, current conditions, and reasonable and supportable forecasts that affect collectable amounts. The provision for losses on servicing advances is included in Servicing
Mortgage Servicing Rights and Mortgage Servicing Liabilities	Mortgage Servicing Rights and Mortgage Servicing Liabilities ​ MSRs and mortgage servicing liabilities (“MSLs”) arise from contractual agreements between the Company and investors (or their agents) in mortgage securities and mortgage loans. Under these contracts, the Company performs loan servicing functions in exchange for fees and other remuneration. The servicing functions typically performed include, among other responsibilities, collecting and remitting loan payments; responding to borrower inquiries; accounting for principal and interest; holding custodial (impounded) funds for payment of property taxes and insurance premiums; counseling delinquent mortgagors; administering loss mitigation activities, including modification and forbearance programs; and supervising foreclosures and property dispositions. ​ The Company is contractually entitled to receive other remuneration including various mortgagor-contracted fees such as late charges and collateral reconveyance charges, and the Company is generally entitled to retain the placement fees earned on impounded funds and funds held pending remittance related to its collection of mortgagor payments. The Company also generally has the right to solicit the mortgagors for other products and services as well as for new mortgages for those considering refinancing their existing loan or purchasing a new home. ​ The Company recognizes MSRs and MSLs initially at fair value, either as proceeds from or liabilities incurred in sales of mortgage loans where the Company assumes the obligation to service the mortgage loan in the sale transaction, or from the purchase of MSRs or receipt of cash for acceptance of MSLs. ​ The fair value of MSRs and MSLs is derived from the net positive or negative, respectively, cash flows associated with the servicing contracts. For loans subject to MSR and MSL contracts, the Company receives a servicing fee, based on the remaining outstanding principal balances of the mortgage loans subject to the servicing contracts. The servicing fees are collected from the monthly payments made by the mortgagors. ​ The fair value of MSRs and MSLs is difficult to determine because MSRs and MSLs are not actively traded in observable stand-alone markets. Considerable judgment is required to estimate the fair values of MSRs and MSLs and the exercise of such judgment can significantly affect the Company’s income. Therefore, the Company classifies its MSRs and MSLs as “Level 3” fair value assets and liabilities. ​ Changes in fair value of MSLs and MSRs are recognized in current period income in Change in fair value of mortgage servicing rights and mortgage servicing liabilities
Lease	Leases The Company determines if an arrangement is a lease at inception. If the arrangement is determined to be a lease, the Company recognizes both an operating lease right-of-use asset in Other Accounts payable and accrued expenses Occupancy and equipment The Company’s lease agreements include both lease and non-lease components (such as common area maintenance), which are generally included in the lease and are accounted for together with the lease as a single lease component. As such, lease payments represent payments on both lease and non-lease components. At lease commencement, lease liabilities are recognized based on the present value of the remaining lease payments and discounted using the Company’s incremental borrowing rate. Right-of-use assets initially equal the lease liability, adjusted for any lease payments made before lease commencement and for any lease incentives. ​
Furniture, Fixtures, Equipment and Building Improvements	Furniture, Fixtures, Equipment and Building Improvements ​ Furniture, fixtures, equipment and building improvements are stated at historical cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the various classes of assets, which range from five
Capitalized Software	​ Capitalized Software ​ The Company capitalizes certain consulting, payroll, and payroll-related costs related to the development of computer software for internal use. Once development is complete and the software is placed in service, the Company amortizes the capitalized costs over three ​ The Company periodically assesses capitalized software for recoverability when events or changes in circumstances indicate that its carrying amount may not be recoverable. If the Company identifies an indicator of impairment, it assesses recoverability by comparing the carrying amount of the asset to the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset. An impairment loss is recognized when the carrying amount is not recoverable and is measured as the excess of carrying value over fair value.
Investment in PennyMac Mortgage Investment Trust at Fair Value	​ Investment in PennyMac Mortgage Investment Trust at Fair Value ​ Common shares of beneficial interest in PMT are carried at fair value with changes in fair value recognized in current period income. Fair value for purposes of the Company’s holdings in PMT is based on the published closing price of the shares as of period end. The Company classifies its investment in common shares of PMT as a “Level 1” fair value asset.
Loans Eligible for Repurchase	Loans Eligible for Repurchase ​ The terms of the Ginnie Mae MBS program allow, but do not require, the Company to repurchase a loan when it is at least three months delinquent. As a result of this right, the Company recognizes the loans in Loans eligible for repurchase Liability for loans eligible for repurchase ​
Borrowings	Borrowings ​ The carrying values of borrowings are based on the accrued cost of the agreements. The costs of creating the facilities underlying the agreements (debt issuance costs) are included in the carrying value of the agreements and are charged to Interest expense ​ ● Debt issuance costs relating to revolving facilities, such as repurchase agreement and mortgage loan participation purchase and sale facilities are amortized on the straight line basis over the term of the facility; and ​ ● Debt issuance cost relating to non-revolving debts, such as the Company’s Notes payable secured by mortgage servicing assets and Unsecured senior notes are amortized over the contractual term of the non-revolving debt using the interest method.
Liability for Losses Under Representations and Warranties	​ The Company’s agreements with the Agencies and other investors include representations and warranties related to the loans the Company sells to the Agencies and other investors. The representations and warranties require adherence to Agency and other investor origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law. ​ In the event of a breach of its representations and warranties, the Company may be required to either repurchase the loans with the identified defects or indemnify the investor or insurer. In such cases, the Company bears any subsequent credit loss on the loans. The Company’s credit loss may be reduced by any recourse it may have to correspondent loan sellers that, in turn, had sold such mortgage loans to PMT and breached similar or other representations and warranties. In such event, the Company has the right to seek a recovery of related repurchase losses from that correspondent loan seller, through PMT. ​ As a result of providing representations and warranties to investors and insurers, the Company records a provision for losses on representations and warranties at fair value upon sale of loans. The method used to estimate the liability for representations and warranties is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and loan repurchase rates, the estimated severity of loss in the event of default and the probability of reimbursement by the correspondent loan seller. The Company periodically assesses the adequacy of the recorded liability. The level of the liability for representations and warranties is reviewed and approved by the Company’s management credit committee. Both the initial recognition of, and adjustments to the level of, the liability for representations and warranties are recorded in Net gains on loans held for sale at fair value ​ The level of the liability for representations and warranties is difficult to estimate and requires considerable judgment. The level of loan repurchase losses is dependent on economic factors, investor repurchase demand or insurer claim denial strategies, and other external conditions that may change over the lives of the underlying loans. The Company’s representations and warranties are generally not subject to stated limits of exposure. However, the Company believes that the current unpaid principal balance (“UPB”) of loans sold to date represents the maximum exposure to repurchases related to representations and warranties.
Loan Origination Fees	Loan Origination Fees Loan origination fees represent compensation to the Company for the origination or purchase of loans. Loan origination fees are earned and recognized upon funding or purchase of the loan by the Company and are collected either at purchase from the correspondent seller, at funding when paid by the borrower or upon sale of the loan when the origination fees are financed by the borrower.
Loan Servicing Fees	Loan Servicing Fees ​ Loan servicing fees are received by the Company for servicing loans. Loan servicing activities are described in Mortgage Servicing Rights and Mortgage Servicing Liabilities Note 4 – Transactions with Related Parties ​ The Company’s obligations under its loan servicing agreements are fulfilled as the Company services the loans. Fees are collected when the loan payments are received from the borrowers in the case of MSRs and MSLs held by the Company or within 30 days of the applicable month-end for subserviced loans. ​ Loan servicing fees relating to owned MSRs are recognized when earned. Loan servicing fees relating to loans subserviced for PMT are recognized in the month in which the loans are serviced. ​
Fulfillment Fees	Fulfillment Fees ​ Note 4 – Transactions with Related Parties ​
Management Fees	Management Fees ​ Management fees represent compensation to the Company for management services it provides to PMT. Management fees are based on PMT’s shareholders’ equity amounts and profitability in excess of specified thresholds as detailed in Note 4 – Transactions with Related Parties
Stock-Based Compensation	Stock-Based Compensation ​ The Company establishes the cost of its share-based awards at the awards’ fair values at the grant date of the awards. The Company estimates the fair value of time-based restricted stock units and performance-based restricted stock units awarded with reference to the fair value of its underlying common stock and expected forfeiture rates on the date of the award. The Company estimates the fair value of its stock option awards with reference to the expected price volatility of its shares of common stock, expected dividend yield, expected forfeiture rates, and risk-free interest rate for the period that exercisable stock options are expected to be outstanding. ​ Compensation costs are fixed, except for performance-based restricted stock units, as of the award date. The cost of performance-based restricted stock units is adjusted in each reporting period after the grant for changes in expected performance attainment until the performance share units vest. The Company amortizes the cost of stock based compensation awards to Compensation
Marketing and Advertising	Marketing and Advertising ​
Income Taxes	Income Taxes ​ The Company is subject to federal and state income taxes. Income taxes are provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. ​ The Company recognizes the effect on deferred taxes of a change in tax rates in income in the period in which the change occurs. The Company establishes a valuation allowance if, in management’s judgment, it is not more likely than not that a deferred tax asset will be realized. ​ The Company recognizes tax benefits relating to its tax positions only if, in the opinion of management, it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority. A tax position that meets this standard is recognized as the largest amount that is greater than 50% likely to be realized upon ultimate settlement with the appropriate taxing authority. The Company will classify any penalties and interest as a component of provision for income taxes. ​ As a result of a recapitalization and reorganization of PNMAC in 2013, the Company expects to benefit from amortization and other tax deductions resulting from increases in the tax basis of PNMAC’s assets from the exchange of PennyMac Class A units to the shares of the Company’s common stock. Those deductions will be allocated to the Company and will be taken into account in reporting the Company’s taxable income. ​ The Company entered into a tax receivable agreement with certain of the former unitholders of PNMAC that provides for the additional payment by the Company to exchanging unitholders of PNMAC equal to 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that PFSI realizes due to (i) increases in tax basis resulting from exchanges of the then existing unitholders and (ii) certain other tax benefits related to PFSI entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement. Although a reorganization of the Company in 2018 eliminated the potential for unitholders to exchange any additional units subject to this tax receivable agreement, the Company continues to be subject to the agreement and provide payment when applicable for units exchanged before the reorganization.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements ​ Income Tax Disclosures ​ The FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), that is intended to enhance the level of detail and decision usefulness of income tax disclosures. ASU 2023-09 requires disclosures of: ​ ● Reconciliation of the expected tax at the applicable statutory federal income tax rate to the reported 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 ​ ● Disclosure of 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 specified by ASU 2023-09 are required in the Company’s annual financial statements beginning with the year ended December 31, 2025, with early adoption permitted. The Company is evaluating the effect on its disclosures. ​ Accounting Standards Adopted in 2024 ​ Segment Disclosures ​ In November 2023, the FASB issued ASU No. 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 disclosures primarily through enhanced disclosures about significant segment expenses. The key amendments 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 adopted ASU 2023-07, using the retrospective method, for the year ended December 31, 2024. Detailed disclosures are included in Note 27 ‒Segments . ​ Disaggregation of Income Statement Expenses ​ The FASB issued ASU No. 2024-03, Income Statement (Topic 220 ) —Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), to improve the disclosures of expenses by requiring public business entities to provide further disaggregation of relevant expense captions; employee compensation, depreciation and amortization of intangible assets in a separate note to the financial statements. A qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and the total amount of selling expenses and, in an annual reporting period, an entity’s definition of selling expenses. ​ The Company adopted ASU 2024-03 effective December 31, 2024. The disclosure specified by ASU 2024-03 is included in Note 24 ‒Disaggregation of Certain Expense Captions.

Transactions with Related Par_2

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2024
Transactions with Affiliates
Summary of activity in Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 2023 2022 ​ ​ (in thousands) Activity during the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments under tax receivable agreement ​ $ — ​ $ — ​ $ 3,855 Repricing of liability ​ $ (201) ​ $ — ​ $ (576) Balance at end of year ​ $ 25,898 ​ $ 26,099 ​ $ 26,099
Related Party | PennyMac Mortgage Investment Trust
Transactions with Affiliates
Summary of lending activity between the Company and affiliate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in thousands) Net gains (losses) on loans held for sale at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gains (losses) on loans sold to PMT (primarily cash) ​ $ 6,260 ​ $ — ​ $ (2,820) Mortgage servicing rights recapture incurred ​ ​ (2,193) ​ ​ (1,784) ​ ​ (13,744) ​ ​ $ 4,067 ​ $ (1,784) ​ $ (16,564) Sale of loans held for sale to PMT ​ $ 662,952 ​ $ — ​ $ 298,862 UPB of loans recaptured ​ $ 353,710 ​ $ 315,412 ​ $ 2,533,115 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax service fees earned from PMT included in Loan origination fees ​ $ 2,503 ​ $ 3,216 ​ $ 8,418 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fulfillment fee revenue ​ $ 26,291 ​ $ 27,826 ​ $ 67,991 Unpaid principal balance of loans fulfilled for PMT subject to fulfillment fees ​ $ 13,446,484 ​ $ 14,898,301 ​ $ 37,090,031 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sourcing fees included in cost of loans purchased from PMT ​ $ 8,069 ​ $ 7,162 ​ $ 4,968 Unpaid principal balance of loans purchased from PMT: ​ ​ ​ ​ ​ ​ ​ ​ ​ Government guaranteed or insured ​ $ 40,838,480 ​ $ 40,476,782 ​ $ 45,768,110 Conventional conforming ​ ​ 39,856,056 ​ ​ 31,141,915 ​ ​ 3,912,157 ​ ​ $ 80,694,536 ​ $ 71,618,697 ​ $ 49,680,267
Summary of loan servicing fees earned from PMT	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Servicing portfolio ​ 2024 2023 ​ 2022 ​ ​ (in thousands) Prime servicing ​ $ 83,173 ​ $ 81,139 ​ $ 81,386 Special servicing ​ ​ 79 ​ ​ 208 ​ ​ 529 ​ ​ $ 83,252 ​ $ 81,347 ​ $ 81,915
Summary of management fees earned	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 2023 ​ 2022 ​ ​ (in thousands) Base management ​ $ 28,623 ​ $ 28,762 ​ $ 31,065 Performance incentive ​ ​ — ​ ​ — ​ ​ — ​ ​ $ 28,623 ​ $ 28,762 ​ $ 31,065 Average PMT's shareholders' equity used to calculate base management fees ​ $ 1,908,287 ​ $ 1,917,642 ​ $ 2,079,851
Summary of reimbursement of expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 2023 2022 ​ ​ (in thousands) Reimbursement of: ​ ​ ​ ​ Expenses incurred on PMT's behalf, net ​ $ 20,871 ​ $ 21,468 ​ $ 23,829 Common overhead incurred by the Company ​ ​ 7,909 ​ ​ 7,492 ​ ​ 8,588 Compensation ​ ​ 660 ​ ​ 660 ​ ​ 660 ​ ​ $ 29,440 ​ $ 29,620 ​ $ 33,077 Payments and settlements during the year (1) ​ $ 118,167 ​ $ 94,339 ​ $ 144,012 (1) Payments and settlements include payments for the operating, investing and financing activities summarized in this note and netting settlements made pursuant to master netting agreements between the Company and PMT.
Summary of investing activity between the Company and affiliate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) ​ Activity during the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends from PennyMac Mortgage Investment Trust ​ $ 120 ​ $ 120 ​ $ 136 ​ Change in fair value of investment in PennyMac Mortgage Investment Trust ​ ​ (177) ​ ​ 192 ​ ​ (371) ​ Dividends received and change in fair value ​ $ (57) ​ $ 312 ​ $ (235) ​ Balance at end of year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value ​ $ 944 ​ $ 1,121 ​ ​ ​ ​ Number of shares ​ ​ 75 ​ ​ 75 ​ ​ ​ ​
Summary of amounts due from and payable to affiliate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Receivable from PMT: ​ ​ ​ ​ ​ ​ Correspondent production fees ​ $ 11,122 ​ $ 8,288 Management fees ​ ​ 7,149 ​ ​ 7,252 Servicing fees ​ ​ 6,822 ​ ​ 6,809 Allocated expenses and expenses incurred on PMT's behalf ​ ​ 3,508 ​ ​ 5,612 Fulfillment fees ​ ​ 1,605 ​ ​ 1,301 ​ ​ $ 30,206 ​ $ 29,262 Payable to PMT: ​ ​ ​ ​ ​ ​ Amounts advanced by PMT to fund its servicing advances ​ $ 106,302 ​ $ 208,154 Other ​ ​ 16,015 ​ ​ 56 ​ ​ $ 122,317 ​ $ 208,210

Loan Sales and Servicing Acti_2

Loan Sales and Servicing Activities (Tables)	12 Months Ended
	Dec. 31, 2024
Loan Sales and Servicing Activities
Summary of cash flows between the Company and transferees upon sale of loans in transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 2023 2022 ​ ​ (in thousands) Cash flows: ​ ​ ​ ​ ​ ​ ​ Sales proceeds ​ $ 101,105,292 ​ $ 85,684,522 ​ $ 84,345,379 Servicing fees received ​ $ 1,423,171 ​ $ 1,173,108 ​ $ 931,315
Summary of the allowance for losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Balance at beginning of year ​ $ 73,991 ​ $ 78,992 ​ $ 120,940 Provision (reversals of provision) for losses ​ ​ 32,962 ​ ​ 3,271 ​ ​ (36,075) Charge-offs, net ​ ​ (21,165) ​ ​ (8,272) ​ ​ (5,873) Balance at end of year ​ $ 85,788 ​ $ 73,991 ​ $ 78,992
Summary of sale of loans between the Company and transferees upon sale of loans in transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ 2024 2023 ​ ​ ​ ​ ​ (in thousands) Unpaid principal balance of loans outstanding ​ ​ ​ ​ $ 410,393,342 ​ $ 352,790,614 Delinquent loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ 30-89 days ​ ​ ​ ​ $ 17,301,961 ​ $ 13,775,493 90 days or more: ​ ​ ​ ​ ​ ​ ​ ​ ​ Not in foreclosure ​ ​ ​ ​ $ 8,104,348 ​ $ 6,754,282 In foreclosure ​ ​ ​ ​ $ 693,934 ​ $ 618,694 Foreclosed ​ ​ ​ ​ $ 2,928 ​ $ 7,565 Loans in bankruptcy ​ ​ ​ ​ $ 1,762,324 ​ $ 1,415,614 ​
Summary of servicing portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ Servicing ​ ​ ​ Total ​ ​ rights owned ​ Subservicing ​ loans serviced ​ ​ (in thousands) Investor: ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-affiliated entities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated ​ $ 410,393,342 ​ $ — ​ $ 410,393,342 Purchased ​ ​ 15,681,406 ​ ​ — ​ ​ 15,681,406 Subserviced ​ ​ — ​ ​ 806,584 ​ ​ 806,584 ​ ​ ​ 426,074,748 ​ ​ 806,584 ​ ​ 426,881,332 PennyMac Mortgage Investment Trust ​ ​ — ​ ​ 230,753,581 ​ ​ 230,753,581 Loans held for sale ​ ​ 8,128,914 ​ ​ — ​ ​ 8,128,914 ​ ​ $ 434,203,662 ​ $ 231,560,165 ​ $ 665,763,827 Delinquent loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 days ​ $ 13,095,250 ​ $ 1,996,821 ​ $ 15,092,071 60 days ​ ​ 4,838,550 ​ ​ 676,508 ​ ​ 5,515,058 90 days or more: ​ ​ ​ ​ ​ ​ ​ ​ ​ Not in foreclosure ​ ​ 8,289,129 ​ ​ 1,210,270 ​ ​ 9,499,399 In foreclosure ​ ​ 730,372 ​ ​ 106,188 ​ ​ 836,560 Foreclosed ​ ​ 3,716 ​ ​ 2,732 ​ ​ 6,448 ​ ​ $ 26,957,017 ​ $ 3,992,519 ​ $ 30,949,536 Loans in bankruptcy ​ $ 1,852,396 ​ $ 286,093 ​ $ 2,138,489 Custodial funds managed by the Company (1) ​ $ 6,171,157 ​ $ 2,391,875 ​ $ 8,563,032 (1) Custodial funds are cash accounts holding funds on behalf of borrowers and investors relating to loans serviced under servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors. Placement fees are included in Interest income in the Company’s consolidated statements of income. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Servicing ​ ​ ​ Total ​ ​ rights owned ​ Subservicing ​ loans serviced ​ ​ (in thousands) Investor: ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-affiliated entities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Originated ​ $ 352,790,614 ​ $ — ​ $ 352,790,614 Purchased ​ ​ 17,478,397 ​ ​ — ​ ​ 17,478,397 ​ ​ ​ 370,269,011 ​ ​ — ​ ​ 370,269,011 PennyMac Mortgage Investment Trust ​ ​ — ​ ​ 232,653,069 ​ ​ 232,653,069 Loans held for sale ​ ​ 4,294,689 ​ ​ — ​ ​ 4,294,689 ​ ​ $ 374,563,700 ​ $ 232,653,069 ​ $ 607,216,769 Delinquent loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 days ​ $ 11,097,929 ​ $ 1,808,516 ​ $ 12,906,445 60 days ​ ​ 3,316,494 ​ ​ 399,786 ​ ​ 3,716,280 90 days or more: ​ ​ ​ ​ ​ ​ ​ ​ ​ Not in foreclosure ​ ​ 6,941,325 ​ ​ 1,031,299 ​ ​ 7,972,624 In foreclosure ​ ​ 686,359 ​ ​ 92,618 ​ ​ 778,977 Foreclosed ​ ​ 8,133 ​ ​ 4,295 ​ ​ 12,428 ​ ​ $ 22,050,240 ​ $ 3,336,514 ​ $ 25,386,754 Loans in bankruptcy ​ $ 1,523,218 ​ $ 186,593 ​ $ 1,709,811 Custodial funds managed by the Company ​ $ 3,741,978 ​ $ 1,759,974 ​ $ 5,501,952 (1) Custodial funds are cash accounts holding funds on behalf of borrowers and investors relating to loans serviced under servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors. Placement fees are included in Interest income in the Company’s consolidated statements of income.
Summary of the geographical distribution of loans for the top five and all other states as measured by the total unpaid principal balance (UPB)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ State ​ 2024 ​ 2023 ​ ​ (in thousands) ​ California ​ $ 76,364,993 ​ $ 72,788,272 Texas ​ ​ 65,317,775 ​ ​ 56,437,082 ​ Florida ​ ​ 63,850,638 ​ ​ 57,824,310 ​ Virginia ​ ​ 36,428,575 ​ ​ 35,376,266 ​ Georgia (1) ​ ​ 28,499,141 ​ ​ — ​ Maryland (1) ​ ​ — ​ ​ 26,746,355 ​ All other states ​ ​ 395,302,705 ​ ​ 358,044,484 ​ ​ ​ $ 665,763,827 ​ $ 607,216,769 ​ (1) Maryland and Georgia were not among the top five states as of December 31, 2024 and December 31, 2023, respectively, and are included in “All other states” as of those dates.

