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Tag: Reports
Reports: Bucks trade Khris Middleton to Wizards for Kyle Kuzma
Kyle Kuzma (right) and Khris Middleton are trading places in a reported swap.
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• 2024-25 Trade Tracker: Every official dealThe Milwaukee Bucks have made a reported deal ahead of the Feb. 6 trade deadline.
Per multiple reports, the Bucks are dealing former All-Star forward Khris Middleton to the Washington Wizards for forward Kyle Kuzma. The Wizards are also sending forward Patrick Baldwin Jr. to Milwaukee while the Bucks are trading guard AJ Johnson to the Wizards.
The Wizards also will receive a 2028 first-round swap from Milwaukee while the Bucks will get a 2025 second-round pick. To round out the deal, Milwaukee sends Delon Wright and an undisclosed cash sum to New York for fourth-year center Jericho Sims.
Sources: Milwaukee gets under the second apron with this move. Patrick Baldwin Jr. also going to Milwaukee and rookie AJ Johnson is headed to Washington. The Wizards will receive 2028 first round soft swap and Bucks get a second round most favorable in 2025. https://t.co/QMEZcb3NcA
— Chris Haynes (@ChrisBHaynes) February 5, 2025
Breaking: The Milwaukee Bucks are trading Khris Middleton, AJ Johnson and a pick swap to the Washington Wizards for Kyle Kuzma, Patrick Baldwin Jr. and second-round draft compensation, sources tell ESPN. pic.twitter.com/hCOzqqqUXE
— Shams Charania (@ShamsCharania) February 5, 2025
Bucks receive
Wizards receive
Knicks receive
ESPN’s Shams Charania reports Baldwin and cash considerations will be dealt to the San Antonio Spurs.
The 33-year-old Middleton, who has struggled with injuries, leaves the Bucks after spending all but one of his 13 NBA seasons in Milwaukee. The three-time All-Star has been limited to 23 games this season, 16 of those coming off the bench, but was shooting a career-best 51% in those appearances.
The move gives the Bucks some financial flexibility in that it gets them below the second apron — meaning, in the short term, some other trade options may be available to them before the deadline. Being over the second apron had limited the moves the Bucks could make as they tried to upgrade an aging roster.
Kuzma has seen his scoring take a dip this season after he posted back-to-back campaigns with at least 21 ppg from 2022-24. He’s averaging 15.2 ppg, 5.8 rpg and 2.5 apg while shooting 42% overall and 28.1% on 3-pointers. However, the 29-year-old is a couple of years younger than Middleton (33) and will slide into a Milwaukee frontcourt alongside All-Star and former Kia MVP winner Giannis Antetokounmpo.
This season, Middleton is averaging 12.6 points, 3.7 rebounds and 4.4 assists per game while shooting 51.2% overall and 40.7% on 3-pointers. A key part of the Bucks’ championship team in 2021, Middleton has been slowed by injuries since that run and is posting his lowest scoring average since the 2014-15 season.
Middleton helped the United States win gold at the Tokyo Games later that year and was someone that Bucks star Giannis Antetokounmpo has raved about for years.
“It’s definitely a plus having Khris back,” Antetokounmpo said earlier this season when Middleton was available again following ankle issues. “Man, he takes us to the next level with his IQ, decision-making, shot ability, defense.”
Middleton owns the Bucks franchise record for career 3-pointers with 1,382. He had 12,586 points with Milwaukee to rank as the franchise’s third-leading scorer, behind Antetokounmpo and Kareem Abdul-Jabbar.
He ranks second in team history in games played (735) and minutes played (23,039) — behind Antetokounmpo — and third in assists (2,990).
Middleton had 24 points, 6.3 rebounds and 5.3 assists per game during the 2021 NBA Finals as the Bucks beat Phoenix in six games. He averaged 20.6 points, 6.5 rebounds and 4.8 assists in 80 career playoff games with Milwaukee. He earned All-Star Game selections in 2019, 2020 and 2022.
But injuries limited him over the last few seasons.
He was unavailable for the Bucks’ seven-game loss to Boston in the 2022 Eastern Conference semifinals and played in just 33 games in 2022-23 and 55 in 2023-24. Middleton didn’t make his 2024-25 debut until Dec. 6 as he recovered from offseason surgery to each of his ankles. He went scoreless in two games in late January.
Washington opened the season hoping to be more competitive with Kuzma, Jordan Poole and new center Jonas Valančiūnas along with No. 2 overall pick Alex Sarr in the mix, too. However, the Wizards are an NBA-worst 8-41 and recently ended a 16-game losing streak when they defeated the Minnesota Timberwolves on Jan. 30.
Last season, Kuzma already turned down a reported potential trade to Dallas to remain in Washington. He re-signed with the Wizards in the summer of 2023, inking a reported four-year, $102 million deal.
The Brooklyn Nets selected Kuzma with the No. 27 pick in the 2017 Draft, but he was traded to the Lakers on Draft night. He became a significant part of the Lakers’ young roster both before and during LeBron James’ arrival.
After enjoying mostly a starting role in his second season, Kuzma then handled a bench reserve in his third and fourth seasons because of Anthony Davis’ presence. The Lakers dealt Kuzma and Kentavious Caldwell-Pope to the Wizards in a five-team deal in 2021 that landed Russell Westbrook in L.A.
The Bucks selected Johnson with the 23rd overall pick in the 2024 Draft. The 20-year-old guard averaged 2.9 points in seven games with Milwaukee.
Baldwin, who went to high school in the Milwaukee area and played his lone college season at Milwaukee, was the 28th overall pick in the 2022 Draft. The 22-year-old forward averaged 2.1 points and 4.6 minutes in 22 games this season.
Information from The Associated Press was used in this report.
The Milwaukee Bucks have reportedly traded forward Khris Middleton to the Washington Wizards in exchange for forward Kyle Kuzma. This trade comes as a surprise to many NBA fans, as Middleton has been a key player for the Bucks over the past few seasons.Middleton, who was named an All-Star in 2019 and 2020, is known for his scoring ability and clutch performances in the playoffs. The Wizards will be hoping that his presence on the team will help them improve their chances of making a deep playoff run this season.
On the other hand, Kuzma has shown flashes of potential during his time with the Los Angeles Lakers, but has yet to fully live up to expectations. The Bucks will be banking on his athleticism and scoring ability to help bolster their roster.
It will be interesting to see how both players adjust to their new teams and how this trade will impact the playoff race in the Eastern Conference. Stay tuned for more updates on this developing story.
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- Kyle Kuzma trade announcement
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- Middleton-Kuzma trade breakdown
#Reports #Bucks #trade #Khris #Middleton #Wizards #Kyle #Kuzma
Trader favorite Palantir reports after the bell. What the pros are watching for in the results
Traders have been eagerly anticipating the earnings report from Palantir Technologies Inc. (PLTR) after the bell today. The data analytics company has been a favorite among traders due to its volatile price movements and potential for big gains.As the market awaits the results, here are some key factors that the pros will be watching for in the report:
1. Revenue Growth: Traders will be looking for strong revenue growth from Palantir, as the company has been expanding its customer base and diversifying its product offerings.
2. Profitability: Palantir has faced criticism in the past for its lack of profitability, so traders will be closely monitoring the company’s bottom line to see if it has made progress towards becoming profitable.
3. Guidance: The guidance provided by Palantir for future quarters will be crucial for traders, as it will give them insight into the company’s future prospects and potential for growth.
4. Customer Retention: With competition in the data analytics space heating up, traders will be paying attention to Palantir’s customer retention rates to gauge the company’s ability to retain and grow its customer base.
Overall, traders will be looking for a strong report from Palantir that demonstrates the company’s growth potential and ability to deliver results in a competitive market. Stay tuned for the latest updates on Palantir’s earnings report after the bell.
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World’s largest sovereign wealth fund reports $222 billion profit
Nicolai Tangen, CEO of Norges Bank Investment Management, during a news conference in Oslo, Norway, on Jan. 29, 2025.
Naina Helén Jåma | Bloomberg | Getty Images
Norway’s sovereign wealth fund — the largest of its kind in the world — posted full-year profit of 2.5 trillion kroner ($222.4 billion) on Wednesday, fueled by a tech rally.
The fund’s 2024 profit surpassed the record set a year earlier, when it achieved full-year profit of 2.22 trillion kroner.
The Government Pension Global Fund was valued at 19.7 trillion kroner at the end of 2024, Norges Bank Investment Management (NBIM) said in an earnings report. The fund’s return on investment came in at 13% for the year, 45 basis points lower than the return on its benchmark index.
“The fund achieved very good returns in 2024, as a result of a very strong stock market. The American technology stocks in particular performed very well”, Norges Bank Investment Management CEO Nicolai Tangen said in a statement.
Speaking at a press conference on Wednesday, NBIM Deputy CEO Trond Grande described a “very, very strong year for equities” as the biggest driver of the fund’s return in 2024.
More specifically, he noted returns had been driven by certain sectors, particularly as a result of a boom in tech stocks.
“Tech [has been] really strong, driven by AI, and also financials due to interest rates being higher for longer,” he said.
NBIM manages the fund on behalf of the Norwegian population. Set up in the 1990s to invest excess revenues from Norway’s oil and gas industry, the fund is currently an investor in more than 8,000 companies across 63 countries.
The fund is a shareholder in global companies including tech giants Apple, Microsoft, Nvidia and Amazon, with 70% of its benchmark index comprised of equities.
The sovereign wealth fund also invests in fixed income, including government and corporate bonds, as well as in real estate and renewable energy infrastructure.
DeepSeek impact
U.S. tech stocks have been volatile this week, after Chinese AI lab DeepSeek released a free, open-source large language model that it said was quicker and cheaper to produce than those of its major rivals.
The developments sparked a tech sell-off on Wall Street, with AI darling stock Nvidia — in which the Norwegian sovereign wealth fund holds a 1.3% stake — dropping almost 17% on Monday.
Tangen touched on the emergence of DeepSeek during the Wednesday press conference.
“The fact that there are now cheaper language models available is positive, it’s positive for the democratization of artificial intelligence,” he said. “So you should get more penetration of that technology around the world when the cost is lower, so that’s a general positive.”
Tangen admitted that he did not know whether the recent tech sell-off was a blip or would become a long-term trend.
“We have had a small underweight in the large technology companies, it’s not very large, but we have not made any major changes following Monday,” he said.
“I think [the DeepSeek development] came as a surprise to the whole world or you would not have seen those market reactions,” he said, noting that people he had spoken to had believed China was around two years behind the U.S. on AI developments.
The world’s largest sovereign wealth fund, Norway’s Government Pension Fund Global, has reported a staggering $222 billion profit for the year. This massive profit comes as a result of strong returns on the fund’s investments in global markets.The fund, which was established in 1990 to invest Norway’s oil revenues for future generations, now boasts assets worth over $1.3 trillion. This latest profit is a testament to the fund’s successful investment strategy and solid management.
The fund’s CEO, Yngve Slyngstad, credited the strong performance to a diversified portfolio and a long-term investment horizon. He also highlighted the fund’s commitment to responsible and sustainable investing, which has helped it weather market volatility and uncertainty.
The Government Pension Fund Global’s impressive profit is good news for Norway and its citizens, as it ensures that future generations will benefit from the country’s oil wealth. It also serves as a reminder of the importance of prudent financial management and strategic investing in securing a prosperous future.
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Reports: Milan very close to Joao Felix signing
Reports are claiming that AC Milan are now close to securing the signing of Joao Felix on what will be a loan deal from Chelsea.
The Felix rumours have been doing the rounds for most of the month now, given that Milan’s links with Jorge Mendes have blossomed again following the appointment of his client Sergio Conceicao.
As we headed into deadline day there was a lot of uncertainty regarding whether the deal would get over the line or not but there seems to have been positive progress in the past few hours.
According to Matteo Moretto of Relevo, Milan are ‘close’ to the signing of João Félix. The Rossoneri recently presented a written offer to Chelsea and ‘official contacts’ between the clubs for a loan are continuing.
The discussions are ongoing with Mendes towards a’ total agreement’. The parties are trying to square the costs of the deal when factoring in the paid loan and the Portuguese’s salary.
Sérgio Conceição is pushing hard for João Félix, who he believes will be a useful reinforcement for an attacking department that has at times looked quite light this season.
According to Matt Law, Joao Felix will not be in the Chelsea squad tonight as Milan close in on a loan deal. That will be Chelsea’s last international loan spot meaning Axel Disasi will have to stay in the Premier League.
Gianluca Di Marzio is also stating that the Portuguese forward is now getting ‘every closer’ to ending up with the Diavolo.
According to multiple reports, AC Milan is on the verge of signing Portuguese star Joao Felix from Atletico Madrid. The 21-year-old forward has been linked with a move to the Serie A side for weeks now, and it seems like a deal is finally close to being completed.Felix, who joined Atletico Madrid in 2019 for a then-club record fee of €126 million, has struggled to live up to expectations at the Wanda Metropolitano. However, Milan sees great potential in the young talent and is reportedly willing to pay around €60 million to secure his services.
The addition of Felix would be a major coup for Milan, who are looking to strengthen their squad ahead of the upcoming season. The Portuguese international is known for his technical ability, creativity, and goal-scoring prowess, and could provide a much-needed spark to the Rossoneri’s attack.
While the deal is not yet official, reports suggest that both clubs are close to reaching an agreement, with Felix potentially set to join Milan in the coming days. Stay tuned for more updates on this developing story.
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CBS staff alarmed by reports of settlement talks with Trump over ‘60 Minutes’ Harris interview
CNN
—
Journalists, including some at CBS News, are expressing alarm at reports that CBS parent company Paramount Global is trying to settle a legally dubious lawsuit lodged by President Donald Trump last fall.
Trump sued CBS after an October “60 Minutes” interview with former Vice President Kamala Harris – Trump’s opponent in the presidential campaign – included an edit that Trump said was unfairly favorable to Harris. Despite legal experts’ widespread assertion that CBS’ editorial judgment was protected by the First Amendment, The New York Times Thursday night reported that a settlement was in the works.
That sparked outage in CBS’ newsroom.
“Trump’s lawsuit was a joke, but if we settle, we become the laughingstock,” a CBS correspondent said on condition of anonymity.
CBS in October called the suit meritless and said at the time “we will vigorously defend against it.” A Paramount spokesperson on Friday declined to comment. A lawyer for Trump, Edward Paltzik, did not immediately respond to a request for comment, but he told The Times that “real accountability for CBS and Paramount will ensure that the president is compensated for the harm done to him.”
The Times noted that “a settlement would be an extraordinary concession by a major U.S. media company to a sitting president, especially in a case in which there is no evidence that the network got facts wrong or damaged the plaintiff’s reputation.”
