Form 8-K

8-K — PennyMac Financial Services, Inc.

Accession: 0001104659-26-055670

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0001745916

SIC: 6162 (MORTGAGE BANKERS & LOAN CORRESPONDENTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2613557d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2613557d1_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2613557d1_ex99-2.htm)

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2026-05-05

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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):

May 5, 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 May 5, 2026, PennyMac Financial Services, Inc.

(the “Company”) issued a press release and a slide presentation announcing its financial results for the fiscal quarter ended

March 31, 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 May 5, 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 March 31, 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 May 5, 2026, issued by PennyMac Financial Services, Inc.

pertaining to its financial results for the fiscal quarter ended March 31, 2026.

99.2

Slide Presentation for use

beginning on May 5, 2026 in connection with a presentation of financial results for the fiscal quarter ended March 31,

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: May 5, 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: tm2613557d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

PennyMac Financial Services, Inc. Reports

First Quarter 2026 Results

WESTLAKE VILLAGE, Calif. – May 5, 2026 –

PennyMac Financial Services, Inc. (NYSE: PFSI) today reported net income of $82.3 million for the first quarter of 2026, or $1.53

per share on a diluted basis, on total net revenues of $545.0 million. Adjusted net income was $117.7 million and adjusted earnings

per share (EPS) was $2.19.1 Book value per share increased to $83.31 from $82.77 at December 31, 2025.

PFSI’s Board of Directors declared a first quarter cash dividend

of $0.30 per share, payable on May 28, 2026, to common stockholders of record as of May 18, 2026.

First Quarter 2026 Highlights

· Pretax income was $104.7 million, down from $134.4 million in the prior quarter

and up slightly from $104.2 million in the first quarter of 2025

· Production segment pretax income was $133.6 million, up from $127.3 million

in the prior quarter and $61.9 million in the first quarter of 2025

o Total loan acquisitions and originations, including those fulfilled for PennyMac Mortgage Investment Trust (NYSE: PMT), were $37.0

billion in unpaid principal balance (UPB), down 12% from the prior quarter and up 28% from the first quarter of 2025

– Production revenue margins, including fulfillment fees from PMT, were 86 basis points, up from 73 basis points in the prior quarter

and 68 basis points in the first quarter of 2025

– Total correspondent acquisitions were $24.4 billion in UPB, down 20% from the prior quarter and up 6% from the first quarter of 2025

– Broker direct originations were $6.7 billion in UPB, up 3% from the prior quarter and 102% from the first quarter of 2025

– Consumer direct originations were $6.0 billion in UPB, up 15% from the prior quarter and 130% from the first quarter of 2025

1 See page 14 for a reconciliation of GAAP net income

to adjusted net income and adjusted EPS

o Total locks, including those for PMT, were $44.8 billion in UPB, down 4% from the prior quarter and up 31% from the first quarter

of 2025

· Servicing segment pretax income was $12.7 million,

down from $37.3 million in the prior quarter and $76.0 million in the first quarter of 2025

o Pretax income excluding

valuation-related items was $56.7 million, up 25% from the prior quarter

o Valuation-related items included:

– $183.0 million in mortgage servicing rights (MSR) fair value gains more than offset by $221.1 million in hedging losses, including

$13.8 million in principal-only stripped mortgage-backed security (MBS) valuation-related accretion changes, and $6.0 million in provisions

for losses on active loans

· Net impact on pretax income related to these items was $(44.1) million or

$(0.61) in diluted earnings per share

o Servicing portfolio at the end of the quarter was $720.3 billion in UPB, down 2% from December 31, 2025 due to runoff and the transfer

of $24 billion in UPB of MSR that was sold in the prior quarter which more than offset growth from production volumes

· Pretax loss from Corporate and Other was $41.5 million, compared to $30.2

million in the prior quarter and $33.7 million in the first quarter of 2025

· Repurchased approximately 560,000 shares of PFSI’s common stock at

an average price of $89.28 per share for a cost of $50.0 million

“In the first quarter, PennyMac Financial

generated an 8% annualized return on equity and an 11% annualized adjusted return on equity2,” said Chairman and CEO

David Spector. “Our performance reflects our ongoing emphasis on maximizing returns on invested capital. The combination of strong

operational execution in our consumer and broker direct lending channels along with improving operating efficiency drove production segment

pretax income to its highest level in nearly five years. The growth in our direct channels was paired with our consistent strategic deployment

of capital through the correspondent channel.”

Mr. Spector continued, “We are focused

on driving growth where the marginal returns are most accretive to our current operating returns and where we can further lean into the

operational scale we have achieved. We expect the acquisition of Cenlar to leverage the significant scale advantage of our tech-first

platform and enhance our profitability over time. Despite expectations for a smaller origination market as interest rates move higher

again, we remain confident in our ability to generate meaningful adjusted returns on equity as we move through 2026.”

