PennyMac Financial Services (PFSI)
Market Price (7/22/2026): $83.985 | Market Cap: $4.4 BilSector: Financials | Industry: Commercial & Residential Mortgage Finance
PennyMac Financial Services (PFSI)
Market Price (7/22/2026): $83.985Market Cap: $4.4 BilSector: FinancialsIndustry: Commercial & Residential Mortgage Finance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.6% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41% Low stock price volatilityVol 12M is 46% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Smart Buildings & Proptech, and AI in Financial Services. Themes include Online Banking & Lending, Show more. | Weak multi-year price returns2Y Excs Rtn is -49%, 3Y Excs Rtn is -49% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 573% Weak revenue growthRev Chg QQuarterly Revenue Change % is -9.6% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -81%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -83% Key risksPFSI key risks include [1] earnings volatility from the dual sensitivity of its production and MSR portfolio to interest rate changes, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.6% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41% |
| Low stock price volatilityVol 12M is 46% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Smart Buildings & Proptech, and AI in Financial Services. Themes include Online Banking & Lending, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -49%, 3Y Excs Rtn is -49% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 573% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -9.6% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -81%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -83% |
| Key risksPFSI key risks include [1] earnings volatility from the dual sensitivity of its production and MSR portfolio to interest rate changes, Show more. |
Qualitative Assessment
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PennyMac Financial Services (PFSI) stock has lost about 5% since 3/31/2026 because of the following key factors:
1. PennyMac Financial Services (PFSI) reported weaker-than-expected earnings for fiscal Q1 2026. The company announced its Q1 2026 results on May 5, 2026, reporting an adjusted diluted earnings per share (EPS) of $2.19, which missed the consensus estimate of $2.52 by $0.33. Total net revenues for the quarter were $545.0 million, falling short of estimates by $33.4 million. This earnings miss was partly driven by a $44 million fair value decline on mortgage servicing rights (MSRs), which negatively impacted diluted EPS by $0.61. Management attributed the overall performance to a difficult mortgage market environment.
2. The broader mortgage market experienced challenging conditions and reduced demand during fiscal Q2 2026. Persistent interest rate volatility and elevated mortgage rates, which for some lenders rose above 6.5%, dampened refinance demand and constrained home purchase activity. This was due to ongoing affordability pressures and low housing inventory, leading to narrowed gain-on-sale margins across the industry.
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PennyMac Financial Services (PFSI) stock has lost about 5% since 3/31/2026 because of the following key factors:
1. PennyMac Financial Services (PFSI) reported weaker-than-expected earnings for fiscal Q1 2026. The company announced its Q1 2026 results on May 5, 2026, reporting an adjusted diluted earnings per share (EPS) of $2.19, which missed the consensus estimate of $2.52 by $0.33. Total net revenues for the quarter were $545.0 million, falling short of estimates by $33.4 million. This earnings miss was partly driven by a $44 million fair value decline on mortgage servicing rights (MSRs), which negatively impacted diluted EPS by $0.61. Management attributed the overall performance to a difficult mortgage market environment.
2. The broader mortgage market experienced challenging conditions and reduced demand during fiscal Q2 2026. Persistent interest rate volatility and elevated mortgage rates, which for some lenders rose above 6.5%, dampened refinance demand and constrained home purchase activity. This was due to ongoing affordability pressures and low housing inventory, leading to narrowed gain-on-sale margins across the industry.
3. A hawkish shift in the Federal Reserve's outlook and persistent inflationary pressures contributed to market uncertainty. At its June 17, 2026 meeting, the Federal Reserve maintained current interest rates but signaled a more hawkish stance, with a significant portion of policymakers anticipating future rate hikes in 2026. This shifted market expectations from potential rate cuts to a "higher for longer" interest rate environment, partly in response to sticky inflation, which was recorded at 3.3% in April 2026, and a resilient labor market. The general economic outlook during Q2 2026 indicated a reevaluation of the likelihood of rate cuts and a potential shift towards rate increases.
4. PennyMac Financial Services experienced significant insider selling activity. Over the 90 days leading up to late June 2026, insider selling at PennyMac Financial Services totaled more than $8.2 million. This included sales by the Chairman & CEO, David Spector, and Chief Financial Officer, Daniel Stanley Perotti, indicating a potential lack of confidence from company leadership.
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Stock Movement Drivers
Fundamental Drivers
The -3.6% change in PFSI stock from 3/31/2026 to 7/21/2026 was primarily driven by a -4.5% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 87.09 | 83.99 | -3.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,098 | 4,995 | -2.0% |
| Net Income Margin (%) | 9.8% | 10.2% | 3.3% |
| P/E Multiple | 9.0 | 8.6 | -4.5% |
| Shares Outstanding (Mil) | 52 | 52 | -0.2% |
| Cumulative Contribution | -3.6% |
Market Drivers
3/31/2026 to 7/21/2026| Return | Correlation | |
|---|---|---|
| PFSI | -3.6% | |
| Market (SPY) | 15.1% | 38.2% |
| Sector (XLF) | 13.7% | 31.5% |
Fundamental Drivers
The -35.9% change in PFSI stock from 12/31/2025 to 7/21/2026 was primarily driven by a -36.4% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 130.95 | 83.99 | -35.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,016 | 4,995 | 24.4% |
| Net Income Margin (%) | 12.4% | 10.2% | -18.3% |
| P/E Multiple | 13.6 | 8.6 | -36.4% |
| Shares Outstanding (Mil) | 52 | 52 | -0.8% |
| Cumulative Contribution | -35.9% |
Market Drivers
12/31/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| PFSI | -35.9% | |
| Market (SPY) | 10.0% | 24.3% |
| Sector (XLF) | 3.0% | 20.9% |
Fundamental Drivers
The -14.7% change in PFSI stock from 6/30/2025 to 7/21/2026 was primarily driven by a -40.7% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 98.44 | 83.99 | -14.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,546 | 4,995 | 40.9% |
| Net Income Margin (%) | 9.8% | 10.2% | 3.3% |
| P/E Multiple | 14.6 | 8.6 | -40.7% |
| Shares Outstanding (Mil) | 52 | 52 | -1.2% |
| Cumulative Contribution | -14.7% |
Market Drivers
6/30/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| PFSI | -14.7% | |
| Market (SPY) | 22.1% | 22.4% |
| Sector (XLF) | 8.4% | 23.3% |
Fundamental Drivers
The 23.6% change in PFSI stock from 6/30/2023 to 7/21/2026 was primarily driven by a 132.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.96 | 83.99 | 23.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,146 | 4,995 | 132.8% |
| Net Income Margin (%) | 15.5% | 10.2% | -34.5% |
| P/E Multiple | 10.3 | 8.6 | -15.8% |
| Shares Outstanding (Mil) | 50 | 52 | -3.8% |
| Cumulative Contribution | 23.6% |
Market Drivers
6/30/2023 to 7/21/2026| Return | Correlation | |
|---|---|---|
| PFSI | 23.6% | |
| Market (SPY) | 74.8% | 33.2% |
| Sector (XLF) | 73.9% | 34.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PFSI Return | 8% | -17% | 58% | 17% | 31% | -36% | 37% |
| Peers Return | -15% | -42% | 89% | -15% | 8% | -32% | -42% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| PFSI Win Rate | 67% | 33% | 58% | 58% | 50% | 29% | |
| Peers Win Rate | 49% | 37% | 55% | 48% | 43% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| PFSI Max Drawdown | -16% | -43% | -23% | -15% | -22% | -50% | |
| Peers Max Drawdown | -39% | -53% | -37% | -35% | -36% | -48% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RKT, UWMC, RITM, WD, LDI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/21/2026 (YTD)
How Low Can It Go
| Event | PFSI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -12.5% | -18.8% |
| % Gain to Breakeven | 14.3% | 23.1% |
| Time to Breakeven | 36 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.3% | -9.5% |
| % Gain to Breakeven | 27.0% | 10.5% |
| Time to Breakeven | 37 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -15.5% | -6.7% |
| % Gain to Breakeven | 18.4% | 7.1% |
| Time to Breakeven | 81 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.9% | -24.5% |
| % Gain to Breakeven | 75.1% | 32.4% |
| Time to Breakeven | 230 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.1% | -33.7% |
| % Gain to Breakeven | 108.6% | 50.9% |
| Time to Breakeven | 76 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -10.2% | -19.2% |
| % Gain to Breakeven | 11.4% | 23.8% |
| Time to Breakeven | 40 days | 105 days |
In The Past
PennyMac Financial Services's stock fell -12.5% during the 2025 US Tariff Shock. Such a loss loss requires a 14.3% gain to breakeven.
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| Event | PFSI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.3% | -9.5% |
| % Gain to Breakeven | 27.0% | 10.5% |
| Time to Breakeven | 37 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.9% | -24.5% |
| % Gain to Breakeven | 75.1% | 32.4% |
| Time to Breakeven | 230 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.1% | -33.7% |
| % Gain to Breakeven | 108.6% | 50.9% |
| Time to Breakeven | 76 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -39.4% | -12.2% |
| % Gain to Breakeven | 65.0% | 13.9% |
| Time to Breakeven | 194 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -29.7% | -6.8% |
| % Gain to Breakeven | 42.3% | 7.3% |
| Time to Breakeven | 179 days | 15 days |
In The Past
PennyMac Financial Services's stock fell -12.5% during the 2025 US Tariff Shock. Such a loss loss requires a 14.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About PennyMac Financial Services (PFSI)
PennyMac Financial Services (PFSI) is a leading financial institution engaged in mortgage banking and investment management across the United States. The company plays a comprehensive role in the residential mortgage market, from the initial creation of mortgage loans to their long-term administration and the strategic management of related investments. Its business model effectively covers multiple stages of the mortgage lifecycle.
The company's Production segment is responsible for originating, acquiring, and subsequently selling first-lien residential mortgage loans, which include both conventional and government-insured or guaranteed options. This segment is central to generating new mortgages for homebuyers. Complementing this, the Servicing segment manages the ongoing administration of these loans, performing tasks such as collecting payments, handling customer inquiries, managing escrow accounts for property taxes and insurance, and providing default management activities like loss mitigation and forbearance programs.
In addition to its direct mortgage operations, PFSI’s Investment Management segment focuses on sourcing, acquiring, and managing various mortgage-related investment assets. This segment also oversees correspondent production activities for PennyMac Mortgage Investment Trust and other acquired assets. The primary markets PFSI serves are the broad U.S. residential mortgage market, individual homeowners seeking financing, and institutional investors looking to invest in mortgage-backed assets and related instruments.
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Here are a couple of analogies for PennyMac Financial Services (PFSI):
- Like Rocket Mortgage, but for the entire lifecycle of a home loan, including investing in them.
- Think of it as Wells Fargo's mortgage department operating as a standalone company, also managing its own mortgage investment portfolio.
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- Mortgage Origination: This service involves the creation, acquisition, and sale of new first-lien residential mortgage loans.
- Mortgage Servicing: This service encompasses the administration, collection, and default management activities for existing mortgage loans.
- Investment Management: This service focuses on sourcing, acquiring, and managing investment assets, primarily mortgage-related assets, for institutional investors.
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PennyMac Financial Services (PFSI) primarily sells its mortgage assets and investment management services to other companies and institutional investors. While the company originates and services loans for individual borrowers, the "sale of loans" and the explicit mention of managing activities for an investment trust indicate a significant B2B customer base for its core business functions and revenue generation.
Here are some of PennyMac Financial Services' major customers:
- PennyMac Mortgage Investment Trust (Symbol: PMT): PennyMac Financial Services explicitly states that its Investment Management segment is involved in "managing correspondent production activities for PennyMac Mortgage Investment Trust." This indicates a direct B2B customer relationship for investment management and related services.
- Government-Sponsored Enterprises (GSEs): As a major originator and seller of residential mortgage loans, PFSI sells a significant portion of its originated conventional loans to GSEs such as Fannie Mae (Symbol: FNMA) and Freddie Mac (Symbol: FMCC). These entities are crucial buyers in the U.S. secondary mortgage market, absorbing conventional loans originated by companies like PennyMac.
- Government National Mortgage Association (Ginnie Mae): For government-insured or guaranteed mortgage loans (such as FHA, VA, and USDA loans) that PennyMac Financial Services originates, Ginnie Mae acts as the guarantor of mortgage-backed securities, allowing these loans to be sold to a broad range of investors. While Ginnie Mae itself is a government agency and not publicly traded, it represents the primary institutional channel through which government-backed loans are securitized and sold to investors.
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David A. Spector, Chairman and Chief Executive Officer
David A. Spector joined PennyMac in 2008 and has served in various executive roles, including President and Chief Investment Officer, and President and Chief Operating Officer. He became President and Chief Executive Officer in January 2017 and was appointed Chairman and Chief Executive Officer in February 2021. Before joining PennyMac, Mr. Spector was the Co-head of Global Residential Mortgages at Morgan Stanley, a global financial services firm, starting in September 2006. Prior to Morgan Stanley, he was the Senior Managing Director, Secondary Marketing, at Countrywide Financial Corporation, where he worked from May 1990 to August 2006. Mr. Spector co-founded PennyMac in 2008 with Stan Kurland.
Doug Jones, President and Chief Mortgage Banking Officer
Doug Jones has been PennyMac's President and Chief Mortgage Banking Officer since March 2021. He joined the company in June 2011 and previously held several key executive positions, including Senior Managing Director and Chief Mortgage Banking Officer. Before his tenure at PennyMac, Mr. Jones held various executive roles in mortgage banking at Countrywide Financial Corporation and its successor, Bank of America Corporation, from 1997 to 2011. His responsibilities there included managing mortgage banking, correspondent, and warehouse lending operations. Earlier in his career, he served as Chief Executive Officer of California United Bank's Mortgage Division.
Josh Smith, Senior Managing Director and Treasurer
Josh Smith has served as Senior Managing Director and Treasurer of PennyMac Financial Services, Inc. since January 2025. In this capacity, he is responsible for all aspects of structured finance, corporate finance, bank financing facilities, and treasury management for PFSI and its affiliated entities. Prior to his current role, he held the position of Managing Director and Treasurer at PennyMac.
Steven Bailey, Chief Servicing Officer
Steven Bailey joined PennyMac in April 2010. As Chief Servicing Officer, he is responsible for directing the company's loan servicing operations, including implementing programs to enhance the value of acquired loans and managing performance goals across servicing and loan administration functions. Before joining PennyMac, Mr. Bailey was the Mortgage Servicing Executive at Bank of America, where he oversaw a loan portfolio exceeding 14 million loans valued at over $2 trillion. Previously, he was the Chief Executive Officer of Loan Administration for Countrywide Home Loans, having progressed through various management and leadership positions in Servicing Operations since joining Countrywide in 1985.
