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Specialty Finance

PennyMac Financial Services Executive Compensation (FY25)

PFSI · Westlake Village, CA · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
David Spector
Latest say-on-pay support
=
June 3, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of November 4, 2026Latest filing (8-K): June 4, 2026
11 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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346 figures on this page: 338 cited to the filing that reported them, 8 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — David Spector: $10,595,840 → $12,660,536 (19.5% higher)
Say-on-pay support: 90.7% → 96.6% (5.9 points higher)
CEO pay ratio: 122:1 → 147:1 (20.5% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is PennyMac Financial Services' chief executive and what were they paid?
David Spector was paid $12,660,536 in total compensation as Chairman and Chief Executive Officer for fiscal 2025. Spector's total was 19.5% higher than the $10,595,840 reported for fiscal 2024.
What was PennyMac Financial Services' say-on-pay result?
The say-on-pay proposal drew 96.6% of votes cast for or against in favor at the meeting held June 3, 2026 for fiscal 2025.
Which companies are in PennyMac Financial Services' peer group?
Companies named in the disclosed peer group include Essent Group Ltd., Fidelity National Financial, Inc., First American Financial Corporation, MGIC Investment Corp. and OneMain Holdings, Inc., among others.
What is PennyMac Financial Services' chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 147:1, against median employee compensation of $86,394.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Spector
Chairman and Chief Executive Officer
◇—◇◇◇—◇◇
Doug Jones
Director, President and Chief Mortgage Banking Officer
◇—◇◇◇—◇◇
Daniel Perotti
SMD and Chief Financial Officer
◇—◇◇◇—◇◇
Vandad Fartaj
Senior Managing Director and Chief Investment Officer
◇—◇◇◇—◇◇
James Follette
SMD and Chief Digital Officer
◇—◇◇◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Spector
Chairman and Chief Executive Officer
◇—◇◇◇—◇◇
Doug Jones
Director, President and Chief Mortgage Banking Officer
◇—◇◇◇—◇◇
Daniel Perotti
SMD and Chief Financial Officer
◇—◇◇◇—◇◇
James Follette
SMD and Chief Digital Officer
◇—◇◇◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Spector
Chairman and Chief Executive Officer
◇—◇◇◇—◇◇
Doug Jones
Director, President and Chief Mortgage Banking Officer
◇—◇◇◇—◇◇
Daniel Perotti
SMD and Chief Financial Officer
◇—◇◇◇—◇◇
James Follette
SMD and Chief Digital Officer
◇—◇◇◇—◇◇
Derek Stark
SMD and Chief Legal Officer
◇—◇◇◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Spector
Chairman and Chief Executive Officer
◇—◇◇◇—◇◇
Doug Jones
Director, President and Chief Mortgage Banking Officer
◇—◇◇◇—◇◇
Daniel Perotti
Senior Managing Director and Chief Financial Officer
◇—◇◇◇—◇◇
James Follette
Senior Managing Director and Chief Digital Officer
◇—◇◇◇—◇◇
Derek Stark
Senior Managing Director, Chief Legal Officer and Secretary
◇—◇◇◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Derek W. StarkOPTION◇——◇—◇◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
David SpectorOption◇—◇12/13/2030
Option◇—◇2/22/2032
Option◇—◇3/05/2027
Option◇—◇2/25/2030
Option◇—◇3/14/2029
Option◇—◇2/24/2031
Option◇—◇3/08/2028
Option◇—◇2/13/2035
PSU◇◇——
PSU◇◇——
Option◇—◇2/28/2034
RSU◇◇——
Option◇—◇2/23/2033
PSU◇◇——
RSU◇◇——
RSU◇◇——
Doug JonesOption◇—◇2/22/2032
Option◇—◇12/13/2030
Option◇—◇3/05/2027
Option◇—◇2/25/2030
Option◇—◇2/24/2031
Option◇—◇3/14/2029
Option◇—◇3/08/2028
PSU◇◇——
Option◇—◇2/13/2035
Option◇—◇2/28/2034
PSU◇◇——
Option◇—◇2/23/2033
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
Daniel PerottiOption◇—◇2/22/2032
Option◇—◇2/25/2030
Option◇—◇3/14/2029
Option◇—◇3/08/2028
Option◇—◇12/13/2030
Option◇—◇2/24/2031
Option◇—◇2/13/2035
PSU◇◇——
PSU◇◇——
Option◇—◇2/28/2034
RSU◇◇——
Option◇—◇2/23/2033
PSU◇◇——
RSU◇◇——
RSU◇◇——
James FolletteOption◇—◇2/22/2032
Option◇—◇12/13/2030
Option◇—◇2/24/2031
Option◇—◇2/13/2035
PSU◇◇——
PSU◇◇——
Option◇—◇2/28/2034
Option◇—◇2/23/2033
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
Derek StarkOption◇—◇2/22/2032
Option◇—◇12/13/2030
Option◇—◇2/25/2030
Option◇—◇3/14/2029
Option◇—◇3/08/2028
Option◇—◇2/13/2035
Option◇—◇2/24/2031
PSU◇◇——
PSU◇◇——
Option◇—◇2/28/2034
RSU◇◇——
Option◇—◇2/23/2033
PSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
David Spector
Chairman and Chief Executive Officer · Terms as described in the company’s compensation discussion
Severance multiple◇
Severance base◇
Severance cash amount◇
Change-in-control multiple◇
Change-in-control base◇
Equity acceleration on change in control◇
James Follette
Senior Managing Director and Chief Digital Officer · Terms as described in the company’s compensation discussion
Change-in-control multiple◇
Equity acceleration on change in control◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey A. Perlowitz
Lead independent director
◇◇————◇
Patrick Kinsella
◇◇————◇
Theodore W. Tozer
◇◇————◇
Anne D. McCallion
◇◇————◇
Lisa M. Shalett
◇◇————◇
Joseph Mazzella
◇◇————◇
Farhad Nanji
◇◇————◇
Sunil Chandra
◇◇————◇
Jonathon S. Jacobson
◇◇————◇
Doug Jones and David A. Spector served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as restricted stock units.
Stock ownership guideline: 5x base annual retainer