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value
Summary of financial statement items measured at estimated fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (in thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investment ​ $ 420,553 ​ $ — ​ $ — ​ $ 420,553 Principal-only stripped mortgage-backed securities ​ ​ — ​ ​ 825,865 ​ ​ — ​ ​ 825,865 Loans held for sale ​ ​ — ​ ​ 7,783,415 ​ ​ 434,053 ​ ​ 8,217,468 Derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ — ​ ​ — ​ ​ 56,946 ​ ​ 56,946 Forward purchase contracts ​ ​ — ​ ​ 3,701 ​ ​ — ​ ​ 3,701 Forward sales contracts ​ ​ — ​ ​ 152,526 ​ ​ — ​ ​ 152,526 MBS put options ​ ​ — ​ ​ 3,278 ​ ​ — ​ ​ 3,278 Put options on interest rate futures purchase contracts ​ ​ 12,592 ​ ​ — ​ ​ — ​ ​ 12,592 Call options on interest rate futures purchase contracts ​ ​ 3,250 ​ ​ — ​ ​ — ​ ​ 3,250 Total derivative assets before netting ​ ​ 15,842 ​ ​ 159,505 ​ ​ 56,946 ​ ​ 232,293 Netting ​ ​ — ​ ​ — ​ ​ — ​ ​ (119,217) Total derivative assets ​ ​ 15,842 ​ ​ 159,505 ​ ​ 56,946 ​ ​ 113,076 Mortgage servicing rights ​ ​ — ​ ​ — ​ ​ 8,744,528 ​ ​ 8,744,528 Investment in PennyMac Mortgage Investment Trust ​ ​ 944 ​ ​ — ​ ​ — ​ ​ 944 ​ ​ $ 437,339 ​ $ 8,768,785 ​ $ 9,235,527 ​ $ 18,322,434 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ $ — ​ $ — ​ $ 23,381 ​ $ 23,381 Forward purchase contracts ​ ​ — ​ ​ 66,646 ​ ​ — ​ ​ 66,646 Forward sales contracts ​ ​ — ​ ​ 12,854 ​ ​ — ​ ​ 12,854 Total derivative liabilities before netting ​ ​ — ​ ​ 79,500 ​ ​ 23,381 ​ ​ 102,881 Netting ​ ​ — ​ ​ — ​ ​ — ​ ​ (61,981) Total derivative liabilities ​ ​ — ​ ​ 79,500 ​ ​ 23,381 ​ ​ 40,900 Mortgage servicing liabilities ​ ​ — ​ ​ — ​ ​ 1,683 ​ ​ 1,683 ​ ​ $ — ​ $ 79,500 ​ $ 25,064 ​ $ 42,583 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (in thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term investment ​ $ 10,268 ​ $ — ​ $ — ​ $ 10,268 Loans held for sale ​ ​ — ​ ​ 3,942,127 ​ ​ 478,564 ​ ​ 4,420,691 Derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ — ​ ​ — ​ ​ 90,313 ​ ​ 90,313 Forward purchase contracts ​ ​ — ​ ​ 78,448 ​ ​ — ​ ​ 78,448 Forward sales contracts ​ ​ — ​ ​ 6,151 ​ ​ — ​ ​ 6,151 MBS put options ​ ​ — ​ ​ 413 ​ ​ — ​ ​ 413 MBS call options ​ ​ — ​ ​ 6,265 ​ ​ — ​ ​ 6,265 Put options on interest rate futures purchase contracts ​ ​ 11,043 ​ ​ — ​ ​ — ​ ​ 11,043 Call options on interest rate futures purchase contracts ​ ​ 66,176 ​ ​ — ​ ​ — ​ ​ 66,176 Total derivative assets before netting ​ ​ 77,219 ​ ​ 91,277 ​ ​ 90,313 ​ ​ 258,809 Netting ​ ​ — ​ ​ — ​ ​ — ​ ​ (79,730) Total derivative assets ​ ​ 77,219 ​ ​ 91,277 ​ ​ 90,313 ​ ​ 179,079 Mortgage servicing rights ​ ​ — ​ ​ — ​ ​ 7,099,348 ​ ​ 7,099,348 Investment in PennyMac Mortgage Investment Trust ​ ​ 1,121 ​ ​ — ​ ​ — ​ ​ 1,121 ​ ​ $ 88,608 ​ $ 4,033,404 ​ $ 7,668,225 ​ $ 11,710,507 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ $ — ​ $ — ​ $ 720 ​ $ 720 Forward purchase contracts ​ ​ — ​ ​ 5,141 ​ ​ — ​ ​ 5,141 Forward sales contracts ​ ​ — ​ ​ 92,796 ​ ​ — ​ ​ 92,796 Call options on interest rate futures sales contracts ​ ​ 3,209 ​ ​ — ​ ​ — ​ ​ 3,209 Total derivative liabilities before netting ​ ​ 3,209 ​ ​ 97,937 ​ ​ 720 ​ ​ 101,866 Netting ​ ​ — ​ ​ — ​ ​ — ​ ​ (48,591) Total derivative liabilities ​ ​ 3,209 ​ ​ 97,937 ​ ​ 720 ​ ​ 53,275 Mortgage servicing liabilities ​ ​ — ​ ​ — ​ ​ 1,805 ​ ​ 1,805 ​ ​ $ 3,209 ​ $ 97,937 ​ $ 2,525 ​ $ 55,080
Summary of roll forward of items measured using Level 3 inputs on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2024 ​ ​ ​ ​ Interest ​ Mortgage ​ ​ ​ ​ ​ Loans held ​ rate lock ​ servicing ​ ​ ​ Assets ​ for sale ​ commitments, net (1) ​ rights ​ Total ​ ​ (in thousands) Balance, December 31, 2023 ​ $ 478,564 ​ $ 89,593 ​ $ 7,099,348 ​ $ 7,667,505 Purchases and issuances, net ​ ​ 4,145,555 ​ ​ 542,245 ​ ​ — ​ ​ 4,687,800 Capitalization of interest and servicing advances ​ ​ 45,848 ​ ​ — ​ ​ — ​ ​ 45,848 Sales and repayments ​ ​ (1,562,159) ​ ​ — ​ ​ — ​ ​ (1,562,159) Mortgage servicing rights resulting from loan sales ​ ​ — ​ ​ — ​ ​ 2,280,830 ​ ​ 2,280,830 Changes in fair value included in income arising from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in instrument-specific credit risk ​ ​ 106,723 ​ ​ — ​ ​ — ​ ​ 106,723 Other factors ​ ​ (1,215) ​ ​ 38,645 ​ ​ (433,464) ​ ​ (396,034) ​ ​ ​ 105,508 ​ ​ 38,645 ​ ​ (433,464) ​ ​ (289,311) Transfers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ From Level 3 to Level 2 ​ ​ (2,779,090) ​ ​ — ​ ​ — ​ ​ (2,779,090) To real estate acquired in settlement of loans ​ ​ (173) ​ ​ — ​ ​ — ​ ​ (173) To loans held for sale ​ ​ — ​ ​ (636,918) ​ ​ — ​ ​ (636,918) Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities ​ ​ — ​ ​ — ​ ​ (202,186) ​ ​ (202,186) Balance, December 31, 2024 ​ $ 434,053 ​ $ 33,565 ​ $ 8,744,528 ​ $ 9,212,146 Changes in fair value recognized during the year relating to assets still held at December 31, 2024 ​ $ 21,177 ​ $ 33,565 ​ $ (417,312) ​ $ (362,570) (1) For the purpose of this table, the IRLC asset and liability positions are shown net. ​ ​ ​ ​ ​ ​ ​ Year ended Liabilities ​ December 31, 2024 ​ ​ (in thousands) Mortgage servicing liabilities: ​ ​ ​ Balance, December 31, 2023 ​ $ 1,805 Changes in fair value included in income ​ ​ (122) Balance, December 31, 2024 ​ $ 1,683 Changes in fair value recognized during the year relating to liabilities still outstanding at December 31, 2024 ​ $ (122) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 ​ ​ ​ ​ Interest ​ Mortgage ​ ​ ​ ​ ​ Loans held ​ rate lock ​ servicing ​ ​ ​ Assets ​ for sale ​ commitments, net (1) ​ rights ​ ​ Total ​ ​ (in thousands) Balance, December 31, 2022 ​ $ 345,772 ​ $ 25,844 ​ $ 5,953,621 ​ $ 6,325,237 Purchases and issuances, net ​ ​ 2,353,958 ​ ​ 286,581 ​ ​ — ​ ​ 2,640,539 Capitalization of interest and servicing advances ​ ​ 39,625 ​ ​ — ​ ​ — ​ ​ 39,625 Sales and repayments ​ ​ (654,490) ​ ​ — ​ ​ (305) ​ ​ (654,795) Mortgage servicing rights resulting from loan sales ​ ​ — ​ ​ — ​ ​ 1,849,957 ​ ​ 1,849,957 Changes in fair value included in income arising from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in instrument-specific credit risk ​ ​ 69,934 ​ ​ — ​ ​ — ​ ​ 69,934 Other factors ​ ​ (1,161) ​ ​ 130,424 ​ ​ (605,859) ​ ​ (476,596) ​ ​ ​ 68,773 ​ ​ 130,424 ​ ​ (605,859) ​ ​ (406,662) Transfers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ From Level 3 to Level 2 ​ ​ (1,674,624) ​ ​ — ​ ​ — ​ ​ (1,674,624) To real estate acquired in settlement of loans ​ ​ (450) ​ ​ — ​ ​ — ​ ​ (450) To loans held for sale ​ ​ — ​ ​ (353,256) ​ ​ — ​ ​ (353,256) Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities ​ ​ — ​ ​ — ​ ​ (98,066) ​ ​ (98,066) Balance, December 31, 2023 ​ $ 478,564 ​ $ 89,593 ​ $ 7,099,348 ​ $ 7,667,505 Changes in fair value recognized during the year relating to assets still held at December 31, 2023 ​ $ 33,187 ​ $ 89,593 ​ $ (605,859) ​ $ (483,079) (1) For the purpose of this table, the IRLC asset and liability positions are shown net. ​ ​ ​ ​ ​ Liabilities ​ Year ended December 31, 2023 ​ ​ (in thousands) Mortgage servicing liabilities: ​ ​ ​ Balance, December 31, 2022 ​ $ 2,096 Changes in fair value included in income ​ ​ (291) Balance, December 31, 2023 ​ $ 1,805 Changes in fair value recognized during the year relating to liabilities still outstanding at December 31, 2023 ​ $ (291) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ ​ ​ ​ Interest ​ Mortgage ​ ​ ​ ​ Loans held ​ rate lock ​ servicing ​ ​ Assets ​ for sale ​ commitments, net (1) ​ rights ​ Total ​ ​ (in thousands) Balance, December 31, 2021 ​ $ 1,128,876 ​ $ 322,193 ​ $ 3,878,078 ​ $ 5,329,147 Purchases and issuances, net ​ ​ 3,338,743 ​ ​ 369,769 ​ ​ 3,993 ​ ​ 3,712,505 Capitalization of interest and servicing advances ​ ​ 60,589 ​ ​ — ​ ​ — ​ ​ 60,589 Sales and repayments ​ ​ (1,378,441) ​ ​ — ​ ​ — ​ ​ (1,378,441) Mortgage servicing rights resulting from loan sales ​ ​ — ​ ​ — ​ ​ 1,718,094 ​ ​ 1,718,094 Changes in fair value included in income arising from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in instrument-specific credit risk ​ ​ (41,483) ​ ​ — ​ ​ — ​ ​ (41,483) Other factors ​ ​ (25,156) ​ ​ (624,905) ​ ​ 353,456 ​ ​ (296,605) ​ ​ ​ (66,639) ​ ​ (624,905) ​ ​ 353,456 ​ ​ (338,088) Transfers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ From Level 3 to Level 2 ​ ​ (2,736,940) ​ ​ — ​ ​ — ​ ​ (2,736,940) To real estate acquired in settlement of loans ​ ​ (416) ​ ​ — ​ ​ — ​ ​ (416) To loans held for sale ​ ​ — ​ ​ (41,213) ​ ​ — ​ ​ (41,213) Balance, December 31, 2022 ​ $ 345,772 ​ $ 25,844 ​ $ 5,953,621 ​ $ 6,325,237 Changes in fair value recognized during the year relating to assets still held at December 31, 2022 ​ $ (26,699) ​ $ 25,844 ​ $ 353,456 ​ $ 352,601 (1) For the purpose of this table, the IRLC asset and liability positions are shown net. ​ ​ ​ ​ ​ Liabilities ​ Year ended December 31, 2022 ​ ​ (in thousands) Mortgage servicing liabilities: ​ ​ ​ Balance, December 31, 2021 ​ $ 2,816 Changes in fair value included in income ​ ​ (720) Balance, December 31, 2022 ​ $ 2,096 Changes in fair value recognized during the year relating to liabilities still outstanding at December 31, 2022 ​ $ (720)
Summary of net gains (losses) from changes in fair values included in earnings for financial statement items carried at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ Net gains on ​ Net ​ ​ ​ ​ Net gains on ​ Net ​ ​ ​ ​ Net gains on ​ Net ​ ​ ​ ​ ​ loans held ​ loan ​ ​ ​ ​ loans held ​ loan ​ ​ ​ ​ loans held ​ loan ​ ​ ​ ​ ​ for sale at ​ servicing ​ ​ ​ ​ for sale at ​ servicing ​ ​ ​ ​ for sale at ​ servicing ​ ​ ​ ​ ​ fair value ​ fees ​ Total ​ fair value ​ fees ​ Total ​ fair value ​ fees ​ Total ​ ​ (in thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal-only stripped mortgage-backed securities ​ $ — ​ $ (38,201) ​ $ (38,201) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Loans held for sale ​ ​ 624,304 ​ ​ — ​ ​ 624,304 ​ ​ 440,482 ​ ​ — ​ ​ 440,482 ​ ​ (219,054) ​ ​ — ​ ​ (219,054) Mortgage servicing rights ​ ​ — ​ ​ (433,464) ​ ​ (433,464) ​ ​ — ​ ​ (605,859) ​ ​ (605,859) ​ ​ — ​ ​ 353,456 ​ ​ 353,456 ​ ​ $ 624,304 ​ $ (471,665) ​ $ 152,639 ​ $ 440,482 ​ $ (605,859) ​ $ (165,377) ​ $ (219,054) ​ $ 353,456 ​ $ 134,402 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage servicing liabilities ​ $ — ​ $ 122 ​ $ 122 ​ $ — ​ $ 291 ​ $ 291 ​ $ — ​ $ 720 ​ $ 720
Schedule of fair value and related principal amounts due upon maturity of assets and liabilities accounted for under the fair value option	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ Principal ​ ​ ​ ​ ​ Principal ​ ​ ​ ​ ​ ​ amount ​ ​ ​ ​ ​ amount ​ ​ ​ ​ Fair ​ due upon ​ ​ ​ Fair ​ due upon ​ ​ Loans held for sale ​ value ​ maturity ​ Difference ​ value ​ maturity ​ Difference ​ ​ (in thousands) Current through 89 days delinquent ​ $ 8,187,561 ​ $ 8,089,532 ​ $ 98,029 ​ $ 4,378,042 ​ $ 4,233,764 ​ $ 144,278 90 days or more delinquent: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Not in foreclosure ​ ​ 24,663 ​ ​ 27,901 ​ ​ (3,238) ​ ​ 35,253 ​ ​ 38,922 ​ ​ (3,669) In foreclosure ​ ​ 5,244 ​ ​ 11,481 ​ ​ (6,237) ​ ​ 7,396 ​ ​ 22,003 ​ ​ (14,607) ​ ​ $ 8,217,468 ​ $ 8,128,914 ​ $ 88,554 ​ $ 4,420,691 ​ $ 4,294,689 ​ $ 126,002 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of financial statement items measured at estimated fair value on a nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate acquired in settlement of loans ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ (in thousands) December 31, 2024 ​ $ — ​ $ — ​ $ 5,238 ​ $ 5,238 December 31, 2023 ​ $ — ​ $ — ​ $ 2,669 ​ $ 2,669 ​
Summary of total gains (losses) on assets measured at estimated fair values on a nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Real estate acquired in settlement of loans ​ $ (2,384) ​ $ (710) ​ $ (523)
Summary of carrying value and fair value of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ Fair value ​ Carrying value ​ Fair value ​ Carrying value ​ ​ (in thousands) Term notes and term loans ​ $ 1,742,421 ​ $ 1,724,120 ​ $ 1,730,000 ​ $ 1,724,290 Unsecured senior notes ​ $ 3,172,983 ​ $ 3,164,032 ​ $ 2,467,750 ​ $ 2,519,651
Quantitative summary of key inputs used in the valuation of the MSRs at year end and the effect on estimated fair value from adverse changes in those inputs	Following is a quantitative summary of key inputs used in the valuation of the Company’s MSRs at year end and the effect on the fair value from adverse changes in those inputs: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (Fair value, unpaid principal balance of underlying mortgage ​ ​ loans and effect on fair value amounts in thousands) Fair value ​ $ 8,744,528 ​ $ 7,099,348 Underlying loan characteristics: ​ ​ ​ ​ Unpaid principal balance ​ $ 426,055,220 ​ $ 370,244,119 Weighted average note interest rate ​ 4.5% ​ 4.1% Weighted average servicing fee rate (in basis points) ​ 38 ​ 38 Key inputs (1): ​ ​ ​ ​ Annual total prepayment speed (2): ​ ​ ​ ​ Range ​ 5.9% – 17.7% ​ 6.1% – 17.8% Weighted average ​ 7.8% ​ 8.3% Equivalent average life (in years): ​ ​ ​ ​ Range ​ 2.7 – 9.1 ​ 3.0 – 9.0 Weighted average ​ 8.4 ​ 8.1 Effect on fair value of (3): ​ ​ ​ ​ 5% adverse change ​ ($126,224) ​ ($107,757) 10% adverse change ​ ($248,349) ​ ($211,643) 20% adverse change ​ ($481,100) ​ ($408,638) Pricing spread (4): ​ ​ ​ ​ Range ​ 5.0% – 11.3% ​ 5.5% – 12.6% Weighted average ​ 6.2% ​ 6.4% Effect on fair value of (3): ​ ​ ​ ​ 5% adverse change ​ ($113,419) ​ ($94,307) 10% adverse change ​ ($223,960) ​ ($186,129) 20% adverse change ​ ($436,805) ​ ($362,671) Per-loan annual cost of servicing: ​ ​ ​ ​ Range ​ $68 – $130 ​ $70 – $135 Weighted average ​ $105 ​ $107 Effect on fair value of (3): ​ ​ ​ ​ 5% adverse change ​ ($48,830) ​ ($44,572) 10% adverse change ​ ($97,661) ​ ($89,145) 20% adverse change ​ ($195,321) ​ ($178,289) (1) Weighted average inputs are based on UPB of the underlying loans. ​ (2) Annual total prepayment speed is measured using life total CPR , which includes both voluntary and involuntary prepayments . Equivalent average life is provided as supplementary information. (3) These analyses hold constant all of the inputs other than the input that is being changed in order to show an estimate of the effect on fair value of a change in a specific input. The Company expects that in a market shock event, multiple inputs would be affected and the effects of these changes may compound or counteract each other. Therefore, these analyses are not projections of the effects of a shock event or a change in the estimate of an input and should not be relied upon as earnings projections. (4) The Company applies a pricing spread to a derived Treasury yield curve for purposes of discounting cash flows relating to MSRs.
Mortgage servicing liabilities
Fair Value
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2024 ​ ​ 2023 Fair value (in thousands) ​ $ 1,683 ​ $ 1,805 Underlying loan characteristics: ​ ​ ​ ​ ​ Unpaid principal balance of underlying loans (in thousands) ​ $ 19,528 ​ $ 24,892 Servicing fee rate (in basis points) ​ ​ 25 ​ ​ 25 Key inputs (1): ​ ​ ​ ​ ​ ​ Annual total prepayment speed (2) ​ ​ 15.7% ​ ​ 16.1% Equivalent average life (in years) ​ ​ 5.1 ​ ​ 5.1 Pricing spread (3) ​ ​ 8.6% ​ ​ 8.3% Per-loan annual cost of servicing ​ $ 969 ​ $ 1,043 (1) Weighted average inputs are based on UPB of the underlying mortgage loans. (2) Annual total prepayment speed is measured using life total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information. (3) The Company applies a pricing spread to a derived Treasury yield curve for purposes of discounting cash flows relating to MSLs.
Interest rate lock commitments
Fair Value
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 Fair value (in thousands) (1) $ 33,565 ​ $ 89,593 Committed amount (in thousands) ​ ​ 7,801,677 ​ ​ 6,349,628 Key inputs ​ ​ ​ ​ ​ ​ Pull-through rate: ​ ​ ​ ​ ​ ​ Range ​ ​ 29.8% – 100% ​ ​ 10.2% – 100% Weighted average ​ ​ 88.2% ​ ​ 81.1% Mortgage servicing rights fair value expressed as: ​ ​ ​ ​ ​ ​ Servicing fee multiple: ​ ​ ​ ​ ​ ​ Range ​ ​ 1.0 – 8.6 ​ ​ 1.1 – 7.3 Weighted average ​ ​ 5.4 ​ ​ 4.2 Percentage of loan commitment amount: ​ ​ ​ ​ ​ ​ Range ​ ​ 0.3% – 4.6% ​ ​ 0.3% – 4.3% Weighted average ​ ​ 2.4% ​ ​ 1.9% (1) For purposes of this table, the IRLC assets and liability positions are shown net. ​ (2) Weighted average inputs are based on the committed amounts. ​
Mortgage servicing rights
Fair Value
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items, excluding MSR purchases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (Amount recognized and unpaid principal balance of underlying mortgage loans amounts in thousands) Amount recognized ​ $2,280,830 ​ $1,849,957 ​ $1,718,094 Pool characteristics: ​ ​ ​ ​ ​ ​ Unpaid principal balance of underlying mortgage loans ​ $100,662,790 ​ $86,606,196 ​ $83,569,657 Weighted average servicing fee rate (in basis points) ​ 45 ​ 46 ​ 44 Key inputs (1): ​ ​ ​ ​ ​ ​ Annual total prepayment speed (2): ​ ​ ​ ​ ​ ​ Range ​ 6.4% – 25.8% ​ 7.2% – 23.2% ​ 5.1% – 23.4% Weighted average ​ 10.1% ​ 10.7% ​ 9.4% Equivalent average life (in years): ​ ​ ​ ​ ​ ​ Range ​ 3.5 – 9.9 ​ 3.0 – 9.8 ​ 3.7 – 9.4 Weighted average ​ 8.0 ​ 7.7 ​ 8.1 Pricing spread (3): ​ ​ ​ ​ ​ ​ Range ​ 4.9% – 12.6% ​ 5.5% – 12.6% ​ 5.5% – 16.1% Weighted average ​ 5.8% ​ 6.8% ​ 7.8% Annual per-loan cost of servicing: ​ ​ ​ ​ ​ ​ Range ​ $69 – $127 ​ $68 – $127 ​ $71 – $177 Weighted average ​ $99 ​ $99 ​ $104 (1) Weighted average inputs are based on UPB of the underlying loans. ​ (2) Annual total prepayment speed is measured using life total CPR, which includes both voluntary and involuntary prepayments. Equivalent average life is provided as supplementary information. ​ (3) Pricing spread represents a margin that is applied to a reference interest rate’s forward rate curve to develop periodic discount rates. The Company applies a pricing spread to a derived United States Treasury Securities (“Treasury”) yield curve for purposes of discounting cash flows relating to MSRs. ​
Mortgage loans held for sale
Fair Value
Quantitative summary of key inputs or assumptions used in the valuation of financial statement items	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 Fair value (in thousands) ​ $ 434,053 ​ $ 478,564 Key inputs (1): ​ ​ ​ ​ ​ ​ Discount rate: ​ ​ ​ ​ ​ ​ Range ​ ​ 6.5% – 9.3% ​ ​ 7.1% – 10.2% Weighted average ​ ​ 7.0% ​ ​ 7.2% Twelve-month projected housing price index change: ​ ​ ​ ​ ​ ​ Range ​ ​ 2.2% – 2.8% ​ ​ 0.3% – 0.5% Weighted average ​ ​ 2.3% ​ ​ 0.5% Voluntary prepayment/resale speed (2): ​ ​ ​ ​ ​ ​ Range ​ ​ 6.4% – 34.4% ​ ​ 4.0% – 36.9% Weighted average ​ ​ 22.0% ​ ​ 24.8% Total prepayment/resale speed (3): ​ ​ ​ ​ ​ ​ Range ​ ​ 6.5% – 41.3% ​ ​ 4.0% – 50.3% Weighted average ​ ​ 23.9% ​ ​ 32.2% (1) Weighted average inputs are based on fair value of the “Level 3” loans. ​ (2) Voluntary prepayment/resale speed is measured using life voluntary Conditional Prepayment Rate (“CPR”). ​ (3) Total prepayment speed is measured using life total CPR, which includes both voluntary and involuntary prepayment/resale rates. ​

Principal-Only Stripped Mortg_2

Principal-Only Stripped Mortgage-Backed Securities (Tables)	12 Months Ended
	Dec. 31, 2024
Principal-Only Stripped Mortgage-Backed Securities
Summary of principal-only stripped MBS	​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2024 ​ ​ (in thousands) Balance at beginning of year ​ $ — Purchases ​ ​ 935,356 Repayments ​ ​ (96,516) Changes in fair value included in income arising from: ​ ​ ​ Accrual of purchase discounts ​ ​ 25,226 Valuation adjustments ​ ​ (38,201) ​ ​ ​ (12,975) Balance at end of year ​ $ 825,865 Fair value of principal-only stripped mortgage-backed securities to secure Assets sold under agreements to repurchase ​ $ 825,865 ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ (in thousands) Principal balance ​ $ 1,061,484 Unearned discounts ​ ​ (197,418) Cumulative valuation changes ​ ​ (38,201) Fair value ​ $ 825,865

Loans Held for Sale at Fair V_2

Loans Held for Sale at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2024
Loans Held for Sale at Fair Value
Summary of loans held for sale at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, Mortgage type ​ 2024 ​ 2023 ​ ​ (in thousands) Government-insured or guaranteed ​ $ 4,154,069 ​ $ 2,099,135 Conventional conforming ​ ​ 3,127,082 ​ ​ 1,821,085 Jumbo ​ ​ 502,264 ​ ​ 21,907 Closed-end second lien ​ ​ 272,285 ​ ​ 322,015 Purchased from Ginnie Mae securities serviced by the Company ​ ​ 145,026 ​ ​ 146,585 Repurchased pursuant to representations and warranties ​ ​ 16,742 ​ ​ 9,964 ​ ​ $ 8,217,468 ​ $ 4,420,691 Fair value of loans pledged to secure: ​ ​ ​ ​ ​ ​ Assets sold under agreements to repurchase ​ $ 7,612,832 ​ $ 3,858,977 Mortgage loan participation purchase and sale agreements ​ ​ 528,002 ​ ​ 470,524 ​ ​ $ 8,140,834 ​ $ 4,329,501 ​

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Financial Instruments
Summary of derivative financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ Fair value ​ ​ ​ Fair value ​ ​ Notional ​ Derivative ​ Derivative ​ Notional ​ Derivative ​ Derivative Derivative instrument ​ amount (1) ​ assets ​ liabilities ​ amount (1) ​ assets ​ liabilities ​ ​ (in thousands) Not subject to master netting arrangements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ 7,801,677 ​ $ 56,946 ​ $ 23,381 ​ 6,349,628 ​ $ 90,313 ​ $ 720 Subject to master netting arrangements (2): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward purchase contracts ​ 12,760,764 ​ ​ 3,701 ​ ​ 66,646 ​ 15,863,667 ​ ​ 78,448 ​ ​ 5,141 Forward sales contracts ​ 23,440,334 ​ ​ 152,526 ​ ​ 12,854 ​ 14,477,159 ​ ​ 6,151 ​ ​ 92,796 MBS put options ​ 450,000 ​ ​ 3,278 ​ ​ — ​ 2,925,000 ​ ​ 413 ​ ​ — MBS call options ​ — ​ ​ — ​ ​ — ​ 1,000,000 ​ ​ 6,265 ​ ​ — Put options on interest rate futures purchase contracts ​ 4,270,000 ​ ​ 12,592 ​ ​ — ​ 8,717,500 ​ ​ 11,043 ​ ​ — Call options on interest rate futures purchase contracts ​ 7,600,000 ​ ​ 3,250 ​ ​ — ​ 4,250,000 ​ ​ 66,176 ​ ​ 3,209 Treasury futures purchase contracts ​ 7,467,000 ​ ​ — ​ ​ — ​ 5,986,500 ​ ​ — ​ ​ — Treasury futures sale contracts ​ 10,521,000 ​ ​ — ​ ​ — ​ 10,677,000 ​ ​ — ​ ​ — Total derivatives before netting ​ ​ ​ ​ 232,293 ​ ​ 102,881 ​ ​ ​ ​ 258,809 ​ ​ 101,866 Netting ​ ​ ​ ​ (119,217) ​ ​ (61,981) ​ ​ ​ ​ (79,730) ​ ​ (48,591) ​ ​ ​ ​ $ 113,076 ​ $ 40,900 ​ ​ ​ $ 179,079 ​ $ 53,275 Deposits received from derivative counterparties included in the derivative balances above, net ​ ​ ​ $ (57,236) ​ ​ ​ ​ ​ ​ $ (31,139) ​ ​ ​ (1) Notional amounts provide an indication of the volume of the Company’s derivative activity. ​ (2) All of these interest rate derivatives are used for hedging purposes as economic hedges. ​
Summary of the amount of derivative asset positions by significant counterparty after considering master netting arrangements and financial instruments or cash pledged	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ Gross amount not ​ ​ ​ ​ ​ Gross amount not ​ ​ ​ ​ ​ ​ offset in the ​ ​ ​ ​ ​ offset in the ​ ​ ​ ​ ​ ​ consolidated ​ ​ ​ ​ ​ consolidated ​ ​ ​ ​ Net amount ​ balance sheet ​ ​ ​ Net amount ​ balance sheet ​ ​ ​ ​ of assets in the ​ ​ ​ Cash ​ ​ ​ of assets in the ​ ​ ​ Cash ​ ​ ​ ​ consolidated ​ Financial ​ collateral ​ Net ​ consolidated ​ Financial ​ collateral ​ Net Counterparty ​ balance sheet ​ instruments ​ received ​ amount ​ balance sheet ​ instruments ​ received ​ amount ​ ​ (in thousands) Interest rate lock commitments ​ $ 56,946 ​ $ — ​ $ — ​ $ 56,946 ​ $ 90,313 ​ $ — ​ $ — ​ $ 90,313 RJ O' Brien ​ ​ 15,842 ​ ​ — ​ ​ — ​ ​ 15,842 ​ ​ 74,010 ​ ​ — ​ ​ — ​ ​ 74,010 Morgan Stanley Bank, N.A. ​ ​ 15,260 ​ ​ — ​ ​ — ​ ​ 15,260 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Bank of America, N.A. ​ ​ 8,221 ​ ​ — ​ ​ — ​ ​ 8,221 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Bank of Montreal ​ ​ 3,781 ​ ​ — ​ ​ — ​ ​ 3,781 ​ ​ 137 ​ ​ — ​ ​ — ​ ​ 137 Athene Annuity & Life Assurance Company ​ ​ 2,352 ​ ​ — ​ ​ — ​ ​ 2,352 ​ ​ — ​ ​ — ​ ​ — ​ ​ — BNP Paribas ​ ​ 2,260 ​ ​ — ​ ​ — ​ ​ 2,260 ​ ​ 157 ​ ​ — ​ ​ — ​ ​ 157 Mizuho Bank, Ltd. ​ ​ 1,683 ​ ​ — ​ ​ — ​ ​ 1,683 ​ ​ 1,467 ​ ​ — ​ ​ — ​ ​ 1,467 Citibank, N.A. ​ ​ 657 ​ ​ — ​ ​ — ​ ​ 657 ​ ​ 2,947 ​ ​ — ​ ​ — ​ ​ 2,947 Goldman Sachs ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 8,473 ​ ​ — ​ ​ — ​ ​ 8,473 Others ​ ​ 6,074 ​ ​ — ​ ​ — ​ ​ 6,074 ​ ​ 1,575 ​ ​ — ​ ​ — ​ ​ 1,575 ​ ​ $ 113,076 ​ $ — ​ $ — ​ $ 113,076 ​ $ 179,079 ​ $ — ​ $ — ​ $ 179,079
Summary of amount of derivative liabilities and assets sold under agreements to repurchase by significant counterparty after considering master netting arrangements and financial instruments or cash pledged	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ Gross amounts ​ ​ ​ ​ ​ Gross amounts ​ ​ ​ ​ ​ ​ not offset in the ​ ​ ​ ​ ​ not offset in the ​ ​ ​ ​ Net amount ​ consolidated ​ ​ ​ Net amount ​ consolidated ​ ​ ​ ​ of liabilities ​ balance sheet ​ ​ ​ of liabilities ​ balance sheet ​ ​ ​ ​ in the ​ ​ ​ Cash ​ ​ ​ in the ​ ​ ​ Cash ​ ​ ​ ​ consolidated ​ Financial ​ collateral ​ Net ​ consolidated ​ Financial ​ collateral ​ Net Counterparty balance sheet instruments (1) pledged amount balance sheet instruments (1) pledged amount ​ ​ (in thousands) Interest rate lock commitments ​ $ 23,381 ​ $ — ​ $ — ​ $ 23,381 ​ $ 720 ​ $ — ​ $ — ​ $ 720 Atlas Securitized Products, L.P. ​ ​ 1,938,756 ​ ​ (1,938,756) ​ ​ — ​ ​ — ​ ​ 1,210,473 ​ ​ (1,210,473) ​ ​ — ​ ​ — Bank of America, N.A. ​ ​ 1,294,213 ​ ​ (1,294,213) ​ ​ — ​ ​ — ​ ​ 875,766 ​ ​ (872,148) ​ ​ — ​ ​ 3,618 JPMorgan Chase Bank, N.A. ​ ​ 1,220,822 ​ ​ (1,214,559) ​ ​ — ​ ​ 6,263 ​ ​ 243,225 ​ ​ (243,225) ​ ​ — ​ ​ — Wells Fargo Bank, N.A. ​ ​ 795,119 ​ ​ (789,305) ​ ​ — ​ ​ 5,814 ​ ​ 116,275 ​ ​ (114,647) ​ ​ — ​ ​ 1,628 Royal Bank of Canada ​ ​ 785,597 ​ ​ (785,597) ​ ​ — ​ ​ — ​ ​ 457,743 ​ ​ (457,743) ​ ​ — ​ ​ — BNP Paribas ​ ​ 568,790 ​ ​ (568,790) ​ ​ — ​ ​ — ​ ​ 185,425 ​ ​ (185,425) ​ ​ — ​ ​ — Morgan Stanley Bank, N.A. ​ ​ 472,659 ​ ​ (472,659) ​ ​ — ​ ​ — ​ ​ 195,714 ​ ​ (164,149) ​ ​ — ​ ​ 31,565 Citibank, N.A. ​ ​ 455,426 ​ ​ (455,426) ​ ​ — ​ ​ — ​ ​ 174,221 ​ ​ (174,221) ​ ​ — ​ ​ — Goldman Sachs ​ ​ 336,894 ​ ​ (336,624) ​ ​ — ​ ​ 270 ​ ​ 178,751 ​ ​ (178,751) ​ ​ — ​ ​ — Santander US Capital Markets LLC ​ ​ 282,077 ​ ​ (282,077) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Barclays Capital ​ ​ 258,559 ​ ​ (254,750) ​ ​ — ​ ​ 3,809 ​ ​ 128,488 ​ ​ (118,667) ​ ​ — ​ ​ 9,821 Nomura Corporate Funding Americas ​ ​ 175,000 ​ ​ (175,000) ​ ​ — ​ ​ — ​ ​ 50,000 ​ ​ (50,000) ​ ​ — ​ ​ — Mizuho Bank, Ltd. ​ ​ 125,000 ​ ​ (125,000) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Others ​ ​ 1,363 ​ ​ — ​ ​ — ​ ​ 1,363 ​ ​ 5,923 ​ ​ — ​ ​ — ​ ​ 5,923 ​ ​ $ 8,733,656 ​ $ (8,692,756) ​ $ — ​ $ 40,900 ​ $ 3,822,724 ​ $ (3,769,449) ​ $ — ​ $ 53,275 (1) Amounts represent the UPB of Assets sold under agreements to repurchase . ​
Summary of gains (losses) recognized on derivative financial instruments and the respective income statement line items	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Derivative activity ​ Consolidated income statement line ​ 2024 ​ 2023 2022 ​ ​ ​ ​ (in thousands) Interest rate lock commitments ​ Net gains on loans held for sale at fair value (1) ​ $ (56,028) ​ $ 63,749 ​ $ (296,349) Hedged item: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments and loans held for sale ​ Net gains on loans held for sale at fair value ​ $ 251,305 ​ $ 46,941 ​ $ 1,326,964 Mortgage servicing rights ​ Net loan servicing fees–Mortgage servicing rights hedging results ​ $ (794,282) ​ $ (236,778) ​ $ (631,484) (1) Represents net change in fair value of IRLCs from the beginning to the end of the year. Amounts recognized at the date of commitment and fair value changes recognized during the period until purchase of the underlying loans are shown in the rollforward of IRLCs for the year in Note 6 – Fair Value – Assets and Liabilities Measured at Fair Value on a Recurring Basis.

