Form 8-K

8-K — PennyMac Financial Services, Inc.

Accession: 0001104659-26-088174

Filed: 2026-07-29

Period: 2026-07-29

CIK: 0001745916

SIC: 6162 (MORTGAGE BANKERS & LOAN CORRESPONDENTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2621541d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2621541d1_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2621541d1_ex99-2.htm)

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8-K — FORM 8-K

8-K (Primary)

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2026-07-29

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

July 29, 2026

PennyMac

Financial Services, Inc.

(Exact name of registrant as specified in

its charter)

Delaware

001-38727

83-1098934

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

3043 Townsgate Road, Westlake Village, California

91361

(Address of principal executive offices)

(Zip Code)

(818) 224-7442

(Registrant’s telephone number, including

area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended

to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name

of each exchange on which registered

Common Stock, $0.0001 par value

PFSI

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth

company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange

Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the

registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards

provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02

Results of Operations and Financial Condition.

On July 29, 2026, PennyMac Financial

Services, Inc. (the “Company”) issued a press release and a slide presentation announcing its financial results for

the fiscal quarter ended June 30, 2026. Copies of the press release and the slide presentation used in connection with the Company’s

presentation of financial results were made available on July 29, 2026 and are furnished as Exhibit 99.1 and Exhibit 99.2,

respectively. In addition, the Company has made other supplemental financial information

for the fiscal quarter ended June 30, 2026 available on its website at pfsi.pennymac.com.

The information in Item 2.02 of this report,

including the exhibits hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act

of 1934, or otherwise subject to Section 18 liabilities, nor shall it be deemed incorporated by reference into any disclosure document

relating to the Company, except to the extent, if any, expressly set forth by specific reference in such document.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

99.1

Press Release, dated July 29, 2026, issued by PennyMac Financial Services, Inc. pertaining to its financial results for the fiscal quarter ended June 30, 2026.

99.2

Slide Presentation for use beginning on July 29, 2026 in connection with a presentation of financial results for the fiscal quarter ended June 30, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements

of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto

duly authorized.

PENNYMAC FINANCIAL SERVICES, INC.

Dated: July 29, 2026

/s/ Daniel S. Perotti

Daniel S. Perotti

Senior Managing Director and Chief Financial Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2621541d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

PennyMac Financial Services, Inc. Reports

Second Quarter 2026 Results

WESTLAKE VILLAGE, Calif. – July 29, 2026 –

PennyMac Financial Services, Inc. (NYSE: PFSI) today reported net income of $22 million, or $0.41 in diluted earnings per share (EPS),

on total net revenues of $497 million for the second quarter of 2026. Adjusted net income was $74 million, or $1.39 in adjusted diluted

EPS, on adjusted net revenues of $566 million1. PFSI’s Board of Directors declared a second quarter cash dividend of

$0.30 per share, payable on August 27, 2026, to common stockholders of record as of August 17, 2026.

CEO Commentary

“PennyMac Financial generated a 2%

annualized return on equity and a 7% annualized adjusted return on equity1 in the second quarter,” said Chairman and

CEO David Spector. “While our operational execution remained solid, our results fell short of expectations due to higher interest

rates during the period. As a result, we are actively taking steps to realign our cost structure to enhance profitability.”

Mr. Spector continued, “Additionally,

ongoing investments in technology are providing the structural leverage required to streamline our production division and lower our cost-to-produce

without compromising capacity or the customer experience. Importantly, our recapture rates improved meaningfully in the second quarter,

positioning us to capture significant upside when the origination market expands. As we onboard Cenlar’s subservicing portfolio,

our tech-enabled efficiency and massive scale are expected to allow us to realize substantial operating leverage. We believe this fee-based

revenue stream is a key component that will help us achieve our long-term ROE targets.”

The table below highlights key financial performance metrics1:

($ in millions except per share metrics)

2Q26

1Q26

2Q25

Q/Q

Y/Y

Total net revenues

497

545

445

(9 )%

12 %

Net income

136

(74 )%

(84 )%

Diluted EPS

$ 0.41

$ 1.53

$ 2.54

(73 )%

(84 )%

Annualized return on equity (ROE)

2 %

8 %

14 %

(6 )%

(12 )%

Adjusted net revenues

566

589

537

(4 )%

5 %

Adjusted net income

118

124

(37 )%

(40 )%

Adjusted diluted EPS

$ 1.39

$ 2.19

$ 2.31

(37 )%

(40 )%

Annualized adjusted ROE

7 %

11 %

13 %

(4 )%

(6 )%

Book value per share

$ 83.49

$ 83.31

$ 78.04

0 %

7 %

Cash dividends declared per common share

$ 0.30

1 Items labeled as “adjusted” are non-GAAP

financial measures. See pages 9 and 10 for a reconciliation of GAAP net income to adjusted net income, adjusted diluted EPS and annualized

adjusted return on equity, as well as for a reconciliation of GAAP total net revenue to adjusted net revenues.

Key Operating and Financial Metrics

· Annualized ROE was 2%, down from 14% in the second quarter of 2025

· Annualized adjusted ROE was 7%2, down from 13% in the second quarter of 2025

· Total loan acquisitions and originations were $34.9 billion in unpaid principal balance (UPB), down 8% from the second quarter of

2025

○ Consumer direct originations were $5.6 billion in UPB, up 103% from the second quarter of 2025

· Production revenue margins3 were 77 basis points of total fallout adjusted lock volume, up from 55 basis points in the

second quarter of 2025; production segment pretax income was $38 million, down from $58 million in the second quarter of 2025

· Owned servicing portfolio totaled $488 billion in UPB at June 30, 2026, up 5% from June 30, 2025

· Servicing segment pretax income was $22 million, down from $54 million in the second quarter of 2025; pretax income excluding valuation-related

changes was $99 million, up from $57 million in the prior quarter and down from $146 million in the second quarter of 2025

· Pretax loss from Corporate and other was $29 million, compared to $35 million in the second quarter of 2025

· Book value per share was $83.49 at June 30, 2026, up 7% from June 30, 2025

Business Highlights

· Our new consumer direct loan origination system has facilitated a rapid implementation of process-automating AI agents, including

the launch of a proprietary Natural Language Virtual Agent (NLVA) across both outbound and inbound calls

· Conventional first-lien refinance recapture rates increased 7 percentage points from the prior quarter to 29% and government first-lien

recapture rates increased 9 percentage points from the prior quarter to 59%

· Continued to make progress on the acquisition of Cenlar’s subservicing business and expect the transaction to close in the fourth

quarter

· Expanded our strategic partnership with Amazon Web Services to further bolster our transformation as an AI-driven mortgage technology

leader

Guidance

· With a smaller projected origination market due to higher interest rates, we expect adjusted ROEs to remain in the high single digits

through 2026 as we reduce our expense base

2 See page 9 for a reconciliation of GAAP net income to

annualized adjusted return on equity

3 Presented net of loan origination expense

Production Segment Highlights

The table below highlights key operating metrics and financial performance

in the production segment:

2Q26

1Q26

2Q25

Q/Q

Y/Y

Volume ($ UPB in billions)

Total fallout adjusted locks

31.5

38.0

38.6

(17

(18

Consumer Direct

4.5

6.6

2.4

(32

Broker Direct

6.5

7.1

5.4

Correspondent

20.5

24.3

30.8

(16

(33

Total acquisitions and originations

34.9

37.0

37.9

Government loan first lien refinance recapture rate(1)

Conventional loan first lien refinance recapture rate(1)

Profitability ($ in millions)

Revenues(2)

243

327

211

(26

Expenses(2)

205

194

153

Pretax income

134

(71

(33

Revenues(2) as basis points of fallout adjusted locks

)

Pretax income as basis points of fallout adjusted locks

(23

)

May not sum due to rounding

(1) Numerator = UPB of new consumer direct first lien refinance

originations for existing portfolio customers; denominator = UPB of payoffs with no transfer of title or MLS listing identified

(2) Presented net of loan origination expense

Consumer direct fallout adjusted lock volumes were $4.5 billion in

UPB, down from $6.6 billion in the prior quarter and up from $2.4 billion in the second quarter of 2025. The decrease from the prior quarter

was driven by lower refinance volumes due to higher rates, and the increase from the second quarter of 2025 was driven by increased refinance

activity and higher refinance recapture rates. Broker direct fallout adjusted lock volumes were $6.5 billion in UPB, down from $7.1 billion

in the prior quarter and up from $5.4 billion in the second quarter of 2025. The increase from the second quarter of 2025 was driven by

market share gains and a larger origination market. Correspondent fallout adjusted lock volumes were $20.5 billion in UPB, down from $24.3

billion in the prior quarter and $30.8 billion in the second quarter of 2025, both as a result of a highly competitive environment.

