Mortgage Servicing Rights (Tables)

9 Months Ended

Sep. 30, 2025

Following is a summary of MSRs:


	Quarter ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
	(in thousands)
Balance at beginning of period	$	3,739,106		$	3,941,861		$	3,867,394		$	3,919,107
Purchases		—			—			—			29,428
MSRs resulting from loan sales		45,744			87,588			136,783			159,456
Transfers to Agency of mortgage servicing rights relating to delinquent loans		284			125			675			341
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities and interest receivable		—			(35,609	)		—			(35,609	)
Changes in fair value:
Due to changes in inputs used in valuation model (1)		(26,975	)		(84,306	)		(60,093	)		33,303
Other changes in fair value (2)		(89,404	)		(100,612	)		(276,004	)		(296,979	)
		(116,379	)		(184,918	)		(336,097	)		(263,676	)
Balance at end of period	$	3,668,755		$	3,809,047		$	3,668,755		$	3,809,047


	September 30, 2025		December 31, 2024
	(in thousands)
Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase and Notes payable secured by credit risk transfer and mortgage servicing assets	$	3,608,170	$	3,807,065

(1)

Primarily reflects changes in pricing spread, prepayment speed, servicing cost, and UPB of underlying loan inputs.

(2)

Represents changes due to realization of expected cash flows.

Summary of Net Loan Servicing Fees Relating to MSRs

Servicing fees relating to MSRs are recorded in Net loan servicing fees – from nonaffiliates on the Company’s consolidated statements of income and are summarized below:


	Quarter ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
	(in thousands)
Contractually specified servicing fees	$	151,395	$	162,605	$	456,705	$	485,089
Ancillary and other fees:
Late charges		1,092		1,044		3,155		3,019
Other		3,336		2,968		10,317		6,819
		4,428		4,012		13,472		9,838
	$	155,823	$	166,617	$	470,177	$	494,927
Average UPB of underlying loans	$	220,178,747	$	227,804,449	$	222,854,243	$	229,174,686

PennyMac Mortgage Investment Trust 10-Q