PennyMac Financial Services Inc 2025年度报告

PennyMac Financial Services, Inc. (NYSE: PFSI) is a specialty financial services firm with acomprehensive mortgage platform and integrated business focused on the origination,acquisition, and servicing of U.S. residential mortgage loans and the management ofinvestments related to the U.S. mortgage market. Since PennyMac’s founding in 2008, we have pursued opportunities to acquire, originate andmanage mortgage loans and mortgage-related assets and established what we believe is theleading residential mortgage platform in the U.S. We manage PennyMac Mortgage Investment Trust (NYSE: PMT), a publicly-traded mortgagereal estate investment trust (REIT). PMT is a tax-efficient vehicle for investing in mortgage-related assets and has a successful track record of deploying and managing capital inmortgage-related investments for more than 16 years. Dear Fellow Stockholders, In 2025, PennyMac Financial Services, Inc. (NYSE: PFSI) delivered another year of steadygrowth, leveraging our balanced and scaled business model as well as the risk managementpractices that have been foundational for our long-term growth. Like the previous year, 2025was characterized by significant interest rate volatility - as evidenced by the yield on the 10-yearTreasury bond, which ranged from 3.9 percent to 4.8 percent. However, the industryexperienced a measured recovery in volume. Inside Mortgage Finance estimates the originationmarket in 2025 totaled $1.9 trillion in unpaid principal balance (UPB). While this represents a 15percent increase from 2024, volume remains well below historical norms on a unit basis due toa historically small refinance market and ongoing affordability challenges for prospectivehomebuyers. Against this volatile backdrop, strong results in both our production and servicingbusinesses drove a 12 percent return on equity (ROE) and 11 percent growth in book value pershare, reinforcing our standing as the most consistently profitable mortgage company in theindustry. In our production segment, we successfully capitalized on the expanding origination market in2025. Total production volumes, including those fulfilled for PennyMac Mortgage InvestmentTrust (NYSE: PMT), increased 25 percent from the prior year to $145 billion in UPB, driving a 19percent increase in pretax income to $370 million. By executing on our multi-channel approach,we proudly retained our position as the second-largest producer of mortgage loans in thecountry. While the majority of our volume continues to come from our leading presence in thecorrespondent channel, our footprint in the broker direct channel is rapidly expanding as brokersincreasingly recognize the same distinct value proposition our correspondent partners havelong relied upon: consistent liquidity, competitive pricing, speed of execution, and dedicatedsupport for their origination businesses. This growing awareness drove our market share in thewholesale channel to 5.4 percent in 2025, up from 4.0 percent in 2024. and we expect to carrythis strong momentum forward, positioning us well for continued, strategic growth. Importantly, our servicing portfolio, which serves as a low cost lead generation engine for ourconsumer direct channel, ended the year at $734 billion in UPB. As rates declined in the secondhalf of the year, our sophisticated data analytics allowed us to rapidly identify borrowers withinour own ecosystem that would benefit from a refinance. By converting these borrowers, wesuccessfully retained them, maximizing their lifetime value while driving higher-marginproduction volume. This targeted strategy propelled our consumer direct market share to itshighest level since 2021 and as a result, production segment profitability more than doubledfrom the first half of the year to the second half. Beyond generating high-quality production leads, our servicing business continues to anchorPFSI’s overall financial performance. We remain one of the lowest-cost servicers in the industrydue to our leading technology and massive operational scale, with operating expensesremaining below 5 basis points of average servicing portfolio UPB for the year. Importantly, wealso refined our MSR hedging practices during the year to better navigate rapid interest ratemovements and improved hedging results combined with our portfolio growth of 10 percentyear-over-year drove a 58 percent increase in servicing segment pretax income from theprevious year to $325 million. Throughout 2025, we also demonstrated disciplined, active capital management to optimize ourbalance sheet and maximize returns. We proactively managed our debt profile, issuing $2.35billion of unsecured senior notes with maturities ranging from 2032 to 2034, and $300 million ofGinnie Mae MSR term notes due in August 2030. We also redeemed $650 million of unsecurednotes and $700 million of Ginnie Mae MSR term notes, effectively extending our debt maturitiesand strengthening our overall liquidity. Complementing these financing activiti