Abbie Tidmore, Senior Managing Director and Chief Revenue Officer
Abbie Tidmore has been the Senior Managing Director and Chief Revenue Officer at PennyMac Financial Services, Inc. since October 2022. From 2017 to 2022, she served as a Managing Director and led PennyMac's correspondent channel, playing a pivotal role in growing it into the largest correspondent aggregator. Ms. Tidmore has been instrumental in building and leading the correspondent lending division, establishing industry standards, and driving revenue growth, including the rollout of the P3 correspondent platform.
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The key risks to PennyMac Financial Services (PFSI) largely stem from the inherent volatility of the mortgage industry and increasing regulatory pressures.
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Interest Rate Volatility
PennyMac's business is highly sensitive to fluctuations in interest rates, which act as a "double-edged sword" impacting both its Production and Servicing segments. Rising interest rates typically lead to reduced mortgage origination volumes, as fewer homeowners seek to refinance and potential homebuyers face higher borrowing costs, directly impacting revenue from the Production segment. Conversely, while lower interest rates can boost loan production, they can significantly decrease the fair value of the company's Mortgage Servicing Rights (MSRs) within its Servicing portfolio due to increased prepayment and refinancing activity, necessitating robust hedging strategies to mitigate these effects. The company has explicitly highlighted interest rate volatility as a significant risk factor, and recent earnings reports have shown profitability challenges linked to the shape of the yield curve and its influence on interest-rate-sensitive strategies.
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Regulatory and Compliance Risks
PennyMac faces substantial risks from increased regulatory scrutiny and the potential for litigation. The Consumer Financial Protection Bureau (CFPB) is intensifying its focus on mortgage servicing practices, including issues like "junk fees" and loss mitigation activities. This heightened oversight, coupled with potential revisions to mortgage servicing rules, creates operational and compliance challenges. Furthermore, the company is exposed to ongoing litigation risks stemming from foreclosure processes and potential errors in loan servicing, which could lead to class-action lawsuits. Recent investigations into PennyMac for alleged federal securities law violations related to mortgage loan refinancing disclosures underscore these legal and reputational risks.
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Competition and Market Conditions
The mortgage market is characterized by intense competition, which can lead to diminished production volumes and pressure on profit margins for companies like PennyMac. The overall health of the housing market, including factors such as housing affordability, inventory levels, and demand, directly influences the company's origination and refinancing opportunities. A challenging market environment with lower industry volumes can negatively impact PennyMac's return on equity. Additionally, the broad economic conditions, including inflation and the overall economic slowdown, further contribute to market uncertainty and can impact consumer spending and the demand for mortgages.
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Addressable Markets for PennyMac Financial Services (PFSI)
PennyMac Financial Services (PFSI) operates in several large addressable markets within the United States, corresponding to its Production, Servicing, and Investment Management segments.
Production Segment (Loan Origination, Acquisition, and Sale)
The addressable market for PennyMac's Production segment is the U.S. mortgage origination market. This market is substantial and projected to grow:
- Total single-family mortgage origination volume in the U.S. is expected to reach $2.0 trillion in 2025 and further increase to $2.2 trillion in 2026.
- The overall U.S. home loan market is estimated at USD 2.42 trillion in 2026 and is forecasted to grow to USD 3.17 trillion by 2031, demonstrating a compound annual growth rate (CAGR) of 5.56% from 2026-2031.
Servicing Segment (Loan Administration, Collection, and Default Management)
PennyMac's Servicing segment addresses the U.S. mortgage servicing market, which represents the total outstanding mortgage debt being administered:
- The estimated value of outstanding mortgage servicing in the U.S. was $14.38 trillion as of March-end 2025.
- The U.S. loan servicing market is projected to grow at a CAGR of 13% from 2022 to 2028.
Investment Management Segment (Mortgage Asset Acquisitions and Management)
The Investment Management segment targets the U.S. mortgage-backed securities (MBS) market, which involves investment in and management of mortgage-related assets:
- The U.S. mortgage-backed securities (MBS) market has more than $11 trillion in outstanding securities.
- The MBS market size in the U.S. was estimated at USD 14.37 trillion in 2024 and is expected to reach USD 15.55 trillion in 2025. This market is projected to grow to USD 22.43 trillion by 2030, at a CAGR of 7.60% during the forecast period of 2025-2030.
- North America holds the largest market share in the Mortgage-Backed Securities Market due to its well-established financial infrastructure.
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PennyMac Financial Services (PFSI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market positions:
- Growth in Loan Origination and Acquisition Volumes: PennyMac Financial Services anticipates continued expansion in its loan origination and acquisition activities. The company's production segment has demonstrated increased volumes, with total acquisition and origination volumes growing significantly in recent quarters. For instance, in Q4 2025, total volumes in the production segment increased by 25%, leading to a 19% rise in pre-tax income. Management expects origination volumes to grow sequentially in 2026. This growth is further supported by the company's strong access to the purchase market.