Indeed, a settlement by Paramount could look like a payoff. Specifically, it would look like a big check to Trump (or his presidential library, following in ABC and Meta’s footsteps) in exchange for regulatory approval of Paramount’s pending deal with Skydance Media.
“That’s called a bribe,” Richard Painter, a former White House ethics lawyer for President George W. Bush, commented on X.
Is it the cost of doing business in the Trump era? Some business leaders appear to believe so. But settling with Trump would also cost CBS some of its hard-won credibility.
The suit stemmed from “60 Minutes” correspondent Bill Whitaker’s sit-down last October with Harris.
Observers noticed that CBS aired two different answers from Harris to a single question about why Israeli Prime Minister Benjamin Netanyahu was “not listening” to the United States. The answer Harris gave in a preview clip differed from the answer she gave on the actual “60 Minutes” broadcast.
Trump and his allies claimed that CBS had manipulated the interview to make the vice president look better. As criticism mounted and Trump threatened to sue, CBS said there was nothing nefarious about the editing; “the interview was not doctored,” and the newsmagazine “did not hide any part of the Vice President’s answer to the question at issue,” CBS News senior VP for legal affairs Gayle C. Sproul said.
Sproul also cited case law that defends editing and news judgments, noting that “editing is a necessity for all broadcasters to enable them to present the news in the time available, and that is what ’60 Minutes’ did here, as it does with its other reports.”
Trump sued anyway. His lawyers filed a complaint in US District Court in the Northern District of Texas, alleging CBS violated the Texas Deceptive Trade Practices Act, a consumer protection law.
Legal experts contacted by CNN at the time called the suit “frivolous;” “ridiculous junk;” and laughable on its face. From the alleged damages ($10 billion!) to the decision to give Fox News the scoop about the suit, it had all the hallmarks of a political PR stunt.
But a few days after the suit was filed, Trump won the election. All of a sudden, the suit posed a serious threat to the news division’s parent company, Paramount Global, according to a person involved in the matter.
That’s because the merger requires the blessing of the Trump administration, in part because CBS owns local stations that are licensed by the Federal Communications Commission, known as the FCC.
Outside analysts, citing Trump’s transactional nature, predicted that Paramount may have a hard time getting the necessary federal approvals. Brendan Carr, who Trump promoted to chair the FCC, recently revived a pro-Trump group’s complaint about the “60 Minutes” interview. Back in November, he said the complaint would probably factor into the agency’s review of the Paramount-Skydance deal.
On Friday, CBS confirmed that the FCC sent the company a “letter of inquiry” asking the network to hand over the unedited transcript and tapes of the Harris interview.
“We are working to comply with that inquiry as we are legally compelled to do,” a CBS spokesperson told CNN.
As an FCC license-holder, CBS is obliged to respond to reasonable requests from the government agency. But those requests are typically about technicalities like broadcast transmission signals, not the raw materials of a news program like “60 Minutes.”
The notion of Paramount caving to Trump has sparked condemnation. After the Wall Street Journal two weeks ago reported that settlement talks were a possibility, Sen. Bernie Sanders urged CBS to “stand tall.”
Sanders wrote on X, “CBS may be reaching a legal settlement with Trump because he didn’t like how a campaign interview with Kamala was edited. Really? If CBS caves, the belief that we have an independent media protected by the First Amendment is undermined.”
Trump’s history of bullying media companies suggests that a payout by Paramount won’t stop his pressure campaigns.
In the weeks before his inauguration, ABC agreed to donate $15 million to Trump’s future presidential library to settle a defamation lawsuit against the network. Earlier this week Meta agreed to a $22 million payout over another Trump lawsuit.
Recently, reports have surfaced that CBS staff are alarmed by the possibility of settlement talks between the network and Donald Trump over his recent interview with Vice President Kamala Harris on “60 Minutes.” The interview, which aired earlier this month, has garnered significant attention and controversy due to Trump’s behavior during the segment.According to sources, Trump’s team has been in discussions with CBS executives about a potential settlement to prevent the release of any additional footage or outtakes from the interview. This has raised concerns among staff members at the network, who fear that such a settlement would compromise their journalistic integrity and independence.
Many employees at CBS have expressed their dismay over the reports, with some voicing their frustration and disappointment on social media. They believe that any attempts to suppress or manipulate the interview footage would be a violation of their commitment to unbiased reporting and transparency.
In response to the growing backlash, CBS has released a statement reaffirming their commitment to journalistic integrity and independence. They have assured staff members and viewers that they will not be swayed by outside pressure or influence, and will continue to uphold the highest standards of journalism.
As the situation continues to unfold, it remains to be seen how CBS will navigate these challenging circumstances and uphold their principles in the face of potential settlement talks with Trump. Stay tuned for further developments on this story.
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- Trump settlement talks
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#CBS #staff #alarmed #reports #settlement #talks #Trump #Minutes #Harris #interview
Diddy Reportedly Rushed to Hospital While Awaiting Trial: Reports
Sean “Diddy” Combs has reportedly been transported to a local hospital, according to multiple outlets.
Diddy, 55, had claimed his knee was bothering him, according to Sunday, February 2, reports from the Daily Mail and Page Six. The outlets further reported that Diddy received an MRI to check on an old injury and was sent back to the Metropolitan Detention Center several hours later.
Us Weekly has reached out to representatives for both Diddy and the Metropolitan Detention Center for comment.
The disgraced music mogul has been in jail since September 2024, when he was arrested on charges of sex trafficking, racketeering, conspiracy and transportation to engage in prostitution. A 14-page indictment claimed that Diddy “abused, threatened and coerced women and others around him” for decades.
Sean “Diddy” Combs is undergoing “treatment and therapy” amid his recent legal woes, his attorney said during an arraignment hearing on Tuesday, September 17. During Tuesday’s hearing in New York, Diddy’s main attorney, Marc Agnifilo, noted that the rapper and business mogul is in “treatment and therapy for things that most respectfully he needs treatment […]
Diddy pleaded not guilty to the claims before being remanded to Brooklyn’s MDC ahead of his trial date, which is slated to begin in May. He was also denied bail following four separate appeals.
“We are disappointed with the decision to pursue what we believe is an unjust prosecution of Mr. Combs by the U.S. Attorney’s Office,” Diddy’s attorney Marc Agnifilo told Us Weekly in a statement at the time. “Sean ‘Diddy’ Combs is a music icon, self-made entrepreneur, loving family man and proven philanthropist who has spent the last 30 years building an empire, adoring his children and working to uplift the Black community. He is an imperfect person, but he is not a criminal.”
The statement concluded, “To his credit, Mr. Combs has been nothing but cooperative with this investigation and he voluntarily relocated to New York last week in anticipation of these charges. Please reserve your judgment until you have all the facts. These are the acts of an innocent man with nothing to hide, and he looks forward to clearing his name in court.”
John Shearer/Getty Images for The Hollywood Reporter Sean “Diddy” Combs has been ordered to remain in jail until his trial for sex trafficking and racketeering conspiracy begins. With the Wednesday, September 18, order, Judge Andrew L. Carter Jr. rejected an appeal by Diddy’s lawyers requesting that he be released on bail, per The New York […]
Agnifilo said in a separate statement later in September 2024 that Diddy was getting “treatment and therapy” while behind bars.
“Mr. Combs is not a perfect person,” the statement concluded. “There’s been drug use, there’s been toxic relationships — which I think were mutual in their toxicity as these things often are.”
According to the lawyer, it should be commended that Diddy was getting help “at the ripe age of 54.” He later turned 55 amid his prison stay.
