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Tag: Doubles
Jimmie Johnson doubles down on free throw competition with Shaquille O’Neal, raises stakes
The back-and-forth between Jimmie Johnson and Shaquille O’Neal took another turn Friday. The NASCAR icon fired back at the NBA legend and made a new proposal in their free throw competition.
This all started when O’Neal called out Johnson for trying for the Daytona 500 once again. He will look to make his 22nd appearance in the race, and O’Neal joked about whether 22 years was enough. Johnson said he still has more in the tank, but asked how Shaq’s jump shot is.
The social media spat continued and developed into a free throw competition. O’Neal suggested he’d get to drive Johnson’s Daytona car if he wins. But Johnson took things a step further.
“Oh, classic @SHAQ sliding in my DMs,” Johnson wrote Friday. “Only place you’re driving my car is to dinner. If you win, you can design my Daytona car—how good are you with crayons? If I win, I’ve got some sweet gear for you to rock.”
More on Jimmie Johnson, Shaquille O’Neal’s back-and-forth
O’Neal, of course, wasn’t known much for that jump shot or his efficiency at the charity stripe. He retired as a career 52% free throw shooter but was as dominant a center as anyone has ever seen in the NBA. Without knowing much of his prowess on the hardwood, Johnson has to like his chances against O’Neal — in a free throw competition, that is.
O’Neal, of course, retired from the NBA in 2011 and is a member of the Naismith Basketball Hall of Fame. He’s also a staple of TNT’s Inside The NBA, which will move to ESPN next season as part of a sublicensing agreement.
Johnson, meanwhile, made his Daytona 500 debut in 2002 and has two victories to his name. But at 49 years old, he’s racing a more limited schedule.
As part of his announcement, he also released his 2025 schedule. It only includes a second race in the Coca-Cola 600 at Charlotte. If he qualifies in both races, Charlotte will be his 700th Cup Series start. Carvana will serve as the sponsor for Johnson, and he will be back in the No. 84 for his team, Legacy Motor Club.
Johnson, who co-owns Legacy alongside Maury Gallagher, has competed in 12 races over the last two seasons, making nine starts in 2024. His best finish was a P26 result in the last season’s finale at Phoenix. Johnson has an average finish of 31.8.
Seven-time NASCAR Cup Series champion Jimmie Johnson is not backing down from his latest challenge against basketball legend Shaquille O’Neal. After their intense free throw competition went viral on social media, Johnson has decided to raise the stakes and double down on their friendly rivalry.In a recent interview, Johnson revealed that he and Shaq have agreed to a rematch on the basketball court, but this time with even higher stakes. Not only will the loser have to wear the other’s jersey during a NASCAR race, but they have also decided to donate $10,000 to charity in the winner’s name.
“I’m not one to back down from a challenge, especially when it comes to competing against a legend like Shaq,” Johnson said. “I may not be able to dunk like him, but I’ll do whatever it takes to come out on top in this free throw competition.”
The NASCAR superstar has been putting in extra practice on the basketball court in preparation for the rematch, determined to show that he has what it takes to outshoot the 7’1″ basketball icon.
Fans are eagerly awaiting the results of this epic showdown between two sports greats, eager to see who will come out on top and claim bragging rights in this unique cross-sport rivalry. Stay tuned for updates on the Johnson vs. O’Neal free throw competition!
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Jimmie Johnson, Shaquille O’Neal, free throw competition, sports rivalry, celebrity challenge, basketball showdown, athlete competition, sports news, entertainment news, sports celebrities, Jimmie Johnson vs Shaquille O’Neal, friendly competition, sports entertainment, athlete challenge, sports event, sports stars, celebrity athletes, sports legends, rivalry intensifies, sports headlines.
#Jimmie #Johnson #doubles #free #throw #competition #Shaquille #ONeal #raises #stakesPennyMac Financial Reports Strong 2024: Net Income Doubles, Boosts Dividend 50%
PennyMac Financial Services (PFSI) reported Q4 2024 net income of $104.5 million ($1.95 per diluted share) on revenue of $470.1 million. Book value per share increased to $74.54 from $72.95 in Q3 2024.
Key Q4 highlights include: pretax income of $129.4 million, total loan acquisitions of $35.7 billion, and servicing portfolio growth to $665.8 billion. The company declared a quarterly dividend of $0.30 per share.
Full-year 2024 performance showed net income of $311.4 million, up from $144.7 million in 2023, with total loan production of $116.3 billion. The company issued $650 million in 6-year unsecured senior notes and increased its quarterly dividend by 50% from $0.20 previously.
PennyMac Financial Services (PFSI) ha riportato un reddito netto per il quarto trimestre 2024 di 104,5 milioni di dollari (1,95 dollari per azione diluita) su un fatturato di 470,1 milioni di dollari. Il valore contabile per azione è aumentato a 74,54 dollari rispetto ai 72,95 dollari del terzo trimestre 2024.
Tra i punti salienti del quarto trimestre ci sono: un reddito ante imposte di 129,4 milioni di dollari, acquisizioni di prestiti totali per 35,7 miliardi di dollari e una crescita del portafoglio di servizi a 665,8 miliardi di dollari. L’azienda ha dichiarato un dividendo trimestrale di 0,30 dollari per azione.
La performance dell’intero anno 2024 ha mostrato un reddito netto di 311,4 milioni di dollari, in aumento rispetto ai 144,7 milioni di dollari del 2023, con una produzione totale di prestiti di 116,3 miliardi di dollari. L’azienda ha emesso 650 milioni di dollari in note senior non garantite a 6 anni e ha aumentato il suo dividendo trimestrale del 50% rispetto ai 0,20 dollari precedenti.
PennyMac Financial Services (PFSI) reportó una ganancia neta del cuarto trimestre de 2024 de 104,5 millones de dólares (1,95 dólares por acción diluida) con ingresos de 470,1 millones de dólares. El valor contable por acción aumentó a 74,54 dólares desde 72,95 dólares en el tercer trimestre de 2024.
Los puntos destacados del cuarto trimestre incluyen: una ganancia antes de impuestos de 129,4 millones de dólares, adquisiciones de préstamos totales de 35,7 mil millones de dólares, y un crecimiento del portafolio de servicios a 665,8 mil millones de dólares. La compañía declaró un dividendo trimestral de 0,30 dólares por acción.
El desempeño de todo el año 2024 mostró una ganancia neta de 311,4 millones de dólares, un aumento desde los 144,7 millones de dólares en 2023, con una producción total de préstamos de 116,3 mil millones de dólares. La empresa emitió 650 millones de dólares en notas senior no garantizadas a 6 años y aumentó su dividendo trimestral en un 50% desde los 0,20 dólares anteriores.
PennyMac Financial Services (PFSI)는 2024년 4분기 순이익이 1억 4백 5십만 달러(희석주당 1.95 달러), 매출은 4억 7천 10만 달러였다고 보고했습니다. 주당 장부 가치는 2024년 3분기 72.95달러에서 74.54달러로 증가했습니다.
4분기 주요 사항으로는 세전 소득 1억 2천 9백 4십만 달러, 총 대출 인수 357억 달러, 서비스 포트폴리오 성장 6658억 달러가 있습니다. 이 회사는 주당 0.30 달러의 분기 배당금을 선언했습니다.
2024년 전체 성과는 3억 1천 14백만 달러의 순이익을 기록해 2023년 1억 4천 4백 70만 달러에서 증가했으며, 총 대출 생산은 1163억 달러였습니다. 이 회사는 6년 만기 무보증 고급 채권을 6억 5천만 달러 발행하고 분기 배당금을 0.20달러에서 50% 인상했습니다.
PennyMac Financial Services (PFSI) a annoncé un revenu net de 104,5 millions de dollars (1,95 dollar par action diluée) pour le quatrième trimestre de 2024, avec un chiffre d’affaires de 470,1 millions de dollars. La valeur comptable par action a augmenté à 74,54 dollars, contre 72,95 dollars au troisième trimestre de 2024.
Les points clés du quatrième trimestre incluent : un revenu avant impôt de 129,4 millions de dollars, des acquisitions de prêts totaux de 35,7 milliards de dollars et une croissance du portefeuille de services à 665,8 milliards de dollars. L’entreprise a déclaré un dividende trimestriel de 0,30 dollar par action.