2 See page 14 for a reconciliation of GAAP net income

to annualized adjusted return on equity

The following table presents the contributions

of PFSI’s segments to pretax income:

Quarter ended March 31, 2026

Production

Servicing

Reportable

segment

total

Corporate

and other

Total

(in thousands)

Revenue:

Net gains on loans held for sale at fair value

$ 311,201

$ 33,784

$ 344,985

$ -

$ 344,985

Loan origination fees

72,446

Fulfillment fees from PMT

5,737

Net loan servicing fees

152,830

Management fees

6,762

Net interest income (expense):

Interest income

112,999

94,922

207,921

258

208,179

Interest expense

95,588

154,134

249,722

17,411

(59,212 )

(41,801 )

258

(41,543 )

Other

125

(2,316 )

(2,191 )

5,958

3,767

Total net revenue

406,920

125,086

532,006

12,978

544,984

Expenses

Compensation

136,264

52,537

188,801

27,592

216,393

Loan origination

79,696

Technology

30,054

11,117

41,171

4,961

46,132

Servicing

38,233

Marketing and advertising

11,951

514

12,465

8,629

21,094

Professional services

5,649

2,080

7,729

6,670

14,399

Occupancy and equipment

5,332

2,502

7,834

2,157

9,991

Other

4,399

5,452

9,851

4,504

14,355

Total expenses

273,345

112,435

385,780

54,513

440,293

Income (loss) before income taxes

$ 133,575

$ 12,651

$ 146,226

$ (41,535 )

$ 104,691

Production Segment

The Production segment includes the correspondent acquisition of newly

originated government-insured and conventional conforming loans for PFSI’s own account, fulfillment services on behalf of PMT and

direct lending through the consumer direct and broker direct channels, including the underwriting and acquisition of loans from correspondent

sellers on a non-delegated basis.

PFSI’s loan production activity for the quarter totaled $37.0 billion

in UPB, $34.2 billion of which was for its own account, and $2.8 billion of which was fee-based fulfillment activity for PMT. Correspondent

locks for PFSI and direct lending IRLCs totaled $41.1 billion in UPB, down 4% from the prior quarter and up 31% from the first quarter

of 2025.

Production segment pretax income was $133.6 million, up from $127.3

million in the prior quarter and $61.9 million in the first quarter of 2025. Production segment net revenues totaled $406.9 million,

up 10% from the prior quarter and 64% from the first quarter of 2025. The increase in revenue from the prior quarter and the first quarter

of 2025 was primarily due to higher volumes in the direct lending channels.

The components of net gains on loans held for sale are detailed in

the following table:

Quarter ended

March 31,

2026

December 31,

2025

March 31,

2025

(in thousands)

Receipt of MSRs

$ 719,586

$ 775,242

$ 650,349

Gains on sale of

loans to PennyMac Mortgage Investment Trust net of mortgage servicing rights recapture payable

7,749

16,341

4,838

Provision for representations and warranties, net

(1,478 )

(2,924 )

(2,132 )

Cash loss, including cash hedging results

(204,312 )

(492,013 )

(587,009 )

Fair value changes of pipeline, inventory and hedges

(176,560 )

4,957

154,991

Net gains on mortgage loans held for sale

$ 344,985

$ 301,603

$ 221,037

Net gains on mortgage loans held for sale by segment:

Production

$ 311,201

$ 276,060

$ 187,145

Servicing

$ 33,784

$ 25,543

$ 33,892

PFSI performs fulfillment services for certain conventional conforming

and nonconforming loans that it acquires from non-affiliates in its correspondent production business and subsequently sells to PMT. These

services include, but are not limited to, marketing, relationship management, correspondent seller approval and monitoring, loan file

review, underwriting, pricing, hedging and activities related to the subsequent sale and securitization of loans in the secondary mortgage

markets for PMT.

Fees earned from the fulfillment of correspondent loans on behalf of

PMT totaled $5.7 million in the first quarter, down 12% from the prior quarter and up 8% from the first quarter of 2025. The decrease

from the prior quarter was driven by lower acquisition volumes for PMT’s account.

Correspondent production volumes are initially acquired by PFSI. PMT

retains the right to purchase up to 100% of non-government correspondent loan production. In the first quarter, PMT acquired all nonconforming

correspondent production and 18% of total conventional conforming correspondent production.

Net interest income in the first quarter totaled $17.4 million, down

from $19.8 million in the prior quarter. Interest income totaled $113.0 million, down from $129.0 million in the prior quarter, and interest

expense totaled $95.6 million, down from $109.2 million in the prior quarter, both due to the lower overall volumes.

Production segment expenses were $273.3 million, up 12% from the

prior quarter and 47% from the first quarter of 2025. The increase from the prior quarter was primarily due to higher volumes in direct

lending, increased capacity and seasonal factors. The increase from the first quarter of 2025 was primarily due to higher volumes in direct

lending and increased capacity.

Servicing Segment

The Servicing segment includes income from owned MSRs and subservicing.

The total servicing portfolio decreased to $720.3 billion in UPB at March 31, 2026, down 2% from December 31, 2025 and up 6% from March

31, 2025. PFSI’s owned MSR portfolio totaled $483.8 billion in UPB, an increase of 3% from December 31, 2025 and 8% from March 31,

2025. PFSI subservices $236.5 billion in UPB, down 10% from the prior quarter. The decrease was driven by the transfer of $24 billion

in UPB of MSR sold in the prior quarter. Of total subservicing UPB, $225.1 billion was for PMT, and $11.4 billion was for non-affiliates.

