PennyMac Financial Services, Inc. (NYSE:PFSI) Q2 2025 Earnings Conference Call July 22, 2025 5:00 PM ET
Company Participants
David Spector – CEO & Chairman
Daniel Perotti – Senior MD & CFO
Conference Call Participants
Crispin Love – Piper Sandler & Co., Research Division
Bose George – Keefe, Bruyette, & Woods, Inc., Research Division
Eric Hagen – BTIG, LLC, Research Division
Michael Kaye – Wells Fargo Securities, LLC, Research Division
Douglas Harter – UBS Investment Bank, Research Division
Ryan Shelley – BofA Securities, Research Division
Trevor Cranston – Citizens JMP Securities, LLC, Research Division
Operator
Good afternoon, and welcome to PennyMac Financial Services, Inc.’s Second Quarter 2025 Earnings Call. Additional earnings materials, including presentation slides that will be referred to in this call are available on PennyMac Financial’s website at pfsi.pennymac.com.
Before we begin, let me remind you that this call may contain forward-looking statements that are subject to certain risks identified on Slide 2 of the earnings presentation that could cause the company’s actual results to differ materially as well as non-GAAP measures that have been reconciled to their GAAP equivalent in the earnings materials.
Now I’d like to introduce David Spector, PennyMac Financial’s Chairman and Chief Executive Officer; and Dan Perotti, PennyMac Financial’s Chief Financial Officer. Please go ahead.
David Spector
Thank you, operator. Good afternoon, and thank you to everyone for participating in our second quarter earnings call. For the second quarter, as shown on Slide 3, PFSI reported net income of $136 million or diluted earnings per share of $2.54, this reflects an annualized return on equity of 14%. Excluding the impact of fair value changes and a nonrecurring tax benefit, which Dan will talk about later, PFSI produced an annualized operating ROE of 13%. These results highlight the resilience of our balanced business model and our continued ability to produce solid financial results even during periods of extreme volatility, such
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