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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to           

Commission File Number: 001-38727

PennyMac Financial Services, Inc.

(Exact name of registrant as specified in its charter)

Delaware

83-1098934

(State or other jurisdiction of

(IRS Employer

incorporation or organization)

Identification No.)

3043 Townsgate Road, Westlake Village, California

91361

(Address of principal executive offices)

(Zip Code)

(818224-7442

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbol(s)

    

Name of each exchange on which registered

Common Stock, $0.0001 par value

PFSI

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Class

Outstanding at October 28, 2024

Common Stock, $0.0001 par value

51,257,808

PENNYMAC FINANCIAL SERVICES, INC.

FORM 10-Q

September 30, 2024

TABLE OF CONTENTS

Page

Special Note Regarding Forward-Looking Statements

3

PART I. FINANCIAL INFORMATION

6

Item 1.

Financial Statements (Unaudited):

6

Consolidated Balance Sheets

6

Consolidated Statements of Income

7

Consolidated Statements of Changes in Stockholders’ Equity

8

Consolidated Statements of Cash Flows

9

Notes to Consolidated Financial Statements

11

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

57

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

76

Item 4.

Controls and Procedures

78

PART II. OTHER INFORMATION

79

Item 1.

Legal Proceedings

79

Item 1A.

Risk Factors

79

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

79

Item 3.

Defaults Upon Senior Securities

79

Item 4.

Mine Safety Disclosures

79

Item 5.

Other Information

79

Item 6.

Exhibits

80

2

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q (“Report”) contains certain forward-looking statements that are subject to various risks and uncertainties. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “continue,” “plan” or other similar words or expressions. 

 

Forward-looking statements are based on certain assumptions, discuss future expectations, plans and strategies, contain financial and operating projections or state other forward-looking information. Examples of forward-looking statements include, but are not limited to, the following:

projections of our revenues, income, earnings per share, capital structure or other financial items;
descriptions of our plans or objectives for future operations, products or services;
forecasts of our future economic performance, interest rates, profit margins and prepayment rates;
discussions of our expectations regarding various macroeconomic factors, including variability in the economy or the impact of current and future regulations and legislation on our business; and
descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of generating any revenues.

Our ability to predict results or the actual effect of future events, actions, plans or strategies is inherently uncertain. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements. There are several factors, many of which are beyond our control that could cause actual results to differ significantly from management’s expectations. Some of these factors are discussed below.

 

You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties discussed elsewhere in this Quarterly Report on Form 10-Q (this “Report”), the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 21, 2024 and in our other SEC filings.

 

Factors that could cause actual results to differ materially from historical results or those anticipated include, but are not limited to:

interest rate changes;
changes in real estate values, housing prices and housing sales;
changes in macroeconomic, consumer and real estate market conditions;
the continually changing federal, state and local laws and regulations applicable to the highly regulated industry in which we operate;
lawsuits or governmental actions that may result from any noncompliance with the laws and regulations applicable to our business;
the mortgage lending and servicing-related regulations promulgated by the Consumer Financial Protection Bureau and its enforcement of these regulations;
the licensing and operational requirements of states and other jurisdictions applicable to our business, to which our bank competitors are not subject;

3

changes to government modification programs;
foreclosure delays and changes in foreclosure practices;
difficulties inherent in adjusting the size of our operations to reflect changes in business levels;
purchase opportunities for mortgage servicing rights;
our substantial amount of indebtedness;
increases in loan delinquencies, defaults and forbearances;
our dependence on U.S. government-sponsored entities and changes in their current roles or their guarantees or guidelines;
our ability to manage third party vendors and mortgage investor requirements;
our exposure to counterparties that do not fulfill contractual obligations, including their obligation to indemnify us or repurchase defective mortgage loans;
our reliance on PennyMac Mortgage Investment Trust (NYSE: PMT) as a significant contributor to our mortgage banking business;
maintaining sufficient capital and liquidity and compliance with financial covenants;
our obligation to indemnify third-party purchasers or repurchase loans if loans that we originate, acquire, service or assist in the fulfillment of fail to meet certain criteria;
our obligation to indemnify PMT if our services fail to meet certain criteria or characteristics or under other circumstances;
investment management and incentive fees;
conflicts of interest in allocating our services and investment opportunities among us and our advised entity;
our ability to mitigate cybersecurity risks, cyber incidents and technology disruptions;
the effect of public opinion on our reputation;
our exposure to risks of loss and disruptions in operations resulting from severe weather events, man-made or other natural conditions, including climate change and pandemics;
our ability to effectively identify, manage and hedge our credit, interest rate, prepayment, liquidity and climate risks;

4

our initiation or expansion of new business activities or strategies;
our ability to detect misconduct and fraud;
our ability to pay dividends to our stockholders; and
our organizational structure and certain requirements in our charter documents.

Other factors that could also cause results to differ from our expectations may not be described in this Report or any other document. Each of these factors could by itself, or together with one or more other factors, adversely affect our business, results of operations and/or financial condition.

 

Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

5

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

    

September 30, 

December 31, 

    

2024

    

2023

(in thousands, except share amounts)

ASSETS

Cash

 $

145,814

 $

938,371

Short-term investment at fair value

667,934

10,268

Principal-only stripped mortgage-backed securities at fair value pledged to creditors

960,267

Loans held for sale at fair value (includes $6,503,418 and $4,329,501 pledged to creditors)

6,565,704

4,420,691

Derivative assets

190,612

179,079

Servicing advances, net (includes valuation allowance of $73,908 and $73,991; $232,766 and $354,831 pledged to creditors)

400,764

694,038

Mortgage servicing rights at fair value (includes $7,656,519 and $7,033,892 pledged to creditors)

7,752,292

7,099,348

Investment in PennyMac Mortgage Investment Trust at fair value

1,070

1,121

Receivable from PennyMac Mortgage Investment Trust

32,603

29,262

Loans eligible for repurchase

5,512,289

4,889,925

Other (includes $16,082 and $15,653 pledged to creditors)

642,189

582,460

Total assets

 $

22,871,538

 $

18,844,563

LIABILITIES

Assets sold under agreements to repurchase

 $

6,600,997

 $

3,763,956

Mortgage loan participation purchase and sale agreements

517,527

446,054

Notes payable secured by mortgage servicing assets

1,723,632

1,873,415

Unsecured senior notes

3,162,239

2,519,651

Derivative liabilities

41,471

53,275

Mortgage servicing liabilities at fair value

1,718

1,805

Accounts payable and accrued expenses

331,512

449,896

Payable to PennyMac Mortgage Investment Trust

81,040

208,210

Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement

26,099

26,099

Income taxes payable

1,105,550

1,042,886

Liability for loans eligible for repurchase

5,512,289

4,889,925

Liability for losses under representations and warranties

28,286

30,788

Total liabilities

19,132,360

15,305,960

Commitments and contingencies – Note 18

STOCKHOLDERS’ EQUITY

Common stock—authorized 200,000,000 shares of $0.0001 par value; issued and outstanding, 51,257,630 and 50,178,963 shares, respectively

5

5

Additional paid-in capital

54,415

24,287

Retained earnings

3,684,758

3,514,311

Total stockholders' equity

3,739,178

3,538,603

Total liabilities and stockholders' equity

 $

22,871,538

 $

18,844,563

The accompanying notes are an integral part of these consolidated financial statements.

6

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Quarter ended September 30, 

  

Nine months ended September 30, 

2024

2023

  

2024

2023

(in thousands, except earnings per share)

Revenues

Net gains on loans held for sale at fair value:

From non-affiliates

$

254,313

$

151,874

$

593,644

$

398,672

From PennyMac Mortgage Investment Trust

2,506

(500)

1,680

(1,494)

256,819

151,374

595,324

397,178

Loan origination fees:

From non-affiliates

48,323

37,122

125,979

105,369

From PennyMac Mortgage Investment Trust

1,107

579

1,897

2,690

49,430

37,701

127,876

108,059

Fulfillment fees from PennyMac Mortgage Investment Trust

11,492

5,531

19,935

22,895

Net loan servicing fees:

Loan servicing fees:

From non-affiliates

393,457

328,049

1,126,523

925,865

From PennyMac Mortgage Investment Trust

22,240

20,257

62,766

61,023

Other

46,340

39,628

137,628

95,574

462,037

387,934

1,326,917

1,082,462

Change in fair value of mortgage servicing rights and mortgage servicing liabilities

(628,258)

221,096

(758,158)

(70,608)

Mortgage servicing rights hedging results

242,051

(423,656)

(224,371)

(531,565)

(386,207)

(202,560)

(982,529)

(602,173)

Net loan servicing fees

75,830

185,374

344,388

480,289

Management fees from PennyMac Mortgage Investment Trust

7,153

7,175

21,474

21,510

Net interest income (expense):

Interest income

225,470

166,552

582,707

467,982

Interest expense

217,597

156,863

591,237

467,276

Net interest income (expense):

7,873

9,689

(8,530)

706

Change in fair value of investment in and dividends received from
PennyMac Mortgage Investment Trust

68

(51)

38

91

Results of real estate acquired in settlement of loans

(269)

637

330

978

Other

3,438

2,878

22,786

8,011

Total net revenues

411,834

400,308

1,123,621

1,039,717

Expenses

Compensation

171,316

156,909

459,648

441,826

Loan origination

45,208

28,889

116,046

87,621

Technology

37,059

39,000

108,716

110,282

Servicing

28,885

13,242

67,909

40,526

Professional services

9,339

11,942

28,005

50,837

Occupancy and equipment

8,156

8,900

24,725

27,786

Marketing and advertising

5,088

4,632

14,204

13,451

Other

12,858

9,997

32,706

29,527

Total expenses

317,909

273,511

851,959

801,856

Income before provision for income taxes

93,925

126,797

271,662

237,861

Provision for income taxes

24,557

33,927

64,728

56,363

Net income

$

69,368

$

92,870

$

206,934

$

181,498

Earnings per share

Basic

$

1.36

$

1.86

$

4.07

$

3.63

Diluted

$

1.30

$

1.77

$

3.88

$

3.44

Weighted average shares outstanding

Basic

51,180

49,902

50,895

49,975

Diluted

53,495

52,561

53,274

52,735

The accompanying notes are an integral part of these consolidated financial statements.

7

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

Quarter ended September 30, 2024

Additional

Total

Number of

Par

paid-in

Retained

stockholders'

    

shares

    

value

    

capital

    

earnings

    

equity

(in thousands)

Balance, June 30, 2024

51,017

$

5

$

30,053

$

3,631,060

$

3,661,118

Net income

69,368

69,368

Stock-based compensation

240

24,305

24,305

Issuance of common stock in settlement of directors' fees

1

57

57

Common stock dividend ($0.30 per share)

(15,670)

(15,670)

Balance, September 30, 2024

51,258

$

5

$

54,415

$

3,684,758

$

3,739,178

Quarter ended September 30, 2023

Additional

Total

Number of

Par

paid-in

Retained

stockholders'

    

shares

    

value

    

capital

    

earnings

    

equity