PennyMac Financial Services, Inc(NYSE:PFSI) 
PennyMac Financial Services, Inc., through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. It operates through three segments: Production, Servicing, and Investment Management. The Production segment is involved in the origination, acquisi...
Website: http://ir.pennymacfinancial.com
Founded: 2008
Full Time Employees: 6,019
CEO: Stan Kurland
cel_linkedin: https://www.linkedin.com/in/stan-kurland-9b9847a4/
Sector: Financial Services
Industry: Mortgage Finance
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At a glance:
- Earnings and Volume Highly Sensitive to Interest-Rate Cycles: Performance is closely tied to mortgage origination and refinancing activity, which can swing materially with changes in interest rates and housing demand.
- Balanced Model Across Originations, Servicing, and Credit: The company’s mix of mortgage production and mortgage servicing rights (MSR) exposure can help offset cyclicality, with servicing often strengthening when originations slow.
- Mortgage Servicing Rights (MSR) Valuation is a Key Driver of Results: Changes in prepayment expectations, discount rates, and hedging effectiveness can create meaningful quarter-to-quarter volatility in reported earnings tied to MSR fair-value marks.
- Credit and Loan Performance Remain Central to Risk Profile: Loan delinquencies, loss severity, and repurchase/indemnification obligations can pressure results during housing or employment downturns, making underwriting and servicing discipline critical.
- Liquidity, Funding Access, and Regulatory Oversight Matter: As a mortgage platform reliant on warehouse funding and capital markets execution, the company is sensitive to financing conditions and operates under significant regulatory and compliance requirements.
Bull Thesis:
- Robust Mortgage Servicing Rights (MSR) Portfolio Performance: In a rising interest rate environment, the value of PennyMac's substantial MSR portfolio appreciates due to slower prepayment speeds and extended cash flows. This provides a stable and growing revenue stream that can offset declines in origination, acting as a natural hedge.
- Strategic Market Share Gains and Operational Efficiency: Despite a challenging mortgage origination market, PFSI's scalable technology platform and efficient operations allow it to gain market share from less efficient competitors, particularly in the correspondent and direct lending channels, positioning it for stronger performance when the market recovers.
- Strong Capital Position and Shareholder Return Initiatives: PennyMac's solid balance sheet and capital generation enable it to pursue shareholder-friendly actions such as share buybacks and dividends, enhancing investor value and demonstrating financial resilience even during cyclical downturns in the mortgage market.
Bear Thesis:
- Significant Headwinds in Mortgage Origination Volumes and Profitability: Elevated interest rates have severely curtailed refinance activity and are dampening purchase mortgage demand, leading to substantial declines in origination volumes and compressing margins within PFSI's production segment, directly impacting revenue and profitability.
- Interest Rate Volatility and MSR Hedging Complexity: While MSRs generally benefit from rising rates, rapid or unpredictable interest rate movements can lead to significant costs associated with hedging the MSR portfolio, introducing earnings volatility and potentially eroding profitability if hedging strategies are not perfectly executed.
- Broader Housing Market Slowdown and Economic Uncertainty: A potential economic recession, coupled with affordability challenges and a slowdown in the housing market (e.g., declining home prices, reduced transaction volumes), poses a significant risk to both origination demand and the credit quality of the serviced loan portfolio.
- Intense Competition and Margin Compression in a Shrinking Market: As the overall mortgage market shrinks, competition among lenders intensifies, leading to aggressive pricing and further pressure on origination margins. This makes it harder for PFSI to maintain profitability in its production segment, even with market share gains.
Main Competitors:
- Rocket Companies, Inc. ($RKT) (Rocket Mortgage), A leading non-bank mortgage lender, Rocket competes directly with PennyMac in the retail direct-to-consumer mortgage origination market, leveraging its strong brand and technology-driven platform. It also has a significant mortgage servicing portfolio.
- UWM Holdings Corporation ($UWMC) (United Wholesale Mortgage (UWM)), The largest wholesale mortgage lender in the U.S., UWM competes with PennyMac's correspondent and broker direct channels by originating loans exclusively through independent mortgage brokers. They vie for market share among brokers and the underlying borrowers.
- Wells Fargo & Company ($WFC) (Mortgage Origination & Servicing), As one of the largest bank mortgage lenders and servicers, Wells Fargo competes across various channels (retail, correspondent) for new loan originations and servicing rights. They leverage their lower cost of capital, extensive branch network, and existing customer relationships.
- loanDepot, Inc. ($LDI) (Mortgage Origination & Servicing), Another major non-bank mortgage lender, loanDepot competes with PennyMac across multiple origination channels, including retail, wholesale, and correspondent. They also maintain a substantial mortgage servicing portfolio, vying for market share and customer retention.
Moat:
PennyMac Financial Services operates in a highly competitive and cyclical mortgage market. Its moat is built on its significant scale, proprietary technology platform for efficient loan origination and servicing, robust risk management, and a diversified business model spanning retail, correspondent, and broker direct channels. Competition is intense from other large non-bank lenders (e.g., Rocket, UWM, loanDepot) who compete on technology, efficiency, and pricing, as well as from large banks (e.g., Wells Fargo, JPMorgan Chase) who benefit from lower cost of capital and existing customer relationships. The industry is also highly sensitive to interest rate fluctuations and regulatory changes, which constantly reshape the competitive landscape.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues | ||||||||||||||||||||||||||||||
net gains on loans held for sale at fair value: | ||||||||||||||||||||||||||||||
from non-affiliates | 285,262,000 | 297,001,000 | 227,584,000 | 216,199,000 | 219,657,000 | 254,313,000 | 176,537,000 | 162,794,000 | 149,055,000 | 151,874,000 | 141,928,000 | 104,870,000 | 102,425,000 | 170,342,000 | 227,319,000 | 308,111,000 | 513,359,000 | 639,730,000 | 594,196,000 | 768,589,000 | 870,929,000 | 865,044,000 | 687,765,000 | 266,366,000 | 197,118,000 | 175,070,000 | 180,753,000 | 166,790,000 | 163,565,000 | 147,182,000 |
from pennymac mortgage investment trust | 16,341,000 | 17,454,000 | 7,075,000 | 4,838,000 | 2,387,000 | 2,506,000 | -473,000 | -353,000 | -290,000 | -500,000 | -509,000 | -485,000 | -512,000 | -1,648,000 | -4,752,000 | -9,652,000 | -12,701,000 | -12,976,000 | -11,548,000 | -14,248,000 | -11,868,000 | -9,775,000 | -5,592,000 | 77,916,000 | 60,369,000 | 60,662,000 | 11,568,000 | 10,570,000 | 11,524,000 | 10,071,000 |
net gains on loans held for sale at fair value: - sum | 301,603,000 | 314,455,000 | 221,037,000 | 222,044,000 | 256,819,000 | 176,064,000 | 162,441,000 | 99,294,500 | 151,374,000 | 104,385,000 | ||||||||||||||||||||
loan origination fees: | ||||||||||||||||||||||||||||||
loan origination fees: - sum | 68,437,000 | 61,696,000 | 46,611,000 | 57,824,000 | 49,430,000 | 42,075,000 | 36,371,000 | 27,014,750 | 37,701,000 | 31,390,000 | ||||||||||||||||||||
fulfillment fees from pennymac mortgage investment trust | 6,538,000 | 6,162,000 | 5,814,000 | 5,290,000 | 6,356,000 | 11,492,000 | 4,427,000 | 4,016,000 | 4,931,000 | 5,531,000 | 5,441,000 | 11,923,000 | 12,184,000 | 18,407,000 | 20,646,000 | 16,754,000 | 20,150,000 | 43,922,000 | 54,020,000 | 60,835,000 | 72,606,000 | 54,839,000 | 52,815,000 | 41,940,000 | 58,297,000 | 45,149,000 | 29,590,000 | 27,574,000 | 28,591,000 | 26,256,000 |
net loan servicing fees: | ||||||||||||||||||||||||||||||
loan servicing fees: | ||||||||||||||||||||||||||||||
other | -132,183,000 | 53,734,000 | 49,505,000 | 49,052,000 | 49,148,000 | 46,340,000 | 45,392,000 | 45,896,000 | 39,375,000 | 39,628,000 | 29,035,000 | 26,911,000 | 21,359,000 | 22,497,000 | 22,677,000 | 25,361,000 | 27,091,000 | 30,463,000 | 31,731,000 | 29,599,000 | 31,246,000 | 27,920,000 | 28,543,000 | 28,755,000 | 2,025,000 | 2,379,000 | 2,126,000 | 2,350,000 | 2,205,000 | 2,605,000 |
loan servicing fees: - sum | 382,560,250 | 535,106,000 | 488,468,000 | 472,563,000 | 462,037,000 | 440,696,000 | 424,184,000 | 270,615,500 | 387,934,000 | 338,057,000 | ||||||||||||||||||||
change in fair value of mortgage servicing rights and mortgage servicing liabilities | -342,980,000 | -392,174,000 | -247,170,000 | -430,956,000 | 324,816,000 | -628,258,000 | -101,315,000 | -28,585,000 | -534,960,000 | 221,096,000 | -55,257,000 | -236,447,000 | -66,248,000 | 95,411,000 | 112,102,000 | 212,911,000 | -155,432,000 | -147,669,000 | -336,268,000 | 223,463,000 | -133,774,000 | -127,217,000 | -205,789,000 | -112,060,000 | -162,584,000 | -162,799,000 | -122,857,000 | |||