Mortgage Servicing Rights and_2

Mortgage Servicing Rights and Mortgage Servicing Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Mortgage Servicing Rights and Mortgage Servicing Liabilities
Schedule of activity in MSRs carried at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Balance at beginning of year ​ $ 7,099,348 ​ $ 5,953,621 ​ $ 3,878,078 Additions (deductions): ​ ​ ​ ​ ​ ​ ​ ​ ​ MSRs resulting from loan sales ​ ​ 2,280,830 ​ ​ 1,849,957 ​ ​ 1,718,094 Purchases ​ ​ — ​ ​ — ​ ​ 3,993 Transfer of mortgage servicing rights relating to delinquent loans to Agency ​ ​ — ​ ​ (305) ​ ​ — Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities ​ ​ (202,186) ​ ​ (98,066) ​ ​ — ​ ​ ​ 2,078,644 ​ ​ 1,751,586 ​ ​ 1,722,087 Change in fair value due to: ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in inputs used in valuation model (1) ​ ​ 407,423 ​ ​ 56,757 ​ ​ 877,324 Other changes in fair value (2) ​ ​ (840,887) ​ ​ (662,616) ​ ​ (523,868) Total change in fair value ​ ​ (433,464) ​ ​ (605,859) ​ ​ 353,456 Balance at end of year ​ $ 8,744,528 ​ $ 7,099,348 ​ $ 5,953,621 Unpaid principal balance of underlying loans at end of year ​ $ 426,055,220 ​ $ 370,244,119 ​ $ 314,567,639 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ ​ ​ ​ ​ (in thousands) Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets ​ ​ ​ ​ $ 8,609,388 ​ $ 7,033,892 (1) Principally reflects changes in pricing spread, annual total prepayment speed, per loan annual cost of servicing and UPB of underlying loan inputs. ​ (2) Represents changes due to realization of cash flows. ​
Schedule of activity in mortgage servicing liability carried at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Balance at beginning of year ​ $ 1,805 ​ $ 2,096 ​ $ 2,816 Changes in fair value due to: ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in inputs used in valuation model (1) ​ ​ 35 ​ ​ (50) ​ ​ (347) Other changes in fair value (2) ​ ​ (157) ​ ​ (241) ​ ​ (373) Total change in fair value ​ ​ (122) ​ ​ (291) ​ ​ (720) Balance at end of year ​ $ 1,683 ​ $ 1,805 ​ $ 2,096 Unpaid principal balance of underlying loans at end of year ​ $ 19,528 ​ $ 24,892 ​ $ 33,157 ​ (1) Principally reflects changes in annual total prepayment speed, pricing spread and per loan annual cost of servicing. ​ (2) Represents changes due to realization of cash flows.
Summary of servicing fees, late fees and ancillary and other fees relating to MSRs recorded on the consolidated statements of income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Contractual servicing fees ​ $ 1,529,452 ​ $ 1,268,650 ​ $ 1,054,828 Other fees: ​ ​ ​ ​ ​ ​ ​ ​ ​ Late charges ​ ​ 73,227 ​ ​ 55,685 ​ ​ 40,583 Other ​ ​ 13,705 ​ ​ 9,539 ​ ​ 13,742 ​ ​ $ 1,616,384 ​ $ 1,333,874 ​ $ 1,109,153 ​

Capitalized Software (Tables)

Capitalized Software (Tables) - Capitalized software	12 Months Ended
	Dec. 31, 2024
Capitalized Software
Summary of capitalized software	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Cost ​ $ 286,467 ​ $ 266,124 Less: Accumulated amortization ​ ​ (165,665) ​ ​ (117,388) ​ ​ $ 120,802 ​ $ 148,736
Summary of depreciation and amortization expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Amortization ​ $ 48,169 ​ $ 43,462 ​ $ 23,955 Impairment ​ $ 147 ​ $ 46 ​ $ — ​

Furniture, Fixtures, Equipmen_2

Furniture, Fixtures, Equipment and Building Improvements (Tables) - Furniture, Fixtures, Equipment and Building Improvements	12 Months Ended
	Dec. 31, 2024
Furniture, fixtures, equipment and building improvements
Schedule of furniture, fixtures, equipment and building improvements and capitalized software	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ (in thousands) Furniture, fixtures, equipment and building improvements ​ $ 84,382 ​ $ 82,667 Less: Accumulated depreciation and amortization ​ ​ (71,466) ​ ​ (63,651) ​ ​ ​ $ 12,916 ​ $ 19,016 ​
Summary of depreciation and amortization expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ ​ (in thousands) ​ Depreciation and amortization expenses ​ $ 7,815 ​ $ 9,752 ​ $ 10,454 ​ ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases
Summary of Company's leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (dollars in thousands) Lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ $ 15,870 ​ $ 18,782 ​ $ 19,779 Short-term leases ​ ​ 303 ​ ​ 436 ​ ​ 778 Sublease income ​ ​ (1,405) ​ ​ (902) ​ ​ (46) Net lease expense included in Occupancy and equipment ​ $ 14,768 ​ $ 18,316 ​ $ 20,511 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments for operating leases ​ $ 20,118 ​ $ 24,026 ​ $ 23,475 Operating lease right-of-use assets recognized ​ $ 1,388 ​ $ 2,893 ​ $ 1,364 Period end weighted averages: ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining lease term (in years) ​ ​ 3.6 ​ ​ 4.3 ​ ​ 4.8 Discount rate ​ ​ 4.0% ​ ​ 3.8% ​ ​ 3.8%
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ Year ended December 31, ​ Operating leases ​ ​ (in thousands) 2025 ​ $ 19,698 2026 ​ ​ 14,590 2027 ​ ​ 7,050 2028 ​ ​ 5,065 2029 ​ ​ 3,922 Thereafter ​ ​ 3,141 Total lease payments ​ ​ 53,466 Less imputed interest ​ ​ (5,024) Operating lease liability included in Accounts payable and accrued expenses ​ $ 48,442 ​

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Other Asset
Summary of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Margin deposits ​ $ 288,153 ​ $ 135,645 Capitalized software, net ​ ​ 120,802 ​ ​ 148,736 Interest receivable ​ ​ 41,286 ​ ​ 35,196 Servicing fees receivable, net ​ ​ 38,676 ​ ​ 37,271 Other servicing receivables ​ ​ 54,058 ​ ​ 30,530 Prepaid expenses ​ ​ 45,762 ​ ​ 36,044 Operating lease right-of-use assets ​ ​ 36,572 ​ ​ 49,926 Deposits securing Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets ​ ​ 16,697 ​ ​ 15,653 Real estate acquired in settlement of loans ​ ​ 14,976 ​ ​ 14,982 Furniture, fixtures, equipment and building improvements, net ​ ​ 12,916 ​ ​ 19,016 Other ​ ​ 100,183 ​ ​ 59,461 ​ ​ $ 770,081 ​ $ 582,460 Deposits securing Assets sold under agreements to repurchase Notes payable secured by mortgage servicing assets ​ $ 16,697 ​ $ 15,653 ​

Short-Term Debt (Tables)

Short-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Short-Term Debt
Summary of financial data pertaining to assets sold under agreements to repurchase	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (dollars in thousands) Average balance of assets sold under agreements to repurchase ​ $ 5,474,998 ​ $ 3,701,448 ​ $ 2,580,513 Weighted average interest rate (1) ​ ​ 6.79% ​ ​ 7.12% ​ ​ 3.59% Total interest expense ​ $ 393,977 ​ $ 279,289 ​ $ 105,459 Maximum daily amount outstanding ​ $ 8,591,735 ​ $ 6,358,007 ​ $ 7,289,147 (1) Excludes the effect of amortization of debt issuance costs and non-utilization fees totaling $22.2 million, $15.7 million and $12.9 million for the years ended December 31, 2024, 2023 and 2022, respectively ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (dollars in thousands) Carrying value: ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ $ 8,692,756 ​ $ 3,769,449 Unamortized debt issuance costs ​ ​ (7,549) ​ ​ (5,493) ​ ​ $ 8,685,207 ​ $ 3,763,956 Weighted average interest rate ​ ​ 5.89% ​ ​ 7.05% Available borrowing capacity (1): ​ ​ ​ ​ ​ ​ Committed ​ $ 460,000 ​ $ 1,282,040 Uncommitted ​ ​ 3,104,026 ​ ​ 5,548,511 ​ ​ $ 3,564,026 ​ $ 6,830,551 Assets securing repurchase agreements: ​ ​ ​ ​ ​ ​ Principal-only stripped MBS ​ $ 825,865 ​ $ — Loans held for sale ​ $ 7,612,832 ​ $ 3,858,977 Servicing advances (2) ​ $ 357,939 ​ $ 354,831 Mortgage servicing rights (2) ​ $ 7,488,539 ​ $ 6,284,239 Deposits (2) ​ $ 16,697 ​ $ 15,653 (1) The amount the Company is able to borrow under asset repurchase agreements is tied to the fair value of unencumbered assets eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the assets financed. ​ (2) Beneficial interests in the Ginnie Mae MSRs, servicing advances and deposits together serve as the collateral backing servicing asset facilities that are included in Assets sold under agreements to repurchase and the term notes and term loans included in Notes payable secured by mortgage servicing assets . The term notes and term loans are described in Note 16 — Long-Term Debt - Notes payable secured by mortgage servicing assets. ​ ​
Summary of maturities of outstanding advances under repurchase agreements by maturity date	​ ​ ​ ​ ​ Remaining maturity at December 31, 2024 (1) ​ Unpaid principal balance ​ ​ (dollars in thousands) Within 30 days ​ $ 1,902,179 Over 30 to 90 days ​ ​ 5,692,381 Over 90 to 180 days ​ ​ 108,542 Over 180 days to one year ​ ​ 246,095 Over one year to two years ​ ​ 743,559 Total assets sold under agreements to repurchase ​ $ 8,692,756 Weighted average maturity (in months) ​ ​ 4.0 (1) The Company is subject to margin calls during the period the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the fair value (as determined by the applicable lender) of the assets securing those agreements decreases.
Summary of amount at risk relating to the assets sold under agreements to repurchase by counterparty	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ​ ​ Counterparty ​ Amount at risk ​ maturity of advances ​ Facility maturity ​ ​ (in thousands) ​ ​ ​ ​ Atlas Securitized Products, L.P., Goldman Sachs Bank USA, Nomura Corporate Funding Americas and Mizuho Bank, Ltd. (1) ​ $ 5,770,912 ​ May 6, 2026 ​ May 6, 2026 Atlas Securitized Products, L.P. ​ $ 138,531 ​ May 21, 2025 ​ June 26, 2026 Bank of America, N.A. ​ $ 76,289 ​ February 2, 2025 ​ June 10, 2026 JP Morgan Chase Bank, N.A. ​ $ 55,833 ​ March 5, 2025 ​ June 28, 2026 Royal Bank of Canada ​ $ 41,459 ​ January 28, 2025 ​ November 10, 2025 Barclays Bank PLC ​ $ 37,068 ​ April 26, 2025 ​ March 6, 2026 Citibank, N.A. ​ $ 26,417 ​ March 8, 2025 ​ June 11, 2026 Morgan Stanley Bank, N.A. ​ $ 25,893 ​ March 18, 2025 ​ May 22, 2026 BNP Paribas ​ $ 24,468 ​ March 22, 2025 ​ September 30, 2026 Wells Fargo Bank, N.A. ​ $ 14,954 ​ March 16, 2025 ​ October 15, 2025 Goldman Sachs Bank USA ​ $ 7,475 ​ March 17, 2025 ​ December 8, 2025 (1) The amount at risk includes the beneficial interests in Ginnie Mae MSRs and servicing advances pledged to serve as the collateral backing servicing asset facilities included in Assets sold under agreements to repurchase and the term notes and term loans included in Notes payable secured by mortgage servicing assets . The facilities mature on various dates ranging from August 4, 2025 through October 28, 2026 and the facility maturity date shown in this table represents a weighted average of those dates. ​ Principal-only stripped MBS ​ ​ ​ ​ ​ ​ ​ Counterparty ​ Amount at risk ​ Maturity ​ ​ (in thousands) ​ ​ Bank of America, N.A. ​ $ 1,788 ​ January 24, 2025 JP Morgan Chase Bank, N.A. ​ $ 21,739 ​ January 6, 2025 Wells Fargo Bank, N.A. ​ $ 18,238 ​ January 23, 2025 Santander US Capital Markets LLC ​ $ 13,226 ​ January 15, 2025 ​
Summary of participating mortgage loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 2022 ​ ​ (dollars in thousands) Average balance ​ $ 243,132 ​ $ 238,197 ​ $ 211,035 Weighted average interest rate (1) ​ ​ 6.46% ​ ​ 6.48% ​ ​ 3.16% Total interest expense ​ $ 16,404 ​ $ 16,129 ​ $ 7,314 Maximum daily amount outstanding ​ $ 518,042 ​ $ 515,537 ​ $ 515,043 (1) Excludes the effect of amortization of debt issuance costs totaling $695,000 , $688,000 and $651,000 for the years ended December 31, 2024, 2023 and 2022, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ ​ ​ ​ (dollars in thousands) Carrying value: ​ ​ ​ ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ ​ ​ ​ $ 496,856 ​ $ 446,406 Unamortized debt issuance costs ​ ​ ​ ​ ​ (344) ​ ​ (352) ​ ​ ​ ​ ​ $ 496,512 ​ $ 446,054 Weighted average interest rate ​ ​ ​ ​ ​ 5.58% ​ ​ 6.60% Fair value of loans pledged to secure mortgage loan participation purchase and sale agreements ​ ​ ​ ​ $ 528,002 ​ $ 470,524 ​

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Long-Term Debt.
Summary of term notes issued	Following is a summary of the issued and outstanding Term Notes and Term Loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity date Issuance date ​ Principal balance ​ Annual interest rate spread (1) ​ Stated ​ Optional extension (2) ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ Term Notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 3, 2022 ​ $ 500,000 ​ 4.25% ​ 5/25/2027 ​ 5/25/2029 February 29, 2024 ​ ​ 425,000 ​ 3.20% ​ 3/26/2029 ​ 3/25/2031 Term Loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, 2023 ​ ​ 680,000 ​ 3.00% ​ 2/25/2028 ​ 2/25/2029 October 25, 2023 ​ ​ 125,000 ​ 3.00% ​ 10/25/2028 ​ ​ ​ ​ $ 1,730,000 ​ ​ ​ ​ ​ ​ (1) Interest is charged at a rate based on SOFR plus a spread. (2) The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of the Term Notes or Term Loans as specified in the respective agreements.
Summary of note payable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (dollars in thousands) Average balance ​ $ 1,848,374 ​ $ 2,421,124 ​ $ 1,584,383 Weighted average interest rate (1) ​ ​ 8.73% ​ ​ 8.59% ​ ​ 4.88% Total interest expense ​ $ 164,161 ​ $ 211,085 ​ $ 79,813 (1) Excludes the effect of amortization of debt issuance costs totaling $2.9 million, $3.2 million and $2.5 million for the years ended December 31, 2024, 2023 and 2022, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (dollars in thousands) Carrying value: ​ ​ ​ ​ ​ ​ Unpaid principal balance: ​ ​ ​ ​ ​ ​ Term Notes and Term Loans ​ $ 1,730,000 ​ $ 1,730,000 Freddie Mac MSR Notes Payable ​ ​ 325,000 ​ ​ 150,000 ​ ​ ​ 2,055,000 ​ ​ 1,880,000 Unamortized debt issuance costs ​ ​ (6,028) ​ ​ (6,585) ​ ​ $ 2,048,972 ​ $ 1,873,415 Weighted average interest rate ​ ​ 7.81% ​ ​ 8.82% Assets pledged to secure notes payable (1): ​ ​ ​ ​ ​ ​ Servicing advances ​ $ 357,939 ​ $ 354,831 Mortgage servicing rights ​ $ 8,609,388 ​ $ 7,033,892 Deposits ​ $ 16,697 ​ $ 15,653 (1) Beneficial interests in the Ginnie Mae MSRs, servicing advances and deposits together serve as the collateral backing servicing asset facilities that are included in Assets sold under agreements to repurchase and the Term Notes and Term Loans are included in Notes payable secured by mortgage servicing assets.
Summary of Unsecured Notes issued	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance date ​ Principal balance ​ Note interest rate ​ Maturity date ​ Optional redemption date (1) ​ ​ (in thousands) ​ (annual) ​ ​ ​ ​ September 29, 2020 ​ $ 500,000 ​ 5.375% ​ October 15, 2025 ​ October 15, 2022 October 19, 2020 ​ ​ 150,000 ​ 5.375% ​ October 15, 2025 ​ October 15, 2022 February 11, 2021 ​ ​ 650,000 ​ 4.25% ​ February 15, 2029 ​ February 15, 2024 September 16, 2021 ​ ​ 500,000 ​ 5.75% ​ September 15, 2031 ​ September 15, 2026 December 11, 2023 ​ ​ 750,000 ​ 7.875% ​ December 15, 2029 ​ December 15, 2026 May 23, 2024 ​ ​ 650,000 ​ 7.125% ​ November 15, 2030 ​ November 15, 2026 ​ ​ $ 3,200,000 ​ ​ ​ ​ ​ ​ (1) Before the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at a price equal to 100% of the principal amount, plus accrued and unpaid interest and a make-whole premium or the Company may redeem up to 40% of the Unsecured Notes for that issuance with an amount equal to or less than the net proceeds from certain equity offerings at the redemption price set forth in the indenture, plus accrued and unpaid interest. On or after the optional redemption date, the Company may redeem some or all of the Unsecured Notes for that issuance at the redemption prices set forth in the indenture, plus accrued and unpaid interest.
Summary of unsecured notes payable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 ​ 2023 ​ 2022 ​ ​ (dollars in thousands) Average balance ​ $ 2,946,039 ​ $ 1,843,151 ​ $ 1,800,000 Weighted average interest rate (1) ​ ​ 6.04% ​ ​ 5.13% ​ ​ 5.07% Total interest expense ​ $ 184,304 ​ $ 98,396 ​ $ 95,014 (1) Excludes the effect of amortization of debt issuance costs of $6.5 million, $3.8 million and $3.7 million on for the years ended December 31, 2024, 2023 and 2022, respectively.
Summary of maturities of Long-Term Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ ​ ​ 2025 ​ 2026 ​ 2027 ​ 2028 ​ 2029 ​ Thereafter ​ Total ​ ​ (in thousands) Notes payable secured by mortgage servicing assets (1) ​ $ — ​ $ 325,000 ​ $ 500,000 ​ $ 805,000 ​ $ 425,000 ​ $ — ​ $ 2,055,000 Unsecured senior notes ​ ​ 650,000 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,400,000 ​ ​ 1,150,000 ​ ​ 3,200,000 Total ​ $ 650,000 ​ $ 325,000 ​ $ 500,000 ​ $ 805,000 ​ $ 1,825,000 ​ $ 1,150,000 ​ $ 5,255,000 (1) The Term Notes and Term Loans’ indentures provide the Company with the option to extend the maturity of the Term Notes by two years after their stated maturities.
Summary of obligations under capital lease	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (dollars in thousands) Carrying value: ​ ​ ​ ​ ​ ​ Unpaid principal balance ​ $ 3,200,000 ​ $ 2,550,000 Unamortized debt issuance costs and premiums, net ​ ​ (35,968) ​ ​ (30,349) ​ ​ $ 3,164,032 ​ $ 2,519,651 Weighted average interest rate ​ ​ 6.15% ​ ​ 5.90%

Liability for Losses Under Re_2

Liability for Losses Under Representations and Warranties (Tables)	12 Months Ended
	Dec. 31, 2024
Liability for Losses Under Representations and Warranties
Summary of repurchase activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Balance at beginning of year ​ $ 30,788 ​ $ 32,421 ​ $ 43,521 Provision for losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Resulting from sales of loans ​ ​ 16,486 ​ ​ 12,997 ​ ​ 9,617 Resulting from change in estimate ​ ​ (13,579) ​ ​ (9,115) ​ ​ (8,451) Losses incurred ​ ​ (4,566) ​ ​ (5,515) ​ ​ (12,266) Balance at end of year ​ $ 29,129 ​ $ 30,788 ​ $ 32,421 Unpaid principal balance of loans subject to representations and warranties at end of year ​ $ 413,382,503 ​ $ 354,423,684 ​ $ 296,774,121 ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Taxes
Schedule of the Company's income tax expense (benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) ​ Current (benefit) expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ (44) ​ $ 1,436 ​ $ (2,944) ​ State ​ ​ 258 ​ ​ 620 ​ ​ (249) ​ Total current expense (benefit) ​ ​ 214 ​ ​ 2,056 ​ ​ (3,193) ​ Deferred expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ ​ 70,877 ​ ​ 31,375 ​ ​ 131,670 ​ State ​ ​ 18,512 ​ ​ 5,544 ​ ​ 61,263 ​ Total deferred expense ​ ​ 89,389 ​ ​ 36,919 ​ ​ 192,933 ​ Total provision for income taxes ​ $ 89,603 ​ $ 38,975 ​ $ 189,740 ​
Schedule of reconciliation of the Company's provision for income taxes at statutory rates to the provision for income taxes at the Company's effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2024 ​ 2023 ​ 2022 Federal income tax at statutory rate ​ 21.0% ​ 21.0% ​ 21.0% ​ State income taxes, net of federal benefit ​ 5.2% ​ 4.7% ​ 5.9% ​ Tax rate revaluation ​ (1.9) % ​ (2.2) % ​ 1.2% ​ Other ​ (2.0) % ​ (2.3) % ​ 0.4% ​ Effective income tax rate ​ 22.3% ​ 21.2% ​ 28.5% ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of components of the Company's provision for deferred income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) ​ Mortgage servicing rights ​ $ 231,892 ​ $ 186,628 ​ $ 326,378 ​ Net operating loss ​ ​ (181,759) ​ ​ (111,496) ​ ​ (160,605) ​ Reserves and losses ​ ​ 39,071 ​ ​ (41,641) ​ ​ 13,480 ​ Additional tax basis in partnership from exchanges of partnership units into the Company's common stock ​ ​ 3,841 ​ ​ 3,803 ​ ​ 4,517 ​ Compensation accruals ​ ​ (451) ​ ​ 7,403 ​ ​ 10,473 ​ California franchise taxes ​ ​ — ​ ​ — ​ ​ 4,447 ​ Other ​ ​ (3,205) ​ ​ (7,778) ​ ​ (5,757) ​ Total provision for deferred income taxes ​ $ 89,389 ​ $ 36,919 ​ $ 192,933 ​
Schedule of components of income taxes payable, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Current income tax (receivable) payable ​ $ (45) ​ $ 1,230 Deferred income tax liability, net ​ ​ 1,131,045 ​ ​ 1,041,656 Income taxes payable ​ $ 1,131,000 ​ $ 1,042,886
Schedule of tax effects of temporary differences that gave rise to deferred income tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2024 ​ 2023 ​ ​ (in thousands) ​ Deferred income tax assets: ​ ​ ​ ​ ​ ​ ​ Net operating loss carryforward ​ $ 454,936 ​ $ 273,178 ​ Reserves and losses ​ ​ 36,365 ​ ​ 75,436 ​ Compensation accruals ​ ​ 35,718 ​ ​ 35,266 ​ Additional tax basis in partnership from exchanges of partnership units into the Company's common stock ​ ​ 18,116 ​ ​ 21,957 ​ Other ​ ​ 8,588 ​ ​ 9,943 ​ Gross deferred income tax assets ​ ​ 553,723 ​ ​ 415,780 ​ Deferred income tax liabilities: ​ ​ ​ ​ ​ ​ ​ Mortgage servicing rights ​ ​ 1,678,702 ​ ​ 1,446,810 ​ Other ​ ​ 6,066 ​ ​ 10,626 ​ Gross deferred income tax liabilities ​ ​ 1,684,768 ​ ​ 1,457,436 ​ Net deferred income tax liability ​ $ 1,131,045 ​ $ 1,041,656 ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity.
Summary of share repurchase activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ Cumulative ​ ​ 2024 ​ 2023 ​ 2022 ​ total (1) ​ ​ (in thousands) Shares of common stock repurchased ​ ​ — ​ ​ 1,201 ​ ​ 7,788 ​ ​ 34,063 Cost of shares of common stock repurchased ​ $ — ​ $ 71,491 ​ $ 406,086 ​ $ 1,788,198 (1) Amounts represent the total shares of common stock repurchased under the stock repurchase program through December 31, 2024. Cumulative total cost of common stock repurchase includes $537,000 of transaction fees.

Net Gains on Loans Held for S_2

Net Gains on Loans Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2024
Net Gains on Loans Held for Sale
Net Gains on Loans Held for Sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) From non-affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ $ (1,731,125) ​ $ (1,337,613) ​ $ (2,128,195) Hedging activities ​ ​ 495,429 ​ ​ (99,515) ​ ​ 1,347,843 ​ ​ ​ (1,235,696) ​ ​ (1,437,128) ​ ​ (780,352) Non-cash gains: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage servicing rights resulting from loan sales ​ ​ 2,280,830 ​ ​ 1,849,957 ​ ​ 1,718,094 Provisions for losses relating to representations and warranties: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pursuant to loan sales ​ ​ (16,486) ​ ​ (12,997) ​ ​ (9,617) Reductions in liability due to changes in estimate ​ ​ 13,579 ​ ​ 9,115 ​ ​ 8,451 Changes in fair values of loans and derivatives held at end of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ (56,028) ​ ​ 63,749 ​ ​ (296,349) Loans ​ ​ 71,226 ​ ​ (71,425) ​ ​ 188,849 Hedging derivatives ​ ​ (244,124) ​ ​ 146,456 ​ ​ (20,879) ​ ​ ​ 813,301 ​ ​ 547,727 ​ ​ 808,197 From PennyMac Mortgage Investment Trust (1) ​ ​ 4,067 ​ ​ (1,784) ​ ​ (16,564) ​ ​ $ 817,368 ​ $ 545,943 ​ $ 791,633 (1) Gains on sales of loans to PMT are described in Note 4– Transactions with Related Parties.

Net Interest Expense (Tables)

Net Interest Expense (Tables)	12 Months Ended
	Dec. 31, 2024
Net Interest Expense
Summary of net interest expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Interest income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and short-term investments ​ $ 56,252 ​ $ 68,457 ​ $ 19,839 Principal-only stripped mortgage-backed securities ​ ​ 26,035 ​ ​ — ​ ​ — Loans held for sale ​ ​ 326,697 ​ ​ 279,506 ​ ​ 172,124 Placement fees relating to custodial funds ​ ​ 383,798 ​ ​ 284,877 ​ ​ 102,099 Other ​ ​ 784 ​ ​ 84 ​ ​ — ​ ​ ​ 793,566 ​ ​ 632,924 ​ ​ 294,062 Interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets sold under agreements to repurchase ​ ​ 393,977 ​ ​ 279,289 ​ ​ 105,459 Mortgage loan participation purchase and sale agreements ​ ​ 16,404 ​ ​ 16,129 ​ ​ 7,314 Notes payable secured by mortgage servicing assets ​ ​ 164,161 ​ ​ 211,085 ​ ​ 79,813 Unsecured senior notes ​ ​ 184,304 ​ ​ 98,396 ​ ​ 95,014 Interest shortfall on repayments of mortgage loans serviced for Agency securitizations ​ ​ 46,385 ​ ​ 21,538 ​ ​ 40,741 Interest on mortgage loan impound deposits ​ ​ 11,298 ​ ​ 9,795 ​ ​ 7,066 Other ​ ​ 2,819 ​ ​ 1,545 ​ ​ 20 ​ ​ ​ 819,348 ​ ​ 637,777 ​ ​ 335,427 ​ ​ $ (25,782) ​ $ (4,853) ​ $ (41,365) ​

Stock-based Compensation (Table

Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Summary of the stock-based compensation expense by instrument awarded	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Performance-based RSUs ​ $ 1,490 ​ $ 9,740 ​ $ 18,096 Time-based RSUs ​ ​ 12,443 ​ ​ 11,672 ​ ​ 14,837 Stock options ​ ​ 6,935 ​ ​ 6,170 ​ ​ 9,619 ​ ​ $ 20,868 ​ $ 27,582 ​ $ 42,552
Summary of valuation assumptions, stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2024 ​ 2023 ​ 2022 Expected volatility (1) ​ 38% ​ 38% ​ 37% ​ Expected dividends ​ 0.9% ​ 1.3% ​ 1.4% ​ Risk-free interest rate ​ 4.2% - 5.0% ​ 4.2% - 5.0% ​ 1.1% - 2.1% ​ Expected grantee forfeiture rate ​ 0% - 5.1% ​ 0% - 5.1% ​ 0% - 5.1% ​ (1) Based on historical volatilities of the Company’s common stock. ​
Summary of Stock Option award activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands, except per option amounts) Number of stock options: ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ ​ 3,857 ​ ​ 4,317 ​ ​ 3,906 Granted ​ ​ 188 ​ ​ 221 ​ ​ 574 Exercised ​ ​ (788) ​ ​ (658) ​ ​ (155) Forfeited ​ ​ (47) ​ ​ (23) ​ ​ (8) Outstanding at end of year ​ ​ 3,210 ​ ​ 3,857 ​ ​ 4,317 Weighted average exercise price per option: ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ $ 35.08 ​ $ 32.46 ​ $ 28.43 Granted ​ $ 84.93 ​ $ 60.67 ​ $ 57.10 Exercised ​ $ 25.68 ​ $ 25.66 ​ $ 21.09 Forfeited ​ $ 64.97 ​ $ 58.10 ​ $ 53.10 Outstanding at end of year ​ $ 39.87 ​ $ 35.08 ​ $ 32.46 ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of options exercisable at end of year (in thousands) ​ ​ ​ ​ ​ 2,738 Weighted average exercise price per exercisable option ​ ​ ​ ​ $ 34.94 Weighted average remaining contractual term (in years): ​ ​ ​ ​ ​ ​ Outstanding ​ ​ ​ ​ ​ 4.7 Exercisable ​ ​ ​ ​ ​ 4.1 Aggregate intrinsic value: ​ ​ ​ ​ ​ ​ Outstanding (in thousands) ​ ​ ​ ​ $ 199,893 Exercisable (in thousands) ​ ​ ​ ​ $ 184,011 Expected vesting amounts: ​ ​ ​ ​ ​ ​ Number of options expected to vest (in thousands) ​ ​ ​ ​ ​ 465 Weighted average vesting period (in months) ​ ​ ​ ​ ​ 8 ​
Performance-based RSUs
Summary of RSU activity and compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands, except per unit amounts) ​ Number of units: ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ ​ 873 ​ ​ 976 ​ ​ 1,226 ​ Granted ​ ​ 246 ​ ​ 307 ​ ​ 342 ​ Vested (1) ​ ​ (274) ​ ​ (385) ​ ​ (509) ​ Forfeited or cancelled ​ ​ (62) ​ ​ (25) ​ ​ (83) ​ Outstanding at end of year ​ ​ 783 ​ ​ 873 ​ ​ 976 ​ Weighted average grant date fair value per unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ $ 58.90 ​ $ 48.94 ​ $ 36.12 ​ Granted ​ $ 84.93 ​ $ 60.70 ​ $ 57.10 ​ Vested ​ $ 58.86 ​ $ 35.36 ​ $ 23.40 ​ Forfeited ​ $ 65.29 ​ $ 58.46 ​ $ 49.14 ​ Outstanding at end of year ​ $ 66.58 ​ $ 58.90 ​ $ 48.94 ​ (1) The actual number of performance-based RSUs vested during the years ended December 31, 2024, 2023 and 2022 were 309,000 , 617,000 and 654,000 shares, respectively, which is approximately 113% , 160% and 128% of the originally granted units, respectively, due to performance exceeding the established target for the respective grant. ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized compensation cost (in thousands) ​ ​ ​ ​ $ 9,415 Number of shares expected to vest (in thousands) ​ ​ ​ ​ ​ 467 Weighted average remaining vesting period (in months) ​ ​ ​ ​ ​ 11
Time-based RSUs
Summary of RSU activity and compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands, except per unit amounts) Number of units: ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ ​ 412 ​ ​ 483 ​ ​ 434 Granted ​ ​ 152 ​ ​ 187 ​ ​ 331 Vested ​ ​ (215) ​ ​ (247) ​ ​ (246) Forfeited ​ ​ (27) ​ ​ (11) ​ ​ (36) Outstanding at end of year ​ ​ 322 ​ ​ 412 ​ ​ 483 Weighted average grant date fair value per unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at beginning of year ​ $ 58.90 ​ $ 53.71 ​ $ 41.74 Granted ​ $ 85.66 ​ $ 60.72 ​ $ 57.10 Vested ​ $ 59.18 ​ $ 50.09 ​ $ 37.34 Forfeited ​ $ 66.59 ​ $ 57.66 ​ $ 51.97 Outstanding at end of year ​ $ 70.64 ​ $ 58.90 ​ $ 53.71 ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized compensation cost (in thousands) ​ ​ ​ ​ $ 4,982 Number of units expected to vest (in thousands) ​ ​ ​ ​ ​ 303 Weighted average remaining vesting period (in months) ​ ​ ​ ​ ​ 8

Disaggregation of Certain Exp_2

Disaggregation of Certain Expense Captions (Tables)	12 Months Ended
	Dec. 31, 2024
Disaggregation of Certain Expense Captions
Schedule of disaggregation disclosures required by ASU 2024-03	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Expense line ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Technology ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of capitalized software ​ $ 48,169 ​ $ 43,462 ​ $ 23,955 Impairment of capitalized software ​ ​ 147 ​ ​ 46 ​ ​ — Other (1) ​ ​ 101,231 ​ ​ 99,644 ​ ​ 115,995 Total technology expenses ​ $ 149,547 ​ $ 143,152 ​ $ 139,950 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Occupancy and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation ​ $ 7,815 ​ $ 9,752 ​ $ 10,454 Operating lease cost ​ ​ 14,465 ​ ​ 17,880 ​ ​ 19,733 Short-term lease cost ​ ​ 303 ​ ​ 436 ​ ​ 778 Other (2) ​ ​ 10,315 ​ ​ 8,490 ​ ​ 9,159 Total occupancy and equipment expenses ​ $ 32,898 ​ $ 36,558 ​ $ 40,124 (1) Other technology expense consists primarily software licensing and maintenance and data center expenses. ​ (2) Other occupancy and equipment expenses consists primarily common area maintenance charges, repair and security expenses.

Earnings Per Share of Common _2

Earnings Per Share of Common Stock (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share of Common Stock
Summary of basic and diluted earnings per share calculations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands, except per share amounts) Net income ​ $ 311,423 ​ $ 144,656 ​ $ 475,507 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of common stock outstanding ​ ​ 50,990 ​ ​ 49,978 ​ ​ 53,065 Effect of dilutive securities - shares issuable under stock-based compensation plan ​ ​ 2,366 ​ ​ 2,755 ​ ​ 2,885 Weighted average diluted shares of common stock outstanding ​ ​ 53,356 ​ ​ 52,733 ​ ​ 55,950 Basic earnings per share ​ $ 6.11 ​ $ 2.89 ​ $ 8.96 Diluted earnings per share ​ $ 5.84 ​ $ 2.74 ​ $ 8.50
Schedule of anti-dilutive shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2024 2023 2022 ​ ​ (in thousands except for weighted average exercise price) Performance-based RSUs (1) ​ ​ 775 ​ ​ 561 ​ ​ 281 Time-based RSUs ​ ​ 3 ​ ​ 2 ​ ​ 62 Stock options (2) ​ ​ 153 ​ ​ 289 ​ ​ 1,339 Total anti-dilutive units and options ​ ​ 931 ​ ​ 852 ​ ​ 1,682 Weighted average exercise price of anti-dilutive stock options (2) ​ $ 84.93 ​ $ 59.42 ​ $ 58.58 (1) Certain performance-based RSUs were outstanding but not included in the computation of earnings per share because the performance thresholds included in such RSUs have not been achieved. ​ (2) Certain stock options were outstanding but not included in the computation of diluted earnings per share because the weighted-average exercise prices were above the average stock price for the year.

Regulatory Capital and Liquid_2

Regulatory Capital and Liquidity Requirements (Tables)	12 Months Ended
	Dec. 31, 2024
Regulatory Capital and Liquidity Requirements
Summary of agencies' capital and liquidity requirements by each agency	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ Requirement/Agency ​ Actual (1) ​ Requirement (1) ​ Actual (1) ​ Requirement (1) ​ ​ (dollars in thousands) ​ Capital ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae & Freddie Mac ​ $ 7,457,748 ​ $ 1,380,100 ​ $ 6,890,144 ​ $ 1,211,365 ​ Ginnie Mae ​ $ 6,952,347 ​ $ 1,526,074 ​ $ 6,559,001 ​ $ 1,314,677 ​ HUD ​ $ 6,952,347 ​ $ 2,500 ​ $ 6,559,001 ​ $ 2,500 ​ Risk-based capital ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ginnie Mae (2) ​ ​ 40 % ​ 6 % ​ ​ ​ ​ ​ ​ Liquidity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae & Freddie Mac ​ $ 870,243 ​ $ 630,698 ​ $ 1,243,927 ​ $ 543,913 ​ Ginnie Mae ​ $ 1,208,755 ​ $ 460,200 ​ $ 1,684,457 ​ $ 389,501 ​ Adjusted net worth / Total assets ratio ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ginnie Mae ​ ​ 35 % ​ 6 % ​ 48 % ​ 6 % Tangible net worth / Total assets ratio ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae & Freddie Mac ​ ​ 29 % ​ 6 % ​ 37 % ​ 6 % (1) Calculated in compliance with the respective Agency’s requirements. ​ (2) Ginnie Mae has issued a risk-based capital requirement that became effective December 31, 2024.

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2024
Segments
Summary of financial highlights by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2024 ​ ​ ​ Production ​ Servicing ​ Reportable segment total ​ Corporate and other ​ Consolidated Total ​ ​ (in thousands) ​ Revenues: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gains on loans held for sale at fair value ​ $ 726,720 ​ $ 90,648 ​ $ 817,368 ​ $ — ​ $ 817,368 ​ Loan origination fees ​ ​ 185,700 ​ ​ — ​ ​ 185,700 ​ ​ — ​ ​ 185,700 ​ Fulfillment fees from PennyMac Mortgage Investment Trust ​ ​ 26,291 ​ ​ — ​ ​ 26,291 ​ ​ — ​ ​ 26,291 ​ Net loan servicing fees ​ ​ — ​ ​ 533,655 ​ ​ 533,655 ​ ​ — ​ ​ 533,655 ​ Management fees ​ ​ — ​ ​ — ​ ​ — ​ ​ 28,623 ​ ​ 28,623 ​ Net interest income (expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 321,210 ​ ​ 470,492 ​ ​ 791,702 ​ ​ 1,864 ​ ​ 793,566 ​ Interest expense ​ ​ 318,750 ​ ​ 500,598 ​ ​ 819,348 ​ ​ — ​ ​ 819,348 ​ ​ ​ ​ 2,460 ​ ​ (30,106) ​ ​ (27,646) ​ ​ 1,864 ​ ​ (25,782) ​ Other ​ ​ 531 ​ ​ 1,167 ​ ​ 1,698 ​ ​ 26,178 ​ ​ 27,876 ​ Total net revenue ​ ​ 941,702 ​ ​ 595,364 ​ ​ 1,537,066 ​ ​ 56,665 ​ ​ 1,593,731 ​ Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Compensation ​ ​ 315,838 ​ ​ 204,371 ​ ​ 520,209 ​ ​ 112,529 ​ ​ 632,738 ​ Loan origination ​ ​ 164,092 ​ ​ — ​ ​ 164,092 ​ ​ — ​ ​ 164,092 ​ Technology ​ ​ 95,603 ​ ​ 39,511 ​ ​ 135,114 ​ ​ 14,433 ​ ​ 149,547 ​ Servicing ​ ​ — ​ ​ 105,997 ​ ​ 105,997 ​ ​ — ​ ​ 105,997 ​ Professional services ​ ​ 11,206 ​ ​ 6,906 ​ ​ 18,112 ​ ​ 19,880 ​ ​ 37,992 ​ Occupancy and equipment ​ ​ 15,683 ​ ​ 11,142 ​ ​ 26,825 ​ ​ 6,073 ​ ​ 32,898 ​ Marketing and advertising ​ ​ 20,138 ​ ​ 280 ​ ​ 20,418 ​ ​ 1,551 ​ ​ 21,969 ​ Legal settlements ​ ​ — ​ ​ (30) ​ ​ (30) ​ ​ 1,621 ​ ​ 1,591 ​ Other (2) ​ ​ 7,911 ​ ​ 22,185 ​ ​ 30,096 ​ ​ 15,785 ​ ​ 45,881 ​ Total expenses ​ ​ 630,471 ​ ​ 390,362 ​ ​ 1,020,833 ​ ​ 171,872 ​ ​ 1,192,705 ​ Income (loss) before provision for income taxes ​ $ 311,231 ​ $ 205,002 ​ $ 516,233 ​ $ (115,207) ​ $ 401,026 ​ Segment assets at end of year ​ $ 8,431,612 ​ $ 17,588,018 ​ $ 26,019,630 ​ $ 67,257 ​ $ 26,086,887 ​ Acquisition of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized software ​ $ 16,156 ​ $ 3,685 ​ $ 19,841 ​ $ 541 ​ $ 20,382 ​ Furniture, fixtures, equipment and building improvements ​ $ 465 ​ $ 1,039 ​ $ 1,504 ​ $ 211 ​ $ 1,715 ​ Amortization of capitalized software ​ $ 39,160 ​ $ 7,881 ​ $ 47,041 ​ $ 1,128 ​ $ 48,169 ​ Depreciation and amortization of furniture, fixtures, equipment and building improvements ​ $ 3,743 ​ $ 2,804 ​ $ 6,547 ​ $ 1,268 ​ $ 7,815 ​ (1) All revenues are from external customers. The segments do not recognize intersegment revenues. ​ (2) Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as safekeeping, travel, postage and corporate insurance. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 ​ ​ ​ Production ​ Servicing ​ Reportable segment total ​ Corporate and other ​ Consolidated Total ​ ​ ​ (in thousands) ​ Revenues: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gains on loans held for sale at fair value ​ $ 453,063 ​ $ 92,880 ​ $ 545,943 ​ $ — ​ $ 545,943 ​ Loan origination fees ​ ​ 146,118 ​ ​ — ​ ​ 146,118 ​ ​ — ​ ​ 146,118 ​ Fulfillment fees from PennyMac Mortgage Investment Trust ​ ​ 27,826 ​ ​ — ​ ​ 27,826 ​ ​ — ​ ​ 27,826 ​ Net loan servicing fees ​ ​ — ​ ​ 642,600 ​ ​ 642,600 ​ ​ — ​ ​ 642,600 ​ Management fees ​ ​ — ​ ​ — ​ ​ — ​ ​ 28,762 ​ ​ 28,762 ​ Net interest income (expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 272,307 ​ ​ 358,247 ​ ​ 630,554 ​ ​ 2,370 ​ ​ 632,924 ​ Interest expense ​ ​ 254,890 ​ ​ 382,887 ​ ​ 637,777 ​ ​ — ​ ​ 637,777 ​ ​ ​ ​ 17,417 ​ ​ (24,640) ​ ​ (7,223) ​ ​ 2,370 ​ ​ (4,853) ​ Other ​ ​ 250 ​ ​ 3,663 ​ ​ 3,913 ​ ​ 11,347 ​ ​ 15,260 ​ Total net revenue ​ ​ 644,674 ​ ​ 714,503 ​ ​ 1,359,177 ​ ​ 42,479 ​ ​ 1,401,656 ​ Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Compensation ​ ​ 274,447 ​ ​ 201,002 ​ ​ 475,449 ​ ​ 101,515 ​ ​ 576,964 ​ Loan origination ​ ​ 114,500 ​ ​ — ​ ​ 114,500 ​ ​ — ​ ​ 114,500 ​ Technology ​ ​ 88,086 ​ ​ 40,343 ​ ​ 128,429 ​ ​ 14,723 ​ ​ 143,152 ​ Servicing ​ ​ — ​ ​ 69,433 ​ ​ 69,433 ​ ​ — ​ ​ 69,433 ​ Professional services ​ ​ 10,825 ​ ​ 7,485 ​ ​ 18,310 ​ ​ 42,211 ​ ​ 60,521 ​ Occupancy and equipment ​ ​ 18,353 ​ ​ 10,774 ​ ​ 29,127 ​ ​ 7,431 ​ ​ 36,558 ​ Marketing and advertising ​ ​ 16,125 ​ ​ 178 ​ ​ 16,303 ​ ​ 1,328 ​ ​ 17,631 ​ Legal settlements ​ ​ 853 ​ ​ — ​ ​ 853 ​ ​ 161,917 ​ ​ 162,770 ​ Other (2) ​ ​ 5,407 ​ ​ 16,896 ​ ​ 22,303 ​ ​ 14,193 ​ ​ 36,496 ​ Total expenses ​ ​ 528,596 ​ ​ 346,111 ​ ​ 874,707 ​ ​ 343,318 ​ ​ 1,218,025 ​ Income (loss) before provision for income taxes ​ $ 116,078 ​ $ 368,392 ​ $ 484,470 ​ $ (300,839) ​ $ 183,631 ​ Segment assets at end of year ​ $ 4,560,323 ​ $ 14,036,203 ​ $ 18,596,526 ​ $ 248,037 ​ $ 18,844,563 ​ Acquisition of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized software ​ $ 32,504 ​ $ 416 ​ $ 32,920 ​ $ 1,864 ​ $ 34,784 ​ Furniture, fixtures, equipment and building improvements ​ $ 199 ​ $ 991 ​ $ 1,190 ​ $ 196 ​ $ 1,386 ​ Amortization of capitalized software ​ $ 31,285 ​ $ 9,934 ​ $ 41,219 ​ $ 2,243 ​ $ 43,462 ​ Depreciation and amortization of furniture, fixtures, equipment and building improvements ​ $ 5,225 ​ $ 2,965 ​ $ 8,190 ​ $ 1,562 ​ $ 9,752 ​ (1) All revenues are from external customers. The segments do not recognize intersegment revenues. ​ (2) Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as safekeeping, travel, postage and corporate insurance. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ ​ ​ Production ​ Servicing ​ Reportable segment total ​ Corporate and other ​ Consolidated Total ​ ​ ​ (in thousands) ​ Revenues: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gains on loans held for sale at fair value ​ $ 599,895 ​ $ 191,738 ​ $ 791,633 ​ $ — ​ $ 791,633 ​ Loan origination fees ​ ​ 169,859 ​ ​ — ​ ​ 169,859 ​ ​ — ​ ​ 169,859 ​ Fulfillment fees from PennyMac Mortgage Investment Trust ​ ​ 67,991 ​ ​ — ​ ​ 67,991 ​ ​ — ​ ​ 67,991 ​ Net loan servicing fees ​ ​ — ​ ​ 951,329 ​ ​ 951,329 ​ ​ — ​ ​ 951,329 ​ Management fees ​ ​ — ​ ​ — ​ ​ — ​ ​ 31,065 ​ ​ 31,065 ​ Net interest income (expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 134,206 ​ ​ 158,954 ​ ​ 293,160 ​ ​ 902 ​ ​ 294,062 ​ Interest expense ​ ​ 108,072 ​ ​ 227,355 ​ ​ 335,427 ​ ​ — ​ ​ 335,427 ​ ​ ​ ​ 26,134 ​ ​ (68,401) ​ ​ (42,267) ​ ​ 902 ​ ​ (41,365) ​ Other ​ ​ 441 ​ ​ 3,119 ​ ​ 3,560 ​ ​ 11,683 ​ ​ 15,243 ​ Total net revenue ​ ​ 864,320 ​ ​ 1,077,785 ​ ​ 1,942,105 ​ ​ 43,650 ​ ​ 1,985,755 ​ Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Compensation ​ ​ 384,884 ​ ​ 205,332 ​ ​ 590,216 ​ ​ 145,015 ​ ​ 735,231 ​ Loan origination ​ ​ 173,622 ​ ​ — ​ ​ 173,622 ​ ​ — ​ ​ 173,622 ​ Technology ​ ​ 81,826 ​ ​ 41,256 ​ ​ 123,082 ​ ​ 16,868 ​ ​ 139,950 ​ Servicing ​ ​ — ​ ​ 59,628 ​ ​ 59,628 ​ ​ — ​ ​ 59,628 ​ Professional services ​ ​ 22,769 ​ ​ 7,500 ​ ​ 30,269 ​ ​ 43,001 ​ ​ 73,270 ​ Occupancy and equipment ​ ​ 21,653 ​ ​ 12,353 ​ ​ 34,006 ​ ​ 6,118 ​ ​ 40,124 ​ Marketing and advertising ​ ​ 40,419 ​ ​ 679 ​ ​ 41,098 ​ ​ 5,664 ​ ​ 46,762 ​ Legal settlements ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,649 ​ ​ 4,649 ​ Other (2) ​ ​ 8,348 ​ ​ 19,824 ​ ​ 28,172 ​ ​ 19,100 ​ ​ 47,272 ​ Total expenses ​ ​ 733,521 ​ ​ 346,572 ​ ​ 1,080,093 ​ ​ 240,415 ​ ​ 1,320,508 ​ Income (loss) before provision for income taxes ​ $ 130,799 ​ $ 731,213 ​ $ 862,012 ​ $ (196,765) ​ $ 665,247 ​ Segment assets at end of year ​ $ 3,617,627 ​ $ 13,056,461 ​ $ 16,674,088 ​ $ 148,496 ​ $ 16,822,584 ​ Acquisition of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized software ​ $ 66,171 ​ $ 1,365 ​ $ 67,536 ​ $ 4,399 ​ $ 71,935 ​ Furniture, fixtures, equipment and building improvements ​ $ 5,146 ​ $ 1,515 ​ $ 6,661 ​ $ 498 ​ $ 7,159 ​ Amortization of capitalized software ​ $ 11,653 ​ $ 9,961 ​ $ 21,614 ​ $ 2,341 ​ $ 23,955 ​ Depreciation and amortization of furniture, fixtures, equipment and building improvements ​ $ 5,832 ​ $ 3,044 ​ $ 8,876 ​ $ 1,578 ​ $ 10,454 ​ (1) All revenues are from external customers. The segments do not recognize intersegment revenues. ​ (2) Other expense includes smaller balance expense categories not separately provided to the chief operating decision maker such as safekeeping, travel, postage and corporate insurance.