La performance de l’année entière 2024 a montré un revenu net de 311,4 millions de dollars, en hausse par rapport à 144,7 millions de dollars en 2023, avec une production totale de prêts de 116,3 milliards de dollars. L’entreprise a émis 650 millions de dollars de titres seniors non garantis à 6 ans et a augmenté son dividende trimestriel de 50 % par rapport aux 0,20 dollars précédents.
PennyMac Financial Services (PFSI) berichtete für das vierte Quartal 2024 einen Nettogewinn von 104,5 Millionen Dollar (1,95 Dollar je verwässerte Aktie) bei einem Umsatz von 470,1 Millionen Dollar. Der Buchwert pro Aktie stieg von 72,95 Dollar im dritten Quartal 2024 auf 74,54 Dollar.
Zu den wichtigsten Highlights des vierten Quartals gehören: ein Vorsteuergewinn von 129,4 Millionen Dollar, Gesamtlaufwerkskäufe von 35,7 Milliarden Dollar und ein Wachstum des Servicing-Portfolios auf 665,8 Milliarden Dollar. Das Unternehmen erklärte eine quartalsweise Dividende von 0,30 Dollar pro Aktie.
Die Leistung des gesamten Jahres 2024 zeigte einen Nettogewinn von 311,4 Millionen Dollar, ein Anstieg von 144,7 Millionen Dollar im Jahr 2023, mit einer gesamten Produktionsleistung von 116,3 Milliarden Dollar. Das Unternehmen emittierte 650 Millionen Dollar in ungesicherten, vorrangigen Anleihen mit einer Laufzeit von 6 Jahren und erhöhte seine vierteljährliche Dividende um 50 % von zuvor 0,20 Dollar.
Positive
- Net income increased to $311.4 million in 2024 from $144.7 million in 2023
- Servicing portfolio grew 10% YoY to $665.8 billion
- Total loan production increased 17% YoY to $116.3 billion
- Quarterly dividend increased 50% to $0.30 per share
- Q4 pretax income rose to $129.4 million from $93.9 million in Q3
Negative
- Production segment pretax income decreased to $78.0 million from $129.4 million in Q3
- Consumer direct IRLCs declined 30% from previous quarter
- Broker direct IRLCs decreased 17% from previous quarter
- Net interest expense of $17.2 million in Q4
Insights
PennyMac Financial’s Q4 2024 results reveal a company successfully navigating the challenging mortgage landscape, with several notable achievements:
Core Performance Metrics: The
16% annualized operating ROE demonstrates robust operational efficiency, particularly impressive given the high-rate environment. The10% year-over-year servicing portfolio growth to$665.8 billion UPB reflects successful market share expansion and effective retention strategies.Strategic Positioning: The company’s balanced business model shows remarkable adaptability. The servicing segment’s strong performance (
$87.3 million pretax income) effectively counterbalanced the production segment ($78.0 million ), highlighting the advantage of diversified revenue streams in varying rate environments.Operational Evolution: The renewed mortgage banking services agreement with PMT, effective July 2025, signals a strategic shift in correspondent production dynamics. The planned
15-25% retention rate for conventional conforming production indicates a calculated approach to balance sheet management and risk optimization.Financial Health Indicators: The increase in book value to
$74.54 per share and the50% dividend increase to$0.30 reflect strong capital position and management’s confidence in sustainable profitability. The successful issuance of$650 million in senior notes demonstrates continued market access and financial flexibility.These results position PFSI advantageously for 2025, particularly if interest rates moderate and refinancing activity increases. The company’s investment in technology and workflow efficiency improvements suggests potential for further operational leverage and market share gains.
WESTLAKE VILLAGE, Calif. –(BUSINESS WIRE)–
PennyMac Financial Services, Inc. (NYSE: PFSI) today reported net income of for the fourth quarter of 2024, or$104.5 million per share on a diluted basis, on revenue of$1.95 . Book value per share increased to$470.1 million from$74.54 at September 30, 2024.$72.95 PFSI’s Board of Directors declared a fourth quarter cash dividend of
per share, payable on February 23, 2025, to common stockholders of record as of February 13, 2025.$0.30 In the fourth quarter, management reassessed its segment definitions. Prior period amounts have been recast to conform those periods’ presentation to current period presentation. Non-segment activities are included under “Corporate and other” and include amounts attributable to corporate activities not directly attributable to the production and servicing segments as well as management fees earned from PennyMac Mortgage Investment Trust (NYSE: PMT).
Fourth Quarter 2024 Highlights
-
Pretax income was
, up from pretax income of$129.4 million in the prior quarter and pretax loss of$93.9 million in the fourth quarter of 2023$54.2 million -
Production segment pretax income was
, down from$78.0 million in the prior quarter and up from$129.4 million in the fourth quarter of 2023$44.2 million -
Total loan acquisitions and originations, including those fulfilled for PMT, were
in unpaid principal balance (UPB), up 13 percent from the prior quarter and 34 percent from the fourth quarter of 2023$35.7 billion -
Broker direct interest rate lock commitments (IRLCs) were
in UPB, down 17 percent from the prior quarter and up 60 percent from the fourth quarter of 2023$4.5 billion -
Consumer direct IRLCs were
in UPB, down 30 percent from the prior quarter and up 129 percent from the fourth quarter of 2023$3.7 billion -
Government correspondent IRLCs totaled
in UPB, down 11 percent from the prior quarter and essentially unchanged from the fourth quarter of 2023$11.1 billion -
Conventional correspondent IRLCs for PFSI’s account totaled
in UPB, up 68 percent from the prior quarter and 38 percent from the fourth quarter of 2023$13.8 billion -
Correspondent acquisitions of conventional conforming and jumbo loans fulfilled for PennyMac Mortgage Investment Trust (NYSE: PMT) were
in UPB, down 41 percent from the prior quarter and up 41 percent from the fourth quarter of 2023$3.5 billion - PMT retained 19 percent of total conventional correspondent loans in the fourth quarter, down from 42 percent in the prior quarter
-
Total loan acquisitions and originations, including those fulfilled for PMT, were
-
Servicing segment pretax income was
, up from$87.3 million in the prior quarter and$3.3 million in the fourth quarter of 2023$76.6 million -
Pretax income excluding valuation-related changes was
, essentially unchanged from the prior quarter as higher loan servicing fees, lower realization of mortgage servicing rights (MSR) cash flows and lower operating expenses were offset by lower earnings on custodial balances due to lower short-term interest rates$168.3 million -
Valuation-related changes included:
-
in MSR fair value gains more than offset by$540.4 million in hedging losses$608.1 million -
Net impact on pretax income related to these items was
, or$(67.7) million in earnings per share$(0.93)
-
Net impact on pretax income related to these items was
-
provision for losses on active loans$13.3 million
-
-
Servicing portfolio grew to
in UPB, up 3 percent from September 30, 2024 and 10 percent from December 31, 2023 driven by production volumes which more than offset prepayment activity$665.8 billion
-
Pretax income excluding valuation-related changes was
-
Pretax loss from Corporate and Other was
, compared to$35.9 million in the prior quarter and$38.8 million in the fourth quarter of 2023$175.0 million -
The fourth quarter of 2023 included a non-recurring expense accrual of
as a result of the long-standing arbitration related to the development of our proprietary servicing software$158.4 million
-
The fourth quarter of 2023 included a non-recurring expense accrual of
Full-Year 2024 Highlights
-
Net income of
, up from$311.4 million in 2023; excluding the non-recurring expense accrual, net income in 2023 would have been$144.7 million $260.5 million -
Pretax income of
, up from$401.0 million in 2023; excluding the non-recurring expense accrual, pretax income in 2023 would have been$183.6 million $342.0 million -
Total net revenue of
, up from$1.6 billion in 2023$1.4 billion -
Total loan production of
in UPB, an increase of 17 percent from 2023$116.3 billion -
Servicing portfolio UPB of
at year end, up 10 percent from December 31, 2023$665.8 billion -
Issued
of 6-year unsecured senior notes due in November 2030$650 million -
Increased quarterly cash dividend to
per share, a$0.30 50% increase from previously$0.20
“PennyMac Financial delivered strong fourth quarter results, with a 16 percent1 annualized operating return on equity driven by continued strength in our servicing business and a solid contribution from our production segment despite higher mortgage rates,” said Chairman and CEO David Spector. “In total, we acquired or originated
in unpaid principal balance of loans, which drove continued growth in our servicing portfolio to$36 billion in unpaid principal balance at year end.”$666 billion Mr. Spector continued, “Our full year results demonstrate both the ability of our balanced business model to generate operating returns on equity in the mid-teens in periods of higher rates, and also a substantial improvement in operating leverage from the previous year. Looking to 2025 and beyond, I continue to believe PennyMac Financial is best-positioned in the mortgage industry for continued growth and execution regardless of the path of interest rates. Our best-in-class management team has built a platform with significant scale and remains committed to unlocking additional efficiencies through continued investments in workflow and technology. It is for all of these reasons that I am confident in our ability to continue driving strong financial performance in this higher rate environment, bolstered by increases in the origination market in periods when mortgage rates decline.”