mortgage servicing rights hedging results | -39,432,000 | 98,306,000 | -109,102,000 | 106,774,000 | -608,112,000 | 242,051,000 | -171,777,000 | -294,645,000 | 294,787,000 | -423,656,000 | -155,136,000 | 47,227,000 | -72,870,000 | -164,749,000 | -176,005,000 | -217,860,000 | -37,723,000 | -86,459,000 | 91,118,000 | -442,151,000 | ||||||||||
net loan servicing fees | 149,780,000 | 241,238,000 | 150,395,000 | 164,286,000 | 189,267,000 | 75,830,000 | 167,604,000 | 100,954,000 | 162,311,000 | 185,374,000 | 146,078,000 | 148,837,000 | 182,831,000 | 243,742,000 | 238,447,000 | 286,309,000 | 94,733,000 | 33,630,000 | 14,871,000 | 39,720,000 | 26,496,000 | 132,807,000 | 22,337,000 | 257,808,000 | 87,731,000 | 66,229,000 | 59,134,000 | |||
management fees from pennymac mortgage investment trust | 6,856,000 | 6,912,000 | 6,869,000 | 7,012,000 | 7,149,000 | 7,153,000 | 7,133,000 | 7,188,000 | 7,252,000 | 7,175,000 | 7,078,000 | 7,257,000 | 7,307,000 | 7,731,000 | 7,910,000 | 8,117,000 | 8,919,000 | 8,520,000 | 11,913,000 | 8,449,000 | 6,462,750 | 8,508,000 | 8,288,000 | 9,055,000 | ||||||
net interest income: | -2,132,500 | 7,873,000 | ||||||||||||||||||||||||||||
interest income | 263,894,000 | 248,753,000 | 221,929,000 | 189,871,000 | 210,859,000 | 225,470,000 | 200,811,000 | 156,426,000 | 116,995,500 | 166,552,000 | 172,952,000 | 128,478,000 | ||||||||||||||||||
interest expense | 262,996,000 | 249,900,000 | 239,577,000 | 208,082,000 | 228,111,000 | 217,597,000 | 207,871,000 | 165,769,000 | 116,819,000 | 156,863,000 | 178,642,000 | 131,771,000 | ||||||||||||||||||
net interest income | -9,251,500 | -1,147,000 | 176,500 | 9,689,000 | -11,164,750 | 29,000 | -21,634,000 | -25,632,000 | -19,461,000 | -10,227,000 | -5,889,000 | 11,052,000 | 10,883,000 | 27,072,000 | 17,976,000 | 20,790,000 | 21,272,000 | 22,189,000 | ||||||||||||
results of real estate acquired in settlement of loans | -2,304,000 | -981,000 | 47,000 | -225,000 | 534,000 | -269,000 | 193,000 | 406,000 | 567,000 | 637,000 | 199,000 | 142,000 | 629,000 | 528,000 | 810,000 | 543,000 | 295,000 | 378,000 | 540,000 | 780,000 | 233,000 | 1,214,000 | 296,000 | -707,000 | -648,000 | 188,000 | 743,000 | 274,000 | 410,000 | 194,000 |
change in fair value of investment in and dividends received from pennymac mortgage investment trust | 52,000 | -15,000 | -105,000 | 185,000 | -95,000 | 68,000 | -40,000 | 10,000 | 221,000 | -51,000 | 116,000 | 26,000 | 76,000 | -119,000 | -194,000 | 2,000 | -142,000 | -67,000 | 144,000 | 401,000 | 149,000 | -288,000 | 543,000 | -857,000 | 39,000 | 66,000 | 119,000 | 192,000 | -87,000 | 129,000 |
repricing of payable to exchanged private national mortgage acceptance company, llc unitholders under tax receivable agreement | 49,000 | 1,092,000 | ||||||||||||||||||||||||||||
total net revenues | 538,005,000 | 632,898,000 | 444,730,000 | 430,903,000 | 470,110,000 | 411,834,000 | 406,127,000 | 305,660,000 | 361,939,000 | 400,308,000 | 336,547,000 | 302,862,000 | 340,446,000 | 476,290,000 | 511,515,000 | 657,504,000 | 693,811,000 | 786,612,000 | 742,252,000 | 944,686,000 | 1,042,146,000 | 1,119,992,000 | 821,634,000 | 721,825,000 | 490,375,000 | 436,347,000 | 302,977,000 | 247,705,000 | 251,201,000 | 250,929,000 |
yoy | 14.44% | 53.68% | 9.51% | 40.97% | 29.89% | 2.88% | 20.67% | 0.92% | 6.31% | -15.95% | -34.21% | -53.94% | -50.93% | -39.45% | -31.09% | -30.40% | -33.42% | -29.77% | -9.66% | 30.87% | 112.52% | 156.67% | 171.19% | 191.41% | 95.21% | 73.89% | ||||
qoq | -14.99% | 42.31% | 3.21% | -8.34% | 14.15% | 1.41% | 32.87% | -15.55% | -9.58% | 18.95% | 11.12% | -11.04% | -28.52% | -6.89% | -22.20% | -5.23% | -11.80% | 5.98% | -21.43% | -9.35% | -6.95% | 36.31% | 13.83% | 47.20% | 12.38% | 44.02% | 22.31% | -1.39% | 0.11% | |
expenses | ||||||||||||||||||||||||||||||
compensation | 208,073,000 | 205,314,000 | 187,541,000 | 181,988,000 | 173,090,000 | 171,316,000 | 141,956,000 | 146,376,000 | 135,138,000 | 156,909,000 | 136,982,000 | 147,935,000 | 133,699,000 | 157,793,000 | 198,192,000 | 245,547,000 | 226,723,000 | 249,183,000 | 265,067,000 | 258,829,000 | 187,807,000 | 202,440,000 | 179,886,000 | 168,436,000 | 141,009,000 | 141,132,000 | 114,717,000 | 106,600,000 | 99,353,000 | 103,364,000 |
loan origination | 69,651,000 | 69,407,000 | 68,836,000 | 44,096,000 | 48,046,000 | 45,208,000 | 40,270,000 | 30,568,000 | 26,879,000 | 28,889,000 | 31,646,000 | 27,086,000 | 25,002,000 | 28,356,000 | 44,931,000 | 75,333,000 | 86,789,000 | 80,932,000 | 75,675,000 | 87,392,000 | 69,069,000 | 53,752,000 | 50,921,000 | 46,004,000 | 44,919,000 | 34,851,000 | 23,071,000 | 14,497,000 | 12,936,000 | 7,203,000 |
technology | 35,378,000 | 44,772,000 | 42,257,000 | 40,197,000 | 40,831,000 | 37,059,000 | 35,690,000 | 35,967,000 | 32,870,000 | 39,000,000 | 35,244,000 | 36,038,000 | 34,896,000 | 35,647,000 | 34,621,000 | 34,786,000 | 41,112,000 | 32,406,000 | 34,236,000 | 33,672,000 | 42,594,000 | 28,964,000 | 21,905,000 | 19,107,000 | 15,515,000 | 20,385,000 | 16,080,000 | 15,966,000 | 15,056,000 | 15,273,000 |
servicing | 43,360,000 | 29,105,000 | 28,286,000 | 21,875,000 | 38,088,000 | 28,885,000 | 22,920,000 | 16,104,000 | 28,907,000 | 13,242,000 | 14,652,000 | 12,632,000 | 37,424,000 | 20,399,000 | 3,051,000 | -1,246,000 | 31,470,000 | 27,892,000 | 31,290,000 | 19,183,000 | 87,155,000 | 71,110,000 | 56,503,000 | 42,166,000 | 57,487,000 | 47,909,000 | 29,008,000 | 30,293,000 | 41,518,000 | 40,797,000 |
marketing and advertising | 10,303,000 | 14,016,000 | 12,389,000 | 9,432,000 | 7,765,000 | 5,088,000 | 5,445,000 | 3,671,000 | 4,180,000 | 4,632,000 | 5,578,000 | 3,241,000 | 3,751,000 | 7,601,000 | 13,007,000 | 22,403,000 | ||||||||||||||
professional services | 10,411,000 | 10,145,000 | 8,380,000 | 9,037,000 | 9,987,000 | 9,339,000 | 9,404,000 | 9,262,000 | 9,684,000 | 11,942,000 | 17,888,000 | 21,007,000 | 16,144,000 | 16,230,000 | 20,793,000 | 20,103,000 | 31,734,000 | 24,429,000 | 24,834,000 | 13,286,000 | 19,853,000 | 18,307,000 | 12,500,000 | 13,404,000 | 10,983,000 | 9,682,000 | 6,313,000 | 5,881,000 | 9,173,000 | 7,117,000 |
occupancy and equipment | 9,963,000 | 8,604,000 | 8,379,000 | 8,382,000 | 8,173,000 | 8,156,000 | 7,893,000 | 8,676,000 | 8,772,000 | 8,900,000 | 10,066,000 | 8,820,000 | 9,985,000 | 11,299,000 | 9,371,000 | 9,469,000 | 8,354,000 | 9,389,000 | 9,029,000 | 9,038,000 | 8,535,000 | 8,491,000 | 8,293,000 | 8,038,000 | 7,841,000 | 7,257,000 | 7,042,000 | 6,776,000 | 7,151,000 | 7,117,000 |
total expenses | 403,600,000 | 396,524,000 | 368,288,000 | 326,707,000 | 340,746,000 | 317,909,000 | 272,273,000 | 261,777,000 | 416,169,000 | 273,511,000 | 263,630,000 | 264,715,000 | 272,717,000 | 290,818,000 | 333,989,000 | 422,984,000 | 459,700,000 | 447,063,000 | 462,737,000 | 438,678,000 | 424,920,000 | 391,701,000 | 341,272,000 | 307,095,000 | 287,009,000 | 270,150,000 | 203,387,000 | 187,414,000 | 192,895,000 | 189,232,000 |
income before income taxes | 134,405,000 | 236,374,000 | 76,442,000 | 104,196,000 | 129,364,000 | 93,925,000 | 133,854,000 | 43,883,000 | -54,230,000 | 126,797,000 | 72,917,000 | 38,147,000 | 67,729,000 | 185,472,000 | 177,526,000 | 234,520,000 | 234,111,000 | 339,549,000 | 279,515,000 | 506,008,000 | 617,226,000 | 728,291,000 | 480,362,000 | 414,730,000 | 203,366,000 | 166,197,000 | 99,590,000 | 60,291,000 | 58,306,000 | 61,697,000 |
provision for income taxes | 27,574,000 | 54,871,000 | -60,021,000 | 27,916,000 | 24,875,000 | 24,557,000 | 35,596,000 | 4,575,000 | -17,388,000 | 33,927,000 | 14,667,000 | 7,769,000 | 30,112,000 | 50,338,000 | 48,363,000 | 60,927,000 | 61,028,000 | 90,239,000 | 75,286,000 | 129,140,000 | 164,422,000 | 193,131,000 | 127,685,000 | 108,487,000 | ||||||
net income | 106,831,000 | 181,503,000 | 136,463,000 | 76,280,000 | 104,489,000 | 69,368,000 | 98,258,000 | 39,308,000 | -36,842,000 | 92,870,000 | 58,250,000 | 30,378,000 | 37,617,000 | 135,134,000 | 129,163,000 | 173,593,000 | 173,083,000 | 249,310,000 | 204,229,000 | 376,868,000 | 452,804,000 | 535,160,000 | 352,677,000 | 306,243,000 | 152,661,000 | 121,473,000 | 72,696,000 | 46,135,000 | 52,960,000 | 56,152,000 |
yoy | 2.24% | 161.65% | 38.88% | 94.06% | -383.61% | -25.31% | 68.68% | 29.40% | -197.94% | -31.28% | -54.90% | -82.50% | -78.27% | -45.80% | -36.76% | -53.94% | -61.78% | -53.41% | -42.09% | 23.06% | 196.61% | 340.56% | 385.14% | 563.80% | 188.26% | 116.33% | ||||
qoq | -41.14% | 33.01% | 78.90% | -27.00% | 50.63% | -29.40% | 149.97% | -206.69% | -139.67% | 59.43% | 91.75% | -19.24% | -72.16% | 4.62% | -25.59% | 0.29% | -30.58% | 22.07% | -45.81% | -16.77% | -15.39% | 51.74% | 15.16% | 100.60% | 25.67% | 67.10% | 57.57% | -12.89% | -5.68% | |
net income margin % | 19.86% | 28.68% | 30.68% | 17.70% | 22.23% | 16.84% | 24.19% | 12.86% | -10.18% | 23.20% | 17.31% | 10.03% | 11.05% | 28.37% | 25.25% | 26.40% | 24.95% | 31.69% | 27.51% | 39.89% | 43.45% | 47.78% | 42.92% | 42.43% | 31.13% | 27.84% | 23.99% | 18.62% | 21.08% | 22.38% |
