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  • Bills blockbuster trade proposal would net $94 million star edge rusher


    In 2024, the Bills’ defense was atrocious on third down, allowing opponents to convert first downs on 44.54 percent of the time. Only the Atlanta Falcons and Carolina Panthers were worse in this category. In the last two postseason games against the Baltimore Ravens and Kansas City Chiefs, the Bills defense allowed third-down conversion rates of 70 and 55.6 percent, respectively.

    To say the Bills need to address this deficiency is an understatement. But how should Bills general manager Brandon Beane go about this? He can look to bolster the defensive line, which was a significant problem throughout the season. The Bills recorded just 39 sacks in 2024 and posted a sack percentage of 6.46, 20th in the league. The Bills ranked 17th in total defense, and more alarming, 24th in pass defense.

    Buffalo Bills

    Gregory Fisher-Imagn Images

    There are ways that Beane can attempt to fix the Bills’ defensive line and their pass defense, but Jay Skurski of The Buffalo News, says the Bills should pursue Las Vegas Raiders edge Maxx Crosby, no matter the cost. Skurski writes, “The Bills should go all in this offseason on a trade for Las Vegas Raiders edge rusher Maxx Crosby. Yes, the cost will be steep. Here’s my response to that: So what?”

    The 2024 season wasn’t Crosby’s best, recording 7.5 sacks in 12 game, but with 27 sacks over the course of the previous two seasons, Crosby has proven to be one of the premier pass rushers in the league. Oh, and he’s pretty good against the run too, producing 62 tackles for a loss over the last three seasons.

    Buffalo Bills, Maxx Crosby

    Nathan Ray Seebeck-Imagn Images

    The Bills aren’t in a great salary cap position, but Beane can make a handful of moves that could provide them with more cap room, including releasing Von Miller. They also have the draft capital that would allow them to swing for the fences in a trade of this magnitude.

    Buffalo Bills, Maxx Crosby

    Jay Biggerstaff-Imagn Images

    If Beane could pull off a deal like this, it could be exactly what the Bills need. During Thursday’s press conference, Beane said, “One to two plays can change the outcome of a game, which ultimately changes the outcome of the season”. Crosby is the type of player that can give your defense those one or two game-defining plays.



    The Buffalo Bills are reportedly exploring a blockbuster trade proposal that could bring a $94 million star edge rusher to their roster. According to sources, the Bills are in talks with a team to acquire the talented pass rusher in exchange for a package of draft picks and players.

    This potential trade would be a game-changer for the Bills defense, as the addition of a premier edge rusher could elevate their pass rush to new heights. The star player in question is known for his ability to disrupt opposing quarterbacks and create havoc in the backfield.

    If the trade goes through, the Bills would be adding a proven playmaker to their defense, giving them a significant boost in their quest for a Super Bowl title. Stay tuned for updates on this developing story as the Bills continue to pursue the star edge rusher.

    Tags:

    1. NFL trade rumors
    2. Buffalo Bills trade proposal
    3. $94 million star edge rusher
    4. Blockbuster NFL trade
    5. Buffalo Bills roster
    6. Edge rusher trade
    7. NFL trade news
    8. Buffalo Bills defense
    9. Star player trade
    10. NFL salary cap

    #Bills #blockbuster #trade #proposal #net #million #star #edge #rusher

  • Donald Trump has record low net approval rating for new president


    President Trump has the lowest net approval rating at the start of a presidential term since modern polling began with Dwight Eisenhower in 1953.

    His net rating of minus 1 per cent in a longstanding Gallup poll of new American leaders is worse than the record low of 0 per cent he set at the outset of his first term in 2017.

    His positive approval is 47 per cent. The highest rating captured by Gallup polls during his first term was 49 per cent, making him the only president never to have exceeded 50 per cent, in a sign of the unprecedented polarisation of the Trump-Joe Biden era.

    This is also reflected in the party affiliation of those impressed with him: 91 per cent of Republicans approve of his performance, compared with only 6 per cent of Democrats and 46 per cent of independent voters.

    The 85-point gap between Republicans and Democrats is even greater than the average 81-point gap throughout his first term. This was not as wide as Biden, however, who had an 87-point gap at the beginning of his term in 2021 (98 per cent of Democrats against 11 per cent of Republicans).

    At the start of Trump’s first term, approval by party affiliation was separated by 76 points, with 90 per cent of Republicans in favour but only 14 per cent of Democrats.

    Gallup said that before Trump, the difference between Democrats and Republicans for new presidents ranged from 24 to 56 points.