- Expansion and Organic Growth of the Servicing Portfolio: PFSI's robust servicing segment is a crucial source of recurring revenue. The company's production volumes organically drive the growth of its servicing portfolio. The total servicing portfolio has seen consistent growth, reaching approximately $734 billion in Unpaid Principal Balance (UPB) by year-end 2025, up 10% from 2024. This growing portfolio, especially with a significant proportion of loans above current market rates, positions the company for increased refinancing revenue when interest rates decline. The company projects its servicing portfolio UPB to grow by about 7% to 9% in 2026, with origination volume offsetting runoff.
- Increased Market Share in Correspondent and Broker Direct Channels: PennyMac Financial Services has a stated strategy and demonstrated success in expanding its market share within its correspondent and broker direct lending channels. In 2023, PennyMac's market share in correspondent lending increased to over 22% from 15% in 2022. Similarly, its market share in the broker direct channel grew from 2.4% in 2021 to 5.5% in 2025. The company plans to further grow its mortgage loan volume in these channels by adding new broker and non-delegated partner relationships and expanding existing ones.
- Strategic Acquisitions: Acquisitions are expected to contribute to PennyMac's scale and revenue. A notable example is the planned Cenlar acquisition, which is anticipated to enhance PFSI's subservicing business. Cenlar is a major subservicer with a client base comprising a large percentage of banks and credit unions, indicating a significant expansion opportunity for PennyMac's subservicing operations.
- Technological Advancements and Operational Efficiencies: While primarily focused on cost reduction, PennyMac's investments in technology, including artificial intelligence (AI) and process automation, are expected to indirectly drive revenue growth. By enhancing efficiencies and enabling a more automated loan process, these advancements can lead to lower per-loan operating costs and allow the company to capture more opportunities in the market. The acceleration of new technologies like Vesta and the focus on improving efficiencies are strategic actions aimed at increasing production income. The company has launched over 35 AI applications with a projected annual economic benefit of $25 million.
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Share Repurchases
- PennyMac Financial Services authorized a $1.0 billion increase to its stock repurchase program in Q2 2021, bringing the total authorization to $2.0 billion.
- The company repurchased 4.7 million shares of common stock for approximately $288 million in Q1 2021.
- In Q3 2021, PennyMac Financial repurchased 4.2 million shares of common stock at a cost of $257.3 million, with an additional 1.4 million shares bought in October 2021 for $89.7 million.
Share Issuance
- Throughout 2025, the number of common shares outstanding slightly increased, from 51,376,616 at December 31, 2024, to 52,061,346 at December 31, 2025.
- In Q3 2025, an insider received 294 common shares at an average price of $100.92 per share as non-cash compensation for directors' fees.
Inbound Investments
- No significant inbound investments by third parties (such as strategic partners or private equity firms) directly into PennyMac Financial Services were identified within the last 3-5 years.
Outbound Investments
- PennyMac Financial Services serves as the external manager for PennyMac Mortgage Investment Trust (PMT) and facilitates PMT's investments in mortgage-related assets.
- PMT retained $169 million in new subordinate credit and mezzanine bond investments in 2024.
- In Q3 2025, PMT purchased 17% of PennyMac Financial Services' total conventional conforming correspondent production, a percentage expected to be between 15% and 25% in Q4 2025.
Capital Expenditures
- PennyMac Financial Services has emphasized ongoing investments in technology and operations to enhance efficiency and support growth, aiming to improve the consumer and broker experience and boost productivity.
- The company accelerated the deployment of Vesta, a next-generation loan origination system, to improve consumer direct lending operations, and invested in AI-driven tools in both production and servicing.
- These AI initiatives included the launch or active development of over 35 applications, with a projected annual economic benefit of approximately $25 million as of Q2 2025.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 11.40 |
| Mkt Cap | 3.0 |
| Rev LTM | 2,640 |
| Op Inc LTM | 340 |
| FCF LTM | -2,346 |
| FCF 3Y Avg | -1,524 |
| CFO LTM | -2,070 |
| CFO 3Y Avg | -1,198 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 29.6% |
| Rev Chg 3Y Avg | 18.5% |
| Rev Chg Q | 53.9% |
| QoQ Delta Rev Chg LTM | 9.6% |
| Op Inc Chg LTM | 19.6% |
| Op Inc Chg 3Y Avg | -1.0% |
| Op Mgn LTM | 10.5% |
| Op Mgn 3Y Avg | 11.2% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | -80.7% |
| CFO/Rev 3Y Avg | -43.3% |
| FCF/Rev LTM | -81.4% |
| FCF/Rev 3Y Avg | -44.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Production | 1,260 | 942 | 645 | 865 | 2,307 |
| Servicing | 737 | 595 | 715 | 1,080 | 817 |
| Corporate and other | 49 | 57 | 42 | ||
| Investment Management | 40 | 43 | |||
| Total | 2,047 | 1,594 | 1,402 | 1,986 | 3,167 |
| $ Mil | 2022 | 2021 |
|---|---|---|
| Servicing | 614 | 307 |
| Production | 48 | 1,044 |
| Investment Management | 3 | 8 |
| Total | 665 | 1,359 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Servicing | 19,564 | 17,588 | 14,036 | 12,929 | 9,821 |
| Production | 9,757 | 8,432 | 4,560 | 3,867 | 8,934 |
| Corporate and other | 68 | 67 | 248 | ||
| Investment Management | 26 | 21 | |||
| Total | 29,389 | 26,087 | 18,845 | 16,823 | 18,777 |
Price Behavior
| Market Price | $83.99 | |
| Market Cap ($ Bil) | 4.4 | |
| First Trading Date | 05/09/2013 | |
| Distance from 52W High | -47.0% | |
| 50 Days | 200 Days | |
| DMA Price | $83.99 | $105.20 |
| DMA Trend | down | down |
| Distance from DMA | 0.0% | -20.2% |
| 3M | 1YR | |
| Volatility | 29.5% | 46.5% |
| Downside Capture | 104.33 | 118.62 |
| Upside Capture | 44.78 | 71.81 |
| Correlation (SPY) | 31.6% | 21.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.53 | 0.54 | 0.83 | 0.96 | 0.80 | 0.80 |
| Up Beta | 0.26 | 0.77 | 1.16 | 0.90 | 1.14 | 0.62 |
| Down Beta | 1.09 | 1.20 | 0.92 | 0.59 | 0.35 | 0.51 |
| Up Capture | 70% | 7% | 44% | 55% | 62% | 104% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 14 | 23 | 34 | 65 | 127 | 378 |
| Down Capture | 23% | 38% | 84% | 160% | 108% | 104% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 7 | 18 | 29 | 60 | 124 | 370 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PFSI | |
|---|---|---|---|---|
| PFSI | -15.8% | 46.4% | -0.19 | - |
| Sector ETF (XLF) | 8.1% | 14.6% | 0.32 | 22.4% |
| Equity (SPY) | 20.3% | 12.6% | 1.19 | 21.8% |
| Gold (GLD) | 21.6% | 28.1% | 0.69 | 32.9% |
| Commodities (DBC) | 31.4% | 19.1% | 1.30 | -0.4% |
| Real Estate (VNQ) | 15.0% | 14.0% | 0.76 | 32.7% |
| Bitcoin (BTCUSD) | -44.6% | 42.9% | -1.25 | 7.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PFSI | |
|---|---|---|---|---|
| PFSI | 8.8% | 36.6% | 0.32 | - |
| Sector ETF (XLF) | 10.7% | 18.5% | 0.45 | 44.1% |
| Equity (SPY) | 12.9% | 17.1% | 0.58 | 45.8% |
| Gold (GLD) | 17.3% | 18.4% | 0.76 | 20.1% |
| Commodities (DBC) | 8.9% | 19.5% | 0.35 | 7.6% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 50.2% |
| Bitcoin (BTCUSD) | 14.9% | 53.4% | 0.46 | 21.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PFSI | |
|---|---|---|---|---|
| PFSI | 23.0% | 39.3% | 0.66 | - |
| Sector ETF (XLF) | 13.7% | 22.0% | 0.56 | 41.4% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 44.5% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 16.0% |
| Commodities (DBC) | 7.2% | 17.9% | 0.32 | 12.8% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 46.8% |
| Bitcoin (BTCUSD) | 58.7% | 66.2% | 0.99 | 13.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | -0.5% | 1.3% | -6.5% |
| 1/29/2026 | -33.3% | -34.9% | -39.4% |
| 10/21/2025 | 7.2% | 7.7% | 3.2% |
| 7/22/2025 | -7.4% | -8.9% | 1.3% |
| 4/22/2025 | -2.8% | -0.4% | 0.1% |
| 1/30/2025 | -8.8% | -8.4% | -9.5% |
| 10/22/2024 | -3.5% | -1.2% | -0.6% |
| 7/23/2024 | -3.8% | -2.0% | -0.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 12 |