The table below details PFSI’s servicing portfolio UPB:

March 31,

2026

December 31,

2025

March 31,

2025

(in thousands)

Owned

Mortgage servicing rights and liabilities

Originated

$ 460,361,759

$ 448,035,447

$ 426,951,027

Purchased

13,633,606

13,999,998

15,276,140

473,995,365

462,035,445

442,227,167

Loans held for sale

9,821,486

8,930,477

6,911,473

483,816,851

470,965,922

449,138,640

Subserviced for:

PMT

225,093,530

226,774,067

229,907,855

Non-affiliates

11,413,998

11,616,738

75,310

Interim servicing

24,257,095

1,072,760

236,507,528

262,647,900

231,055,925

Total loans serviced

$ 720,324,379

$ 733,613,822

$ 680,194,565

Servicing segment pretax income was $12.7 million, down from $37.3

million in the prior quarter and $76.0 million in the first quarter of 2025. Servicing segment net revenues totaled $125.1 million,

down from $153.9 million in the prior quarter and $170.6 million in the first quarter of 2025.

Revenue from net loan servicing fees totaled $152.8 million, up from

$149.8 million in the prior quarter and down from $164.3 million in the first quarter of 2025. Net loan servicing fee revenues included

$532.1 million in loan servicing fees, essentially unchanged from the prior quarter. Realization of cash flows was $355.0 million

in the first quarter, down 7% from the prior quarter, reflecting the expectation of lower prepayment speeds in the future from portfolio

burnout. Net MSR valuation-related losses totaled $24.3 million, comprised of MSR fair value gains of $183.0 million and hedging losses

of $207.3 million.

The following table presents a breakdown of net loan servicing fees:

Quarter ended

March 31,

2026

December 31,

2025

March 31,

2025

(in thousands)

Loan servicing fees

$ 532,110

$ 532,192

$ 488,468

Changes in fair value of MSRs and MSLs resulting from:

Realization of cash flows

(355,022 )

(383,368 )

(225,462 )

Change in fair value inputs

183,029

40,388

(205,494 )

Hedging (losses) gains

(207,287 )

(39,432 )

106,774

Net change in fair value of MSRs and MSLs

(379,280 )

(382,412 )

(324,182 )

Net loan servicing fees

$ 152,830

$ 149,780

$ 164,286

Servicing segment revenue included $33.8 million in net gains on loans

held for sale related to early buyout loans (EBOs), up from $25.5 million in the prior quarter and essentially unchanged from $33.9 million

in the first quarter of 2025. The increase from the prior quarter reflects higher initiation volumes and redelivery margins as a result

of lower rates in the beginning of the quarter. These EBOs are previously delinquent loans that were brought back to performing status

through PFSI’s successful servicing efforts.

Net interest expense totaled $59.2 million, compared to $19.2 million

in the prior quarter and $27.4 million in the first quarter of 2025. Interest income was $94.9 million, down from $134.6 million in the

prior quarter due primarily to lower short-term interest rates and the reversal of principal-only stripped MBS accretion due to slower

expected future runoff. Interest expense was $154.1 million, up slightly from $153.8 million in the prior quarter.

Servicing segment expenses totaled $112.4 million, down from $116.6

million in the prior quarter primarily due to a decrease in provisions for losses on active loans.

Corporate and Other

Corporate and Other items include amounts attributable to corporate

activities or not directly attributable to the production and servicing segments as well as management fees earned from PMT. PFSI manages

PMT for which it earns base management fees and may earn performance incentive fees.

Pretax loss for Corporate and Other was $41.5 million, up from $30.2

million in the prior quarter and $33.7 million in the first quarter of 2025.

Corporate and Other net revenues totaled $13.0 million, and consisted

of $6.8 million in management fees, $6.0 million in other revenue, and $0.3 million of net interest income. No performance incentive fees

were earned in the first quarter.

Expenses were $54.5 million, up from $43.4 million in the prior quarter

and $46.1 million in the first quarter of 2025. The increase from the prior quarter was primarily driven by higher advertising expenses

related to the 2026 Winter Olympics, as well as $3.2 million of expenses associated with the Cenlar acquisition. The prior quarter also

included reduced expenses related to technology accruals.

The following table presents a breakdown of management fees:

Quarter ended

March 31,

2026

December 31,

2025

March 31,

2025

(in thousands)

Management fees:

Base

$ 6,762

$ 6,856

$ 7,012

Performance incentive

Total management fees

$ 6,762

$ 6,856

$ 7,012

Average PMT shareholders' equity used to

calculate base management fees

$ 1,828,237

$ 1,813,357

$ 1,895,785

Consolidated Expenses

Total expenses were $440.3 million, up from $403.6 million in

the prior quarter due to higher expenses in the production and corporate and other segments as mentioned above.

