PennyMac Financial Services reported Q4 net income of $106.8 million, or $1.97 per diluted share, on net revenues of $538.0 million. Pretax income was $134.4 million, up 4 percent year-over-year but down 43 percent sequentially. Book value per share rose to $82.77 from $81.12 at the end of Q3. The Board declared a cash dividend of $0.30 per share payable February 26, 2026, to holders of record as of February 16, 2026.

Production segment pretax income was $127.3 million, a 3 percent sequential increase and a 63 percent gain versus Q4 2024, driven by $42.2 billion in loan originations and acquisitions (UPB), up 16 percent quarter-over-quarter and 18 percent year-over-year. Net revenues in Production climbed 3 percent sequentially and 42 percent annually. Servicing pretax income totaled $37.3 million, down 76 percent from the prior quarter and 57 percent from Q4 2024; excluding valuation items, pretax income was $47.8 million. The servicing portfolio reached $733.6 billion in UPB, up 2 percent sequentially and 10 percent annually, and the company completed the sale of $24.4 billion of MSR, subservicing the portfolio through year-end.

For full-year 2025, PennyMac reported net income of $501.1 million, up 61 percent from 2024, generating a 12 percent return on equity. Pretax income grew 37 percent to $551.4 million, and total net revenue increased 25 percent to $2.0 billion. Full-year loan production reached $145.5 billion in UPB, a 25 percent rise, while the servicing portfolio ended the year at $733.6 billion. The company issued $2.35 billion of unsecured senior notes (maturing 2032–2034) and $300 million of Ginnie Mae MSR term notes, and redeemed $650 million of unsecured notes plus $700 million of MSR term notes. Book value per share grew 11 percent for the year.