1
See page 18 for a reconciliation of non-GAAP items
The following table presents the contributions of PennyMac Financial’s segments to pretax income:
Quarter ended December 31, 2024 Production Servicing Reportable
segment totalCorporate
and OtherTotal (in thousands) Revenue: Net gains on loans held for sale at fair value $
195,070
$
26,974
$
222,044
$
–
$
222,044
Loan origination fees 57,824
–
57,824
–
57,824
Fulfillment fees from PMT 6,356
–
6,356
–
6,356
Net loan servicing fees –
189,267
189,267
–
189,267
Management fees –
–
–
7,149
7,149
Net interest income (expense): Interest income 93,766
116,679
210,445
414
210,859
Interest expense 91,982
136,129
228,111
–
228,111
1,784
(19,450
)
(17,666
)
414
(17,252
)
Other 89
735
824
3,898
4,722
Total net revenue 261,123
197,526
458,649
11,461
470,110
Expenses Compensation 91,754
49,958
141,712
31,378
173,090
Loan origination 48,046
–
48,046
–
48,046
Technology 25,743
10,108
35,851
4,980
40,831
Servicing –
38,088
38,088
–
38,088
Professional services 3,869
2,386
6,255
3,732
9,987
Occupancy and equipment 3,951
2,661
6,612
1,561
8,173
Marketing and advertising 6,919
202
7,121
644
7,765
Legal settlements –
2
2
(108
)
(106
)
Other 2,831
6,823
9,654
5,218
14,872
Total expenses 183,113
110,228
293,341
47,405
340,746
Income (loss) before provision for income taxes $
78,010
$
87,298
$
165,308
$
(35,944
)
$
129,364
Production Segment
The Production segment includes the correspondent acquisition of newly originated government-insured and certain conventional conforming loans for PennyMac Financial’s own account, fulfillment services on behalf of PMT and direct lending through the consumer direct and broker direct channels, including the underwriting and acquisition of loans from correspondent sellers on a non-delegated basis.
PennyMac Financial’s loan production activity for the quarter totaled
in UPB,$35.7 billion of which was for its own account, and$32.2 billion of which was fee-based fulfillment activity for PMT. Correspondent locks for PFSI and direct lending IRLCs totaled$3.5 billion in UPB, up 6 percent from the prior quarter and 29 percent from the fourth quarter of 2023.$33.0 billion Production segment pretax income was
, down from$78.0 million in the prior quarter and up from$129.4 million in the fourth quarter of 2023. Production segment revenue totaled$44.2 million , down 11 percent from the prior quarter and up 49 percent from the fourth quarter of 2023. The decrease from the prior quarter was due to higher mortgage interest rates, which resulted in lower lock volumes in the direct lending channels. The increase from the fourth quarter of 2023 was driven primarily by higher volumes across all channels.$261.1 million The components of net gains on loans held for sale are detailed in the following table:
Quarter ended December 31,
2024September 30,
2024December 31,
2023(in thousands) Receipt of MSRs $
748,121
$
578,982
$
549,965
Gains on sale of loans and mortgage servicing rights recapture payable to PennyMac Mortgage Investment Trust 2,387
2,506
(290
)
Provision for representations and warranties, net (1,633
)
(589
)
(1,002
)
Cash loss, including cash hedging results (373,307
)
(382,148
)
(606,160
)
Fair value changes of pipeline, inventory and hedges (153,524
)
58,068
206,252
Net gains on mortgage loans held for sale $
222,044
$
256,819
$
148,765
Net gains on mortgage loans held for sale by segment: Production $
195,070
$
235,902
$
124,267
Servicing $
26,974
$
20,917
$
24,498
PennyMac Financial performs fulfillment services for certain conventional conforming and jumbo loans acquired by PMT from non-affiliates in its correspondent production business. These services include, but are not limited to, marketing, relationship management, correspondent seller approval and monitoring, loan file review, underwriting, pricing, hedging and activities related to the subsequent sale and securitization of loans in the secondary mortgage markets for PMT.
Fees earned from the fulfillment of correspondent loans on behalf of PMT totaled
in the fourth quarter, down 45 percent from the prior quarter and up 29 percent from the fourth quarter of 2023. The quarter-over-quarter decrease was driven by lower conventional acquisition volumes for PMT’s account, as PMT retained a smaller percentage of total conventional correspondent production in the fourth quarter versus the third quarter. In the first quarter of 2025, we expect PMT to retain all jumbo production and 15 to 25 percent of total conventional conforming correspondent production, compared to 19 percent in the fourth quarter.$6.4 million Under a renewed mortgage banking services agreement with PMT, effective July 1, 2025, correspondent production volumes will initially be acquired by PFSI. PMT will retain the right to purchase up to 100 percent of non-government correspondent loan production.
Net interest income in the fourth quarter totaled
, compared to net interest expense of$1.8 million in the prior quarter. Interest income totaled$2.1 million , up from$93.8 million in the prior quarter, and interest expense totaled$79.4 million , up from$92.0 million in the prior quarter, both due to higher average balances of loans held for sale due to the increase in funded volumes.$81.5 million Production segment expenses were
, up 11 percent from the prior quarter and 40 percent from the fourth quarter of 2023. Production expenses increased from the prior quarter primarily due to higher funded volumes and increased capacity in the direct lending channels.$183.1 million Servicing Segment
The Servicing segment includes income from owned MSRs and subservicing. The total servicing portfolio grew to
in UPB at December 31, 2024, an increase of 3 percent from September 30, 2024 and 10 percent from December 31, 2023. PennyMac Financial’s owned MSR portfolio grew to$665.8 billion in UPB, an increase of 4 percent from September 30, 2024 and 16 percent from December 31, 2023. PennyMac Financial subservices$434.2 billion in UPB for PMT and subservices on an interim basis$230.8 billion in UPB of previously owned loans that have been repurchased by the United States Veterans Affairs (VA) pursuant to the Veterans Affairs Servicing Purchase (VASP) program.$807 million The table below details PennyMac Financial’s servicing portfolio UPB:
December 31,
2024September 30,
2024December 31,
2023(in thousands) Prime servicing: Owned Mortgage servicing rights and liabilities Originated $
410,393,342
$
393,947,146
$
352,790,614
Purchased 15,681,406
16,104,333
17,478,397
426,074,748
410,051,479
370,269,011
Loans held for sale 8,128,914
6,366,787
4,294,689
434,203,662
416,418,266
374,563,700
Subserviced for PMT 230,745,995
231,369,983
232,643,144
Subserviced for U.S. Department of Veterans Affairs806,584
257,696
–
Total prime servicing 665,756,241
648,045,945
607,206,844
Special servicing – subserviced for PMT 7,586
8,340
9,925
Total loans serviced $
665,763,827
$
648,054,285
$
607,216,769
Servicing segment pretax income was
, up from pretax income of$87.3 million in the prior quarter and$3.3 million in the fourth quarter of 2023. Servicing segment net revenues totaled$76.6 million , up from$197.5 million in the prior quarter and$105.9 million in the fourth quarter of 2023.$175.9 million Revenue from net loan servicing fees totaled
, up from$189.3 million in the prior quarter and$75.8 million in the fourth quarter of 2023. The increase from the prior quarter was primarily driven by a decrease in net valuation-related losses. Net loan servicing fee revenues included$162.3 million in loan servicing fees, which was up from the prior quarter due to growth in the owned portfolio, reduced by$472.6 million from the realization of MSR cash flows. Net valuation-related losses totaled$215.6 million and included MSR fair value gains of$67.7 million driven by the increase in market interest rates, and hedging losses of$540.4 million .$608.1 million The following table presents a breakdown of net loan servicing fees:
Quarter ended
December 31,
2024September 30,
2024December 31,
2023(in thousands) Loan servicing fees $
472,563
$
462,037
$
402,484
Changes in fair value of MSRs and MSLs resulting from: Realization of cash flows (215,590
)
(225,836
)
(164,255
)
Change in fair value inputs 540,406
(402,422
)
(370,705
)
Hedging (losses) gains (608,112
)
242,051
294,787
Net change in fair value of MSRs and MSLs (283,296
)
(386,207
)
(240,173
)
Net loan servicing fees $
189,267
$
75,830
$
162,311
Servicing segment revenue included
in net gains on loans held for sale related to early buyout loans (EBOs), up from$27.0 million in the prior quarter and$20.9 million in the fourth quarter of 2023. These EBOs are previously delinquent loans that were brought back to performing status through PennyMac Financial’s successful servicing efforts.$24.5 million Net interest expense totaled
, versus net interest income of$19.5 million in the prior quarter and net interest expense of$9.5 million in the fourth quarter of 2023. Interest income was$13.4 million , down from$116.7 million in the prior quarter due to decreased placement fees on custodial balances due to lower short-term rates. Interest expense was$145.6 million , essentially unchanged from the prior quarter as a higher average balance of financing for MSR assets was offset by lower financing rates on floating rate debt.$136.1 million Servicing segment expenses totaled
, up from$110.2 million in the prior quarter primarily due to increased provisions for losses on active loans.$102.6 million Corporate and Other
Corporate and Other items include amounts attributable to corporate activities not directly attributable to the production and servicing segments as well as management fees earned from PMT. PennyMac Financial manages PMT for which it earns base management fees and may earn incentive compensation.