Production segment pretax income was $38 million, down from $134 million

in the prior quarter and $58 million in the second quarter of 2025.

Revenues net of loan origination expenses were $243 million, down from

$327 million in the prior quarter and up from $211 million in the second quarter of 2025. The decline from the prior quarter was primarily

driven by lower volumes in the consumer direct and correspondent channels, and a $36 million adverse shift in post-lock impacts driven

by market price changes on specialized pools and other cross-channel impacts.

Expenses net of loan origination expenses were $205 million, up from

$194 million in the prior quarter and $153 million in the second quarter of 2025. The increase from the prior quarter was due to higher

capacity and funded unit volume in the consumer direct lending channel.

Servicing Segment Highlights

The table below highlights key operating metrics and financial performance

in the servicing segment:

2Q26

1Q26

2Q25

Q/Q

Y/Y

Servicing portfolio

Total UPB ($ in billions, at period end)

731

720

700

1 %

4 %

Owned servicing

488

474

463

3 %

5 %

Subservicing

235

237

230

(1 )%

2 %

Loans held for sale

(22 )%

13 %

Actual CPR (owned portfolio)

11.6 %

13.7 %

8.5 %

(2.1 )%

3.1 %

60+ Day Delinquency (owned portfolio, at period end)

4.1 %

4.2 %

3.2 %

(0.1 )%

0.9 %

Profitability (in millions)(1)

Loan servicing fees

536

532

507

1 %

6 %

Earnings on custodial balances and deposits and other income

119

105

116

13 %

2 %

Realization of mortgage servicing rights (MSR) cash flows

(323 )

(355 )

(263 )

(9 )%

23 %

EBO loan-related income(2)

9 %

15 %

Revenues excluding valuation-related items

369

316

392

17 %

(6 )%

Operating expenses

(6 )%

(2 )%

Payoff-related expenses(3)

(8 )%

66 %

Credit losses and provisions for defaulted loans

13 %

19 %

Interest expense

140

125

130

12 %

8 %

Expenses excluding valuation-related items

270

260

246

4 %

10 %

Pretax income excluding valuation-related items

146

75 %

(32 )%

MSR fair value changes

118

183

N/M

Hedging results(4)

(187 )

(221 )

(112 )

N/M

(Provision for) reversal of losses on active loans

(8 )

(6 )

N/M

Valuation-related items

(77 )

(44 )

(92 )

N/M

Pretax income

71 %

(60 )%

May not sum due to rounding

(1) Non-GAAP presentation - see pages 10 and 13

(2) Includes EBO related revenues and associated expenses

(3) Includes interest shortfall and recording and release fees

(4) Includes principal-only stripped MBS valuation-related accretion

changes included in net interest income in the GAAP presentation

The owned servicing portfolio totaled $488 billion in UPB at June 30,

2026, up 5% from June 30, 2025 as additions from production more than offset runoff from prepayments.

Servicing segment pretax income was $22 million, up from $13 million

in the prior quarter and down from $54 million in the second quarter of 2025. Servicing segment pretax income excluding valuation-related

items was $99 million, up from $57 million in the prior quarter and down from $146 million in the second quarter of 2025.

Servicing revenues excluding valuation-related items totaled $369 million,

up from $316 million in the prior quarter and down from $392 million in the second quarter of 2025. The increase from the prior quarter

was primarily due to lower realization of MSR cash flows, reflecting lower prepayment speeds, and an increase in earnings on custodial

deposits and other income due to higher average balances. The decrease from the second quarter of 2025 was primarily due to higher realization

of MSR cash flows from increased runoff partially offset by increased loan servicing fees.

Servicing expenses excluding valuation-related items were $270 million,

up from $260 million in the prior quarter and $246 million in the second quarter of 2025. The increase from the prior quarter was primarily

due to higher interest expense due to higher average balances of outstanding financing for MSRs. The increase from the second quarter

of 2025 was primarily due to higher interest expense, payoff-related expense, as well as losses and provisions for defaulted loans.

MSR and hedging-related losses were $77 million, compared to $44 million

in the prior quarter and $92 million in the second quarter of 2025. These losses included $52 million in hedge costs, compared to $14

million in the prior quarter and $54 million in the second quarter of 2025.

Corporate and Other

Pretax loss from corporate and other was $29 million, compared to $42

million in the prior quarter and $35 million in the second quarter of 2025.

Revenues were $23 million, up from $13 million in the prior quarter

and $12 million in the second quarter of 2025, both primarily due to a non-recurring gain resulting from an increase in the value of our

minority equity interest in Vesta.

Expenses were $52 million, down slightly from $55 million in the prior

quarter and up from $47 million in the second quarter of 2025. The decrease from the prior quarter was driven primarily by lower marketing

and advertising expenses, as the prior quarter contained elevated expenses related to the 2026 Winter Olympics. The increase from the

second quarter of 2025 was primarily driven by higher marketing and advertising expenses and legal expenses.

***

Management’s slide presentation and accompanying material will

be available in the Investor Relations section of the Company’s website at pfsi.pennymac.com after the market closes on

Wednesday, July 29, 2026. Management will also host a conference call and live audio webcast at 5:00 p.m. Eastern Time to review

the Company’s financial results. The webcast can be accessed at pfsi.pennymac.com, and a replay will be available shortly

after its conclusion.

***

About PennyMac Financial Services, Inc.

PennyMac Financial Services, Inc. is a specialty financial services

firm focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market.

Founded in 2008, the company is recognized as a leader in the U.S. residential mortgage industry and employs approximately 5,500 people

across the country. For the twelve months ended June 30, 2026, PFSI’s production of newly originated loans totaled $151 billion

in UPB, making it a top lender in the nation. As of June 30, 2026, PFSI serviced loans totaling $731 billion in UPB, making it a

top mortgage servicer in the nation. Additional information about PFSI is available at pfsi.pennymac.com.

Media

Investors

Kristyn Clark

Isaac Garden

mediarelations@pennymac.com

PFSI_IR@pennymac.com

805.395.9943

818.264.4907

Forward-Looking Statements

This press release contains forward-looking statements within the meaning

of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections,

and assumptions with respect to, among other things, our financial results, future operations, business plans and investment strategies,

as well as industry and market conditions, all of which are subject to change. Words like “believe,” “expect,”

“anticipate,” “promise,” “project,” “plan,” and other expressions or words of similar

meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,”

or “may” are generally intended to identify forward-looking statements. Actual results and operations for any future period

may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ

materially from historical results or those anticipated include, but are not limited to: interest rate changes; changes in macroeconomic,

consumer and real estate market conditions; changes in housing prices, housing sales and real estate values; rising homeownership costs

negatively impacting housing affordability; the continually changing federal, state and local laws and regulations applicable to our highly

regulated industry; lawsuits or governmental actions resulting from noncompliance with laws and regulations; the mortgage lending and

servicing-related regulations promulgated by federal and state regulators and the enforcement of these regulations; licensing and operational

requirements of jurisdictions applicable to our business, to which our bank competitors are not subject; our ability to close and integrate

acquisitions, including the acquisition of Cenlar’s subservicing business, changes to government modification programs; difficulties

inherent in adjusting the size of our operations to reflect changes in business levels; purchase and sales opportunities for mortgage

servicing rights; our substantial amount of indebtedness; increases in loan delinquencies, defaults and forbearances; foreclosure delays

and changes in foreclosure practices; our dependence on U.S. government-sponsored entities and changes in their roles; our ability to

manage third-party vendors and mortgage investor requirements; our exposure to counterparties that do not fulfill contractual obligations;

our reliance on PennyMac Mortgage Investment Trust (NYSE: PMT) as a significant contributor to our mortgage banking business; maintaining

sufficient capital and liquidity and compliance with financial covenants; our obligation to indemnify third-party purchasers or repurchase

loans if loans that we originate, acquire, service or assist in the fulfillment of, fail to meet certain criteria; our obligation to indemnify