Taxes

PFSI recorded a provision for tax expense of $22.4 million, resulting

in an effective tax rate of 21.4%.

***

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

Tuesday, May 5, 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 5,300 people across the country. For the twelve months ended March 31, 2026, PFSI’s production

of newly originated loans totaled $154 billion in UPB, making it a top lender in the nation. As of March 31, 2026, PFSI serviced loans

totaling $720 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

Kevin Chamberlain

mediarelations@pennymac.com

Isaac Garden

805.395.9943

PFSI_IR@pennymac.com

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; 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; the development of 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 earnings

per share, pretax income excluding valuation-related items and adjusted return on equity that provide a meaningful perspective on the

Company’s business results since the Company utilizes this information to evaluate and manage the business and investors use this

information to calculate financial and cash flow measures. Non-GAAP disclosures have limitations as an analytical tool and should not

be viewed as a substitute for financial information determined in accordance with GAAP.

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 31,

2026

December 31,

2025

March 31,

2025

(in thousands, except share amounts)

ASSETS

Cash

$ 219,513

$ 301,680

$ 211,093

Short-term investment at fair value

434,220

410,037

443,393

Principal-only stripped mortgage-backed securities at fair value

659,235

722,528

817,596

Loans held for sale at fair value

9,954,495

9,123,410

7,095,270

Derivative assets

282,595

187,775

171,931

Servicing advances, net

622,890

589,542

496,917

Mortgage servicing rights at fair value

10,149,036

9,598,941

8,963,889

Receivable from PennyMac Mortgage Investment Trust

17,500

17,122

29,198

Loans eligible for repurchase

8,594,471

7,409,800

4,979,127

Other

1,010,043

1,027,854

664,462

Total assets

$ 31,943,998

$ 29,388,689

$ 23,872,876

LIABILITIES

Assets sold under agreements to repurchase

$ 10,177,643

$ 8,794,002

$ 7,058,053

Mortgage loan participation purchase and sale agreements

691,081

696,618

510,141

Notes payable secured by mortgage servicing assets

1,426,325

1,326,021

1,724,608

Unsecured senior notes

4,834,396

4,831,742

3,998,702

Derivative liabilities

70,652

15,806

15,293

Mortgage servicing liabilities at fair value

1,568

1,572

1,651

Accounts payable and accrued expenses

459,016

643,896

365,056

Payable to PennyMac Mortgage Investment Trust

96,033

116,585

101,175

Payable to exchanged Private National Mortgage Acceptance

Company, LLC unitholders under tax receivable agreement

24,757

25,898

Income taxes payable

1,206,492

1,184,020

1,158,642

Liability for loans eligible for repurchase

8,594,471

7,409,800

4,979,127

Liability for losses under representations and warranties

35,805

34,894

30,774

Total liabilities

27,618,239

25,079,713

19,969,120

STOCKHOLDERS' EQUITY

Common

stock¾authorized

200,000,000 shares of $0.0001 par value; issued and outstanding 51,923,059, 52,061,346, and 51,658,984 shares,

respectively

Additional paid-in capital

46,926

96,870

68,902

4325.759

4,278,828

4,212,101

3,834,849

Total stockholders' equity

4,325,759

4,308,976

3,903,756

Total liabilities and stockholders’ equity

$ 31,943,998

$ 29,388,689

$ 23,872,876

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Quarter ended

March 31,

2026

December 31,

2025

March 31,

2025

(in thousands, except per share amounts)

Revenues

Net gains on loans held for sale at fair value

$ 344,985

$ 301,603

$ 221,037

Loan origination fees

72,446

68,437

46,611

Fulfillment fees from PennyMac Mortgage Investment Trust

5,737

6,538

5,290

Net loan servicing fees:

Loan servicing fees

532,110

532,192

488,468

Change in fair value of mortgage servicing rights and mortgage servicing liabilities

(171,993 )

(342,980 )

(430,956 )

Mortgage servicing rights hedging results

(207,287 )

(39,432 )

106,774

Net loan servicing fees

152,830

149,780

164,286

Net interest (expense) income:

Interest income

208,179

263,894

189,871

Interest expense

249,722

262,996

208,082

(41,543 )

898

(18,211 )

Management fees from PennyMac Mortgage Investment Trust

6,762

6,856

7,012

Other

3,767

3,893

4,878

Total net revenues

544,984

538,005

430,903

Expenses

Compensation

216,393

208,073

181,988

Loan origination

79,696

69,651

44,096

Technology

46,132

35,378

40,197

Servicing

38,233

43,360

21,875

Professional services

21,094

10,411

9,432

Marketing and advertising

14,399

10,303

9,037

Occupancy and equipment

9,991

9,963

8,382

Other

14,355

16,461

11,700

Total expenses

440,293

403,600

326,707

Income before provision for income taxes

104,691

134,405

104,196

Provision for income taxes

22,369

27,574

27,916

Net income

$ 82,322

$ 106,831

$ 76,280

Earnings per share

Basic

$ 1.58

$ 2.05

$ 1.48

Diluted

$ 1.53

$ 1.97

$ 1.42

Weighted-average common shares outstanding

Basic

52,132

52,003

51,506

Diluted

53,859

54,171

53,624

Dividend declared per share

$ 0.30

PENNYMAC FINANCIAL SERVICES, INC.