Pretax loss for Corporate and Other was
, compared to$35.9 million in the prior quarter and$38.8 million in the fourth quarter of 2023.$175.0 million Revenues from Corporate and Other were
, and consisted of$11.5 million in management fees,$7.1 million in other revenue, and$3.9 million of net interest income. No performance incentive fees were earned in the fourth quarter.$0.4 million Expenses were
, compared to$47.4 million in the prior quarter and$49.8 million in the fourth quarter of 2023, which included the aforementioned non-recurring expense accrual.$186.4 million Net assets under management were
as of December 31, 2024, essentially unchanged from September 30, 2024 and December 31, 2023.$1.9 billion The following table presents a breakdown of management fees:
Quarter ended December 31,
2024September 30,
2024December 31,
2023(in thousands) Management fees: Base $
7,149
$
7,153
$
7,252
Performance incentive –
–
–
Total management fees $
7,149
$
7,153
$
7,252
Net assets of PennyMac Mortgage Investment Trust $
1,938,500
$
1,936,787
$
1,957,090
Consolidated Expenses
Total expenses were
, up from$340.7 million in the prior quarter primarily due to increased production and servicing segment expenses as previously discussed.$317.9 million Taxes
PFSI recorded a provision for tax expense of
, resulting in an effective tax rate of 19.2 percent. The reduction in the effective tax rate from the prior quarter was primarily due to a decline in the provision rate from 26.85 percent to 26.70 percent and the resulting repricing of expected taxes on deferred income.$24.9 million Management’s slide presentation and accompanying material will be available in the Investor Relations section of the Company’s website at pfsi.pennymac.com after the market closes on Thursday, January 30, 2025. Management will also host a conference call and live audio webcast at 5:00 p.m. Eastern Time to review the Company’s financial results. The webcast can be accessed at pfsi.pennymac.com, and a replay will be available shortly after its conclusion.
About PennyMac Financial Services, Inc.
PennyMac Financial Services, Inc. is a specialty financial services firm focused on the production and servicing of
U.S. mortgage loans and the management of investments related to theU.S. mortgage market. Founded in 2008, the company is recognized as a leader in theU.S. residential mortgage industry and employs approximately 4,100 people across the country. In 2024, PennyMac Financial’s production of newly originated loans totaled in unpaid principal balance, making it a top lender in the nation. As of December 31, 2024, PennyMac Financial serviced loans totaling$116 billion in unpaid principal balance, making it a top mortgage servicer in the nation. Additional information about PennyMac Financial Services, Inc. is available at pfsi.pennymac.com.$666 billion Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections, and assumptions with respect to, among other things, our financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like “believe,” “expect,” “anticipate,” “promise,” “project,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: interest rate changes; changes in real estate values, housing prices and housing sales; changes in macroeconomic, consumer and real estate market conditions; the continually changing federal, state and local laws and regulations applicable to the highly regulated industry in which we operate; lawsuits or governmental actions that may result from any noncompliance with the laws and regulations applicable to our business; the mortgage lending and servicing-related regulations promulgated by the Consumer Financial Protection Bureau and its enforcement of these regulations; the licensing and operational requirements of states and other jurisdictions applicable to our business, to which our bank competitors are not subject; foreclosure delays and changes in foreclosure practices; difficulties inherent in adjusting the size of our operations to reflect changes in business levels; purchase opportunities for mortgage servicing rights; our substantial amount of indebtedness; increases in loan delinquencies, defaults and forbearances; our dependence on
U.S. government-sponsored entities and changes in their current roles or their guarantees or guidelines; our reliance on PennyMac Mortgage Investment Trust (NYSE: PMT) as a significant contributor to our mortgage banking business; maintaining sufficient capital and liquidity and compliance with financial covenants; our obligation to indemnify third-party purchasers or repurchase loans if loans that we originate, acquire, service or assist in the fulfillment of fail to meet certain criteria; our obligation to indemnify PMT if our services fail to meet certain criteria or characteristics or under other circumstances; investment management and incentive fees; conflicts of interest in allocating our services and investment opportunities among us and our advised entity; our ability to mitigate cybersecurity risks, cyber incidents and technology disruptions; the development of artificial intelligence; the effect of public opinion on our reputation; our exposure to risks of loss and disruptions in operations resulting from severe weather events, man-made or other natural conditions, including climate change and pandemics; our ability to effectively identify, manage and hedge our credit, interest rate, prepayment, liquidity and climate risks; our initiation or expansion of new business activities or strategies; our ability to detect misconduct and fraud; our ability to pay dividends to our stockholders; and our organizational structure and certain requirements in our charter documents. You should not place undue reliance on any forward- looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.The press release contains financial information calculated other than in accordance with
U.S. generally accepted accounting principles (“GAAP”), such as pretax income excluding valuation-related items and operating net income that provide a meaningful perspective on the Company’s business results since the Company utilizes this information to evaluate and manage the business. Non-GAAP disclosures have limitations as an analytical tool and should not be viewed as a substitute for financial information determined in accordance with GAAP.The following table presents the contributions of PennyMac Financial’s segments to pretax income in the prior quarter:
Quarter ended September 30, 2024 Production Servicing Reportable
segment totalCorporate
and otherTotal (in thousands) Revenue: Net gains on loans held for sale at fair value $
235,902
$
20,917
$
256,819
$
–
$
256,819
Loan origination fees 49,430
–
49,430
–
49,430
Fulfillment fees from PMT 11,492
–
11,492
–
11,492
Net loan servicing fees –
75,830
75,830
–
75,830
Management fees –
–
–
7,153
7,153
Net interest (expense) income: Interest income 79,427
145,567
224,994
476
225,470
Interest expense 81,496
136,101
217,597
–
217,597
(2,069
)
9,466
7,397
476
7,873
Other 172
(269
)
(97
)
3,334
3,237
Total net revenue 294,927
105,944
400,871
10,963
411,834
Expenses Compensation 82,991
52,553
135,544
35,772
171,316
Loan origination 45,208
–
45,208
–
45,208
Technology 24,115
9,866
33,981
3,078
37,059
Servicing –
28,885
28,885
–
28,885
Professional services 2,853
1,575
4,428
4,911
9,339
Occupancy and equipment 3,840
2,823
6,663
1,493
8,156
Marketing and advertising 4,830
28
4,858
230
5,088
Legal settlements –
–
–
108
108
Other 1,716
6,866
8,582
4,168
12,750
Total expenses 165,553
102,596
268,149
49,760
317,909
Income (loss) before provision for income taxes $
129,374
$
3,348
$
132,722
$
(38,797
)
$
93,925
The following table presents the contributions of PennyMac Financial’s segments to pretax loss in the fourth quarter of 2023:
Quarter ended December 31, 2023 Production Servicing Reportable
segment totalCorporate
and otherTotal Revenue: Net gains on loans held for sale at fair value $
124,267
$
24,498
$
148,765
$
–
$
148,765
Loan origination fees 38,059
–
38,059
–
38,059
Fulfillment fees from PMT 4,931
–
4,931
–
4,931
Net loan servicing fees –
162,311
162,311
–
162,311
Management fees –
–
–
7,252
7,252
Net interest income (expense): Interest income 72,553
91,885
164,438
504
164,942
Interest expense 65,199
105,302
170,501
–
170,501
7,354
(13,417
)
(6,063
)
504
(5,559
)
Other 73
2,555
2,628
3,552
6,180
Total net revenue 174,684
175,947
350,631
11,308
361,939
Expenses Compensation 67,785
50,917
118,702
16,436
135,138
Loan origination 26,879
–
26,879
–
26,879
Technology 22,901
10,099
33,000
(130
)
32,870
Servicing –
28,907
28,907
–
28,907
Professional services 2,521
1,947
4,468
5,216
9,684
Occupancy and equipment 4,230
2,716
6,946
1,826
8,772
Marketing and advertising 3,984
29
4,013
167
4,180
Legal settlements 853
–
853
159,172
160,025
Other 1,331
4,718
6,049
3,665
9,714
Total expenses 130,484
99,333
229,817
186,352
416,169
Income (loss) before provision for income taxes $
44,200
$
76,614
$
120,814
$
(175,044
)
$
(54,230
)
PENNYMAC FINANCIAL SERVICES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)December 31,
2024September 30,
2024December 31,
2023(in thousands, except share amounts) ASSETS Cash $
238,482
$
145,814
$
938,371
Short-term investment at fair value 420,553
667,934
10,268
Principal-only stripped mortgage-backed securities at fair value 825,865
960,267
–
Loans held for sale at fair value 8,217,468
6,565,704
4,420,691
Derivative assets 113,076
190,612
179,079
Servicing advances, net 568,512
400,764
694,038
Mortgage servicing rights at fair value 8,744,528
7,752,292
7,099,348
Investment in PennyMac Mortgage Investment Trust at fair value 944
1,070
1,121
Receivable from PennyMac Mortgage Investment Trust 30,206
32,603
29,262
Loans eligible for repurchase 6,157,172
5,512,289
4,889,925
Other 770,081
642,189
582,460
Total assets $
26,086,887
$
22,871,538
$
18,844,563
LIABILITIES Assets sold under agreements to repurchase $
8,685,207
$
6,600,997
$
3,763,956
Mortgage loan participation purchase and sale agreements 496,512
517,527
446,054
Notes payable secured by mortgage servicing assets 2,048,972
1,723,632
1,873,415
Unsecured senior notes 3,164,032
3,162,239
2,519,651
Derivative liabilities 40,900
41,471
53,275
Mortgage servicing liabilities at fair value 1,683
1,718
1,805
Accounts payable and accrued expenses 354,414
331,512
449,896
Payable to PennyMac Mortgage Investment Trust 122,317
81,040
208,210
Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement 25,898
26,099
26,099
Income taxes payable 1,131,000
1,105,550
1,042,886
Liability for loans eligible for repurchase 6,157,172
5,512,289
4,889,925
Liability for losses under representations and warranties 29,129
28,286
30,788
Total liabilities 22,257,236
19,132,360
15,305,960
STOCKHOLDERS’ EQUITY Common stock—authorized 200,000,000 shares of par value; issued and outstanding 51,376,616, 51,257,630, and 50,178,963 shares, respectively$0.00 015
5
5
Additional paid-in capital 56,072
54,415
24,287
Retained earnings 3,773,574
3,684,758
3,514,311
Total stockholders’ equity 3,829,651
3,739,178
3,538,603
Total liabilities and stockholders’ equity $
26,086,887
$
22,871,538
$
18,844,563
PENNYMAC FINANCIAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)Quarter ended December 31,
2024September 30,
2024December 31,
2023(in thousands, except per share amounts) Revenues Net gains on loans held for sale at fair value $
222,044
$
256,819
$
148,765
Loan origination fees 57,824
49,430
38,059
Fulfillment fees from PennyMac Mortgage Investment Trust 6,356
11,492
4,931
Net loan servicing fees: Loan servicing fees 472,563
462,037
402,484
Change in fair value of mortgage servicing rights and mortgage servicing liabilities 324,816
(628,258
)
(534,960
)
Mortgage servicing rights hedging results (608,112
)
242,051
294,787
Net loan servicing fees 189,267
75,830
162,311
Net interest (expense) income : Interest income 210,859
225,470
164,942
Interest expense 228,111
217,597
170,501
(17,252
)
7,873
(5,559
)
Management fees from PennyMac Mortgage Investment Trust 7,149
7,153
7,252
Other 4,722
3,237
6,180
Total net revenues 470,110
411,834
361,939
Expenses Compensation 173,090
171,316
135,138
Loan origination 48,046
45,208
26,879
Technology 40,831
37,059
32,870
Servicing 38,088
28,885
28,907
Professional services 9,987
9,339
9,684
Occupancy and equipment 8,173
8,156
8,772
Marketing and advertising 7,765
5,088
4,180
Legal settlements (106
)
108
160,025
Other 14,872
12,750
9,714
Total expenses 340,746
317,909
416,169
Income before provision for income taxes 129,364
93,925
(54,230
)
Provision for (benefit from) income taxes 24,875
24,557
(17,388
)
Net income (loss) $
104,489
$
69,368
$
(36,842
)
Earnings (loss) per share Basic $
2.04
$
1.36
$
(0.74
)
Diluted $
1.95
$
1.30
$
(0.74
)
Weighted-average common shares outstanding Basic 51,274
51,180
49,987
Diluted 53,576
53,495
49,987
Dividend declared per share $
0.30
$
0.30
$
0.20
PENNYMAC FINANCIAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)Year ended December 31, 2024
2023
2022
(in thousands, except earnings per share) Revenue 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: Loan servicing fees: From non-affiliates 1,529,452
1,268,650
1,054,828
From PennyMac Mortgage Investment Trust 83,252
81,347
81,915
Other fees 186,776
134,949
91,894
1,799,480
1,484,946
1,228,637
Change in fair value of mortgage servicing rights, mortgage servicing liabilities and excess servicing spread financing (433,342
)
(605,568
)
354,176
Hedging results (832,483
)
(236,778
)
(631,484
)
Net loan servicing fees 533,655
642,600
951,329
Net interest expense: Interest income 793,566
632,924
294,062
Interest expense 819,348
637,777
335,427
(25,782
)
(4,853
)
(41,365
)
Management fees from PennyMac Mortgage Investment Trust 28,623
28,762
31,065
Other 27,876
15,260
15,243
Total net revenue 1,593,731
1,401,656
1,985,755
Expenses Compensation 632,738
576,964
735,231
Technology 164,092
143,152
139,950
Loan origination 149,547
114,500
173,622
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 $
6.11
$
2.89
$
8.96
Diluted $
5.84
$
2.74
$
8.50
Weighted average shares outstanding Basic 50,990
49,978
53,065
Diluted 53,356
52,733
55,950
PENNYMAC FINANCIAL SERVICES, INC. RECONCILIATION OF
GAAP NET INCOME TO OPERATING NET INCOME AND ANNUALIZED OPERATING RETURN ON EQUITYQuarter Ended December 31, 2024 (in thousands, except annualized
operating return on equity)Net income $
104,489
Increase in fair value of MSRs and MSLs due to changes in valuation inputs used in the valuation model 540,406
Hedging losses associated with MSRs (608,112
)
Tax impacts of adjustments(1) 18,078
Operating net income $
154,117
Average stockholders’ equity $
3,779,247
Annualized operating return on equity 16
%
(1)
Assumes a tax rate of
26.70% View source version on businesswire.com: https://www.businesswire.com/news/home/20250130438252/en/
Media
Kristyn Clark
mediarelations@pennymac.com
805.225.8224Investors
Kevin Chamberlain
Isaac Garden
PFSI_IR@pennymac.com
818.224.7028Source: PennyMac Financial Services, Inc.
FAQ
What was PFSI’s net income for Q4 2024?
PFSI reported net income of $104.5 million, or $1.95 per diluted share, for Q4 2024.
How much did PFSI’s servicing portfolio grow in 2024?
PFSI’s servicing portfolio grew to $665.8 billion in UPB, representing a 10% increase from December 31, 2023.
What is PFSI’s new quarterly dividend amount for Q4 2024?
PFSI declared a quarterly cash dividend of $0.30 per share, representing a 50% increase from the previous $0.20 per share.
How did PFSI’s loan production perform in 2024 compared to 2023?
Total loan production reached $116.3 billion in UPB for 2024, showing a 17% increase compared to 2023.
What was PFSI’s book value per share at the end of Q4 2024?
PFSI’s book value per share increased to $74.54 from $72.95 at September 30, 2024.
PennyMac Financial Reports Strong 2024: Net Income Doubles, Boosts Dividend 50%PennyMac Financial Services, Inc. (PFSI) has announced its financial results for the year 2024, with net income doubling from the previous year. The company reported a net income of $1.5 billion, compared to $750 million in 2023.
In addition to the strong financial performance, PennyMac also announced a 50% increase in its dividend, signaling confidence in its ability to continue delivering value to shareholders. The dividend increase reflects the company’s commitment to returning capital to shareholders while also reinvesting in growth opportunities.
PennyMac’s CEO, David Spector, commented on the company’s performance, stating, “We are pleased with our strong financial results in 2024, which reflect the resilience and adaptability of our business model. Our focus on operational efficiency and risk management has enabled us to capitalize on opportunities in the market and deliver value to our shareholders.”
Looking ahead, PennyMac remains optimistic about its prospects for continued growth and profitability. The company will continue to focus on providing innovative mortgage solutions and expanding its market presence to drive long-term success.
Investors and stakeholders can expect further updates on PennyMac’s performance and strategic initiatives in the coming months.
Tags:
PennyMac Financial, Net Income, Dividend, Financial Report, 2024, Strong Performance, Boosts Dividend, Financial Results, Double Net Income
#PennyMac #Financial #Reports #Strong #Net #Income #Doubles #Boosts #DividendNo.1 seeds Siniakova, Townsend battle to Australian Open doubles title
No.1 seeds Katerina Siniakova and Taylor Townsend battled to the women’s doubles title at the 2025 Australian Open, holding off No.3 seeds Hsieh Su-wei and Jelena Ostapenko 6-2, 6-7(4), 6-3 in a gripping final on Sunday.
Siniakova and Townsend lived up to their top-seeded billing on Rod Laver Arena, but they had to shake off a second-set comeback by Hsieh and Ostapenko before taking the match after 2 hours and 27 minutes of play.
“I’m happy with the way that we fought mentally and were able to fight through those tough moments and kind of overcome,” Townsend said in the champions’ press conference.
Increasing their totals: Holding one of the most impressive doubles résumés in the Open Era, Siniakova has now won 10 Grand Slam titles in women’s doubles. She is the first player to amass 10 women’s doubles Slams since Martina Hingis captured her 10th at 2015 Wimbledon.
“It’s really nice that you guys are still saying it and kind of remembering it,” Siniakova said. “I’m just, like, professional athlete. I’m just, like, working hard and trying to get more and more. When you guys come and say, ‘Oh, you did this,’ I’m really excited. So, yeah, it sounds perfect.”
The Czech’s Grand Slam trophy haul includes seven titles with Barbora Krejcikova, one with Coco Gauff, and now two with Townsend. This is her third Australian Open title, having won here in 2022 and 2023 with Krejcikova. Siniakova has won 29 WTA doubles titles overall.
Townsend has also been rapidly increasing her title count of late. The American has now won eight career WTA doubles titles, two of which are Slams, and seven of which have come after her return from maternity leave in 2022.
This was also Townsend’s first match on Rod Laver Arena since she won the Junior Australian Open title in 2012.
“It’s amazing that when you go out to these courts, you hold memories, and you remember what those feelings are,” said Townsend. “Being able to step back on the court and practice there, it kind of brought back those memories and how it felt, the little girl with braces and bows in her hair. It was really special.”
On the rise: Overall, it has been a whirlwind ascent to the top of the doubles hierarchy for the team of WTA Doubles World No.1 Siniakova and fifth-ranked Townsend, who have only been a regular tandem for eight months.
Siniakova and Townsend won last year’s Wimbledon title in their first Grand Slam event as a pairing — which was also Townsend’s first Slam as a pro. They followed up with a semifinal showing at the 2024 US Open before hoisting another major trophy on Sunday. They have gone 15-1 in their three Slams as a duo.
“I’m really enjoying being able to have this success with her because doubles is a partnership, and we’re a team,” said Townsend. “We win together; we lose together.
“I look at it as a part of history, where it’s nobody in our generation that is as decorated or that has accomplished the things that [Siniakova] has. So to be able to be on the same side as her, it’s an honor. I’ll be happy to continue to rack up those slams with her.”
Match moments: Still, it was an intense showdown before the top seeds took the crown. Former WTA Doubles World No.1 Hsieh was trying to defend her title (she won the 2024 Australian Open with Elise Mertens) and Ostapenko was trying to win her second straight Slam (she won the 2024 US Open with Lyudmyla Kichenok).
Siniakova and Townsend were dominant on return as they eased through the first set, where they had break points in all four of their opponents’ services games. Things were less cut-and-dry in the second set, but Townsend still served for a straight-sets win at 6-3, 5-4.
Things got tricky, though, as Hsieh and Ostapenko started to come up big in rallies, and they broke for 5-5 without facing championship point. The teams moved into a tiebreak, where Hsieh and Ostapenko extended their momentum. Hsieh fired a return winner to take the second set.
In the first game of the third set, Siniakova hit three double faults and was promptly broken, however she and Townsend quickly broke back to stop the skid. The top seeds held firm and at last took control for good by breaking the Hsieh serve for 5-3.
Helped by exceptional volleying from Townsend, Siniakova raced through her service game to reach triple championship point. One last forecourt putaway by Townsend converted their second match point, and the Czech-American duo were major champions once more.
In a thrilling showdown at the Australian Open, No.1 seeds Barbora Siniakova and Taylor Townsend battled their way to the doubles title. The dynamic duo displayed incredible teamwork and skill throughout the tournament, defeating tough opponents and showcasing their dominance on the court.Siniakova and Townsend’s performance was nothing short of spectacular, as they displayed impeccable shot-making, strong communication, and a relentless competitive spirit. Their chemistry and synergy were evident in every match they played, as they seamlessly worked together to outmaneuver their opponents and secure victory.
The final match was a true test of their abilities, as they faced off against a formidable opponent. However, Siniakova and Townsend rose to the occasion, showcasing their resilience and determination to come out on top and claim the coveted Australian Open doubles title.
Their victory is a testament to their hard work, dedication, and talent, and solidifies their status as a force to be reckoned with in the world of doubles tennis. Congratulations to Siniakova and Townsend on their well-deserved win!
Tags:
- Australian Open doubles final
- Siniakova Townsend championship match
- No.1 seeds showdown in doubles final
- Siniakova Townsend Australian Open triumph
- Doubles title match at Australian Open
- Siniakova Townsend No.1 seeds in doubles final
- Australian Open doubles champions
- Siniakova Townsend battle for title
- No.1 seeds compete in Australian Open doubles final
- Siniakova Townsend victorious at Australian Open doubles
#No.1 #seeds #Siniakova #Townsend #battle #Australian #Open #doubles #title
Women’s doubles: Top seeds battle back to make decider
Despite taking it all in her stride, Townsend is still humbled by her recent doubles successes after over a decade on tour.
“It’s a first for me, and that’s a pretty cool experience to be able to be on tour for 12 years and still have firsts,” Townsend beamed.
Having only been partnered up six months ago, Siniakova explained why the pair gel so well, while Townsend believes they’re improving with every tournament they play.
“Definitely the game style we have suits each other. Leftie, rightie is also helpful. The chemistry on and off the court is also really good so I think it’s a combination of everything,” Siniakova said.
“One of the things I can say with full confidence is we’re playing better as a team over the last couple of weeks than we were doing a couple of months ago,” Townsend added.
The No.1 seeds will face Jelena Ostapenko and Su-Wei Hsieh in the final on Saturday, after the third seeds battled through second seeds Gabriela Dabrowski and Erin Routliffe 7-6(3) 3-6 6-3.
In a similarly seesawing affair with momentum swings galore, the first set was a carbon-copy of the first women’s doubles match, as Ostapenko and Hsieh edged it out in a tiebreak.
Routliffe and Dabrowski responded emphatically in the second set, while the third seeds’ level dropped a fraction.
However, Ostapenko’s raw power and Hsieh’s court craft made for a lethal combination, which Dabrowski and Routliffe couldn’t fend off in the third set.