If you or someone you know has been sexually assaulted, contact the National Sexual Assault Hotline at 1-800-656-HOPE (4673).
There are reports circulating that rapper and music mogul Diddy was rushed to the hospital while awaiting trial for a legal matter. The details surrounding his hospitalization have not been confirmed, but sources close to the situation have stated that it may be related to stress and anxiety over the impending trial.Diddy, whose real name is Sean Combs, is no stranger to legal issues, having faced several lawsuits and legal battles throughout his career. However, this latest incident has fans and followers concerned for his well-being.
As we wait for more information to emerge, we can only hope that Diddy receives the necessary care and support during this difficult time. Our thoughts are with him and his loved ones as they navigate this challenging situation. Stay tuned for updates on this developing story.
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Boston Celtics vs. Philadelphia 76ers: Stream, lineups, injury reports, broadcast (2/2)
The 34-15 Boston Celtics will make the trip to Pennsylvania’s Wells Fargo Center to take on the 19-28 Philadelphia 76ers on Sunday (Feb. 2) afternoon after sneaking by the 12-37 New Orleans Pelicans 118-116 on the road this past Friday (Jan. 31) evening.
The Celtics will look to win their third game in a row for the first time since the start of last month, while the Sixers hope to regain the shaken momentum they had before a close loss to the 29-19 Denver Nuggets, having won their prior 4 contests. As banged up as Philly is, the Celtics can’t afford to take the 76ers lightly.
Let’s take a look at player health for both teams, likely starters, and how to watch or stream the game.
Player injuries
For the Celtics, a clean bill of health is on the table.
For the 76ers, Joel Embiid (knee), Paul George (finger), KJ Martin (foot), and Jared McCain (knee) are out. Caleb Martin (hip) and Andre Drummond (toe) are questionable.
Probable starting lineups
Boston
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Derrick White
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Jrue Holiday
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Jaylen Brown
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Jayson Tatum
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Kristaps Porzingis
Philly
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Tyrese Maxey
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Eric Gordon
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Kelly Oubre
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Justin Edwards
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Guerschon Yabusele
How to watch or stream the game
Here’s when you should tune in to see the game:
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Date: Monday, Feb. 2, 2025
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Time: 6:00 p.m. ET
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TV Channel: ESPN, NBC Sports Boston
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Live Stream: Fubo (watch for free)
Listen to the “Celtics Lab” podcast on:
Apple Podcasts: https://apple.co/3zBKQY6
Spotify: https://spoti.fi/3GfUPFi
This article originally appeared on Celtics Wire: Celtics vs. 76ers: Stream, lineups, injury reports, broadcast (2/2)
The highly anticipated matchup between the Boston Celtics and Philadelphia 76ers is set to take place on February 2nd, and fans are eagerly awaiting the showdown between these two Eastern Conference powerhouses.Here’s everything you need to know about the game:
Stream: The game will be broadcast on ESPN, so fans can tune in to watch the action live on television or stream it online through the ESPN app.
Lineups: Both teams are expected to field their strongest lineups for this matchup, with key players like Jayson Tatum and Jaylen Brown leading the way for the Celtics, and Joel Embiid and Ben Simmons anchoring the 76ers.
Injury Reports: The Celtics are currently dealing with some injury concerns, with Marcus Smart and Al Horford listed as questionable for the game. On the other hand, the 76ers are relatively healthy, with no major injuries to report.
Broadcast: In addition to ESPN’s coverage of the game, fans can also listen to the action on the radio through local stations or follow live updates on social media.
With both teams vying for playoff positioning in the Eastern Conference, this matchup is sure to be a thrilling and competitive affair. Don’t miss out on all the action as the Celtics take on the 76ers in what promises to be an exciting game of basketball.
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Trump Says Pausing Government Websites Not ‘Bad Idea’ Amid Outage Reports
President Donald Trump suggested a temporary pause on government websites may not be a “bad idea” amid reports of some webpages going dark on Friday.
“I don’t know. That doesn’t sound like a bad idea to me,” Trump said when asked by a reporter whether websites would be paused to scrub them of references to Diversity, Equity and Inclusion (DEI) initiatives.
The Federal Aviation Administration (FAA) website appeared to be temporarily offline but had gone back up. Other government websites were still up by publication.
What To Know
Public health data vanished from websites, entire webpages went blank, and employees removed pronouns from email signatures on Friday as federal agencies rushed to comply with a directive linked to Trump’s order reversing protections for transgender individuals.
The Office of Personnel Management instructed agency heads in a memo sent on Wednesday to eliminate “gender ideology” from websites, contracts, and emails, mandating that these changes be implemented by 5 p.m. on Friday. The directive also called for agencies to disband employee resource groups, terminate related grants and contracts, and replace the term “gender” with “sex” on government forms.
More to follow.
The Associated Press contributed to this story.
President Donald Trump suggested a temporary pause on government websites may not be a “bad idea” amid reports of some webpages going dark on Friday.
Recently, there have been reports of several government websites experiencing outages, prompting concerns about potential cyber attacks or technical issues. In response to these incidents, former President Donald Trump has suggested that pausing government websites may not be a “bad idea.”Trump, who has been vocal about his concerns regarding cyber security and the vulnerability of government websites, expressed his thoughts on the matter in a recent statement. He emphasized the importance of protecting sensitive information and ensuring the security of government websites, especially in the face of increasing cyber threats.
While some may view Trump’s suggestion as extreme or unnecessary, others argue that taking proactive measures to prevent further outages or potential breaches is crucial. The debate over the best approach to handling government website outages continues, with experts and officials weighing in on the most effective strategies to protect against cyber attacks and ensure the reliability of government websites.
As the discussion unfolds, one thing remains clear: the security and stability of government websites are paramount, and finding the right balance between accessibility and protection is key to safeguarding sensitive information and maintaining public trust.
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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. The10% year-over-year servicing portfolio growth to$665.8 billion UPB reflects successful market share expansion and effective retention strategies.Strategic Positioning: The company’s balanced business model shows remarkable adaptability. The servicing segment’s strong performance (
$87.3 million pretax income) effectively counterbalanced the production segment ($78.0 million ), highlighting the advantage of diversified revenue streams in varying rate environments.Operational Evolution: The renewed mortgage banking services agreement with PMT, effective July 2025, signals a strategic shift in correspondent production dynamics. The planned
15-25% retention rate for conventional conforming production indicates a calculated approach to balance sheet management and risk optimization.Financial Health Indicators: The increase in book value to
$74.54 per share and the50% dividend increase to$0.30 reflect strong capital position and management’s confidence in sustainable profitability. The successful issuance of$650 million in senior notes demonstrates continued market access and financial flexibility.These results position PFSI advantageously for 2025, particularly if interest rates moderate and refinancing activity increases. The company’s investment in technology and workflow efficiency improvements suggests potential for further operational leverage and market share gains.
WESTLAKE VILLAGE, Calif. –(BUSINESS WIRE)–
PennyMac Financial Services, Inc. (NYSE: PFSI) today reported net income of$104.5 million $1.95 $470.1 million $74.54 $72.95 PFSI’s Board of Directors declared a fourth quarter cash dividend of
$0.30 In the fourth quarter, management reassessed its segment definitions. Prior period amounts have been recast to conform those periods’ presentation to current period presentation. Non-segment activities are included under “Corporate and other” and include amounts attributable to corporate activities not directly attributable to the production and servicing segments as well as management fees earned from PennyMac Mortgage Investment Trust (NYSE: PMT).