    “Trump’s current job approval rating, from Gallup’s polling on January 21-27, is not significantly different from the 51 per cent readings earned by George HW Bush and Ronald Reagan in the early days of their presidencies,” Gallup said. “However, initial evaluations of Trump differ in that Americans are much more likely to disapprove of his performance rather than have no opinion, as was the case for the elder Bush and Reagan.”

    Disapproval for Trump stands at 48 per cent, compared to 45 per cent in 2017. The next highest disapproval was for Biden at 37 per cent, then George W Bush in 2001 at 25 per cent.

    The highest approval at inauguration was for John F Kennedy in 1961 at 72 per cent, followed closely by Dwight Eisenhower and Barack Obama, who both started with 68 per cent readings. Jimmy Carter had an initial 66 per cent approval rating, with Richard Nixon, Bill Clinton, Biden and George W Bush all between 57 and 59 per cent.

    A poll tracker published by the aggregator FiveThirtyEight has recorded a steady increase in Trump’s approval rating after the election in November.

    • Trump’s approval rating: tracking the president’s key campaign pledges



    According to recent polls, Donald Trump has achieved a record low net approval rating for a new president. With only a fraction of the American population expressing approval for his actions and policies, Trump’s presidency is starting off on shaky ground.

    Many people are critical of Trump’s controversial executive orders, divisive rhetoric, and lack of experience in politics. Others are concerned about his close ties to Russia and potential conflicts of interest.

    It remains to be seen how Trump will respond to this low approval rating and whether he will take steps to improve his standing with the American people. One thing is for certain – the road ahead for the 45th president of the United States will be a challenging one.

    Tags:

    1. Donald Trump
    2. Net approval rating
    3. New president
    4. Record low approval rating
    5. Trump administration
    6. Political news
    7. US politics
    8. President Trump
    9. Public opinion
    10. Approval ratings trend

    #Donald #Trump #record #net #approval #rating #president

  • PennyMac 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. The 10% 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 the 50% 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 $104.5 million for the fourth quarter of 2024, or $1.95 per share on a diluted basis, on revenue of $470.1 million. Book value per share increased to $74.54 from $72.95 at September 30, 2024.

    PFSI’s Board of Directors declared a fourth quarter cash dividend of $0.30 per share, payable on February 23, 2025, to common stockholders of record as of February 13, 2025.

    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 $129.4 million, up from pretax income of $93.9 million in the prior quarter and pretax loss of $54.2 million in the fourth quarter of 2023

    • Production segment pretax income was $78.0 million, down from $129.4 million in the prior quarter and up from $44.2 million in the fourth quarter of 2023

      • Total loan acquisitions and originations, including those fulfilled for PMT, were $35.7 billion in unpaid principal balance (UPB), up 13 percent from the prior quarter and 34 percent from the fourth quarter of 2023

      • Broker direct interest rate lock commitments (IRLCs) were $4.5 billion in UPB, down 17 percent from the prior quarter and up 60 percent from the fourth quarter of 2023

      • Consumer direct IRLCs were $3.7 billion in UPB, down 30 percent from the prior quarter and up 129 percent from the fourth quarter of 2023

      • Government correspondent IRLCs totaled $11.1 billion in UPB, down 11 percent from the prior quarter and essentially unchanged from the fourth quarter of 2023

      • Conventional correspondent IRLCs for PFSI’s account totaled $13.8 billion in UPB, up 68 percent from the prior quarter and 38 percent from the fourth quarter of 2023

      • Correspondent acquisitions of conventional conforming and jumbo loans fulfilled for PennyMac Mortgage Investment Trust (NYSE: PMT) were $3.5 billion in UPB, down 41 percent from the prior quarter and up 41 percent from the fourth quarter of 2023

        • PMT retained 19 percent of total conventional correspondent loans in the fourth quarter, down from 42 percent in the prior quarter

    • Servicing segment pretax income was $87.3 million, up from $3.3 million in the prior quarter and $76.6 million in the fourth quarter of 2023

      • Pretax income excluding valuation-related changes was $168.3 million, 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

      • Valuation-related changes included:

        • $540.4 million in MSR fair value gains more than offset by $608.1 million in hedging losses

          • Net impact on pretax income related to these items was $(67.7) million, or $(0.93) in earnings per share

        • $13.3 million provision for losses on active loans

      • Servicing portfolio grew to $665.8 billion 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

    • Pretax loss from Corporate and Other was $35.9 million, compared to $38.8 million in the prior quarter and $175.0 million in the fourth quarter of 2023

