Pennymac Financial Services, Inc. · NYSE:PFSI

Pennymac Financial Services — Q1 2026 Earnings Presentation

14 slides from Pennymac Financial Services's earnings presentation, May 5, 2026

  1. Slide 1: PennyMac Financial Services, Inc. Reports First Quarter 2026 Results

    PennyMac Financial Services, Inc. Reports First Quarter 2026 Results WESTLAKE VILLAGE, Calif. – May 5, 2026 – PennyMac Financial Services, Inc. (NYSE: PFSI) today reported net income of $82.3 million for the first quarter of 2026, or $1.53 per share on a diluted basis, on total net revenues of $545.

  2. Slide 2: First Quarter 2026 Highlights (continued)

    102% from the first quarter of 2025 – Consumer direct originations were $6.0 billion in UPB, up 15% from the prior quarter and 130% from the first quarter of 2025 o Total locks, including those for PMT, were $44.8 billion in UPB, down 4% from the prior quarter and up 31% from the first quarter of 20

  3. Slide 3: Segment contributions to pretax income

    The growth in our direct channels was paired with our consistent strategic deployment of capital through the correspondent channel.” Mr. Spector continued, “We are focused on driving growth where the marginal returns are most accretive to our current operating returns and where we can further lean i

  4. Slide 4: Production Segment

    Production Segment The Production segment includes the correspondent acquisition of newly originated government- insured and conventional conforming loans for PFSI’s own account, fulfillment services on behalf of PMT and direct lending through the consumer direct and broker direct channels, includin

  5. Slide 5: Production Segment (continued)

    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 $5.7 million in the f

  6. Slide 6: Servicing portfolio UPB

    The table below details PFSI’s servicing portfolio UPB: March 31, December 31, March 31, 2026 2025 2025 (in thousands) Owned Mortgage servicing rights and liabilities Originated $ 460,361,759 $ 448,035,447 $ 426,951,027 Purchased 13,633,606 13,999,998 15,276,140 473,995,365 462,035,445 442,227,167 L

  7. Slide 7: Servicing segment revenue

    The following table presents a breakdown of net loan servicing fees: Quarter ended March 31, December 31, March 31, 2026 2025 2025 (in thousands) Loan servicing fees $ 532,110 $ 532,192 $ 488,468 Changes in fair value of MSRs and MSLs resulting from: Realization of cash flows (355,022) (383,368) (22

  8. Slide 8: Corporate and Other

    Pretax loss for Corporate and Other was $41.5 million, up from $30.2 million in the prior quarter and $33.7 million in the first quarter of 2025. Corporate and Other net revenues totaled $13.0 million, and consisted of $6.8 million in management fees, $6.0 million in other revenue, and $0.3 million

  9. Slide 9: About PennyMac Financial Services, Inc.

    2026. 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. Pen

  10. Slide 10: Forward-Looking Statements

    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,

  11. Slide 11: Forward-looking and non-GAAP statements (continued)

    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 r

  12. Slide 12: Consolidated Balance Sheets

    PENNYMAC FINANCIAL SERVICES, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, December 31, March 31, 2026 2025 2025 (in thousands, except share amounts) ASSETS Cash $ 219,513 $ 301,680 $ 211,093 Short-term investment at fair value 434,220 410,037 443,393 Principal-only stripped mortgage-backed

  13. Slide 13: Consolidated Statements of Income

    PENNYMAC FINANCIAL SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Quarter ended March 31, December 31, March 31, 2026 2025 2025 (in thousands, except per share amounts) Revenues Net gains on loans held for sale at fair value $ 344,985 $ 301,603 $ 221,037 Loan origination fees 72,446 68

  14. Slide 14: Reconciliation of GAAP Net Income to Adjusted Net Income and Annualized Adjusted Return on Equity

    PENNYMAC FINANCIAL SERVICES, INC. RECONCILIATION OF GAAP NET INCOME TO ADJUSTED NET INCOME AND ANNUALIZED ADJUSTED RETURN ON EQUITY Quarter Ended March 31, 2026 (in thousands, except annualized adjusted return on equity) Net income $ 82,322 Increase in fair value of MSRs and MSLs due to changes in v

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