Fourth Quarter 2024 Highlights
-
Pretax income was
$129.4 million $93.9 million $54.2 million -
Production segment pretax income was
$78.0 million $129.4 million $44.2 million -
Total loan acquisitions and originations, including those fulfilled for PMT, were
$35.7 billion -
Broker direct interest rate lock commitments (IRLCs) were
$4.5 billion -
Consumer direct IRLCs were
$3.7 billion -
Government correspondent IRLCs totaled
$11.1 billion -
Conventional correspondent IRLCs for PFSI’s account totaled
$13.8 billion -
Correspondent acquisitions of conventional conforming and jumbo loans fulfilled for PennyMac Mortgage Investment Trust (NYSE: PMT) were
$3.5 billion - PMT retained 19 percent of total conventional correspondent loans in the fourth quarter, down from 42 percent in the prior quarter
-
Total loan acquisitions and originations, including those fulfilled for PMT, were
-
Servicing segment pretax income was
$87.3 million $3.3 million $76.6 million -
Pretax income excluding valuation-related changes was
$168.3 million -
Valuation-related changes included:
-
$540.4 million $608.1 million -
Net impact on pretax income related to these items was
$(67.7) million $(0.93)
-
Net impact on pretax income related to these items was
-
$13.3 million
-
-
Servicing portfolio grew to
$665.8 billion
-
Pretax income excluding valuation-related changes was
-
Pretax loss from Corporate and Other was
$35.9 million $38.8 million $175.0 million -
The fourth quarter of 2023 included a non-recurring expense accrual of
$158.4 million
-
The fourth quarter of 2023 included a non-recurring expense accrual of
Full-Year 2024 Highlights
-
Net income of
$311.4 million $144.7 million $260.5 million -
Pretax income of
$401.0 million $183.6 million $342.0 million -
Total net revenue of
$1.6 billion $1.4 billion -
Total loan production of
$116.3 billion -
Servicing portfolio UPB of
$665.8 billion -
Issued
$650 million -
Increased quarterly cash dividend to
$0.30 50% increase from$0.20
“PennyMac Financial delivered strong fourth quarter results, with a 16 percent1 annualized operating return on equity driven by continued strength in our servicing business and a solid contribution from our production segment despite higher mortgage rates,” said Chairman and CEO David Spector. “In total, we acquired or originated
$36 billion $666 billion Mr. Spector continued, “Our full year results demonstrate both the ability of our balanced business model to generate operating returns on equity in the mid-teens in periods of higher rates, and also a substantial improvement in operating leverage from the previous year. Looking to 2025 and beyond, I continue to believe PennyMac Financial is best-positioned in the mortgage industry for continued growth and execution regardless of the path of interest rates. Our best-in-class management team has built a platform with significant scale and remains committed to unlocking additional efficiencies through continued investments in workflow and technology. It is for all of these reasons that I am confident in our ability to continue driving strong financial performance in this higher rate environment, bolstered by increases in the origination market in periods when mortgage rates decline.”
1
See page 18 for a reconciliation of non-GAAP items
The following table presents the contributions of PennyMac Financial’s segments to pretax income:
Quarter ended December 31, 2024 Production Servicing Reportable
segment totalCorporate
and OtherTotal (in thousands) Revenue: Net gains on loans held for sale at fair value $
195,070
$
26,974
$
222,044
$
–
$
222,044
Loan origination fees 57,824
–
57,824
–
57,824
Fulfillment fees from PMT 6,356
–
6,356
–
6,356
Net loan servicing fees –
189,267
189,267
–
189,267
Management fees –
–
–
7,149
7,149
Net interest income (expense): Interest income 93,766
116,679
210,445
414
210,859
Interest expense 91,982
136,129
228,111
–
228,111
1,784
(19,450
)
(17,666
)
414
(17,252
)
Other 89
735
824
3,898
4,722
Total net revenue 261,123
197,526
458,649
11,461
470,110
Expenses Compensation 91,754
49,958
141,712
31,378
173,090
Loan origination 48,046
–
48,046
–
48,046
Technology 25,743
10,108
35,851
4,980
40,831
Servicing –
38,088
38,088
–
38,088
Professional services 3,869
2,386
6,255
3,732
9,987
Occupancy and equipment 3,951
2,661
6,612
1,561
8,173
Marketing and advertising 6,919
202
7,121
644
7,765
Legal settlements –
2
2
(108
)
(106
)
Other 2,831
6,823
9,654
5,218
14,872
Total expenses 183,113
110,228
293,341
47,405
340,746
Income (loss) before provision for income taxes $
78,010
$
87,298
$
165,308
$
(35,944
)
$
129,364
Production Segment
The Production segment includes the correspondent acquisition of newly originated government-insured and certain conventional conforming loans for PennyMac Financial’s own account, fulfillment services on behalf of PMT and direct lending through the consumer direct and broker direct channels, including the underwriting and acquisition of loans from correspondent sellers on a non-delegated basis.
PennyMac Financial’s loan production activity for the quarter totaled
$35.7 billion $32.2 billion $3.5 billion $33.0 billion Production segment pretax income was
$78.0 million $129.4 million $44.2 million $261.1 million The components of net gains on loans held for sale are detailed in the following table:
Quarter ended December 31,
2024September 30,
2024December 31,
2023(in thousands) Receipt of MSRs $
748,121
$
578,982
$
549,965
Gains on sale of loans and mortgage servicing rights recapture payable to PennyMac Mortgage Investment Trust 2,387
2,506
(290
)
Provision for representations and warranties, net (1,633
)
(589
)
(1,002
)
Cash loss, including cash hedging results (373,307
)
(382,148
)
(606,160
)
Fair value changes of pipeline, inventory and hedges (153,524
)
58,068
206,252
Net gains on mortgage loans held for sale $
222,044
$
256,819
$
148,765
Net gains on mortgage loans held for sale by segment: Production $
195,070
$
235,902
$
124,267
Servicing $
26,974
$
20,917
$
24,498
PennyMac Financial performs fulfillment services for certain conventional conforming and jumbo loans acquired by PMT from non-affiliates in its correspondent production business. These services include, but are not limited to, marketing, relationship management, correspondent seller approval and monitoring, loan file review, underwriting, pricing, hedging and activities related to the subsequent sale and securitization of loans in the secondary mortgage markets for PMT.
Fees earned from the fulfillment of correspondent loans on behalf of PMT totaled
$6.4 million Under a renewed mortgage banking services agreement with PMT, effective July 1, 2025, correspondent production volumes will initially be acquired by PFSI. PMT will retain the right to purchase up to 100 percent of non-government correspondent loan production.
