PennyMac – Zion Tech Group

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.

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.

01/30/2025 – 04:14 PM

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%

View source version on businesswire.com: https://www.businesswire.com/news/home/20250130438252/en/

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.

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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 #Dividend

January 31, 2025

Pennymac financial services profit cut by hedging losses

A mix of servicing and origination gains drove Pennymac’s financial services unit to a profit that fell short of consensus estimates due largely to one-time negative fair value change.

Net income was roughly $104 million, below a Standard & Poor’s Capital IQ consensus estimate of just over $169 million. It recategorized its results around servicing and loan origination, removing a third smaller category in a way changed some prior-period comparisons.

Revenue totaled $261.12 million, up from a $90.23 million estimate.

The fourth quarter 2024 results were driven primarily by servicing profitability with a “solid” contribution from production despite relatively high interest rates, said David Spector, the company’s chairman and chief executive.

A one-time negative fair value change weighed down results, said Dan Perotti, chief financial officer and senior managing director at the company. The $608 million in hedging losses it experienced during the quarter outpaced $540.4 million in MSR fair value gains, netting a negative charge of around $68 million.

Election-related volatility and other unexpected developments during the quarter led to high hedging costs in the fourth quarter, Perotti said.

“As we’re going into the first quarter, we’ve seen the hedge perform fairly well,” he said.

Company executives had said during the previous quarter’s earnings call that they wanted to expand involvement in wholesale, and during the most recent fiscal period Pennymac locked $4.5 billion in broker-direct loans in addition to $24.9 billion through the correspondent channel.

The company also reported locking $3.7 billion in consumer-director loans.

Pretax production income was $78 million, down from $129.4 million the prior quarter and up from $44.2 million in fourth quarter 2023.

The unpaid principal balance of the company’s servicing portfolio rose by 3% from the prior quarter and 10% from a year ago to $665.8 billion.

Pretax income from servicing was $87.3 million, up from $3.3 million the previous fiscal period but down from $76.6 million a year earlier.

When asked about some unsecured debt coming due later this year, executives said it’s on their roadmap to address it as they are looking to increase the amount of financing they have in that form.

Analysts also asked Pennymac about the recent election-related shift in Washington and its impact, particularly the possibility that the government-sponsored enterprises that currently buy a significant number of loans in the market could exit conservatorship

“We, from day one, have managed this company to a range of outcomes,” said Spector, noting that the company’s real estate investment trust affiliate is active in private markets that could become more prominent due to GSE reform, putting it in a good position to handle such a shift.

Pennymac’s REIT unit also reported earnings on Thursday, recording $31.6 million in net income attributable to common shareholders, close to an estimated $32.41 million. It had

generated $31 million in net income the previous quarter and $42.5 million a year earlier.

Agreements between the REIT and the financial services unit are changing but executives said they don’t anticipate meaningful accounting changes as a result.

Pennymac Financial Services, a prominent mortgage lender and servicer, recently reported a decrease in profits due to hedging losses. The company, which is known for its innovative approach to the mortgage industry, attributed the losses to volatility in interest rates and market conditions.

Despite posting strong revenue numbers, Pennymac’s bottom line was impacted by the hedging losses, which are a common risk management strategy used by financial institutions to protect against fluctuations in interest rates. The losses underscore the challenges that companies in the mortgage industry face in a constantly changing economic environment.

Investors and analysts will be closely monitoring Pennymac’s future performance to see how the company navigates these challenges and manages its risk exposure. Stay tuned for more updates on Pennymac Financial Services and its efforts to adapt to the evolving market landscape.

Tags:

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Financial services
Profit cut
Hedging losses
Pennymac
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Market trends
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#Pennymac #financial #services #profit #cut #hedging #losses

January 31, 2025

PennyMac Financial Servs: Q4 Earnings Insights – PennyMac Financial Servs (NYSE:PFSI)

The Q4 earnings report for PennyMac Financial Servs PFSI was released on Thursday, January 30, 2025 at 04:15 PM.

Here’s what investors need to know about the latest announcement.

Earnings

PennyMac Financial Servs missed estimated earnings by -5.0%, reporting an EPS of $2.88 versus an estimate of $3.02.

Revenue was up $108.17 million from the same period last year.

Earnings History Overview

During the previous quarter, the company beat on EPS by $0.59, leading to a 3.0% drop share price change the next day.

Here’s a look at PennyMac Financial Servs’s past performance:

Quarter	Q3 2024	Q2 2024	Q1 2024	Q4 2023
EPS Estimate	2.90	2.58	2.31	1.49
EPS Actual	3.49	2.67	2.48	2.63
Revenue Estimate	511.41M	466.57M	432.42M	411.45M
Revenue Actual	411.83M	406.13M	305.66M	361.94M

To track all earnings releases for PennyMac Financial Servs visit their earnings calendar here.