      • The fourth quarter of 2023 included a non-recurring expense accrual of $158.4 million as a result of the long-standing arbitration related to the development of our proprietary servicing software

    Full-Year 2024 Highlights

    • Net income of $311.4 million, up from $144.7 million in 2023; excluding the non-recurring expense accrual, net income in 2023 would have been $260.5 million

    • Pretax income of $401.0 million, up from $183.6 million in 2023; excluding the non-recurring expense accrual, pretax income in 2023 would have been $342.0 million

    • Total net revenue of $1.6 billion, up from $1.4 billion in 2023

    • Total loan production of $116.3 billion in UPB, an increase of 17 percent from 2023

    • Servicing portfolio UPB of $665.8 billion at year end, up 10 percent from December 31, 2023

    • Issued $650 million of 6-year unsecured senior notes due in November 2030

    • Increased quarterly cash dividend to $0.30 per share, a 50% increase from $0.20 previously

    “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 $36 billion in unpaid principal balance of loans, which drove continued growth in our servicing portfolio to $666 billion in unpaid principal balance at year end.”

    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 total    		 Corporate
    and Other    		 Total
    (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 $35.7 billion in UPB, $32.2 billion of which was for its own account, and $3.5 billion of which was fee-based fulfillment activity for PMT. Correspondent locks for PFSI and direct lending IRLCs totaled $33.0 billion in UPB, up 6 percent from the prior quarter and 29 percent from the fourth quarter of 2023.

    Production segment pretax income was $78.0 million, down from $129.4 million in the prior quarter and up from $44.2 million in the fourth quarter of 2023. Production segment revenue totaled $261.1 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.

    The components of net gains on loans held for sale are detailed in the following table:

    Quarter ended
    December 31,
    2024    		 September 30,
    2024    		 December 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 $6.4 million 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.

    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 $1.8 million, compared to net interest expense of $2.1 million in the prior quarter. Interest income totaled $93.8 million, up from $79.4 million in the prior quarter, and interest expense totaled $92.0 million, up from $81.5 million in the prior quarter, both due to higher average balances of loans held for sale due to the increase in funded volumes.

    Production segment expenses were $183.1 million, 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.

    Servicing Segment

    The Servicing segment includes income from owned MSRs and subservicing. The total servicing portfolio grew to $665.8 billion 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 $434.2 billion in UPB, an increase of 4 percent from September 30, 2024 and 16 percent from December 31, 2023. PennyMac Financial subservices $230.8 billion in UPB for PMT and subservices on an interim basis $807 million 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.

    The table below details PennyMac Financial’s servicing portfolio UPB:

    December 31,
    2024    		 September 30,
    2024    		 December 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 Affairs

     

    806,584

     

    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 $87.3 million, up from pretax income of $3.3 million in the prior quarter and $76.6 million in the fourth quarter of 2023. Servicing segment net revenues totaled $197.5 million, up from $105.9 million in the prior quarter and $175.9 million in the fourth quarter of 2023.

    Revenue from net loan servicing fees totaled $189.3 million, up from $75.8 million in the prior quarter and $162.3 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 $472.6 million in loan servicing fees, which was up from the prior quarter due to growth in the owned portfolio, reduced by $215.6 million from the realization of MSR cash flows. Net valuation-related losses totaled $67.7 million and included MSR fair value gains of $540.4 million driven by the increase in market interest rates, and hedging losses of $608.1 million.

    The following table presents a breakdown of net loan servicing fees:

    Quarter ended
    December 31,
    2024    		 September 30,
    2024    		 December 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 $27.0 million in net gains on loans held for sale related to early buyout loans (EBOs), up from $20.9 million in the prior quarter and $24.5 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.

    Net interest expense totaled $19.5 million, versus net interest income of $9.5 million in the prior quarter and net interest expense of $13.4 million in the fourth quarter of 2023. Interest income was $116.7 million, down from $145.6 million in the prior quarter due to decreased placement fees on custodial balances due to lower short-term rates. Interest expense was $136.1 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.

    Servicing segment expenses totaled $110.2 million, up from $102.6 million in the prior quarter primarily due to increased provisions for losses on active loans.

    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 $35.9 million, compared to $38.8 million in the prior quarter and $175.0 million in the fourth quarter of 2023.

    Revenues from Corporate and Other were $11.5 million, and consisted of $7.1 million in management fees, $3.9 million in other revenue, and $0.4 million of net interest income. No performance incentive fees were earned in the fourth quarter.

    Expenses were $47.4 million, compared to $49.8 million in the prior quarter and $186.4 million in the fourth quarter of 2023, which included the aforementioned non-recurring expense accrual.