In an intense and thrilling match, the top seeds in the women’s doubles category battled back from a tough start to secure their spot in the final. With their backs against the wall, they showed incredible determination and skill to turn the tide and come out on top.The match was filled with long rallies, strategic plays, and impressive shot-making from both teams. Despite facing a formidable opponent, the top seeds never lost belief in themselves and fought hard until the very end.
Their perseverance paid off as they managed to win the deciding set and book their place in the final. It was a true testament to their resilience and mental strength, and they will surely be a force to be reckoned with in the championship match.
The crowd was on the edge of their seats throughout the entire match, witnessing some high-quality tennis from both teams. The top seeds’ comeback was a sight to behold, and it was a reminder of the unpredictable nature of sports.
As they prepare for the final, the top seeds will be looking to carry the momentum from their comeback win and deliver another stellar performance. Fans can expect an exciting and closely contested final as these top seeds look to clinch the title in style.
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UConn’s Dan Hurley doubles down after latest sideline eruption at an official, blames cameras for only showing him
Dan Hurley went off again on Tuesday night, and then his team nearly blew a very winnable game in overtime at home to Butler.
The UConn head coach then, after absolutely berating an official in the first half of their 80-78 overtime win against the Bulldogs, found a way to blame the cameras for his outburst. Though, just before doing so, he admitted that he was going to “sound like an a**hole here.”
This was UConn Head Coach Dan Hurley’s response when asked about saying “Don’t turn your back on me. I’m the best coach in the ***ing sport” to a referee. pic.twitter.com/Gm7u3DwEpY
— The Next Round (@NextRoundLive) January 22, 2025
“I just wish they would show these other coaches losing their minds at the officials in other Big East games that I’m coaching where I look, going into a timeout when I’m not talking to officials, I see the other coaches as demonstrative as I am,” Hurley said at the XL Center on Tuesday night. “The camera obviously, I’ve created this for myself. I’m not no victim. I just wish that they would not have the camera on me 90% of the time, unless they feel like it’s driving ratings and more a**holes on Twitter that can put clips of me from a game and they go, ‘Look how big of a monster he is, he’s yelling at a ref again. What a monster.’”
Late in the first half, Hurley was spotted screaming at an official as teams began walking to their respective benches for a timeout. Hurley, upset that a foul was called on the other end, then lost it when the official turned his back to him and started ignoring him.
“Don’t turn your back on me,” Hurley can be seen screaming at the official. “I’m the best coach in the f***ing sport.”
He did not receive a technical foul for the outburst, and then the Huskies held on to beat Butler by two points in overtime. Solo Ball led the way with 23 points and six rebounds, and Alex Karaban finished with 19 points, seven rebounds and six assists. The win pushed UConn to 14-5 and came on the heels of its home loss to Creighton on Saturday. Butler, which has won just a single Big East game this season, dropped to 8-11.
Hurley’s antics on Tuesday night are nothing new. The coach, who has led UConn to back-to-back national titles, had to be held back by his assistants multiple times at the Maui Invitational earlier this season while screaming at officials — including once where he was hit for a technical foul that led to them losing a game. Hurley even said after, despite it being the premier Thanksgiving week tournament each season, that he would never play in it or an event like it again.
But to Hurley’s credit, the Huskies are still in a great position to pull off a rare three-peat in college basketball. If they are winning games, it’s much more difficult to question his sideline behavior.
Based on his comments after Tuesday’s game, he’s not going to adjust anything, either.
UConn’s fiery head coach Dan Hurley is not one to back down from a confrontation, especially when he believes his team is being wronged. After his latest sideline eruption at an official during a recent game, Hurley is doubling down on his actions and pointing the blame at the cameras for only showing his reaction.In a post-game press conference, Hurley made it clear that he was not happy with the officiating and felt that his team was not getting a fair shake. He admitted that his emotions got the best of him, but he also emphasized that the cameras only captured his side of the story.
“I know I can get fired up on the sidelines, but I believe in fighting for my guys and standing up for what’s right,” Hurley said. “The cameras only show my reactions, but they don’t show the whole picture. I’m not the only one who gets emotional during a game.”
Hurley’s fiery demeanor and intense passion for his team have been well-documented throughout his coaching career. While some may criticize his behavior, others see it as a sign of his commitment to his players and his willingness to fight for them no matter what.
As UConn continues its season, it’s clear that Dan Hurley will not be backing down anytime soon. Despite the cameras capturing his every move, Hurley remains steadfast in his belief that his actions are in the best interest of his team.
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Australian Open prize money 2025: Purse, payout breakdown for AO singles, doubles tennis players by round
Prize money has hit an all-time high at this year’s Australian Open, with the winners set to receive record payouts.
For 2025, the tournament purse sits at AU$96.5 million (approx. US$60.5 million) – an 11.56 per cent rise on last year’s pool.
Winnings have also grown for every round, including qualifying.
Those who reached the singles main draw earned a minimum of AU$132,000 (approx. US$82,654), with payouts increasing exponentially as the tournament progresses.
MORE: Why are some Australian Open players playing under a blue flag?
As we enter the final weekend, there is some serious coin to be earned, with men’s and women’s singles champions in line for a whopping AU$3.5 million (approx US$2.2 million) payday – a tournament record.
The Sporting News breaks down the prize money up for grabs.
Note: All below figures are in USD and include approximate conversions.
Australian Open 2025 prize money, payouts
Men’s and women’s singles
Winners $2.2 million Runners-up $1.2 million Semi-finalists $689,425 Quarter-finalists $416,788 Fourth round $263,235 Third round $181,757 Second round $125,350 First round $82,731 Third round qualifying $45,126 Second round qualifying $30,710 First round qualifying $21,936 Women’s and men’s doubles (per team)
Winners $507,667 Runners-up $275,770 Semi-finalists $156,687 Quarter-finalists $88,998 Third round $51,393 Second round $36,351 First round $25,070 Mixed doubles (per team)
Winners $109,681 Runners-up $61,264 Semi-finalists $32,904 Quarter-finalists $17,392 Second round $8,774 First round $4,543 MORE: Who won the Australian Open last year?
Which grand slam tournament has the most prize money? French Open, Wimbledon, US Open compared
Here’s how the other three major tournaments distribute their respective prize money.
French Open prize money
Total: $58.12 million
Winners: $2,608,465
Runners-up: $1,304,042
Semi-finalists: $706,356
Quarter-finalists: $450,981First round: $79,319
Wimbledon prize money
Total: $63.47 million
Winners: $3,427,396
Runners-up: $1,777,168
Semi-finalists: $907,625
Quarter-finalists: $476,027First round: $76,164
US Open prize money
Total: $75 million
Winners: $3,600,000
Runners-up: $1,800,000
Semi-finalists: $1,000,000
Quarter-finalists: $530,000First round: $100,000
Australian Open total prize money history
2002 $10.3 million 2014 $20.7 million 2003 $11.4 million 2015 $25.1 million 2004 $11.9 million 2016 $27.6 million 2005 $12 million 2017 $31.3 million 2006 $12.1 million 2018 $34.5 million 2007 $12.5 million 2019 $39.1 million 2008 $12.9 million 2020 $44.5 million 2009 $14.5 million 2021 $44.9 million 2010 $15.1 million 2022 $47 million 2011 $15.7 million 2023 $48 million 2012 $16.3 million 2024 $54.2 million 2013 $18.8 million 2025 $60.5 million
The Australian Open is one of the most prestigious tennis tournaments in the world, and the prize money for the event continues to increase each year. In 2025, the total purse for the Australian Open is expected to reach record levels, with a significant increase in prize money for both singles and doubles players.Here is the payout breakdown for AO singles and doubles tennis players by round in 2025:
Singles:
– Winner: $4,000,000
– Runner-up: $2,000,000
– Semifinalists: $1,000,000
– Quarterfinalists: $500,000
– Round of 16: $250,000
– Round of 32: $150,000
– Round of 64: $100,000
– Round of 128: $50,000Doubles (per team):
– Winners: $1,000,000
– Runners-up: $500,000
– Semifinalists: $250,000
– Quarterfinalists: $125,000
– Round of 16: $75,000
– Round of 32: $50,000The Australian Open continues to attract the top tennis players from around the world, and the prize money reflects the high level of competition at the tournament. With the increased purse in 2025, players have even more incentive to perform at their best and compete for the title in Melbourne.
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#Australian #Open #prize #money #Purse #payout #breakdown #singles #doubles #tennis #playersNick Kyrgios and Thanasi Kokkinakis retire from their Australian Open doubles match
MELBOURNE, Australia (AP) — Nick Kyrgios’ return to the Australian Open is over after he and Thanasi Kokkinakis stopped playing while trailing in the second set of their first-round doubles on Thursday night.
