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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

​	​	​	​	​	​	​
​		September 30,			December 31,
​		2020			2019
​	​	(in thousands, except share amounts)
ASSETS	​	​	​	​	​	​
Cash (includes $52,599 pledged to creditors at December 31, 2019)	​	$	529,166	​	$	188,291
Short-term investments at fair value	​	​	102,136	​	​	74,611
Loans held for sale at fair value (includes $9,011,545 and $4,846,138 pledged to creditors)	​	​	9,126,172	​	​	4,912,953
Assets purchased from PennyMac Mortgage Investment Trust under agreements to resell pledged to creditors	​	​	86,958	​	​	107,512
Derivative assets	​	​	578,254	​	​	159,686
Servicing advances, net (includes valuation allowance of $141,964 and $82,157; $232,519 and $207,460 pledged to creditors)	​	​	393,654	​	​	331,169
Mortgage servicing rights at fair value (includes $2,330,600 and $2,920,603 pledged to creditors)	​	​	2,333,821	​	​	2,926,790
Operating lease right-of-use assets	​	​	72,133	​	​	73,090
Investment in PennyMac Mortgage Investment Trust at fair value	​	​	991	​	​	1,672
Receivable from PennyMac Mortgage Investment Trust	​	​	122,478	​	​	48,159
Loans eligible for repurchase	​	​	17,183,873	​	​	1,046,527
Other (includes $207,547 and $32,598 pledged to creditors)	​	​	651,229	​	​	333,557
Total assets	​	$	31,180,865	​	$	10,204,017
​	​	​	​	​	​	​
Assets sold under agreements to repurchase	​	$	7,259,188	​	$	4,141,053
Mortgage loan participation purchase and sale agreements	​	​	535,063	​	​	497,948
Obligations under capital lease	​	​	13,957	​	​	20,810
Notes payable secured by mortgage servicing assets	​	​	1,295,143	​	​	1,294,070
Unsecured senior notes	​	​	492,358	​	​	—
Excess servicing spread financing payable to PennyMac Mortgage Investment Trust at fair value	​	​	142,990	​	​	178,586
Derivative liabilities	​	​	24,537	​	​	22,330
Mortgage servicing liabilities at fair value	​	​	31,698	​	​	29,140
Operating lease liabilities	​	​	92,005	​	​	91,320
Accounts payable and accrued expenses	​	​	278,403	​	​	175,273
Payable to PennyMac Mortgage Investment Trust	​	​	77,136	​	​	73,280
Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement	​	​	35,784	​	​	46,158
Income taxes payable	​	​	673,149	​	​	504,569
Liability for loans eligible for repurchase	​	​	17,183,873	​	​	1,046,527
Liability for losses under representations and warranties	​	​	28,504	​	​	21,446
Total liabilities	​	​	28,163,788	​	​	8,142,510
​	​	​	​	​	​	​
Commitments and contingencies – Note 15	​	​	​	​	​	​
​	​	​	​	​	​	​
STOCKHOLDERS’ EQUITY	​	​	​	​	​	​
Common stock—authorized 200,000,000 shares of $0.0001 par value; issued and outstanding, 72,400,490 and 78,515,047 shares, respectively	​	​	7	​	​	8
Additional paid-in capital	​	​	1,116,428	​	​	1,335,107
Retained earnings	​	​	1,900,642	​	​	726,392
Total stockholders' equity	​	​	3,017,077	​	​	2,061,507
Total liabilities and stockholders’ equity	​	$	31,180,865	​	$	10,204,017

​

The accompanying notes are an integral part of these consolidated financial statements.

5