    Net assets under management were $1.9 billion as of December 31, 2024, essentially unchanged from September 30, 2024 and December 31, 2023.

    The following table presents a breakdown of management fees:

    Quarter ended
    December 31,
    2024    		 September 30,
    2024    		 December 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 $340.7 million, up from $317.9 million in the prior quarter primarily due to increased production and servicing segment expenses as previously discussed.

    Taxes

    PFSI recorded a provision for tax expense of $24.9 million, 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.

    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 the U.S. mortgage market. Founded in 2008, the company is recognized as a leader in the U.S. residential mortgage industry and employs approximately 4,100 people across the country. In 2024, PennyMac Financial’s production of newly originated loans totaled $116 billion in unpaid principal balance, making it a top lender in the nation. As of December 31, 2024, PennyMac Financial serviced loans totaling $666 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.

    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 total    		 Corporate
    and other    		 Total
    (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 total    		 Corporate
    and other    		 Total
     
    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,
    2024    		 September 30,
    2024    		 December 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 $0.0001 par value; issued and outstanding 51,376,616, 51,257,630, and 50,178,963 shares, respectively

     

    5

     

    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,
    2024    		 September 30,
    2024    		 December 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 EQUITY
     
    Quarter 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%

     

    Media

    Kristyn Clark

    mediarelations@pennymac.com

    805.225.8224

    Investors

    Kevin Chamberlain

    Isaac Garden

    PFSI_IR@pennymac.com

    818.224.7028

    Source: 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

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  • BRAMI Lupini Beans Snack, Variety Pack | 7g Plant Protein, 0g Net Carbs | Vegan, Vegetarian, Keto, Plant Based, Mediterranean Diet, Non Perishable, 5.3 Ounce (Pack of 8)


    Price: $34.99
    (as of Jan 30,2025 10:23:00 UTC – Details)



    This product is labelled to United States standards and may differ from similar products sold elsewhere in its ingredients, labeling and allergen warnings
    Is Discontinued By Manufacturer ‏ : ‎ No
    Product Dimensions ‏ : ‎ 0.6 x 6.1 x 8 inches; 5.28 ounces
    Item model number ‏ : ‎ SB1005
    UPC ‏ : ‎ 853479006048
    Manufacturer ‏ : ‎ BRAMI
    ASIN ‏ : ‎ B01NAIRNWE

    THE MEDITERRANEAN ANSWER TO EDAMAME: Lupini Beans (also known as lupin or lupine beans) have been enjoyed in the Mediterranean since Ancient Rome as a festive appetizer snack, similar to Japan’s edamame
    CONQUER HUNGER: Packed with plant protein and fiber to satisfy hunger; 50% more protein than eggs; 50% more protein than chickpeas; 2x more fiber than edamame
    FEEL GOOD: BRAMI won’t compromise your diet or leave you feeling sluggish; Only 60 calories and 0g net carbs per serving; That’s 80% fewer calories than almonds and 60% fewer carbs than chickpeas
    SIMPLY PICKLED: We lightly pickle our lupini beans with savory spices for a delicious, nutritious, and fresh alternative to dry, processed snacks. Our recipe is a modern twist on the way lupini beans have been prepared and served for thousands of years
    PERFECT FOR ALL DIETS: A staple of the Mediterranean diet, BRAMI is also perfect for our vegan, vegetarian, keto, paleo, gluten-free, diabetic, type1, dairy-free, and soy-free friends

    Customers say

    Customers find the legumes tasty and high-quality. They appreciate the low calorie content, zero net carbs, and good fiber. Many consider them a healthy snack that’s portable and filling. However, some dislike the smell and have mixed opinions on the texture.

    AI-generated from the text of customer reviews


    Looking for a delicious and healthy snack option? Look no further than BRAMI Lupini Beans Snack Variety Pack!

    Each pack contains 8 individual servings of lupini beans, a nutrient-dense legume that is packed with 7g of plant protein and 0g net carbs per serving. These beans are not only vegan and vegetarian friendly, but also fit into keto, plant-based, and Mediterranean diets.

    With a satisfying crunch and a savory flavor, BRAMI Lupini Beans make the perfect on-the-go snack or addition to your favorite dishes. Plus, they are non-perishable, making them a convenient option to keep on hand for whenever hunger strikes.

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  • Who Is Caroline Kennedy: Kennedy Curse, Family, Net Worth, Career And Speaking Out Against RFK Jr.