earnings per share | ||||||||||||||||||||||||||||||
basic | 2.05 | 3.51 | 2.64 | 1.48 | 2.04 | 1.36 | 1.93 | 0.78 | -0.74 | 1.86 | 1.17 | 0.61 | 0.86 | 2.59 | 2.38 | 3.11 | 3.08 | 4.02 | 3.1 | 5.45 | 6.26 | 7.39 | 4.53 | 3.89 | 1.94 | 1.55 | 0.93 | 0.59 | 0.63 | 0.58 |
diluted | 1.96 | 3.37 | 2.54 | 1.42 | 1.96 | 1.3 | 1.85 | 0.74 | -0.7 | 1.77 | 1.11 | 0.57 | 0.81 | 2.46 | 2.28 | 2.94 | 2.89 | 3.8 | 2.94 | 5.15 | 5.92 | 7.03 | 4.39 | 3.73 | 1.88 | 1.51 | 0.92 | 0.58 | 0.65 | 0.57 |
weighted-average shares outstanding | ||||||||||||||||||||||||||||||
basic | 51,728 | 51,730 | 51,667 | 51,506 | 50,990 | 51,180 | 50,955 | 50,547 | 49,978 | 49,902 | 49,874 | 50,154 | 53,065 | 52,170 | 54,167 | 55,831 | 63,799 | 62,085 | 65,890 | 69,113 | 75,161 | 72,439 | 77,790 | 78,689 | 78,206 | 78,361 | 78,335 | 77,653 | 33,524 | 25,125 |
diluted | 53,882 | 53,879 | 53,635 | 53,624 | 53,356 | 53,495 | 53,204 | 53,100 | 52,733 | 52,561 | 52,264 | 53,352 | 55,950 | 54,968 | 56,642 | 59,129 | 67,471 | 65,652 | 69,399 | 73,117 | 78,728 | 76,138 | 80,424 | 82,008 | 80,340 | 80,382 | 79,318 | 79,286 | 35,322 | 78,913 |
| 234,659,000 | 141,419,000 | 172,430,000 | 168,694,000 | 222,567,000 | 298,459,000 | 500,658,000 | 626,754,000 | 582,648,000 | 754,341,000 | 859,061,000 | 855,269,000 | 682,173,000 | |||||||||||||||||
net interest expense: | ||||||||||||||||||||||||||||||
net interest expense | -17,648,000 | -18,211,000 | -7,060,000 | -9,343,000 | -5,690,000 | -3,293,000 | -21,263,000 | -23,425,000 | -17,416,250 | -22,399,000 | ||||||||||||||||||||
change in fair value of excess servicing spread financing payable to pennymac mortgage investment trust | -1,037,000 | 6,677,000 | 3,135,000 | 636,000 | 14,522,000 | -2,263,000 | 3,864,000 | 3,604,000 | 4,051,000 | |||||||||||||||||||||
interest income: | ||||||||||||||||||||||||||||||
interest expense: | ||||||||||||||||||||||||||||||
to non-affiliates | 104,028,000 | 82,965,000 | 71,127,000 | 77,307,000 | 89,844,000 | 90,711,000 | 102,431,000 | 106,433,000 | 91,651,000 | 61,109,000 | 50,835,000 | 59,538,000 | 62,965,000 | 54,089,000 | 50,157,000 | 34,477,000 | 32,907,000 | 35,035,000 | ||||||||||||
to pennymac mortgage investment trust | 1,280,000 | 2,002,000 | 2,070,000 | 2,372,000 | 1,974,000 | 2,167,000 | 2,291,000 | 2,767,000 | 3,066,000 | 3,554,000 | 3,740,000 | |||||||||||||||||||
dividend declared per share | 0.2 | 0.2 | 0.098 | 0.15 | 0.12 | 0.12 | ||||||||||||||||||||||||
hedging results | -109,147,000 | 6,521,000 | -15,764,000 | |||||||||||||||||||||||||||
change in fair value of mortgage servicing rights and mortgage servicing liabilities net of hedging results | 1,357,000 | |||||||||||||||||||||||||||||
from investment funds | ||||||||||||||||||||||||||||||
other fees | 24,521,000 | 26,018,000 | 26,008,000 | |||||||||||||||||||||||||||
management fees, net: | ||||||||||||||||||||||||||||||
carried interest from investment funds | -17,000 | |||||||||||||||||||||||||||||
benefit from income taxes | 50,705,000 | 44,724,000 | 26,894,000 | 14,156,000 | 5,346,000 | 5,545,000 | ||||||||||||||||||||||||
less: net income attributable to noncontrolling interest | 14,211,000 | 41,663,000 | ||||||||||||||||||||||||||||
net income attributable to pennymac financial services, inc. common stockholders | 152,661,000 | 121,473,000 | 72,696,000 | 46,135,000 | 38,749,000 | 14,489,000 | ||||||||||||||||||||||||
dividend declared per share of class a common stock | 0.1 | 0.4 | ||||||||||||||||||||||||||||
net mortgage loan servicing fees: | ||||||||||||||||||||||||||||||
mortgage loan servicing fees: | ||||||||||||||||||||||||||||||
ancillary and other fees | 22,017,000 | 19,316,000 | 17,009,000 | |||||||||||||||||||||||||||
net mortgage loan servicing fees | 80,571,000 | 105,212,000 | 109,703,000 | |||||||||||||||||||||||||||
net gains on mortgage loans held for sale at fair value: | ||||||||||||||||||||||||||||||
mortgage loan origination fees: | ||||||||||||||||||||||||||||||
marketing | 1,325,000 | 1,553,000 | 2,275,000 | |||||||||||||||||||||||||||
amortization, impairment and change in fair value of mortgage servicing rights and mortgage servicing liabilities | -89,719,000 | -63,450,000 | ||||||||||||||||||||||||||||
change in fair value of excess servicing spread payable to pennymac mortgage investment trust | 526,000 | -1,109,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||||||||
cash | 621,921,000 | 162,186,000 | 211,093,000 | 238,482,000 | 145,814,000 | 595,336,000 | 927,394,000 | 938,371,000 | 1,177,304,000 | 1,532,399,000 | 1,497,903,000 | 1,328,536,000 | 1,558,679,000 | 1,415,396,000 | 489,799,000 | 340,069,000 | 476,497,000 | 324,158,000 | 441,870,000 | 532,716,000 | 529,166,000 | 910,257,000 | 878,826,000 | 188,291,000 | 201,268,000 | 231,388,000 | 144,266,000 | 155,289,000 | 102,627,000 |
short-term investment at fair value | 62,228,000 | 462,262,000 | 443,393,000 | 420,553,000 | 667,934,000 | 188,772,000 | 69,000 | 10,268,000 | 5,553,000 | 8,088,000 | 3,584,000 | 12,194,000 | 36,098,000 | 4,961,000 | 78,006,000 | 6,873,000 | |||||||||||||
principal-only stripped mortgage-backed securities at fair value pledged to creditors | 774,021,000 | 784,958,000 | 817,596,000 | 825,865,000 | 960,267,000 | 914,223,000 | 524,576,000 | ||||||||||||||||||||||
loans held for sale at fair value | 7,490,473,000 | 6,961,224,000 | 7,095,270,000 | 8,217,468,000 | 6,565,704,000 | 6,238,959,000 | 5,200,350,000 | 4,420,691,000 | 5,186,656,000 | 4,270,494,000 | 6,772,423,000 | 3,509,300,000 | 4,149,726,000 | 3,586,810,000 | 5,119,234,000 | 9,742,483,000 | 9,659,695,000 | 10,884,506,000 | 13,385,789,000 | 11,616,400,000 | 9,126,172,000 | 4,918,253,000 | 5,541,987,000 | 4,912,953,000 | 4,522,971,000 | 3,506,406,000 | |||
derivative assets from non-affiliates | 200,303,000 | ||||||||||||||||||||||||||||
derivative assets from pennymac mortgage investment trust | 1,779,000 | ||||||||||||||||||||||||||||
servicing advances | 396,006,000 | 430,602,000 | 496,917,000 | 568,512,000 | 400,764,000 | 414,235,000 | 499,955,000 | 694,038,000 | 399,281,000 | 500,122,000 | 547,158,000 | 696,753,000 | 455,083,000 | 570,822,000 | 616,874,000 | 702,160,000 | 522,906,000 | 519,028,000 | 550,150,000 | 579,528,000 | 393,654,000 | 282,285,000 | 299,550,000 | 331,169,000 | 271,501,000 | 271,534,000 | 284,230,000 | 313,197,000 | 259,609,000 |
mortgage servicing rights at fair value | 9,653,942,000 | 9,531,249,000 | 8,963,889,000 | 8,744,528,000 | 7,752,292,000 | 7,923,078,000 | 7,483,210,000 | 7,099,348,000 | 7,084,356,000 | 6,510,585,000 | 6,003,390,000 | 5,953,621,000 | 5,661,672,000 | 5,217,167,000 | 4,707,039,000 | 3,878,078,000 | 3,611,120,000 | 3,412,648,000 | 3,268,910,000 | 2,581,174,000 | 2,333,821,000 | 2,213,539,000 | 2,193,697,000 | 2,926,790,000 | 2,556,253,000 | 2,720,335,000 | 2,905,090,000 | ||
investment in pennymac mortgage investment trust at fair value | 920,000 | 965,000 | 1,099,000 | 944,000 | 1,070,000 | 1,031,000 | 1,101,000 | 1,121,000 | 930,000 | 1,011,000 | 925,000 | 929,000 | 884,000 | 1,037,000 | 1,267,000 | 1,300,000 | 1,477,000 | 1,580,000 | 1,470,000 | 1,105,000 | 991,000 | 1,310,000 | 797,000 | 1,672,000 | 1,667,000 | 1,637,000 | 1,553,000 | 1,397,000 | 1,518,000 |
receivable from pennymac mortgage investment trust | 40,165,000 | 30,604,000 | 29,198,000 | 30,206,000 | 32,603,000 | 29,413,000 | 30,835,000 | 29,262,000 | 27,613,000 | 25,046,000 | 35,166,000 | 36,372,000 | 32,306,000 | 43,234,000 | 27,722,000 | 40,091,000 | 49,993,000 | 61,883,000 | 68,644,000 | 87,005,000 | 122,478,000 | 44,329,000 | 56,223,000 | 48,159,000 | 39,744,000 | 34,695,000 | 29,951,000 | 33,464,000 | 27,467,000 |
loans eligible for repurchase | 5,416,967,000 | 4,962,535,000 | 4,979,127,000 | 6,157,172,000 | 5,512,289,000 | 4,560,058,000 | 4,401,896,000 | 4,889,925,000 | 4,445,814,000 | 4,401,098,000 | 4,557,325,000 | 4,702,103,000 | 3,757,538,000 | 2,778,768,000 | 2,721,574,000 | 3,026,207,000 | 4,335,378,000 | 7,613,244,000 | 12,312,393,000 | 14,625,447,000 | 17,183,873,000 | 13,762,157,000 | 980,618,000 | 1,046,527,000 | 892,631,000 | 1,007,435,000 | |||
other | 742,395,000 | 714,677,000 | 663,363,000 | 770,081,000 | 642,189,000 | 566,573,000 | 623,368,000 | 582,460,000 | 465,022,000 | 593,698,000 | 513,241,000 | 417,907,000 | 473,527,000 | 468,081,000 | 546,054,000 | 616,616,000 | 567,776,000 | 612,273,000 | 638,257,000 | 692,169,000 | 651,229,000 | 522,625,000 | 209,378,000 | 219,621,000 | 221,967,000 | 111,420,000 | 157,057,000 | 109,559,000 | 86,194,000 |
total assets | 25,401,120,000 | 24,221,904,000 | 23,872,876,000 | 26,086,887,000 | 22,871,538,000 | 21,577,565,000 | 19,801,741,000 | 18,844,563,000 | 18,949,314,000 | 17,984,468,000 | 20,103,185,000 | 16,822,584,000 | 16,361,811,000 | 14,272,255,000 | 14,617,902,000 | 18,776,612,000 | 19,745,138,000 | 23,880,138,000 | 31,297,980,000 | 31,597,795,000 | 31,180,865,000 | 23,226,475,000 | 10,891,133,000 | 10,204,017,000 | 9,303,199,000 | 8,398,376,000 | 7,819,000,000 | 7,478,573,000 | 6,992,530,000 |
liabilities | |||||||||||||||||||||||||||||