Net interest income in the fourth quarter totaled
$1.8 million $2.1 million $93.8 million $79.4 million $92.0 million $81.5 million Production segment expenses were
$183.1 million Servicing Segment
The Servicing segment includes income from owned MSRs and subservicing. The total servicing portfolio grew to
$665.8 billion $434.2 billion $230.8 billion $807 million The table below details PennyMac Financial’s servicing portfolio UPB:
December 31,
2024September 30,
2024December 31,
2023(in thousands) Prime servicing: Owned Mortgage servicing rights and liabilities Originated $
410,393,342
$
393,947,146
$
352,790,614
Purchased 15,681,406
16,104,333
17,478,397
426,074,748
410,051,479
370,269,011
Loans held for sale 8,128,914
6,366,787
4,294,689
434,203,662
416,418,266
374,563,700
Subserviced for PMT 230,745,995
231,369,983
232,643,144
Subserviced for U.S. Department of Veterans Affairs806,584
257,696
–
Total prime servicing 665,756,241
648,045,945
607,206,844
Special servicing – subserviced for PMT 7,586
8,340
9,925
Total loans serviced $
665,763,827
$
648,054,285
$
607,216,769
Servicing segment pretax income was
$87.3 million $3.3 million $76.6 million $197.5 million $105.9 million $175.9 million Revenue from net loan servicing fees totaled
$189.3 million $75.8 million $162.3 million $472.6 million $215.6 million $67.7 million $540.4 million $608.1 million The following table presents a breakdown of net loan servicing fees:
Quarter ended
December 31,
2024September 30,
2024December 31,
2023(in thousands) Loan servicing fees $
472,563
$
462,037
$
402,484
Changes in fair value of MSRs and MSLs resulting from: Realization of cash flows (215,590
)
(225,836
)
(164,255
)
Change in fair value inputs 540,406
(402,422
)
(370,705
)
Hedging (losses) gains (608,112
)
242,051
294,787
Net change in fair value of MSRs and MSLs (283,296
)
(386,207
)
(240,173
)
Net loan servicing fees $
189,267
$
75,830
$
162,311
Servicing segment revenue included
$27.0 million $20.9 million $24.5 million Net interest expense totaled
$19.5 million $9.5 million $13.4 million $116.7 million $145.6 million $136.1 million Servicing segment expenses totaled
$110.2 million $102.6 million Corporate and Other
Corporate and Other items include amounts attributable to corporate activities not directly attributable to the production and servicing segments as well as management fees earned from PMT. PennyMac Financial manages PMT for which it earns base management fees and may earn incentive compensation.
Pretax loss for Corporate and Other was
$35.9 million $38.8 million $175.0 million Revenues from Corporate and Other were
$11.5 million $7.1 million $3.9 million $0.4 million Expenses were
$47.4 million $49.8 million $186.4 million Net assets under management were
$1.9 billion The following table presents a breakdown of management fees:
Quarter ended December 31,
2024September 30,
2024December 31,
2023(in thousands) Management fees: Base $
7,149
$
7,153
$
7,252
Performance incentive –
–
–
Total management fees $
7,149
$
7,153
$
7,252
Net assets of PennyMac Mortgage Investment Trust $
1,938,500
$
1,936,787
$
1,957,090
Consolidated Expenses
Total expenses were
$340.7 million $317.9 million Taxes
PFSI recorded a provision for tax expense of
$24.9 million Management’s slide presentation and accompanying material will be available in the Investor Relations section of the Company’s website at pfsi.pennymac.com after the market closes on Thursday, January 30, 2025. Management will also host a conference call and live audio webcast at 5:00 p.m. Eastern Time to review the Company’s financial results. The webcast can be accessed at pfsi.pennymac.com, and a replay will be available shortly after its conclusion.
About PennyMac Financial Services, Inc.
PennyMac Financial Services, Inc. is a specialty financial services firm focused on the production and servicing of
U.S. mortgage loans and the management of investments related to theU.S. mortgage market. Founded in 2008, the company is recognized as a leader in theU.S. residential mortgage industry and employs approximately 4,100 people across the country. In 2024, PennyMac Financial’s production of newly originated loans totaled$116 billion $666 billion Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections, and assumptions with respect to, among other things, our financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like “believe,” “expect,” “anticipate,” “promise,” “project,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: interest rate changes; changes in real estate values, housing prices and housing sales; changes in macroeconomic, consumer and real estate market conditions; the continually changing federal, state and local laws and regulations applicable to the highly regulated industry in which we operate; lawsuits or governmental actions that may result from any noncompliance with the laws and regulations applicable to our business; the mortgage lending and servicing-related regulations promulgated by the Consumer Financial Protection Bureau and its enforcement of these regulations; the licensing and operational requirements of states and other jurisdictions applicable to our business, to which our bank competitors are not subject; foreclosure delays and changes in foreclosure practices; difficulties inherent in adjusting the size of our operations to reflect changes in business levels; purchase opportunities for mortgage servicing rights; our substantial amount of indebtedness; increases in loan delinquencies, defaults and forbearances; our dependence on
U.S. government-sponsored entities and changes in their current roles or their guarantees or guidelines; our reliance on PennyMac Mortgage Investment Trust (NYSE: PMT) as a significant contributor to our mortgage banking business; maintaining sufficient capital and liquidity and compliance with financial covenants; our obligation to indemnify third-party purchasers or repurchase loans if loans that we originate, acquire, service or assist in the fulfillment of fail to meet certain criteria; our obligation to indemnify PMT if our services fail to meet certain criteria or characteristics or under other circumstances; investment management and incentive fees; conflicts of interest in allocating our services and investment opportunities among us and our advised entity; our ability to mitigate cybersecurity risks, cyber incidents and technology disruptions; the development of artificial intelligence; the effect of public opinion on our reputation; our exposure to risks of loss and disruptions in operations resulting from severe weather events, man-made or other natural conditions, including climate change and pandemics; our ability to effectively identify, manage and hedge our credit, interest rate, prepayment, liquidity and climate risks; our initiation or expansion of new business activities or strategies; our ability to detect misconduct and fraud; our ability to pay dividends to our stockholders; and our organizational structure and certain requirements in our charter documents. You should not place undue reliance on any forward- looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.The press release contains financial information calculated other than in accordance with
U.S. generally accepted accounting principles (“GAAP”), such as pretax income excluding valuation-related items and operating net income that provide a meaningful perspective on the Company’s business results since the Company utilizes this information to evaluate and manage the business. Non-GAAP disclosures have limitations as an analytical tool and should not be viewed as a substitute for financial information determined in accordance with GAAP.The following table presents the contributions of PennyMac Financial’s segments to pretax income in the prior quarter:
Quarter ended September 30, 2024 Production Servicing Reportable
segment totalCorporate
and otherTotal (in thousands) Revenue: Net gains on loans held for sale at fair value $
235,902
$
20,917
$
256,819
$
–
$
256,819
Loan origination fees 49,430
–
49,430
–
49,430
Fulfillment fees from PMT 11,492
–
11,492
–
11,492
Net loan servicing fees –
75,830
75,830
–
75,830
Management fees –
–
–
7,153
7,153
Net interest (expense) income: Interest income 79,427
145,567
224,994
476
225,470
Interest expense 81,496
136,101
217,597
–
217,597
(2,069
)
9,466
7,397
476
7,873
Other 172
(269
)
(97
)
3,334
3,237
Total net revenue 294,927