    Caroline Kennedy, the only surviving child of former US President John F. Kennedy and Jacqueline Kennedy Onassis, has led an extraordinary life shaped by privilege, tragedy, and dedication to public service. At 67, she continues to make headlines for her illustrious career and personal contributions to politics, education, and humanitarian efforts.

    A Family Shaped by Tragedy

    Born on 27 November 1957 in New York City, Caroline was just five years old when her father, President John F. Kennedy, was assassinated in 1963. Her family’s tragic legacy extended beyond this momentous loss. Her uncle, Robert F. Kennedy, was assassinated in 1968, and her brother, John F. Kennedy Jr., died in a plane crash in 1999. These personal tragedies have been often referred to as the “Kennedy Curse” according to Marie Claire.

    Despite the heartbreak, Caroline inherited her family’s commitment to public service. Her mother, Jacqueline Kennedy Onassis, prioritised shielding Caroline and her brother from the intense media scrutiny, even moving them to Greece after marrying shipping magnate Aristotle Onassis. However, Caroline eventually returned to the United States to pursue her education and career.

    Academic and Early Career Milestones

    Caroline attended the prestigious Concord Academy in Massachusetts before earning her BA in American History and Literature from Harvard University. Later, she attended Columbia Law School, graduating with her JD in 1988.

    Caroline explored a range of career options in her early years. She worked as a research assistant at the Metropolitan Museum of Art in New York and even considered photojournalism before transitioning to law and public service. Her passion for education saw her take up a role as the Director of the Office of Strategic Partnerships for the New York City Department of Education, where she famously worked for a token salary of £0.80 ($1) a week as reported by Marie Claire.

    A High-Profile Political Career

    Caroline’s foray into politics began with her endorsement of Barack Obama during his 2008 presidential campaign. She later co-chaired his Vice Presidential Search Committee and played a prominent role in his re-election campaign in 2012.

    In 2013, President Obama appointed Caroline as the US Ambassador to Japan, making her the first woman to hold the position. During her tenure, she strengthened US-Japan relations, attended commemorative ceremonies for atomic bomb victims, and christened the USS John F. Kennedy aircraft carrier.

    In 2021, President Joe Biden named Caroline as the US Ambassador to Australia. Her appointment was seen as a nod to the Kennedy family’s enduring legacy. During her ambassadorship, she focused on climate change, Pacific Island support, and bolstering US-Australia relations under the AUKUS alliance. She concluded her tenure in 2024, coinciding with Donald Trump’s presidential election win.

    Personal Life and Family

    Caroline married Edwin Schlossberg, a designer and artist, in 1986. The couple shares three children: Rose, Tatiana, and Jack. Rose is an actress and writer, Tatiana is a journalist focused on climate change, and Jack is a lawyer and active member of the JFK Library Foundation per People.

    In addition to her family life, Caroline is a published author and editor. She has co-written books on privacy law and human rights and has edited several collections, including one featuring her mother’s favourite poems. Her literary and philanthropic efforts reflect her deep commitment to preserving her family’s legacy while championing public causes.

    Net Worth and Legacy

    Caroline Kennedy’s financial success is equally notable. Her net worth is estimated at £200 million ($250 million), derived from her work, inheritance, and property, including the 375-acre Red Gate Farm in Martha’s Vineyard that she inherited from her mother according to Celebrity Net Worth.

    Despite her achievements, Caroline has not shied away from expressing strong opinions. In a recent letter to lawmakers, she criticised her cousin, Robert F. Kennedy Jr., calling him a ‘predator’ and denouncing his controversial views on vaccinations. She alleged that his stance has been harmful and self-serving, distancing herself from his public health positions per USA Today.

    From her diplomatic roles to her advocacy for education and healthcare, she continues to embody the Kennedy spirit of public service.



    Caroline Kennedy, the only living child of President John F. Kennedy and First Lady Jacqueline Kennedy, is a prominent figure in American politics and public service. Born on November 27, 1957, Caroline has carried on her family’s legacy of public service and activism throughout her life.

    Despite being a member of the famous Kennedy family, Caroline has faced her fair share of tragedy and controversy. The Kennedy family has been plagued by what some refer to as the “Kennedy Curse,” a series of untimely deaths and scandals that have haunted the family for generations. Caroline’s father, President John F. Kennedy, was assassinated in 1963, and her uncle, Robert F. Kennedy, was assassinated in 1968 while running for president.

    Caroline has worked tirelessly to uphold her family’s reputation and has made a name for herself in her own right. She has served as the United States Ambassador to Japan and as the President of the John F. Kennedy Library Foundation. She has also authored several books and worked as a lawyer and education advocate.

