PennyMac Financial Services reported first-quarter net income of $82.3 million, or $1.53 per diluted share, as stronger mortgage production helped offset weaker servicing results tied to mortgage servicing rights valuation changes and hedging losses.

The Westlake Village, California-based mortgage lender and servicer posted adjusted net income of $117.7 million, or $2.19 per diluted share, for the quarter ended March 31. Annualized adjusted return on equity (ROE) was 11%. Book value per share rose to $83.31 from $82.77 at the end of 2025.

Chairman and CEO David Spector said the company repurchased 560,000 shares during the quarter for $50 million at an details ⇒

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