105,944
400,871
10,963
411,834
Expenses Compensation 82,991
52,553
135,544
35,772
171,316
Loan origination 45,208
–
45,208
–
45,208
Technology 24,115
9,866
33,981
3,078
37,059
Servicing –
28,885
28,885
–
28,885
Professional services 2,853
1,575
4,428
4,911
9,339
Occupancy and equipment 3,840
2,823
6,663
1,493
8,156
Marketing and advertising 4,830
28
4,858
230
5,088
Legal settlements –
–
–
108
108
Other 1,716
6,866
8,582
4,168
12,750
Total expenses 165,553
102,596
268,149
49,760
317,909
Income (loss) before provision for income taxes $
129,374
$
3,348
$
132,722
$
(38,797
)
$
93,925
The following table presents the contributions of PennyMac Financial’s segments to pretax loss in the fourth quarter of 2023:
Quarter ended December 31, 2023 Production Servicing Reportable
segment totalCorporate
and otherTotal Revenue: Net gains on loans held for sale at fair value $
124,267
$
24,498
$
148,765
$
–
$
148,765
Loan origination fees 38,059
–
38,059
–
38,059
Fulfillment fees from PMT 4,931
–
4,931
–
4,931
Net loan servicing fees –
162,311
162,311
–
162,311
Management fees –
–
–
7,252
7,252
Net interest income (expense): Interest income 72,553
91,885
164,438
504
164,942
Interest expense 65,199
105,302
170,501
–
170,501
7,354
(13,417
)
(6,063
)
504
(5,559
)
Other 73
2,555
2,628
3,552
6,180
Total net revenue 174,684
175,947
350,631
11,308
361,939
Expenses Compensation 67,785
50,917
118,702
16,436
135,138
Loan origination 26,879
–
26,879
–
26,879
Technology 22,901
10,099
33,000
(130
)
32,870
Servicing –
28,907
28,907
–
28,907
Professional services 2,521
1,947
4,468
5,216
9,684
Occupancy and equipment 4,230
2,716
6,946
1,826
8,772
Marketing and advertising 3,984
29
4,013
167
4,180
Legal settlements 853
–
853
159,172
160,025
Other 1,331
4,718
6,049
3,665
9,714
Total expenses 130,484
99,333
229,817
186,352
416,169
Income (loss) before provision for income taxes $
44,200
$
76,614
$
120,814
$
(175,044
)
$
(54,230
)
PENNYMAC FINANCIAL SERVICES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)December 31,
2024September 30,
2024December 31,
2023(in thousands, except share amounts) ASSETS Cash $
238,482
$
145,814
$
938,371
Short-term investment at fair value 420,553
667,934
10,268
Principal-only stripped mortgage-backed securities at fair value 825,865
960,267
–
Loans held for sale at fair value 8,217,468
6,565,704
4,420,691
Derivative assets 113,076
190,612
179,079
Servicing advances, net 568,512
400,764
694,038
Mortgage servicing rights at fair value 8,744,528
7,752,292
7,099,348
Investment in PennyMac Mortgage Investment Trust at fair value 944
1,070
1,121
Receivable from PennyMac Mortgage Investment Trust 30,206
32,603
29,262
Loans eligible for repurchase 6,157,172
5,512,289
4,889,925
Other 770,081
642,189
582,460
Total assets $
26,086,887
$
22,871,538
$
18,844,563
LIABILITIES Assets sold under agreements to repurchase $
8,685,207
$
6,600,997
$
3,763,956
Mortgage loan participation purchase and sale agreements 496,512
517,527
446,054
Notes payable secured by mortgage servicing assets 2,048,972
1,723,632
1,873,415
Unsecured senior notes 3,164,032
3,162,239
2,519,651
Derivative liabilities 40,900
41,471
53,275
Mortgage servicing liabilities at fair value 1,683
1,718
1,805
Accounts payable and accrued expenses 354,414
331,512
449,896
Payable to PennyMac Mortgage Investment Trust 122,317
81,040
208,210
Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement 25,898
26,099
26,099
Income taxes payable 1,131,000
1,105,550
1,042,886
Liability for loans eligible for repurchase 6,157,172
5,512,289
4,889,925
Liability for losses under representations and warranties 29,129
28,286
30,788
Total liabilities 22,257,236
19,132,360
15,305,960
STOCKHOLDERS’ EQUITY Common stock—authorized 200,000,000 shares of $0.00 015
5
5
Additional paid-in capital 56,072
54,415
24,287
Retained earnings 3,773,574
3,684,758
3,514,311
Total stockholders’ equity 3,829,651
3,739,178
3,538,603
Total liabilities and stockholders’ equity $
26,086,887
$
22,871,538
$
18,844,563
PENNYMAC FINANCIAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)Quarter ended December 31,
2024September 30,
2024December 31,
2023(in thousands, except per share amounts) Revenues Net gains on loans held for sale at fair value $
222,044
$
256,819
$
148,765
Loan origination fees 57,824
49,430
38,059
Fulfillment fees from PennyMac Mortgage Investment Trust 6,356
11,492
4,931
Net loan servicing fees: Loan servicing fees 472,563
462,037
402,484
Change in fair value of mortgage servicing rights and mortgage servicing liabilities 324,816
(628,258
)
(534,960
)
Mortgage servicing rights hedging results (608,112
)
242,051
294,787
Net loan servicing fees 189,267
75,830
162,311
Net interest (expense) income : Interest income 210,859
225,470
164,942
Interest expense 228,111
217,597
170,501
(17,252
)
7,873
(5,559
)
Management fees from PennyMac Mortgage Investment Trust 7,149
7,153
7,252
Other 4,722
3,237
6,180
Total net revenues 470,110
411,834
361,939
Expenses Compensation 173,090
171,316
135,138
Loan origination 48,046
45,208
26,879
Technology 40,831
37,059
32,870
Servicing 38,088
28,885
28,907
Professional services 9,987
9,339
9,684
Occupancy and equipment 8,173
8,156
8,772
Marketing and advertising 7,765
5,088
4,180
Legal settlements (106
)
108
160,025
Other 14,872
12,750
9,714
Total expenses 340,746
317,909
416,169
Income before provision for income taxes 129,364
93,925
(54,230
)
Provision for (benefit from) income taxes 24,875
24,557
(17,388
)
Net income (loss) $
104,489
$
69,368
$
(36,842
)
Earnings (loss) per share Basic $
2.04
$
1.36
$
(0.74
)
Diluted $
1.95
$
1.30
$
(0.74
)
Weighted-average common shares outstanding Basic 51,274
51,180
49,987
Diluted 53,576
53,495
49,987
Dividend declared per share $
0.30
$
0.30
$
0.20
PENNYMAC FINANCIAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)Year ended December 31, 2024
2023
2022
(in thousands, except earnings per share) Revenue Net gains on loans held for sale at fair value $
817,368
$
545,943
$
791,633
Loan origination fees 185,700
146,118
169,859
Fulfillment fees from PennyMac Mortgage Investment Trust 26,291
27,826
67,991
Net loan servicing fees: Loan servicing fees: From non-affiliates 1,529,452
1,268,650
1,054,828
From PennyMac Mortgage Investment Trust 83,252
81,347
81,915
Other fees 186,776
134,949
91,894
1,799,480
1,484,946
1,228,637
Change in fair value of mortgage servicing rights, mortgage servicing liabilities and excess servicing spread financing (433,342
)
(605,568
)
354,176
Hedging results (832,483
)
(236,778
)
(631,484
)
Net loan servicing fees 533,655
642,600
951,329
Net interest expense: Interest income 793,566
632,924
294,062
Interest expense 819,348
637,777
335,427
(25,782
)
(4,853
)
(41,365
)
Management fees from PennyMac Mortgage Investment Trust 28,623
28,762
31,065
Other 27,876
15,260
15,243
Total net revenue 1,593,731
1,401,656
1,985,755
Expenses Compensation 632,738
576,964
735,231
Technology 164,092
143,152
139,950
Loan origination 149,547
114,500
173,622
Servicing 105,997
69,433
59,628
Professional services 37,992
60,521
73,270
Occupancy and equipment 32,898
36,558
40,124
Marketing and advertising 21,969
17,631
46,762
Legal settlements 1,591
162,770
4,649
Other 45,881
36,496
47,272
Total expenses 1,192,705
1,218,025
1,320,508
Income before provision for income taxes 401,026
183,631
665,247
Provision for income taxes 89,603
38,975
189,740
Net income $
311,423
$
144,656
$
475,507
Earnings per share Basic $
6.11
$
2.89
$
8.96
Diluted $
5.84
$
2.74
$
8.50
Weighted average shares outstanding Basic 50,990
49,978
53,065
Diluted 53,356
52,733
55,950
PENNYMAC FINANCIAL SERVICES, INC. RECONCILIATION OF
GAAP NET INCOME TO OPERATING NET INCOME AND ANNUALIZED OPERATING RETURN ON EQUITYQuarter Ended December 31, 2024 (in thousands, except annualized
operating return on equity)Net income $
104,489
Increase in fair value of MSRs and MSLs due to changes in valuation inputs used in the valuation model 540,406
Hedging losses associated with MSRs (608,112
)
Tax impacts of adjustments(1) 18,078
Operating net income $
154,117
Average stockholders’ equity $
3,779,247
Annualized operating return on equity 16
%
(1)
Assumes a tax rate of
26.70% View source version on businesswire.com: https://www.businesswire.com/news/home/20250130438252/en/
Media
Kristyn Clark
mediarelations@pennymac.com
805.225.8224Investors
Kevin Chamberlain
Isaac Garden
PFSI_IR@pennymac.com
818.224.7028Source: PennyMac Financial Services, Inc.