    In recent years, Caroline has made headlines for speaking out against her cousin, Robert F. Kennedy Jr., over his controversial views on vaccines and public health. Caroline, who has been a vocal advocate for vaccination and public health initiatives, has publicly criticized RFK Jr. for spreading misinformation about vaccines and their safety.

    Despite the controversies and tragedies that have surrounded her family, Caroline Kennedy remains a respected and influential figure in American politics and public service. Her net worth is estimated to be around $250 million, largely stemming from her family’s fortune and her own successful career in public service and writing.

    Overall, Caroline Kennedy’s dedication to public service and her commitment to upholding her family’s legacy have solidified her as a prominent figure in American politics and society.

    Tags:

    Caroline Kennedy, Kennedy Curse, Kennedy Family, Net Worth, Career, Speaking Out Against RFK Jr., Caroline Kennedy Net Worth, Caroline Kennedy Career, Kennedy Curse Explained, Caroline Kennedy RFK Jr. feud

    #Caroline #Kennedy #Kennedy #Curse #Family #Net #Worth #Career #Speaking #RFK

  • TIZO Eye Renewal SPF20 Net Wt. 0.5 oz/15 g, 1 ct.


    Price: $45.00
    (as of Jan 28,2025 14:01:17 UTC – Details)


    From the brand

    tizo mineral sunscreens and skincare bannertizo mineral sunscreens and skincare banner

    about tizo mineral sunscreens and skincareabout tizo mineral sunscreens and skincare

    tizo ultra zinc tinted'tizo ultra zinc tinted'

    TiZO Mineral Sunscreens

    customer testimonialcustomer testimonial

    TiZO Photoceutical Skincare

    Product Dimensions ‏ : ‎ 3 x 3 x 5 inches; 0.35 ounces
    UPC ‏ : ‎ 358892113156
    Manufacturer ‏ : ‎ AmazonUs/FB2IU
    ASIN ‏ : ‎ B08GR1NW1C


    Introducing the TIZO Eye Renewal SPF20 Net Wt. 0.5 oz/15 g, 1 ct.

    Say goodbye to tired, aging eyes with the TIZO Eye Renewal SPF20. This luxurious eye cream not only provides sun protection with SPF 20, but also helps to reduce the appearance of fine lines, wrinkles, and dark circles.

    Formulated with antioxidants and peptides, this eye cream helps to improve skin tone and texture while providing a smooth, hydrated finish. The lightweight formula is perfect for daily use and can be worn alone or under makeup.

    Give your eyes the care they deserve with the TIZO Eye Renewal SPF20. Try it today and see the difference for yourself!
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  • Kojie San Skin Brightening Soap – Original Kojic Acid Soap that Reduces Dark Spots, Hyperpigmentation, & Scars with Exfoliating Soap Net Included – 65g x 2 Bars


    Price: $9.99
    (as of Jan 25,2025 02:20:58 UTC – Details)



    For external use only. Avoid contact with eyes.
    Product Dimensions ‏ : ‎ 3 x 4.3 x 1 inches; 2.29 ounces
    Manufacturer ‏ : ‎ Skin Science
    ASIN ‏ : ‎ B08P3YFR7B
    Country of Origin ‏ : ‎ Philippines

    Get a refining soap net (a $3 value) with your purchase; Extends the life of the soap bar and improves results
    Reveal Your Most Radiant Self – Experience the benefits of real kojic acid with our Kojie San Soap Bar. This soap helps exfoliate the skin, promoting a healthier, more even, and glowing complexion while reducing the appearance of dark spots and more.
    Flawless Skin from Head to Toe – Original Kojie San Kojic Acid Soap is a wonderful face soap that also moisturizes and makes skin healthy. Use this bar soap to reduce hyperpigmentation, improve underarms and uneven skin tone on inner thighs, face and neck.
    Lather in Quality Ingredients – We know how sensitive sun damaged skin can be, so our bar soap for face and body has glycerin, tea tree, coconut oil, and other natural ingredients to cleanse your skin gently.
    Say Goodbye to Dark Spots – This fresh orange-scented skin soap has Zero Pigment Light Technology to target areas that need extra care to give you more even, smoother glowing skin
    Home of the Original Kojic Acid Soap – Kojie San’s formulation blends effective ingredients to nourish your skin and target blemishes to reveal your inner beauty! Check your product’s authenticity with our Hidden Tag technology.

