# PennyMac Financial Services, Inc. (PFSI) Informational only - not investment advice. CIK: 0001745916 SIC: 6162 Mortgage Bankers & Loan Correspondents SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [SIC Major Group 61](/major-group/61/) > [SIC 6162 Mortgage Bankers & Loan Correspondents](/industry/6162/) Latest 10-K filed: 2026-02-20 SEC page: https://www.sec.gov/edgar/browse/?CIK=1745916 Filing source: https://www.sec.gov/Archives/edgar/data/1745916/000110465926018142/pfsi-20251231x10k.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 2046536000 | USD | 2025 | 2026-02-20 | | Net income | 501077000 | USD | 2025 | 2026-02-20 | | Assets | 29388689000 | USD | 2025 | 2026-02-20 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001745916.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 955,463,000 | 984,629,000 | 1,477,404,000 | 3,705,597,000 | 3,167,361,000 | 1,985,755,000 | 1,401,656,000 | 1,593,731,000 | 2,046,536,000 | | Net income | 66,079,000 | 100,757,000 | 87,694,000 | 392,965,000 | 1,646,884,000 | 1,003,490,000 | 475,507,000 | 144,656,000 | 311,423,000 | 501,077,000 | | Diluted EPS | 2.94 | 4.03 | 2.59 | 4.89 | 20.92 | 14.87 | 8.50 | 2.74 | 5.84 | 9.30 | | Operating cash flow | -938,325,000 | -883,412,000 | 572,396,000 | -2,245,123,000 | -6,198,938,000 | 2,563,061,000 | 6,033,235,000 | -1,582,219,000 | -4,533,270,000 | -1,651,984,000 | | Capital expenditures | 21,852,000 | 6,791,000 | 13,421,000 | 6,124,000 | 10,671,000 | 7,899,000 | 7,159,000 | 1,386,000 | 1,715,000 | 11,921,000 | | Dividends paid | | | 10,054,000 | 9,708,000 | 30,947,000 | 52,896,000 | 54,621,000 | 41,446,000 | 52,160,000 | 62,550,000 | | Share buybacks | | 8,599,000 | 5,293,000 | 1,056,000 | 337,479,000 | 958,194,000 | 406,086,000 | 71,491,000 | | 4,739,000 | | Assets | | 7,368,093,000 | 7,478,573,000 | 10,204,017,000 | 31,597,795,000 | 18,776,612,000 | 16,822,584,000 | 18,844,563,000 | 26,086,887,000 | 29,388,689,000 | | Liabilities | | 5,648,419,000 | 5,824,782,000 | 8,142,510,000 | 28,208,407,000 | 15,358,287,000 | 13,351,535,000 | 15,305,960,000 | 22,257,236,000 | 25,079,713,000 | | Stockholders' equity | 1,399,356,000 | 1,719,674,000 | 1,653,791,000 | 2,061,507,000 | 3,389,388,000 | 3,418,325,000 | 3,471,049,000 | 3,538,603,000 | 3,829,651,000 | 4,308,976,000 | | Free cash flow | -960,177,000 | -890,203,000 | 558,975,000 | -2,251,247,000 | -6,209,609,000 | 2,555,162,000 | 6,026,076,000 | -1,583,605,000 | -4,534,985,000 | -1,663,905,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 10.55% | 8.91% | 26.60% | 44.44% | 31.68% | 23.95% | 10.32% | 19.54% | 24.48% | | Return on equity | 4.72% | 5.86% | 5.30% | 19.06% | 48.59% | 29.36% | 13.70% | 4.09% | 8.13% | 11.63% | | Return on assets | | 1.37% | 1.17% | 3.85% | 5.21% | 5.34% | 2.83% | 0.77% | 1.19% | 1.70% | | Liabilities / equity | | 3.28 | 3.52 | 3.95 | 8.32 | 4.49 | 3.85 | 4.33 | 5.81 | 5.82 | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001745916.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | 2.28 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 2.46 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.57 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 336,547,000 | 58,250,000 | 1.11 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 400,308,000 | 92,870,000 | 1.77 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 361,939,000 | -36,842,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 305,660,000 | 39,308,000 | 0.74 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 406,127,000 | 98,258,000 | 1.85 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 411,834,000 | 69,368,000 | 1.30 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 470,110,000 | 104,489,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 430,903,000 | 76,280,000 | 1.42 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 444,730,000 | 136,463,000 | 2.54 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 632,898,000 | 181,503,000 | 3.37 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 538,005,000 | 106,831,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 544,984,000 | 82,322,000 | 1.53 | reported discrete quarter | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1745916/000110465926055690/pfsi-20260331x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-05-05 Report date: 2026-03-31 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations ​ Overview ​ The following discussion and analysis provides information that we believe is relevant to an assessment and understanding of our consolidated results of operations and financial condition. Unless the context indicates otherwise, references in this Quarterly Report on Form 10-Q to the words “we,” “us,” “our” and the “Company” refer to PFSI and its subsidiaries. ​ Our Company ​ We are a specialty financial services firm primarily focused on the production and servicing of U.S. residential mortgage loans (activities which we refer to as mortgage banking) and the management of investments related to the U.S. mortgage market. We believe that our operating capabilities, specialized expertise, access to long-term investment capital, and the experience of our management team across all aspects of the mortgage business allow us to profitably engage in mortgage banking and investing activities and capitalize on other related opportunities as they arise in the future. ​ Our primary assets are equity interests in Private National Mortgage Acceptance Company, LLC (“PNMAC”). We are the managing member of PNMAC, and we operate and control all of the businesses and affairs of PNMAC, and consolidate the financial results of PNMAC and its subsidiaries. We conduct our business in two segments: production and servicing: ​ ● The production segment performs loan origination, acquisition and sale activities. ● The servicing segment performs loan servicing for both newly originated loans we are holding for sale and loans we service for others, including for PennyMac Mortgage Investment Trust, a mortgage real estate investment trust separately listed on the New York Stock Exchange under the ticker symbol “PMT”. ​ Our principal mortgage banking subsidiary, PennyMac Loan Services, LLC (“PLS”), is a non-bank producer and servicer of mortgage loans in the United States. PLS is a seller/servicer for the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”), each of which is a government sponsored entity. PLS is also an approved issuer of securities guaranteed by the Government National Mortgage Association (“Ginnie Mae”), a lender of the Federal Housing Administration (“FHA”), and a lender/servicer of the U.S. Department of Veterans Affairs (“VA”) and the U.S. Department of Agriculture (“USDA”). We refer to each of Fannie Mae, Freddie Mac, Ginnie Mae, FHA, VA and USDA as an “Agency” and collectively as the “Agencies.” PLS is able to service loans in all 50 states, the District of Columbia, Puerto Rico, Guam and the U.S. Virgin Islands, and originate loans in all 50 states and the District of Columbia, either because PLS is properly licensed in a particular jurisdiction or exempt or otherwise not required to be licensed in that jurisdiction. ​ Our investment management subsidiary is Pennymac Capital Management, LLC (“PCM”), a Delaware limited liability company registered with the Securities Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended. PCM has an investment management contract with PMT. ​ 53 Table of Contents Business Trends ​ Recent macroeconomic trend and U.S. federal government administration actions with respect to trade, tariffs, government cost reduction efforts and foreign military action have led to significant volatility in financial markets and uncertainty regarding the economic outlook, including inflation and interest rates. Elevated interest rates in recent years have also constrained the mortgage origination market, which is currently projected to increase from $1.9 trillion in 2025 to $2.3 trillion in 2026 according to mortgage industry economists. ​ The opportunity for refinancing has increased in recent periods, driven by interest rate volatility and a greater proportion of outstanding mortgages with note rates near current market rates. If such interest rate volatility continues, it may drive greater mortgage production activity and higher prepayment speeds than we have experienced in recent years. Additionally, reductions in the Federal Reserve’s federal funds rate have reduced the costs of floating rate borrowings and placement fees we receive in relation to custodial funds that we manage as compared to the same periods in the prior year. The current period of economic uncertainty and market volatility may also lead to a reduction in economic activity and slowing home price growth or depreciation, which could lead to increasing mortgage delinquencies or defaults and increase losses from the representations and warranties we provide in our loan sales transactions. ​ We expect to sell a portion of our conventional conforming correspondent loan production and all of our nonagency correspondent loan production to PMT in the second quarter of 2026. ​ 54 Table of Contents Results of Operations ​ Our results of operations are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter ended March 31,  ​ ​   ​ ​ ​ 2026   ​ ​ ​ 2025 ​ ​ (dollars in thousands, except per share amounts) ​ Revenues: ​ ​ ​ ​ ​ ​ ​ Loan production revenues (1) ​ $ 423,168 ​ $ 272,938 ​ Net loan servicing fees ​ ​ 152,830 ​ ​ 164,286 ​ Net interest expense ​ ​ (41,543) ​ ​ (18,211) ​ Other ​ ​ 10,529 ​ ​ 11,890 ​ Total net revenues ​ ​ 544,984 ​ ​ 430,903 ​ Expenses: ​ ​ ​ ​ ​ ​ ​ Compensation ​ ​ 216,393 ​ ​ 181,988 ​ Loan origination ​ ​ 79,696 ​ ​ 44,096 ​ Technology ​ ​ 46,132 ​ ​ 40,197 ​ Servicing ​ ​ 38,233 ​ ​ 21,875 ​ Marketing and advertising ​ ​ 21,094 ​ ​ 9,432 ​ Other ​ ​ 38,745 ​ ​ 29,119 ​ Total expenses ​ ​ 440,293 ​ ​ 326,707 ​ Income before provision for income taxes ​ ​ 104,691 ​ ​ 104,196 ​ Provision for income taxes ​ ​ 22,369 ​ ​ 27,916 ​ Net income ​ $ 82,322 ​ $ 76,280 ​ Earnings per share ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.58 ​ $ 1.48 ​ Diluted ​ $ 1.53 ​ $ 1.42 ​ Annualized return on average stockholders' equity ​ ​ 7.6% ​ ​ 7.9% ​ Dividends declared per share ​ $ 0.30 ​ $ 0.30 ​ Income before provision for income taxes by reportable segment and corporate and other: ​ ​ ​ ​ ​ ​ ​ Production ​ $ 133,575 ​ $ 61,943 ​ Servicing ​ ​ 12,651 ​ ​ 76,001 ​ Corporate and other ​ ​ (41,535) ​ ​ (33,748) ​ ​ ​ $ 104,691 ​ $ 104,196 ​ Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") (3) ​ $ 251,202 ​ $ 281,380 ​ During the quarter: ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments issued (2) ​ $ 41,111,111 ​ $ 31,456,820 ​ Unpaid principal balance of loans originated and purchased by PFSI and fulfilled for PMT ​ $ 37,038,744 ​ $ 28,852,746 ​ At end of quarter: ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments outstanding ​ $ 16,241,426 ​ $ 9,890,968 ​ Unpaid principal balance of loan servicing portfolio: ​ ​ ​ ​ ​ ​ ​ Owned: ​ ​ ​ ​ ​ ​ ​ Mortgage servicing rights and liabilities ​ $ 473,995,365 ​ $ 442,227,167 ​ Loans held for sale ​ ​ 9,821,486 ​ ​ 6,911,473 ​ ​ ​ ​ 483,816,851 ​ ​ 449,138,640 ​ Subserviced for: ​ ​ ​ ​ ​ ​ ​ PMT ​ ​ 225,093,530 ​ ​ 229,907,855 ​ Other non-affiliates ​ ​ 11,413,998 ​ ​ 75,310 ​ Interim servicing ​ ​ — ​ ​ 1,072,760 ​ ​ ​ ​ 236,507,528 ​ ​ 231,055,925 ​ ​ ​ $ 720,324,379 ​ $ 680,194,565 ​ Book value per share ​ $ 83.31 ​ $ 75.57 ​ (1) Includes Net gains on loans held for sale at fair value, Loan origination fees and Fulfillment fees from PennyMac Mortgage Investment Trust. ​ (2) Amounts exclude interest rate locks for loans to be fulfilled for PMT. ​ (3) To provide investors with information in addition to our results as determined by accounting principles generally accepted in the United States (“GAAP”), we disclose Adjusted EBITDA as a non-GAAP measure. Adjusted EBITDA is a measure that is frequently used in our industry to measure performance and we believe that this measure provides supplemental information that is useful to investors. Adjusted EBITDA is not a financial measure calculated in accordance with GAAP and should not be considered as a substitute for net income, or any other performance measure calculated in accordance with GAAP. 55 Table of Contents ​ We define “Adjusted EBITDA” as net income plus provision for income taxes, depreciation and amortization, excluding decrease (increase) in fair value of mortgage servicing rights (“MSRs”) net of mortgage servicing liabilities (“MSLs”), due to changes in the valuation inputs we use in our valuation models, hedging (gains) losses associated with MSRs, principal-only stripped MBS valuation-related accretion changes, provision for (reversal of) losses on active loans, stock-based compensation, interest expense on corporate debt or corporate revolving credit facilities and capital lease and certain unusual or non-recurring items. ​ We believe that the presentation of Adjusted EBITDA provides useful information to investors regarding our results of operations because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. However, other companies may define Adjusted EBITDA differently, and as a result, our measures of Adjusted EBITDA may not be directly comparable to those of other companies. ​ Adjusted EBITDA measures have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are: a) they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments; b) they do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt; and c) they are not adjusted for all non-cash income or expense items that are reflected in our consolidated statements of cash flows. ​ Because of these limitations, Adjusted EBITDA measures are not intended as alternatives to net income as an indicator of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. ​ The following table presents a reconciliation of Adjusted EBITDA to our net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter ended March 31,  ​   ​ ​ ​ 2026   ​ ​ ​ 2025 ​ ​ (in thousands) Net income ​ $ 82,322 ​ $ 76,280 Provision for income taxes ​ ​ 22,369 ​ ​ 27,916 Income before provision for income taxes ​ ​ 104,691 ​ ​ 104,196 Depreciation and amortization ​ ​ 13,510 ​ ​ 13,896 Principal-only stripped MBS valuation-related accretion changes ​ ​ 13,814 ​ ​ (3,442) (Increase) decrease in fair value of MSRs net of MSLs due to changes in valuation inputs used in valuation models ​ ​ (183,029) ​ ​ 205,494 Hedging losses (gains) associated with MSRs ​ ​ 207,287 ​ ​ (106,774) Provision for (reversal of) losses on active loans ​ ​ 5,991 ​ ​ (3,211) Stock‑based compensation ​ ​ 2,447 ​ ​ 11,084 Interest expense on corporate debt ​ ​ 83,279 ​ ​ 60,137 Cenlar acquisition related expenses ​ ​ 3,212 ​ ​ — Adjusted EBITDA ​ $ 251,202 ​ $ 281,380 ​ Income Before Provisions for Income Taxes ​ For the quarter ended March 31, 2026, income before income taxes increased $495,000 compared to the same quarter in 2025. The increase was primaril [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes appearing elsewhere in this Report. The following discussion and analysis contain forward-looking statements that involve risks and uncertainties. When reviewing the discussion below, you should keep in mind the substantial risks and uncertainties that could impact our business. In particular, we encourage you to review the risks and uncertainties described in the section titled “Risk Factors” included elsewhere in this Report. These risks and uncertainties could cause actual results to differ materially from those projected in forward-looking statements contained in this report or implied by past results and trends. ​ Critical Accounting Policies ​ Preparation of financial statements in compliance with accounting principles generally accepted in the United States (“GAAP”) requires us to make estimates that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Certain of these estimates significantly influence the portrayal of our financial condition and results, and they require us to make difficult, subjective or complex judgments. Our critical accounting policies primarily relate to our fair value estimates. ​ Fair Value ​ We group assets measured at or based on fair value in three levels based on the markets in which the assets are traded and the observability of the inputs used to determine fair value. These levels are: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ ​ ​ ​ ​ ​ Percentage of total ​ Level/Description ​ Carrying value of assets ​ Assets ​ Stockholders' equity ​ ​ ​   ​ ​ (in thousands)   ​ ​ ​ ​ ​ ​ ​ 1: Prices determined using quoted prices in active markets for identical assets or liabilities. ​ $ 435,833 ​ 1% ​ 10% ​ 2: Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of us. ​ ​ 9,567,496 ​ 33% ​ 222% ​ 3: Prices determined using significant unobservable inputs. Unobservable inputs reflect our judgements about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances. ​ ​ 10,078,120 ​ 34% ​ 234% ​ Total assets measured at or based on fair value (1) ​ $ 20,081,449 ​ 68% ​ 466% ​ Total assets ​ $ 29,388,689 ​ ​ ​ ​ ​ Total stockholders' equity ​ $ 4,308,976 ​ ​ ​ ​ ​ (1) Includes assets measured on both a recurring and nonrecurring basis based on the accounting principles applicable to the specific asset and whether we have elected to carry the asset at its fair value. ​ At December 31, 2025, $20.0 billion or 68% of our total assets were carried at fair value on a recurring basis and $37.7 million (real estate acquired in settlement of loans (“REO”)), were carried based on fair value on a non-recurring basis when fair value indicates evidence of impairment of individual properties. ​ 51 Table of Contents Changes in fair value of our holdings of assets carried at or based on fair value have significant effects on our financial position and income. As summarized above, changes in fair values of “Level 1” and “Level 2” fair value assets are determinable with reference to direct quotes in active markets on the measurement date in the case of “Level 1” fair value assets, or reference to publicly available pricing inputs (such as reference interest rates and credit spreads and prices of similar assets) in the case of “Level 2” fair value assets. ​ $10.1 billion or 34% of our total assets are measured using “Level 3” fair value inputs – significant inputs where there is difficulty observing the inputs used by market participants to establish fair value. Different approaches to valuing those assets or changes in inputs to measurement of these assets can have a significant effect on the amounts reported for these items including their reported balances and their effects on our income. ​ During the three years ended December 31, 2025, we recognized changes in the fair value of our holdings of “Level 3” fair value assets and liabilities as shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ Mortgage ​ Mortgage ​ ​ ​ ​ ​ ​ Year ended ​ rate lock ​ Loans held ​ servicing ​ servicing ​ ​ ​ ​ Pre-tax December 31,  ​ commitments ​ for sale ​ rights (1) ​ liabilities (1) ​ Total ​ Income ​ ​ (positive (negative) effects on net revenues in thousands) ​ ​ ​ 2025 ​ $ 453,802 ​ ​ 160,278 ​ ​ (251,669) ​ ​ (3) ​ $ 362,408 ​ $ 551,417 2024 ​ $ 38,645 ​ ​ 105,508 ​ ​ 407,423 ​ ​ (35) ​ $ 551,541 ​ $ 401,026 2023 ​ $ 130,424 ​ ​ 68,773 ​ ​ 56,757 ​ ​ 50 ​ $ 256,004 ​ $ 183,631 (1) Excludes changes in fair value attributable to realization of cash flows. ​ The changes above primarily reflect changes attributable to our observations of changes in the markets for those assets and liabilities as opposed to changes in accounting policies or approaches to the valuation of those instruments. ​ As a result of the difficulty in observing certain significant valuation inputs affecting our “Level 3” fair value assets and liabilities, we are required to make judgments regarding these items’ fair values. Different persons in possession of the same facts may reasonably arrive at different conclusions as to the inputs to be applied in valuing these assets and liabilities and their fair values. Such differences may result in significantly different fair value measurements. Likewise, due to the general illiquidity of some of these assets, subsequent transactions may be at values significantly different from those reported. ​ Because the fair value of “Level 3” fair value assets and liabilities are difficult to estimate, our valuation process includes performance of these items’ fair value estimation by specialized staff with significant senior management oversight. We have assigned the responsibility for estimating the fair values of non-interest rate lock commitment (“IRLC”) “Level 3” fair value assets and liabilities to our capital markets valuation staff, which is responsible for valuing and monitoring these items and maintenance of our valuation policies and procedures for non- IRLC assets and liabilities. The capital markets valuation staff reports valuations to our management valuation subcommittee responsible for monitoring and overseeing valuations. Our management valuation subcommittee includes the Company’s chief financial, credit, investment and capital markets officers as well as other members of the Company’s finance, capital markets and risk management staffs. ​ The fair value of our IRLCs is developed by our capital markets risk management staff and is reviewed by our capital markets operations group. ​ Following is a discussion of our approach to measuring the balance sheet items that are most affected by “Level 3” fair value estimates. ​ 52 Table of Contents Interest Rate Lock Commitments ​ Our net gains on loans held for sale include our estimates of the gains or losses we expect to realize upon the sale of loans we have contractually committed to fund or purchase but have not yet funded, purchased or sold. We recognize a substantial portion of our net gains on loans held for sale at fair value before we fund or purchase the loans as the result of these commitments. We call these commitments interest rate lock commitments or IRLCs. We recognize the fair value of IRLCs at the time we make the commitment to the correspondent seller, broker or loan applicant and adjust the fair value of such IRLCs as the loan approaches the point of funding or purchase or the prospective transaction is canceled. ​ We carry IRLCs as either Derivative assets or Derivative liabilities on our consolidated balance sheet. The fair value of an IRLC is transferred to Loans held for sale at fair value when the loan is funded or purchased. ​ An active, observable market for IRLCs does not exist. Therefore, we measure the fair value of IRLCs using methods we believe that market participants use in pricing IRLCs. We estimate the fair value of IRLCs based on observable Agency MBS prices, our estimates of the fair value of the MSRs we expect to receive in the sale of the loans and the probability that we will fund or purchase the loans (the “pull-through rate”). ​ Pull-through rates and MSR fair values are based on our estimates as these inputs are difficult to observe in the marketplace. Market interest rates and our estimate of the probability that a loan will be funded are updated as the loans move through the funding or purchase process and as market interest rates change and these updates may result in significant changes to our estimates of the fair value of the IRLCs. Such changes are reflected in the change in fair value of IRLCs which is a component of our Net gains on loans held for sale at fair value in the period of the change. The financial effects of changes in these inputs are generally inversely correlated. Increasing interest rates have a positive effect on the fair value of the MSR component of IRLC fair value but increase the pull-through rate for the loan principal and interest payment cash flow component, which decreases in fair value. ​ A shift in our assessment of an input to the valuation of IRLCs can have a significant effect on the amount of Net gains on loans held for sale at fair value for the period. We believe that the most significant “Level 3” fair value input to the measurement of IRLCs is the pull-through rate. At December 31, 2025, we held $124.9 million of net IRLC assets at fair value. Following is a quantitative summary of the effect of changes in the pull-through rate input on the fair value of IRLCs at December 31, 2025: ​ ​ ​ ​ ​ ​ Change in input (1) ​ Effect on fair value of IRLC of a change in pull-through rate (2) ​ ​ ​ (in thousands) (20) % ​ $ (34,366) (10) % ​ $ (17,180) (5) % ​ $ (8,587) 5 % ​ $ 7,282 10 % ​ $ 13,753 20 % ​ $ 25,452 (1) The upward shift in input amount on a per-loan basis is limited to the amount of shift required to reach a 100% pull-through rate. ​ (2) This analysis holds constant all of the other inputs to show an estimate of the effect on fair value of a change in the pull-through rate. We expect that in a market shock event, multiple inputs would be affected and the effects of these changes may compound or counteract each other. Therefore, this analysis is not a projection of the effects of a shock event or a change in our estimate of an input and should not be relied upon as an earnings projection. 