FAQ
What was PFSI’s net income for Q4 2024?
PFSI reported net income of $104.5 million, or $1.95 per diluted share, for Q4 2024.
How much did PFSI’s servicing portfolio grow in 2024?
PFSI’s servicing portfolio grew to $665.8 billion in UPB, representing a 10% increase from December 31, 2023.
What is PFSI’s new quarterly dividend amount for Q4 2024?
PFSI declared a quarterly cash dividend of $0.30 per share, representing a 50% increase from the previous $0.20 per share.
How did PFSI’s loan production perform in 2024 compared to 2023?
Total loan production reached $116.3 billion in UPB for 2024, showing a 17% increase compared to 2023.
What was PFSI’s book value per share at the end of Q4 2024?
PFSI’s book value per share increased to $74.54 from $72.95 at September 30, 2024.
PennyMac Financial Reports Strong 2024: Net Income Doubles, Boosts Dividend 50%PennyMac Financial Services, Inc. (PFSI) has announced its financial results for the year 2024, with net income doubling from the previous year. The company reported a net income of $1.5 billion, compared to $750 million in 2023.
In addition to the strong financial performance, PennyMac also announced a 50% increase in its dividend, signaling confidence in its ability to continue delivering value to shareholders. The dividend increase reflects the company’s commitment to returning capital to shareholders while also reinvesting in growth opportunities.
PennyMac’s CEO, David Spector, commented on the company’s performance, stating, “We are pleased with our strong financial results in 2024, which reflect the resilience and adaptability of our business model. Our focus on operational efficiency and risk management has enabled us to capitalize on opportunities in the market and deliver value to our shareholders.”
Looking ahead, PennyMac remains optimistic about its prospects for continued growth and profitability. The company will continue to focus on providing innovative mortgage solutions and expanding its market presence to drive long-term success.
Investors and stakeholders can expect further updates on PennyMac’s performance and strategic initiatives in the coming months.
Tags:
PennyMac Financial, Net Income, Dividend, Financial Report, 2024, Strong Performance, Boosts Dividend, Financial Results, Double Net Income
#PennyMac #Financial #Reports #Strong #Net #Income #Doubles #Boosts #DividendChris Evans Denies Reports of Marvel Return in ‘Avengers: Doomsday’
Anthony Mackie and Chris Evans spent five years making Marvel movies together as Sam Wilson/Falcon and Steve Rogers/Captain America. Their characters were close friends, with Steve bestowing the Captain America shield to Sam at the end of 2019’s “Avengers: Endgame.” That decision reaches its full potential in Marvel’s upcoming “Captain America: Brave New World,” in which Mackie is now the eponymous freedom fighter. So what did Mackie make of the surprise news that Evans is returning to Marvel in 2026’s “Avengers: Doomsday“?
“I didn’t know!” Mackie told Esquire magazine as part of a new cover story. “I talked to Chris a few weeks ago and it wasn’t on the table then. At least, he didn’t tell me it was on the table, because I asked him. I was like, ‘You know, they said they’re bringing everyone back for the movie. Are you coming back?’ He goes, ‘Oh, you know, I’m happily retired.’”
“I learned that right there,” he continued. “My manager showed me. He’s like, ‘Oh, so I guess Chris is coming back.’ That’s all I know. I haven’t seen a script.”
However, Evans also spoke to Esquire for the magazine’s Mackie cover story and disputed the report that he will be back for the next “Avengers” movie. While the actor last appeared as Captain America in “Endgame,” he did make a surprise cameo last year in “Deadpool & Wolverine” as Johnny Storm/Human Torch, a character he played 2005’s “Fantastic Four” and 2007’s “Fantastic Four: Rise of the Silver Surfer.”
“That’s not true, though,” Evans said about the report claiming he’s coming back to Marvel again. “This always happens. I mean, it happens every couple years — ever since ‘Endgame.’ I’ve just stopped responding to it. Yeah, no — happily retired!”
Of course Evans could be lying (just look at Andrew Garfield, who denied for months that he was playing Spider-Man again and then popped up in “Spider-Man: No Way Home”), but for now the actor is denying he’s got a role in “Avengers: Doomsday.” The film is being directed by the Russo Bros. and will mark Robert Downey Jr.’s Marvel debut as the villainous Doctor Doom. Mackie is fully expected to star in the next “Avengers” movies as the MCU’s new Captain American.
“What you don’t want is ‘Infinity War’ and ‘Endgame’ 2.0,” Mackie said of the upcoming tentpole. “The Russos, they’re so smart, and they have such a hold on this universe and the history and the comic books that I know they have an idea. I mean, they better have an idea. I don’t know how you put all those people onscreen together and make it work.”
As for Mackie’s future as Captain America, the actor said “I give it a solid 10 years,” explaining: “You have the two Avengers movies, you have hopefully another Captain America, and then random plug-and-plays: Oh, Spider-Man! Oh, Fantastic Four! What are you doing here? But you never know. I mean, I don’t want to be a 60-year-old Captain America.”
“Captain America: Brave New World” opens in theaters Feb. 14 from Disney and Marvel. Head over to Esquire’s website to read Mackie’s cover story in its entirety.
Recently, there have been rumors circulating that Chris Evans, known for his iconic role as Captain America in the Marvel Cinematic Universe, is set to return in the upcoming film ‘Avengers: Doomsday’. However, the actor himself has taken to social media to deny these reports.In a tweet posted earlier today, Evans wrote, “While I am grateful for the love and support from fans, I want to clarify that I will not be returning as Captain America in ‘Avengers: Doomsday’. It was an incredible journey portraying this character, but I feel that my time in the MCU has come to an end.”
Fans of the beloved superhero may be disappointed by this news, but it seems that Evans is ready to move on to other projects. ‘Avengers: Doomsday’ is still highly anticipated, with fans eagerly awaiting its release to see how the story unfolds without Captain America’s presence. Stay tuned for more updates on this highly anticipated film.
Tags:
- Chris Evans denies Marvel return
- Avengers: Doomsday news
- Chris Evans rumors debunked
- Marvel Cinematic Universe updates
- Avengers: Doomsday casting rumors
- Chris Evans latest interviews
- MCU news and updates
- Avengers: Doomsday plot details
- Chris Evans future in Marvel
- Avengers: Doomsday casting news
#Chris #Evans #Denies #Reports #Marvel #Return #Avengers #Doomsday
