PennyMac Financial Services, Inc.

For the period ended Dec 31, 2025. Filed Feb 20, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 20, 2026

PFSI$62.85-5.4%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Income


· · Year ended December 31,
· · 2025 · · 2024 · · 2023
· · (in thousands, except earnings per share)
Revenues
Net gains on loans held for sale at fair value:
From non-affiliates	$1,026,046	$813,301	$547,727
From PennyMac Mortgage Investment Trust	45,708	4,067	(1,784)
	1,071,754	817,368	545,943
Loan origination fees:
From non-affiliates	234,298	183,197	142,902
From PennyMac Mortgage Investment Trust	1,537	2,503	3,216
	235,835	185,700	146,118
Fulfillment fees from PennyMac Mortgage Investment Trust	23,804	26,291	27,826
Net loan servicing fees:
Owned servicing:
Loan servicing fees	1,776,557	1,529,452	1,268,650
Other fees	200,288	186,776	134,949
	1,976,845	1,716,228	1,403,599
Change in fair value of mortgage servicing rights and mortgage servicing liabilities	(1,413,280)	(433,342)	(605,568)
Mortgage servicing rights hedging results	56,546	(832,483)	(236,778)
	(1,356,734)	(1,265,825)	(842,346)
	620,111	450,403	561,253
Subservicing:
From PennyMac Mortgage Investment Trust	84,432	83,252	81,347
From non-affiliates	1,156	—	—
	85,588	83,252	81,347
Net loan servicing fees	705,699	533,655	642,600
Management fees from PennyMac Mortgage Investment Trust	27,649	28,623	28,762
Net interest expense:
Interest income	924,447	793,566	632,924
Interest expense	960,555	819,348	637,777
Net interest expense	(36,108)	(25,782)	(4,853)
Results of real estate acquired in settlement of loans	(3,463)	864	1,545
Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust	117	(57)	312
Repricing of payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	1,141	201	—
Other	20,108	26,868	13,403
Total net revenues	2,046,536	1,593,731	1,401,656
Expenses
Compensation	782,916	632,738	576,964
Loan origination	251,990	164,092	114,500
Technology	162,604	149,547	143,152
Servicing	122,626	105,997	69,433
Marketing and advertising	46,140	21,969	17,631
Professional services	37,973	37,992	60,521
Occupancy and equipment	35,328	32,898	36,558
Legal settlements	—	1,591	162,770
Other	55,542	45,881	36,496
Total expenses	1,495,119	1,192,705	1,218,025
Income before provision for income taxes	551,417	401,026	183,631
Provision for income taxes	50,340	89,603	38,975
Net income	$501,077	$311,423	$144,656
Earnings per share
Basic	$9.69	$6.11	$2.89
Diluted	$9.30	$5.84	$2.74
Weighted average shares outstanding
Basic	51,728	50,990	49,978
Diluted	53,882	53,356	52,733

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.