# EDGAR Filing Document

**Accession Number:** 0001745916
**File Stem:** 0001104659-25-101260
**Filing Date:** 2025-10
**Character Count:** 79399
**Document Hash:** 0a418a769a22ae932ff73074f1a01b3e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-101260.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0001104659-25-101260

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20251021

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PennyMac Financial Services, Inc.
- **CENTRAL INDEX KEY:** 0001745916
- **STANDARD INDUSTRIAL CLASSIFICATION:** MORTGAGE BANKERS & LOAN CORRESPONDENTS [6162]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 831098934
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38727
- **FILM NUMBER:** 251407430

**BUSINESS ADDRESS:**
- **STREET 1:** 3043 TOWNSGATE ROAD
- **CITY:** WESTLAKE VILLAGE
- **STATE:** CA
- **ZIP:** 91361
- **BUSINESS PHONE:** (818) 224-7442

**MAIL ADDRESS:**
- **STREET 1:** 3043 TOWNSGATE ROAD
- **CITY:** WESTLAKE VILLAGE
- **STATE:** CA
- **ZIP:** 91361

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** New PennyMac Financial Services, Inc.
- **DATE OF NAME CHANGE:** 20180709

?xml version='1.0' encoding='ASCII'?

**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): October 21, 2025**

**PennyMac Financial Services, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38727** | **83-1098934** |
| (State or other jurisdiction<br> of incorporation) | (Commission <br> File Number) | (IRS Employer<br> 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&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On October 21, 2025, PennyMac Financial Services, Inc. (the "Company") issued a press release and a slide presentation announcing its financial results for the fiscal quarter ended September 30, 2025. A copy of the press release and the slide presentation used in connection with the Company's presentation of financial results were made available on October 21, 2025 and are furnished as Exhibit 99.1 and Exhibit 99.2, respectively. In addition, the Company has made available other supplemental financial information for the fiscal quarter ended September 30, 2025 on its website at <u>pfsi.pennymac.com</u>.

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 the liabilities of Section 18, 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 filing.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| [99.1](tm2529157d1_ex99-1.htm) | [Press Release, dated October 21, 2025, issued by PennyMac Financial Services, Inc. pertaining to its financial results for the fiscal quarter ended September 30, 2025.](tm2529157d1_ex99-1.htm) |
| [99.2](tm2529157d1_ex99-2.htm) | [Slide Presentation for use beginning on October 21, 2025 in connection with a presentation of financial results for the fiscal quarter ended September 30, 2025.](tm2529157d1_ex99-2.htm) |
| 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: October 21, 2025 | /s/ Daniel S. Perotti |
|  | Daniel S. Perotti |
|  | Senior Managing Director and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2529157d1_ex99-1img001.jpg)

**PennyMac Financial Services, Inc. Reports**

**Third Quarter 2025 Results**

**WESTLAKE VILLAGE, Calif.** – **October 21, 2025** – PennyMac Financial Services, Inc. (NYSE: PFSI) today reported net income of $181.5 million for the third quarter of 2025, or $3.37 per share on a diluted basis, on total net revenues of $632.9 million. Book value per share increased to $81.12 from $78.04 at June 30, 2025.

PFSI's Board of Directors declared a third quarter cash dividend of $0.30 per share, payable on November 26, 2025, to common stockholders of record as of November 17, 2025.

**Third Quarter 2025 Highlights**

· Pretax
 income was $236.4 million, up from $76.4 million in the prior quarter and $93.9 million in
 the third quarter of 2024

· Production
 segment pretax income was $122.9 million, up from $57.8 million in the prior quarter and
 down slightly from $129.4 million in the third quarter of 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Total loan acquisitions and originations, including those fulfilled
 for PennyMac Mortgage Investment Trust (NYSE: PMT), were $36.5 billion in unpaid principal
 balance (UPB), down 4 percent from the prior quarter and up 15 percent from the third quarter
 of 2024

Correspondent acquisitions of conventional conforming and jumbo loans fulfilled for PMT were $3.3 billion in UPB, up 8 percent from the prior quarter and down 44 percent from the third quarter of 2024

PMT purchased 17 percent of total conventional conforming correspondent loan volume and 100 percent of total jumbo correspondent loan volume from PFSI through their fulfillment agreement in the third quarter, both unchanged from the percentages retained in the prior quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Total locks, including those for PMT, were $43.2 billion in UPB, unchanged
 from the prior quarter and up 11 percent from the third quarter of 2024

Correspondent lock volume for PMT's account was $4.4 billion in UPB, up 24 percent from the prior quarter and down 42 percent from the third quarter of 2024

· Servicing
 segment pretax income was $157.4 million, up from $54.2 million in the prior quarter
 and $3.3 million in the third quarter of 2024, primarily driven by a reduction in net valuation-related
 losses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Pretax income excluding valuation-related items was $161.7 million,
 up 12 percent from the prior quarter, driven primarily by higher loan servicing fees and
 earnings on custodial balances and partially offset by higher realization of mortgage servicing
 rights (MSR) cash flows and operating expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Valuation-related items included:

$102.5 million in MSR fair value losses offset by $98.3 million in hedging gains

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Net
 impact on pretax income related to these items was $(4.2) million or $(0.06) in diluted earnings
 per share

$0.1 million provision for losses on active loans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Completed the sale of an MSR portfolio totaling $12 billion in UPB
 to Annaly Capital Management, Inc. (NYSE: NLY) with an agreement to perform all subservicing
 and recapture activities for the portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Servicing portfolio grew to $716.6 billion in UPB, up 2 percent from
 June 30, 2025 and 11 percent from September 30, 2024 driven by production volumes
 which more than offset prepayment activity

· Pretax
 loss from Corporate and Other was $43.9 million, up from $35.5 million in the prior quarter
 and $38.8 million in the third quarter of 2024

· Repurchased
 50,300 shares of PFSI's common stock at an average price of $94.19 per share for a
 cost of $4.7 million

· Issued
 $650 million of 8.5-year unsecured senior notes due in February 2034

· Issued
 $300 million of 5-year term notes secured by Ginnie Mae MSR and servicing advances

"PennyMac Financial delivered outstanding financial and operational results in the third quarter, with an 18 percent return on equity," said Chairman and CEO David Spector. "In production, profitability nearly doubled from the prior quarter. The increase reflected strong recapture in our consumer direct lending division combined with the continued expansion of our presence in broker-direct as our partners increasingly recognize the value of entrusting us with their borrowers' mortgage experience. Our servicing portfolio continues to grow organically, reaching nearly $720 billion in UPB. The strong core performance of the asset was highlighted in the third quarter by the success of our hedging program, which offset MSR fair value declines and demonstrated the financial stability that is central to our operating model."

Mr. Spector continued, "We also announced a strategic transaction with Annaly, which involved the sale of low interest rate MSRs with an underlying UPB of $12 billion. Importantly, we retained subservicing and recapture opportunities for this portfolio, accelerating the growth of our capital-light subservicing business and freeing up capital to deploy in new, higher coupon MSRs with greater recapture and return potential. This transaction, as well as the share repurchases completed during the quarter at attractive prices, underscore our long-standing track record as best-in-class stewards of stockholder capital, ensuring our balance sheet is optimized for continued execution and growth."