    Customers say

    Customers find that this skin cleansing product helps lighten their skin and reduce dark spots. They say it works well and shows noticeable results within two weeks. Many appreciate the pleasant scent and consider it a good value for money. The product also leaves their skin soft and clean. However, some customers report irritation after prolonged use.

    AI-generated from the text of customer reviews


    Looking to achieve brighter, more even skin tone? Look no further than Kojie San Skin Brightening Soap! This original Kojic Acid soap is specially formulated to reduce dark spots, hyperpigmentation, and scars, giving you a radiant complexion.

    Each pack comes with two 65g bars of soap, perfect for daily use. The exfoliating soap net included helps to lather the soap and gently cleanse the skin, leaving it feeling smooth and refreshed.

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  • Mario Badescu Vitamin C Cream Net Wt. 1 oz with Niacinamide Moisturizer



    Mario Badescu Vitamin C Cream Net Wt. 1 oz with Niacinamide Moisturizer

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    Introducing our newest skincare essential: Mario Badescu Vitamin C Cream Net Wt. 1 oz with Niacinamide Moisturizer!

    This powerful formula combines the brightening benefits of Vitamin C with the soothing properties of Niacinamide to give your skin a radiant and hydrated glow. Say goodbye to dullness and hello to a more luminous complexion!

    Not only does this cream help to even out skin tone and reduce the appearance of dark spots, but it also provides long-lasting hydration for a smooth and supple finish. Perfect for all skin types, this lightweight moisturizer is a must-have in your daily skincare routine.

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  • RFK Jr. reports up to $1.2M in credit card debt, $30M net worth


    From a multimillion-dollar law firm payout to six-figure endorsements and book deals, President Donald Trump’s nominee for health and human services secretary, Robert F. Kennedy Jr., raked in at least $12 million in total income in the past two years, new personal financial disclosure forms show.

    Kennedy boasted a vast amount of wealth across various investment funds, bank accounts and real estate properties totaling between $8.6 million to $33.4 million. However, he also reported a staggering amount of liabilities — between $3.4 million and $12.7 million — which could put him in the red on paper.

    Kennedy’s liabilities include up to $1.2 million in credit card debt to American Express at a 23% revolving interest rate and three 30-year mortgages worth up to $10.5 million, according to the filing.

    In this Aug. 23, 2024 file photo, Republican presidential nominee former President Donald Trump shakes hands with Robert F. Kennedy Jr. at a campaign rally at the Desert Diamond Arena in Glendale, Ariz.

    Evan Vucci/AP

    The exact values of his total assets and liabilities are unclear because federal financial disclosures are reported in ranges.

    A major chunk of Kennedy’s income since 2023 was his nearly $9 million payout from his law firm Kennedy & Madonna LLP, which is now called Madonna & Madonna LLP after Kennedy resigned last week.

    His main source of income from the past year stemmed from hefty referral fees from multiple law firms, arrangements which Kennedy noted in his ethics agreement that he will terminate upon his confirmation. However, he stated he plans to retain a contingency fee interest in cases that do not involve the U.S. government.

    In his ethics agreement, Kennedy disclosed that among the cases he has referred to the Wisner Baum law firm are claims filed under the National Vaccine Injury Compensation Program (VICP), from which he said he will divest his interest.

    Kennedy, who has been a vocal supporter of cryptocurrency and has spoken at multiple Bitcoin conventions, also reported owning between $1 million to $5 million in Fidelity’s Bitcoin fund, the filing shows.

    Kennedy also disclosed smaller holdings in biotech companies Dragonfly Therapeutics and CRISPR Therapeutics AG, as well as in other companies like Progressive Corp, Amazon and Apple, from which he said he plans to divest after his confirmation.

    Credit card debt potentially doubled in 6 months

    Kennedy’s credit card debt potentially doubled in just six months, a comparison of his liabilities in his new disclosure filing and his disclosure from last year suggest.

    In July 2024, Kennedy, as a presidential candidate, disclosed having credit card debts to American Express worth $360,004 to $715,000, at roughly 23% revolving interest rate.

    In his latest disclosure submitted in late December 2024 and publicly released today, Kennedy’s American Express debts snowballed into between $610,000 and $1.2 million.

    It’s unclear how much, exactly, his credit card debt increased in the past few months because liabilities are reported in ranges, but the latest disclosure shows his debts have potentially grown exponentially.

    Money from book deals

    Kennedy is set to earn millions from multiple book deals, including up to $4 million in advances for books titled “Unsettled Science” and “A Defense for Israel.” Kennedy also earned $1,000 for an advance for a book titled “Vax-UnVax: Let the Science Speak.”