PMT if our services fail to meet certain criteria or characteristics or under other circumstances; investment management and incentive

fees; the accuracy or changes in the estimates we make about uncertainties, contingencies and asset and liability valuations; conflicts

of interest in allocating our services and investment opportunities among us and our advised entity; our ability to mitigate cybersecurity

risks, cyber incidents and technology disruptions; our ability to implement and develop new technologies and artificial intelligence ;

the effect of public opinion on our reputation; our exposure to risks of loss and disruption in operations from severe weather events,

man-made or other natural conditions, including climate change and pandemics; our ability to effectively identify, manage and hedge our

credit, interest rate, prepayment, liquidity and climate risks; expansion of new business activities or strategies; our ability to detect

misconduct and fraud; our ability to pay dividends to our stockholders; and our organizational structure and certain requirements in our

charter documents. You should not place undue reliance on any forward- looking statement and should consider all of the uncertainties

and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities

and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements

or any other information contained herein, and the statements made in this press release are current as of the date of this release only.

The press release contains financial information calculated other than

in accordance with U.S. generally accepted accounting principles (“GAAP”), such as adjusted net income, adjusted net revenue,

adjusted earnings per share, pretax income excluding valuation-related items, and adjusted return on equity. Adjustments to GAAP financial

measures include items that the Company deems non-operating, non-recurring and market-driven fair value adjustments to Mortgage Servicing

Rights (MSRs) and associated hedging results that change based on interest rate shifts rather than operational efficiency. These non-GAAP

measures provide a meaningful perspective on the Company’s business results because the Company utilizes this information to evaluate

and manage the business, and investors use this information to calculate financial and cash flow measures. These non-GAAP measures have

limitations as analytical tools and should not be viewed as a substitute for financial information determined in accordance with GAAP.

Furthermore, these non-GAAP measures may not be comparable to similarly titled metrics presented by other financial institutions.

Consolidated Statements of Income

($ in millions, except per share amounts)

2Q26

1Q26

4Q25

3Q25

2Q25

Y/Y

Revenue

Owned servicing fees

471

469

463

460

436

8 %

Subservicing fees

(6 )%

Ancillary and other fees

(10 )%

Total loan servicing fees

536

532

535

507

6 %

Realization of MSR cash flows

(323 )

(355 )

(383 )

(290 )

(263 )

23 %

Changes in fair value of MSRs due to changes in fair value inputs

118

183

(102 )

N/M

Hedging results

(186 )

(207 )

(39 )

(109 )

N/M

Net servicing income

146

153

150

241

150

(3 )%

Net gains on loans held for sale

280

345

302

314

235

19 %

Loan origination fees

18 %

Fulfillment fees from PMT

(14 )%

Interest income

242

208

264

249

222

9 %

Interest expense

(271 )

(250 )

(263 )

(250 )

(240 )

13 %

Net interest (expense) income

(28 )

(42 )

(1 )

(18 )

60 %

Management fees

(1 )%

Other revenues

N/M

Total net revenues

497

545

538

633

445

12 %

Expenses

Compensation

223

216

208

205

188

19 %

Technology

5 %

Mortgage loan origination

36 %

Professional services

90 %

Servicing

50 %

Occupancy and equipment

28 %

Marketing and advertising

36 %

Other expenses

50 %

Total expenses

465

440

404

397

368

26 %

Income before provision for (benefit from) income taxes

105

134

236

(59 )%

Income taxes

(60 )

N/M

Net income

107

182

136

(84 )%

Weighted average shares outstanding

Basic

51.9

52.1

52.0

51.7

1 %

Diluted

53.3

53.9

54.2

53.9

53.6

(1 )%

Earnings per share

Basic

$ 0.42

$ 1.58

$ 2.05

$ 3.51

$ 2.64

(84 )%

Diluted

$ 0.41

$ 1.53

$ 1.97

$ 3.37

$ 2.54

(84 )%

Cash dividends declared per common share

$ 0.30

May not sum due to rounding

Non-GAAP Reconciliations

($ in millions, except per share amounts)

Reconciliation of GAAP Total net revenues to

Adjusted net revenues

2Q26

1Q26

4Q25

3Q25

2Q25

Total net revenues

497

545

538

633

445

Increase (decrease) in fair value of MSRs and MSLs due to changes in valuation inputs used in the valuation model

118

183

(102 )

Hedging gains (losses) associated with MSRs(1)

(187 )

(221 )

(37 )

105

(112 )

Provision for credit losses on active loans

(8 )

(6 )

(11 )

(0 )

Non-recurring revenues(2)

Adjusted net revenues

566

589

546

630

537

May not sum due to rounding

(1) Includes principal-only stripped MBS valuation-related accretion

changes included in interest income for GAAP purposes

(2) 2Q26 non-recurring revenues consist of a $9 million valuation

gain related to investments in closely held entities

Reconciliation of GAAP Net Income to Adjusted

net income,

Adjusted diluted EPS and Adjusted return on

equity (ROE)

2Q26

1Q26

4Q25

3Q25

2Q25

Net income

107

182

136

(Increase) decrease in fair value of MSRs and MSLs due to changes in valuation inputs used in the valuation model

(118 )

(183 )

(40 )

102

(16 )

Hedging (gains) losses associated with MSRs(1)

187

221

(105 )

112

Provision for (reversal of) losses on active loans

(4 )

Non-recurring pretax items(2)

(7 )

Total adjustments:

(3 )

Tax rate for adjustments

25.1 %

25.2 %

Tax impacts of adjustments

(18 )

(12 )

(2 )

(23 )

Non-recurring tax adjustment

(82 )

Adjusted net income

118

113

180

124

Diluted shares outstanding

53.5

53.9

54.2

53.9

53.6

Adjusted diluted EPS

$ 1.39

$ 2.19

$ 2.08

$ 3.33

$ 2.31

Average stockholders' equity

4,323

4,324

4,238

4,110

3,940

Annualized return on equity (ROE)

2 %

8 %

10 %

18 %

14 %

Annualized adjusted ROE

7 %

11 %

17 %

13 %

May not sum due to rounding

(1) Includes principal-only stripped MBS valuation-related accretion

changes included in interest income for GAAP purposes

(2) 2Q26 non-recurring pretax items include a $9 million valuation

gain related to investments in closely held entities and $1 million of Cenlar acquisition related expenses

Non-GAAP Reconciliations (continued)

($ in millions)

Reconciliation of GAAP Net income to Adjusted

EBITDA

2Q26

1Q26

4Q25

3Q25

2Q25

Net income

107

182

136

Provision for (benefit from) income taxes

(60 )

Income (loss) before provisions for income taxes

105

134

236

Depreciation and amortization

(Increase) decrease in fair value of MSRs and MSLs due to changes in valuation inputs used in the valuation model

(118 )

(183 )

(40 )

102

(16 )

Hedging (gains) losses associated with MSRs(1)

187

221

(105 )

112

Provision for (reversal of) losses on active loans

(4 )

Stock-based compensation

Non-recurring items(2)

(7 )

Interest expense on corporate debt and capital lease

Adjusted EBITDA

204

251

246

335

261

May not sum due to rounding

(1) Includes principal-only stripped MBS valuation-related accretion

changes included in interest income for GAAP purposes

(2) 2Q26 non-recurring pretax items include a $9 million valuation

gain related to investments in closely held entities and $1 million of Cenlar acquisition related expenses

Reconciliation of GAAP servicing pretax income

servicing pretax income net of valuation related

changes

2Q26

1Q26

4Q25

3Q25

2Q25

Servicing pretax income

157

(Increase) decrease in fair value of MSRs and MSLs due to changes in valuation inputs used in the valuation model

(118 )

(183 )

(40 )

102

(16 )

Hedging (gains) losses associated with MSRs(1)

187

221

(105 )

112

Provision for (reversal of) losses on active loans

(4 )

Servicing pretax income net of valuation related changes

155

146

May not sum due to rounding

(1) Includes principal-only stripped MBS valuation-related accretion

changes included in interest income for GAAP purposes

Production Segment Profitability and Key Metrics

($ in millions)

Production Segment Contribution to Pretax Income

2Q26

1Q26

4Q25

3Q25

2Q25

Y/Y

Net gains on loans held for sale at fair value

245

311

276

280

204

20 %

Loan origination fees

18 %

Fulfillment fees from PMT

(14 )%

Interest income

119

113

129

111

104

14 %

Interest expense

(105 )

(96 )

(109 )

(98 )

(94 )

12 %

Net interest income

35 %

Other revenues

N/M

Net revenues

337

407

371

362

280

21 %

Compensation

146

136

123

114

104

40 %

Technology

8 %

Loan origination expenses

36 %

Professional Services

42 %

Occupancy and equipment

50 %

Marketing and advertising

18 %

Other expenses

N/M

Expenses

299

273

244

239

222

35 %

Pretax income

134

127

123

(33 )%

May not sum due to rounding

Production Segment Profitability and Key Metrics (continued)

($ UPB in billions)

Production Segment Volumes and Key Metrics

2Q26

1Q26

4Q25

3Q25

2Q25

Y/Y

Volumes

Consumer direct fallout adjusted locks

4.5

6.6

5.0

3.9

2.4

Broker direct fallout adjusted locks

6.5

7.1

5.6

5.9

5.4

Correspondent fallout adjusted locks

20.5

24.3

30.5

27.2

30.8

(33

Total fallout adjusted locks

31.5

38.0

41.0

37.0

38.6

(18

Consumer direct originations

5.6

6.0

5.2

3.1

2.8

103

Broker direct originations

7.0

6.7

6.5

5.6

5.3

Correspondent acquisitions

22.3

24.4

30.5

27.8

29.8

(25

Total acquisitions and originations

34.9

37.0

42.2

36.5

37.9

Consumer direct locks

6.1

9.2

7.4

6.0

3.8

Broker direct locks

8.5

9.5

7.6

8.0

7.2

Correspondent locks

21.8

26.1

31.8

29.3

32.2

(32

Total locks

36.5

44.8

46.8

43.2

43.1

(15

Key Metrics

Revenues(1) as basis points of fallout adjusted locks

Pretax income as basis points of total fallout adjusted locks

)

Consumer direct margins(2)

3.17

2.67

2.74

3.28

4.08

(22

Broker direct margins(2)

1.04

0.99

1.01

0.97

0.87

PFSI correspondent margins(2)

0.29

0.28

0.25

0.30

0.25

% Purchase acquisitions and originations

N/M

Government loan first lien refinance recapture rate(3)

Conventional loan first lien refinance recapture rate(3)

WA FICO at acquisition / origination

742

749

747

749

746

)

WA DTI at acquisition / origination

)

May not sum due to rounding

(1) Net of loan origination expenses

(2) Revenue contribution excluding post-lock impacts divided

by fallout adjusted locks

(3) Numerator = UPB of new consumer direct first lien refinance

originations for existing portfolio customers; denominator = UPB of payoffs with no transfer of title or MLS listing identified

Servicing Segment Profitability and Key Metrics

($ in millions)

Servicing Segment Contribution to Pretax Income

2Q26

1Q26

4Q25

3Q25

2Q25

Y/Y

Owned servicing fees

471

469

463

460

436

8 %

Subservicing fees

(6 )%

Ancillary and other fees

(10 )%

Total loan servicing fees

536

532

535

507

6 %

Realization of MSR cash flows

(323 )

(355 )

(383 )

(290 )

(263 )

23 %

Changes in MSR fair value due to changes in valuation inputs

118

183

(102 )

N/M

Hedging results

(186 )

(207 )

(39 )

(109 )

N/M

Net loan servicing fees

146

153

150

241

150

(3 )%

Gains on loans held for sale

15 %

Interest income

123

135

137

117

5 %

Interest expense

(166 )

(154 )

(152 )

(146 )

14 %

Net interest expense

(43 )

(59 )

(19 )

(15 )

(29 )

48 %

Other revenues

(2 )

(1 )

N/M

Net revenues

137

125

154

259

153

(11 )%

Compensation

1 %

Technology

(11 )%

Servicing

50 %

Other expenses

20 %

Expenses

115

112

117

102

16 %

Servicing pretax income

157

(60 )%

May not sum due to rounding

Servicing Segment Profitability and Key Metrics (continued)

($ UPB in billions)

Servicing Segment Portfolio and Key Metrics

2Q26

1Q26

4Q25

3Q25

2Q25

Y/Y

Servicing Portfolio ($ UPB in billions, at period end)

Owned MSR UPB

488

474

462

470

463

5 %

Subserviced UPB

235

237

263

239

230

2 %

Loans held for sale

13 %

Total UPB

731

720

734

717

700

4 %

Total loans serviced (in thousands)

2,753

2,725

2,788

2,746

2,704

2 %

Key Metrics (owned portfolio, at period end except CPR)

60+ Day Delinquency

4.1 %

4.2 %

3.4 %

3.2 %

0.9 %

Actual CPR

11.6 %

13.7 %

13.0 %

8.6 %

8.5 %

3.1 %

Weighted average coupon

5.1 %

5.0 %

4.9 %

4.7 %

0.4 %

Weighted average servicing fee

0.39 %

0.00 %

Servicing fee multiple

5.6 x

5.5 x

5.3 x

0.3 x

May not sum due to rounding

Corporate & Other Profitability

($ in millions)

2Q26

1Q26

4Q25

3Q25

2Q25

Y/Y

Management fees

(1 )%

Interest income

N/M

Interest expense

N/M

Net interest income (expense)

N/M

Other revenues

N/M

Net revenues

98 %

Compensation

(21 )%

Technology

(3 )

20 %

Marketing and advertising

170 %

Professional Services

180 %

Occupancy and equipment

28 %

Other expenses

34 %

Expenses

10 %

Corporate & Other pretax loss

(29 )

(42 )

(30 )

(44 )

(35 )

(19 )%

May not sum due to rounding

Consolidated Balance Sheets

($ in millions)

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

Y/Y

Assets

Cash

214

220

302

622

162

32 %

Short-term investment at fair value

534

434

410

462

16 %

Principal-only stripped mortgage-backed securities at fair value

609

659

723

774

785

(22 )%

Loans held for sale at fair value

7,820

9,954

9,123

7,490

6,961

12 %

Derivative assets

202

283

188

202

181

12 %

Servicing advances, net

589

623

590

396

431

37 %

Mortgage servicing rights at fair value

10,587

10,149

9,599

9,654

9,531

11 %

Loans eligible for repurchase

8,291

8,594

7,410

5,417

4,963

67 %

Other assets

1,013

1,028

1,045

783

746

36 %

Total Assets

29,859

31,944

29,389

25,401

24,222

23 %

Liabilities

Assets sold under agreements to repurchase

8,435

10,178

8,794

7,130

7,344

15 %

Mortgage loan participation purchase and sale agreements

696

691

697

699

700

(1 )%

Notes payable secured by mortgage servicing assets

1,426

1,326

1,327

7 %

Unsecured senior notes

4,837

4,834

4,832

4,829

4,185

16 %

Accounts payable and accrued expenses

437

459

644

476

395

11 %

Income taxes payable

1,216

1,206

1,184

1,151

1,097

11 %

Liability for mortgage loans eligible for repurchase

8,291

8,594

7,410

5,417

4,963

67 %

Other liabilities

184

229

194

164

178

4 %

Total Liabilities

25,523

27,618

25,080

21,193

20,189

26 %

Stockholders' Equity

4,337

4,326

4,309

4,208

4,033

8 %

May not sum due to rounding

Capital and Liquidity

($ in millions)