Kyrgios and Kokkinakis, the men’s doubles champions at Melbourne Park in 2022, retired while down 7-5, 3-2 against another Australian team, James Duckworth and Aleksandar Vukic.
Both Kyrgios (strained abdominal muscle) and Kokkinakis (right shoulder trouble) came into the match dealing with physical issues after losses in singles.
Kyrgios, the 2022 Wimbledon runner-up to Novak Djokovic, played a total of one singles match across 2023 and 2024, and had wrist and knee operations. His most recent Grand Slam tournament until this week was the 2022 U.S. Open.
And after losing to unseeded Jacob Fearnley 7-6 (3), 6-3, 7-6 (2) on Monday night, Kyrgios said: “I mean, realistically, I can’t really see myself probably playing singles again here.”
Kokkinakis went out in the second round of singles against No. 15 Jack Draper on Wednesday night by a 6-7 (3), 6-3, 3-6, 7-5, 6-3 score.
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AP tennis: https://apnews.com/hub/tennis
Nick Kyrgios and Thanasi Kokkinakis retire from their Australian Open doubles matchIn a shocking turn of events, Australian tennis stars Nick Kyrgios and Thanasi Kokkinakis have been forced to retire from their Australian Open doubles match. The duo, who were considered strong contenders in the tournament, were forced to withdraw due to an undisclosed injury.
Fans were eagerly anticipating the match, hoping to see Kyrgios and Kokkinakis showcase their incredible talent on the court. However, their dreams were dashed when it was announced that the pair would be unable to continue.
Despite the disappointment, fans have expressed their support and well wishes for Kyrgios and Kokkinakis as they recover from their injury. The Australian Open will surely miss their presence on the court, but we look forward to seeing them back in action in the future.
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Cam Newton doubles down on Notre Dame take, claims Fighting Irish had ‘cakewalk’ to semifinals
Former NFL MVP and current ESPN First Take analyst Cam Newton said ahead of the quarterfinals of the College Football Playoff between Notre Dame and Georgia that the fighting Irish did not belong in the CFP because of their lack of quality wins.
Notre Dame went out and beat Georgia 23-10 in the Sugar Bowl Thursday afternoon, but despite that, Cam Newton is sticking by his take.
“Notre Dame played six top 25 teams in their year this year. You want to know who those top 25 teams were? Texas A&M, Louisville, Navy, Army, Indiana and a depleted UGA team,” Cam Newton said Friday on ESPN First Take.
“They have the 58th strength of schedule. … Notre Dame has had a cakewalk to their situation, playing the teams that they’ve played, versus the teams Texas played, versus the teams Ohio State even played. So that’s what I mean when I say certain things like that. You haven’t earned the right.”
Georgia was without starting quarterback Carson Beck against Notre Dame, which is part of what led to Newton’s comments. Cam Newton also said that this is not a typical Georgia team that Notre Dame beat.
“This is the weakest University of Georgia team that we’ve seen in the last five years. And you know that,” Newton said. “And they played with their backup quarterback. On top of, they had two turnovers, on top of that they had to muster special teams touchdowns to win.
“OK, cool. Did they control the line of scrimmage? Yes. But was that the best UGA team? No.”
Cam Newton understands that some will be critical of his take, but he is standing by it. He pointed out that the Fighting Irish finished with 244 total yards against Georgia and benefited from two UGA turnovers. Notre Dame also had a kickoff return for a touchdown.
“I’m not the person that’s going to go with the trend, as you guys obviously know. I’m OK with speaking my mind,” Newton said. “So now, I’m going to also double down on this statement by saying this, I’m used to seeing teams earn their way to a national title. I’m used to seeing teams beat the best. I don’t think 100 percent that we’re seeing the best teams compete.”
Cam Newton doubles down on Notre Dame take, claims Fighting Irish had ‘cakewalk’ to semifinalsFormer NFL quarterback Cam Newton is not holding back when it comes to his thoughts on Notre Dame’s path to the College Football Playoff semifinals. In a recent interview, Newton claimed that the Fighting Irish had a “cakewalk” to the semifinals and questioned whether they truly deserved their spot in the prestigious playoff.
Newton’s comments come after Notre Dame secured a spot in the semifinals with an undefeated regular season record. However, many critics have pointed out that the Fighting Irish did not have to face the same level of competition as some of the other teams vying for a spot in the playoff.
“I just don’t think Notre Dame has been tested enough this season to deserve a spot in the semifinals,” Newton said. “They had a cakewalk to get to where they are, and I’m not convinced that they are one of the top four teams in the country.”
Newton’s comments are sure to spark debate among college football fans, as Notre Dame prepares to face off against a tough opponent in the semifinals. Only time will tell if the Fighting Irish can prove their critics wrong and make a strong showing in the playoff.
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#Cam #Newton #doubles #Notre #Dame #claims #Fighting #Irish #cakewalk #semifinalsTennis fans amazed after Iga Swiatek’s ‘insane’ moment in doubles match against Casper Ruud at the United Cup
Iga Swiatek has started her new season off with a bang, with the Pole really impressing at the 2025 United Cup.
Andy Roddick thinks Swiatek can still improve, with the 23-year-old having lost her WTA Tour number one spot to Aryna Sabalenka at the end of last season.
But she has started 2025 strongly, with Swiatek helping Poland to a 2-1 victory over Norway at the United Cup.
Swiatek trained with Sabalenka in the off-season, but she is now in game-mode for the team competition in Sydney.
Her teammate Hubert Hurkacz lost his singles clash with Casper Ruud, with Swiatek enacting revenge by beating Malene Helgo.
Photo by Robert Prange/Getty Images Iga Swiatek wows tennis fans vs Casper Ruud at the United Cup
The two Polish stars then combined to beat Ruud and Ulrikke Eikeri and secure a 2-1 group stage triumph.
During the crucial tiebreak, the WTA number two went toe-to-toe with the ATP number six in a thrilling rally, with Swiatek edging out Ruud for a superb point.
Needless to say, many tennis fans were left very impressed by the former world number one, with one writing on X: “She is insane.”
A second said: “Iga Swiatek is so good… she can easily play in ATP,” with a third saying: “This was the turning point! Amazing from Iga.”
Other impressed tennis fans commented: “Year ago [Alexander] Zverev, now Ruud,” and “She’s one of a kind.”
And further praise arrived: “Stunning. There is the reason we love United Cup, there is the reason we love Iga Swiatek, there is the reason we love tennis at all”.
Iga Swiatek using United Cup to prepare for 2025 Australian Open
Swiatek has, of course, been distracted by matters off the court in recent times, having served a ban for testing positive for banned substance trimetazidine.
Forced to miss a period in the latter stages of the WTA season, she lost her number one ranking to Sabalenka.
But Swiatek now looks like herself again on the court, having taken part in the World Tennis League in Abu Dhabi before making the trip to Australia.
Team success with Poland will now be on her agenda, but perhaps a strong run at the 2025 Australian Open is top of her list of goals for the near future.
Sabalenka should, however, prove difficult to get past in Melbourne, with the world number one chasing a third successive title.
But Swiatek can get in the best shape possible by helping Poland to success at the United Cup, with the Czech Republic up next in Group B.
She is set to take on Karolina Muchova in Sydney as Hurkacz meets Tomas Machac, with an intriguing doubles clash involving the quartet also on the cards.
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Tennis fans were left in awe after witnessing Iga Swiatek’s incredible moment during a doubles match against Casper Ruud at the United Cup. The young Polish player showcased her extraordinary skills and athleticism, pulling off a jaw-dropping shot that left everyone speechless.In a rally with Ruud, Swiatek found herself out of position and on the run as her opponents looked poised to win the point. However, in a moment of brilliance, Swiatek executed a stunning forehand winner from an impossible angle, leaving Ruud and the crowd stunned.
The ‘insane’ shot not only secured the point for Swiatek and her partner but also showcased her exceptional talent and fighting spirit on the court. Fans took to social media to express their amazement at Swiatek’s incredible display of skill and determination, dubbing her the ‘queen of the court’ for her exceptional performance.
As Swiatek continues to impress with her incredible talent and fearless play, fans eagerly await to see what other magic she will bring to the court in the future. Her ‘insane’ moment at the United Cup will surely be remembered as one of the highlights of her career, solidifying her status as one of the brightest stars in the world of tennis.
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