53 Table of Contents ​ Loans Held for Sale ​ We carry loans at their fair values. We recognize changes in the fair value of loans in current period income as a component of Net gains on loans held for sale at fair value. How we estimate the fair value of loans is based on whether the loans are saleable into active markets with observable fair value inputs. ​ ● We categorize loans that are saleable into active markets as “Level 2” fair value assets. We estimate the fair value of such loans using their quoted market price or market price equivalent. At December 31, 2025, we held $8.8 billion of such loans. ​ ● We categorize loans that are not saleable into active markets as “Level 3” fair value assets. “Level 3” fair value loans are comprised of: ​ - Closed-end second lien mortgage loans. We produce closed-end second lien mortgage loans that do not have an active market with observable inputs that are significant to the estimation of their fair value. At December 31, 2025, we held $156.0 million at fair value of such loans. ​ - Ginnie Mae early buyout (“EBO”) loans. We may purchase certain delinquent government guaranteed or insured loans from Ginnie Mae guaranteed securitizations included in our loan servicing portfolio. Our right to purchase such loans arises as the result of the loan being at least three months delinquent when we buy the loan. Our ability to purchase delinquent loans provides us with an alternative to our obligation to continue advancing principal and interest at the coupon rate of the related Ginnie Mae security. Such repurchased loans are referred to as EBO loans and may be resold to investors and thereafter may be repurchased to the extent eligible for resale into a new Ginnie Mae guaranteed security. Such eligibility occurs when a repurchased loan either becomes current through completion of a modification of its terms or otherwise after three months of timely payments and when the issuance date of the new security into which the loan is placed is at least 120 days after the date the loan was last delinquent. At December 31, 2025, we held $127.9 million at fair value of such loans. ​ - Loans with defects. Certain of our loans may become non-saleable into active markets due to our identification of one or more defects or we may repurchase defective loans subject to representations and warranties. At December 31 2025, we held $23.8 million at fair value of such loans. ​ We use a discounted cash flow model to estimate the fair value of “Level 3” fair value loans. The significant unobservable inputs used in the fair value measurement of our “Level 3” fair value loans held for sale are discount rates, home price projections and prepayment speeds. Significant changes in any of those inputs in isolation could result in a significant change to the loans’ fair value measurements. ​ Mortgage Servicing Rights and Mortgage Servicing Liabilities ​ MSRs and MSLs represent the fair value assigned to contracts that obligate us to service the mortgage loans on behalf of the owners of the mortgage loans in exchange for servicing fees and the right to collect certain ancillary income. We recognize MSRs and MSLs at our estimate of the fair value of the contract to service the loans. ​ We include changes in the fair value of MSRs and MSLs in current period income as a component of Net loan servicing fees—Change in fair value of mortgage servicing rights and mortgage servicing liabilities. Both our estimate of the change in fair value attributable to realization of cash flows and of other changes in fair value are affected by changes in fair value inputs. In the year ended December 31, 2025, we recognized a $1.4 billion net decrease in fair value of MSRs and MSLs: $1.2 billion of decrease due to realization of cash flows underlying the fair value of MSRs and MSLs and $251.7 million of decrease due to changes in fair value inputs. ​ 54 Table of Contents We estimate fair value of MSRs and MSLs using a discounted cash flow approach. Beginning in the third quarter of 2025, we enhanced our discounted cash flow approach to estimate the period-end fair value of our MSRs with the adoption of an Option-Adjusted Spread (“OAS”) discounted cash flow model. The OAS model allows us to account for the likelihood of interest rates moving along different paths as economic conditions change in our assessment of the fair value of MSRs as opposed to a single assumed rate path. ​ We believe the most significant “Level 3” fair value inputs to the valuation of MSRs and MSLs are the prepayment speed, OAS or pricing spread (the OAS and pricing spread are components of the discount rate) and annual per-loan cost of servicing. A shift in the market for MSRs and MSLs or a change in our assessment of an input to the valuation of MSRs and MSLs can have a significant effect on their fair value and in our income for the period. The net fair value of MSRs and MSLs that we held at December 31, 2025 was $9.6 billion. ​ Following is a summary of the effect on fair value of MSRs of various changes to these key inputs at December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect on fair value of MSRs and MSLs of a change in input value (1) ​ Change in input   ​ ​ Prepayment speed   ​ ​ Option-adjusted spread   ​ ​ Servicing cost ​ ​ ​ (in thousands) ​ (20) % ​ $ 747,036 ​ $ 403,992 ​ $ 202,122 ​ (10) % ​ $ 358,322 ​ $ 197,480 ​ $ 101,061 ​ (5) % ​ $ 175,589 ​ $ 97,647 ​ $ 50,531 ​ 5 % ​ $ (168,856) ​ $ (95,530) ​ $ (50,531) ​ 10 % ​ $ (331,359) ​ $ (189,008) ​ $ (101,061) ​ 20 % ​ $ (638,689) ​ $ (370,059) ​ $ (202,122) ​ (1) This analysis holds constant all of the inputs other than the input that is being changed in order to show an estimate of the effect on fair value of a change in a specific input. We expect that in a market shock event, multiple inputs would be affected and the effects of these changes may compound or counteract each other. Therefore, these analyses are not projections of the effects of a shock event or a change in our estimate of an input and should not be relied upon as earnings projections. ​ Accounting Developments ​ Refer to Note 3 – Significant Accounting Policies ‒ Recently Issued Accounting Pronouncement Adopted in 2025 to our consolidated financial statements for a discussion of recent accounting developments and the expected effect on the Company. ​ Business Trends ​ Recent macroeconomic trends and U.S. federal government actions with respect to trade, tariffs, government cost reduction initiatives, inflation and interest rates have led to significant volatility in financial markets and uncertainty regarding the economic outlook. Elevated interest rates in recent years have constrained growth in the size of the mortgage origination market, which is currently projected to increase from $1.9 trillion in 2025 to $2.3 trillion in 2026 according to mortgage industry economists. ​ The opportunity for refinancing has increased recently, driven by interest rate volatility and a greater proportion of outstanding mortgages with note rates near current market rates. If such interest rate volatility continues, it may drive greater mortgage production activity and higher prepayment speeds. Towards the end of the fourth quarter of 2025, we experienced higher prepayment speeds and increased runoff of MSRs that outpaced the growth of our production-related income. The current economic uncertainty and market volatility may also lead to a reduction in economic activity and slowing home price growth or depreciation, which could lead to increasing mortgage delinquencies or defaults and increased losses relating to the representations and warranties we provide in our loan sale transactions. ​ 55 Table of Contents We expect to sell a portion of our conventional conforming correspondent loan production and all of our non-agency loans to PMT in the first quarter of 2026. ​ Results of Operations ​ ​ Our results of operations are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31,  ​ ​ 2025   ​ ​ ​ 2024   ​ ​ ​ 2023 ​ ​ (dollars in thousands except per share amounts) ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan production revenues (1) ​ $ 1,331,393 ​ $ 1,029,359 ​ $ 719,887 ​ Net loan servicing fees ​ ​ 705,699 ​ ​ 533,655 ​ ​ 642,600 ​ Net interest expense ​ ​ (36,108) ​ ​ (25,782) ​ ​ (4,853) ​ Other ​ ​ 45,552 ​ ​ 56,499 ​ ​ 44,022 ​ Total net revenues ​ ​ 2,046,536 ​ ​ 1,593,731 ​ ​ 1,401,656 ​ Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Compensation ​ ​ 782,916 ​ ​ 632,738 ​ ​ 576,964 ​ Loan origination ​ ​ 251,990 ​ ​ 164,092 ​ ​ 114,500 ​ Technology ​ ​ 162,604 ​ ​ 149,547 ​ ​ 143,152 ​ Servicing ​ ​ 122,626 ​ ​ 105,997 ​ ​ 69,433 ​ Marketing and advertising ​ ​ 46,140 ​ ​ 21,969 ​ ​ 17,631 ​ Legal settlements ​ ​ — ​ ​ 1,591 ​ ​ 162,770 ​ Other ​ ​ 128,843 ​ ​ 116,771 ​ ​ 133,575 ​ Total expenses ​ ​ 1,495,119 ​ ​ 1,192,705 ​ ​ 1,218,025 ​ Income before provision for income taxes ​ ​ 551,417 ​ ​ 401,026 ​ ​ 183,631 ​ Provision for income taxes ​ ​ 50,340 ​ ​ 89,603 ​ ​ 38,975 ​ Net income ​ $ 501,077 ​ $ 311,423 ​ $ 144,656 ​ Earnings per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 9.69 ​ $ 6.11 ​ $ 2.89 ​ Diluted ​ $ 9.30 ​ $ 5.84 ​ $ 2.74 ​ Return on average stockholders' equity ​ ​ 12.4% ​ ​ 8.5% ​ ​ 4.1% ​ Dividends declared per share ​ $ 1.20 ​ $ 1.00 ​ $ 0.80 ​ Income before provision for income taxes by reportable segment and corporate and other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Production ​ $ 369,920 ​ $ 311,231 ​ $ 116,078 ​ Servicing ​ ​ 324,893 ​ ​ 205,002 ​ ​ 368,392 ​ Corporate and other ​ ​ (143,396) ​ ​ (115,207) ​ ​ (300,839) ​ ​ ​ $ 551,417 ​ $ 401,026 ​ $ 183,631 ​ Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") (3) ​ $ 1,128,726 ​ $ 1,076,393 ​ $ 701,162 ​ During the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments issued (2) ​ $ 152,627,450 ​ $ 114,813,116 ​ $ 92,766,499 ​ Unpaid principal balance of loans originated and purchased by PFSI and fulfilled for PMT ​ $ 146,102,988 ​ $ 115,819,663 ​ $ 99,435,041 ​ Common stock closing per share prices: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ High ​ $ 136.06 ​ $ 116.58 ​ $ 92.93 ​ Low ​ $ 89.28 ​ $ 83.31 ​ $ 55.82 ​ At end of year ​ $ 133.26 ​ $ 101.38 ​ $ 88.37 ​ At end of year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments outstanding ​ $ 13,474,638 ​ $ 7,801,677 ​ $ 6,349,628 ​ Unpaid principal balance of loan servicing portfolio: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Owned: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage servicing rights and liabilities ​ $ 462,035,445 ​ $ 426,074,748 ​ $ 370,269,011 ​ Loans held for sale ​ ​ 8,930,477 ​ ​ 8,128,914 ​ ​ 4,294,689 ​ ​ ​ ​ 470,965,922 ​ ​ 434,203,662 ​ ​ 374,563,700 ​ Subserviced for: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PMT ​ ​ 226,774,067 ​ ​ 230,753,581 ​ ​ 232,653,069 ​ Interim servicing ​ ​ 24,257,095 ​ ​ 806,584 ​ ​ — ​ Other non-affiliates ​ ​ 11,616,738 ​ ​ — ​ ​ — ​ ​ ​ ​ 262,647,900 ​ ​ 231,560,165 ​ ​ 232,653,069 ​ ​ ​ $ 733,613,822 ​ $ 665,763,827 ​ $ 607,216,769 ​ Book value per share ​ $ 82.77 ​ $ 74.54 ​ $ 70.52 ​ (1) Includes Net gains on loans held for sale at fair value, Loan origination fees and Fulfillment fees from PennyMac Mortgage Investment Trust. 56 Table of Contents ​ (2) Amounts exclude interest rate locks for loans to be fulfilled for PMT. ​ (3) To provide investors with information in addition to our results as determined by GAAP, we disclose Adjusted EBITDA as a non-GAAP measure. Adjusted EBITDA is a measure that is frequently used in our industry to measure performance and we believe that this measure provides supplemental information that is useful to investors. Adjusted EBITDA is not a financial measure calculated in accordance with GAAP and should not be considered as a substitute for net income or any other performance measure calculated in accordance with GAAP. ​ We define “Adjusted EBITDA” as net income plus provision for income taxes, depreciation and amortization, excluding decrease (increase) in fair value of MSRs net of MSLs, due to changes in the valuation inputs we use in our valuation models, hedging losses (gains) associated with MSRs, stock-based compensation and interest expense on corporate debt or corporate revolving credit facilities and capital lease and non-recurring items such as significant awards of damages against us due to litigation. ​ We believe that the presentation of Adjusted EBITDA provides useful information to investors regarding our results of operations because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. However, other companies may define Adjusted EBITDA differently, and as a result, our measures of Adjusted EBITDA may not be directly comparable to those of other companies. ​ Adjusted EBITDA measures have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are: ​ ● they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments; ​ ● they do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt; and ​ ● they are not adjusted for all non-cash income or expense items that are reflected in our consolidated statements of cash flows. ​ Because of these limitations, Adjusted EBITDA measures are not intended as alternatives to net income as an indicator of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. ​ The following table presents a reconciliation of Adjusted EBITDA to our net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, for each of the years indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31,  ​ 2025   ​ ​ ​ 2024   ​ ​ ​ 2023 ​ ​ (in thousands) Net income ​ $ 501,077 ​ $ 311,423 ​ $ 144,656 Provision for income taxes ​ ​ 50,340 ​ ​ 89,603 ​ ​ 38,975 Income before provision for income taxes ​ ​ 551,417 ​ ​ 401,026 ​ ​ 183,631 Depreciation and amortization ​ ​ 54,392 ​ ​ 55,984 ​ ​ 53,214 Decrease (increase) in fair value of MSRs net of MSLs due to changes in valuation inputs used in valuation models ​ ​ 251,672 ​ ​ (407,388) ​ ​ (56,807) Hedging (gains) losses associated with MSRs ​ ​ (56,546) ​ ​ 832,483 ​ ​ 236,778 Stock‑based compensation ​ ​ 36,229 ​ ​ 20,868 ​ ​ 27,582 Interest expense on corporate debt ​ ​ 291,562 ​ ​ 184,304 ​ ​ 98,396 Effect of non-recurring gain from joint venture and arbitration accrual ​ ​ — ​ ​ (10,884) ​ ​ 158,368 Adjusted EBITDA ​ $ 1,128,726 ​ $ 1,076,393 ​ $ 701,162 ​ 57 Table of Contents Comparison of the years ended December 31, 2025, 2024 and 2023 ​ Income Before Provisions for Income Taxes ​ In the year ended December 31, 2025, we recorded income before provision for income taxes of $551.4 million, an increase of $150.4 million, or 38%, from 2024. The increase was due to a $302.0 million increase in production revenues (net gains on sales of loans, loan origination fees and fulfillment fees) primarily due to higher production volumes and a $172.0 million increase in Net loan servicing fees resulting from growth in servicing fees, partially offset by a $302.4 million increase in total expenses. The increase in the total expense was primarily due to increases in compensation and loan origination expenses. ​ In the year ended December 31, 2024, we recorded income before provision for income taxes of $401.0 million, an increase of $217.4 million, or 118%, from 2023. The increase was due to a $309.5 million increase in production revenues primarily due to higher production volumes and gain on sale margins and a $25.3 million decrease in total expenses, partially offset by a $108.9 million decrease in Net loan servicing fees reflecting decreased valuation of our MSRs, net of hedging results primarily due to higher hedging costs. The decrease in the total expense was primarily due to decreases in legal settlements and professional services relating to a claim against us by Black Knight Servicing Technologies, LLC, partially offset by increases in compensation, loan origination and servicing expenses. ​ 58 Table of Contents Net gains on loans held for sale at fair value ​ In the year ended December 31, 2025, we recognized Net gains on loans held for sale at fair value totaling $1.1 billion, as compared to $817.4 million and $545.9 million in 2024 and 2023, respectively. The increase in