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Essent Group Ltd. ESNT
  • Fidelity National Financial, Inc. FNF
  • First American Financial Corporation FAF
  • MGIC Investment Corp. MTG
  • OneMain Holdings, Inc. OMF
  • Radian Group Inc. RDN
  • Redwood Trust, Inc. RWT
  • Rithm Capital Corp. RITM
  • Rocket Companies, Inc. RKT
  • SLM Corporation SLM
  • UWM Holdings Corporation UWMC
  • Walker & Dunlop WD
  • Zillow Group, Inc. Z

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025June 3, 2026=◇◇◇
2024June 18, 2025=◇◇◇
2023June 5, 2024=◇◇◇
2022June 13, 2023=◇◇◇
2021May 24, 2022=◇◇◇
2020June 3, 2021=◇◇◇
2019May 28, 2020=◇◇◇
2018May 30, 2019=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”
- David Spector (Chairman and Chief Executive Officer), FY2025 total compensation $12,660,536 (base salary $1,483,333) [exec_comp, SEC accession 0001193125-26-164086, filed 2026-04-20]

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What this page does not include

Everything above is a fact PennyMac Financial Services disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where PennyMac Financial Services sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
346 figures on this page: 338 cited to the filing that reported them, 8 calculated from figures it prints.
338 cited to the filing
8 calculated from the filing

Documents cited

  1. 0001104659-26-070549
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-164086
    2025 Director Compensation Table · 2025 Outstanding Equity Awards at Fiscal Year-End · 2025 Summary Compensation Table · CEO Pay Ratio · and 2 more sections
  3. 0001104659-25-060703
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001193125-25-100658
    COMPENSATION TABLES · Compensation Discussion and Analysis
  5. 0001104659-24-068810
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001104659-23-071228
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0001193125-23-110587
    2022 Summary Compensation Table
  8. 0001104659-22-064647
  9. 0001104659-21-077675
  10. 0001558370-20-007141
  11. 0001558370-19-005515
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Velarion, “PennyMac Financial Services executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/PFSI (accessed 2026).
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The PennyMac Financial Services brief, $500

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11 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Specialty Finance rankings

Chief executive pay — Specialty FinanceCEO pay ratio — Specialty FinanceSay-on-pay support — Specialty Finance

Peers PennyMac Financial Services discloses

The companies named in PFSI's own disclosed peer group.

Essent Group Ltd.Fidelity National Financial, Inc.First American Financial CorporationMGIC Investment Corp.OneMain Holdings, Inc.Radian Group Inc.Redwood Trust, Inc.Rithm Capital Corp.Rocket Companies, Inc.SLM CorporationUWM Holdings CorporationWalker & DunlopZillow Group, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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