Parent Company Information (Tab

Parent Company Information (Tables)	12 Months Ended
	Dec. 31, 2024
Parent Company Information
Schedule of condensed balance sheets of Parent Company	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2024 ​ 2023 ​ ​ (in thousands) ​ ASSETS ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 2,994 ​ $ 8,639 ​ Investments in subsidiaries ​ ​ 4,809,214 ​ ​ 4,488,039 ​ Due from subsidiaries ​ ​ 3,012,578 ​ ​ 2,322,854 ​ Total assets ​ $ 7,824,786 ​ $ 6,819,532 ​ LIABILITIES AND STOCKHOLDERS' EQUITY ​ ​ ​ ​ ​ ​ ​ Unsecured senior notes ​ $ 3,164,032 ​ $ 2,519,651 ​ Accounts payable and accrued expenses ​ ​ 34,274 ​ ​ 29,636 ​ Payable to subsidiaries ​ ​ — ​ ​ 187 ​ Income taxes payable ​ ​ 796,829 ​ ​ 731,455 ​ Total liabilities ​ ​ 3,995,135 ​ ​ 3,280,929 ​ Stockholders' equity ​ ​ 3,829,651 ​ ​ 3,538,603 ​ Total liabilities and stockholders' equity ​ $ 7,824,786 ​ $ 6,819,532 ​
Schedule of condensed statements of income of Parent Company	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 2022 ​ ​ (in thousands) Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends from subsidiaries ​ $ 9,378 ​ $ 80,617 ​ $ 417,391 Net interest income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income: ​ ​ ​ ​ ​ ​ ​ ​ ​ From non-affiliates ​ ​ 5 ​ ​ — ​ ​ — From subsidiary ​ ​ 255,773 ​ ​ 156,082 ​ ​ 121,452 ​ ​ ​ 255,778 ​ ​ 156,082 ​ ​ 121,452 Interest expense ​ ​ 184,304 ​ ​ 98,396 ​ ​ 95,014 ​ ​ ​ 71,474 ​ ​ 57,686 ​ ​ 26,438 Total net revenues ​ ​ 80,852 ​ ​ 138,303 ​ ​ 443,829 Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Charitable contributions ​ ​ 2,500 ​ ​ — ​ ​ — Other ​ ​ 838 ​ ​ 931 ​ ​ 267 Total expenses ​ ​ 3,338 ​ ​ 931 ​ ​ 267 Income before provision for income taxes and equity in undistributed earnings of subsidiaries ​ ​ 77,514 ​ ​ 137,372 ​ ​ 443,562 Provision for income taxes ​ ​ 66,398 ​ ​ 31,267 ​ ​ 129,948 Income before equity in undistributed earnings of subsidiaries ​ ​ 11,116 ​ ​ 106,105 ​ ​ 313,614 Equity in undistributed earnings of subsidiaries ​ ​ 300,307 ​ ​ 38,551 ​ ​ 161,893 Net income ​ $ 311,423 ​ $ 144,656 ​ $ 475,507
Schedule of condensed statements of cash flows of Parent Company	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in thousands) Cash flows from operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 311,423 ​ $ 144,656 ​ $ 475,507 Adjustments to reconcile net income to net cash provided by operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in undistributed earnings of subsidiaries ​ ​ (300,307) ​ ​ (38,551) ​ ​ (161,893) Amortization of net debt issuance costs ​ ​ 6,509 ​ ​ 3,802 ​ ​ 3,701 Decrease in receivable from PennyMac Mortgage Investment Trust ​ ​ — ​ ​ 27 ​ ​ — Increase in intercompany receivable ​ ​ (698,869) ​ ​ (894,204) ​ ​ (31,566) Increase (decrease) in accounts payable and accrued expenses ​ ​ 4,638 ​ ​ 3,280 ​ ​ (1,779) (Decrease) increase in payable to subsidiaries ​ ​ (187) ​ ​ 52 ​ ​ 19 Increase in income taxes payable ​ ​ 65,374 ​ ​ 32,383 ​ ​ 217,771 Net cash (used in) provided by operating activities ​ ​ (611,419) ​ ​ (748,555) ​ ​ 501,760 Cash flows from financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance of unsecured senior notes ​ ​ 650,000 ​ ​ 750,000 ​ ​ — Payment of debt issuance costs ​ ​ (12,128) ​ ​ (14,071) ​ ​ — Payment of dividend to holders of common stock ​ ​ (52,160) ​ ​ (41,446) ​ ​ (54,621) Issuance of common stock pursuant to exercise of stock options ​ ​ 20,062 ​ ​ 17,215 ​ ​ 2,947 Payment of withholding taxes relating to stock-based compensation ​ ​ — ​ ​ — ​ ​ (7,780) Repurchase of common stock ​ ​ — ​ ​ — ​ ​ (406,086) Net cash provided by (used in) financing activities ​ ​ 605,774 ​ ​ 711,698 ​ ​ (465,540) Net (decrease) increase in cash (1) ​ ​ (5,645) ​ ​ (36,857) ​ ​ 36,220 Cash at beginning of year ​ ​ 8,639 ​ ​ 45,496 ​ ​ 9,276 Cash at end of year ​ $ 2,994 ​ $ 8,639 ​ $ 45,496 Supplemental cash flow information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-cash financing activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchase of common stock by PNMAC on behalf of Parent company ​ $ — ​ $ 71,491 ​ $ — Payment of withholding taxes relating to stock-based compensation by PNMAC on behalf of Parent company ​ $ 9,401 ​ $ 9,142 ​ $ — Issuance of common stock in settlement of directors' fees ​ $ 256 ​ $ 180 ​ $ 205 (1) The Company did no t hold restricted cash during the years presented.

Concentration of Risk (Details)

Concentration of Risk (Details) - PennyMac Mortgage Investment Trust - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Revenue
Concentration of Risk
Percentage of total	10%	11%	9%
Loan Production
Concentration of Risk
Percentage of total	79%	85%	70%

Significant Accounting Polici_3

Significant Accounting Policies - Long-lived Assets (Details)	12 Months Ended
	Dec. 31, 2024
Capitalized Software
Period of payment default	3 months
Furniture, Fixtures, Equipment and Building Improvements | Minimum
Capitalized Software
Estimated useful lives	5 years
Furniture, Fixtures, Equipment and Building Improvements | Maximum
Capitalized Software
Estimated useful lives	7 years
Capitalized software | Minimum
Capitalized Software
Estimated useful lives	3 years
Capitalized software | Maximum
Capitalized Software
Estimated useful lives	7 years

Significant Accounting Polici_4

Significant Accounting Policies - Fulfillment Fees and Management Fees (Details)	12 Months Ended
	Dec. 31, 2024
Significant Accounting Policies
Number of days fees are collected from Advised Entities	30 days
Fulfillment Fees
Number of days from purchase fulfillment fees are collected	30 days
Management fees
The period from quarter end that management fees are collected	30 days

Significant Accounting Polici_5

Significant Accounting Policies - Income Taxes (Details)	12 Months Ended
	Dec. 31, 2024
Income Taxes
Amount of tax benefits under the tax sharing agreement (as a percent)	85%

Transactions with Related Par_3

Transactions with Related Parties - Correspondent Production (Details) - USD ($)		1 Months Ended	12 Months Ended
	Jul. 01, 2020	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lending activity between the entity and affiliate
Fulfillment fee revenue			$ 26,291,000	$ 27,826,000	$ 67,991,000
Ginnie Mae Mortgage Backed Securities Guide Loan
Transactions with Affiliates
Threshold limit of loan commitment	$ 16,500	$ 16,500	16,500
Threshold limit of loan	16,500	16,500	16,500
Maximum Multiplier factor for each pull through adjusted loan commitment	585	585	585
Multiplying factor for each pull through adjusted loan commitment in excess of threshold limit per quarter	355	355	355
Multiplying factor for number of purchased loans	315	500	500
Multiplying factor for number of purchased loans in excess of threshold limit per quarter	$ 195	$ 195	195
Ginnie Mae Mortgage Backed Securities Guide Loan | Minimum
Transactions with Affiliates
Pull through factor as a percentage	80%	80%
Ginnie Mae Mortgage Backed Securities Guide Loan | Maximum
Transactions with Affiliates
Pull through factor as a percentage	99%	99%
Other mortgage loans
Transactions with Affiliates
Multiplying factor for number of purchased loans	$ 750	$ 315	315
MSR Recapture Agreement
Transactions with Affiliates
Percentage of recapture rate.	15%
Related party transaction, automatic renewal period		18 months
Mortgage loan servicing fee per loan (in dollars)		$ 900
MSR Recapture Agreement | First 15%
Transactions with Affiliates
Percentage of fair market value.	40%
Percentage of recapture rate.	15%
MSR Recapture Agreement | In excess of 15% and upto 30%
Transactions with Affiliates
Percentage of fair market value.	35%
MSR Recapture Agreement | In excess of 15% and upto 30% | Minimum
Transactions with Affiliates
Percentage of recapture rate.	15%
MSR Recapture Agreement | In excess of 15% and upto 30% | Maximum
Transactions with Affiliates
Percentage of recapture rate.	30%
MSR Recapture Agreement | In excess of 30%
Transactions with Affiliates
Percentage of fair market value.	30%
Percentage of recapture rate.	30%
MSR Recapture Agreement | First 30%
Transactions with Affiliates
Percentage of fair market value.		70%
Percentage of recapture rate.		30%
MSR Recapture Agreement | In excess of 30% and upto 50%
Transactions with Affiliates
Percentage of fair market value.		50%
MSR Recapture Agreement | In excess of 30% and upto 50% | Minimum
Transactions with Affiliates
Percentage of recapture rate.		30%
MSR Recapture Agreement | In excess of 30% and upto 50% | Maximum
Transactions with Affiliates
Percentage of recapture rate.		50%
MSR Recapture Agreement | In excess of 50%
Transactions with Affiliates
Percentage of fair market value.		40%
Percentage of recapture rate.		50%
Related Party | Mortgage Lending | PennyMac Mortgage Investment Trust
Lending activity between the entity and affiliate
Net gains (losses) on loans sold to PMT (primarily cash)			6,260,000		(2,820,000)
Mortgage servicing rights recapture incurred			(2,193,000)	(1,784,000)	(13,744,000)
Total of gain on sale of loans and MSR recapture			4,067,000	(1,784,000)	(16,564,000)
Sale of loans held for sale to PMT			662,952,000		298,862,000
UPB of loans recaptured			353,710,000	315,412,000	2,533,115,000
Tax service fees earned from PMT included in Loan origination fees			2,503,000	3,216,000	8,418,000
Fulfillment fee revenue			26,291,000	27,826,000	67,991,000
Unpaid principal balance of loans fulfilled for PMT subject to fulfillment fees			13,446,484,000	14,898,301,000	37,090,031,000
Sourcing fees included in cost of loans purchased from PMT			8,069,000	7,162,000	4,968,000
Government guaranteed or insured			40,838,480,000	40,476,782,000	45,768,110,000
Conventional conforming			39,856,056,000	31,141,915,000	3,912,157,000
Unpaid principal balance of loans purchased from PMT			80,694,536,000	$ 71,618,697,000	$ 49,680,267,000
PLS | Minimum
Transactions with Affiliates
Sourcing fees (as a percent)	0.01%
PLS | Maximum
Transactions with Affiliates
Sourcing fees (as a percent)	0.02%
PLS | Ginnie Mae Mortgage Backed Securities Guide Loan
Transactions with Affiliates
Fulfilment fee payable	$ 0
PennyMac Mortgage Investment Trust | Ginnie Mae Mortgage Backed Securities Guide Loan
Transactions with Affiliates
Fulfilment fee payable		$ 0	$ 0

Transactions with Related Par_4

Transactions with Related Parties - Mortgage Loan Servicing (Details) - USD ($)		1 Months Ended	12 Months Ended
	Sep. 12, 2016	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary of mortgage loan servicing fees earned
Loan servicing fees			$ 1,799,480,000	$ 1,484,946,000	$ 1,228,637,000
Loan Servicing Agreement
Transactions with Affiliates
Base servicing fees per month for REO	$ 75
Base servicing fees per month for fixed-rate non-distressed loans subserviced	7.5
Base servicing fees per month for adjustable rate non-distressed loans subserviced	8.5
Supplemental fee per month for each distressed whole loan	25
Minimum | Loan Servicing Agreement
Transactions with Affiliates
Servicing fees amount per month for current loans	30
Servicing fees amount per month for severely delinquent loans		$ 18
Additional servicing fee amount per month for delinquent loans	10
Maximum | Loan Servicing Agreement
Transactions with Affiliates
Servicing fees amount per month for current loans	95
Servicing fees amount per month for severely delinquent loans		$ 80
Additional servicing fee amount per month for delinquent loans	$ 55
Related Party | PennyMac Mortgage Investment Trust
Summary of mortgage loan servicing fees earned
Loan servicing fees			83,252,000	81,347,000	81,915,000
Related Party | Loans acquired for sale at fair value | PennyMac Mortgage Investment Trust
Summary of mortgage loan servicing fees earned
Loan servicing fees			83,173,000	81,139,000	81,386,000
Related Party | Distressed loans | PennyMac Mortgage Investment Trust
Summary of mortgage loan servicing fees earned
Loan servicing fees			$ 79,000	$ 208,000	$ 529,000

Transactions with Related Par_5

Transactions with Related Parties - Management Fees (Details) - USD ($)		1 Months Ended	12 Months Ended
	Sep. 12, 2016	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Management fees, net:
Management fees			$ 28,623,000	$ 28,762,000	$ 31,065,000
Related Party | Management Fees | PennyMac Mortgage Investment Trust
Transactions with Affiliates
High watermark measurement period		2 years
Percentage of change in net income due to quarterly adjustments	8%
Management fees, net:
Base management fee			28,623,000	28,762,000	31,065,000
Management fees			28,623,000	28,762,000	31,065,000
Average PMT's shareholders' equity used to calculate base management fees			$ 1,908,287,000	$ 1,917,642,000	$ 2,079,851,000
Related Party | Management Fees | Maximum | PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of performance incentive fee payable by issuance of common shares	50%
Related Party | Management Fees | Minimum | PennyMac Mortgage Investment Trust
Transactions with Affiliates
High watermark	$ 0
Related Party | Shareholders Equity Up To 2 Billion Dollars | Maximum | PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee annual rate (as a percent)	1.50%
Base management fee shareholders' equity limit	$ 2,000,000,000
Related Party | Shareholders Equity In Excess Of 2 Billion Dollars And Upto 5 Billion Dollars | PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee annual rate (as a percent)	1.375%
Related Party | Shareholders Equity In Excess Of 2 Billion Dollars And Upto 5 Billion Dollars | Maximum | PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee shareholders' equity limit	$ 5,000,000,000
Related Party | Shareholders Equity In Excess Of 2 Billion Dollars And Upto 5 Billion Dollars | Minimum | PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee shareholders' equity limit	$ 2,000,000,000
Related Party | Shareholders Equity In Excess Of 5 Billion Dollars | PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee annual rate (as a percent)	1.25%
Related Party | Shareholders Equity In Excess Of 5 Billion Dollars | Maximum | PennyMac Mortgage Investment Trust
Transactions with Affiliates
Base management fee shareholders' equity limit	$ 5,000,000,000
Related Party | Return on Shareholders Equity 8 Percent | PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of net income for calculation of performance incentive fees	10%
Related Party | Return on Shareholders Equity 8 Percent | Maximum | PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of return on affiliate's equity	12%
Related Party | Return on Shareholders Equity 8 Percent | Minimum | PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of return on affiliate's equity	8%
Related Party | Return on Shareholders Equity 12 Percent | PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of net income for calculation of performance incentive fees	15%
Percentage of return on affiliate's equity	12%
Related Party | Return on Shareholders Equity 12 Percent | Maximum | PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of return on affiliate's equity	16%
Related Party | Return on Shareholders Equity in Excess of 16 Percent | PennyMac Mortgage Investment Trust
Transactions with Affiliates
Percentage of net income for calculation of performance incentive fees	20%
Percentage of return on affiliate's equity	16%

Transactions with Related Par_6

Transactions with Related Parties - Other Transactions, Reimbursement of Common Overhead Expenses (Details) - Related Party - PennyMac Mortgage Investment Trust - USD ($)		12 Months Ended
	Sep. 12, 2016	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Transactions with Affiliates
Expense reimbursement amount, per quarter, relating to personnel	$ 165,000
Reimbursement of common overhead and expenses incurred on behalf of affiliates
Reimbursement of common overhead and expenses incurred by the Company		$ 29,440,000	$ 29,620,000	$ 33,077,000
Payments and settlements during the period		118,167,000	94,339,000	144,012,000
Common overhead incurred
Reimbursement of common overhead and expenses incurred on behalf of affiliates
Reimbursement of common overhead and expenses incurred by the Company		7,909,000	7,492,000	8,588,000
Compensation
Reimbursement of common overhead and expenses incurred on behalf of affiliates
Reimbursement of common overhead and expenses incurred by the Company		660,000	660,000	660,000
Expenses incurred by related party (reporting entity), net
Reimbursement of common overhead and expenses incurred on behalf of affiliates
Reimbursement of common overhead and expenses incurred by the Company		$ 20,871,000	$ 21,468,000	$ 23,829,000

Transactions with Related Par_7

Transactions with Related Parties - Investing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Activity during the period:
Dividends received and change in fair value	$ (57)	$ 312	$ (235)
Fair value of PennyMac Mortgage Investment Trust shares	944	1,121
Related Party | PennyMac Mortgage Investment Trust
Activity during the period:
Dividends from PennyMac Mortgage Investment Trust	120	120	136
Change in fair value of investment in PennyMac Mortgage Investment Trust	(177)	192	(371)
Dividends received and change in fair value	(57)	312	$ (235)
Fair value of PennyMac Mortgage Investment Trust shares	$ 944	$ 1,121
Common shares of beneficial interest owned	75,000	75,000

Transactions with Related Par_8

Transactions with Related Parties - Financing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing activities:
Interest expense	$ 819,348	$ 637,777	$ 335,427

Transactions with Related Par_9

Transactions with Related Parties - Amounts due from Affiliate (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Amounts due from affiliate
Total due from affiliate	$ 30,206	$ 29,262
Payable to affiliate
Other Liabilities, Total	122,317	208,210
Related Party | PennyMac Mortgage Investment Trust
Amounts due from affiliate
Correspondent production fees	11,122	8,288
Management fees	7,149	7,252
Servicing fees	6,822	6,809
Allocated expenses and expenses incurred on PMT's behalf	3,508	5,612
Fulfillment fees	1,605	1,301
Payable to affiliate
Amounts advanced by PMT	106,302	208,154
Other expenses	16,015	56
Affiliated entities | PennyMac Mortgage Investment Trust
Amounts due from affiliate
Total due from affiliate	30,206	29,262
Payable to affiliate
Other Liabilities, Total	$ 122,317	$ 208,210

Transactions with Related Pa_10

Transactions with Related Parties - Amounts due from Investment Funds (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Amounts due from affiliate
Total due from affiliate	$ 30,206	$ 29,262
Other Liabilities, Total	$ 122,317	$ 208,210

Transactions with Related Pa_11

Transactions with Related Parties - Exchanged Private National Mortgage Acceptance Company, LLC Unitholders (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Transactions with Affiliates
Amount of tax benefits under the tax sharing agreement (as a percent)	85%
Payments to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement			$ (3,855)
Repricing of payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	$ (201)		(576)
Interest income	793,566	$ 632,924	294,062
Related Party | Private National Mortgage Acceptance Company
Transactions with Affiliates
Payments to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement			3,855
Repricing of payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	(201)		(576)
Payable to exchanged PNMAC unitholders under tax receivable agreement	25,898	26,099	26,099
Related Party | Related Party Donor Advised Fund
Transactions with Affiliates
Charitable contributions	$ 2,500	$ 0	$ 0

Loan Sales and Servicing Acti_3

Loan Sales and Servicing Activities - Summary of Cash Flows with Transferees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows:
Sales proceeds	$ 101,105,292	$ 85,684,522	$ 84,345,379
Servicing fees received	1,423,171	1,173,108	931,315
Allowance for losses rollforward
Balance at beginning of period	73,991	78,992	120,940
Provision (reversal of provision) for losses	32,962	3,271	(36,075)
Charge-offs, net	(21,165)	(8,272)	(5,873)
Balance at end of period	85,788	73,991	$ 78,992
Period end information:
Unpaid principal balance of loans outstanding	410,393,342	352,790,614
30-89 days	17,301,961	13,775,493
90 days or more - Not in foreclosure	8,104,348	6,754,282
90 days or more - In foreclosure	693,934	618,694
90 days or more - Foreclosed	2,928	7,565
Loans in bankruptcy	$ 1,762,324	$ 1,415,614

Loan Sales and Servicing Acti_4

Loan Sales and Servicing Activities - Summary of Mortgage Servicing Portfolio (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Mortgage servicing portfolio
Loans held for sale	$ 8,128,914	$ 4,294,689
Total loans serviced	665,763,827	607,216,769
Delinquent loans:
30 days	15,092,071	12,906,445
60 days	5,515,058	3,716,280
90 days or more - Not in foreclosure	9,499,399	7,972,624
90 days or more - In foreclosure	836,560	778,977
90 days or more - Foreclosed	6,448	12,428
Total delinquent mortgage loans	30,949,536	25,386,754
Bankruptcy	2,138,489	1,709,811
Custodial funds managed by the Company	8,563,032	5,501,952
Servicing rights owned
Mortgage servicing portfolio
Loans held for sale	8,128,914	4,294,689
Total loans serviced	434,203,662	374,563,700
Delinquent loans:
30 days	13,095,250	11,097,929
60 days	4,838,550	3,316,494
90 days or more - Not in foreclosure	8,289,129	6,941,325
90 days or more - In foreclosure	730,372	686,359
90 days or more - Foreclosed	3,716	8,133
Total delinquent mortgage loans	26,957,017	22,050,240
Bankruptcy	1,852,396	1,523,218
Custodial funds managed by the Company	6,171,157	3,741,978
Contract servicing and subservicing
Mortgage servicing portfolio
Total loans serviced	231,560,165	232,653,069
Delinquent loans:
30 days	1,996,821	1,808,516
60 days	676,508	399,786
90 days or more - Not in foreclosure	1,210,270	1,031,299
90 days or more - In foreclosure	106,188	92,618
90 days or more - Foreclosed	2,732	4,295
Total delinquent mortgage loans	3,992,519	3,336,514
Bankruptcy	286,093	186,593
Custodial funds managed by the Company	2,391,875	1,759,974
Non affiliated entities
Mortgage servicing portfolio
Originated	410,393,342	352,790,614
Purchased	15,681,406	17,478,397
Subserviced	806,584
Total loans serviced, excluding loans held for sale	426,881,332	370,269,011
Non affiliated entities | Servicing rights owned
Mortgage servicing portfolio
Originated	410,393,342	352,790,614
Purchased	15,681,406	17,478,397
Total loans serviced, excluding loans held for sale	426,074,748	370,269,011
Non affiliated entities | Contract servicing and subservicing
Mortgage servicing portfolio
Subserviced	806,584
Total loans serviced, excluding loans held for sale	806,584
Affiliated entities
Mortgage servicing portfolio
Advised entities	230,753,581	232,653,069
Affiliated entities | Contract servicing and subservicing
Mortgage servicing portfolio
Advised entities	$ 230,753,581	$ 232,653,069

Loan Sales and Servicing Acti_5

Loan Sales and Servicing Activities - Geographical Distribution of Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Loan Sales and Servicing Activities
Total loans serviced	$ 665,763,827	$ 607,216,769
California
Loan Sales and Servicing Activities
Total loans serviced	76,364,993	72,788,272
Texas
Loan Sales and Servicing Activities
Total loans serviced	65,317,775	56,437,082
Florida
Loan Sales and Servicing Activities
Total loans serviced	63,850,638	57,824,310
Virginia
Loan Sales and Servicing Activities
Total loans serviced	36,428,575	35,376,266
Georgia
Loan Sales and Servicing Activities
Total loans serviced	28,499,141
Maryland
Loan Sales and Servicing Activities
Total loans serviced		26,746,355
All other states
Loan Sales and Servicing Activities
Total loans serviced	$ 395,302,705	$ 358,044,484

Fair Value - Financial Statemen

Fair Value - Financial Statement Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Short-term investment at fair value	$ 420,553	$ 10,268
Principal-only stripped mortgage-backed securities at fair value pledged to creditors	825,865
Loans held for sale	8,217,468	4,420,691
Derivative assets:
Derivative asset, before netting	232,293	258,809
Netting	(119,217)	(79,730)
Total derivative assets	113,076	179,079
Investment in PennyMac Mortgage Investment Trust	944	1,121
Derivative liabilities:
Derivative liability, before netting	102,881	101,866
Netting	(61,981)	(48,591)
Net amounts of liabilities presented in the consolidated balance sheet	40,900	53,275
Mortgage servicing liabilities	1,683	1,805
Related Party | PennyMac Mortgage Investment Trust
Derivative assets:
Investment in PennyMac Mortgage Investment Trust	944	1,121
Principal-Only-Strip MBS
Assets:
Principal-only stripped mortgage-backed securities at fair value pledged to creditors	825,865
Recurring basis
Assets:
Short-term investment at fair value	420,553	10,268
Principal-only stripped mortgage-backed securities at fair value pledged to creditors	825,865
Loans held for sale	8,217,468	4,420,691
Derivative assets:
Derivative asset, before netting	232,293	258,809
Netting	(119,217)	(79,730)
Total derivative assets	113,076	179,079
Mortgage servicing rights	8,744,528	7,099,348
Total assets	18,322,434	11,710,507
Derivative liabilities:
Derivative liability, before netting	102,881	101,866
Netting	(61,981)	(48,591)
Net amounts of liabilities presented in the consolidated balance sheet	40,900	53,275
Mortgage servicing liabilities	1,683	1,805
Total liabilities	42,583	55,080
Recurring basis | Related Party | PennyMac Mortgage Investment Trust
Derivative assets:
Investment in PennyMac Mortgage Investment Trust	944	1,121
Recurring basis | Interest rate lock commitments
Derivative assets:
Derivative asset, before netting	56,946	90,313
Derivative liabilities:
Derivative liability, before netting	23,381	720
Recurring basis | Forward contracts | Purchases
Derivative assets:
Derivative asset, before netting	3,701	78,448
Derivative liabilities:
Derivative liability, before netting	66,646	5,141
Recurring basis | Forward contracts | Sales
Derivative assets:
Derivative asset, before netting	152,526	6,151
Derivative liabilities:
Derivative liability, before netting	12,854	92,796
Recurring basis | MBS put options
Derivative assets:
Derivative asset, before netting	3,278	413
Recurring basis | MBS call options
Derivative assets:
Derivative asset, before netting		6,265
Recurring basis | Call options on Eurodollar futures | Purchases
Derivative assets:
Derivative asset, before netting	3,250	66,176
Recurring basis | Call options on Eurodollar futures | Sales
Derivative liabilities:
Derivative liability, before netting		3,209
Recurring basis | Put options on Eurodollar futures | Purchases
Derivative assets:
Derivative asset, before netting	12,592	11,043
Recurring basis | Level 1
Assets:
Short-term investment at fair value	420,553	10,268
Derivative assets:
Derivative asset, before netting	15,842	77,219
Total derivative assets	15,842	77,219
Total assets	437,339	88,608
Derivative liabilities:
Derivative liability, before netting		3,209
Net amounts of liabilities presented in the consolidated balance sheet		3,209
Total liabilities		3,209
Recurring basis | Level 1 | Related Party | PennyMac Mortgage Investment Trust
Derivative assets:
Investment in PennyMac Mortgage Investment Trust	944	1,121
Recurring basis | Level 1 | Call options on Eurodollar futures | Purchases
Derivative assets:
Derivative asset, before netting	3,250	66,176
Recurring basis | Level 1 | Call options on Eurodollar futures | Sales
Derivative liabilities:
Derivative liability, before netting		3,209
Recurring basis | Level 1 | Put options on Eurodollar futures | Purchases
Derivative assets:
Derivative asset, before netting	12,592	11,043
Recurring basis | Level 2
Assets:
Principal-only stripped mortgage-backed securities at fair value pledged to creditors	825,865
Loans held for sale	7,783,415	3,942,127
Derivative assets:
Derivative asset, before netting	159,505	91,277
Total derivative assets	159,505	91,277
Total assets	8,768,785	4,033,404
Derivative liabilities:
Derivative liability, before netting	79,500	97,937
Net amounts of liabilities presented in the consolidated balance sheet	79,500	97,937
Total liabilities	79,500	97,937
Recurring basis | Level 2 | Forward contracts | Purchases
Derivative assets:
Derivative asset, before netting	3,701	78,448
Derivative liabilities:
Derivative liability, before netting	66,646	5,141
Recurring basis | Level 2 | Forward contracts | Sales
Derivative assets:
Derivative asset, before netting	152,526	6,151
Derivative liabilities:
Derivative liability, before netting	12,854	92,796
Recurring basis | Level 2 | MBS put options
Derivative assets:
Derivative asset, before netting	3,278	413
Recurring basis | Level 2 | MBS call options
Derivative assets:
Derivative asset, before netting		6,265
Recurring basis | Level 3
Assets:
Loans held for sale	434,053	478,564
Derivative assets:
Derivative asset, before netting	56,946	90,313
Total derivative assets	56,946	90,313
Mortgage servicing rights	8,744,528	7,099,348
Total assets	9,235,527	7,668,225
Derivative liabilities:
Derivative liability, before netting	23,381	720
Net amounts of liabilities presented in the consolidated balance sheet	23,381	720
Mortgage servicing liabilities	1,683	1,805
Total liabilities	25,064	2,525
Recurring basis | Level 3 | Interest rate lock commitments
Derivative assets:
Derivative asset, before netting	56,946	90,313
Derivative liabilities:
Derivative liability, before netting	$ 23,381	$ 720

Fair Value - Level 3 Input Roll

Fair Value - Level 3 Input Roll Forward, Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes in fair value included in income arising from:
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Servicing Asset at Fair Value, Period Increase (Decrease)	Servicing Asset at Fair Value, Period Increase (Decrease)	Servicing Asset at Fair Value, Period Increase (Decrease)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Servicing Asset at Fair Value, Period Increase (Decrease)	Servicing Asset at Fair Value, Period Increase (Decrease)	Servicing Asset at Fair Value, Period Increase (Decrease)
Recurring basis
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the year	$ 7,667,505	$ 6,325,237	$ 5,329,147
Purchases and issuances, net	4,687,800	2,640,539	3,712,505
Capitalization of interest and advances	45,848	39,625	60,589
Sales and repayments	(1,562,159)	(654,795)	(1,378,441)
Mortgage servicing rights resulting from loan sales	2,280,830	1,849,957	1,718,094
Changes in fair value included in income arising from:
Changes in instrument specific credit risk	106,723	69,934	(41,483)
Other factors	(396,034)	(476,596)	(296,605)
Total changes in fair value included in income	(289,311)	(406,662)	(338,088)
Transfers from Level 3 to Level 2	(2,779,090)	(1,674,624)	(2,736,940)
Transfers to real estate acquired in settlement of loans	(173)	(450)	(416)
Transfers to loans held for sale	(636,918)	(353,256)	(41,213)
Exchange of mortgage servicing spread for interest only stripped mortgage-backed securities	(202,186)	(98,066)
Balance at the end of the year	9,212,146	7,667,505	6,325,237
Changes in fair value recognized during the period relating to assets still held at the end of the year	(362,570)	(483,079)	352,601
Roll forward of liabilities measured using Level 3 inputs on a recurring basis
Balance at the beginning of the year	1,805	2,096
Changes in fair value included in income	(122)	(291)
Balance at the end of the year	1,683	1,805	2,096
Changes in fair value recognized during the period relating to liability still outstanding at the end of the year	(122)	(291)
Recurring basis | Excess servicing spread financing
Roll forward of liabilities measured using Level 3 inputs on a recurring basis
Balance at the beginning of the year		2,096	2,816
Changes in fair value included in income			(720)
Balance at the end of the year			2,096
Changes in fair value recognized during the period relating to liability still outstanding at the end of the year			(720)
Recurring basis | Mortgage loans held for sale
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the year	478,564	345,772	1,128,876
Purchases and issuances, net	4,145,555	2,353,958	3,338,743
Capitalization of interest and advances	45,848	39,625	60,589
Sales and repayments	(1,562,159)	(654,490)	(1,378,441)
Changes in fair value included in income arising from:
Changes in instrument specific credit risk	106,723	69,934	(41,483)
Other factors	(1,215)	(1,161)	(25,156)
Total changes in fair value included in income	105,508	68,773	(66,639)
Transfers from Level 3 to Level 2	(2,779,090)	(1,674,624)	(2,736,940)
Transfers to real estate acquired in settlement of loans	(173)	(450)	(416)
Balance at the end of the year	434,053	478,564	345,772
Changes in fair value recognized during the period relating to assets still held at the end of the year	21,177	33,187	(26,699)
Recurring basis | Interest rate lock commitments
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the year	89,593	25,844	322,193
Purchases and issuances, net	542,245	286,581	369,769
Changes in fair value included in income arising from:
Other factors	38,645	130,424	(624,905)
Total changes in fair value included in income	38,645	130,424	(624,905)
Transfers to loans held for sale	(636,918)	(353,256)	(41,213)
Balance at the end of the year	33,565	89,593	25,844
Changes in fair value recognized during the period relating to assets still held at the end of the year	33,565	89,593	25,844
Recurring basis | Mortgage servicing rights
Roll forward of assets measured using Level 3 inputs on a recurring basis
Balance at the beginning of the year	7,099,348	5,953,621	3,878,078
Purchases and issuances, net			3,993
Sales and repayments		(305)
Mortgage servicing rights resulting from loan sales	2,280,830	1,849,957	1,718,094
Changes in fair value included in income arising from:
Other factors	(433,464)	(605,859)	353,456
Total changes in fair value included in income	(433,464)	(605,859)	353,456
Exchange of mortgage servicing spread for interest only stripped mortgage-backed securities	(202,186)	(98,066)
Balance at the end of the year	8,744,528	7,099,348	5,953,621
Changes in fair value recognized during the period relating to assets still held at the end of the year	$ (417,312)	$ (605,859)	$ 353,456

Fair Value - Changes in Fair Va

Fair Value - Changes in Fair Value, Fair Value Option, Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Mortgage servicing liabilities
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	$ 122	$ 291	$ 720
Mortgage servicing liabilities | Net gains on loans held for sale at fair value
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings			720
Mortgage servicing liabilities | Net loan servicing fees
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	122	291
Assets
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	152,639	(165,377)	134,402
Assets | Net gains on loans held for sale at fair value
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	624,304	440,482	353,456
Assets | Net loan servicing fees
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	(471,665)	(605,859)	(219,054)
Principal-only stripped mortgage-backed securities
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	(38,201)
Principal-only stripped mortgage-backed securities | Net loan servicing fees
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	(38,201)
Mortgage loans held for sale
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	624,304	440,482	(219,054)
Mortgage loans held for sale | Net gains on loans held for sale at fair value
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	624,304	440,482
Mortgage loans held for sale | Net loan servicing fees
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings			(219,054)
Mortgage servicing rights at fair value
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	(433,464)	(605,859)	353,456
Mortgage servicing rights at fair value | Net gains on loans held for sale at fair value
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings			$ 353,456
Mortgage servicing rights at fair value | Net loan servicing fees
Net gains (losses) from changes in estimated fair values included in earnings for financial statement items carried at estimated fair value
Total gains (losses) from changes in estimated fair values included in earnings	$ (433,464)	$ (605,859)

Fair Value - Fair Value Option

Fair Value - Fair Value Option Maturities, Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair value
Total fair value	$ 8,217,468	$ 4,420,691
Recurring basis
Fair value
Total fair value	8,217,468	4,420,691
Mortgage loans held for sale | Recurring basis
Fair value
Current through 89 days delinquent	8,187,561	4,378,042
Not in foreclosure	24,663	35,253
In foreclosure	5,244	7,396
Total fair value	8,217,468	4,420,691
Principal amount due upon maturity
Current through 89 days delinquent	8,089,532	4,233,764
Not in foreclosure	27,901	38,922
In foreclosure	11,481	22,003
Total principal amount due upon maturity	8,128,914	4,294,689
Difference
Current through 89 days delinquent	98,029	144,278
Not in foreclosure	(3,238)	(3,669)
In foreclosure	(6,237)	(14,607)
Total difference	$ 88,554	$ 126,002

Fair Value - Measurement Basis,

Fair Value - Measurement Basis, Nonrecurring (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Notes payable secured by mortgage servicing assets	$ 2,048,972	$ 1,873,415
Unsecured Senior Notes	3,164,032	2,519,651
Term Notes
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Notes payable secured by mortgage servicing assets	1,724,120	1,724,290
Unsecured senior notes.
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Unsecured Senior Notes	3,164,032	2,519,651
Nonrecurring basis
Financial statement items measured at fair value on a nonrecurring basis
Real estate acquired in settlement of loans	5,238	2,669
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Real estate acquired in settlement of loans	(2,384)	(710)	$ (523)
Nonrecurring basis | Level 3
Financial statement items measured at fair value on a nonrecurring basis
Real estate acquired in settlement of loans	5,238	2,669
Total | Term Notes
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Notes payable secured by mortgage servicing assets	1,742,421	1,730,000
Total | Unsecured senior notes.
Total gains (losses) on assets measured at estimated fair values on a nonrecurring basis
Unsecured Senior Notes	$ 3,172,983	$ 2,467,750

Fair Value - Level 3 Unobservab

Fair Value - Level 3 Unobservable Inputs, Mortgage Loans and IRLC (Details) $ in Thousands	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($) item
Excess servicing spread financing
Loans held for sale	$ 8,217,468	$ 4,420,691
Mortgage loans held for sale | Level 3
Excess servicing spread financing
Loans held for sale	$ 434,053	$ 478,564
Mortgage loans held for sale | Discount rate | Level 3 | Minimum
Excess servicing spread financing
Input	0.065	0.071
Mortgage loans held for sale | Discount rate | Level 3 | Maximum
Excess servicing spread financing
Input	0.093	0.102
Mortgage loans held for sale | Discount rate | Level 3 | Weighted average
Excess servicing spread financing
Input	0.07	0.072
Mortgage loans held for sale | Twelve-month projected housing price index Change | Level 3 | Minimum
Excess servicing spread financing
Input	0.022	0.003
Mortgage loans held for sale | Twelve-month projected housing price index Change | Level 3 | Maximum
Excess servicing spread financing
Input	0.028	0.005
Mortgage loans held for sale | Twelve-month projected housing price index Change | Level 3 | Weighted average
Excess servicing spread financing
Input	0.023	0.005
Mortgage loans held for sale | Prepayment/resale speed | Level 3 | Minimum
Excess servicing spread financing
Input	0.064	0.04
Mortgage loans held for sale | Prepayment/resale speed | Level 3 | Maximum
Excess servicing spread financing
Input	0.344	0.369
Mortgage loans held for sale | Prepayment/resale speed | Level 3 | Weighted average
Excess servicing spread financing
Input	0.22	0.248
Mortgage loans held for sale | Total prepayment speed | Level 3 | Minimum
Excess servicing spread financing
Input	0.065	0.04
Mortgage loans held for sale | Total prepayment speed | Level 3 | Maximum
Excess servicing spread financing
Input	0.413	0.503
Mortgage loans held for sale | Total prepayment speed | Level 3 | Weighted average
Excess servicing spread financing
Input	0.239	0.322
Interest rate lock commitments | Level 3
Excess servicing spread financing
Committed amount	$ 7,801,677	$ 6,349,628
Interest rate lock commitment	$ 33,565	$ 89,593
Interest rate lock commitments | Pull-through rate | Level 3 | Minimum
Excess servicing spread financing
Input	0.298	0.102
Interest rate lock commitments | Pull-through rate | Level 3 | Maximum
Excess servicing spread financing
Input	1	1
Interest rate lock commitments | Pull-through rate | Level 3 | Weighted average
Excess servicing spread financing
Input	0.882	0.811
Interest rate lock commitments | Mortgage servicing rights value expressed as servicing fee multiple | Level 3 | Minimum
Excess servicing spread financing
Input | item	1	1.1
Interest rate lock commitments | Mortgage servicing rights value expressed as servicing fee multiple | Level 3 | Maximum
Excess servicing spread financing
Input | item	8.6	7.3
Interest rate lock commitments | Mortgage servicing rights value expressed as servicing fee multiple | Level 3 | Weighted average
Excess servicing spread financing
Input | item	5.4	4.2
Interest rate lock commitments | Percentage of unpaid principal balance | Level 3 | Minimum
Excess servicing spread financing
Input	0.003	0.003
Interest rate lock commitments | Percentage of unpaid principal balance | Level 3 | Maximum
Excess servicing spread financing
Input	0.046	0.043
Interest rate lock commitments | Percentage of unpaid principal balance | Level 3 | Weighted average
Excess servicing spread financing
Input	0.024	0.019

Fair Value - Level 3 Unobserv_2

Fair Value - Level 3 Unobservable Inputs, Mortgage Servicing Rights - Initial Recognition (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) Y item	Dec. 31, 2023 USD ($) Y	Dec. 31, 2022 USD ($) Y
Mortgage servicing rights
Inputs
Amount recognized	$ 2,280,830,000	$ 1,849,957,000	$ 1,718,094,000
Total | Mortgage servicing rights | Level 3 | Minimum
Inputs:
Annual per-loan cost of servicing	68	70
Total | Mortgage servicing rights | Level 3 | Maximum
Inputs:
Annual per-loan cost of servicing	130	135
Total | Mortgage servicing rights | Level 3 | Weighted average
Inputs:
Annual per-loan cost of servicing	$ 105	$ 107
Total | Mortgage servicing rights | Pricing spread | Level 3 | Minimum
Inputs:
Input	0.05	0.055
Total | Mortgage servicing rights | Pricing spread | Level 3 | Maximum
Inputs:
Input	0.113	0.126
Total | Mortgage servicing rights | Pricing spread | Level 3 | Weighted average
Inputs:
Input	0.062	0.064
Total | Mortgage servicing rights | Annual total prepayment speed | Level 3 | Minimum
Inputs:
Input	0.059	0.061
Total | Mortgage servicing rights | Annual total prepayment speed | Level 3 | Maximum
Inputs:
Input	0.177	0.178
Total | Mortgage servicing rights | Annual total prepayment speed | Level 3 | Weighted average
Inputs:
Input	0.078	0.083
Total | Mortgage servicing rights | Life | Level 3 | Minimum
Inputs:
Input | Y	2.7	3
Total | Mortgage servicing rights | Life | Level 3 | Maximum
Inputs:
Input | Y	9.1	9
Total | Mortgage servicing rights | Life | Level 3 | Weighted average
Inputs:
Input | Y	8.4	8.1
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Level 3
Inputs
Amount recognized	$ 2,280,830,000	$ 1,849,957,000	1,718,094,000
Unpaid principal balance of underlying loans	$ 100,662,790,000	$ 86,606,196,000	$ 83,569,657,000
Weighted-average servicing fee rate (as a percent)	0.45%	0.46%	0.44%
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Level 3 | Minimum
Inputs:
Annual per-loan cost of servicing	$ 69	$ 68	$ 71
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Level 3 | Maximum
Inputs:
Annual per-loan cost of servicing	127	127	177
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Level 3 | Weighted average
Inputs:
Annual per-loan cost of servicing	$ 99	$ 99	$ 104
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Pricing spread | Level 3 | Minimum
Inputs:
Input	4.9	0.055	0.055
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Pricing spread | Level 3 | Maximum
Inputs:
Input	0.126	0.126	0.161
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Pricing spread | Level 3 | Weighted average
Inputs:
Input	0.058	0.068	0.078
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Annual total prepayment speed | Level 3 | Minimum
Inputs:
Input	0.064	0.072	0.051
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Annual total prepayment speed | Level 3 | Maximum
Inputs:
Input	0.258	0.232	0.234
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Annual total prepayment speed | Level 3 | Weighted average
Inputs:
Input	0.101	0.107	0.094
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Life | Level 3 | Minimum
Inputs:
Input | Y	3.5	3	3.7
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Life | Level 3 | Maximum
Inputs:
Input | Y	9.9	9.8	9.4
Total | Mortgage servicing rights | MSRs at the time of initial recognition, excluding MSR purchases | Life | Level 3 | Weighted average
Inputs:
Input | Y	8	7.7	8.1

Fair Value - Level 3 Unobserv_3

Fair Value - Level 3 Unobservable Inputs, Mortgage Servicing Rights, Effect of Change In Inputs on Fair Value (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) Y item	Dec. 31, 2023 USD ($) Y
MSR and pool characteristics
Carrying value	$ 8,744,528,000	$ 7,099,348,000
Mortgage servicing liabilities | Level 3
Prepayment speed
Annual per-loan cost of servicing	969	1,043
Total | Mortgage servicing rights | Level 3
MSR and pool characteristics
Carrying value	8,744,528,000	7,099,348,000
Unpaid principal balance of underlying loans	$ 426,055,220,000	$ 370,244,119,000
Weighted-average note interest rate (as a percent)	4.50%	4.10%
Weighted-average servicing fee rate (as a percent)	0.38%	0.38%
Pricing spread
Effect on fair value of 5% adverse change	$ (113,419,000)	$ (94,307,000)
Effect on fair value of 10% adverse change	(223,960,000)	(186,129,000)
Effect on fair value of 20% adverse change	(436,805,000)	(362,671,000)
Prepayment speed
Effect on fair value of 5% adverse change	(126,224,000)	(107,757,000)
Effect on fair value of 10% adverse change	(248,349,000)	(211,643,000)
Effect on fair value of 20% adverse change	(481,100,000)	(408,638,000)
Annual per-loan cost of servicing
Effect on fair value of 5% adverse change	(48,830,000)	(44,572,000)
Effect on fair value of 10% adverse change	(97,661,000)	(89,145,000)
Effect on fair value of 20% adverse change	(195,321,000)	(178,289,000)
Total | Mortgage servicing rights | Level 3 | Minimum
Prepayment speed
Annual per-loan cost of servicing	68	70
Total | Mortgage servicing rights | Level 3 | Maximum
Prepayment speed
Annual per-loan cost of servicing	130	135
Total | Mortgage servicing rights | Level 3 | Weighted average
Prepayment speed
Annual per-loan cost of servicing	$ 105	$ 107
Total | Mortgage servicing rights | Annual total prepayment speed | Level 3 | Minimum
Inputs
Input	0.059	0.061
Total | Mortgage servicing rights | Annual total prepayment speed | Level 3 | Maximum
Inputs
Input	0.177	0.178
Total | Mortgage servicing rights | Annual total prepayment speed | Level 3 | Weighted average
Inputs
Input	0.078	0.083
Total | Mortgage servicing rights | Life | Level 3 | Minimum
Inputs
Input | Y	2.7	3
Total | Mortgage servicing rights | Life | Level 3 | Maximum
Inputs
Input | Y	9.1	9
Total | Mortgage servicing rights | Life | Level 3 | Weighted average
Inputs
Input | Y	8.4	8.1
Total | Mortgage servicing rights | Pricing spread | Level 3 | Minimum
Inputs
Input	0.05	0.055
Total | Mortgage servicing rights | Pricing spread | Level 3 | Maximum
Inputs
Input	0.113	0.126
Total | Mortgage servicing rights | Pricing spread | Level 3 | Weighted average
Inputs
Input	0.062	0.064

Fair Value - Level 3 Unobserv_4

Fair Value - Level 3 Unobservable Inputs, Mortgage Servicing Liabilities (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) Y	Dec. 31, 2023 USD ($) Y
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Fair value	$ 1,683,000	$ 1,805,000
Mortgage servicing liabilities | Level 3
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Fair value	1,683,000	1,805,000
Unpaid principal balance of underlying loans	$ 19,528,000	$ 24,892,000
Servicing fee rate (as a percent)	0.25%	0.25%
Annual per-loan cost of servicing	$ 969	$ 1,043
Mortgage servicing liabilities | Annual total prepayment speed | Level 3
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Input	0.157	0.161
Mortgage servicing liabilities | Life | Level 3
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Input | Y	5.1	5.1
Mortgage servicing liabilities | Pricing spread | Level 3
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption
Input	0.086	0.083

Principal-Only Stripped Mortg_3

Principal-Only Stripped Mortgage-Backed Securities - Activity in the Company's investment in principal-only stripped MBS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Mortgage-backed securities
Balance at end of year	$ 825,865
Principal-Only-Strip MBS
Mortgage-backed securities
Purchases	935,356
Repayments	(96,516)
Amortization of purchase discounts	25,226
Valuation adjustments	(38,201)
Total	12,975
Balance at end of year	$ 825,865

Principal-Only Stripped Mortg_4

Principal-Only Stripped Mortgage-Backed Securities - summary of the Company investment in principal-only stripped MBS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Mortgage-backed securities
Fair Value	$ 825,865
Principal-Only-Strip MBS
Mortgage-backed securities
Principal balance	1,061,484
Unearned discounts	(197,418)
Cumulative valuation changes	(38,201)
Fair Value	$ 825,865
Contractual maturities term	10 years

Loans Held for Sale at Fair V_3

Loans Held for Sale at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	$ 8,217,468	$ 4,420,691
Government-insured or guaranteed
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	4,154,069	2,099,135
Conventional conforming
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	3,127,082	1,821,085
Jumbo Loan
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	502,264	21,907
Closed-end second lien
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	272,285	322,015
Mortgage loans purchased from Ginnie Mae pools serviced by the entity
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	145,026	146,585
Mortgage loans repurchased pursuant to representations and warranties
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	16,742	9,964
Asset Pledged as Collateral without Right
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	8,140,834	4,329,501
Asset Pledged as Collateral without Right | Loan Repo Facility
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	7,612,832	3,858,977
Asset Pledged as Collateral without Right | Mortgage Loan Participation and Sale Agreement member
Mortgage Loans Held for Sale at Fair Value
Loans held for sale	$ 528,002	$ 470,524

Derivative Financial Instrume_3

Derivative Financial Instruments - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative assets:
Derivative asset, before netting	$ 232,293	$ 258,809
Netting	(119,217)	(79,730)
Total derivative assets	113,076	179,079
Derivative liabilities:
Derivative liability, before netting	102,881	101,866
Netting	(61,981)	(48,591)
Net amounts of liabilities presented in the consolidated balance sheet	40,900	53,275
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Gains (losses) recognized on derivative financial instruments	(832,483)	(236,778)	$ (631,484)
Interest rate lock commitments and loans held for sale
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Gains (losses) recognized on derivative financial instruments	251,305	46,941	1,326,964
Mortgage servicing rights
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Gains (losses) recognized on derivative financial instruments	(794,282)	(236,778)	(631,484)
Margin Deposits
Derivative assets:
Collateral placed with (received from) derivative counterparties	(57,236)	(31,139)
Interest rate lock commitments
Derivative assets:
Total derivative assets	56,946	90,313
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Gains (losses) recognized on derivative financial instruments	(56,028)	63,749	$ (296,349)
Forward contracts | Purchases
Derivative Instruments
Notional amount	12,760,764	15,863,667
Derivative assets:
Derivative asset, before netting	3,701	78,448
Derivative liabilities:
Derivative liability, before netting	66,646	5,141
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of year	15,863,667
Balance at end of year	12,760,764	15,863,667
Forward contracts | Sales
Derivative Instruments
Notional amount	23,440,334	14,477,159
Derivative assets:
Derivative asset, before netting	152,526	6,151
Derivative liabilities:
Derivative liability, before netting	12,854	92,796
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of year	14,477,159
Balance at end of year	23,440,334	14,477,159
MBS put options
Derivative Instruments
Notional amount	450,000	2,925,000
Derivative assets:
Derivative asset, before netting	3,278	413
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of year	2,925,000
Balance at end of year	450,000	2,925,000
MBS call options
Derivative Instruments
Notional amount		1,000,000
Derivative assets:
Derivative asset, before netting		6,265
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of year	1,000,000
Balance at end of year		1,000,000
Put options on Eurodollar futures | Purchases
Derivative Instruments
Notional amount	4,270,000	8,717,500
Derivative assets:
Derivative asset, before netting	12,592	11,043
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of year	8,717,500
Balance at end of year	4,270,000	8,717,500
Call options on Eurodollar futures | Purchases
Derivative Instruments
Notional amount	7,600,000	4,250,000
Derivative assets:
Derivative asset, before netting	3,250	66,176
Derivative liabilities:
Derivative liability, before netting		3,209
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of year	4,250,000
Balance at end of year	7,600,000	4,250,000
Treasury future | Purchases
Derivative Instruments
Notional amount	7,467,000	5,986,500
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of year	5,986,500
Balance at end of year	7,467,000	5,986,500
Treasury future | Sales
Derivative Instruments
Notional amount	10,521,000	10,677,000
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of year	10,677,000
Balance at end of year	10,521,000	10,677,000
Not designated as hedging instrument | Interest rate lock commitments
Derivative Instruments
Notional amount	7,801,677	6,349,628
Derivative assets:
Derivative asset, before netting	56,946	90,313
Derivative liabilities:
Derivative liability, before netting	23,381	720
Activity for derivative contracts used to hedge the IRLCs and inventory of mortgage loans at notional value
Balance at beginning of year	6,349,628
Balance at end of year	$ 7,801,677	$ 6,349,628

Derivative Financial Instrume_4

Derivative Financial Instruments - Offsetting of Derivative Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivatives subject to master netting arrangements:
Gross amounts offset in the consolidated balance sheet	$ (119,217)	$ (79,730)
Total
Gross amounts of recognized assets	232,293	258,809
Net amounts of assets presented in the balance sheet	113,076	179,079
Interest rate lock commitments
Total
Net amounts of assets presented in the balance sheet	56,946	90,313
Forward contracts | Purchases
Total
Gross amounts of recognized assets	3,701	78,448
Forward contracts | Sales
Total
Gross amounts of recognized assets	152,526	6,151
MBS put options
Total
Gross amounts of recognized assets	3,278	413
MBS call options
Total
Gross amounts of recognized assets		6,265
Put options on Eurodollar futures | Purchases
Total
Gross amounts of recognized assets	12,592	11,043
Call options on Eurodollar futures | Purchases
Total
Gross amounts of recognized assets	$ 3,250	$ 66,176

Derivative Financial Instrume_5

Derivative Financial Instruments - Offsetting of Derivative Assets - Derivative Assets, Financial Assets, and Collateral Held by Counterparty (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Total
Net amounts of assets presented in the balance sheet	$ 113,076	$ 179,079
Net amount		179,079
RJ O' Brien
Total
Net amounts of assets presented in the balance sheet	15,842	74,010
Net amount		74,010
Goldman Sachs
Total
Net amounts of assets presented in the balance sheet		8,473
Net amount		8,473
Morgan Stanley Bank, N.A.
Total
Net amounts of assets presented in the balance sheet	15,260
Bank of America, N.A.
Total
Net amounts of assets presented in the balance sheet	8,221
Citibank, N.A.
Total
Net amounts of assets presented in the balance sheet	657	2,947
Net amount		2,947
Bank of Montreal
Total
Net amounts of assets presented in the balance sheet	3,781	137
Net amount		137
Mizuho Bank, Ltd.
Total
Net amounts of assets presented in the balance sheet	1,683	1,467
Net amount		1,467
Others
Total
Net amounts of assets presented in the balance sheet	6,074	1,575
Net amount		1,575
Athene Annuity & Life Assurance Company
Total
Net amounts of assets presented in the balance sheet	2,352
BNP Paribas
Total
Net amounts of assets presented in the balance sheet	2,260	157
Net amount		157
Interest rate lock commitments
Total
Net amounts of assets presented in the balance sheet	$ 56,946	90,313
Net amount		$ 90,313