2Q26

1Q26

4Q25

3Q25

2Q25

Y/Y

Liquidity

Cash and short-term investments

749

654

712

684

624

20 %

Amounts available to draw on facilities with collateral pledged

3,261

3,507

3,928

4,288

3,538

(8 )%

Total liquidity

4,010

4,161

4,639

4,972

4,163

(4 )%

Total liquidity as a % of MSR fair value

38 %

41 %

48 %

52 %

44 %

(6 )%

Capital

Total equity

4,337

4,326

4,309

4,208

4,033

8 %

(-) Capitalized software

111

112

108

105

112

(1 )%

Tangible equity

4,226

4,214

4,201

4,103

3,920

8 %

Face value of unsecured senior notes

4,900

4,250

15 %

Face value of MSR term notes and loans

1,330

1,230

8 %

Amount drawn on variable funding note

1,145

860

410

230

905

27 %

Freddie Mac MSR facilities

310

235

100

210 %

Face value of non-funding debt

7,685

7,325

6,640

6,460

6,485

19 %

Face value of assets sold under agreements to repurchase(1)

7,085

9,189

8,391

6,908

6,447

10 %

Face value of mortgage loan participation purchase and sale agreements

696

691

697

700

701

(1 )%

Face value of funding debt

7,782

9,880

9,088

7,608

7,148

9 %

Face value of total debt

15,467

17,205

15,728

14,068

13,633

13 %

Unamortized debt issuance costs

(72 )

(76 )

(80 )

(84 )

(76 )

(6 )%

Carrying value of total debt

15,395

17,129

15,648

13,984

13,557

14 %

Total assets

29,859

31,944

29,389

25,401

24,222

23 %

(-) Capitalized software

111

112

108

105

112

(1 )%

Adjusted assets

29,748

31,832

29,281

25,296

24,110

23 %

(-) Loans eligible for repurchase

8,291

8,594

7,410

5,417

4,963

67 %

Adjusted assets less loans eligible for repurchase

21,458

23,237

21,871

19,879

19,147

12 %

Capital Ratios

Non-funding debt / total equity(2)

1.8 x

1.7 x

1.5 x

1.6 x

0.2 x

Non-funding debt / tangible equity(2)

1.8 x

1.7 x

1.6 x

1.7 x

0.2 x

Total debt / total equity

3.6 x

4.0 x

3.7 x

3.3 x

3.4 x

0.2 x

Total debt / tangible equity

3.7 x

4.1 x

3.7 x

3.4 x

3.5 x

0.2 x

Total equity / adjusted assets less loans eligible for repurchase

20.2 %

18.6 %

19.7 %

21.2 %

21.1 %

(0.8 )%

Tangible equity / adjusted assets less loans eligible for repurchase

19.7 %

18.1 %

19.2 %

20.6 %

20.5 %

(0.8 )%

May not

sum due to rounding

(1) Assets sold under agreements to repurchase shown above excludes

the amount drawn on variable funding note and a certain portion of the Freddie Mac MSR facilities

(2) Uses face value of debt outstanding

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2621541d1_ex99-2.htm · Sequence: 3

Exhibit 99.2

PennyMac Financial Services, Inc.

2Q26 EARNINGS REPORT

July 2026

This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates,

projections and assumptions with respect to, among other things, our financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all

of which are subject to change. Words like “believe,” “expect,” “anticipate,” “promise,” “project,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs

such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those

projected herein and from past results discussed herein. These forward-looking statements include, but are not limited to, statements regarding future changes in interest rates, prepayment rates

and the housing market; future loan origination, servicing and production, including future production, operating and hedge expenses; future loan delinquencies, defaults and forbearances; future

earnings, return on equity as well as other business and financial projections and expectations. Factors which could cause actual results to differ materially from historical results or those

anticipated include, but are not limited to: interest rate changes; changes in macroeconomic, consumer and real estate market conditions; changes in housing prices, housing sales and real

estate values; rising homeownership costs negatively impacting housing affordability; the continually changing federal, state and local laws and regulations applicable to our highly regulated

industry; lawsuits or governmental actions resulting from noncompliance with laws and regulations; the mortgage lending and servicing-related regulations promulgated by federal and state

regulators and the enforcement of these regulations; licensing and operational requirements of jurisdictions applicable to our business, to which our bank competitors are not subject; our ability

to close and integrate acquisitions, including the acquisition of Cenlar’s subservicing business, changes to government modification programs; difficulties inherent in adjusting the size of our

operations to reflect changes in business levels; purchase and sales opportunities for mortgage servicing rights; our substantial amount of indebtedness; increases in loan delinquencies, defaults

and forbearances; foreclosure delays and changes in foreclosure practices; our dependence on U.S. government-sponsored entities and changes in their roles; our ability to manage third-party

vendors and mortgage investor requirements; our exposure to counterparties that do not fulfill contractual obligations; our reliance on PennyMac Mortgage Investment Trust (NYSE: PMT) as a

significant contributor to our mortgage banking business; maintaining sufficient capital and liquidity and compliance with financial covenants; our obligation to indemnify third-party purchasers or

repurchase loans if loans that we originate, acquire, service or assist in the fulfillment of, fail to meet certain criteria; our obligation to indemnify PMT if our services fail to meet certain criteria or

characteristics or under other circumstances; investment management and incentive fees; the accuracy or changes in the estimates we make about uncertainties, contingencies and asset and

liability valuations; conflicts of interest in allocating our services and investment opportunities among us and our advised entity; our ability to mitigate cybersecurity risks, cyber incidents and

technology disruptions; our ability to implement and develop new technologies and artificial intelligence; the effect of public opinion on our reputation; our exposure to risks of loss and disruption

in operations from severe weather events, man-made or other natural conditions, including climate change and pandemics; our ability to effectively identify, manage and hedge our credit, interest

rate, prepayment, liquidity and climate risks; expansion of new business activities or strategies; our ability to detect misconduct and fraud; our ability to pay dividends to our stockholders; and our

organizational structure and certain requirements in our charter documents. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties

and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The

Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this presentation are

current as of the date of this presentation only. The press release contains financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”),

such as adjusted net income, adjusted net revenue, adjusted earnings per share, pretax income excluding valuation-related items, and adjusted return on equity. Adjustments to GAAP financial

measures include items that the Company deems non-operating, non-recurring and market-driven fair value adjustments to Mortgage Servicing Rights (MSRs) and associated hedging results that

change based on interest rate shifts rather than operational efficiency. These non-GAAP measures provide a meaningful perspective on the Company’s business results because the Company

utilizes this information to evaluate and manage the business, and investors use this information to calculate financial and cash flow measures. These non-GAAP measures have limitations as

analytical tools and should not be viewed as a substitute for financial information determined in accordance with GAAP. Furthermore, these non-GAAP measures may not be comparable to

similarly titled metrics presented by other financial institutions.

