Latest news with #PFSI
Globe and Mail
07-08-2025
- Business
- Globe and Mail
PennyMac Financial Services, Inc. Announces Proposed Private Offering of $650 Million of Senior Notes
PennyMac Financial Services, Inc. (NYSE: PFSI) and its subsidiaries (the 'Company' or 'PennyMac Financial') today announced that it intends to offer $650 million aggregate principal amount of Senior Notes due 2034 (the 'Notes'). The Notes will be fully and unconditionally guaranteed on an unsecured senior basis by the Company's existing and future wholly owned domestic subsidiaries, other than certain excluded subsidiaries. Proceeds from the offering will be used to repay borrowings under the Company's secured MSR facilities, other secured indebtedness, and for other general corporate purposes. The offering is subject to market conditions and other factors. The offering will be made solely by means of a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the 'Securities Act'), and to certain non-U.S. persons pursuant to Regulation S under the Securities Act. The Notes have not been and are not expected to be registered under the Securities Act or under any state securities laws and, unless so registered, may not be offered or sold in the United States or to U.S. persons absent an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any security in any jurisdiction in which such offering, solicitation or sale would be unlawful. About PennyMac Financial Services, Inc. PennyMac Financial Services, Inc. is a specialty financial services firm focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. Founded in 2008, the company is recognized as a leader in the U.S. residential mortgage industry and employs approximately 4,400 people across the country. For the twelve months ended June 30, 2025, PennyMac Financial's production of newly originated loans totaled $134 billion in unpaid principal balance, making it a top lender in the nation. As of June 30, 2025, PennyMac Financial serviced loans totaling $700 billion in unpaid principal balance, making it a top mortgage servicer in the nation. 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, the proposed terms of the offering of Notes and the use of proceeds therefrom. Words like 'believe,' 'expect,' 'anticipate,' 'promise,' 'project,' 'plan,' and other expressions or words of similar meanings, as well as future or conditional verbs such as 'will,' 'would,' 'should,' 'could,' or 'may' are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: interest rate changes; real estate value changes, 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 federal and state regulators and the 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; 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 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 development of artificial intelligence; 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; 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; our use of the proceeds from the offering of the Notes; and our organizational structure and certain requirements in our charter documents. You should not place undue reliance on any forward- looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the 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.
Yahoo
23-07-2025
- Business
- Yahoo
PennyMac Mortgage Investment Trust (PMT) Q2 2025 Earnings Call Highlights: Navigating ...
Net Loss: $3 million net loss to common shareholders, or $0.04 loss per share. Dividend: $0.40 per share common dividend for the second quarter. Book Value Per Share: $15 as of June 30. Securitizations: Completed three securitizations totaling $1.1 billion UPB, retaining $71 million of new investments. Jumbo Loan Securitization: First since 2013, totaling $339 million UPB, retaining $82 million. MSR Investments: Account for approximately 47% of deployed equity. Correspondent Loan Acquisition Volume: $30 billion in the second quarter, up 30% from the prior quarter. Income Tax Expense: $9 million, primarily due to a $14 million non-recurring tax adjustment. Senior Notes Issuance: $105 million in unsecured senior notes due in 2030. Debt to Equity Ratio: 5.6 times, excluding non-recourse debt. Warning! GuruFocus has detected 9 Warning Signs with PMT. Release Date: July 22, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points PennyMac Mortgage Investment Trust (NYSE:PMT) successfully completed three securitizations of agency eligible investor loans totaling $1.1 billion UPB, retaining $71 million of new investments. PMT's diversified investment portfolio and strong risk management practices enabled effective management through volatile market conditions. The company has a synergistic partnership with PFSI, leveraging its best-in-class operating platform and large multi-channel origination business. PMT's MSR investments are expected to continue producing stable cash flows due to low refinancing incentives for borrowers. The company reported gains from organically created CRT investments and expects continued mid- to low-teens returns from these investments. Negative Points PMT reported a net loss to common shareholders of $3 million in the second quarter, or negative $0.04 per diluted common share. Interest rate sensitive strategies contributed to a pre-tax loss of $5 million, with fair value increases on MSR investments offset by losses in MBS and interest rate hedges. The company faced a $14 million non-recurring tax adjustment due to state apportionment changes. PMT's debt to equity ratio has increased, primarily due to growth in non-recourse debt related to private label securitization activity. The operating earnings run rate, although improved, remains