    According to his disclosure, two of the three books have already been written prior to his nomination, and he does not plan to engage in “writing, editing, marketing, or promotional services” while serving as HHS Secretary.

    Kennedy earned little income from the fourteen books he has already published – such as “American Values: Lessons I Learned from my Family” and “Vaccine Villains: What the American Public Should Know about the Industry” — making less than $200 from each title, according to the disclosure form.

    Money from endorsements

    Kennedy earned $100,000 from his endorsement of a boxing ball game called Boxbollen in a video he posted on his social media accounts last month, though he returned $50,000 after cancelling the contract following his nomination as health and human services secretary.

    “Mr. Kennedy had a pre-existing contract prior to his nomination, after posting the video – he realized it was best to delete it and cancel the contract,” a source close to Kennedy told ABC News in November.

    Kennedy also earned $200,000 in speaking fees during three days in November, speaking at the Rockbridge Fall Summit in Las Vegas — organized by a conservative donor network co-founded by Vice President JD Vance – and Genius Network Annual Event in Scottsdale, Arizona.

    Hollywood money

    Kennedy also disclosed dozens of sources of compensation from his wife Cheryl Hines, an actress best known for her role on HBO’s “Curb Your Enthusiasm.”

    U.S. Secretary of Health and Human Services nominee Robert F. Kennedy Jr. and his wife Cheryl Hines depart at the conclusion of the inauguration ceremony for President Donald Trump, Jan. 20, 2025, in Washington.

    Chip Somodevilla/POOL/AFP via Getty Images

    In addition to that show, Hines earns residual payments from multiple films and television shows including “Friends,” “Herbie,” “Waitress,” “The Conners,” “The Flight Attendant” and “A Bad Moms Christmas.”

    Hines also received a $600,000 advance payment for her memoir “My Shade of Crazy.”

    Oil rIghts, properties in Chicago

    As was disclosed in his previous financial disclosure from his 2024 presidential bid, Kennedy had previously owned oil and gas rights in Oklahoma, Texas, Kansas, Louisiana, Mississippi, Alabama and Florida but sold them in the past year, netting roughly $55,000 from the sales, according to the filing.

    He also reported owning commercial properties in Chicago worth between $700,000 and $1.5 million.



    In a recent financial disclosure report, Robert F. Kennedy Jr. revealed that he is carrying up to $1.2 million in credit card debt. Despite this substantial debt, Kennedy’s net worth is estimated to be around $30 million.

    Kennedy, an environmental activist and attorney, has faced criticism in the past for his extravagant lifestyle and spending habits. This latest revelation of his credit card debt only adds to the scrutiny of his financial decisions.

    It is unclear how Kennedy accumulated such a large amount of credit card debt, but it serves as a reminder that even those with significant wealth can struggle with financial management.

    As Kennedy works to address his debt and improve his financial situation, it will be interesting to see how he navigates this challenge and what steps he takes to secure his financial future.

    Tags:

    RFK Jr., credit card debt, net worth, financial report, Robert F. Kennedy Jr., debt management, personal finance, millionaire, financial news, financial updates, wealth management, financial planning.

    #RFK #reports #1.2M #credit #card #debt #30M #net #worth

  • Ultra Duster Canned Air Net 10 Oz 6-Pack


    Price: $48.41
    (as of Jan 23,2025 20:46:32 UTC – Details)



    ULTRA Duster is custom formulated to the highest in quality to powerfully blast dust, dirt, and microscopic debris away from a variety kind of devices without leaving residues. It comes with a straw that the user attaches to the nozel of the canister in order to make a fine spray of compressed air. It is ozone-safe.
    Blast away any dust, dirt, and unwanted micro-articles from computers, keyboards, printers, and other electronic equipment.
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    It is 100% ozone safe and containers no CFCs (Freon).
    It contains a bitterant additive that discourages potential abusive and misusage of the product by making its contents unpleasant to inhale.

    Customers say

    Customers find the canned air useful for cleaning electronics and keyboards. They appreciate its value for money, cleaning power, and air volume. Many of them consider it a great buy. However, some customers have issues with freezing point and disagree on power.

    AI-generated from the text of customer reviews


    Introducing the Ultra Duster Canned Air Net 10 Oz 6-Pack – The Ultimate Cleaning Solution for Your Electronics!

    Say goodbye to dust and debris with the Ultra Duster Canned Air Net 10 Oz 6-Pack. This powerful cleaning tool is specially designed to remove dust, dirt, and other particles from your electronic devices, keeping them running smoothly and efficiently.

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