Mr. Spector concluded, "Our profitability – strengthened by our growing servicing portfolio and industry-leading low-cost structure – is directly amplified by our operational excellence and technological advantages. The increases in efficiency and performance we are seeing across the business, driven by the integration of artificial intelligence and advanced data optimization tools and accelerated by the adoption of Vesta's next-generation origination platform, strategically position us for enduring success. These operational improvements, coupled with the launch of our new non-QM product to expand our addressable market, represent significant earnings potential for our stakeholders, and as a result I remain more excited than ever about the upward trajectory of our company."

The following table presents the contributions of PennyMac Financial's segments to pretax income:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter ended September 30, 2025** | **Quarter ended September 30, 2025** | **Quarter ended September 30, 2025** | **Quarter ended September 30, 2025** | **Quarter ended September 30, 2025** |
|  | **Production** | **Servicing** | **Reportable <br> segment total** | **Corporate <br> and other** | **Total** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net gains on loans held for sale at fair value | $280092 | $34363 | $314455 | $- | $314455 |
| &nbsp;&nbsp;&nbsp;Loan origination fees | 61696 |  | 61696 |  | 61696 |
| &nbsp;&nbsp;&nbsp;Fulfillment fees from PMT | 6162 |  | 6162 |  | 6162 |
| &nbsp;&nbsp;&nbsp;Net loan servicing fees |  | 241238 | 241238 |  | 241238 |
| &nbsp;&nbsp;&nbsp;Management fees |  |  |  | 6912 | 6912 |
| &nbsp;&nbsp;&nbsp;Net interest income (expense): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 111332 | 137098 | 248430 | 323 | 248753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 97680 | 152220 | 249900 | - | 249900 |
|  | 13652 | (15122) | (1470) | 323 | (1147) |
| &nbsp;&nbsp;&nbsp;Other | 172 | (980) | (808) | 4390 | 3582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net revenue | 361774 | 259499 | 621273 | 11625 | 632898 |
| Expenses |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation | 114491 | 52061 | 166552 | 38762 | 205314 |
| &nbsp;&nbsp;&nbsp;Loan origination | 69407 |  | 69407 |  | 69407 |
| &nbsp;&nbsp;&nbsp;Technology | 30841 | 10130 | 40971 | 3801 | 44772 |
| &nbsp;&nbsp;&nbsp;Servicing |  | 29105 | 29105 |  | 29105 |
| &nbsp;&nbsp;&nbsp;Marketing and advertising | 12342 | 466 | 12808 | 1208 | 14016 |
| &nbsp;&nbsp;&nbsp;Professional services | 3493 | 1799 | 5292 | 4853 | 10145 |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment | 4333 | 2625 | 6958 | 1646 | 8604 |
| &nbsp;&nbsp;&nbsp;Other | 3985 | 5912 | 9897 | 5264 | 15161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 238892 | 102098 | 340990 | 55534 | 396524 |
| Income (loss) before provision for income taxes | $122882 | $157401 | $280283 | $(43909) | $236374 |

---

**Production Segment**

The Production segment includes the correspondent acquisition of newly originated government-insured and conventional conforming loans for PennyMac Financial'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.

PennyMac Financial's loan production activity for the quarter totaled $36.5 billion in UPB, $33.2 billion of which was for its own account, and $3.3 billion of which was fee-based fulfillment activity for PMT. Correspondent locks for PFSI and direct lending IRLCs totaled $38.8 billion in UPB, down 2 percent from the prior quarter and up 24 percent from the third quarter of 2024.

Production segment pretax income was $122.9 million, up from $57.8 million in the prior quarter and down slightly from $129.4 million in the third quarter of 2024. Production segment net revenues totaled $361.8 million, up 29 percent from the prior quarter and 23 percent from the third quarter of 2024. The increase in revenue from the prior quarter was due to increased activity in the direct lending channels and improved post-lock impacts, while the increase from the prior year was primarily due to higher volumes across all channels.

The components of net gains on loans held for sale are detailed in the following table:

---

| | | | |
|:---|:---|:---|:---|
|  | **Quarter ended** | **Quarter ended** | **Quarter ended** |
|  | **September 30, <br> 2025** | **June 30, <br> 2025** | **September 30, <br> 2024** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Receipt of MSRs | $700326 | $814538 | $578982 |
| Gains on sale of loans to PennyMac Mortgage Investment Trust net of mortgage servicing rights recapture payable | 17454 | 7075 | 2506 |
| Provision for representations and warranties, net | (2354) | (1834) | (589) |
| Cash loss, including cash hedging results | (284589) | (678982) | (382148) |
| Fair value changes of pipeline, inventory and hedges | (116382) | 93862 | 58068 |
| Net gains on mortgage loans held for sale | $314455 | $234659 | $256819 |
| Net gains on mortgage loans held for sale by segment: |  |  |  |
| &nbsp;&nbsp;&nbsp;Production | $280092 | $203961 | $235902 |
| &nbsp;&nbsp;&nbsp;Servicing | $34363 | $30698 | $20917 |

---

PennyMac Financial performs fulfillment services for certain conventional conforming and jumbo 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 $6.2 million in the third quarter, up 6 percent from the prior quarter and down 46 percent from the third quarter of 2024. The quarter-over-quarter increase was driven by higher conventional and jumbo acquisition volumes for PMT's account, while the year-over-year decrease was due to PMT retaining a higher proportion of conventional production in the third quarter of 2024.

Under a renewed mortgage banking services agreement with PMT, effective July 1, 2025, correspondent production volumes are now initially acquired by PFSI. PMT retains the right to purchase up to 100 percent of non-government correspondent loan production. In the fourth quarter of 2025, we expect PMT to acquire all jumbo correspondent production and 15 to 25 percent of total conventional conforming correspondent production, compared to 17 percent in the third quarter.

Net interest income in the third quarter totaled $13.7 million, up from $10.6 million in the prior quarter. Interest income totaled $111.3 million, up from $104.2 million in the prior quarter, and interest expense totaled $97.7 million, up from $93.6 million in the prior quarter.

Production segment expenses were $238.9 million, up 8 percent from the prior quarter and 44 percent from the third quarter of 2024. The increase from the prior quarter was driven primarily by increased capacity and volumes originated in the direct lending channels, and the increase from the third quarter of 2024 was driven primarily by higher volumes in all channels.

**Servicing Segment**

The Servicing segment includes income from owned MSRs and subservicing. The total servicing portfolio grew to $716.6 billion in UPB at September 30, 2025, an increase of 2 percent from June 30, 2025 and 11 percent from September 30, 2024. PennyMac Financial's owned MSR portfolio grew to $477.6 billion in UPB, an increase of 2 percent from June 30, 2025 and 15 percent from September 30, 2024. PennyMac Financial subservices $239.0 billion in UPB, up 4 percent from the prior quarter. Of total subservicing UPB, $227.1 billion was for PMT, $65 million was previously owned servicing that has been repurchased by the United States Veterans Affairs (VA) pursuant to the Veterans Affairs Servicing Purchase program on an interim basis and $11.9 billion was for other non-affiliates.

The table below details PennyMac Financial's servicing portfolio UPB:

---

| | | | |
|:---|:---|:---|:---|
|  | **September 30, <br> 2025** | **June 30, <br> 2025** | **September 30, <br> 2024** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Owned |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage servicing rights and liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Originated | $455894902 | $448312667 | $393947146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased | 14404290 | 14837637 | 16104333 |
|  | 470299192 | 463150304 | 410051479 |
| &nbsp;&nbsp;&nbsp;Loans held for sale | 7303091 | 6783240 | 6366787 |
|  | 477602283 | 469933544 | 416418266 |
| Subserviced for: |  |  |  |
| &nbsp;&nbsp;&nbsp;PMT | 227101009 | 228838699 | 231378323 |
| &nbsp;&nbsp;&nbsp;U.S. Department of Veterans Affairs | 65286 | 822525 | 257696 |
| &nbsp;&nbsp;&nbsp;Other non-affiliates | 11863843 | 72153 | - |
|  | 239030138 | 229733377 | 231636019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans serviced | $716632421 | $699666921 | $648054285 |

---

Servicing segment pretax income was $157.4 million, up from $54.2 million in the prior quarter and $3.3 million in the third quarter of 2024. Servicing segment net revenues totaled $259.5 million, up from $153.4 million in the prior quarter and $105.9 million in the third quarter of 2024.

Revenue from net loan servicing fees totaled $241.2 million, up from $150.4 million in the prior quarter and $75.8 million in the third quarter of 2024. The increase was primarily driven by lower net losses in MSR fair value and hedging results. Net loan servicing fee revenues included $535.1 million in loan servicing fees, which were up from the prior quarter primarily due to growth in the MSR portfolio. Realization of cash flows was $289.7 million in the third quarter, up from the prior quarter due to growth in the MSR portfolio and higher realized and projected prepayment speeds. Net valuation-related losses totaled $4.2 million and included MSR fair value losses of $102.5 million, and hedging gains of $98.3 million.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Quarter ended** | **Quarter ended** | **Quarter ended** |
|  | **September 30, <br> 2025** | **June 30, <br> 2025** | **September 30, <br> 2024** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Loan servicing fees | $535106 | $506667 | $462037 |
| Changes in fair value of MSRs and MSLs resulting from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Realization of cash flows | (289679) | (263099) | (225836) |
| &nbsp;&nbsp;&nbsp;Change in fair value inputs | (102495) | 15929 | (402422) |
| Hedging gains (losses) | 98306 | (109102) | 242051 |
| &nbsp;&nbsp;&nbsp;Net change in fair value of MSRs and MSLs | (293868) | (356272) | (386207) |
| &nbsp;&nbsp;&nbsp;Net loan servicing fees | $241238 | $150395 | $75830 |

---

Servicing segment revenue included $34.4 million in net gains on loans held for sale related to early buyout loans (EBOs), up from $30.7 million in the prior quarter and $20.9 million in the third quarter of 2024. These EBOs are previously delinquent loans that were brought back to performing status through PennyMac Financial's successful servicing efforts.

Net interest expense totaled $15.1 million, compared to $28.8 million in the prior quarter and net interest income of $9.5 million in the third quarter of 2024. Interest income was $137.1 million, up from $117.1 million in the prior quarter due to increased placement fees on custodial balances due to higher average balances. Interest expense was $152.2 million, up from $146.0 million in the prior quarter driven primarily by higher average balances of financing.

Servicing segment expenses totaled $102.1 million, up slightly from $99.2 million in the prior quarter.

**Corporate and Other**

Corporate and Other items include amounts attributable to corporate activities not directly attributable to the production and servicing segments as well as management fees earned from PMT. PennyMac Financial manages PMT for which it earns base management fees and may earn performance incentive fees.

Pretax loss for Corporate and Other was $43.9 million, up from $35.5 million in the prior quarter and $38.8 million in the third quarter of 2024.

Corporate and Other net revenues totaled $11.6 million, and consisted of $6.9 million in management fees, $4.4 million in other revenue, and $0.3 million of net interest income. No performance incentive fees were earned in the third quarter.

Expenses were $55.5 million, up from $47.2 million in the prior quarter and $49.8 million in the third quarter of 2024, primarily driven by expenses related to technology initiatives and increased performance-based incentive compensation.

Net assets under management were $1.9 billion as of September 30, 2025, essentially unchanged from June 30, 2025 and September 30, 2024.

The following table presents a breakdown of management fees:

---

| | | | |
|:---|:---|:---|:---|
|  | **Quarter ended** | **Quarter ended** | **Quarter ended** |
|  | **September 30, <br> 2025** | **June 30, <br> 2025** | **September 30, <br> 2024** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Management fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base | $6912 | $6869 | $7153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance incentive | - | - | - |
| &nbsp;&nbsp;&nbsp;Total management fees | $6912 | $6869 | $7153 |
| Net assets of PennyMac Mortgage Investment Trust | $1879309 | $1865645 | $1936787 |

---

**Consolidated Expenses**

Total expenses were $396.5 million, up from $368.3 million in the prior quarter primarily due to higher production and corporate segment expenses as mentioned above.

**Taxes**

PFSI recorded a $54.9 million tax expense, resulting in an effective tax rate of 23.2 percent.

\*\*\*

Management's slide presentation and accompanying material will be available in the Investor Relations section of the Company's website at <u>pfsi.pennymac.com</u> after the market closes on Tuesday, October 21, 2025. 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 <u>pfsi.pennymac.com</u>, 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 4,700 people across the country. For the twelve months ended September 30, 2025, PennyMac Financial's production of newly originated loans totaled $139 billion in unpaid principal balance, making it a top lender in the nation. As of September 30, 2025, PennyMac Financial serviced loans totaling $717 billion in unpaid principal balance, making it a top mortgage servicer in the nation. Additional information about PennyMac Financial Services, Inc. is available at <u>pfsi.pennymac.com</u>.

---

| | |
|:---|:---|
| **Media** | **Investors** |
| Kristyn Clark | Kevin Chamberlain |
| <u>mediarelations@pennymac.com</u> | Isaac Garden |
| 805.395.9943 | <u>PFSI_IR@pennymac.com</u> |
|  | 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 housing prices, housing sales and real estate values; changes in macroeconomic, consumer and real estate market conditions; the federal government shutdown; compliance with changing federal, state and local laws and regulations applicable to the highly regulated industry in which we operate; lawsuits or governmental actions that may result from any noncompliance with the laws and regulations applicable to our business; the mortgage lending and servicing-related regulations promulgated by federal and state regulators and the enforcement of these regulations; the licensing and operational requirements of states and other jurisdictions applicable to our business, to which our bank competitors are not subject; difficulties inherent in adjusting the size of our operations to reflect changes in business levels; purchase 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 current roles or their guarantees or guidelines; 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 disruptions in operations resulting 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; expanding or creating 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 pretax income excluding valuation-related items and operating net income that provide a meaningful perspective on the Company's business results since the Company utilizes this information to evaluate and manage the business. 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)**

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| | | | |
|:---|:---|:---|:---|
|  | **September 30, <br> 2025** | **June 30, <br> 2025** | **September 30, <br> 2024** |
|  | **(in thousands, except share amounts)** | **(in thousands, except share amounts)** | **(in thousands, except share amounts)** |
| **ASSETS** |  |  |  |
| Cash | $621921 | $162186 | $145814 |
| Short-term investment at fair value | 62228 | 462262 | 667934 |
| Principal-only stripped mortgage-backed securities at fair value | 774021 | 784958 | 960267 |
| Loans held for sale at fair value | 7490473 | 6961224 | 6565704 |
| Derivative assets | 202082 | 180642 | 190612 |
| Servicing advances, net | 396006 | 430602 | 400764 |
| Mortgage servicing rights at fair value | 9653942 | 9531249 | 7752292 |
| Receivable from PennyMac Mortgage Investment Trust | 40165 | 30604 | 32603 |
| Loans eligible for repurchase | 5416967 | 4962535 | 5512289 |
| Other | 743315 | 715642 | 643259 |
| &nbsp;&nbsp;&nbsp;Total assets | $25401120 | $24221904 | $22871538 |
| **LIABILITIES** |  |  |  |
| Assets sold under agreements to repurchase | $7130423 | $7344254 | $6600997 |
| Mortgage loan participation purchase and sale agreements | 699182 | 700296 | 517527 |
| Notes payable secured by mortgage servicing assets | 1325716 | 1327143 | 1723632 |
| Unsecured senior notes | 4829113 | 4185012 | 3162239 |
| Derivative liabilities | 24276 | 33541 | 41471 |
| Mortgage servicing liabilities at fair value | 1593 | 1643 | 1718 |
| Accounts payable and accrued expenses | 476094 | 394785 | 331512 |
| Payable to PennyMac Mortgage Investment Trust | 80605 | 86174 | 81040 |
| Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement | 24806 | 24806 | 26099 |
| Income taxes payable | 1151395 | 1097452 | 1105550 |
| Liability for loans eligible for repurchase | 5416967 | 4962535 | 5512289 |
| Liability for losses under representations and warranties | 33064 | 31763 | 28286 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 21193234 | 20189404 | 19132360 |
| **STOCKHOLDERS' EQUITY** |  |  |  |
| Common stock¾authorized 200,000,000 shares of $0.0001 par value; issued and outstanding 51,875,223, 51,671,905, and 51,257,630 shares, respectively | 5 | 5 | 5 |
| Additional paid-in capital | 86680 | 76991 | 54415 |
| Retained earnings | 4121201 | 3955504 | 3684758 |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | 4207886 | 4032500 | 3739178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $25401120 | $24221904 | $22871538 |

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**PENNYMAC FINANCIAL SERVICES, INC.**

**CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)**

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| | | | |
|:---|:---|:---|:---|
|  | **Quarter ended** | **Quarter ended** | **Quarter ended** |
|  | **September 30, <br> 2025** | **June 30, <br> 2025** | **September 30, <br> 2024** |
|  | **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** |
| **Revenues** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net gains on loans held for sale at fair value | $314455 | $234659 | $256819 |
| &nbsp;&nbsp;&nbsp;Loan origination fees | 61696 | 59091 | 49430 |
| &nbsp;&nbsp;&nbsp;Fulfillment fees from PennyMac Mortgage Investment Trust | 6162 | 5814 | 11492 |
| &nbsp;&nbsp;&nbsp;Net loan servicing fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan servicing fees | 535106 | 506667 | 462037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of mortgage servicing rights and mortgage servicing liabilities | (392174) | (247170) | (628258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage servicing rights hedging results | 98306 | (109102) | 242051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loan servicing fees | 241238 | 150395 | 75830 |
| &nbsp;&nbsp;&nbsp;Net interest (expense) income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 248753 | 221929 | 225470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 249900 | 239577 | 217597 |
|  | (1147) | (17648) | 7873 |
| &nbsp;&nbsp;&nbsp;Management fees from PennyMac Mortgage Investment Trust | 6912 | 6869 | 7153 |
| &nbsp;&nbsp;&nbsp;Other | 3582 | 5550 | 3237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net revenues | 632898 | 444730 | 411834 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation | 205314 | 187541 | 171316 |
| &nbsp;&nbsp;&nbsp;Loan origination | 69407 | 68836 | 45208 |
| &nbsp;&nbsp;&nbsp;Technology | 44772 | 42257 | 37059 |
| &nbsp;&nbsp;&nbsp;Servicing | 29105 | 28286 | 28885 |
| &nbsp;&nbsp;&nbsp;Marketing and advertising | 14016 | 12389 | 5088 |
| &nbsp;&nbsp;&nbsp;Professional services | 10145 | 8380 | 9339 |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment | 8604 | 8379 | 8156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 15161 | 12220 | 12858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 396524 | 368288 | 317909 |
| **Income before (benefit from) provision for income taxes** | 236374 | 76442 | 93925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for (benefit from) income taxes | 54871 | (60021) | 24557 |
| Net income | $181503 | $136463 | $69368 |
| **Earnings per share** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $3.51 | $2.64 | $1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $3.37 | $2.54 | $1.30 |
| **Weighted-average common shares outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 51725 | 51667 | 51180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 53874 | 53635 | 53495 |
| Dividend declared per share | $0.30 | $0.30 | $0.30 |

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## Exhibit 99.2

**Exhibit 99.2**

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. 3Q25 EARNINGS REPORT October 2025 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 and return on equity as well as other business and financial 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 housing prices, housing sales and real estate values; changes in macroeconomic, consumer and real estate market conditions; the federal government shutdown; compliance with changing federal, state and local laws and regulations applicable to the highly regulated industry in which we operate; lawsuits or governmental actions that may result from any noncompliance with the laws and regulations applicable to our business; the mortgage lending and servicing-related regulations promulgated by federal and state regulators and the enforcement of these regulations; the licensing and operational requirements of states and other jurisdictions applicable to our business, to which our bank competitors are not subject; difficulties inherent in adjusting the size of our operations to reflect changes in business levels; purchase 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 current roles or their guarantees or guidelines; 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 disruptions in operations resulting 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; expanding or creating 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. This presentation contains financial information calculated other than in accordance with U.S. generally accepted accounting principles ("GAAP"), such as pretax income excluding valuation-related items and operating net income that provide a meaningful perspective on the Company's business results since the Company utilizes this information to evaluate and manage the business. 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. 2 FORWARD-LOOKING STATEMENTS |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 3Q25 Results Production Segment Servicing Segment 3Q25 RESULTS HIGHLIGHT EARNINGS POWER OF OUR BALANCED BUSINESS MODEL Note: All figures are for 3Q25 or are as of 9/30/25 (1) EPS = earnings per share; ROE = return on equity; MSR = mortgage servicing rights (2) See slide 31 for a reconciliation of GAAP net income to non-GAAP annualized operating return on equity (3) Includes volume fulfilled for PennyMac Mortgage Investment Trust (NYSE: PMT) (4) Excludes $102 million in MSR fair value losses, $98 million in hedging gains, and a $0.1 million provision for losses on active loans - see slide 15 (5) UPB = unpaid principal balance; includes loans subserviced for PMT and others Annualized ROE(1) Annualized operating ROE(2) Book value per share Dividend per common share 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 items(4) MSR(1) fair value changes and hedging results MSR fair value changes and hedging impact to diluted EPS Total servicing portfolio UPB(5) $182mm $3.37 18% 18% $81.12 $0.30 $36.5bn $24.9bn $8.0bn $6.0bn $123mm $157mm $162mm $(4)mm $(0.06) $717bn Net income Diluted EPS(1) |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3Q25 STRATEGIC UPDATE |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Banking Operating Pretax Income ($ in millions) Production • 13 - 20% operating return on equity in recent periods of elevated mortgage rates ‒ Servicing expected to continue providing a strong base level of operating earnings, with additional upside potential for the production segment when interest rates decline, as demonstrated by 3Q24 and 3Q25 results • With mortgage rates in the 6-6.5% range and stable delinquencies, we expect annualized operating returns on equity to average in the high-teens to low-twenties through 2026, with potential for additional upside if origination market volumes growth further 5 DELIVERING MID-TO-HIGH-TEENS OPERATING RETURNS ON EQUITY Annualized Operating ROE(1) Note: Figures may not sum due to rounding (1) See slide 31 for a reconciliation of GAAP to non-GAAP items Servicing net of valuation related changes(1) |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platform Validation Partnership with a premier market participant validates our best-in-class platform and capabilities 6 ACTIVE CAPITAL MANAGEMENT AND GROWTH IN THIRD-PARTY SUBSERVICING Completed the sale of an MSR portfolio to Annaly Capital Management, Inc. with an agreement to perform all subservicing and recapture activities Transaction Details 3.1% 100% unpaid principal balance weighted average coupon Conv. loans Capital Optimization Monetization of a lower-returning asset with proceeds to be reinvested in current production of higher note rate MSRs with greater recapture and return potential 6 Capital-Light Subservicing Growth Preserves the customer relationship and leverages the scale of our comprehensive platform $12bn |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Last Twelve Months Correspondent Volume(1) (UPB in billions) Note: All data are as of 3Q25 or 9/30/25 unless otherwise noted (1) Inside Mortgage Finance through 6/30/25; includes volumes acquired for PMT (2) Inside Mortgage Finance; 9M25 correspondent market share is an estimate Correspondent Market Share(2) 15+ 783 $150B Years of operational excellence Active clients across the U.S UPB of annual production capacity with current levels of fixed expense OUTRIGHT LEADER IN CORRESPONDENT LENDING |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker direct continues to present a significant opportunity, and ongoing channel growth has driven significant revenue contributions in recent periods 8 RAPIDLY-GROWING WHOLESALE LENDER #3 Largest wholesale channel participant Trusted alternative and essential second partner for brokers Tech-forward platform with unmatched support throughout the origination process (1) Inside Mortgage Finance through 2024; 3Q25 is an estimate Broker Direct Market Share(1) |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 EARNINGS POTENTIAL FROM CONSUMER DIRECT RECAPTURE OPPORTUNITY Gov't. Loan Refinance Recapture Rates Conv. Loans Refinance Recapture Rates > 7.00% 6.50 - 6.99% 5.50 - 5.99% 6.00 - 6.49% 5.00 - 5.49% > 7.00% 6.50 - 6.99% 6.00 - 6.49% 5.50 - 5.99% 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 (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 (3) Numerator = UPB of new consumer direct first lien refinance originations for existing portfolio customers + UPB of new consumer direct closed-end second lien (CES) originations from portfolio customers + UPB of retained first-liens for associated CES originations; denominator = UPB of payoffs with no transfer of title or MLS listing identified + UPB of retained first-liens for associated CES originations • Strong production segment results this quarter driven by successful recapture activities • Investments in AI and technology, including the introduction of Vesta's loan origination system, have driven meaningful improvements • Large opportunity when rates decline • Introduction of closed-end second liens in 2022 for customers to access home equity while retaining their low-rate, first lien mortgage Refinance recapture(2) Refinance recapture (inc. CES)(3) Refinance recapture(2) Refinance recapture (inc. CES)(3) Gov't. Loans: Note Rates >5%(1) (UPB in billions) Conv. Loans: Note Rates >5%(1) (UPB in billions) 9/30/25 9/30/25 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KEY OPERATING METRICS & OTHER FINANCIAL SCHEDULES |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PENNYMAC'S MARKET SHARE OVER TIME ACROSS ITS BUSINESSES 11 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 3Q25, we estimate $1.8 trillion in total origination volume, and that the correspondent channel represented 30% of the overall origination market, retail represented 50%, and broker represented 20%. Loan servicing market share is based on PFSI's servicing portfolio UPB of $717 billion divided by $14.6 trillion in mortgage debt outstanding  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 PRODUCTION SEGMENT HIGHLIGHTS – VOLUME BY CHANNEL Broker Direct (UPB in billions) Consumer Direct (UPB in billions) Note: Figures may not sum due to rounding (1) Government-insured or guaranteed loans and certain conventional loans acquired through PFSI's correspondent production business and subsequently sold to PMT; 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 Correspondent (UPB in billions) Conv. and Jumbo Acquisitions - for PMT(2) Total Locks(3) Originations Locks Locks: (UPB in billions) $11.4 Acquisitions: (UPB in billions) $10.5 Locks: (UPB in billions) $2.9 Originations: (UPB in billions) $2.3 Committed pipeline(4): (UPB in billions) $2.6 Locks: (UPB in billions) $2.7 Originations: (UPB in billions) $1.8 Committed pipeline(4): (UPB in billions) $2.5 Originations Locks Conv. Acquisitions - for PFSI(1) Gov't. Acquisitions - for PFSI(1) October 2025 (Estimated) October 2025 (Estimated) October 2025 (Estimated) |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue per fallout adjusted lock for PFSI's own account was 86 basis points in 3Q25, up from 58 basis points in 2Q25 due primarily to increased activity in the direct lending channels and post-lock impacts ‒ Margin discipline in PFSI correspondent led to slightly higher total revenue earned on lower production volumes ‒ Higher margins and volumes in broker direct; lower margins in consumer direct due to a higher percentage of refinance loans versus lower-balance closed-end second liens ‒ Other revenue improvement driven by post-lock impacts from improving spreads on non-Agency loans and specified pools • Production expenses(4) increased 11% from the prior quarter due primarily to higher volumes and increased capacity in the direct lending channels 13 DRIVERS OF PRODUCTION SEGMENT RESULTS 3Q24 2Q25 3Q25 ($ 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) $19,887 33 $65.3 26% $27,634 25 $70.2 33% $23,585 30 $71.7 25% Broker direct 3,763 97 36.4 15% 5,355 87 46.5 22% 5,893 97 57.1 20% Consumer direct 3,421 323 110.4 44% 2,403 408 98.1 47% 3,872 328 127.1 43% Other(3) n/a n/a 26.1 10% n/a n/a (9.9) (5)% n/a n/a 30.3 10% Total PFSI account revenues(4) $27,071 88 $238.2 95% $35,392 58 $204.9 97% $33,350 86 $286.2 98% PMT conventional correspondent 6,894 17 11.5 5% 3,183 18 5.8 3% 3,602 17 6.2 2% Total Production revenues(4) 74 $249.7 100% 55 $210.7 100% 79 $292.4 100% Production expenses(4) $33,964 35 $120.3 48% $38,575 40 $153.0 73% $36,953 46 $169.5 58% Production segment pretax income 38 $129.4 52% 15 $57.8 27% 33 $122.9 42% 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 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selected Operational Metrics 2Q25 3Q25 Loans serviced (in thousands) 2,704 2,746 60+ day delinquency rate - owned portfolio(1) 3.2% 3.4% 60+ day delinquency rate - sub-serviced portfolio(2) 0.7% 0.7% Actual CPR - owned portfolio(1) 8.5% 8.6% Actual CPR - sub-serviced portfolio(2) 6.5% 6.6% UPB of completed modifications ($ in millions)(3) $4,019 $3,664 EBO loan volume ($ in millions)(4) $1,029 $1,146 Owned Subserviced(2) SERVICING SEGMENT HIGHLIGHTS 14 Loan Servicing Portfolio Composition (UPB in billions) Net Portfolio Growth (UPB in billions) Note: Figures may not sum due to rounding (1) Owned portfolio is predominantly government-insured and guaranteed loans – see Appendix slide 29 for additional details; 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) Also includes loans sold with servicing released (6) Includes consumer and broker direct production, government and conventional correspondent acquisitions, and conventional conforming and jumbo loan acquisitions subserviced for PMT (5) (6) • Servicing portfolio totaled $716.6 billion in UPB at September 30, 2025, up 2% Q/Q and 11% Y/Y • Sold $12 billion in UPB of MSR to Annaly Capital Management, Inc. with subservicing retained; continuing to pursue opportunities to expand our subservicing business beyond PMT • Production volumes more than offset prepayment activity, leading to continued portfolio growth • 60+ day delinquency rates for owned MSR up slightly from the end of the prior quarter • Modification volume declined from the prior quarter while EBO loan volume increased slightly |

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| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SERVICING PROFITABILITY EXCLUDING VALUATION-RELATED CHANGES 15 Note: Figures may not sum due to rounding (1) Of average portfolio UPB, annualized (2) Comprised of net gains on mortgage loans held for sale at fair value and interest income related to EBO loans (3) Consists of interest shortfall and recording and release fees (4) Changes in fair value do not include realization of MSR cash flows (5) Considered in the assessment of MSR fair value changes 3Q24 2Q25 3Q25 $ in millions basis points⁽¹⁾ $ in millions basis points⁽¹⁾ $ in millions basis points⁽¹⁾ Loan servicing fees $462.0 28.9 $506.7 29.4 $535.1 30.2 Earnings on custodial balances and deposits and other income 136.7 8.5 115.9 6.7 133.6 7.5 Realization of MSR cash flows (225.8) (14.1) (263.1) (15.3) (289.7) (16.4) EBO loan-related revenue⁽²⁾ 29.7 1.9 33.0 1.9 37.9 2.1 Servicing expenses: Operating expenses (83.7) (5.2) (79.6) (4.6) (84.5) (4.8) Payoff-related expense⁽³⁾ (18.5) (1.2) (17.2) (1.0) (18.2) (1.0) Losses and provisions for defaulted loans (13.4) (0.8) (21.5) (1.2) (18.5) (1.0) EBO loan transaction-related expense (0.7) (0.0) (0.8) (0.0) (1.0) (0.1) Interest expense (116.9) (7.3) (129.6) (7.5) (133.0) (7.5) Non-GAAP: Pretax income excluding valuation-related changes $169.4 10.6 $143.7 8.3 $161.7 9.1 Valuation-related changes MSR fair value⁽⁴⁾ (402.4) 15.9 (102.5) Hedging derivatives gains (losses) 242.1 (109.1) 98.3 (Provision for) reversal of losses on active loans⁽⁵⁾ (5.7) 3.6 (0.1) GAAP: Servicing segment pretax income $3.3 $54.2 $157.4 Average servicing portfolio UPB $640,492 $689,612 $708,612 • Loan servicing fees increased from the prior quarter due to growth in the MSR portfolio; operating expenses increased slightly • Earnings on custodial balances and deposits increased from the prior quarter due to higher average balances – Custodial funds managed for PFSI's owned servicing portfolio averaged $8.5 billion in 3Q25, up from $7.5 billion in 2Q25 • Realization of cash flows increased from the prior quarter due to growth in the MSR portfolio and higher realized and projected prepayment activity due to lower mortgage rates |

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| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Strong 3Q25 hedge results driven by adjustments made to our hedging practices at the beginning of the quarter ‒ More directly incorporates recapture expectations, driving a reduced reliance on more expensive options ‒ Enables a more measured approach towards rebalancing hedge positions ● Hedge costs are expected to remain contained, and we expect to more consistently realize results closer in line with our targeted hedge ratio going forward ● Shape of the yield curve, volatility, changes in mortgage basis and other factors can impact our realized hedge ratio 16 HEDGING APPROACH MODERATES THE VOLATILITY OF PFSI'S RESULTS MSR Valuation Changes and Offsets ($ in millions) MSR fair value change before realization of cash flows Hedging and related gains (losses) Production pretax income Attributed Performance MSR Hedge Net Rate Impacts $(93.9) $101.8 $7.9 Hedge Costs - $(3.5) $(3.5) Other Assumption & Performance Impacts $(8.6) - $(8.6) Prepayment-related $0.0 - $0.0 Delinquency-related $(14.5) - $(14.5) Other $5.9 - $5.9 Total $(102.5) $98.3 $(4.2) |

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| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Active management of targeted D/E ratios: ‒ Total D/E near 3.5x with fluctuations largely driven by the origination environment or other market opportunities ‒ Non-funding D/E ratio near 1.5x MSR & Servicing Advance Financing PFSI'S STRONG BALANCE SHEET AND DIVERSE CAPITAL STRUCTURES 17 Low Debt-to-Equity (D/E) Ratio Diverse Financing Sources High Tangible Net Worth (TNW)(2)/Assets • High tangible net worth (TNW) / assets excluding loans eligible for repurchase • Unsecured senior notes provide low, fixed interest rates; first maturity in October 2029 • Issued $650 million of 8.5 year senior unsecured notes due February 2034 • Issued $300 million of 5-year term notes secured by Ginnie Mae MSR and servicing advances • As of September 30, 2025 total liquidity including cash and amounts available to draw with collateral pledged was $5.0 billion Non-funding D/E(1) Total D/E TNW / Assets TNW / Assets ex. Loans eligible for repurchase Financing capacity across multiple banks Note: All figures are as of September 30, 2025 (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 |

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| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APPENDIX |

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| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 19 COMPREHENSIVE MORTGAGE BANKING PLATFORM IS A FLYWHEEL Large volumes of production grow servicing portfolio nd largest in the U.S.(1) th largest in the U.S.(1) A culture of continuous process improvement and technological innovation to drive further scale and operational efficiency gains 2 6 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 6/30/25 or as of 6/30/25 (2) Includes volume subserviced for PMT and others Loan Production Loan Servicing |

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| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PFSI Purchase Mix Industry Purchase Mix(5) 20 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 for historical data; forecast for 2025 represents the average of Mortgage Bankers Association (10/19/25) and Fannie Mae (9/11/25) forecasts (4) Bloomberg (5) Inside Mortgage Finance for historical industry purchase mix, 2Q25 is an estimate of Mortgage Bankers Association (10/19/25) and Fannie Mae (9/11/25) forecasts Average: 20% U.S. Origination Market(3) (in trillions) PFSI's Annualized Return on Average Common Stockholders' Equity (ROE) 10-Year Treasury Yield(4) |

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| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 (10/19/25) and Fannie Mae (9/11/25) 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 7/31/25. Residential mortgage originations are for the quarterly period ended; source: Inside Mortgage Finance CURRENT MARKET ENVIRONMENT AND MACROECONOMIC TRENDS 21 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) 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 10-year Treasury bond yield 3.8% 4.6% 4.2% 4.2% 4.2% 2/10 year Treasury yield spread 0.1% 0.3% 0.3% 0.5% 0.5% 30-year fixed rate mortgage 6.1% 6.9% 6.7% 6.8% 6.3% Secondary mortgage rate 4.9% 5.9% 5.6% 5.5% 5.2% U.S. home price appreciation (Y/Y% change) 3.9% 4.0% 3.4% 1.9% 1.7% Residential mortgage originations (in billions) $455 $460 $355 $495 $485 6.77% 6.30% 4.23% 4.15% Purchase Refinance |

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| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACQUISITIONS AND ORIGINATIONS BY PRODUCT 22 Note: Figures may not sum due to rounding Unaudited ($ in millions) 3Q24 4Q24 1Q25 2Q25 3Q25 Correspondent Acquisitions Conventional Conforming - for PMT $5,851 $3,241 $2,437 $2,740 $2,786 Conventional Conforming - for PFSI 8,092 13,567 8,961 13,521 13,444 Government - for PFSI 11,788 11,018 11,263 13,235 11,020 Jumbo - for PMT 97 256 344 346 557 Total $25,829 $28,082 $23,005 $29,841 $27,807 Broker Direct Originations - for PFSI Conventional Conforming $1,844 $2,115 $1,658 $2,876 $3,205 Government 1,183 1,340 887 1,546 1,315 Jumbo 368 698 744 813 1,028 Closed-end second liens 28 29 28 37 44 Total $3,424 $4,182 $3,316 $5,272 $5,592 Consumer Direct Originations - for PFSI Conventional Conforming $365 $580 $517 $739 $778 Government 1,786 2,514 1,728 1,593 1,833 Jumbo 15 22 22 20 36 Closed-end second liens 278 302 338 417 446 Total $2,444 $3,418 $2,604 $2,768 $3,093 Total acquisitions / originations $31,696 $35,682 $28,926 $37,882 $36,492 UPB of loans fulfilled for PMT (included in correspondent acquisitions) $5,948 $3,497 $2,782 $3,086 $3,343 |

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| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTEREST RATE LOCKS BY PRODUCT 23 Note: Figures may not sum due to rounding Unaudited ($ in millions) 3Q24 4Q24 1Q25 2Q25 3Q25 Correspondent Locks Conventional Conforming - for PMT $7,373 $2,741 $2,210 $3,009 $3,364 Conventional Conforming - for PFSI 8,229 13,810 9,988 14,697 13,936 Government - for PFSI 12,448 11,088 12,107 13,960 10,965 Jumbo - for PMT 253 454 526 529 1,036 Total $28,304 $28,093 $24,831 $32,197 $29,301 Broker Direct Locks - for PFSI Conventional Conforming $2,533 $2,334 $2,647 $3,651 $4,205 Government 2,039 1,249 1,592 2,094 1,931 Jumbo 720 834 1,192 1,354 1,767 Closed-end second liens 43 34 48 52 65 Total $5,335 $4,451 $5,478 $7,151 $7,967 Consumer Direct Locks - for PFSI Conventional Conforming $785 $744 $939 $992 $1,601 Government 3,972 2,480 2,416 2,155 3,724 Jumbo 26 29 27 29 53 Closed-end second liens 435 397 501 613 574 Total $5,218 $3,650 $3,883 $3,788 $5,952 Total locks $38,856 $36,194 $34,192 $43,136 $43,220 |

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| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Correspondent Broker Direct PRODUCTION SEGMENT HIGHLIGHTS – BUSINESS TRENDS BY CHANNEL 24 Consumer Direct Multi-channel approach provides flexibility and has proven to be a competitive advantage, supporting profitability and pricing discipline while driving growth of the servicing portfolio ● Pennymac remains the largest correspondent aggregator in the U.S. ● Lock volumes for PFSI's account were down 13% and acquisitions were down 9% from 2Q25 ● Introduced a prime non-QM product in 3Q25 ● PMT purchased 17% of total conventional conforming correspondent production from PFSI through their fulfillment agreement in 3Q25, unchanged from 2Q25 ‒ We expect PMT to purchase approximately 15 - 25% of total conventional conforming correspondent production in 4Q25 ● 783 correspondent sellers at September 30, 2025, up from 771 on June 30, 2025 ● Purchase volume in 3Q25 was 91% of total acquisitions ● Lock volumes were up 11% and originations were up 6% from 2Q25 ● Approved brokers totaled 5,178 at September 30, 2025 up 2% from June 30, 2025 and 17% from September 30, 2024 ‒ Top brokers see Pennymac as a strong alternative to the top two channel lenders ● Purchase volume in 3Q25 was 80% of total originations ● Continued strength in jumbo originations, which were 18% of total originations in 3Q25, up from 15% in 2Q25 ● Lock volumes were up 57% and originations were up 12% from 2Q25 ● Continue to provide for the spectrum of needs of the 2.7 million customers in our servicing portfolio ‒ Refinance lock volume in 3Q25 was $4.8 billion, or 81% of total locks, compared to $3.7 billion, or 70% in 2Q25 ‒ 95% of total lock volume, including both first and second-liens, was sourced from our large and growing servicing portfolio ‒ $446 million of closed-end second lien mortgage loans funded in 3Q25, up from $417 million in 2Q25 |

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| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CREDIT CHARACTERISTICS BY ACQUISITION/ORIGINATION PERIOD 25 Correspondent Broker Direct Consumer Direct Note: Figures exclude closed-end second liens (CES) Weighted Average FICO Weighted Average DTI 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Government-insured 715 719 718 721 722 Government-insured 44 44 45 45 45 Conventional Conforming 770 770 768 769 770 Conventional Conforming 38 38 38 38 38 Jumbo 774 778 777 777 778 Jumbo 36 36 37 38 36 Weighted Average FICO Weighted Average DTI 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Government-insured 716 718 712 715 714 Government-insured 46 46 45 45 45 Conventional Conforming 765 769 765 763 765 Conventional Conforming 38 38 38 38 38 Jumbo 776 778 775 778 780 Jumbo 37 37 38 37 35 Weighted Average FICO Weighted Average DTI 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Government-insured 702 695 687 688 683 Government-insured 45 44 44 44 44 Conventional Conforming 752 755 755 754 749 Conventional Conforming 38 37 37 37 37 Jumbo 762 770 778 763 768 Jumbo 37 37 45 35 40 |

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| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2025 Mortgage Servicing Rights Unaudited ($ in millions) Pool UPB(1) $470,282 Weighted average coupon 4.9% Weighted average servicing fee/spread 0.39% Weighted average prepayment speed assumption (CPR) 8.9% Fair value $9,654 As a multiple of servicing fee 5.3 26 MSR ASSET VALUATION (1) Excludes loans held for sale at fair value |

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| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 proprietary servicing system, in 2019 27 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 • 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 |

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| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DELINQUENCY TRENDS AND SERVICING ADVANCES OUTSTANDING 28 Trends in Delinquency and Foreclosure Rates(1) 30-60 Day 60-90 Day 90+ Day In foreclosure (1) Owned MSR portfolio and includes loans acquired for sale at fair value; delinquency and foreclosure rates based on UPB; as of 9/30/25, the UPB of mortgage servicing rights owned by PFSI and loans held for sale totaled $478 billion ● Overall, mortgage delinquency rates for the MSR portfolio increased slightly from the prior quarter but declined slightly from the prior year period, and remain within expected ranges for a predominately government-insured or guaranteed loan portfolio ● Servicing advances outstanding for PFSI's MSR portfolio were approximately $353 million at September 30, 2025, down from $362 million at June 30, 2025 ‒ No principal and interest advances are outstanding |

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| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img029.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 PFSI'S OWNED MSR PORTFOLIO CHARACTERISTICS Note: Figures may not sum due to rounding (1) Government loans include loans securitized in Ginnie Mae pools as well as loans sold to private investors (2) Other represents MSRs collateralized by conventional loans sold to private investors (3) Loan-to-values for closed-end seconds include only the second lien balance (4) Excludes loans held for sale at fair value As of September 30, 2025 Segment UPB ($ in billions)⁽⁴⁾ % of Total UPB Loan count (in thousands) Note rate Seasoning (months) Remaining maturity (months) Loan size ($ in thousands) FICO credit score at origination Original LTV Current LTV 60+ Delinquency (by UPB) Government⁽¹⁾ FHA $165.9 35.3% 766 4.7% 47 316 $217 684 93% 70% 5.7% VA $130.4 27.7% 464 4.1% 42 317 $281 732 91% 70% 1.8% USDA $21.0 4.5% 141 4.2% 62 301 $149 701 98% 65% 5.7% GSE FNMA $62.1 13.2% 191 5.3% 29 318 $325 763 75% 64% 0.6% FHLMC $75.7 16.1% 213 6.0% 18 333 $356 762 77% 70% 0.7% Other and Closed-End Seconds Other⁽²⁾ $12.7 2.7% 30 6.8% 12 347 $425 775 74% 70% 0.3% Closed-End Seconds⁽³⁾ $2.4 0.5% 31 9.3% 11 250 $79 744 19% 18% 0.2% Grand Total $470.3 100.0% 1,836 4.9% 38 319 $256 724 87% 69% 3.0% |

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| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img030.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA 30 Note: Figures may not sum due to rounding ($ in millions) 3Q24 2Q25 3Q25 Net income $69.4 $136.5 $181.5 Provision for (benefit from) income taxes 24.6 (60.0) 54.9 Income before provision for income taxes 93.9 76.4 236.4 Depreciation and amortization 13.8 14.7 13.0 Decrease (increase) in the fair value of MSRs and MSLs due to changes in valuation inputs used in the valuation model 402.4 (15.9) 102.5 Hedging (gains) losses associated with MSRs (242.1) 109.1 (98.3) Stock-based compensation 18.9 7.5 9.9 Non-recurring items - - - Interest expense on corporate debt 51.1 70.2 78.0 Adjusted EBITDA $338.1 $262.0 $341.5 |

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| &nbsp;&nbsp;![GRAPHIC](tm2529157d1_ex99-2img031.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reconciliation of GAAP net income to operating net income and annualized operating return on equity RECONCILIATION OF GAAP ITEMS TO NON-GAAP ITEMS Note: Figures may not sum due to rounding 31 (1) Assumes a tax rate of 26.85% in periods prior to 4Q24, 26.70% in 4Q24 and 1Q25, and 25.165% in 2Q25 and after Reconciliation of GAAP servicing pretax income (loss) to servicing pretax income net of valuation related changes ($ in millions) 3Q24 4Q24 1Q25 2Q25 3Q25 Net income $69.4 $104.5 $76.3 $136.5 $181.5 Decrease (increase) in the fair value of MSRs and MSLs due to changes in valuation inputs used in the valuation model 402.4 (540.4) 205.5 (15.9) 102.5 Hedging (gains) losses associated with MSRs (242.1) 608.1 (106.8) 109.1 (98.3) Non-recurring items - - - - - Adjustments 160.4 67.7 98.7 93.2 4.2 Tax impacts of adjustments(1) 43.1 18.2 26.4 23.4 1.1 Non-recurring tax adjustment - - - (81.6) - Operating net income $186.7 $154.0 $148.6 $124.6 $184.6 Average stockholders' equity $3,694.8 $3,779.2 $3,857.5 $3,939.9 $4,109.6 Annualized operating return on equity 20% 16% 15% 13% 18% ($ in millions) 3Q24 4Q24 1Q25 2Q25 3Q25 Servicing pretax income $3.3 $87.3 $76.0 $54.2 $157.4 Decrease (increase) in the fair value of MSRs and MSLs due to changes in valuation inputs used in the valuation model 402.4 (540.4) 205.5 (15.9) 102.5 Hedging (gains) losses associated with MSRs (242.1) 608.1 (106.8) 109.1 (98.3) Non-recurring items - - - - - Provision for credit losses on active loans 5.7 13.3 (3.2) (3.6) 0.1 Servicing pretax income net of valuation related changes $169.4 $168.3 $171.5 $143.7 $161.7 |

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