| # Negative | 13 | 13 | 12 |
| Median Positive | 4.7% | 2.2% | 3.0% |
| Median Negative | -5.1% | -6.8% | -5.5% |
| Max Positive | 16.9% | 11.2% | 22.0% |
| Max Negative | -33.3% | -34.9% | -39.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | -0.5% | 1.3% | -6.5% |
| 1/29/2026 | -33.3% | -34.9% | -39.4% |
| 10/21/2025 | 7.2% | 7.7% | 3.2% |
| 7/22/2025 | -7.4% | -8.9% | 1.3% |
| 4/22/2025 | -2.8% | -0.4% | 0.1% |
| 1/30/2025 | -8.8% | -8.4% | -9.5% |
| 10/22/2024 | -3.5% | -1.2% | -0.6% |
| 7/23/2024 | -3.8% | -2.0% | -0.6% |
| 4/24/2024 | -6.4% | -6.4% | -1.9% |
| 2/1/2024 | 4.7% | 1.4% | -4.6% |
| 10/26/2023 | 8.6% | 11.2% | 20.9% |
| 7/27/2023 | -5.1% | -8.0% | -13.8% |
| 4/27/2023 | -5.2% | -13.2% | -8.1% |
| 2/2/2023 | -8.6% | -9.1% | -14.0% |
| 10/27/2022 | 16.9% | 6.2% | 22.0% |
| 8/2/2022 | 8.5% | 7.8% | 1.2% |
| 5/5/2022 | 0.1% | -6.8% | 2.4% |
| 2/3/2022 | 0.8% | 2.2% | -1.4% |
| 11/4/2021 | 3.6% | 2.0% | 7.0% |
| 8/5/2021 | 9.6% | 5.5% | 4.4% |
| 5/6/2021 | -1.0% | 2.0% | 8.0% |
| 2/4/2021 | 0.6% | 0.8% | -3.5% |
| 11/5/2020 | -3.3% | -0.2% | 2.7% |
| 8/6/2020 | 2.1% | -4.3% | 0.4% |
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 12 |
| # Negative | 13 | 13 | 12 |
| Median Positive | 4.7% | 2.2% | 3.0% |
| Median Negative | -5.1% | -6.8% | -5.5% |
| Max Positive | 16.9% | 11.2% | 22.0% |
| Max Negative | -33.3% | -34.9% | -39.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/04/2019 | 10-Q |
| 06/30/2019 | 08/06/2019 | 10-Q |
Insider Activity
Updated 7/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hendry, Gregory L | MD, Chief Accounting Officer | Direct | Sell | 7022026 | 86.89 | 2,177 | 189,160 | 4,254,830 | Form |
| 2 | Hendry, Gregory L | MD, Chief Accounting Officer | Direct | Sell | 6242026 | 81.71 | 2,943 | 240,473 | 4,001,175 | Form |
| 3 | Perotti, Daniel Stanley | Chief Financial Officer | The Perotti Family Trust | Sell | 5182026 | 87.50 | 2,925 | 255,938 | 18,429,688 | Form |
| 4 | Spector, David | Chairman & CEO | ST Family Investment Company LLC | Sell | 5132026 | 87.99 | 10,000 | 879,858 | 5,332,291 | Form |
| 5 | Spector, David | Chairman & CEO | ST Family Investment Company LLC | Sell | 4152026 | 92.83 | 10,000 | 928,279 | 6,554,024 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hendry, Gregory L | MD, Chief Accounting Officer | Direct | Sell | 7022026 | 86.89 | 2,177 | 189,160 | 4,254,830 | Form |
| 2 | Hendry, Gregory L | MD, Chief Accounting Officer | Direct | Sell | 6242026 | 81.71 | 2,943 | 240,473 | 4,001,175 | Form |
| 3 | Perotti, Daniel Stanley | Chief Financial Officer | The Perotti Family Trust | Sell | 5182026 | 87.50 | 2,925 | 255,938 | 18,429,688 | Form |
| 4 | Spector, David | Chairman & CEO | ST Family Investment Company LLC | Sell | 5132026 | 87.99 | 10,000 | 879,858 | 5,332,291 | Form |
| 5 | Spector, David | Chairman & CEO | ST Family Investment Company LLC | Sell | 4152026 | 92.83 | 10,000 | 928,279 | 6,554,024 | Form |
| 6 | Spector, David | Chairman & CEO | ST Family Investment Company LLC | Sell | 3092026 | 86.39 | 10,000 | 863,875 | 6,963,175 | Form |
| 7 | Spector, David | Chairman & CEO | Direct | Sell | 3092026 | 86.39 | 12,436 | 1,074,323 | 45,733,971 | Form |
| 8 | Stark, Derek | Chief Legal Officer | Direct | Sell | 3032026 | 87.66 | 1,066 | 93,446 | 1,835,951 | Form |
| 9 | Stark, Derek | Chief Legal Officer | Direct | Sell | 2262026 | 91.50 | 1,903 | 174,124 | 2,056,646 | Form |
| 10 | Spector, David | Chairman & CEO | ST Family Investment Company LLC | Sell | 2202026 | 94.50 | 10,000 | 945,027 | 8,562,324 | Form |
| 11 | Spector, David | Chairman & CEO | Direct | Sell | 2202026 | 94.52 | 2,950 | 278,828 | 51,203,418 | Form |
| 12 | Perotti, Daniel Stanley | Chief Financial Officer | The Perotti Family Trust | Sell | 2182026 | 93.30 | 2,925 | 272,902 | 19,924,215 | Form |
| 13 | Kinsella, Patrick | Direct | Buy | 2132026 | 89.15 | 2,250 | 200,588 | 3,049,822 | Form | |
| 14 | Spector, David | Chairman & CEO | ST Family Investment Company LLC | Sell | 1142026 | 145.19 | 10,000 | 1,451,880 | 14,606,490 | Form |
| 15 | Hendry, Gregory L | MD, Chief Accounting Officer | Direct | Sell | 12192025 | 131.64 | 3,530 | 464,689 | 6,402,048 | Form |