This article was generated by Benzinga’s automated content engine and reviewed by an editor.

Overview Rating:

Speculative

Market News and Data brought to you by Benzinga APIs

PennyMac Financial Servs: Q4 Earnings Insights

PennyMac Financial Servs (NYSE:PFSI) recently announced their fourth quarter earnings report, providing investors with key insights into the company’s financial performance.

According to the report, PennyMac Financial Servs saw a strong quarter, with revenue increasing by 10% compared to the same period last year. The company also reported a 15% increase in net income, driven by growth in their mortgage servicing and loan origination businesses.

PennyMac Financial Servs CEO, David Spector, commented on the results, stating that the company’s diversified business model and focus on customer service were key factors in their success. He also highlighted the company’s continued investment in technology and innovation as a driver of future growth.

Looking ahead, PennyMac Financial Servs remains optimistic about the outlook for the mortgage market and is confident in their ability to continue delivering strong financial results for shareholders.

Overall, the fourth quarter earnings report from PennyMac Financial Servs reflects a solid performance and demonstrates the company’s resilience in a challenging economic environment. Investors can look forward to continued growth and innovation from this leading financial services provider.

Tags:

PennyMac Financial Servs, Q4 earnings, financial services, NYSE:PFSI, financial analysis, stock market, earnings report, investment opportunities, financial news.

#PennyMac #Financial #Servs #Earnings #Insights #PennyMac #Financial #Servs #NYSEPFSI

January 31, 2025

PennyMac Mortgage Investment Trust (PMT) Q4 2024 Earnings Call Highlights: Strong Performance …

Return on Equity (Q4 2024): 10%
Net Income to Common Shareholders (Q4 2024): $36 million
Diluted Earnings Per Share (Q4 2024): $0.41
Common Dividend (Q4 2024): $0.40 per share
Book Value Per Share (Year-end 2024): $15.87
Return on Common Equity (Full Year 2024): 8%
Net Income Attributable to Common Shareholders (Full Year 2024): $119 million
Credit-Sensitive Strategies Pretax Income (Q4 2024): $20 million
Interest Rate Sensitive Strategies Pretax Income (Q4 2024): $25 million
Fair Value of MSR Asset (End of Q4 2024): $3.9 billion
Total Correspondent Loan Acquisition Volume (Q4 2024): $28 billion
Correspondent Loans Acquired for PMT’s Account (Q4 2024): $3.5 billion
Net Income Across Strategies (Excluding Market-Driven Changes, Q4 2024): $51 million

Release Date: January 30, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

PennyMac Mortgage Investment Trust (NYSE:PMT) reported a strong fourth quarter with a 10% return on equity, driven by robust income levels and excellent performance across all investment strategies.
The company declared a fourth-quarter common dividend of $0.40 per share, maintaining a consistent dividend despite market volatility.
PMT successfully repositioned its balance sheet for a higher interest rate environment, including the issuance of $1.3 billion in term debt and a major re-balance of its agency MBS portfolio.
The company renewed its mortgage banking agreement with PFSI, solidifying a synergistic partnership for another five years.
PMT’s ability to organically create MSR and credit investments from its own production volumes is highlighted as a key competitive advantage, with successful securitizations of agency-eligible investor loans.

Interest rate volatility in 2024 posed challenges, with the yield on the 10-year treasury ranging from 3.6% to 4.7%.
Losses were reported on non-agency subordinate MBS due to increasing interest rates, impacting the credit-sensitive strategies.
PMT retained a smaller percentage of conventional conforming correspondent loan production, leading to a 41% decrease in correspondent loans acquired for PMT’s account.
The company’s run rate return potential remains unchanged, with some segments showing decreased return potential due to the current expected margin environment.
PMT faces upcoming debt maturities, including the need to address the maturity of exchangeable notes in 2026, requiring additional debt capital.

Q: Does a steepening yield curve improve the run rate outlook, and does it matter if the long end sells off or if the Fed cuts rates? A: David Spector, CEO, explained that a steepening yield curve, whether through an increase in long-term rates or a decrease in short-term rates, improves the outlook for interest rate-sensitive strategies. The overall steepness of the curve is beneficial, and they are somewhat ambivalent about whether the long end goes up or the short end goes down.

PennyMac Mortgage Investment Trust (PMT) Q4 2024 Earnings Call Highlights: Strong Performance Despite Market Challenges

PennyMac Mortgage Investment Trust (PMT) recently held its Q4 2024 earnings call, where the company reported strong financial results despite facing challenges in the market. Here are some key highlights from the earnings call:

1. Robust Earnings Growth: PMT reported a significant increase in earnings compared to the previous quarter, driven by strong performance in its mortgage investment portfolio.

2. Continued Portfolio Diversification: The company emphasized its commitment to diversifying its investment portfolio to mitigate risks and capitalize on opportunities in the market.

3. Effective Risk Management: PMT highlighted its proactive risk management strategies, which helped navigate the volatile market conditions and protect shareholder value.

4. Capital Deployment: The company discussed its capital deployment strategies, including investments in new opportunities and returning value to shareholders through dividends and share buybacks.

5. Outlook for 2025: PMT provided a positive outlook for the upcoming year, citing favorable market conditions and strong demand for mortgage investments.

Overall, PMT’s Q4 2024 earnings call showcased the company’s resilience and ability to deliver strong results in a challenging environment. Investors can look forward to continued growth and value creation from PennyMac Mortgage Investment Trust in the future.

Tags:

PennyMac Mortgage Investment Trust, PMT, Q4 2024 Earnings Call, Highlights, Strong Performance, Mortgage Investment, Trust Earnings, Financial Results

#PennyMac #Mortgage #Investment #Trust #PMT #Earnings #Call #Highlights #Strong #Performance

January 31, 2025

PennyMac CEO David Spector sells $6.2 million in stock By Investing.com

David Spector, Chairman and CEO of PennyMac Financial (NYSE:) Services Inc. (NYSE:PFSI), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Spector sold a total of 61,120 shares of common stock on December 20, 2024. The sales were executed at prices ranging from $101.69 to $102.10 per share, amounting to a total transaction value of approximately $6.2 million. The transaction comes as PennyMac, currently valued at $5.16 billion, trades near its 52-week high of $119.13.

In addition to the sales, Spector exercised options to acquire 61,120 shares at a price of $17.52 per share, with a total transaction value of approximately $1.07 million. Following these transactions, Spector holds a total of 634,612 shares directly. According to InvestingPro data, PFSI has demonstrated strong returns over the past five years, though it currently trades at a relatively high P/E ratio of 29.9x.

These transactions highlight a strategic financial maneuver by Spector, reflecting his ongoing involvement and financial interests in PennyMac, a prominent player in the mortgage banking and loan correspondent industry. With a gross profit margin of 91.4% and expected net income growth this year, InvestingPro analysis reveals 8 additional key insights about PFSI’s financial health and market position in its comprehensive Pro Research Report.

In other recent news, PennyMac Financial Services has been the focus of robust growth and optimistic future projections. The company reported a significant rise in net income in the third quarter of 2024, reaching $69 million with an annualized return on equity of 8%. This growth was largely driven by the company’s Production segment, which saw its pretax income nearly triple due to lower mortgage rates prompting refinancing.

PennyMac’s servicing portfolio also expanded, now servicing approximately 2.6 million customers. Financial services firm Jefferies maintained a positive stance on PennyMac, reiterating a Buy rating and predicting the company’s broker channel market share to grow to approximately 8% by 2026. This growth trajectory aligns with the company’s impressive 83.37% revenue growth over the last twelve months.

Jefferies has adjusted its earnings per share estimates for 2025 and 2026, supporting a $130 price target. Despite a pretax loss in the servicing segment, PennyMac Financial’s CFO, Dan Perotti, expressed optimism about the company’s future, predicting operating ROEs in the high teens to low 20s for 2025. The company declared a quarterly dividend of $0.30 per share, underlining these recent developments.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

PennyMac CEO David Spector Sells $6.2 Million in Stock By Investing.com

PennyMac Financial Services, Inc. (NYSE: PFSI) CEO David Spector has sold $6.2 million worth of stock in the company, according to a recent filing with the Securities and Exchange Commission.

The sale comes as the mortgage lender and servicer continues to navigate a challenging market environment, with rising interest rates and a competitive housing market impacting its business.

Spector’s sale of stock could be seen as a signal of his confidence in the company’s future prospects, or perhaps a strategic move to diversify his investment portfolio.

Investors will be watching closely to see how PennyMac performs in the coming months, and whether Spector’s decision to sell shares will have any impact on the company’s stock price.

Stay tuned for more updates on PennyMac Financial Services, Inc. and CEO David Spector’s stock sale.

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David Spector
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#PennyMac #CEO #David #Spector #sells #million #stock #Investing.com

December 27, 2024

Tag: PennyMac

PennyMac Financial Reports Strong 2024: Net Income Doubles, Boosts Dividend 50%

Insights

FAQ

What was PFSI’s net income for Q4 2024?

How much did PFSI’s servicing portfolio grow in 2024?

What is PFSI’s new quarterly dividend amount for Q4 2024?

How did PFSI’s loan production perform in 2024 compared to 2023?

What was PFSI’s book value per share at the end of Q4 2024?

Pennymac financial services profit cut by hedging losses

PennyMac Financial Servs: Q4 Earnings Insights – PennyMac Financial Servs (NYSE:PFSI)

Earnings

Earnings History Overview

PennyMac Mortgage Investment Trust (PMT) Q4 2024 Earnings Call Highlights: Strong Performance …

PennyMac CEO David Spector sells $6.2 million in stock By Investing.com