FORWARD-LOOKING STATEMENTS

2Q26

Results

Production

Segment

Servicing

Segment

SECOND QUARTER HIGHLIGHTS

Note: All figures are for 2Q26 or are as of 6/30/26

(1) EPS = earnings per share; ROE = return on equity

(2) See slide 24 for a reconciliation of GAAP net income to non-GAAP adjusted net income, adjusted EPS and annualized adjusted ROE

(3) Includes volume fulfilled for PennyMac Mortgage Investment Trust (NYSE: PMT)

(4) Valuation-related changes include $118 million in MSR fair value gains, $2 million in principal-only stripped MBS valuation-related accretion declines, $186 million in hedging losses, and $8 million in provision for losses on active loans - see slide 14

(5) UPB = unpaid principal balance; includes loans subserviced for PMT and others

Annualized

ROE(1)

Annualized adjusted

ROE(2)

Pretax

income

Total loan acquisitions

and originations(3)

PFSI correspondent

lock volume

Broker direct

lock volume

Consumer direct

lock volume

Pretax

income

Pretax income excluding

valuation-related

changes(4)

Impact to diluted EPS

from valuation-related

changes(4)

Valuation-related

changes(4)

Total servicing

portfolio UPB(5)

Book value

per share

Net

income

Diluted

EPS(1)

Adjusted

EPS(1)(2)

$0.41 $1.39

$22mm $83.49 $38mm $22mm

$34.9bn $18.6bn

$8.5bn $6.1bn

$99mm $(77)mm

2% 7% $(1.09) $731bn

BUSINESS UPDATES

Continued to make progress on the acquisition of Cenlar’s subservicing business and expect the

transaction to close in the fourth quarter

Conventional first-lien refinance recapture rates increased 7 percentage points from the prior quarter

to 29% and government first-lien refinance rapture rates increased 9 percentage points from the prior

quarter to 59%

Expanded our strategic partnership with Amazon Web Services to further bolster our transformation

as an AI-driven mortgage technology leader

Our new consumer direct loan origination system has facilitated a rapid implementation of

process-automating AI agents, including the launch of a proprietary Natural Language Virtual Agent

(NLVA) across both outbound and inbound calls

With a smaller projected origination market due to higher interest rates, we expect adjusted ROEs to

remain in the high single digits through 2026 as we reduce our expense base

Mortgage Banking Adjusted Pretax Income

($ in millions)

Production

Annualized Adjusted ROE(1)

Note: Figures may not sum due to rounding

(1) See slides 24 and 25 for a reconciliation of GAAP to non-GAAP items

Servicing net of valuation related changes(1)

RECENT AND EXPECTED ADJUSTED RETURNS ON EQUITY

DRIVING TOWARD MID-TEENS RETURNS ON EQUITY

Structural Cost

Reductions

Tech Expense

Inflection

Capital Light Fee

Growth

Technology spend currently

funding our AI transformation

Decline in technology

expenses has begun and will

continue into 2027

Increased Direct

Channel Earnings

Cenlar expected to add stable,

contractual fee revenue while

leveraging our existing

infrastructure

Expands B2B relationships

and potential for additional

product offerings

Expect to maintain or

continue growing recapture

rates

Continued growth in broker

direct

AI adoption drives down

origination and processing

costs

Plaisse automation drives a

lower cost to service and

structural efficiencies

EARNINGS POTENTIAL FROM CONSUMER DIRECT RECAPTURE OPPORTUNITY

Gov’t. Loan First Lien Refinance Recapture

Conv. Loan First Lien Refinance Recapture

> 7.00%

6.50 - 6.99%

5.50 - 5.99%

6.00 - 6.49%

5.00 - 5.49%

Note: Figures may not sum due to rounding

(1) Includes first-lien loans serviced for PFSI’s own account as well as those subserviced for PMT and others with recapture arrangements with PFSI

(2) Numerator = UPB of new consumer direct first lien refinance originations for existing portfolio customers; denominator = UPB of payoffs with no transfer of title or MLS listing identified

Refinance Recapture Origination Volume (UPB in billions)

First-lien refinance recapture rate(2)

Gov’t. Loans: Note Rates >5%(1)

(UPB in billions)

Conv. Loans: Note Rates >5%(1)

(UPB in billions)

6/30/26

> 7.00%

6.50 - 6.99%

6.00 - 6.49%

5.50 - 5.99%

5.00 - 5.49%

Refinance Recapture Origination Volume (UPB in billions)

First-lien refinance recapture rate(2)

Strong improvement in

first-lien recapture rates

reflects enhanced

efficiency from

technology investments

Significant

improvements as we

continue to implement

specific solutions to drive

higher recapture rates

and unit profitability

• Pennymac’s per loan servicing expenses are among the

lowest in the industry, despite a higher concentration of

government loans, which are more costly to service

• Industry-leading customer service as evidenced by our

multi-year servicing excellence awards from HUD, Fannie Mae

and Freddie Mac

Operating Expenses

(annualized bps of average servicing portfolio UPB)

Direct Servicing Expense(1)

(annual $ cost per loan)

TECHNOLOGY DRIVING EFFICIENCIES AND LOWER EXPENSES IN SERVICING

• Continuing to increase efficiency through the use of

emerging technologies, including capabilities of

generative AI

• Increased scale and efficiency as the portfolio grows

• Delinquencies remain moderated in the current market

environment, further reducing operating expenses

% Government Portfolio

(1) MBA 2026 Servicing Operations Study (2025 data), Pennymac is included within Large IMBs

ADDITIONAL EFFICIENCIES TO BE REALIZED IN CONSUMER DIRECT

Workflow & Objective Automation Substantial Reduction in Cost-to-Produce

Standardizing 150 distinct operational

workflows across the full origination

lifecycle for all products

% of processes automated or

done by AI agents

Automating labor-intensive, lower-funnel

tasks to enable additional sales and

processing capacity

Expecting to achieve significant

annualized cost savings

Targeting a 20%+ reduction in

processing costs per loan from June

to September

Turn-Time Reduction

VA IRRRL(1)

FHA

Streamline

Conv.

CES(1)

1.6 days 8.7 days

2.9 days 10.1 days

8.2 days

8.7 days

Submission to conditional approval

4.9 days

3.7 days

Natural Language Virtual Agent: Outbound

dispatch and 24/7 service for borrower inquiries

and callback scheduling

Frictionless Onboarding: Automated link

delivery, real-time pre-qualification, and routing

of priority contacts directly to loan officers

Conversion & Loyalty: Superior customer

experience strengthens brand trust and directly

feeds higher portfolio retention

~40-80% reductions in turn

times across major loan

programs

AI agents are accelerating

submission to conditional

approval and closing loans

quicker

Elevated Customer Service & Engagement

(1) VA IRRRL = VA Interest Rate Reduction Refinance Loan; CES = closed end second lien

KEY OPERATING METRICS &

OTHER FINANCIAL SCHEDULES

Acquisitions for PFSI(1)

PRODUCTION SEGMENT HIGHLIGHTS – VOLUME BY CHANNEL

Broker Direct

(UPB in billions)

(1) Government-insured or guaranteed loans and certain conventional loans acquired through PFSI’s correspondent production business; PFSI earns income from holding and selling or securitizing the loans

(2) Loans fulfilled for PMT; for these loans, PFSI earns a fulfillment fee from PMT rather than income from holding and selling or securitizing the loans

(3) Includes locks related to loans sold to PMT

Consumer Direct

(UPB in billions)

Correspondent

(UPB in billions)

Acquisitions for PMT(2) Originations

Locks: $5.2bn

Acquisitions: $5.5bn

Locks: $2.2bn

Originations: $2.0bn

Locks: $1.6bn

Originations: $1.3bn

Total Locks(3)

July (Estimated) July (Estimated) July (Estimated)

Locks Originations Locks

DRIVERS OF PRODUCTION SEGMENT RESULTS

• Negative contribution in 2Q26 from post-lock impacts driven by adverse market price changes on specialized pools and other cross-channel impacts

• Consumer direct revenue contribution declined due to lower volumes; higher margins reflect a higher proportion of closed-end second liens compared

to first lien originations

• Broker direct revenue contribution declined slightly due to lower volumes, largely offset by higher margins

• PFSI correspondent revenue contribution declined due to lower volumes as a result of a highly competitive environment

• Production expenses(4) increased from 1Q26 due to higher capacity and funded unit volume in the consumer direct lending channel

Note: Figures may not sum due to rounding

(1) Expected revenue net of direct origination costs at time of lock (2) Includes government-insured or guaranteed loans and certain conventional loans for PFSI’s own account (3) Reflects timing of revenue and loan origination expense recognition, hedging,

pricing & execution changes, and other items (4) Total PFSI account revenues, total production revenues and production expenses are presented net of loan origination expenses, which are managed as a component of revenue margins

2Q25 1Q26 2Q26

($ in millions)

Fallout

adjusted

locks

Margin /

fulfillment fee

(bps)(1)

Revenue

contribution

(net of loan

origination

expense)

Fallout

adjusted

locks

Margin /

fulfillment fee

(bps)(1)

Revenue

contribution

(net of loan

origination

expense)

Fallout

adjusted

locks

Margin /

fulfillment fee

(bps)(1)

Revenue

contribution

(net of loan

origination

expense)

PFSI correspondent(2) $ 27,634 25 $ 70 $ 21,539 28 $ 61 $ 18,227 29 $ 52

Broker direct 5,355 87 46 7,066 99 70 6,475 104 67

Consumer direct 2,403 408 98 6,649 267 178 4,490 317 142

Post-lock impacts & other(3) n/a n/a (10) n/a n/a 13 n/a n/a (23)

Total PFSI account revenues(4) $ 35,392 58 $ 205 $ 35,254 91 $ 321 $ 29,193 82 $ 238

PMT conventional correspondent 3,183 18 6 2,776 21 6 2,292 22 5

Total Production revenues(4) 55 $ 211 86 $ 327 77 $ 243

Production expenses(4) $ 38,575 40 $ 153 $ 38,030 51 $ 194 $ 31,485 65 $ 205

Production segment pretax income 15 $ 58 35 $ 134 12 $ 38

Net Portfolio Growth

(UPB in billions)

Owned Subserviced(1)

Note: Figures may not sum due to rounding

(1) Represents MSRs that we subservice for PMT and others

(2) Owned portfolio is predominantly government-insured and guaranteed loans - delinquency data based on loan count (i.e., not UPB); CPR = Conditional Prepayment Rate

(3) UPB of completed modifications includes loss mitigation efforts associated with partial claims programs

(4) Early buyouts of delinquent loans from Ginnie Mae pools during the period

(5) Includes consumer and broker direct production, government and conventional correspondent acquisitions, and conventional conforming and jumbo loan acquisitions subserviced for PMT

SERVICING SEGMENT HIGHLIGHTS

Loan Servicing Portfolio Composition

(UPB in billions)

(5)

• Servicing portfolio totaled $731 billion in UPB at June 30,

2026, up 1% Q/Q and 4% Y/Y

• Production volumes more than offset prepayment activity,

leading to continued portfolio growth

• 60+ day delinquency rate for owned MSR was down slightly

from the prior quarter

• Modification volume and EBO loan volume increased from the

prior quarter

Selected Operational Metrics

1Q26 2Q26

Loans serviced (in thousands) 2,725 2,753

60+ day delinquency rate - owned portfolio(2) 4.2% 4.1%

Actual CPR - owned portfolio(2) 13.7% 11.6%

UPB of completed modifications ($ in millions)(3) $1,400 $2,850

EBO loan volume ($ in millions)(4) $632 $1,218

Note: Figures may not sum due to rounding

(1) Of average portfolio UPB, annualized (2) Also includes non-valuation related income from principal-only bonds (3) Comprised of net gains on mortgage loans held for sale at fair value and interest income related to EBO loans, net of related expenses

(4) Consists of interest shortfall and recording and release fees (5) Changes in fair value do not include realization of MSR cash flows (6) Considered in the assessment of MSR fair value changes

DRIVERS OF SERVICING SEGMENT RESULTS

• Average custodial deposit balances increased 7% from the prior quarter, driving a $14 million increase in revenue

• Realization of MSR cash flows was down from the prior quarter due primarily to lower prepayment speeds

• Interest expense was up $15 million from 1Q26 due to higher average financing balances for MSRs

2Q25 1Q26 2Q26

$ in millions

basis

points(1) $ in millions

basis

points(1) $ in millions

basis

points(1)

Loan servicing fees $ 507 29.4 $ 532 29.5 $ 536 29.5

Earnings on custodial balances and deposits and other income(2) 116 6.7 105 5.8 119 6.6

Realization of MSR cash flows (263) (15.3) (355) (19.7) (323) (17.8)

EBO loan-related income(3) 32 1.9 34 1.9 37 2.0

Servicing expenses:

Operating expenses (77) (4.5) (81) (4.5) (76) (4.2)

Payoff-related expense(4) (17) (1.0) (31) (1.7) (29) (1.6)

Losses and provisions for defaulted loans (22) (1.2) (23) (1.3) (26) (1.4)

Interest expense (130) (7.5) (125) (6.9) (140) (7.7)

Non-GAAP: Pretax income excluding valuation-related changes $ 146 8.5 $ 57 3.1 $ 99 5.5

Valuation-related changes

MSR fair value(5) 16 183 118

Principal-only stripped MBS valuation-related accretion changes (3) (14) (2)

Hedging derivatives (losses) gains (109) (207) (186)

(Provision for) reversal of losses on active loans(6) 4 (6) (8)

GAAP: Servicing segment pretax income $ 54 $ 13 $ 22

Average servicing portfolio UPB $ 689,612 $ 721,377 $ 726,149

HEDGING APPROACH MODERATES THE VOLATILITY OF PFSI’S RESULTS

MSR Valuation Changes and Offsets

($ in millions)

MSR fair value changes before realization of cash flows(1)

Hedging and related gains (losses)(2)

(1) Includes (provision for) reversal of losses on active loans

(2) Includes principal-only stripped MBS valuation-related accretion changes

• In 2Q26, gains from changes in fair value inputs on

MSR were more than offset by hedging declines and

costs

• Hedge costs were meaningfully higher than the prior

quarter due to elevated interest rate volatility

• Shape of the yield curve, volatility, changes in

mortgage basis and other factors can impact our

realized hedge ratio

Attributed Performance MSR(1) Hedge(2) Net

Rate Impacts $96 $(135) $(38)

Hedge Costs - $(52) $(52)

Other Assumption & Performance Impacts $13 - $13

Prepayment-related $0 - $0

Delinquency-related $3 - $3

Other $10 - $10

Total $110 $(187) $(77)

STRONG BALANCE SHEET AND DIVERSE CAPITAL STRUCTURES

(1) Non-funding debt includes face value of unsecured senior notes and notes payable secured by MSR, in addition to the amount drawn on the variable funding note

(2) Tangible net worth excludes capitalized software

(3) As of 6/30/26

Low Debt-to-Equity (D/E) Ratio

MSR & Servicing

Advance Financing

High Tangible Net Worth (TNW)(2)/Assets

Non-funding D/E(1) Total D/E

Diverse Financing Sources(3)

TNW / Assets TNW / Assets ex. Loans eligible for repurchase

• High tangible net worth (TNW) / assets excluding loans

eligible for repurchase

• Unsecured senior notes enhance liquidity at low, fixed

interest rates; first maturity in February 2029

• As of June 30, 2026 total liquidity including cash and

amounts available to draw with collateral pledged was

$4.0 billion

Financing

capacity across

multiple banks

• Active management of targeted D/E ratios:

‒ Total D/E ratio decreased Q/Q due to lower

balances of loans held for sale

‒ Non-funding D/E ratio increased slightly due to

higher interest rates, which drove increased

utilization of our MSR credit facilities

APPENDIX

Portfolio growth drives higher recurring fee income; prepayment speeds

slow in rising rate environments, a natural hedge to origination income

Refinance recapture to

drive earnings growth

when rates decline

COMPREHENSIVE MORTGAGE BANKING PLATFORM IS A FLYWHEEL

Large volumes of production

grow servicing portfolio

nd largest in the U.S.(1) 5

th largest in the U.S.(2)

A culture of continuous process improvement and technological innovation

to drive further scale and operational efficiency gains

Customer base of 2.8 million

drives leads for consumer direct

Correspondent

Production

Broker

Direct

Consumer

Direct

Leading market position in third-party lending

enables access to the more consistent and

growing purchase market

Servicing Portfolio UPB(2)

(in billions)

(1) Inside Mortgage Finance for the 12 months ended 3/31/26

(2) Inside Mortgage Finance as of 3/31/26; includes volume subserviced for PMT and others

Loan Production Loan Servicing

PFSI Purchase Mix Industry Purchase Mix(5)

TRACK RECORD OF STRONG PERFORMANCE ACROSS MARKET ENVIRONMENTS

Proven ability to

generate attractive

ROEs…

…across different

market environments…

…with a strong

orientation towards

purchase money

mortgages.