RECONCILIATION OF GAAP NET INCOME

TO ADJUSTED NET INCOME AND ANNUALIZED

ADJUSTED RETURN ON EQUITY

Quarter Ended

March 31, 2026

(in thousands, except

annualized adjusted return

on equity)

Net income

$ 82,322

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

(183,028 )

Principal-only stripped MBS valuation-related accretion changes

13,814

Hedging losses associated with MSRs

207,287

Provision for losses on active loans

5,991

Cenlar acquisition-related expenses

3,212

Total adjustments:

47,275

Tax impacts of adjustments(1)

11,866

Adjusted

net income

$ 117,731

Diluted shares outstanding

53,859

Adjusted diluted EPS

$ 2.19

Average stockholders' equity

4,323,518

Annualized adjusted return on equity

11 %

(1) Assumes tax

rate of 25.1%

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2613557d1_ex99-2.htm · Sequence: 3

Exhibit 99.2

PennyMac Financial Services, Inc.

1Q26 EARNINGS REPORT

May 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; 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; the

development of 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 presentation contains financial information calculated other than in accordance with U.S. generally accepted

accounting principles (“GAAP”), such as adjusted net income, adjusted earnings per share, pretax income excluding valuation-related items and adjusted return on equity that provide

a meaningful perspective on the Company’s business results since the Company utilizes this information to evaluate and manage the business and investors use this information to

calculate financial and cash flow measures. Non-GAAP disclosures have limitations as an analytical tool and should not be viewed as a substitute for financial information determined

in accordance with GAAP.

FORWARD-LOOKING STATEMENTS

1Q26

Results

Production

Segment

Servicing

Segment

FIRST QUARTER HIGHLIGHTS

Note: All figures are for 1Q26 or are as of 3/31/26

(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 return on equity

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

(4) Valuation-related changes include $183 million in MSR fair value gains, $14 million in principal-only stripped MBS valuation-related accretion declines, $207 million in hedging losses, and $6 million in provision for losses on active loans - see slide 13

(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)

$1.53 $2.19

$82mm $83.31 $134mm $13mm

$37.0bn $22.4bn

$9.5bn $9.2bn

$57mm $(44)mm

8% 11% $(0.61) $720bn

BUSINESS UPDATES

Repurchased 1% of common stock outstanding for $50 million at a weighted average price of

$89.28 per share

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

transaction to close in the second half of this year, as initially expected

Conventional first-lien refinance recapture rates increased to 22%, up 5 percentage points

from the prior quarter

Successfully implemented a new loan origination system built with modern technology into our

consumer direct lending channel

1Q26 STRATEGIC UPDATE

With a smaller projected origination market due to higher interest rates,

we expect adjusted ROEs to remain near current levels in the second quarter before increasing to the low-to-mid

teens in the second half of 2026 as we realize the benefits of technology and efficiency enhancements

Mortgage Banking Adjusted Pretax Income

($ in millions)

Production

Annualized Adjusted ROE(1)

Note: Figures may not sum due to rounding

(1) Prior period amounts have been recast to conform to the current period presentation; see slides 24 and 25 for a reconciliation of GAAP to non-GAAP items

Servicing net of valuation related changes(1)

DELIVERING DOUBLE-DIGIT ADJUSTED RETURNS ON EQUITY

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 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)

3/31/26

> 7.00%

6.50 - 6.99%

6.00 - 6.49%

5.50 - 5.99%

5.00 - 5.49%

• Improvement in

conventional first-lien

recapture rates from the

prior quarter drove a

meaningful return

contribution from

consumer direct and

strong production

segment results

• Significant upside

potential remains as we

continue to implement

specific solutions to drive

higher recapture rates and

margins

Refinance Recapture Origination Volume (UPB in billions)

First-lien refinance recapture rate(2)

(1) Numerator consists of consumer direct expenses net of loan origination expenses

(2) Numerator consists of compensation in the “Corporate and Other” segment; adjusted revenue excludes realization of MSR cash flows and valuation-related changes - see slide 25

TECHNOLOGY AND SCALE TO CONTINUE DRIVING EFFICIENCIES

Operating Expenses

(annualized bps of average portfolio UPB)

Compensation

(as a percentage of adjusted revenues)(2)

Consumer Direct Servicing Corporate & Other

-24% -44%

Reducing unit costs to historic

lows through technology-driven

automation with significant

opportunity to further expand

and optimize our platform

Direct Expenses

(as a percentage of fallout adjusted locks)(1)

-26%

Achieving more with less

through a unified technology

foundation, with ample room for

continued integration and

overhead reduction

Driving a significantly lower unit

cost as our portfolio expands

and further scaling through

automation and artificial

intelligence

Intensely focused on optimizing returns on capital by leveraging our tech-first platform to

drive persistent operating leverage and superior unit economics across the enterprise

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

(4) Commitments to originate mortgage loans at specified terms at period end

Consumer Direct

(UPB in billions)

Correspondent

(UPB in billions)

Acquisitions for PMT(2) Originations

Locks: $8.9bn

Acquisitions: $8.8bn

Locks: $3.1bn

Originations: $2.5bn

Committed pipeline(4): $2.6bn

Locks: $2.4bn

Originations: $2.2bn

Committed pipeline(4): $2.7bn

Total Locks(3)

April April April

Locks Originations Locks

DRIVERS OF PRODUCTION SEGMENT RESULTS

1Q25 4Q25 1Q26

($ in millions)

Fallout

Adjusted

Locks

Margin /

Fulfillment

Fee (bps)(1)

Revenue

Contribution

(net of Loan

origination

expense)

% of

Production

Revenue

Fallout

Adjusted

Locks

Margin /

Fulfillment

Fee (bps)(1)

Revenue

Contribution

(net of Loan

origination

expense)

% of

Production

Revenue

Fallout

Adjusted

Locks

Margin /

Fulfillment

Fee (bps)(1)

Revenue

Contribution

(net of Loan

origination

expense)

% of

Production

Revenue

PFSI correspondent(2) $ 21,216 27 $ 57.7 28% $ 27,149 25 $ 69.0 23% $ 21,539 28 $ 61.1 19%

Broker direct 4,050 91 36.7 18% 5,576 101 56.1 19% 7,066 99 69.7 21%

Consumer direct 2,455 354 86.9 43% 4,971 274 136.1 45% 6,649 267 177.5 54%

Other(3) n/a n/a 17.2 8% n/a n/a 33.6 11% n/a n/a 13.2 4%

Total PFSI account revenues(4) $ 27,721 72 $ 198.6 97% $ 37,697 78 $ 294.8 98% $ 35,254 91 $ 321.5 98%

PMT conventional correspondent 2,443 22 5.3 3% 3,303 20 6.5 2% 2,776 21 5.7 2%

Total Production revenues(4) 68 $ 203.8 100% 73 $ 301.3 100% 86 $ 327.2 100%

Production expenses(4) $ 30,163 47 $ 141.9 70% $ 41,000 42 $ 174.0 58% $ 38,030 51 $ 193.6 59%

Production segment pretax income 21 $ 61.9 30% 31 $ 127.3 42% 35 $ 133.6 41%

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

• Production segment pretax income more than doubled from 1Q25 and was up 5% from 4Q25

• Revenue per fallout adjusted lock for PFSI’s own account was 91 basis points in 1Q26, up from 78 basis points in 4Q25 due to a mix-shift towards the

direct lending channels

‒ Decreased revenue contribution from PFSI correspondent driven by increased focus on expanding unit profitability with a higher mix of

government-insured or guaranteed loans

‒ Increased revenue contributions from consumer and broker direct primarily due to higher volumes

‒ Decrease in other revenue driven primarily by strong secondary market execution relative to initial pricing in the prior quarter

• Production expenses(4) increased 11% from the prior quarter due to higher volumes in direct lending, increased capacity and seasonal factors

Net Portfolio Growth

(UPB in billions)

Selected Operational Metrics

4Q25 1Q26

Loans serviced (in thousands) 2,788 2,725

60+ day delinquency rate - owned portfolio(1) 4.2% 4.2%

60+ day delinquency rate - sub-serviced portfolio(2) 0.7% 0.7%

Actual CPR - owned portfolio(1) 13.0% 13.7%

UPB of completed modifications ($ in millions)(3) $1,622 $1,400

EBO loan volume ($ in millions)(4) $623 $632

Owned Subserviced(2)

Note: Figures may not sum due to rounding

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

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

(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 $720.3 billion in UPB at March 31,

2026, down 2% Q/Q and up 6% Y/Y

‒ Production volume was more than offset by $26 billion in

runoff from prepayments and the previously-announced sale

of $24 billion in UPB of MSRs that transferred early in 1Q26

• 60+ day delinquency rates for owned MSR were essentially

unchanged from the prior quarter

• Modification volume decreased from the prior quarter while

EBO loan volume increased slightly

Note: Figures may not sum due to rounding

(1) Prior period amounts have been recast to conform to the current period presentation (2) Of average portfolio UPB, annualized (3) Also includes non-valuation related income from principal-only bonds (4) Comprised of net gains on mortgage loans

held for sale at fair value and interest income related to EBO loans, net of related expenses (5) Consists of interest shortfall and recording and release fees (6) Changes in fair value do not include realization of MSR cash flows (7) Considered in the

assessment of MSR fair value changes

DRIVERS OF SERVICING SEGMENT RESULTS(1)

1Q25 4Q25 1Q26

$ in millions

basis

points(2) $ in millions

basis

points(2) $ in millions

basis

points(2)

Loan servicing fees $ 488.5 29.0 $ 532.2 29.4 $ 532.1 29.5

Earnings on custodial balances and deposits and other income(3) 96.0 5.7 128.1 7.1 105.3 5.8

Realization of MSR cash flows (225.5) (13.4) (383.4) (21.2) (355.0) (19.7)