assets sold under agreements to repurchase | 7,130,423,000 | 7,344,254,000 | 7,058,053,000 | 8,685,207,000 | 6,600,997,000 | 6,408,428,000 | 5,435,354,000 | 3,763,956,000 | 4,411,747,000 | 3,780,524,000 | 5,764,157,000 | 3,001,283,000 | 3,487,335,000 | 2,441,816,000 | 3,333,444,000 | 7,292,735,000 | 6,897,157,000 | 8,254,543,000 | 10,848,477,000 | 9,654,797,000 | 7,259,188,000 | 3,759,315,000 | 4,444,545,000 | 4,141,053,000 | 3,538,889,000 | 2,747,084,000 | 2,151,938,000 | 1,933,859,000 | 1,739,638,000 |
mortgage loan participation purchase and sale agreements | 699,182,000 | 700,296,000 | 510,141,000 | 496,512,000 | 517,527,000 | 511,837,000 | 363,798,000 | 446,054,000 | 498,392,000 | 505,712,000 | 515,358,000 | 287,592,000 | 367,473,000 | 502,116,000 | 494,396,000 | 479,845,000 | 519,784,000 | 512,253,000 | 518,747,000 | 521,477,000 | 535,063,000 | 536,395,000 | 528,750,000 | 497,948,000 | 514,625,000 | 523,177,000 | 547,879,000 | 532,251,000 | 524,667,000 |
notes payable secured by mortgage servicing assets | 1,325,716,000 | 1,327,143,000 | 1,724,608,000 | 2,048,972,000 | 1,723,632,000 | 1,723,144,000 | 1,972,020,000 | 1,873,415,000 | 2,673,402,000 | 2,472,726,000 | 2,471,930,000 | 1,942,646,000 | 1,793,972,000 | 1,793,260,000 | 1,298,067,000 | 1,297,622,000 | 1,297,176,000 | 1,296,731,000 | 1,296,285,000 | 1,295,840,000 | 1,295,143,000 | 1,294,949,000 | 1,294,514,000 | 1,294,070,000 | |||||
unsecured senior notes | 4,829,113,000 | 4,185,012,000 | 3,998,702,000 | 3,164,032,000 | 3,162,239,000 | 3,160,226,000 | 2,521,031,000 | 2,519,651,000 | 1,782,689,000 | 1,781,756,000 | 1,780,833,000 | 1,779,920,000 | 1,778,988,000 | 1,778,055,000 | 1,777,132,000 | 1,776,219,000 | 1,783,230,000 | 1,288,769,000 | 1,288,198,000 | 645,820,000 | 492,358,000 | ||||||||
derivative liabilities to non-affiliates | 17,179,000 | 32,503,000 | |||||||||||||||||||||||||||
derivative liabilities to pennymac mortgage investment trust | 7,097,000 | ||||||||||||||||||||||||||||
mortgage servicing liabilities at fair value | 1,593,000 | 1,643,000 | 1,651,000 | 1,683,000 | 1,718,000 | 1,708,000 | 1,732,000 | 1,805,000 | 1,818,000 | 1,940,000 | 2,011,000 | 2,096,000 | 2,214,000 | 2,337,000 | 2,564,000 | 2,816,000 | 47,567,000 | 100,091,000 | 46,026,000 | 45,324,000 | 31,698,000 | 29,858,000 | 29,761,000 | 29,140,000 | 34,294,000 | 12,948,000 | 7,844,000 | 8,681,000 | 9,769,000 |
accounts payable and accrued expenses | 476,094,000 | 394,785,000 | 365,056,000 | 354,414,000 | 331,512,000 | 294,812,000 | 263,338,000 | 449,896,000 | 236,611,000 | 258,278,000 | 218,433,000 | 262,358,000 | 358,187,000 | 317,998,000 | 371,908,000 | 359,413,000 | 358,944,000 | 369,766,000 | 355,429,000 | 308,398,000 | 278,403,000 | 216,399,000 | 198,897,000 | 175,273,000 | 215,379,000 | 151,504,000 | 162,677,000 | 156,212,000 | 140,363,000 |
payable to pennymac mortgage investment trust | 80,605,000 | 86,174,000 | 101,175,000 | 122,317,000 | 81,040,000 | 100,220,000 | 127,993,000 | 208,210,000 | 97,975,000 | 123,287,000 | 142,007,000 | 205,011,000 | 87,978,000 | 98,991,000 | 159,468,000 | 228,019,000 | 138,972,000 | 136,660,000 | 164,469,000 | 140,306,000 | 77,136,000 | 56,558,000 | 59,281,000 | 73,280,000 | 61,862,000 | 65,605,000 | 76,494,000 | 104,631,000 | 91,818,000 |
payable to exchanged private national mortgage acceptance company, llc unitholders under tax receivable agreement | 24,806,000 | 24,806,000 | 25,898,000 | 25,898,000 | 26,099,000 | 26,099,000 | 26,099,000 | 26,099,000 | 26,099,000 | 26,099,000 | 26,099,000 | 26,099,000 | 26,675,000 | 27,014,000 | 30,530,000 | 30,530,000 | 31,815,000 | 31,815,000 | 35,165,000 | 35,165,000 | 35,784,000 | 46,158,000 | 46,158,000 | 46,158,000 | 46,537,000 | 46,537,000 | 46,537,000 | 46,537,000 | 47,605,000 |
income taxes payable | 1,151,395,000 | 1,097,452,000 | 1,158,642,000 | 1,131,000,000 | 1,105,550,000 | 1,082,397,000 | 1,047,337,000 | 1,042,886,000 | 1,059,993,000 | 1,026,147,000 | 1,010,928,000 | 1,002,744,000 | 964,307,000 | 885,721,000 | 745,873,000 | 685,262,000 | 659,768,000 | 570,052,000 | 751,855,000 | 622,700,000 | 673,149,000 | 736,870,000 | 613,043,000 | 504,569,000 | 480,559,000 | 441,336,000 | 414,636,000 | 400,546,000 | 74,158,000 |
liability for loans eligible for repurchase | 5,416,967,000 | 4,962,535,000 | 4,979,127,000 | 6,157,172,000 | 5,512,289,000 | 4,560,058,000 | 4,401,896,000 | 4,889,925,000 | 4,445,814,000 | 4,401,098,000 | 4,557,325,000 | 4,702,103,000 | 3,757,538,000 | 2,778,768,000 | 2,721,574,000 | 3,026,207,000 | 4,335,378,000 | 7,613,244,000 | 12,312,393,000 | 14,625,447,000 | 17,183,873,000 | 13,762,157,000 | 980,618,000 | 1,046,527,000 | 892,631,000 | 1,007,435,000 | |||
liability for losses under representations and warranties | 33,064,000 | 31,763,000 | 30,774,000 | 29,129,000 | 28,286,000 | 28,688,000 | 29,976,000 | 30,788,000 | 30,491,000 | 30,146,000 | 31,103,000 | 32,421,000 | 37,187,000 | 39,336,000 | 42,794,000 | 43,521,000 | 45,806,000 | 44,335,000 | 38,428,000 | 32,688,000 | 28,504,000 | 25,909,000 | 23,202,000 | 21,446,000 | 19,968,000 | 18,709,000 | 17,982,000 | 21,155,000 | 21,022,000 |
total liabilities | 21,193,234,000 | 20,189,404,000 | 19,969,120,000 | 22,257,236,000 | 19,132,360,000 | 17,916,447,000 | 16,231,358,000 | 15,305,960,000 | 15,376,441,000 | 14,505,708,000 | 16,650,995,000 | 13,351,535,000 | 12,879,721,000 | 10,810,870,000 | 11,176,299,000 | 15,358,287,000 | 16,240,836,000 | 20,366,309,000 | 27,830,566,000 | 28,208,407,000 | 28,163,788,000 | 20,747,282,000 | 8,527,004,000 | 8,142,510,000 | 7,391,586,000 | 6,619,379,000 | 6,117,808,000 | 5,824,782,000 | 5,075,820,000 |
commitments and contingencies – note 18 | |||||||||||||||||||||||||||||
stockholders’ equity | |||||||||||||||||||||||||||||
common stock—authorized 200,000,000 shares of 0.0001 par value... | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 6,000 | 6,000 | 6,000 | 6,000 | 7,000 | 7,000 | 7,000 | 7,000 | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | |
additional paid-in capital | 86,680,000 | 76,991,000 | 68,902,000 | 56,072,000 | 54,415,000 | 30,053,000 | 27,179,000 | 24,287,000 | 11,475,000 | 125,396,000 | 372,198,000 | 618,337,000 | 762,585,000 | 1,047,052,000 | 1,116,428,000 | 1,113,412,000 | 1,341,219,000 | 1,335,107,000 | 1,328,166,000 | 1,317,023,000 | 1,311,914,000 | 1,310,648,000 | 236,457,000 | ||||||
retained earnings | 4,121,201,000 | 3,955,504,000 | 3,834,849,000 | 3,773,574,000 | 3,684,758,000 | 3,631,060,000 | 3,543,199,000 | 3,514,311,000 | 3,561,393,000 | 3,478,755,000 | 3,452,185,000 | 3,471,044,000 | 3,482,085,000 | 3,461,380,000 | 3,441,597,000 | 3,292,923,000 | 3,132,098,000 | 2,895,486,000 | 2,704,822,000 | 2,342,329,000 | 1,900,642,000 | 1,365,774,000 | 1,022,902,000 | 726,392,000 | 583,439,000 | 461,966,000 | 389,270,000 | 343,135,000 | 304,386,000 |
total stockholders' equity | 4,207,886,000 | 4,032,500,000 | 3,903,756,000 | 3,829,651,000 | 3,739,178,000 | 3,661,118,000 | 3,570,383,000 | 3,538,603,000 | 3,572,873,000 | 3,478,760,000 | 3,452,190,000 | 3,471,049,000 | 3,482,090,000 | 3,461,385,000 | 3,441,603,000 | 3,418,325,000 | 3,504,302,000 | 3,513,829,000 | 3,467,414,000 | 3,389,388,000 | 3,017,077,000 | 2,479,193,000 | 2,364,129,000 | 2,061,507,000 | 1,911,613,000 | 1,778,997,000 | 1,701,192,000 | 1,653,791,000 | 1,916,710,000 |
total liabilities and stockholders' equity | 25,401,120,000 | 24,221,904,000 | 23,872,876,000 | 26,086,887,000 | 22,871,538,000 | 21,577,565,000 | 19,801,741,000 | 18,844,563,000 | 18,949,314,000 | 17,984,468,000 | 20,103,185,000 | 16,822,584,000 | 16,361,811,000 | 14,272,255,000 | |||||||||||||||
| |||||||||||||||||||||||||||||
derivative assets | 180,642,000 | 171,931,000 | 113,076,000 | 190,612,000 | 145,887,000 | 108,987,000 | 179,079,000 | 103,366,000 | 85,517,000 | 110,664,000 | 99,003,000 | 164,160,000 | 103,901,000 | 225,071,000 | 333,695,000 | 429,984,000 | 371,269,000 | 530,852,000 | 711,238,000 | 578,254,000 | 400,302,000 | 433,211,000 | 159,686,000 | 232,948,000 | 168,116,000 | 121,153,000 | 96,347,000 | 73,618,000 | |
derivative liability to pmt | 1,038,000 | 741,000 | |||||||||||||||||||||||||||
derivative liabilities | 14,552,000 | 40,900,000 | 41,471,000 | 18,830,000 | 40,784,000 | 53,275,000 | 41,200,000 | 22,039,000 | 49,087,000 | 21,712,000 | 125,487,000 | 42,702,000 | 90,837,000 | 22,606,000 | 14,204,000 | 43,910,000 | 68,557,000 | 42,638,000 | 24,537,000 | 21,154,000 | 43,152,000 | 22,330,000 | 14,035,000 | 15,952,000 | 17,838,000 | 3,064,000 | 12,693,000 | ||
commitments and contingencies – note 19 | |||||||||||||||||||||||||||||
operating lease right-of-use assets | 53,419,000 | 56,410,000 | 61,406,000 | 65,866,000 | 72,138,000 | 82,078,000 | 85,262,000 | 89,040,000 | 85,266,000 | 75,829,000 | 74,795,000 | 74,934,000 | 72,133,000 | 73,571,000 | 71,639,000 | 73,090,000 | 53,384,000 | 53,977,000 | 56,239,000 | ||||||||||
operating lease liabilities | 70,210,000 | 75,956,000 | 81,724,000 | 85,550,000 | 92,380,000 | 102,756,000 | 106,316,000 | 110,003,000 | 105,452,000 | 96,463,000 | 96,069,000 | 94,193,000 | 92,005,000 | 93,605,000 | 89,829,000 | 91,320,000 | 72,160,000 | 73,461,000 | 76,373,000 | ||||||||||
commitments and contingencies – note 16 | |||||||||||||||||||||||||||||