slightly below the $0.40 dividend level, raising concerns about its sustainability. Q & A Highlights Q: Can you discuss the non-agency securitization opportunity and how returns progressed over the quarter? A: David Spector, CEO, explained that despite significant rate and spread volatility, non-agency subordinate MBS saw credit spread tightening. The returns remained stable in the mid- to low-teens, and these investments are expected to continue providing stable and accretive returns over time. Q: Why was the retained interest on the jumbo securitization higher compared to non-owner occupied loans? A: Daniel Perotti, CFO, noted that the decision to retain a higher percentage was based on available capital and occurred after raising additional unsecured debt. The company plans to retain more interest in future securitizations, depending on capital deployment needs. Q: Any insights on the potential GSE privatization and its impact on credit risk transfer? A: David Spector stated that there is little movement in DC regarding GSE reformulation. However, PennyMac's non-agency securitization program allows them to create comparable investments, maintaining mid-teen returns and leveraging their credit investment strategy. Q: What are the drivers behind the increase in run rate ROE? A: Daniel Perotti highlighted increases in net interest rate sensitive strategies due to non-agency senior MBS investments and improved correspondent production margins. Additional investments in non-agency subordinate pieces also contributed positively. Q: Is the $0.40 dividend sustainable given the current earnings run rate? A: Daniel Perotti expressed confidence in maintaining the $0.40 dividend, citing improved run rate potential and supportive taxable income levels. The company values dividend stability and expects further improvements in earnings to support this level. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Globe and Mail
15-07-2025
- Business
- Globe and Mail
PennyMac Financial Services, Inc. Announces Date for Release of Second Quarter 2025 Results
PennyMac Financial Services, Inc. (NYSE: PFSI) will announce results for the quarter ended June 30, 2025, in a news release to be issued after the market close on Tuesday, July 22, 2025. Management will also host a conference call and live audio webcast at 5:00 p.m. Eastern Time to review the results. The release, webcast, and accompanying materials will be available online at A replay of the webcast will be available shortly after its conclusion. Individuals who are unable to access the website but would like to receive a copy of the materials should contact our Investor Relations department at 818.264.4907. About PennyMac Financial Services, Inc. PennyMac Financial Services, Inc. is a specialty financial services firm focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. Founded in 2008, the company is recognized as a leader in the U.S. residential mortgage industry and employs approximately 4,200 people across the country. For the twelve months ended March 31, 2025, PennyMac Financial's production of newly originated loans totaled $123 billion in unpaid principal balance, making it a top lender in the nation. As of March 31, 2025, PennyMac Financial serviced loans totaling $680 billion in unpaid principal balance, making it a top mortgage servicer in the nation. Additional information about PennyMac Financial Services, Inc. is available at
Globe and Mail
15-07-2025
- Business
- Globe and Mail
PennyMac Mortgage Investment Trust Announces Date for Release of Second Quarter 2025 Results
PennyMac Mortgage Investment Trust (NYSE: PMT) will announce results for the quarter ended June 30, 2025, in a news release to be issued after the market close on Tuesday, July 22, 2025. Management will host a conference call and live audio webcast at 6:00 p.m. Eastern Time to review the results. The release, webcast, and accompanying materials will be available online at A replay of the webcast will be available shortly after its conclusion. Individuals who are unable to access the website but would like to receive a copy of the materials should contact our Investor Relations department at 818.224.7028. About PennyMac Mortgage Investment Trust PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. PMT is externally managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI). Additional information about PennyMac Mortgage Investment Trust is available at
Business Insider
27-06-2025
- Business
- Business Insider
BTIG Sticks to Their Buy Rating for PennyMac Financial (PFSI)
BTIG analyst Eric Hagen maintained a Buy rating on PennyMac Financial (PFSI – Research Report) today and set a price target of $135.00. The company's shares closed today at $99.86. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter According to TipRanks, Hagen is a 3-star analyst with an average return of 2.6% and a 49.79% success rate. Hagen covers the Real Estate sector, focusing on stocks such as Dynex Capital, Rithm Capital, and AGNC Investment. The word on The Street in general, suggests a Moderate Buy analyst consensus rating for PennyMac Financial with a $123.40 average price target. Based on PennyMac Financial's latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $810.31 million and a net profit of $76.28 million. In comparison, last year the company earned a revenue of $885.41 million and had a net profit of $39.31 million Based on the recent corporate insider activity of 82 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PFSI in relation to earlier this year. Last month, Joseph Mazzella, a Director at PFSI sold 11,000.00 shares for a total of $1,080,575.68.
