PennyMac Financial Services Inc. (PFSI) on Tuesday reported net income of $76.3 million for the first quarter of 2025 after it posted revenue of $430.9 million.

These numbers were down from the previous quarter’s figures of $104.5 million and $470.1 million, respectively.

The California-based lender’s pretax income was $104.2 million, which was down from $129.4 million in Q4 2024 but up from $43.9 million in Q1 2024.

“PennyMac Financial delivered solid first quarter financial results, demonstrating our ability to consistently generate strong returns in a volatile market,” Pennymac chairman and CEO David Spector said in a statement.

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