obligations under capital lease | 1,396,000 | 3,489,000 | 5,583,000 | 7,677,000 | 10,468,000 | 11,864,000 | 13,957,000 | 16,749,000 | 18,145,000 | 20,810,000 | 23,881,000 | 28,295,000 | 5,091,000 | 6,605,000 | 9,630,000 | ||||||||||||||
total liabilities and stockholders’ equity | 14,617,902,000 | 18,776,612,000 | 19,745,138,000 | 23,880,138,000 | 31,297,980,000 | 31,597,795,000 | 31,180,865,000 | 23,226,475,000 | 10,891,133,000 | 10,204,017,000 | 9,303,199,000 | 8,398,376,000 | 7,819,000,000 | 7,478,573,000 | 6,992,530,000 | ||||||||||||||
assets purchased from pennymac mortgage investment trust under agreements to resell pledged to creditors | 80,862,000 | 86,958,000 | 90,101,000 | 99,766,000 | 107,512,000 | 107,678,000 | 118,716,000 | 125,929,000 | 131,025,000 | 133,128,000 | |||||||||||||||||||
excess servicing spread financing payable to pennymac mortgage investment trust at fair value | 131,750,000 | 142,990,000 | 151,206,000 | 157,109,000 | 178,586,000 | 183,141,000 | 194,156,000 | 205,081,000 | 216,110,000 | 223,275,000 | |||||||||||||||||||
short-term investments at fair value | 5,046,000 | 3,720,000 | 24,850,000 | 15,217,000 | 102,136,000 | 7,746,000 | 1,884,000 | 74,611,000 | 90,663,000 | 75,542,000 | 149,372,000 | 117,824,000 | 145,476,000 | ||||||||||||||||
commitments and contingencies – note 15 | |||||||||||||||||||||||||||||
real estate acquired in settlement of loans | 20,197,000 | 20,326,000 | 20,328,000 | 8,160,000 | 1,690,000 | 2,250,000 | 2,493,000 | ||||||||||||||||||||||
furniture, fixtures, equipment and building improvements | 29,177,000 | 30,480,000 | 32,221,000 | 33,373,000 | 33,423,000 | 33,374,000 | 31,662,000 | ||||||||||||||||||||||
capitalized software | 74,183,000 | 63,130,000 | 57,975,000 | 55,642,000 | 45,416,000 | 39,748,000 | 36,484,000 | ||||||||||||||||||||||
commitments and contingencies – note 14 | |||||||||||||||||||||||||||||
notes payable | 1,293,625,000 | 1,293,180,000 | 1,292,736,000 | 1,292,291,000 | 1,291,847,000 | ||||||||||||||||||||||||
mortgage loans held for sale at fair value | 2,668,929,000 | 2,521,647,000 | 2,416,955,000 | ||||||||||||||||||||||||||
mortgage loans eligible for repurchase | 1,094,702,000 | 1,102,840,000 | 889,335,000 | ||||||||||||||||||||||||||
liability for mortgage loans eligible for repurchase | 1,094,702,000 | 1,102,840,000 | 889,335,000 | ||||||||||||||||||||||||||
mortgage servicing rights | 2,820,612,000 | 2,785,964,000 | |||||||||||||||||||||||||||
class b common stock—authorized 1,000 shares of 0.0001 par value... | |||||||||||||||||||||||||||||
total stockholders' equity attributable to pennymac financial services, inc. common stockholders | 1,653,791,000 | 540,846,000 | |||||||||||||||||||||||||||
noncontrolling interest in private national mortgage acceptance company, llc | 1,375,864,000 | ||||||||||||||||||||||||||||
class a common stock—authorized 200,000,000 shares of 0.0001 par value... | 3,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flow from operating activities | ||||||||||||||||||||||||||||
net income | 181,503,000 | 136,463,000 | 76,280,000 | 104,489,000 | 69,368,000 | 98,258,000 | 39,308,000 | -36,842,000 | 92,870,000 | 58,250,000 | 30,378,000 | 37,617,000 | 135,134,000 | 129,163,000 | 173,593,000 | 173,083,000 | 249,310,000 | 204,229,000 | 376,868,000 | 452,804,000 | 535,160,000 | 352,677,000 | 306,243,000 | -152,610,000 | 121,473,000 | 72,696,000 | 46,135,000 | 52,960,000 |
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||||||||||
net gains on loans held for sale at fair value | -314,455,000 | -234,659,000 | -221,037,000 | -222,044,000 | -256,819,000 | -176,064,000 | -162,441,000 | -148,765,000 | -151,374,000 | -141,419,000 | -104,385,000 | -101,913,000 | -168,694,000 | -222,567,000 | -298,459,000 | -500,658,000 | -626,754,000 | -582,648,000 | -754,341,000 | -859,061,000 | -855,269,000 | -682,173,000 | -344,282,000 | -235,732,000 | ||||
change in fair value of mortgage servicing rights and mortgage servicing liabilities | 392,174,000 | 247,170,000 | 430,956,000 | -324,816,000 | 628,258,000 | 101,315,000 | 28,585,000 | 534,960,000 | -221,096,000 | 55,257,000 | 236,447,000 | |||||||||||||||||
mortgage servicing rights hedging results | -98,306,000 | 109,102,000 | -106,774,000 | 608,112,000 | -242,051,000 | 171,777,000 | 294,645,000 | -294,787,000 | 423,656,000 | 155,136,000 | -47,227,000 | 72,870,000 | 164,749,000 | 176,005,000 | 217,860,000 | 37,723,000 | 86,459,000 | -91,118,000 | 442,151,000 | |||||||||
accrual of unearned discounts on principal-only stripped mortgage-backed securities | -13,642,000 | -6,699,000 | -11,335,000 | |||||||||||||||||||||||||
capitalization of interest on loans held for sale | -241,000 | -1,388,000 | -210,000 | -111,000 | -115,000 | -119,000 | -128,000 | -73,000 | -171,000 | -284,000 | -223,000 | |||||||||||||||||
amortization of debt issuance costs | 7,558,000 | 10,205,000 | 7,072,000 | 6,952,000 | 7,062,000 | 7,441,000 | 7,357,000 | 6,507,000 | 5,610,000 | 4,607,000 | 4,708,000 | 4,638,000 | 4,427,000 | 5,018,000 | 5,115,000 | 7,297,000 | ||||||||||||
results of real estate acquired in settlement in loans | 981,000 | -47,000 | 225,000 | -534,000 | 269,000 | -193,000 | -406,000 | -567,000 | -637,000 | -199,000 | -142,000 | -629,000 | -528,000 | -810,000 | -543,000 | -295,000 | -378,000 | -540,000 | -780,000 | -233,000 | -1,214,000 | -296,000 | 707,000 | -188,000 | -743,000 | -274,000 | -410,000 | |
change in fair value of investment in common shares of pennymac mortgage investment trust | 45,000 | 134,000 | -155,000 | 126,000 | -39,000 | 70,000 | 20,000 | -191,000 | 81,000 | -86,000 | 4,000 | -45,000 | 153,000 | 230,000 | 33,000 | 177,000 | 103,000 | -110,000 | -365,000 | -114,000 | 319,000 | -513,000 | 875,000 | -30,000 | -84,000 | -156,000 | 121,000 | |
repricing of payable to exchanged private national mortgage acceptance company, llc unitholders under tax receivable agreement | 0 | |||||||||||||||||||||||||||
stock-based compensation expense | 9,929,000 | 7,518,000 | 11,084,000 | -446,000 | 18,943,000 | -2,212,000 | 4,583,000 | 6,743,000 | 8,814,000 | 375,000 | 11,650,000 | 11,863,000 | 6,466,000 | 14,948,000 | 9,275,000 | 9,199,000 | 8,824,000 | 8,894,000 | 10,877,000 | 18,885,000 | 7,095,000 | 6,757,000 | 12,368,000 | 8,941,000 | 5,652,000 | 4,531,000 | 4,485,000 | |
provision for servicing advance losses | 10,130,000 | 46,496,000 | 45,341,000 | 30,255,000 | 3,806,000 | |||||||||||||||||||||||
depreciation and amortization | 12,956,000 | 14,731,000 | 13,896,000 | 13,819,000 | 13,761,000 | 14,240,000 | 14,164,000 | 14,092,000 | 13,183,000 | 13,234,000 | 12,705,000 | 10,600,000 | 9,434,000 | 7,364,000 | 7,011,000 | 6,916,000 | 6,762,000 | 7,335,000 | 7,632,000 | 8,449,000 | 6,401,000 | 5,373,000 | 5,352,000 | 3,900,000 | 3,591,000 | 3,159,000 | 3,879,000 | |
impairment of capitalized software | 0 | 0 | 0 | 728,000 | ||||||||||||||||||||||||
amortization of operating lease right-of-use assets | 3,519,000 | 3,631,000 | 3,405,000 | 3,420,000 | 3,373,000 | 3,447,000 | 3,436,000 | 3,493,000 | 4,157,000 | 4,099,000 | 5,055,000 | 4,035,000 | ||||||||||||||||
purchase of loans held for sale from pennymac mortgage investment trust | -5,474,275,000 | -26,944,559,000 | -20,437,666,000 | -24,495,312,000 | -20,341,142,000 | -20,859,260,000 | -16,302,059,000 | -21,629,313,000 | -18,725,229,000 | -18,636,127,000 | -13,451,030,000 | -14,031,451,000 | -12,561,276,000 | -10,822,122,000 | -13,160,768,000 | -16,380,235,000 | -15,996,702,000 | -17,054,082,000 | -18,420,615,000 | -19,896,727,000 | -17,608,955,000 | -11,603,294,000 | -14,509,209,000 | -14,662,668,000 | ||||
purchase of loans held for sale from non-affiliates | -24,718,142,000 | -1,386,419,000 | -815,720,000 | -929,452,000 | -739,912,000 | -696,637,000 | -496,609,000 | -549,789,000 | -539,250,000 | -563,133,000 | -404,963,000 | -238,596,000 | -348,785,000 | -586,619,000 | -628,769,000 | -1,028,745,000 | -1,203,446,000 | -1,221,081,000 | -1,443,255,000 | -1,283,712,000 | -1,054,414,000 | -840,351,000 | -620,859,000 | |||||
origination of loans held for sale | -7,013,649,000 | -6,641,282,000 | -5,084,079,000 | -6,654,640,000 | -5,097,016,000 | -3,899,030,000 | -3,073,792,000 | -2,493,140,000 | -2,974,056,000 | -3,108,281,000 | -2,194,780,000 | -1,953,517,000 | -3,214,851,000 | -5,057,180,000 | -10,071,516,000 | -13,222,583,000 | -13,903,246,000 | -13,416,648,000 | -14,314,637,000 | -11,203,077,000 | -8,760,261,000 | -6,865,811,000 | -4,954,316,000 | -2,723,330,000 | ||||
purchase of loans from ginnie mae securities and early buyout investors | -1,216,687,000 | -1,116,182,000 | -1,079,557,000 | -988,165,000 | -799,713,000 | -787,660,000 | -791,726,000 | -510,709,000 | -649,421,000 | -681,625,000 | -714,110,000 | -578,775,000 | -867,759,000 | -1,566,464,000 | -3,186,214,000 | -5,674,114,000 | -6,407,143,000 | |||||||||||
sale to non-affiliates and principal payment of loans held for sale | 33,549,142,000 | 34,656,042,000 | 27,587,429,000 | 30,399,238,000 | 26,168,605,000 | 24,860,532,000 | 19,676,917,000 | 25,623,317,000 | 21,651,096,000 | 25,024,768,000 | 13,385,341,000 | |||||||||||||||||
