PFSI — what changed in the latest 10-Q
A section-by-section comparison of PFSI's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-05 vs the prior 10-Q · 2025-10-28
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +19 | −22 | ~32 | 69 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 9 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 2 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +2 | −3 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-05
We expect to sell a portion of our conventional conforming correspondent loan production and all of our nonagency correspondent loan production to PMT in the second quarter of 2026.
We define “Adjusted EBITDA” as net income plus provision for income taxes, depreciation and amortization, excluding decrease (increase) in fair value of mortgage servicing rights (“MSRs”) net of mortgage servicing liabilities (“MSLs”), due to changes in the valuation inputs we use in our valuation m…
Principal-only stripped MBS valuation-related accretion changes
(Increase) decrease in fair value of MSRs net of MSLs due to changes in valuation inputs used in valuation models
For the quarter ended March 31, 2026, income before income taxes increased $495,000 compared to the same quarter in 2025. The increase was primarily due to a $150.2 million increase in loan production revenue due to higher volume across all production channels, partially offset by a $11.5 million de…
Text removed vs the prior filing · source: 10-Q · 2025-10-28
We expect to sell a portion of the conventional loans and all of the jumbo loans from our correspondent channel to PMT in the fourth quarter of 2025.
calculated in accordance with GAAP and should not be considered as a substitute for net income, or any other performance measure calculated in accordance with GAAP.
We define “Adjusted EBITDA” as net income plus provision for income taxes, depreciation and amortization, excluding decrease (increase) in fair value of mortgage servicing rights (“MSRs”) net of mortgage servicing liabilities (“MSLs”), due to changes in the valuation inputs we use in our valuation m…
Decrease in fair value of MSRs net of MSLs due to changes in valuation inputs used in valuation models
Interest expense on corporate debt or corporate revolving credit facilities and capital leases
Other information
Text added vs the prior filing · source: 10-Q · 2026-05-05
On March 19, 2026, Greg Hendry, the Company’s Chief Accounting Officer, adopted a trading plan to sell up to: (1) 11,650 shares of the Company’s common stock, (2) 5,120 shares of the Company’s common stock underlying unexercised stock options, (3) Company common stock shares received upon the vestin…
During the quarter ended March 31, 2026, none of our other directors or executive officers (as defined in Rule 16a-1(f)), informed us of the adoption, modification, or termination of any “Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (in each case, as defined in Item 408(a) …
Text removed vs the prior filing · source: 10-Q · 2025-10-28
On August 8, 2025, David A. Spector, Chairman and Chief Executive Officer, adopted a trading plan to sell: (1) 60,000 shares of the Company’s common stock, (2) Company common stock shares received upon the vesting of 18,268 time-based restricted stock units, and (3) Company common stock shares recei…
The trading plan will expire on June 10, 2026. Mr. Spector’s trading plan was entered into during an open insider trading window and is intended to satisfy Rule 10b5-1(c) under the Exchange Act and the Company’s policies regarding insider transactions.
During the quarter ended September 30, 2025, none of our directors or executive officers (as defined in Rule 16a-1(f)), other than Mr. Spector, informed us of the adoption, modification, or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (in each case, as …
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice