PennyMac Financial reported net income of $106.8 million for the fourth quarter of 2025, or $1.97 per diluted share, on total net revenues of $538.0 million. Book value per share rose to $82.77 at December 31, 2025, up from $81.12 at September 30. The Board declared a cash dividend of $0.30 per share, payable February 26, 2026, to shareholders of record as of February 16. Pretax income was $134.4 million, an increase from $129.4 million a year earlier but down from $236.4 million in the prior quarter.

The Production segment delivered pretax income of $127.3 million, up 3 percent sequentially and up 63 percent year-over-year, on net revenues of $371.0 million. Total loan acquisitions and originations reached $42.2 billion in unpaid principal balance (UPB), up 16 percent from the prior quarter and 18 percent from a year earlier, with $3.7 billion acquired for the Mortgage Investment Trust. The Servicing segment produced pretax income of $37.3 million, down from $157.4 million in the prior quarter and from $87.3 million a year ago, reflecting lower valuation gains and higher servicing cash flow realization as mortgage rates declined. Servicing portfolio UPB grew 2 percent sequentially to $733.6 billion, a 10 percent increase from December 2024.

For the full year, PennyMac Financial generated net income of $501.1 million, up from $311.4 million in 2024, delivering a 12 percent return on equity. Pretax income rose to $551.4 million on total net revenue of $2.0 billion, representing year-over-year increases of 37 percent and 25 percent, respectively. Loan production reached $145.5 billion in UPB, a 25 percent rise over 2024, while the servicing portfolio expanded 10 percent. During the year the company issued $2.35 billion of unsecured senior notes maturing 2032–2034 and $300 million of MSR term notes due 2030, and redeemed $1.35 billion of outstanding debt.

Management emphasized that the balanced business model, combining production and servicing capabilities with advanced technology, positions the firm for continued growth in 2026. With production volumes up 25 percent and servicing portfolio up 10 percent in 2025, the company aims to leverage scale efficiencies, expand correspondent relationships, and optimize mortgage servicing rights management to sustain double-digit earnings growth and deliver long-term value to shareholders.