(1) Represents partial year; initial public offering was May 8, 2013

(2) ROE was 7% excluding arbitration accrual of $158 million and related tax impact

(3) Inside Mortgage Finance

(4) Bloomberg

(5) Inside Mortgage Finance for historical industry purchase mix, 2Q26 is an estimate based on Mortgage Bankers Association (7/22/26) and Fannie Mae (7/10/26) forecasts

U.S. Origination Market(3)

(in trillions)

PFSI's Annualized Return on Average Common Stockholders' Equity (ROE)

10-Year Treasury Yield(4)

(1) Freddie Mac Primary Mortgage Market Survey. (2) U.S. Department of the Treasury. (3) Actual originations: Inside Mortgage Finance; Forecast originations; Average of Mortgage Bankers Association (7/22/26) and Fannie Mae (7/10/26) forecasts

(4) 10-year Treasury bond yield and 2/10 year Treasury yield spread: Bloomberg. Average 30-year fixed rate mortgage: Freddie Mac Primary Mortgage Market Survey. Average secondary mortgage rate: 30-Year FNCL Par Coupon Index (MTGEFNCL), Bloomberg.

U.S. home price appreciation: S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index (SPCSUSA); data is as of 4/31/26. Residential mortgage originations are for the quarterly period ended; source: Inside Mortgage Finance

CURRENT MARKET ENVIRONMENT AND MACROECONOMIC TRENDS

Average 30-year fixed rate mortgage(1)

Macroeconomic Metrics(4) U.S. Origination Market Forecast(3)

(UPB in trillions)

10-year Treasury Bond Yield(2)

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26

10-year Treasury bond yield 4.2% 4.2% 4.2% 4.3% 4.5%

2/10 year Treasury yield

spread 0.5% 0.5% 0.7% 0.5% 0.3%

30-year fixed rate mortgage 6.8% 6.3% 6.2% 6.4% 6.5%

Secondary mortgage rate 5.5% 5.2% 5.0% 5.5% 5.3%

U.S. home price appreciation

(Y/Y% change) 1.9% 1.3% 1.1% 0.7% 0.8%

Residential mortgage

originations (in billions) $500 $495 $570 $525 $570

6.38% 6.49% 4.32% 4.47%

Purchase Refinance

PENNYMAC’S MARKET SHARE OVER TIME ACROSS ITS BUSINESSES

Loan Servicing Market Share Correspondent Production Market Share(1) (1)

Broker Direct Market Share(1) Consumer Direct Market Share(1)

Note: All figures are for PFSI and include volume fulfilled or subserviced for PMT

(1) Historical market share: Inside Mortgage Finance; excludes second lien originations. For LTM 2Q26, we estimate $2.2 trillion in total origination volume, and that the correspondent channel represented 27% of the overall origination market, retail

represented 52%, and broker represented 21%. Loan servicing market share is based on PFSI’s servicing portfolio UPB of $729 billion divided by $14.9 trillion in mortgage debt outstanding

DELINQUENCY TRENDS AND SERVICING ADVANCES OUTSTANDING

Trends in Delinquency and Foreclosure Rates(1)

(1) Owned MSR portfolio and includes loans acquired for sale at fair value; delinquency and foreclosure rates based on UPB; as of 6/30/26, the UPB of mortgage servicing rights owned by PFSI and loans held for sale totaled $496 billion

● Overall, mortgage delinquency rates for the MSR portfolio increased from the prior quarter, consistent with typical seasonal

trends and within expected ranges for a predominately government-insured or guaranteed loan portfolio

● Servicing advances outstanding for PFSI’s MSR portfolio were approximately $526 million at June 30, 2026, down from $545

million at March 31, 2026 due to a smaller percentage of later-stage delinquencies

30-60 Day 60-90 Day 90+ Day In foreclosure

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

Note: Figures may not sum due to rounding

($ in millions) 2Q25 1Q26 2Q26

Net income $ 136 $ 82 $ 22

Provision for (benefit from) income taxes (60) 22 10

Income before provision for income taxes 76 105 32

Depreciation and amortization 15 14 14

(Increase) decrease in fair value of MSRs and MSLs due to changes in valuation inputs

used in the valuation model (16) (183) (118)

Principal-only stripped MBS valuation-related accretion changes 3 14 2

Hedging losses (gains) associated with MSRs 109 207 186

Valuation gains relating to investment in closely held entities - - (9)

Provision for (reversal of) losses on active loans (4) 6 8

Stock-based compensation 8 2 4

Cenlar acquisition related expenses - 3 1

Interest expense on corporate debt 70 83 83

Adjusted EBITDA $ 261 $ 251 $ 204

Reconciliation of GAAP net income to adjusted net income, adjusted EPS and annualized adjusted return on equity

RECONCILIATION OF GAAP ITEMS TO NON-GAAP ITEMS

Note: Figures may not sum due to rounding 24

(1) Assumes a tax rate of 26.70% in 1Q25, 25.165% in 2Q25 and 3Q25, and 25.1% in 4Q25, 1Q26, and 2Q26

($ in millions) 2Q25 3Q25 4Q25 1Q26 2Q26

Net income $ 136 $ 182 $ 107 $ 82 $ 22

(Increase) decrease in fair value of MSRs and MSLs due to changes

in valuation inputs used in the valuation model (16) 102 (40) (183) (118)

Principal-only stripped MBS valuation-related accretion changes 3 (7) (3) 14 2

Hedging losses (gains) associated with MSRs 109 (98) 39 207 186

Provision for (reversal of) losses on active loans (4) 0 11 6 8

Valuation gains relating to investment in closely held entities - - - - (9)

Cenlar acquisition related expenses - - - 3 1

Total adjustments: 92 (2) 8 47 70

Tax impacts of adjustments(1) 23 (1) 2 12 18

Non-recurring tax adjustment (82) - - - -

Adjusted net income $ 124 $ 180 $ 113 $ 118 $ 74

Diluted shares outstanding 53.6 53.9 54.2 53.9 53.3

Adjusted diluted EPS $ 2.31 $ 3.33 $ 2.08 $ 2.19 $ 1.39

Average stockholders' equity $ 3,940 $ 4,110 $ 4,238 $ 4,324 $ 4,323

Annualized adjusted return on equity 13% 17% 11% 11% 7%

25 Note: Figures may not sum due to rounding

RECONCILIATION OF GAAP ITEMS TO NON-GAAP ITEMS

Reconciliation of GAAP servicing pretax income to servicing pretax income net of valuation related changes

($ in millions) 2Q25 3Q25 4Q25 1Q26 2Q26

Servicing pretax income $ 54 $ 157 $ 37 $ 13 $ 22

(Increase) decrease in fair value of MSRs and MSLs due to changes in

valuation inputs used in the valuation model (16) 102 (40) (183) (118)

Principal-only stripped MBS valuation-related accretion changes 3 (7) (3) 14 2

Hedging losses (gains) associated with MSRs 109 (98) 39 207 186

Provision for credit losses on active loans (4) 0 11 6 8

Servicing pretax income net of valuation related changes $ 146 $ 155 $ 45 $ 57 $ 99

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Local phone number for entity.

+ References

No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Namespace Prefix:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Name:

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Namespace Prefix:

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Data Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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