sale of loans held for sale to pennymac mortgage investment trust | 3,983,322,000 | 1,034,884,000 | 654,808,000 | 471,702,000 | 0 | 0 | 0 | 27,000 | 2,742,000 | 2,246,127,000 | 1,876,358,000 | |||||||||||||||||
repurchase of loans subject to representations and warranties | -31,711,000 | -25,418,000 | -19,942,000 | -19,049,000 | -25,837,000 | -23,468,000 | -21,395,000 | -10,632,000 | -14,598,000 | -13,885,000 | -10,460,000 | -16,059,000 | -31,689,000 | -28,089,000 | -17,087,000 | -24,485,000 | -31,109,000 | -25,928,000 | -17,986,000 | -14,711,000 | -9,146,000 | -18,236,000 | -16,282,000 | -4,115,000 | ||||
decrease in servicing advances | -28,301,000 | 10,675,000 | 25,134,000 | -25,711,000 | 51,245,000 | 168,554,000 | 83,270,000 | 26,827,000 | 138,018,000 | 105,589,000 | 46,502,000 | 82,438,000 | -35,829,000 | 48,372,000 | -16,056,000 | 18,467,000 | 2,286,000 | 24,087,000 | ||||||||||
increase in receivable from pennymac mortgage investment trust | -12,359,000 | -3,668,000 | -229,000 | 32,211,000 | -80,360,000 | -6,506,000 | -6,847,000 | |||||||||||||||||||||
sale of real estate acquired in settlement of loans | 16,251,000 | 17,333,000 | 19,992,000 | 26,316,000 | 12,169,000 | 12,506,000 | 13,165,000 | 10,591,000 | 8,628,000 | 8,878,000 | 7,533,000 | 4,342,000 | 5,482,000 | 5,515,000 | 4,422,000 | 2,843,000 | 2,209,000 | 4,557,000 | 4,946,000 | 4,713,000 | 8,283,000 | 10,100,000 | 9,459,000 | 13,075,000 | 1,991,000 | 2,075,000 | 1,033,000 | |
increase in other assets | -9,458,000 | -2,624,000 | -6,046,000 | -33,707,000 | -28,945,000 | -172,812,000 | -20,944,000 | 37,205,000 | -38,676,000 | |||||||||||||||||||
increase in accounts payable and accrued expenses | 68,172,000 | -95,563,000 | 40,111,000 | -53,532,000 | -501,000 | -11,041,000 | -15,414,000 | 14,225,000 | 46,896,000 | 32,525,000 | 62,997,000 | 17,926,000 | 21,866,000 | 73,085,000 | -4,768,000 | 10,483,000 | 16,302,000 | |||||||||||
decrease in operating lease liabilities | -4,283,000 | -4,933,000 | -4,630,000 | -4,565,000 | -4,550,000 | -4,429,000 | -4,380,000 | -4,166,000 | -6,912,000 | -5,166,000 | -4,914,000 | -6,830,000 | -4,522,000 | -4,353,000 | -3,687,000 | -3,853,000 | -4,192,000 | -4,199,000 | -4,066,000 | -3,043,000 | -3,490,000 | -3,419,000 | -3,469,000 | -3,230,000 | -3,027,000 | -2,977,000 | ||
decrease in payable to pennymac mortgage investment trust | -2,451,000 | -12,522,000 | -20,126,000 | -18,871,000 | -28,258,000 | -80,581,000 | -25,812,000 | -19,229,000 | -62,927,000 | -12,661,000 | -11,171,000 | 10,760,000 | -7,742,000 | -17,019,000 | -5,262,000 | -11,855,000 | -28,752,000 | |||||||||||
increase in income taxes payable | 53,943,000 | -61,189,000 | 27,641,000 | 25,451,000 | 23,153,000 | 35,060,000 | 4,451,000 | -17,107,000 | 33,846,000 | 15,219,000 | 8,184,000 | 38,437,000 | 78,586,000 | 139,848,000 | 60,611,000 | 25,494,000 | 89,716,000 | -181,803,000 | 129,155,000 | -50,449,000 | -63,721,000 | 123,827,000 | 108,474,000 | -57,124,000 | 39,223,000 | 26,700,000 | 14,090,000 | 5,865,000 |
net cash from operating activities | -697,373,000 | -131,315,000 | 1,065,957,000 | -2,148,736,000 | -393,708,000 | -1,092,886,000 | -897,940,000 | 430,289,000 | -975,942,000 | 2,228,325,000 | -3,264,891,000 | 489,409,000 | -587,690,000 | 1,704,152,000 | 4,427,364,000 | -207,022,000 | 1,438,485,000 | 2,579,614,000 | -1,248,016,000 | -2,275,407,000 | -4,289,128,000 | 1,095,881,000 | -730,284,000 | 1,698,418,000 | -808,196,000 | -747,698,000 | -134,247,000 | -160,188,000 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | -697,373,000 | -131,315,000 | 1,065,957,000 | -2,148,736,000 | -393,708,000 | -1,092,886,000 | -897,940,000 | 430,289,000 | -975,942,000 | 2,228,325,000 | -3,264,891,000 | 489,409,000 | -587,690,000 | 1,704,152,000 | 4,427,364,000 | -207,022,000 | 1,438,485,000 | 2,579,614,000 | -1,248,016,000 | -2,275,407,000 | -4,289,128,000 | 1,095,881,000 | -730,284,000 | 1,698,418,000 | -808,196,000 | -747,698,000 | -134,247,000 | -160,188,000 |
cash flow from investing activities | ||||||||||||||||||||||||||||
decrease in short-term investment | 247,381,000 | -479,162,000 | -188,703,000 | 10,199,000 | -4,715,000 | 2,535,000 | -4,504,000 | 8,610,000 | 23,904,000 | -31,137,000 | ||||||||||||||||||
purchase of principal-only stripped mortgage-backed securities | 0 | 0 | -410,617,000 | -524,739,000 | ||||||||||||||||||||||||
repayment of principal-only stripped mortgage-backed securities | 34,991,000 | 46,529,000 | 37,738,000 | 60,010,000 | 23,054,000 | 13,336,000 | 116,000 | |||||||||||||||||||||
sale of interest-only stripped mortgage-backed securities | 80,666,000 | |||||||||||||||||||||||||||
net settlement of derivative financial instruments used for hedging of mortgage servicing rights | 154,352,000 | -85,485,000 | 74,572,000 | -492,436,000 | 181,305,000 | -166,712,000 | -224,750,000 | 208,237,000 | -429,954,000 | -98,677,000 | 78,438,000 | -61,129,000 | -236,640,000 | -286,374,000 | -287,735,000 | 36,925,000 | -125,701,000 | 181,837,000 | -527,458,000 | -87,801,000 | 5,642,000 | 53,218,000 | 942,005,000 | |||||
sale of mortgage servicing rights to non-affiliates | ||||||||||||||||||||||||||||
sale of mortgage servicing rights to pennymac mortgage investment trust | ||||||||||||||||||||||||||||
acquisition of capitalized software | -8,201,000 | -9,146,000 | -7,137,000 | -7,381,000 | -4,340,000 | -4,797,000 | -3,864,000 | -7,134,000 | -8,406,000 | -8,654,000 | -10,590,000 | -12,304,000 | -20,364,000 | -19,837,000 | -19,430,000 | -16,704,000 | -10,682,000 | -11,538,000 | -10,056,000 | -9,647,000 | -5,173,000 | -19,162,000 | -14,108,000 | -3,952,000 | -11,488,000 | -6,750,000 | -4,353,000 | |
purchase of furniture, fixtures, equipment and leasehold improvements | -2,075,000 | -1,305,000 | -371,000 | -248,000 | -148,000 | -401,000 | -918,000 | -495,000 | -260,000 | -458,000 | -173,000 | -1,555,000 | -1,515,000 | -1,512,000 | -2,577,000 | -1,900,000 | -950,000 | -2,311,000 | -2,738,000 | -5,087,000 | -2,112,000 | -2,478,000 | -994,000 | -1,129,000 | -2,279,000 | -2,126,000 | -4,502,000 | |
increase in margin deposits | 6,884,000 | -89,141,000 | -51,578,000 | -81,433,000 | 20,100,000 | -38,656,000 | -6,378,000 | |||||||||||||||||||||
net cash from investing activities | 753,042,000 | -157,417,000 | 30,384,000 | -128,345,000 | -239,204,000 | -737,794,000 | -782,612,000 | 104,688,000 | -191,484,000 | -238,015,000 | -56,190,000 | -259,969,000 | -167,408,000 | -2,911,000 | -156,219,000 | 78,279,000 | -223,518,000 | -141,565,000 | -61,538,000 | -130,088,000 | 1,116,225,000 | 8,977,000 | 253,210,000 | -92,771,000 | 27,172,000 | |||
cash flow from financing activities | ||||||||||||||||||||||||||||
sale of assets under agreements to repurchase | 37,858,243,000 | 36,170,500,000 | 27,533,478,000 | 31,940,993,000 | 28,508,315,000 | 27,720,619,000 | 20,836,772,000 | 24,074,885,000 | 21,944,213,000 | 22,619,734,000 | 16,713,811,000 | 16,469,565,000 | 16,519,122,000 | 17,158,810,000 | 24,928,688,000 | 35,250,450,000 | 31,492,025,000 | 33,631,447,000 | 35,805,822,000 | 34,109,196,000 | 28,561,761,000 | 19,050,517,000 | 20,510,531,000 | 20,341,323,000 | 12,573,009,000 | 8,382,013,000 | 10,056,900,000 | |
repurchase of assets sold under agreements to repurchase | -38,073,426,000 | -35,883,601,000 | -29,161,286,000 | -29,857,941,000 | -28,312,906,000 | -26,747,451,000 | -19,165,094,000 | -24,723,734,000 | -21,312,223,000 | -24,601,997,000 | -13,949,931,000 | -16,954,957,000 | -15,475,055,000 | -18,049,373,000 | -28,889,470,000 | -34,856,392,000 | -32,850,975,000 | -36,225,871,000 | -34,613,141,000 | -31,712,247,000 | -25,064,211,000 | -19,727,816,000 | -20,205,416,000 | -19,550,239,000 | -11,977,222,000 | -8,164,625,000 | -9,860,539,000 | |
issuance of mortgage loan participation purchase and sale certificates | 6,659,423,000 | 6,469,920,000 | 5,807,294,000 | 6,030,268,000 | 6,150,151,000 | 5,567,880,000 | 5,399,717,000 | 6,096,867,000 | 6,094,272,000 | 5,871,976,000 | 4,170,792,000 | 4,365,346,000 | 5,390,796,000 | 4,218,514,000 | 5,338,287,000 | 5,793,530,000 | 5,482,624,000 | 6,168,817,000 | 6,339,539,000 | 5,792,234,000 | 6,266,715,000 | 6,274,801,000 | 5,273,329,000 | 6,122,740,000 | 5,819,903,000 | 5,555,946,000 | ||
repayment of mortgage loan participation purchase and sale certificates | -6,660,771,000 | -6,279,000,000 | -5,793,836,000 | -6,051,454,000 | -6,144,638,000 | -5,419,329,000 | -5,482,145,000 | -6,149,377,000 | -6,101,763,000 | -5,881,106,000 | -3,943,198,000 | -4,445,400,000 | -5,525,574,000 | -4,210,278,000 | -5,323,593,000 | -5,833,469,000 | -5,475,093,000 | -6,175,311,000 | -6,342,269,000 | -5,806,136,000 | -6,267,731,000 | -6,267,156,000 | -5,242,527,000 | -6,131,395,000 | -5,844,662,000 | -5,540,374,000 | ||
issuance of notes payable secured by mortgage servicing assets | 425,000,000 | 325,000,000 | 0 | 0 | 725,000,000 | 125,000,000 | 200,000,000 | 0 | 680,000,000 | 150,000,000 | 0 | |||||||||||||||||
repayment of notes payable secured by mortgage servicing assets | -425,000,000 | -500,000,000 | -325,000,000 | 0 | 0 | -250,000,000 | -625,000,000 | -925,000,000 | 0 | 0 | -150,000,000 | |||||||||||||||||
issuance of unsecured senior notes | 650,000,000 | 850,000,000 | 850,000,000 | 0 | 0 | 0 | 500,000,000 | 0 | 650,000,000 | 150,000,000 | ||||||||||||||||||
repayment of unsecured senior notes | 0 | |||||||||||||||||||||||||||
payment of debt issuance costs | -13,299,000 | -22,699,000 | -21,064,000 | -3,490,000 | -7,224,000 | -17,728,000 | -7,480,000 | -18,302,000 | -4,597,000 | -4,774,000 | -5,345,000 | -5,519,000 | -1,195,000 | -10,483,000 | -2,409,000 | -10,212,000 | -8,707,000 | -5,173,000 | -13,475,000 | -3,750,000 | -12,122,000 | -10,852,000 | -3,388,000 | -1,425,000 | -1,528,000 | -1,536,000 | -4,662,000 | |
issuance of common stock by exercise of stock options | 4,441,000 | 513,000 | 5,452,000 | 2,046,000 | ||||||||||||||||||||||||
payment of withholding taxes relating to stock-based compensation | 0 | 0 | -3,763,000 | 0 | 0 | 0 | -9,401,000 | 0 | 0 | 0 | -9,142,000 | 0 | 0 | 0 | -7,780,000 | -415,000 | -32,000 | 0 | -8,546,000 | 0 | 0 | 0 | -5,265,000 | 0 | 0 | -4,634,000 | ||
payment of dividends to holders of common stock | -15,806,000 | -15,808,000 | -15,005,000 | -15,673,000 | -15,670,000 | -10,397,000 | -10,420,000 | -10,240,000 | -10,232,000 | |||||||||||||||||||
repurchase of common stock | 84,000 | 0 | -26,214,000 | -45,361,000 | -51,327,000 | -99,702,000 | -113,645,000 | -141,412,000 | -257,401,000 | -257,354,000 | -154,920,000 | -288,519,000 | -89,269,000 | -6,927,000 | -237,162,000 | -4,121,000 | 0 | -467,000 | ||||||||||
net cash from financing activities | 404,066,000 | 239,825,000 | -1,123,730,000 | 2,369,749,000 | 183,390,000 | 1,498,622,000 | 1,669,575,000 | -773,910,000 | 812,331,000 | -2,028,273,000 | 3,455,191,000 | -481,537,000 | 787,147,000 | -518,586,000 | -4,110,231,000 | 73,505,000 | -1,129,931,000 | -2,775,640,000 | 1,380,686,000 | 2,420,511,000 | 3,969,519,000 | -934,442,000 | 304,519,000 | -1,577,318,000 | 768,925,000 | 581,581,000 | 216,007,000 | 185,688,000 |
net increase in cash | ||||||||||||||||||||||||||||
cash at beginning of period | 0 | |||||||||||||||||||||||||||
cash at end of period | 459,735,000 | -449,522,000 | ||||||||||||||||||||||||||
supplemental cash flow information: | ||||||||||||||||||||||||||||
cash paid for interest | 243,028,000 | 252,067,000 | 205,446,000 | 225,751,000 | 198,072,000 | 221,128,000 | 152,261,000 | 175,919,000 | 158,055,000 | 175,721,000 | 129,791,000 | 93,471,000 | 81,759,000 | 72,440,000 | 82,305,000 | |||||||||||||
cash paid for income taxes | 928,000 | 1,169,000 | 274,000 | |||||||||||||||||||||||||
non-cash investing activities: | ||||||||||||||||||||||||||||
mortgage servicing rights received from loan sales | 700,326,000 | 814,538,000 | 650,349,000 | 748,121,000 | 578,982,000 | 541,207,000 | 412,520,000 | |||||||||||||||||||||
unsettled portion of msr sales | ||||||||||||||||||||||||||||
exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities | 80,666,000 | |||||||||||||||||||||||||||
operating right-of-use assets recognized | 12,413,000 | 648,000 | 561,000 | 0 | 0 | 1,166,000 | 0 | 1,727,000 | 0 | 571,000 | ||||||||||||||||||
non-cash financing activities: | ||||||||||||||||||||||||||||
issuance of common stock in settlement of directors' fees | 58,000 | 58,000 | 57,000 | 57,000 | 57,000 | 58,000 | 84,000 | 78,000 | 0 | 51,000 | 51,000 | 51,000 | 52,000 | 51,000 | 51,000 | |||||||||||||
| 0 | 2,025,000 | 0 | 0 | 0 | 2,022,000 | -474,500,000 | 152,335,000 | -117,747,000 | 441,933,000 | 3,539,000 | -381,147,000 | ||||||||||||||||
decrease in other assets | -13,216,000 | 33,929,000 | -16,378,000 | -64,777,000 | 116,951,000 | -60,259,000 | 119,693,000 | 14,999,000 | -33,965,000 | 32,830,000 | 40,094,000 | 22,912,000 | 628,000 | |||||||||||||||
increase in short-term investment | -18,869,000 | -22,840,000 | -71,133,000 | |||||||||||||||||||||||||
net decrease in cash | -48,907,000 | -27,389,000 | ||||||||||||||||||||||||||
provision (reversal of provision) for servicing advance losses | 4,184,000 | 18,988,000 | 9,583,000 | |||||||||||||||||||||||||
increase(decrease) in accounts payable and accrued expenses | 14,769,000 | |||||||||||||||||||||||||||
cash at beginning of quarter | 238,482,000 | |||||||||||||||||||||||||||
cash at end of quarter | 211,093,000 | |||||||||||||||||||||||||||
increase in servicing advances | -213,856,000 | -234,476,000 | ||||||||||||||||||||||||||
decrease in receivable from pennymac mortgage investment trust | 987,000 | -3,910,000 | 458,000 | -1,999,000 | -2,563,000 | -3,308,000 | 9,665,000 | 1,872,000 | -4,165,000 | 10,939,000 | -16,094,000 | 12,096,000 | 7,839,000 | 9,346,000 | 3,180,000 | 14,878,000 | -10,133,000 | |||||||||||
increase in payable to pennymac mortgage investment trust | -76,811,000 | 10,696,000 | ||||||||||||||||||||||||||
payments to exchanged private national mortgage acceptance company, llc unitholders under tax receivable agreement | 0 | -339,000 | -1,285,000 | 0 | -339,000 | |||||||||||||||||||||||
purchase of mortgage servicing rights | -66,000 | 0 | -766,000 | -603,000 | -24,104,000 | -9,503,000 | -6,461,000 | -211,481,000 | -47,525,000 | |||||||||||||||||||
transfer of mortgage servicing rights relating to delinquent loans to agency | 0 | 73,000 | ||||||||||||||||||||||||||
sale of furniture, fixtures and equipment | ||||||||||||||||||||||||||||
decrease in margin deposits | -92,205,000 | 146,462,000 | -53,266,000 | -97,450,000 | -186,865,000 | 237,393,000 | -25,291,000 | 213,467,000 | -19,405,000 | -17,560,000 | -110,839,000 | 245,505,000 | 32,118,000 | -164,866,000 | 132,953,000 | 28,343,000 | ||||||||||||
repayment of obligations under capital lease | 0 | 0 | -1,396,000 | -2,093,000 | -2,094,000 | -2,094,000 | -2,791,000 | -1,396,000 | -2,093,000 | -2,792,000 | -1,396,000 | -2,665,000 | -4,414,000 | -1,919,000 | -1,514,000 | -3,025,000 | ||||||||||||
net increase in cash and restricted cash | -332,058,000 | -10,977,000 | -238,933,000 | -355,095,000 | 34,493,000 | 169,367,000 | -230,143,000 | 143,267,000 | 925,597,000 | 149,725,000 | -136,428,000 | 152,335,000 | -117,747,000 | -90,848,000 | 3,539,000 | -381,147,000 | 31,351,000 | 690,460,000 | -30,294,000 | 87,093,000 | -11,011,000 | 52,672,000 | ||||||
cash and restricted cash at beginning of year | ||||||||||||||||||||||||||||
cash at end of year | ||||||||||||||||||||||||||||
cash and restricted cash at end of year are comprised of the following: | ||||||||||||||||||||||||||||
cash | -238,933,000 | -355,095,000 | 34,496,000 | 1,497,903,000 | -230,143,000 | 143,283,000 | 925,597,000 | 489,799,000 | -136,428,000 | 152,339,000 | -117,712,000 | 441,870,000 | 3,550,000 | -381,091,000 | 31,431,000 | 878,826,000 | -30,120,000 | 87,122,000 | 144,266,000 | 52,662,000 | ||||||||
restricted cash included in other assets | 3,000 | 0 | -16,000 | 0 | 19,000 | 0 | -4,000 | -35,000 | 63,000 | -11,000 | -56,000 | -80,000 | 212,000 | -174,000 | -29,000 | 647,000 | 10,000 | |||||||||||
cash paid (refunds received) for income taxes | -576,000 | 1,404,000 | 536,000 | 124,000 | 316,000 | |||||||||||||||||||||||
accrual of unearned discounts on mortgage-backed securities | -20,129,000 | -8,826,000 | -264,000 | |||||||||||||||||||||||||
decrease in accounts payable and accrued expenses | 38,937,000 | 37,035,000 | -182,097,000 | -20,664,000 | 39,790,000 | -43,767,000 | ||||||||||||||||||||||
net decrease in cash and restricted cash | ||||||||||||||||||||||||||||
cash and restricted cash at beginning of period | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
issuance of common stock pursuant to exercise of stock options | 5,028,000 | 7,626,000 | 5,907,000 | 2,661,000 | 4,305,000 | 4,342,000 | 1,170,000 | 397,000 | 404,000 | 976,000 | 1,766,000 | 2,373,000 | 1,727,000 | 1,670,000 | 958,000 | 2,800,000 | 2,549,000 | 3,082,000 | 2,154,000 | 463,000 | 1,283,000 | 599,000 | ||||||
reversal of provision for servicing advance losses | -1,541,000 | -2,554,000 | -1,968,000 | -3,081,000 | -820,000 | -20,558,000 | -30,735,000 | |||||||||||||||||||||
cash and restricted cash at beginning of quarter | 938,371,000 | 1,328,539,000 | 340,093,000 | 532,781,000 | 188,578,000 | 155,924,000 | ||||||||||||||||||||||
cash and restricted cash at end of quarter | 927,394,000 | 1,497,906,000 | 489,818,000 | 441,933,000 | 879,038,000 | 144,913,000 | ||||||||||||||||||||||
cash and restricted cash at end of quarter are comprised of the following: | ||||||||||||||||||||||||||||
accrual of interest on excess servicing spread financing payable to pennymac mortgage investment trust | 0 | 0 | 0 | 1,280,000 | 2,002,000 | 2,070,000 | 2,372,000 | 1,974,000 | ||||||||||||||||||||
sale of interest-only stripped securities | 0 | |||||||||||||||||||||||||||
net change in assets purchased from pmt under agreement to resell | 0 | 0 | 0 | 80,862,000 | 6,096,000 | 3,143,000 | 9,665,000 | 7,746,000 | 11,038,000 | 7,213,000 | 5,096,000 | 2,103,000 | ||||||||||||||||
repayment of excess servicing spread financing | 0 | 0 | 0 | -134,624,000 | -7,265,000 | -7,682,000 | -8,122,000 | -9,308,000 | -9,819,000 | -10,530,000 | -10,552,000 | -10,898,000 | ||||||||||||||||
cash and restricted cash at end of year | ||||||||||||||||||||||||||||
(refunds received) cash paid for income taxes | ||||||||||||||||||||||||||||
