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PennyMac Financial Services (PFSI) investor relations material

PennyMac Financial Services Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary21 Oct, 2025

Executive summary

  • Achieved net income of $182M in Q3 2025, with annualized ROE of 18% and EPS of $3.37, reflecting strong financial and operational performance from a balanced business model.

  • Production segment pre-tax income was $123M, while servicing segment pre-tax income reached $158M, with $162M excluding valuation-related items.

  • Book value per share rose to $81.12, and a $0.30 per share dividend was declared.

  • Completed a strategic sale of $12B in MSRs to Annaly Capital, retaining subservicing and recapture rights, accelerating capital-light revenue growth.

  • Maintained leadership in correspondent lending with over $100B in UPB over the last 12 months and a 20%+ market share in 2025.

Financial highlights

  • Reported net income of $182M in Q3, or $3.37 EPS, with annualized ROE of 18%.

  • Total loan acquisitions and originations were $36.5B in UPB, down 4% sequentially but up 15% year-over-year.

  • Servicing portfolio UPB grew to $717B, up 2% sequentially and 11% year-over-year.

  • Production segment pre-tax income was $123M, more than double the prior quarter.

  • Declared a $0.30 per share dividend for Q3.

Outlook and guidance

  • Expect annualized operating ROEs in the high teens to low 20s through 2026 if mortgage rates remain between 6% and 6.5% and delinquencies stay stable.

  • Q4 ROE expected to be at the higher end of the range if current rate levels persist, though seasonality may offset some gains.

  • Anticipate continued cost reductions in servicing through technology and AI initiatives, with further upside possible as portfolio grows.

  • Strategic focus on expanding capital-light subservicing and higher coupon MSRs.

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Frequently asked questions

PennyMac Financial Services Inc. is a financial services company specializing in mortgage lending, servicing, and investment management. The company originates residential mortgage loans through retail, broker, and correspondent channels and provides loan servicing solutions for borrowers. PennyMac also manages investment portfolios related to residential mortgage assets, serving institutional investors. The company is headquartered in Westlake Village, California, and its shares are listed on the NYSE.

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