Derivative Financial Instrume_6

Derivative Financial Instruments - Offsetting of Derivative Assets - Offsetting of Derivative and Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivatives: Subject to master netting arrangements:
Netting	$ (61,981)	$ (48,591)
Derivative liabilities, fair value
Gross amounts of recognized liabilities	102,881	101,866
Net amounts of liabilities presented in the consolidated balance sheet	40,900	53,275
Mortgage loans sold under agreements to repurchase
Net amounts of liabilities presented in the consolidated balance sheet	8,692,756
Debt Issuance Costs
Net amount of liabilities in the consolidated balance sheet	8,685,207	3,763,956
Total
Net amounts of liabilities presented in the consolidated balance sheet	8,733,656	3,822,724
Net amount of liabilities in the consolidated balance sheet	40,900	53,275
Loan Repo Facility
Mortgage loans sold under agreements to repurchase
Net amounts of liabilities presented in the consolidated balance sheet	8,692,756	3,769,449
Debt Issuance Costs
Debt issuance costs, gross	(7,549)	(5,493)
Net amount of liabilities in the consolidated balance sheet	8,685,207	3,763,956
Forward contracts | Purchases
Derivative liabilities, fair value
Gross amounts of recognized liabilities	66,646	5,141
Forward contracts | Sales
Derivative liabilities, fair value
Gross amounts of recognized liabilities	12,854	92,796
Interest rate lock commitments
Total
Net amounts of liabilities presented in the consolidated balance sheet	23,381	720
Net amount of liabilities in the consolidated balance sheet	$ 23,381	720
Call options on Eurodollar futures | Purchases
Derivative liabilities, fair value
Gross amounts of recognized liabilities		$ 3,209

Derivative Financial Instrume_7

Derivative Financial Instruments - Offsetting of Derivative Assets - Derivative Liabilities, Financial Liabilities, and Collateral Held by Counterparty (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	$ 8,733,656	$ 3,822,724
Financial instruments	(8,692,756)	(3,769,449)
Net amount of liabilities in the consolidated balance sheet	40,900	53,275
Bank of America, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	1,294,213	875,766
Financial instruments	(1,294,213)	(872,148)
Net amount of liabilities in the consolidated balance sheet		3,618
Atlas Securitized Products, L.P.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	1,938,756	1,210,473
Financial instruments	(1,938,756)	(1,210,473)
Wells Fargo Bank, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	795,119	116,275
Financial instruments	(789,305)	(114,647)
Net amount of liabilities in the consolidated balance sheet	5,814	1,628
Royal Bank of Canada
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	785,597	457,743
Financial instruments	(785,597)	(457,743)
JPMorgan Chase Bank, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	1,220,822	243,225
Financial instruments	(1,214,559)	(243,225)
Net amount of liabilities in the consolidated balance sheet	6,263
BNP Paribas
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	568,790	185,425
Financial instruments	(568,790)	(185,425)
Citibank, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	455,426	174,221
Financial instruments	(455,426)	(174,221)
Barclays Capital
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	258,559	128,488
Financial instruments	(254,750)	(118,667)
Net amount of liabilities in the consolidated balance sheet	3,809	9,821
Santander US Capital Markets LLC
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	282,077
Financial instruments	(282,077)
Goldman Sachs
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	336,894	178,751
Financial instruments	(336,624)	(178,751)
Net amount of liabilities in the consolidated balance sheet	270
Morgan Stanley Bank, N.A.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	472,659	195,714
Financial instruments	(472,659)	(164,149)
Net amount of liabilities in the consolidated balance sheet		31,565
Nomura Corporate Funding Americas
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	175,000	50,000
Financial instruments	(175,000)	(50,000)
Mizuho Bank, Ltd.
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	125,000
Financial instruments	(125,000)
Others
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	1,363	5,923
Net amount of liabilities in the consolidated balance sheet	1,363	5,923
Interest rate lock commitments
Derivative liabilities:
Net amounts of liabilities presented in the consolidated balance sheet	23,381	720
Net amount of liabilities in the consolidated balance sheet	$ 23,381	$ 720

Mortgage Servicing Rights and_3

Mortgage Servicing Rights and Mortgage Servicing Liabilities - Activity in MSRs at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Activity in MSRs carried at fair value
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities	$ 202,186	$ 98,066
Change in fair value due to:
Total change in fair value	433,342	605,568	$ (354,176)
Mortgage servicing rights
Activity in MSRs carried at fair value
Balance at beginning of period	7,099,348	5,953,621	3,878,078
MSRs resulting from loan sales	2,280,830	1,849,957	1,718,094
Additions - Purchases (purchase adjustments)			3,993
Additions - Transfer to Agency of MSRs relating to delinquent loans		305
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities	(202,186)	(98,066)
Additions	2,078,644	1,751,586	1,722,087
Change in fair value due to:
Changes in inputs used in valuation model	407,423	56,757	877,324
Other changes in fair value	(840,887)	(662,616)	(523,868)
Total change in fair value	(433,464)	(605,859)	353,456
Balance at end of period	8,744,528	7,099,348	5,953,621
Unpaid principal balance of underlying loans at end of period	$ 426,055,220	$ 370,244,119	$ 314,567,639
Asset Pledged as Collateral without Right
Change in fair value due to:
Assets, Pledging Purpose [Extensible Enumeration]	Notes Payable	Notes Payable
Asset Pledged as Collateral without Right | Mortgage servicing rights
Activity in MSRs carried at fair value
Balance at beginning of period	$ 7,033,892
Change in fair value due to:
Balance at end of period	$ 8,609,388	$ 7,033,892
Assets, Pledging Purpose [Extensible Enumeration]	Notes Payable	Notes Payable

Mortgage Servicing Rights and_4

Mortgage Servicing Rights and Mortgage Servicing Liabilities - Mortgage Servicing Liabilities Carried at FV (Details) - Mortgage servicing liabilities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amortized cost:
Balance at beginning of period	$ 1,805	$ 2,096	$ 2,816
Changes in valuation inputs used in valuation model	35	(50)	(347)
Other changes in fair value	(157)	(241)	(373)
Total change in fair value	(122)	(291)	(720)
Balance at end of period	1,683	1,805	2,096
Unpaid principal balance of underlying loans at end of period	$ 19,528	$ 24,892	$ 33,157

Mortgage Servicing Rights and_5

Mortgage Servicing Rights and Mortgage Servicing Liabilities - Servicing, Late, Ancillary and Other Fees Relating to MSRs (Details) - Mortgage servicing rights - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Contractual servicing fees	$ 1,529,452	$ 1,268,650	$ 1,054,828
Other fees:
Late charges	73,227	55,685	40,583
Other	13,705	9,539	13,742
Loan servicing fees	$ 1,616,384	$ 1,333,874	$ 1,109,153

Capitalized Software (Details)

Capitalized Software (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Capitalized Software
Capitalized Computer Software, Net, Total	$ 120,802	$ 148,736
Software amortization expense	48,169	43,462	$ 23,955
Impairment of capitalized software	147	46
Capitalized software
Capitalized Software
Cost	286,467	266,124
Less: Accumulated amortization	(165,665)	(117,388)
Capitalized Computer Software, Net, Total	$ 120,802	$ 148,736

Furniture, Fixtures, Equipmen_3

Furniture, Fixtures, Equipment and Building Improvements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Furniture, fixtures, equipment and building improvements
Furniture, Fixtures, Equipment and Building Improvements, net	$ 12,916	$ 19,016
Depreciation	55,984	53,214	$ 34,409
Furniture, Fixtures, Equipment and Building Improvements
Furniture, fixtures, equipment and building improvements
Furniture, fixtures, equipment and building improvements	84,382	82,667
Less: accumulated depreciation and amortization	(71,466)	(63,651)
Furniture, Fixtures, Equipment and Building Improvements, net	12,916	19,016
Depreciation	$ 7,815	$ 9,752	$ 10,454

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases
Operating lease option to extend	true
Lease expense:
Operating leases	$ 15,870	$ 18,782	$ 19,779
Short-term leases	303	436	778
Sublease income	(1,405)	(902)	(46)
Net lease expense included in Occupancy and equipment expense	14,768	18,316	20,511
Payments for operating leases	20,118	24,026	23,475
Operating lease right-of-use assets recognized	$ 1,388	$ 2,893	$ 1,364
Remaining lease term (in years)	3 years 7 months 6 days	4 years 3 months 18 days	4 years 9 months 18 days
Discount rate	4%	3.80%	3.80%
Operating lease liabilities
2025	$ 19,698
2026	14,590
2027	7,050
2028	5,065
2029	3,922
Thereafter	3,141
Total lease payments	53,466
Less imputed interest	(5,024)
Operating lease liability included in Accounts payable and accrued expenses	$ 48,442
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities
Minimum
Leases
Remaining operating lease term	1 year
Maximum
Leases
Remaining operating lease term	6 years
Operating lease renewal term	5 years

Other Assets - Other (Details)

Other Assets - Other (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Carrying value:
Margin deposits	$ 288,153	$ 135,645
Capitalized software, net	120,802	148,736
Interest receivable	41,286	35,196
Servicing fees receivable, net	38,676	37,271
Other servicing receivables	54,058	30,530
Prepaid expenses	45,762	36,044
Operating lease right-of-use assets	$ 36,572	$ 49,926
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Deposits securing Assets sold under agreements to repurchase and Notes payable secured by mortgage servicing assets	$ 16,697	$ 15,653
Real estate acquired in settlement of loans	14,976	14,982
Furniture, fixtures, equipment and building improvements, net	12,916	19,016
Other	100,183	59,461
Other assets	770,081	582,460
Asset Pledged as Collateral without Right
Carrying value:
Other assets	16,697	15,653
Asset Pledged as Collateral without Right | Deposits.
Carrying value:
Other assets	$ 16,697	$ 15,653

Short-Term Debt - Assets Sold U

Short-Term Debt - Assets Sold Under Agreement to Repurchase (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Carrying value:
Unpaid principal balance	$ 8,692,756
Total loans sold under agreements to repurchase	8,685,207	$ 3,763,956
Loans held for sale	8,217,468	4,420,691
Servicing advances, net	568,512	694,038
Mortgage servicing rights, at fair value	8,744,528	7,099,348
Other Assets	$ 770,081	582,460
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Note Payable
During the period:
Average balance of assets sold under agreements to repurchase	$ 1,848,374	2,421,124	$ 1,584,383
Carrying value:
Amortization of debt issuance costs	2,900	3,200	2,500
Loan Repo Facility
During the period:
Average balance of assets sold under agreements to repurchase	$ 5,474,998	$ 3,701,448	$ 2,580,513
Weighted-average interest rate	6.79%	7.12%	3.59%
Total interest expense	$ 393,977	$ 279,289	$ 105,459
Maximum daily amount outstanding	8,591,735	6,358,007	7,289,147
Carrying value:
Unpaid principal balance	8,692,756	3,769,449
Unamortized debt issuance costs and premiums	(7,549)	(5,493)
Total loans sold under agreements to repurchase	$ 8,685,207	$ 3,763,956
Weighted average interest rate	5.89%	7.05%
Available borrowing capacity committed	$ 460,000	$ 1,282,040
Available borrowing capacity uncommitted	3,104,026	5,548,511
Available borrowing capacity	3,564,026	6,830,551
Amortization of debt issuance costs	22,200	15,700	$ 12,900
Asset Pledged as Collateral without Right
Carrying value:
Loans held for sale	8,140,834	4,329,501
Servicing advances, net	$ 357,939	$ 354,831
Assets, Pledging Purpose [Extensible Enumeration]	Notes Payable	Notes Payable
Mortgage servicing rights, at fair value	$ 8,609,388	$ 7,033,892
Other Assets	$ 16,697	$ 15,653
Asset Pledged as Collateral without Right | Mortgage servicing rights
Carrying value:
Assets, Pledging Purpose [Extensible Enumeration]	Notes Payable	Notes Payable
Asset Pledged as Collateral without Right | Mortgage servicing rights
Carrying value:
Assets, Pledging Purpose [Extensible Enumeration]	Notes Payable	Notes Payable
Asset Pledged as Collateral without Right | Note Payable | Mortgage servicing rights
Carrying value:
Mortgage servicing rights, at fair value	$ 8,609,388	$ 7,033,892
Asset Pledged as Collateral without Right | Note Payable | Servicing advances
Carrying value:
Servicing advances, net	357,939	354,831
Asset Pledged as Collateral without Right | Loan Repo Facility | Servicing advances
Carrying value:
Servicing advances, net	357,939	354,831
Asset Pledged as Collateral without Right | Loan Repo Facility | Mortgage servicing rights
Carrying value:
Mortgage servicing rights, at fair value	7,488,539	6,284,239
Asset Pledged as Collateral without Right | Mortgage loans held for sale | Loan Repo Facility | Principal-only stripped MBS
Carrying value:
Loans held for sale	825,865
Asset Pledged as Collateral without Right | Mortgage loans held for sale | Loan Repo Facility | Loans held for sale
Carrying value:
Loans held for sale	7,612,832	3,858,977
Asset Pledged as Collateral without Right | Deposits.
Carrying value:
Other Assets	16,697	15,653
Asset Pledged as Collateral without Right | Deposits. | Loan Repo Facility | Deposits
Carrying value:
Other Assets	$ 16,697	$ 15,653

Short-Term Debt - Maturities of

Short-Term Debt - Maturities of Outstanding Advances Under Repurchase Agreements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	$ 8,692,756
Weighted-average maturity (in months)	4 months
Within 30 days
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	$ 1,902,179
Over 30 to 90 days
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	5,692,381
Over 90 to 180 days
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	108,542
Over 180 days to one year
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	246,095
Over one year to two year
Mortgage loans sold under agreement to repurchase
Unpaid principal balance	$ 743,559

Short-Term Debt - Mortgage Loan

Short-Term Debt - Mortgage Loans Sold Under Agreement to Repurchase by Counterparty (Details) - Loan Repo Facility $ in Thousands	Dec. 31, 2024 USD ($)
Atlas Securitized Products, L.P., Goldman Sachs Bank USA, Nomura Corporate Funding Americas and Mizuho Bank, Ltd
Mortgage loans sold under agreement to repurchase
Amount at risk	$ 5,770,912
Royal Bank of Canada
Mortgage loans sold under agreement to repurchase
Amount at risk	41,459
Bank of America, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	76,289
BNP Paribas
Mortgage loans sold under agreement to repurchase
Amount at risk	24,468
Barclays Capital
Mortgage loans sold under agreement to repurchase
Amount at risk	37,068
Citibank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	26,417
Wells Fargo Bank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	14,954
Morgan Stanley Bank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	25,893
Atlas Securitized Products L.P. #2
Mortgage loans sold under agreement to repurchase
Amount at risk	138,531
Goldman Sachs
Mortgage loans sold under agreement to repurchase
Amount at risk	7,475
JPMorgan Chase Bank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	$ 55,833

Short-Term Debt - Principal onl

Short-Term Debt - Principal only stripped MBS (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Bank of America, N.A. | Principal-only stripped MBS
Mortgage loans sold under agreement to repurchase
Amount at risk	$ 1,788
JP Morgan Chase Bank, N.A | Principal-only stripped MBS
Mortgage loans sold under agreement to repurchase
Amount at risk	21,739
Wells Fargo Bank, N.A. | Principal-only stripped MBS
Mortgage loans sold under agreement to repurchase
Amount at risk	18,238
Santander US Capital Markets LLC | Principal-only stripped MBS
Mortgage loans sold under agreement to repurchase
Amount at risk	13,226
Loan Repo Facility | Bank of America, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	76,289
Loan Repo Facility | Wells Fargo Bank, N.A.
Mortgage loans sold under agreement to repurchase
Amount at risk	$ 14,954

Short-Term Debt - Mortgage Lo_2

Short-Term Debt - Mortgage Loan Participation and Sale Agreement (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Carrying value:
Loans held for sale	$ 8,217,468,000	$ 4,420,691,000
Mortgage loan participation and sale agreement secured by mortgage loan participation certificates	496,512,000	446,054,000
Mortgage Loan Participation and Sale Agreement member
During the year:
Short-Term Debt, Average Outstanding Amount	$ 243,132,000	$ 238,197,000	$ 211,035,000
Weighted-average interest rate	6.46%	6.48%	3.16%
Total interest expense	$ 16,404,000	$ 16,129,000	$ 7,314,000
Maximum daily amount outstanding	518,042,000	515,537,000	515,043,000
Carrying value:
Amortization of debt issuance costs	695,000	688,000	651,000
Note Payable
Carrying value:
Unamortized debt issuance costs	(6,028,000)	(6,585,000)
Amortization of debt issuance costs	2,900,000	3,200,000	$ 2,500,000
Mortgage Loan Participation and Sale Agreement member
Carrying value:
Unpaid principal balance of mortgage loan participation and sale agreement secured by mortgage loan participation certificates	496,856,000	446,406,000
Unamortized debt issuance costs	(344,000)	(352,000)
Mortgage loan participation and sale agreement secured by mortgage loan participation certificates	$ 496,512,000	$ 446,054,000
Weighted average interest rate	5.58%	6.60%
Asset Pledged as Collateral without Right
Carrying value:
Loans held for sale	$ 8,140,834,000	$ 4,329,501,000
Asset Pledged as Collateral without Right | Mortgage Loan Participation and Sale Agreement member
Carrying value:
Loans held for sale	$ 528,002,000	$ 470,524,000

Long-Term Debt - Note Payable (

Long-Term Debt - Note Payable (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
During the year:
Unpaid principal balance		$ 8,692,756
Carrying value:
Notes payable		2,048,972	$ 1,873,415
Servicing advances, net		568,512	694,038
Mortgage servicing rights, at fair value		8,744,528	7,099,348
Other assets		$ 770,081	582,460
Notes payable
Number Of Lenders | item		2
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrMember
Debt Instrument Option To Extend Period	2 years
Asset Pledged as Collateral without Right
Carrying value:
Servicing advances, net		$ 357,939	354,831
Mortgage servicing rights, at fair value		$ 8,609,388	$ 7,033,892
Assets, Pledging Purpose [Extensible Enumeration]		Notes payable	Notes payable
Other assets		$ 16,697	$ 15,653
Asset Pledged as Collateral without Right | Mortgage servicing rights
Carrying value:
Assets, Pledging Purpose [Extensible Enumeration]		Notes payable	Notes payable
Asset Pledged as Collateral without Right | Deposits.
Carrying value:
Other assets		$ 16,697	$ 15,653
Note Payable
During the year:
Average balance		$ 1,848,374	$ 2,421,124	$ 1,584,383
Weighted-average interest rate (as a percent)		8.73%	8.59%	4.88%
Total interest expense		$ 164,161	$ 211,085	$ 79,813
Carrying value:
Unpaid principal balance		2,055,000	1,880,000
Unamortized debt issuance costs		(6,028)	(6,585)
Notes payable		$ 2,048,972	$ 1,873,415
Weighted-average interest rate (as a percent)		7.81%	8.82%
Amortization of Debt Issuance Costs		$ 2,900	$ 3,200	2,500
Notes payable
Maximum loan amount		1,730,000
Note Payable | Asset Pledged as Collateral without Right | Servicing advances
Carrying value:
Servicing advances, net		357,939	354,831
Note Payable | Asset Pledged as Collateral without Right | Mortgage servicing rights
Carrying value:
Mortgage servicing rights, at fair value		8,609,388	7,033,892
Note Payable | Asset Pledged as Collateral without Right | Deposits. | Deposit
Carrying value:
Other assets		16,697	15,653
Note Payable expiring 2024
Notes payable
Maximum loan amount		900,000
Committed amount of debt instrument		850,000
Notes Payable Term Loan 2022-GT1
Notes payable
Maximum loan amount		$ 500,000
Interest rate spread		4.25%
Notes Payable Term Loan 2024-GT1
Notes payable
Maximum loan amount		$ 425,000
Interest rate spread		3.20%
Notes Payable Term Loan 2023-GT1
Notes payable
Maximum loan amount		$ 680,000
Interest rate spread		3%
Notes Payable Term Loan 2023-GT2
Notes payable
Maximum loan amount		$ 125,000
Interest rate spread		3%
Unsecured Senior Note
During the year:
Average balance		$ 2,946,039	$ 1,843,151	$ 1,800,000
Weighted-average interest rate (as a percent)		6.04%	5.13%	5.07%
Total interest expense		$ 184,304	$ 98,396	$ 95,014
Debt Instrument Unamortized Premium And Debt Issuance Costs Net		$ 3,164,032	$ 2,519,651
Weighted average interest rate (as a percent)		6.15%	5.90%
Carrying value:
Unpaid principal balance		$ 3,200,000	$ 2,550,000
Unamortized debt issuance costs		(35,968)	(30,349)
Amortization of Debt Issuance Costs		6,500	3,800	$ 3,700
Notes payable
Maximum loan amount		$ 3,200,000
Redemption rate (as a percent)		100%
Unsecured Senior Note | Before October 15, 2022 with up to 40% principal redeemed
Notes payable
Redemption rate (as a percent)		40%
Unsecured Senior Notes One Due October 2025
Notes payable
Maximum loan amount		$ 500,000
Coupon Rate (as a percent)		5.375%
Unsecured Senior Notes Two Due October 2025
Notes payable
Maximum loan amount		$ 150,000
Coupon Rate (as a percent)		5.375%
Unsecured Senior Notes Due February 2029
Notes payable
Maximum loan amount		$ 650,000
Coupon Rate (as a percent)		4.25%
Unsecured Senior Notes Due September 2031
Notes payable
Maximum loan amount		$ 500,000
Coupon Rate (as a percent)		5.75%
Unsecured Senior Notes Due December 2029
Notes payable
Maximum loan amount		$ 750,000
Coupon Rate (as a percent)		7.875%
Unsecured Senior Notes Due November 2030
Notes payable
Maximum loan amount		$ 650,000
Coupon Rate (as a percent)		7.125%
Loan and Security Agreement
Carrying value:
Unpaid principal balance		$ 325,000	150,000
Term Loan Notes Payable
Carrying value:
Unpaid principal balance		$ 1,730,000	$ 1,730,000

Long-Term Debt - Maturities (De

Long-Term Debt - Maturities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Long-Term debt
2025	$ 650,000
2026	325,000
2027	500,000
2028	805,000
2029	1,825,000
Thereafter	1,150,000
Total	5,255,000
Note Payable
Long-Term debt
2026	325,000
2027	500,000
2028	805,000
2029	425,000
Total	2,055,000
Unsecured Senior Note
Long-Term debt
2025	650,000
2029	1,400,000
Thereafter	1,150,000
Total	$ 3,200,000

Long-Term Debt - Obligations Un

Long-Term Debt - Obligations Under Capital Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases
Other Assets	$ 770,081	$ 582,460
Asset Pledged as Collateral without Right
Leases
Other Assets	$ 16,697	$ 15,653

Liability for Losses Under Re_3

Liability for Losses Under Representations and Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
During the period:
Balance at beginning of period	$ 30,788	$ 32,421	$ 43,521
Provision for losses on loans sold resulting from sales of loans	16,486	12,997	9,617
Provision for losses on loans sold resulting from change in estimate	(13,579)	(9,115)	(8,451)
Losses incurred	(4,566)	(5,515)	(12,266)
Balance at end of period	29,129	30,788	32,421
Unpaid principal balance of loans subject to representations and warranties at end of period	$ 413,382,503	$ 354,423,684	$ 296,774,121

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense Details (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current (benefit) expense:
Federal	$ (44)	$ 1,436	$ (2,944)
State	258	620	(249)
Total current expense	214	2,056	(3,193)
Deferred (benefit) expense:
Federal	70,877	31,375	131,670
State	18,512	5,544	61,263
Total provision for deferred income taxes	89,389	36,919	192,933
Total provision for income taxes	$ 89,603	$ 38,975	$ 189,740

Income Taxes - General (Details

Income Taxes - General (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of the entity's provision for income taxes at statutory rates to the provision for income taxes at the entity's effective tax rate
Federal income tax statutory rate (as a percent)	21%	21%	21%
State income taxes, net of federal benefit (as a percent)	5.20%	4.70%	5.90%
Tax rate revaluation ( as a percent)	(1.90%)	(2.20%)	1.20%
Other (as a percent)	(2.00%)	(2.30%)	0.40%
Effective income tax rate (as a percent)	22.30%	21.20%	28.50%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022
Deferred (benefit) expense:
Mortgage servicing rights	$ 231,892		$ 186,628	$ 326,378
Net operating loss	(181,759)		(111,496)	(160,605)
Reserves and losses	39,071		(41,641)	13,480
Compensation accruals	(451)		7,403	10,473
Additional tax basis in partnership from exchanges of partnership units into the Company's common stock	3,841		3,803	4,517
California franchise taxes				4,447
Other	(3,205)		(7,778)	(5,757)
Total provision for deferred income taxes	89,389		36,919	192,933
Components of income taxes payable:
Current income tax (receivable) payable	(45)
Income taxes currently payable			1,230
Deferred income tax liabilities, net	1,131,045		1,041,656
Income taxes payable	1,131,000		1,042,886
Deferred income tax assets:
Net operating loss carryforward	454,936		273,178
Compensation accruals	35,718		35,266
Additional tax basis in partnership from exchanges of partnership units into the Company's common stock	18,116		21,957
Reserves and losses	36,365		75,436
Other	8,588		9,943
Gross deferred income tax assets	553,723		415,780
Deferred income tax liabilities:
Mortgage servicing rights	1,678,702		1,446,810
Other	6,066		10,626
Gross deferred income tax liabilities	1,684,768		1,457,436
Deferred income tax liabilities, net	1,131,045		1,041,656
Net operating losses incurred in 2024	181,300
Net operating losses incurred between 2018 and 2023	273,600
Net operating loss no expiration date subject to standard limitations	355,700
Net operating loss carryforwards with most having no expiration or expiring 2037	99,200
Operating Loss Carryforwards Expiring Between 2032 and 2037	12,300
Operating Loss Carryforwards Expiring 2042	68,900
Net operating loss carryforward, no expiration date	18,000
Unrecognized tax benefits	0		0
Accrual of interest or penalties related to unrecognized tax benefits	0		0
Common stock dividends	$ 52,160	[1]	$ 41,446	$ 54,621
[1] For tax purposes, the entire dividend amount is a return of capital to the stockholders.

Commitments and Contingencies -

Commitments and Contingencies - Other (Details) - USD ($) $ in Millions			3 Months Ended
	Jan. 12, 2024	Nov. 28, 2023	Dec. 31, 2023	Dec. 31, 2024
Contingencies
Total commitments to purchase and fund mortgage loans				$ 7,800
Black Knight Servicing Technologies, LLC | Pending Litigation
Contingencies
Damages for breach of contract and misappropriation of trade secrets	$ 150.2
Litigation settlement amount			$ 158.4
Black Knight Servicing Technologies, LLC | Pending Litigation | Minimum
Contingencies
Damages for breach of contract and misappropriation of trade secrets		$ 155.2

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) shares in Thousands	12 Months Ended				120 Months Ended
	Dec. 31, 2024	[1]	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024	Aug. 31, 2021
Stockholders' Equity
Cost of shares of common stock repurchased			$ 71,491,000	$ 406,086,000
Cumulative common stock repurchase transactions fees.					$ 537,000
Common stock dividends	$ 52,160,000		$ 41,446,000	$ 54,621,000
Common Class A
Stockholders' Equity
Authorized stock repurchase amount						$ 2,000,000,000
Shares of common stock repurchased			1,201	7,788	34,063
Cost of shares of common stock repurchased			$ 71,491,000	$ 406,086,000	$ 1,788,198,000
[1] For tax purposes, the entire dividend amount is a return of capital to the stockholders.

Net Gains on Loans Held for S_3

Net Gains on Loans Held for Sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-cash gain:
Provision for losses relating to representations and warranties on loans sold pursuant to loan sales	$ (16,486)	$ (12,997)	$ (9,617)
Provision for losses relating to representations and warranties on loans sold reduction in liability due to change in estimate	13,579	9,115	8,451
Changes in fair values of loans and derivatives held at end of year:
Net gains on loans held for sale at fair value	817,368	545,943	791,633
Nonrelated Party
Cash losses:
Loans	(1,731,125)	(1,337,613)	(2,128,195)
Hedging activities	495,429	(99,515)	1,347,843
Cash gain (loss), net of effects of cash hedging, on sale of loans held for sale	(1,235,696)	(1,437,128)	(780,352)
Non-cash gain:
Mortgage servicing rights resulting from loan sales	2,280,830	1,849,957	1,718,094
Provision for losses relating to representations and warranties on loans sold pursuant to loan sales	(16,486)	(12,997)	(9,617)
Provision for losses relating to representations and warranties on loans sold reduction in liability due to change in estimate	13,579	9,115	8,451
Changes in fair values of loans and derivatives held at end of year:
Interest rate lock commitments	(56,028)	63,749	(296,349)
Loans	71,226	(71,425)	188,849
Hedging derivatives	(244,124)	146,456	(20,879)
Net gains on loans held for sale at fair value	813,301	547,727	808,197
Related Party
Changes in fair values of loans and derivatives held at end of year:
Net gains on loans held for sale at fair value	4,067	(1,784)	(16,564)
Related Party | PennyMac Mortgage Investment Trust
Changes in fair values of loans and derivatives held at end of year:
Net gains on loans held for sale at fair value	$ 4,067	$ (1,784)	$ (16,564)

Net Interest Expense (Details)

Net Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest income:
Interest income	$ 793,566	$ 632,924	$ 294,062
Interest expense:
Interest expense	819,348	637,777	335,427
Net interest expense	(25,782)	(4,853)	(41,365)
Nonrelated Party
Interest income:
Cash and short-term investments	56,252	68,457	19,839
Principal-only stripped mortgage-backed securities	26,035
Loans held for sale	326,697	279,506	172,124
Placement fees relating to custodial funds	383,798	284,877	102,099
Other	784	84
Interest income	793,566	632,924	294,062
Interest expense:
Assets sold under agreements to repurchase	393,977	279,289	105,459
Mortgage loan participation purchase and sale agreements	16,404	16,129	7,314
Notes payable secured by mortgage servicing assets	164,161	211,085	79,813
Unsecured senior notes	184,304	98,396	95,014
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations	46,385	21,538	40,741
Interest on mortgage loan impound deposits	11,298	9,795	7,066
Other	2,819	1,545	20
Interest expense	819,348	637,777	335,427
Loan Repo Facility
Interest expense:
Assets sold under agreements to repurchase	$ 393,977	$ 279,289	$ 105,459

Stock-based Compensation - Othe

Stock-based Compensation - Other (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation
Units available for future awards under 2013 Equity Incentive Plan (in units)		5,300,000
Stock-based compensation expense		$ 20,868	$ 27,582	$ 42,552
Employee Stock Option
Stock-Based Compensation
Granted (in units)		188,000	221,000	574,000
Stock-based compensation expense		$ 6,935	$ 6,170	$ 9,619
Performance-based RSUs
Stock-Based Compensation
Granted (in units)		246,000	307,000	342,000
Vested (in units)	0	274,000	385,000	509,000
Stock-based compensation expense		$ 1,490	$ 9,740	$ 18,096
Time-based RSUs
Stock-Based Compensation
Granted (in units)		152,000	187,000	331,000
Vested (in units)		215,000	247,000	246,000
Stock-based compensation expense		$ 12,443	$ 11,672	$ 14,837
Minimum | Employee Stock Option
Stock-Based Compensation
Expected grantee forfeiture rate (as a percent)		0%	0%	0%
Minimum | Performance-based RSUs
Stock-Based Compensation
Expected grantee forfeiture rate (as a percent)		0%
Shares earned as a percent of performance goal achievement		0%
Maximum | Employee Stock Option
Stock-Based Compensation
Expected grantee forfeiture rate (as a percent)		5.10%	5.10%	5.10%
Maximum | Performance-based RSUs
Stock-Based Compensation
Expected grantee forfeiture rate (as a percent)		20.30%
Shares earned as a percent of performance goal achievement		300%

Stock-based Compensation - Perf

Stock-based Compensation - Performance-Based RSUs (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2023 shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Weighted-average grant date fair value per unit:
Compensation expense recorded during the year | $		$ 20,868	$ 27,582	$ 42,552
Performance-based RSUs
Summary of equity award grants, RSUs
Balance at beginning of year (in units)		873,000	976,000	1,226,000
Granted (in units)		246,000	307,000	342,000
Vested (in units)	0	(274,000)	(385,000)	(509,000)
Forfeited or canceled (in units)		(62,000)	(25,000)	(83,000)
Balance at end of year (in units)		783,000	873,000	976,000
Weighted-average grant date fair value per unit:
Outstanding at beginning of year (in dollars per share) | $ / shares		$ 58.9	$ 48.94	$ 36.12
Granted (in dollars per share) | $ / shares		84.93	60.7	57.1
Vested (in dollars per share) | $ / shares		58.86	35.36	23.4
Forfeited (in dollars per share) | $ / shares		65.29	58.46	49.14
Outstanding at end of year (in dollars per share) | $ / shares		$ 66.58	$ 58.9	$ 48.94
Compensation expense recorded during the year | $		$ 1,490	$ 9,740	$ 18,096
Actually vested (in shares)		309,000	617,000	654,000
Vesting percentage		113	160	128
Unamortized compensation cost | $		$ 9,415
Number of shares expected to vest (in units)		467,000
Weighted average remaining vesting period (in months)		11 months
Minimum | Performance-based RSUs
Stock-Based Compensation
Shares earned as a percent of performance goal achievement		0%
Expected grantee forfeiture rate (as a percent)		0%
Maximum | Performance-based RSUs
Stock-Based Compensation
Shares earned as a percent of performance goal achievement		300%
Expected grantee forfeiture rate (as a percent)		20.30%

Stock-based Compensation - Time

Stock-based Compensation - Time-Based RSUs (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted-average grant date fair value per unit:
Compensation expense recorded during the year	$ 20,868	$ 27,582	$ 42,552
Time-based RSUs
Stock-Based Compensation
Percentage of the award vesting at each of the three anniversaries	33%
Summary of equity award grants, RSUs
Balance at beginning of year (in units)	412,000	483,000	434,000
Granted (in units)	152,000	187,000	331,000
Vested (in units)	(215,000)	(247,000)	(246,000)
Forfeited or canceled (in units)	(27,000)	(11,000)	(36,000)
Balance at end of year (in units)	322,000	412,000	483,000
Weighted-average grant date fair value per unit:
Outstanding at beginning of year (in dollars per share)	$ 58.9	$ 53.71	$ 41.74
Granted (in dollars per share)	85.66	60.72	57.1
Vested (in dollars per share)	59.18	50.09	37.34
Forfeited (in dollars per share)	66.59	57.66	51.97
Outstanding at end of year (in dollars per share)	$ 70.64	$ 58.9	$ 53.71
Compensation expense recorded during the year	$ 12,443	$ 11,672	$ 14,837
Unamortized compensation cost	$ 4,982
Number of shares expected to vest (in units)	303,000
Weighted average remaining vesting period (in months)	8 months
Time-based RSUs | Minimum
Stock-Based Compensation
Turnover rates (as a percent)	0
Time-based RSUs | Maximum
Stock-Based Compensation
Turnover rates (as a percent)	20.3
Time-based RSUs | Common Class A
Stock-Based Compensation
Number of share awarded for each RSU (in shares)	1

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted-average exercise price per share:
Compensation expense recorded during the year	$ 20,868	$ 27,582	$ 42,552
Employee Stock Option
Stock-Based Compensation
Percentage of the award vesting at each of the three anniversaries	33%
Contractual term of the stock options	10 years
Fair Value Assumptions
Expected volatility (as a percent)	38%	38%	37%
Expected dividends (as a percent)	0.90%	1.30%	1.40%
Risk-free rate, Minimum (as a percent)	4.20%	4.20%	1.10%
Risk-free rate, Maximum (as a percent)	5%	5%	2.10%
Summary of equity awards, options
Balance at beginning of year (in units)	3,857	4,317	3,906
Granted (in units)	188	221	574
Exercised (in units)	(788)	(658)	(155)
Forfeited or canceled (in units)	(47)	(23)	(8)
Balance at end of year (in units)	3,210	3,857	4,317
Weighted-average exercise price per share:
Outstanding at beginning of year (in dollars per share)	$ 35.08	$ 32.46	$ 28.43
Granted (in dollars per share)	84.93	60.67	57.1
Exercised (in dollars per share)	25.68	25.66	21.09
Forfeited	64.97	58.1	53.1
Outstanding at end of year (in dollars per share)	$ 39.87	$ 35.08	$ 32.46
Compensation expense recorded during the year	$ 6,935	$ 6,170	$ 9,619
Number of options exercisable at end of year	2,738
Weighted average exercise price per exercisable option	$ 34.94
Weighted-average remaining contractual term:
Outstanding at end of year	4 years 8 months 12 days
Exercisable at end of year	4 years 1 month 6 days
Aggregate intrinsic value
Outstanding at end of year	$ 199,893
Exercisable at end of year	$ 184,011
Number of shares expected to vest	465
Weighted-average vesting period (in months)	8 months
Employee Stock Option | Share-Based Payment Arrangement, Tranche One
Stock-Based Compensation
Contractual term of the stock options	1 year
Employee Stock Option | Share-Based Payment Arrangement, Tranche Two
Stock-Based Compensation
Contractual term of the stock options	3 months
Minimum | Employee Stock Option
Fair Value Assumptions
Expected grantee forfeiture rate (as a percent)	0%	0%	0%
Maximum | Employee Stock Option
Fair Value Assumptions
Expected grantee forfeiture rate (as a percent)	5.10%	5.10%	5.10%

Disaggregation of Certain Exp_3

Disaggregation of Certain Expense Captions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Technology
Amortization of capitalized software	$ 48,169	$ 43,462	$ 23,955
Impairment of capitalized software	147	46
Total technology expenses	149,547	143,152	139,950
Occupancy and equipment
Depreciation	55,984	53,214	34,409
Short-term lease cost	303	436	778
Total occupancy and equipment expenses	$ 32,898	36,558	40,124
ASU adoption date	Dec. 15, 2025
ASU early adopted	true
ASU 2024-03
Technology
Amortization of capitalized software	$ 48,169	43,462	23,955
Impairment of capitalized software	147	46
Other	101,231	99,644	115,995
Total technology expenses	149,547	143,152	139,950
Occupancy and equipment
Depreciation	7,815	9,752	10,454
Operating lease cost	14,465	17,880	19,733
Short-term lease cost	303	436	778
Other	10,315	8,490	9,159
Total occupancy and equipment expenses	$ 32,898	$ 36,558	$ 40,124

Earnings Per Share of Common _3

Earnings Per Share of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Diluted earnings per share of common stock:
Net Income (Loss)	$ 311,423	$ 144,656	$ 475,507
Weighted average shares of common stock outstanding (in shares)	50,990	49,978	53,065
Effect of dilutive shares:
shares issuable under stock-based compensation plan (in shares)	2,366	2,755	2,885
Weighted average diluted shares of common stock outstanding (in shares)	53,356	52,733	55,950
Basic earnings per share (in dollars per share)	$ 6.11	$ 2.89	$ 8.96
Diluted earnings per share (in dollars per share)	$ 5.84	$ 2.74	$ 8.5
Total anti-dilutive units and options (in shares)	931	852	1,682
Performance-based RSUs
Effect of dilutive shares:
Total anti-dilutive units and options (in shares)	775	561	281
Time-based RSUs
Effect of dilutive shares:
Total anti-dilutive units and options (in shares)	3	2	62
Employee Stock Option
Effect of dilutive shares:
Total anti-dilutive units and options (in shares)	153	289	1,339
Weighted-average exercise price of anti-dilutive stock options (in dollars per share)	$ 84.93	$ 59.42	$ 58.58

Regulatory Capital and Liquid_3

Regulatory Capital and Liquidity Requirements (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fannie Mae / Freddie Mac - PLS
Regulatory Net Worth and Agency Capital Requirements
Net worth	$ 7,457,748	$ 6,890,144
Capital Requirement	1,380,100	1,211,365
Liquidity	870,243	1,243,927
Liquidity requirement	$ 630,698	$ 543,913
Tangible net worth / Total assets ratio actual	29%	37%
Tangible net worth / Total assets ratio requirement	6%	6%
Ginnie Mae - Issuer - PLS
Regulatory Net Worth and Agency Capital Requirements
Net worth	$ 6,952,347	$ 6,559,001
Capital Requirement	$ 1,526,074	1,314,677
Risk-based capital requirement	6%
Risk-based capital	40%
Liquidity	$ 1,208,755	1,684,457
Liquidity requirement	$ 460,200	$ 389,501
Adjusted net worth / Total assets ratio actual	35%	48%
Adjusted net worth / Total assets ratio requirement	6%	6%
HUD - PLS
Regulatory Net Worth and Agency Capital Requirements
Net worth	$ 6,952,347	$ 6,559,001
Capital Requirement	$ 2,500	$ 2,500

Segments (Details)

Segments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segments and Related Information
Number of reportable segments | segment	2
Revenues:
Net gains on loans held for sale at fair value	$ 817,368	$ 545,943	$ 791,633
Loan origination fees	185,700	146,118	169,859
Fulfillment fees from PennyMac Mortgage Investment Trust	26,291	27,826	67,991
Net loan servicing fees	533,655	642,600	951,329
Management fees	28,623	28,762	31,065
Net interest income (expense):
Interest income	793,566	632,924	294,062
Interest expense	819,348	637,777	335,427
Net interest income (expense)	(25,782)	(4,853)	(41,365)
Other	27,876	15,260	15,243
Total net revenues	1,593,731	1,401,656	1,985,755
Expenses:
Compensation	632,738	576,964	735,231
Loan origination	164,092	114,500	173,622
Technology	149,547	143,152	139,950
Servicing	105,997	69,433	59,628
Professional services	37,992	60,521	73,270
Occupancy and equipment	32,898	36,558	40,124
Marketing and advertising	21,969	17,631	46,762
Legal settlements	1,591	162,770	4,649
Other	45,881	36,496	47,272
Total expenses	1,192,705	1,218,025	1,320,508
Income before provision for income taxes	401,026	183,631	665,247
Acquisition of:
Segment assets at year end	26,086,887	18,844,563	16,822,584
Capitalized software	20,382	34,784	71,935
Furniture, fixtures, equipment and building improvements	1,715	1,386	7,159
Amortization of capitalized software	48,169	43,462	23,955
Depreciation and amortization of furniture, fixtures, equipment and building improvements	55,984	53,214	34,409
Furniture, Fixtures, Equipment and Building Improvements
Acquisition of:
Depreciation and amortization of furniture, fixtures, equipment and building improvements	$ 7,815	9,752	10,454
Mortgage banking
Segments and Related Information
Number of operating segments | segment	2
Number of reportable segments | segment	2
Operating segment
Revenues:
Net gains on loans held for sale at fair value	$ 817,368	545,943	791,633
Loan origination fees	185,700	146,118	169,859
Fulfillment fees from PennyMac Mortgage Investment Trust	26,291	27,826	67,991
Net loan servicing fees	533,655	642,600	951,329
Net interest income (expense):
Interest income	791,702	630,554	293,160
Interest expense	819,348	637,777	335,427
Net interest income (expense)	(27,646)	(7,223)	(42,267)
Other	1,698	3,913	3,560
Total net revenues	1,537,066	1,359,177	1,942,105
Expenses:
Compensation	520,209	475,449	590,216
Loan origination	164,092	114,500	173,622
Technology	135,114	128,429	123,082
Servicing	105,997	69,433	59,628
Professional services	18,112	18,310	30,269
Occupancy and equipment	26,825	29,127	34,006
Marketing and advertising	20,418	16,303	41,098
Legal settlements	(30)	853
Other	30,096	22,303	28,172
Total expenses	1,020,833	874,707	1,080,093
Income before provision for income taxes	516,233	484,470	862,012
Acquisition of:
Segment assets at year end	26,019,630	18,596,526	16,674,088
Capitalized software	19,841	32,920	67,536
Furniture, fixtures, equipment and building improvements	1,504	1,190	6,661
Amortization of capitalized software	47,041	41,219	21,614
Operating segment | Furniture, Fixtures, Equipment and Building Improvements
Acquisition of:
Depreciation and amortization of furniture, fixtures, equipment and building improvements	6,547	8,190	8,876
Operating segment | Mortgage banking Production
Revenues:
Net gains on loans held for sale at fair value	726,720	453,063	599,895
Loan origination fees	185,700	146,118	169,859
Fulfillment fees from PennyMac Mortgage Investment Trust	26,291	27,826	67,991
Net interest income (expense):
Interest income	321,210	272,307	134,206
Interest expense	318,750	254,890	108,072
Net interest income (expense)	2,460	17,417	26,134
Other	531	250	441
Total net revenues	941,702	644,674	864,320
Expenses:
Compensation	315,838	274,447	384,884
Loan origination	164,092	114,500	173,622
Technology	95,603	88,086	81,826
Professional services	11,206	10,825	22,769
Occupancy and equipment	15,683	18,353	21,653
Marketing and advertising	20,138	16,125	40,419
Legal settlements		853
Other	7,911	5,407	8,348
Total expenses	630,471	528,596	733,521
Income before provision for income taxes	311,231	116,078	130,799
Acquisition of:
Segment assets at year end	8,431,612	4,560,323	3,617,627
Capitalized software	16,156	32,504	66,171
Furniture, fixtures, equipment and building improvements	465	199	5,146
Amortization of capitalized software	39,160	31,285	11,653
Operating segment | Mortgage banking Production | Furniture, Fixtures, Equipment and Building Improvements
Acquisition of:
Depreciation and amortization of furniture, fixtures, equipment and building improvements	3,743	5,225	5,832
Operating segment | Mortgage banking Servicing
Revenues:
Net gains on loans held for sale at fair value	90,648	92,880	191,738
Net loan servicing fees	533,655	642,600	951,329
Net interest income (expense):
Interest income	470,492	358,247	158,954
Interest expense	500,598	382,887	227,355
Net interest income (expense)	(30,106)	(24,640)	(68,401)
Other	1,167	3,663	3,119
Total net revenues	595,364	714,503	1,077,785
Expenses:
Compensation	204,371	201,002	205,332
Technology	39,511	40,343	41,256
Servicing	105,997	69,433	59,628
Professional services	6,906	7,485	7,500
Occupancy and equipment	11,142	10,774	12,353
Marketing and advertising	280	178	679
Legal settlements	(30)
Other	22,185	16,896	19,824
Total expenses	390,362	346,111	346,572
Income before provision for income taxes	205,002	368,392	731,213
Acquisition of:
Segment assets at year end	17,588,018	14,036,203	13,056,461
Capitalized software	3,685	416	1,365
Furniture, fixtures, equipment and building improvements	1,039	991	1,515
Amortization of capitalized software	7,881	9,934	9,961
Operating segment | Mortgage banking Servicing | Furniture, Fixtures, Equipment and Building Improvements
Acquisition of:
Depreciation and amortization of furniture, fixtures, equipment and building improvements	2,804	2,965	3,044
Corporate and other
Revenues:
Management fees	28,623	28,762	31,065
Net interest income (expense):
Interest income	1,864	2,370	902
Net interest income (expense)	1,864	2,370	902
Other	26,178	11,347	11,683
Total net revenues	56,665	42,479	43,650
Expenses:
Compensation	112,529	101,515	145,015
Technology	14,433	14,723	16,868
Professional services	19,880	42,211	43,001
Occupancy and equipment	6,073	7,431	6,118
Marketing and advertising	1,551	1,328	5,664
Legal settlements	1,621	161,917	4,649
Other	15,785	14,193	19,100
Total expenses	171,872	343,318	240,415
Income before provision for income taxes	(115,207)	(300,839)	(196,765)
Acquisition of:
Segment assets at year end	67,257	248,037	148,496
Capitalized software	541	1,864	4,399
Furniture, fixtures, equipment and building improvements	211	196	498
Amortization of capitalized software	1,128	2,243	2,341
Corporate and other | Furniture, Fixtures, Equipment and Building Improvements
Acquisition of:
Depreciation and amortization of furniture, fixtures, equipment and building improvements	$ 1,268	$ 1,562	$ 1,578

Parent Company Information - Mi

Parent Company Information - Minimum Tangible Net Worth (Details) $ in Billions	Dec. 31, 2024 USD ($)
PLS
Parent Company Information
Minimum tangible net worth	$ 1.3

Parent Company Information - Co

Parent Company Information - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash	$ 238,482	$ 938,371	$ 1,328,536
Investment in subsidiaries	944	1,121
Receivable from PennyMac Mortgage Investment Trust	30,206	29,262
Total assets	26,086,887	18,844,563	$ 16,822,584
LIABILITIES AND STOCKHOLDERS' EQUITY
Unsecured senior notes	3,164,032	2,519,651
Accounts payable and accrued expenses	354,414	449,896
Income taxes payable	1,131,000	1,042,886
Total liabilities	22,257,236	15,305,960
Total liabilities and stockholders' equity	26,086,887	18,844,563
PennyMac Financial Services, Inc. | Parent Company
ASSETS
Cash	2,994	8,639
Investment in subsidiaries	4,809,214	4,488,039
Due from subsidiaries	3,012,578	2,322,854
Total assets	7,824,786	6,819,532
LIABILITIES AND STOCKHOLDERS' EQUITY
Unsecured senior notes	3,164,032	2,519,651
Accounts payable and accrued expenses	34,274	29,636
Payables to subsidiaries		187
Income taxes payable	796,829	731,455
Total liabilities	3,995,135	3,280,929
Stockholders' equity	3,829,651	3,538,603
Total liabilities and stockholders' equity	$ 7,824,786	$ 6,819,532

Parent Company Information - _2

Parent Company Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue
Interest income	$ 793,566	$ 632,924	$ 294,062
Interest expense:
Interest expense	819,348	637,777	335,427
Net interest income (expense)	(25,782)	(4,853)	(41,365)
Expenses
Professional services	37,992	60,521	73,270
Other	45,881	36,496	47,272
Total expenses	1,192,705	1,218,025	1,320,508
Income before provision for income taxes	401,026	183,631	665,247
Provision for income taxes	89,603	38,975	189,740
Net income	311,423	144,656	475,507
Nonrelated Party
Revenue
Interest income	793,566	632,924	294,062
Interest expense:
Interest expense	819,348	637,777	335,427
PennyMac Financial Services, Inc. | Parent Company
Revenue
Dividends from subsidiaries	9,378	80,617	417,391
Interest income	255,778	156,082	121,452
Interest expense:
Interest expense	184,304	98,396	95,014
Net interest income (expense)	71,474	57,686	26,438
Total net revenue	80,852	138,303	443,829
Expenses
Charitable contributions	2,500
Other	838	931	267
Total expenses	3,338	931	267
Income before provision for income taxes	77,514	137,372	443,562
Provision for income taxes	66,398	31,267	129,948
Income before equity in undistributed earnings of subsidiaries	11,116	106,105	313,614
Equity in undistributed earnings of subsidiaries	300,307	38,551	161,893
Net income	311,423	144,656	475,507
PennyMac Financial Services, Inc. | Non-affiliates | Parent Company
Revenue
Interest income	5
PennyMac Financial Services, Inc. | Subsidiary | Parent Company
Revenue
Interest income	$ 255,773	$ 156,082	$ 121,452

Parent Company Information - _3

Parent Company Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flow from operating activities
Net income	$ 311,423	$ 144,656	$ 475,507
Amortization of debt issuance costs	28,812	21,432	19,198
Increase in receivable from PennyMac Mortgage Investment Trust	(4,464)	5,666	2,776
Repricing of payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	(201)		(576)
Payments to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement			(3,855)
(Decrease) increase in accounts payable and accrued expenses	(78,651)	121,677	(109,485)
Increase in income taxes payable	88,115	40,142	317,482
Net cash used in operating activities	(4,533,270)	(1,582,219)	6,033,235
Cash flow from investing activities
Net cash used in investing activities	(1,887,955)	(273,288)	(721,582)
Cash flow from financing activities
Issuance of unsecured senior notes	650,000	750,000
Payment of debt issuance costs	(35,922)	(33,018)	(19,606)
Issuance of common stock by exercise of stock options	20,062	17,215	2,947
Repurchase of common stock and Class A common stock		(71,491)	(406,086)
Payment of withholding taxes relating to stock-based compensation	(9,401)	(9,142)	(7,780)
Net cash provided by (used in) financing activities	5,721,336	1,465,339	(4,323,207)
Net decrease in cash and restricted cash	(699,889)	(390,168)	988,446
Non-cash financing activity:
Restricted Cash			3
PennyMac Financial Services, Inc.
Non-cash financing activity:
Repurchase of common stock paid by PNMAC on behalf of Parent company		71,491
Payment of withholdings taxes relating to stock-based compensation by PNMAC on behalf of Parent company	9,401	9,142
Issuance of common stock in settlement of directors' fees	256	180	205
PennyMac Financial Services, Inc. | Parent Company
Cash flow from operating activities
Net income	311,423	144,656	475,507
Equity in undistributed earnings of subsidiaries	(300,307)	(38,551)	(161,893)
Amortization of debt issuance costs	6,509	3,802	3,701
Increase in receivable from PennyMac Mortgage Investment Trust		27
(Increase) decrease in intercompany receivable	(698,869)	(894,204)	(31,566)
(Decrease) increase in accounts payable and accrued expenses	4,638	3,280	(1,779)
Increase in payable to subsidiaries	(187)	52	19
Increase in income taxes payable	65,374	32,383	217,771
Net cash used in operating activities	(611,419)	(748,555)	501,760
Cash flow from financing activities
Issuance of unsecured senior notes	650,000	750,000
Payment of debt issuance costs	(12,128)	(14,071)
Payment of dividend to common stock and Class A common stockholders	(52,160)	(41,446)	(54,621)
Issuance of common stock by exercise of stock options	20,062	17,215	2,947
Repurchase of common stock and Class A common stock			(406,086)
Payment of withholding taxes relating to stock-based compensation			(7,780)
Net cash provided by (used in) financing activities	605,774	711,698	(465,540)
Net decrease in cash and restricted cash	(5,645)	(36,857)	36,220
Cash at beginning of year	8,639	45,496	9,276
Cash at end of year	2,994	8,639	45,496
Non-cash financing activity:
Restricted Cash	$ 0	$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Jan. 30, 2025	Feb. 06, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event
Unsecured senior notes			$ 3,164,032	$ 2,519,651
Subsequent Event
Subsequent Event
Unsecured senior notes		$ 850,000
Stated interest rate (as a percent)		6.875%
Subsequent Event | 2025 Q1 Dividends
Subsequent Event
Dividends declared (in dollars per share)	$ 0.3
Securities Repurchase Agreements
Dividend declaration date	Jan. 30, 2024
Dividend date of record	Feb. 13, 2025
Dividend payable date	Feb. 23, 2025