exchange of mortgage servicing spread for interest-only stripped securities | 0 | |||||||||||||||||||||||||||
mortgage servicing liabilities resulting from loan sales | ||||||||||||||||||||||||||||
issuance of excess servicing spread payable to pennymac mortgage investment trust pursuant to a recapture agreement | ||||||||||||||||||||||||||||
cash and restricted cash at end of period | -355,095,000 | 143,267,000 | 152,335,000 | -381,147,000 | -30,294,000 | |||||||||||||||||||||||
cash and restricted cash at end of period are comprised of the following: | ||||||||||||||||||||||||||||
cash and restricted cash at end of period are comprised of the following: - sum | ||||||||||||||||||||||||||||
cash refunds received for income taxes | -81,000 | |||||||||||||||||||||||||||
mortgage servicing rights resulting from loan sales | 450,936,000 | 562,523,000 | 286,533,000 | 358,462,000 | 345,077,000 | 398,253,000 | 616,302,000 | |||||||||||||||||||||
unsettled portion of msr acquisitions | ||||||||||||||||||||||||||||
sale of mortgage servicing rights | 232,000 | |||||||||||||||||||||||||||
net cash from by investing activities | -20,933,000 | |||||||||||||||||||||||||||
payment of dividend to holders of common stock | -10,777,000 | -10,415,000 | -21,642,000 | -11,139,000 | -11,425,000 | -12,258,000 | -12,698,000 | -13,565,000 | -14,375,000 | -292,000 | -9,805,000 | -9,733,000 | ||||||||||||||||
cash and restricted cash at end of quarter are comprised of the following: - sum | 1,497,906,000 | |||||||||||||||||||||||||||
cash (refunds received) paid for income taxes | -415,000 | -8,325,000 | -28,248,000 | |||||||||||||||||||||||||
change in fair value of mortgage servicing rights, mortgage servicing liabilities and excess servicing spread | 66,248,000 | -95,411,000 | -112,102,000 | -212,911,000 | 155,432,000 | 147,669,000 | 336,268,000 | -222,426,000 | 127,097,000 | 124,082,000 | 1,241,723,000 | -15,879,000 | 158,720,000 | 159,195,000 | 118,806,000 | |||||||||||||
(reversal of) provision for servicing advance losses | -10,945,000 | -13,054,000 | -20,536,000 | |||||||||||||||||||||||||
sale to non-affiliates and principal payments of loans held for sale | 17,288,493,000 | 16,215,098,000 | 19,574,766,000 | 31,267,022,000 | 36,402,174,000 | 39,040,868,000 | 41,739,700,000 | 37,268,200,000 | 35,631,073,000 | 26,683,234,000 | 21,188,988,000 | 19,337,017,000 | 17,897,693,000 | |||||||||||||||
settlement of repurchase agreement derivatives | 0 | 9,421,000 | 11,136,000 | 11,436,000 | ||||||||||||||||||||||||
capitalization of interest and advances on loans held for sale | -305,000 | -891,000 | -1,926,000 | -14,671,000 | -2,648,000 | |||||||||||||||||||||||
amortization of right-of-use assets | 3,977,000 | 3,778,000 | 3,756,000 | 3,621,000 | 3,536,000 | 3,382,000 | 3,108,000 | 3,159,000 | 3,032,000 | 2,985,000 | 2,522,000 | 2,377,000 | 2,359,000 | |||||||||||||||
sale to pennymac mortgage investment trust of loans held for sale | 259,038,000 | |||||||||||||||||||||||||||
amortization of debt issuance costs (premiums) | ||||||||||||||||||||||||||||
(reversal of ) provision for servicing advance losses | ||||||||||||||||||||||||||||
decrease in short-term investments | -1,827,000 | -1,326,000 | 21,130,000 | -9,633,000 | 86,919,000 | -94,390,000 | -5,862,000 | 72,727,000 | -15,121,000 | |||||||||||||||||||
advance of obligations under capital lease | 0 | |||||||||||||||||||||||||||
amortization debt issuance costs | 5,177,000 | |||||||||||||||||||||||||||
capitalization of interest and advance on loans held for sale at fair value | -90,177,000 | -63,820,000 | -22,722,000 | -15,067,000 | -18,131,000 | |||||||||||||||||||||||
purchase of loans from ginnie mae securities and early buyout investors for modification and subsequent sale | -4,355,102,000 | -5,176,603,000 | -2,984,290,000 | -696,529,000 | -2,299,262,000 | -2,176,348,000 | ||||||||||||||||||||||
mortgage servicing rights hedging gains | 109,147,000 | |||||||||||||||||||||||||||
amortization of net debt issuance costs and | 6,885,000 | 6,598,000 | 3,356,000 | 2,209,000 | ||||||||||||||||||||||||
carried interest from investment funds | 0 | |||||||||||||||||||||||||||
payment of dividend to holders of common stock and class a common stock | ||||||||||||||||||||||||||||
hedging gains | ||||||||||||||||||||||||||||
cash flows from operating activities | ||||||||||||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities | ||||||||||||||||||||||||||||
equity in undistributed earnings of subsidiaries | ||||||||||||||||||||||||||||
revaluation of payable to exchanged private national mortgage acceptance company, llc unitholders under tax receivable agreement | ||||||||||||||||||||||||||||
decrease in deferred tax asset | ||||||||||||||||||||||||||||
decrease (increase) in intercompany receivable | ||||||||||||||||||||||||||||
cash flows from investing activities | ||||||||||||||||||||||||||||
increase in investments in subsidiaries | ||||||||||||||||||||||||||||
net cash used by investing activities | ||||||||||||||||||||||||||||
cash flows from financing activities | ||||||||||||||||||||||||||||
payment of dividend to class a common stockholders | 0 | |||||||||||||||||||||||||||
exercise of from class a common stock options | ||||||||||||||||||||||||||||
repurchase of class a common stock | ||||||||||||||||||||||||||||
net change in cash and restricted cash | ||||||||||||||||||||||||||||
· | ||||||||||||||||||||||||||||
capitalization of interest on loans held for sale at fair value | -20,250,000 | |||||||||||||||||||||||||||
accrual of interest on excess servicing spread financing | 2,291,000 | 2,767,000 | 3,066,000 | 3,554,000 | ||||||||||||||||||||||||
amortization of net debt issuance (premiums) and costs | 1,100,000 | -1,131,000 | -6,570,000 | |||||||||||||||||||||||||
benefit from servicing advance losses | 11,598,000 | 3,555,000 | 4,820,000 | 16,260,000 | ||||||||||||||||||||||||
purchase of loans held for sale from nonaffiliates | ||||||||||||||||||||||||||||
net settlement of derivative financial instruments used for hedging | 214,595,000 | 201,849,000 | 125,695,000 | 60,175,000 | ||||||||||||||||||||||||
advance on notes payable | ||||||||||||||||||||||||||||
repayment of notes payable | 0 | |||||||||||||||||||||||||||
decrease (increase) in margin deposits | ||||||||||||||||||||||||||||
net gains on mortgage loans held for sale at fair value | -84,776,000 | -59,748,000 | ||||||||||||||||||||||||||
capitalization of interest on mortgage loans held for sale at fair value | -16,487,000 | -12,292,000 | ||||||||||||||||||||||||||
purchase of mortgage loans held for sale from pennymac mortgage investment trust | -6,959,389,000 | -9,382,962,000 | ||||||||||||||||||||||||||
originations of mortgage loans held for sale | -1,719,734,000 | -1,482,267,000 | ||||||||||||||||||||||||||
purchase of mortgage loans from ginnie mae securities and early buyout investors for modification and subsequent sale | -941,154,000 | -694,118,000 | ||||||||||||||||||||||||||
sale to non-affiliates and principal payments of mortgage loans held for sale | 8,536,430,000 | |||||||||||||||||||||||||||
sale of mortgage loans held for sale to pennymac mortgage investment trust | 884,510,000 | 1,006,866,000 | ||||||||||||||||||||||||||
repurchase of mortgage loans subject to representations and warranties | -4,064,000 | -1,130,000 | ||||||||||||||||||||||||||
decrease (increase) in receivable from pennymac mortgage investment trust | 2,775,000 | |||||||||||||||||||||||||||
increase in short-term investments | -31,548,000 | |||||||||||||||||||||||||||
advances on notes payable | 0 | |||||||||||||||||||||||||||
accrual of servicing rebate payable to investment funds | ||||||||||||||||||||||||||||
amortization, impairment and change in fair value of mortgage servicing rights, mortgage servicing liabilities and excess servicing spread | 89,193,000 | |||||||||||||||||||||||||||
income from disposition of fixed assets and impairment of capitalized software | ||||||||||||||||||||||||||||
collection of repurchase agreement derivatives | 12,447,000 | |||||||||||||||||||||||||||
decrease in deferred tax assets | ||||||||||||||||||||||||||||
decrease (increase) in short-term investments | 27,652,000 | |||||||||||||||||||||||||||
issuance of mortgage loan participation certificates | 5,885,989,000 | |||||||||||||||||||||||||||
repayment of mortgage loan participation certificates | -5,878,209,000 | |||||||||||||||||||||||||||
advances of obligations under capital lease | ||||||||||||||||||||||||||||
settlement of excess servicing spread financing | ||||||||||||||||||||||||||||
acceptance of mortgage servicing liability | ||||||||||||||||||||||||||||
distribution to private national mortgage acceptance company, llc members | ||||||||||||||||||||||||||||
cash and restricted cash at year end are comprised of the following: | ||||||||||||||||||||||||||||
amortization of premiums and debt issuance costs | ||||||||||||||||||||||||||||
sale and principal payments of mortgage loans held for sale to non-affiliates | ||||||||||||||||||||||||||||
decrease in receivable from investment funds | ||||||||||||||||||||||||||||
decrease in payable to investment funds |