EBO loan-related income(4) 35.1 2.1 26.0 1.4 33.9 1.9

Servicing expenses:

Operating expenses (78.2) (4.6) (78.8) (4.4) (80.6) (4.5)

Payoff-related expense(5) (13.3) (0.8) (29.3) (1.6) (31.0) (1.7)

Losses and provisions for defaulted loans (15.4) (0.9) (23.9) (1.3) (22.7) (1.3)

Interest expense (119.2) (7.1) (125.7) (6.9) (125.3) (6.9)

Non-GAAP: Pretax income excluding valuation-related changes $ 168.1 10.0 $ 45.2 2.5 $ 56.7 3.1

Valuation-related changes

MSR fair value(6) (205.5) 40.4 183.0

Principal-only stripped MBS valuation-related accretion changes 3.4 2.6 (13.8)

Hedging derivatives (losses) gains 106.8 (39.4) (207.3)

(Provision for) reversal of losses on active loans(7) 3.2 (11.4) (6.0)

GAAP: Servicing segment pretax income $ 76.0 $ 37.3 $ 12.7

Average servicing portfolio UPB $ 672,965 $ 724,283 $ 721,377

• Average portfolio UPB and loan servicing fees unchanged from the prior quarter due to the previously-announced sale of $24 billion in UPB of MSRs; operating

expenses increased slightly

• Earnings on custodial balances and deposits and other income was down from the prior quarter primarily due to lower short-term interest rates

– Custodial funds managed for PFSI’s owned servicing portfolio averaged $8.6 billion in 1Q26, down from $9.1 billion in 4Q25 due to seasonal impacts and the

sale of MSRs in the prior quarter

• Although realized prepayment speeds increased slightly, realization of MSR cash flows was down 7% from the prior quarter due to the expectation of lower

prepayment speeds in future periods from portfolio burnout

• EBO income increased due to higher initiation volumes and redelivery margins as a result of lower rates in the beginning of the quarter

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)

● In 1Q26, gains from changes in fair value on MSR were

more than offset by hedging declines and costs

● Hedge costs were contained despite the increased

volatility in the latter half of the quarter, and we expect to

continue realizing results in line with our targeted hedge

ratio

● Shape of the yield curve, volatility, changes in mortgage

basis and other factors can impact our realized hedge

ratio

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

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

Attributed Performance MSR(1) Hedge(2) Net

Rate Impacts $200.6 $(207.3) $(6.7)

Hedge Costs - $(13.8) $(13.8)

Other Assumption & Performance Impacts $(23.6) - $(23.6)

Prepayment-related $(6.4) - $(6.4)

Delinquency-related $(6.4) - $(6.4)

Other $(10.8) - $(10.8)

Total $177.0 $(221.1) $(44.1)

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 3/31/26

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

• Active management of targeted D/E ratios:

‒ D/E ratios increased slightly due to increased direct

lending production and higher interest rate levels

‒ Expect D/E ratios to remain near these levels in the

current interest rate environment

• 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 March 31, 2026 total liquidity including cash and

amounts available to draw with collateral pledged was

$4.2 billion

Financing

capacity across

multiple banks

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 2.7 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 12/31/25; 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) Adjusted return on equity 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, 1Q26 is an estimate based on Mortgage Bankers Association (4/20/26) and Fannie Mae (4/13/26) 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 (4/20/26) and Fannie Mae (4/13/26) 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 1/31/26. 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)

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

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

2/10 year Treasury yield

spread 0.3% 0.5% 0.5% 0.7% 0.5%

30-year fixed rate mortgage 6.7% 6.8% 6.3% 6.2% 6.4%

Secondary mortgage rate 5.6% 5.5% 5.2% 5.0% 5.5%

U.S. home price appreciation

(Y/Y% change) 3.4% 1.9% 1.3% 1.1% 0.9%

Residential mortgage

originations (in billions) $360 $500 $495 $570 $530

6.15% 6.38% 4.17% 4.32%

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 1Q26, we estimate $2.1 trillion in total origination volume, and that the correspondent channel represented 28% of the overall origination market, retail

represented 52%, and broker represented 20%. Loan servicing market share is based on PFSI’s servicing portfolio UPB of $720 billion divided by $14.9 trillion in mortgage debt outstanding

• Pennymac’s per loan servicing expenses are among the lowest in

the industry, despite a higher concentration of government loans,

which are more difficult to service

• Industry-leading customer service as evidenced by our multi-year

servicing excellence awards from HUD, Fannie Mae and Freddie

Mac

• Lower unit costs due to the implementation of SSE, our servicing

system, in 2019

Operating Expenses(2)

(annualized bps of average servicing portfolio UPB)

Direct Servicing Expense(1)

(annual $ cost per loan)

TECHNOLOGY DRIVING EFFICIENCIES AND LOWER EXPENSES IN SERVICING

• Culture of continuous process improvement

• Continuing to increase efficiency through the use of emerging

technologies, including capabilities of generative artificial

intelligence

• Increased scale and efficiency as the portfolio grows

• Delinquencies remain moderated in the current market

environment, further reducing operating expenses

% Government Portfolio

(1) MBA 2025 Servicing Operations Study (2024 data), Pennymac is included within Large IMBs

(2) Prior period amounts have been recast to conform to the current period presentation

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 12/31/25, the UPB of mortgage servicing rights owned by PFSI and loans held for sale totaled $471 billion

● Overall, mortgage delinquency rates for the MSR portfolio decreased 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 $545 million at March 31, 2026, up from $522

million at December 31, 2025 due to a larger percentage of later-stage delinquencies

‒ No principal and interest advances are outstanding

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

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA(1)

Note: Figures may not sum due to rounding 23 (1) Prior period amounts have been recast to conform to the current period presentation

($ in millions) 1Q25 4Q25 1Q26

Net income $ 76.3 $ 106.8 $ 82.3

Provision for (benefit from) income taxes 27.9 27.6 22.4

Income before provision for income taxes 104.2 134.4 104.7

Depreciation and amortization 13.9 12.8 13.5

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

valuation inputs used in the valuation model 205.5 (40.4) (183.0)

Principal-only stripped MBS valuation-related accretion changes (3.4) (2.6) 13.8

Hedging losses (gains) associated with MSRs (106.8) 39.4 207.3

Provision for (reversal of) losses on active loans (3.2) 11.4 6.0

Stock-based compensation 11.1 7.7 2.4

Interest expense on corporate debt 60.1 83.3 83.3

Cenlar acquisition related expenses - - 3.2

Adjusted EBITDA $ 281.4 $ 246.0 $ 251.2

Reconciliation of GAAP net income to adjusted net income, adjusted EPS and annualized adjusted return on equity(1)

RECONCILIATION OF GAAP ITEMS TO NON-GAAP ITEMS

Note: Figures may not sum due to rounding

(1) Prior period amounts have been recast to conform to the current period presentation

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

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

Net income $ 76.3 $ 136.5 $ 181.5 $ 106.8 $ 82.3

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

valuation inputs used in the valuation model 205.5 (15.9) 102.5 (40.4) (183.0)

Principal-only stripped MBS valuation-related accretion changes (3.4) 2.5 (6.8) (2.6) 13.8

Hedging losses (gains) associated with MSRs (106.8) 109.1 (98.3) 39.4 207.3

Provision for (reversal of) losses on active loans (3.2) (3.6) 0.1 11.4 6.0

Cenlar acquisition related expenses - - - - 3.2

Total adjustments: 92.1 92.1 (2.5) 7.9 47.3

Tax impacts of adjustments(2) 24.6 23.2 (0.6) 2.0 11.9

Non-recurring tax adjustment - (81.6) - - -

Adjusted net income $ 143.8 $ 123.8 $ 179.7 $ 112.7 $ 117.7

Diluted shares outstanding 53.6 53.6 53.9 54.2 53.9

Adjusted diluted EPS $ 2.68 $ 2.31 $ 3.33 $ 2.08 $ 2.19

Average stockholders' equity $ 3,857.5 $ 3,939.9 $ 4,109.6 $ 4,237.9 $ 4,323.5

Annualized adjusted return on equity 15% 13% 17% 11% 11%

Note: Figures may not sum due to rounding 25 (1) Prior period amounts have been recast to conform to the current period presentation

RECONCILIATION OF GAAP ITEMS TO NON-GAAP ITEMS

Reconciliation of GAAP servicing pretax income to servicing pretax income net of valuation related changes(1)

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

Servicing pretax income $ 76.0 $ 54.2 $ 157.4 $ 37.3 $ 12.7

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

valuation inputs used in the valuation model 205.5 (15.9) 102.5 (40.4) (183.0)

Principal-only stripped MBS valuation-related accretion changes (3.4) 2.5 (6.8) (2.6) 13.8

Hedging losses (gains) associated with MSRs (106.8) 109.1 (98.3) 39.4 207.3

Provision for credit losses on active loans (3.2) (3.6) 0.1 11.4 6.0

Servicing pretax income net of valuation related changes $ 168.1 $ 146.3 $ 154.9 $ 45.2 $ 56.7

Reconciliation of GAAP total net revenue to adjusted revenue

($ in millions) 2022 2023 2024 2025 LTM 1Q26

Total net revenue $ 1,985.8 $ 1,401.7 $ 1,593.7 $ 2,046.5 $ 2,160.6

Realization of MSR cash flows (523.5) (662.4) (840.7) (1,161.6) (1,291.2)

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

valuation inputs used in the valuation model 877.7 56.8 407.4 (251.7) 136.8

Principal-only stripped MBS valuation-related accretion changes - - 8.1 10.2 (7.0)

Hedging losses (gains) associated with MSRs (631.5) (236.8) (832.5) 56.5 (257.5)

Provision for credit losses on active loans 44.4 13.9 (13.0) (4.7) (13.9)

Non-recurring items - - 12.5 - -

Adjusted revenue $ 2,218.6 $ 2,230.1 $ 2,851.9 $ 3,397.7 $ 3,593.4

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