| 16 | Spector, David | Chairman & CEO | ST Family Investment Company LLC | Sell | 12182025 | 129.81 | 5,000 | 649,030 | 14,357,066 | Form |
| 17 | Jones, Doug | Director, President & CMBO | GR Family Investments LLC | Sell | 11262025 | 132.63 | 20,000 | 2,652,541 | 57,029,633 | Form |
| 18 | Perotti, Daniel Stanley | Chief Financial Officer | The Perotti Family Trust | Sell | 11182025 | 126.67 | 8,775 | 1,111,520 | 27,420,648 | Form |
| 19 | Spector, David | Chairman & CEO | ST Family Investment Company LLC | Sell | 11132025 | 129.26 | 5,000 | 646,322 | 14,943,471 | Form |
| 20 | Jones, Doug | Director, President & CMBO | Direct | Sell | 11122025 | 127.56 | 23,453 | 2,991,665 | 2,430,783 | Form |
| 21 | Jones, Doug | Director, President & CMBO | Direct | Sell | 11072025 | 126.09 | 4,318 | 544,457 | 2,402,771 | Form |
| 22 | Perotti, Daniel Stanley | Chief Financial Officer | Direct | Sell | 10282025 | 131.36 | 26,011 | 3,416,689 | 1,308,827 | Form |
| 23 | McCallion, Anne | Direct | Sell | 10282025 | 131.55 | 27,771 | 3,653,395 | 203,515 | Form | |
| 24 | Spector, David | Chairman & CEO | Direct | Sell | 10272025 | 128.07 | 71,161 | 9,113,457 | 74,005,330 | Form |
| 25 | Perotti, Daniel Stanley | Chief Financial Officer | Direct | Sell | 10242025 | 130.71 | 13,110 | 1,713,549 | 1,302,350 | Form |
| 26 | Spector, David | Chairman & CEO | ST Family Investment Company LLC | Sell | 10072025 | 118.42 | 5,000 | 592,105 | 14,282,035 | Form |
| 27 | Spector, David | Chairman & CEO | ST Family Investment Company LLC | Sell | 9242025 | 122.97 | 5,000 | 614,826 | 15,444,910 | Form |
| 28 | Perotti, Daniel Stanley | Chief Financial Officer | The Perotti Family Trust | Sell | 9082025 | 116.63 | 2,925 | 341,143 | 26,270,908 | Form |
| 29 | Perotti, Daniel Stanley | Chief Financial Officer | The Perotti Family Trust | Sell | 9032025 | 108.20 | 5,850 | 632,970 | 24,688,535 | Form |
| 30 | Stark, Derek | Chief Legal Officer | Direct | Sell | 8262025 | 109.56 | 4,750 | 520,410 | 2,259,237 | Form |
| 31 | Spector, David | Chairman & CEO | ST Family Investment Company LLC | Sell | 8202025 | 105.73 | 5,000 | 528,628 | 13,808,178 | Form |
| 32 | Mazzella, Joseph F | Direct | Sell | 8142025 | 108.16 | 7,107 | 768,693 | 9,307,168 | Form | |
| 33 | Spector, David | Chairman & CEO | ST Family Investment Company LLC | Sell | 7082025 | 100.81 | 5,000 | 504,048 | 13,670,190 | Form |
Investor Activity (13F)
Updated Jul 22, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| MFN Partners Management, LP | $396.1 Mil | 8.3% | 10 | Hold | 13F |
| Lightrock Netherlands B.V. | $13.3 Mil | 2.8% | 39 | ADD +22.4% | 13F |
| Canyon Capital Advisors LLC | $16.4 Mil | 2.1% | 19 | New | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $6.1 Mil | 1.9% | 42 | ADD +58.4% | 13F |
| Kinetic Partners Management, LP | $27.0 Mil | 1.5% | 49 | ADD +145.3% | 13F |
| Senvest Management, LLC | $44.5 Mil | 1.5% | 49 | ADD +21.9% | 13F |
| Azora Capital LP | $9.6 Mil | 0.6% | 45 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Canyon Capital Advisors LLC | $16.4 Mil | 2.1% | 19 | New | 13F |
| Azora Capital LP | $9.6 Mil | 0.6% | 45 | New | 13F |
| Kinetic Partners Management, LP | $27.0 Mil | 1.5% | 49 | ADD +145.3% | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $6.1 Mil | 1.9% | 42 | ADD +58.4% | 13F |
| Lightrock Netherlands B.V. | $13.3 Mil | 2.8% | 39 | ADD +22.4% | 13F |
| Senvest Management, LLC | $44.5 Mil | 1.5% | 49 | ADD +21.9% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| MFN Partners Management, LP | $396.1 Mil | 8.3% | 10 | Hold | 13F |
| Senvest Management, LLC | $44.5 Mil | 1.5% | 49 | ADD +21.9% | 13F |
| Kinetic Partners Management, LP | $27.0 Mil | 1.5% | 49 | ADD +145.3% | 13F |
| Canyon Capital Advisors LLC | $16.4 Mil | 2.1% | 19 | New | 13F |
| Lightrock Netherlands B.V. | $13.3 Mil | 2.8% | 39 | ADD +22.4% | 13F |
| Azora Capital LP | $9.6 Mil | 0.6% | 45 | New | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $6.1 Mil | 1.9% | 42 | ADD +58.4% | 13F |
PennyMac Financial Services — Investor Video Playlist
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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