Net gains on loans held for sale at fair value for the year ended December 31, 2025 compared to 2024 was primarily due to increased volumes across all production channels. The increase in Net gains on loans held for sale at fair value for the year ended December 31, 2024 compared to 2023 was primarily due to increased volumes and gain on sale margins across all production channels. ​ Our net gains on loans held for sale are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31,  ​ ​ 2025   ​ ​ ​ 2024   ​ ​ ​ 2023 ​ ​ (in thousands) ​ From non-affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash losses: ​ ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ $ (1,503,302) ​ $ (1,731,125) ​ $ (1,337,613) ​ Hedging activities ​ ​ (539,291) ​ ​ 495,429 ​ ​ (99,515) ​ Total cash losses ​ ​ (2,042,593) ​ ​ (1,235,696) ​ ​ (1,437,128) ​ Non-cash gains: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in fair values of loans and derivative financial instruments outstanding at end of year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments ​ ​ 91,363 ​ ​ (56,028) ​ ​ 63,749 ​ Loans ​ ​ (91,558) ​ ​ 71,226 ​ ​ (71,425) ​ Hedging derivatives ​ ​ 137,623 ​ ​ (244,124) ​ ​ 146,456 ​ ​ ​ ​ 137,428 ​ ​ (228,926) ​ ​ 138,780 ​ Mortgage servicing rights resulting from loan sales ​ ​ 2,940,455 ​ ​ 2,280,830 ​ ​ 1,849,957 ​ Provisions for losses relating to representations and warranties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pursuant to loan sales ​ ​ (17,189) ​ ​ (16,486) ​ ​ (12,997) ​ Reductions in liability due to changes in estimate ​ ​ 7,945 ​ ​ 13,579 ​ ​ 9,115 ​ Total non-cash gains ​ ​ 3,068,639 ​ ​ 2,048,997 ​ ​ 1,984,855 ​ Total gains on sale from non-affiliates ​ ​ 1,026,046 ​ ​ 813,301 ​ ​ 547,727 ​ From PennyMac Mortgage Investment Trust ​ ​ 45,708 ​ ​ 4,067 ​ ​ (1,784) ​ ​ ​ $ 1,071,754 ​ $ 817,368 ​ $ 545,943 ​ During the year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate lock commitments issued (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ By loan type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government-insured or guaranteed ​ $ 70,433,573 ​ $ 58,134,977 ​ $ 50,202,197 ​ Conventional conforming ​ ​ 74,090,145 ​ ​ 52,781,188 ​ ​ 41,388,408 ​ Jumbo ​ ​ 5,783,682 ​ ​ 2,190,238 ​ ​ 154,899 ​ Closed-end second lien mortgage ​ ​ 2,320,050 ​ ​ 1,706,713 ​ ​ 1,020,995 ​ ​ ​ $ 152,627,450 ​ $ 114,813,116 ​ $ 92,766,499 ​ By production channel: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Correspondent ​ $ 103,410,807 ​ $ 83,669,855 ​ $ 73,949,658 ​ Broker direct ​ ​ 28,149,824 ​ ​ 17,424,790 ​ ​ 11,149,351 ​ Consumer direct ​ ​ 21,066,819 ​ ​ 13,718,471 ​ ​ 7,667,490 ​ ​ ​ $ 152,627,450 ​ $ 114,813,116 ​ $ 92,766,499 ​ At end of year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale at fair value ​ $ 9,123,410 ​ $ 8,217,468 ​ $ 4,420,691 ​ Commitments to fund and purchase loans ​ $ 13,474,638 ​ $ 7,801,677 ​ $ 6,349,628 ​ (1) Amounts exclude interest rate locks for loans to be fulfilled for PMT. ​ 59 Table of Contents Non-Cash Elements of Gain on Sale of Loans Held for Sale ​ Our gains on loans held for sale include both cash and non-cash elements. We recognize a significant portion of our gains on loans held for sale when we make commitments to purchase or fund mortgage loans. We recognize this gain in the form of IRLCs. We adjust our initial gain estimate as the loan purchase or origination process progresses until the loan is either funded or cancelled. We also receive non-cash proceeds on sale that include our estimate of the fair value of MSRs and we incur liabilities for MSLs (which represent the fair value of the costs we expect to incur in excess of the fees we receive to service the EBO loans we have resold) and for the fair value of our estimate of the losses we expect to incur relating to the representations and warranties we provide in our loan sale transactions. ​ The MSRs, MSLs, and liability for representations and warranties we recognize represent our estimate of the fair value of future benefits and costs we will realize for years in the future. These estimates represented approximately 273% of our gain on sale of loans at fair value for the year ended December 31, 2025, as compared to 279% and 338% in 2024 and 2023, respectively. These estimates change as circumstances change and changes in these estimates are recognized in income in subsequent periods. ​ Interest Rate Lock Commitments, Mortgage Servicing Rights and Mortgage Servicing Liabilities ​ The methods and key inputs we use to measure and update our measurements of IRLCs, MSRs and MSLs is detailed in Note 6 – Fair value – Valuation Techniques and Inputs to the consolidated financial statements included in this Annual Report. ​ Representations and Warranties ​ Our agreements with the purchasers and insurers include representations and warranties related to the loans we sell. The representations and warranties require adherence to purchaser and insurer origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law. ​ In the event of a breach of our representations and warranties, we may be required to either repurchase the loans with the identified defects or indemnify the purchaser or insurer against future credit losses. In such cases, we bear any subsequent credit loss on the loans. Our credit loss may be reduced by any recourse we have to correspondent originators that sold such loans to us and breached similar or other representations and warranties. In such event, we have the right to seek a recovery of related repurchase losses from that correspondent seller. ​ Our representations and warranties are generally not subject to stated limits of exposure. However, we believe that the current UPB of loans sold by us and subject to representation and warranty liability to date represents the maximum exposure to repurchases related to representations and warranties. ​ The level of the liability for losses under representations and warranties is difficult to estimate and requires considerable judgment. The level of loan repurchase losses is dependent on economic factors, purchaser or insurer loss mitigation strategies, and other external conditions that may change over the lives of the underlying loans. Our estimate of the liability for representations and warranties is developed by our credit risk administration staff and presented each quarter to our Management Risk Committee that includes our senior executives and senior management in our loan production, loan servicing, and credit risk management areas. ​ The method used to estimate our losses on representations and warranties is a function of our estimate of future defaults, loan repurchase rates, the severity of loss in the event of default, if applicable, and the probability of reimbursement by the correspondent loan seller. We establish a liability at the time loans are sold and periodically assess the adequacy of our recorded liability. ​ 60 Table of Contents In the years ended December 31, 2025, 2024, and 2023 we recorded provisions for losses under representations and warranties relating to current loan sales as a component of Net gains on loans held for sale at fair value totaling $17.2 million, $16.5 million, and $13.0 million, respectively. The increase in provision relating to current loan sales from the year ended December 31, 2025 compared to the years ended December 31, 2024 and 2023 reflects the increase in our loan production volume in 2025. ​ We also recorded reductions in the liability relating to previously sold loans of $7.9 million, $13.6 million, and $9.1 million, for the years ended December 31, 2025, 2024 and 2023, respectively. The reductions in the liability relating to previously sold loans resulted from those loans meeting performance criteria established by the Agencies which significantly limits the likelihood of certain repurchase or indemnification claims. ​ Following is a summary of mortgage loan indemnification and repurchase activity and the unpaid balance of mortgage loans subject to representations and warranties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31,  ​   ​ ​ ​ 2025   ​ ​ ​ 2024   ​ ​ ​ 2023 ​ ​ (in thousands) During the year: ​ ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indemnification activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans indemnified at beginning of year ​ $ 101,867 ​ $ 75,724 ​ $ 35,961 New indemnifications ​ ​ 27,302 ​ ​ 32,559 ​ ​ 43,469 Less indemnified loans sold, repaid or refinanced ​ ​ 9,039 ​ ​ 6,416 ​ ​ 3,706 Loans indemnified at end of year ​ $ 120,130 ​ $ 101,867 ​ $ 75,724 Repurchase activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ Total loans repurchased ​ $ 113,824 ​ $ 89,749 ​ $ 50,327 Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans repurchased by correspondent lenders ​ ​ 70,905 ​ ​ 58,855 ​ ​ 23,327 Loans repaid by borrowers or resold ​ ​ 34,568 ​ ​ 24,335 ​ ​ 72,511 Net loans repurchased (resolved) with losses chargeable to liability for representations and warranties ​ $ 8,351 ​ $ 6,559 ​ $ (45,511) Losses charged to liability for representations and warranties ​ $ 3,479 ​ $ 4,566 ​ $ 5,515 At end of year: ​ ​ ​ ​ ​ ​ ​ ​ ​ Unpaid principal balance of loans subject to representations and warranties ​ $ 490,792,523 ​ $ 413,382,503 ​ $ 354,423,684 Liability for representations and warranties ​ $ 34,894 ​ $ 29,129 ​ $ 30,788 ​ In the year ended December 31, 2025, we repurchased loans with unpaid principal balances totaling $113.8 million and charged $3.5 million in net incurred losses relating to repurchases against our liability for representations and warranties. Our losses arising from representations and warranties have historically been reduced by our ability to either recover most of the losses from our correspondent sellers or from our ability to profitably refinance and resell repurchased loans. ​ If the outstanding balance of loans we purchase and sell subject to representations and warranties increases, the loans sold continue to season, economic conditions change, correspondent lenders become unwilling or unable to repurchase defective loans, or investor and insurer loss mitigation strategies change, the level of repurchase and loss activity may increase. Furthermore, as economic conditions, such as interest rates, home values and borrower default rates change, our realized loss rates may increase. Such increases may require us to adjust our estimate of future losses relating to loans previously sold. Such increased loss estimates would be recognized in Net gains on loans held for sale at fair value in the period we recognize the change. ​ 61 Table of Contents Elevated interest rate levels may affect certain of our correspondent sellers’ ability to honor their obligations to repurchase defective loans, may increase the level of borrower defaults and may increase the level of repurchases we are required to make. We expect these developments may increase the losses we incur in relation to our recorded liability for representations and warranties compared to our historical experience. However, we believe our recorded liability is presently adequate to absorb such losses. ​ Loan origination fees ​ Following is a summary of our loan origination fees: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31,  ​ ​ 2025   ​ ​ ​ 2024   ​ ​ ​ 2023 ​ ​ (in thousands) ​ Loan origination fee revenue ​ $ 235,835 ​ $ 185,700 ​ $ 146,118 ​ Unpaid principal balance of loans purchased and originated for sale to non-affiliates ​ $ 139,526,158 ​ $ 102,373,179 ​ $ 84,536,740 ​ ​ Loan origination fees increased $50.1 million and $39.6 million in the year ended December 31, 2025 and 2024, respectively, compared to 2024 and 2023, respectively, primarily due to increases in volume across all production channels. ​ Fulfillment fees from PennyMac Mortgage Investment Trust ​ Following is a summary of our fulfillment fees: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31,  ​ ​ 2025 ​ 2024 ​ 2023 ​ ​ (in thousands) ​ Fulfillment fee revenue ​ $ 23,804 ​ $ 26,291 ​ $ 27,826 ​ Unpaid principal balance of loans fulfilled subject to fulfillment fees ​ $ 12,893,224 ​ $ 13,446,484 ​ $ 14,898,301 ​ Average fulfillment fee rate (in basis points) ​ ​ 18 ​ ​ 20 ​ ​ 19 ​ ​ Fulfillment fees from PMT represent fees we collect for services we perform on behalf of PMT in connection with the acquisition, packaging and sale of loans. We charge fulfillment fees based on the number of loans we lock and fulfill for PMT. ​ Fulfillment fees decreased $2.5 million and $1.5 million in the years ended December 31, 2025 and 2024, respectively, compared to 2024 and 2023, respectively, primarily due to decreases in correspondent loan production volumes for PMT’s account. ​ Net loan servicing fees ​ Our net loan servicing fee income has two primary components: fees earned for servicing the loans and the effects of MSR and MSL valuation changes, net of hedging results as summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31,  ​ 2025   ​ ​ ​ 2024   ​ ​ ​ 2023 ​ ​ (in thousands) Loan servicing fees ​ $ 1,976,845 ​ $ 1,716,228 ​ $ 1,403,599 Subservicing fees ​ ​ 85,588 ​ ​ 83,252 ​ ​ 81,347 Effects of MSRs and MSLs net of hedging results ​ ​ (1,356,734) ​ ​ (1,265,825) ​ ​ (842,346) Net loan servicing fees ​ $ 705,699 ​ $ 533,655 ​ $ 642,600 62 Table of Contents Loan Servicing Fees ​ Following is a summary of our loan servicing fees: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31,  ​ 2025   ​ ​ ​ 2024   ​ ​ ​ 2023 ​ ​ (in thousands) From owned servicing ​ $ 1,776,557 ​ $ 1,529,452 ​ $ 1,268,650 Subservicing: ​ ​ ​ ​ ​ ​ ​ ​ ​ From PennyMac Mortgage Investment Trust ​ ​ 84,432 ​ ​ 83,252 ​ ​ 81,347 From non-affiliates ​ ​ 1,156 ​ ​ — ​ ​ — ​ ​ ​ 85,588 ​ ​ 83,252 ​ ​ 81,347 Other: ​ ​ ​ ​ ​ ​ ​ ​ ​ Late charges ​ ​ 95,514 ​ ​ 85,390 ​ ​ 65,781 Other ​ ​ 104,774 ​ ​ 101,386 ​ ​ 69,168 ​ ​ ​ 200,288 ​ ​ 186,776 ​ ​ 134,949 ​ ​ $ 2,062,433 ​ $ 1,799,480 ​ $ 1,484,946 Average UPB of loans serviced: ​ ​ ​ ​ ​ ​ ​ ​ ​ MSRs and MSLs ​ $ 455,045,525 ​ $ 396,588,047 ​ $ 338,373,762 Subservicing ​ $ 236,486,530 ​ $ 231,303,048 ​ $ 234,303,254 ​ Loan servicing fees from non-affiliates generally relate to our MSRs which are primarily related to servicing we provide for loans included in Agency securitizations. These fees are contractually established at an annualized percentage of the unpaid principal balance of the loan serviced and we collect these fees from borrower payments. Loan servicing fees from PMT are primarily related to PMT’s MSRs and are established at monthly per-loan amounts based on whether the loan is a fixed-rate or adjustable-rate loan and the loan’s delinquency or foreclosure status as detailed in Note 4 – Transactions with Related Parties to the consolidated financial statements included in this Annual Report. Subservicing fees from non-affiliates are based upon rates negotiated between the Company and the owner of the servicing rights at the time a subservicing agreement is entered into. Other loan servicing fees are comprised primarily of borrower-contracted fees such as late charges and reconveyance fees and fees charged to correspondent lenders relating to loans that are repaid shortly after we purchase them. ​ The increases in loan servicing fees from non-affiliates for the year ended December 31, 2025, compared to 2024 and 2023, were primarily due to growth of our loan servicing portfolio. The increase in other loan servicing fees for the year ended December 31, 2025 compared to 2024 and 2023 were primarily due to growth in late charges and in incentive fees we receive for effecting modifications of delinquent loans. ​ Effects of Mortgage Servicing Rights and Mortgage Servicing Liabilities Net of Hedging Results ​ We have elected to carry our servicing assets and liabilities at fair value. Changes in fair value have two components: changes due to realization of the contractual servicing fees and changes due to changes in market inputs used to estimate the fair value of MSRs and MSLs. We endeavor to moderate the effects of changes in fair value by entering into derivative transactions and holding principal-only stripped mortgage-backed securities. ​ 63 Table of Contents Change in fair value of MSR, MSL and ESS and the related hedging results are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31,  ​ 2025   ​ ​ ​ 2024   ​ ​ ​ 2023 ​ ​ (in thousands) MSR and MSL valuation changes and hedging results: ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in fair value attributable to changes in fair value inputs ​ $ (251,672) ​ $ 407,388 ​ $ 56,807 Hedging results ​ ​ 56,546 ​ ​ (832,483) ​ ​ (236,778) ​ ​ ​ (195,126) ​ ​ (425,095) ​ ​ (179,971) Changes in fair value attributable to realization of cash flows ​ ​ (1,161,608) ​ ​ (840,730) ​ ​ (662,375) Total change in fair value of mortgage servicing rights and mortgage servicing liabilities net of hedging results ​ $ (1,356,734) ​ $ (1,265,825) ​ $ (842,346) Average balances: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage servicing rights ​ $ 9,337,003 ​ $ 7,828,518 ​ $ 6,552,321 Mortgage servicing liabilities ​ $ 1,626 ​ $ 1,724 ​ $ 1,938 At end of year: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage servicing rights ​ $ 9,598,941 ​ $ 8,744,528 ​ $ 7,099,348 Mortgage servicing liabilities ​ $ 1,572 ​ $ 1,683 ​ $ 1,805 ​ Changes in the fair value of MSRs and MSLs attributable to changes in fair value inputs decreased in the year ended December 31, 2025 compared to 2024 and 2023 primarily due to the effect on fair value of a decrease in interest rates during 2025 compared to the higher rate environments in 2024 and 2023. Decreasing interest rates increase the rate of prepayments of the underlying loans associated with the servicing rights, which decreases the cash flows expected from the servicing rights, while increasing interest rates have the opposite effect. ​ Hedging results reflect valuation losses attributable to the effects of interest rate decreases on the fair value of the hedging instruments, as well as the embedded costs of maintaining the hedge positions in the years ended December 31, 2025, 2024 and 2023. ​ Changes in realization of cash flows are influenced by changes in the level of servicing assets and liabilities and changes in estimates of the remaining cash flows to be realized. Realization of cash flows increased in the year ended December 31, 2025 compared to 2024 and 2023 due to both the growth in our investment in MSRs and the effect of increased expected and realized prepayment speeds that increases the projected rate of realization of future cash flows on the MSR asset. ​ ​ 64 Table of Contents Following is a summary of our loan servicing portfolio: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31,  ​   ​ ​ ​ 2025   ​ ​ ​ 2024 ​ ​ (in thousands) Owned: ​ ​ ​ ​ ​ ​ Mortgage servicing rights and liabilities ​ ​ ​ ​ ​ ​ Originated ​ $ 448,035,447 ​ $ 410,393,342 Purchased and assumed ​ ​ 13,999,998 ​ ​ 15,681,406 ​ ​ ​ 462,035,445 ​ ​ 426,074,748 Loans held for sale ​ ​ 8,930,477 ​ ​ 8,128,914 ​ ​ ​ 470,965,922 ​ ​ 434,203,662 Subserviced for: ​ ​ ​ ​ ​ ​ PennyMac Mortgage Investment Trust ​ ​ 226,774,067 ​ ​ 230,745,995 Interim servicing ​ ​ 24,257,095 ​ ​ 806,584 Other non-affiliates ​ ​ 11,616,738 ​ ​ — ​ ​ ​ 262,647,900 ​ ​ 231,552,579 Total loans serviced ​ $ 733,613,822 ​ $ 665,763,827 Delinquencies: ​ ​ ​ ​ ​ ​ Owned servicing: ​ ​ ​ ​ ​ ​ 30-89 days ​ $ 18,562,892 ​ $ 17,933,800 90 days or more ​ ​ 11,364,962 ​ ​ 9,023,217 ​ ​ $ 29,927,854 ​ $ 26,957,017 Subservicing: ​ ​ ​ ​ ​ ​ 30-89 days ​ $ 4,018,484 ​ $ 2,673,329 90 days or more ​ ​ 1,922,015 ​ ​ 1,319,190 ​ ​ $ 5,940,499 ​ $ 3,992,519 ​ Following is a summary of characteristics of our MSR and MSL servicing portfolio as of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ Loan type   ​ Unpaid principal balance   ​ Loan count   ​ Note rate   ​ Age (months)   ​ Remaining maturity (months)   ​ ​ Loan size   ​ FICO credit score at origination   ​ Original LTV (1)   ​ Current LTV (1)   ​ 60+ Delinquency (by UPB) ​ ​ (Dollars and loan count in thousands) Government insured or guaranteed (2): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FHA ​ $ 161,035,931 ​ 741 ​ 4.9% ​ 46 ​ 317 ​ $ 217 ​ 685 ​ 92% ​ 72% ​ 7.5% VA ​ ​ 117,520,483 ​ 418 ​ 4.3% ​ 42 ​ 317 ​ $ 281 ​ 732 ​ 91% ​ 73% ​ 2.1% USDA ​ ​ 20,254,590 ​ 136 ​ 4.3% ​ 64 ​ 300 ​ $ 149 ​ 701 ​ 98% ​ 66% ​ 5.9% Government-sponsored entities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac ​ ​ 81,456,332 ​ 227 ​ 6.0% ​ 19 ​ 332 ​ $ 359 ​ 762 ​ 77% ​ 71% ​ 0.7% Fannie Mae ​ ​ 64,875,535 ​ 197 ​ 5.3% ​ 30 ​ 318 ​ $ 329 ​ 763 ​ 76% ​ 65% ​ 0.6% Closed-end second lien mortgage loans ​ ​ 2,811,513 ​ 36 ​ 9.2% ​ 12 ​ 250 ​ $ 78 ​ 745 ​ 19% ​ 19% ​ 0.3% Other (3) ​ ​ 14,081,061 ​ 33 ​ 6.7% ​ 13 ​ 346 ​ $ 425 ​ 775 ​ 75% ​ 71% ​ 0.3% ​ ​ $ 462,035,445 ​ 1,788 ​ 5.0% ​ 37 ​ 320 ​ $ 258 ​ 726 ​ 86% ​ 71% ​ 3.6% (1) Loan-to-Value ​ (2) Government loans include loans securitized in Ginnie Mae pools as well as loans sold to private investors. ​ (3) Represents conventional loans sold to private investors. ​ 65 Table of Contents Net Interest Expense ​ Net interest expense is summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31,  ​ 2025   ​ ​ ​ 2024   ​ ​ ​ 2023 ​ ​ (in thousands) Interest income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and short-term investment ​ $ 43,366 ​ $ 56,252 ​ $ 68,457 Principal-only stripped mortgage-backed securities ​ ​ 47,009 ​ ​ 26,035 ​ ​ — Loans held for sale ​ ​ 435,335 ​ ​ 326,697 ​ ​ 279,506 Placement fees relating to custodial funds ​ ​ 396,645 ​ ​ 383,798 ​ ​ 284,877 Other ​ ​ 2,092 ​ ​ 784 ​ ​ 84 ​ ​ ​ 924,447 ​ ​ 793,566 ​ ​ 632,924 Interest expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term debt ​ ​ 466,814 ​ ​ 410,381 ​ ​ 295,418 Long-term debt ​ ​ 414,369 ​ ​ 348,465 ​ ​ 309,481 Interest shortfall on repayments of mortgage loans serviced for Agency securitizations ​ ​ 63,825 ​ ​ 46,385 ​ ​ 21,538 Interest on mortgage loan impound deposits ​ ​ 12,201 ​ ​ 11,298 ​ ​ 9,795 Other ​ ​ 3,346 ​ ​ 2,819 ​ ​ 1,545 ​ ​ ​ 960,555 ​ ​ 819,348 ​ ​ 637,777 ​ ​ $ (36,108) ​ $ (25,782) ​ $ (4,853) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net interest expense increased $10.3 million in the year ended December 31, 2025 compared to 2024. The increase was primarily due to: ​ ● an increase of $122.3 million in interest expense on borrowings due to the growth in our balance sheet; ​ ● an increase of $17.4 million in interest shortfall on repayments of loans serviced for Agency securitizations, reflecting increased loan payoffs as a result of increased borrower refinancing activity due to decreased interest rates during 2025 (when a borrower repays a loan, we are frequently responsible for paying the full month’s interest to the holders of the Agency securities that are backed by the loan regardless of the date the borrower repays the loan); and ​ ● a decrease of $ 12.9 million in interest income from cash balances primarily due to lower average balances; partially offset by ​ ● an increase of $108.6 million in interest income from loans held for sale reflecting higher average levels of inventory; ​ ● an increase of $21.0 million in interest income from principal-only stripped mortgage-backed securities; and ​ ● an increase of $12.8 million in placement fees we receive relating to custodial funds that we manage due to increased average outstanding balances. ​ Net interest expense increased $20.9 million in the year ended December 31, 2024 compared to 2023. The increase was primarily due to: ​ ● an increase of $153.9 million in interest expense on borrowings due to the growth in our balance sheet and an increase in the leverage of our balance sheet; ​ 66 Table of Contents ● an increase of $24.8 million in interest shortfall on repayments of loans serviced for Agency securitizations, reflecting higher loan payoffs as a result of increased borrower refinancing activity due to decreased interest rates during part of 2024; and ​ ● a decrease of $ 12.2 million in interest income from cash balances reflecting lower average balances; partially offset by ​ ● an increase of $98.9 million in placement fees we receive relating to custodial funds that we manage due to increased average outstanding balances and higher average placement fee rates; ​ ● an increase of $47.2 million in interest income from loans held for sale reflecting higher average levels of inventory; and ​ ● an increase of $26.0 million in interest income from principal-only stripped mortgage-backed securities purchased in 2024. ​ Management fees are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31,  ​ ​ 2025   ​ ​ ​ 2024   ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Base management   ​ ​ ​ $ 27,649   ​ ​ ​ $ 28,623   ​ ​ ​ $ 28,762 Average net assets of PMT during the year ​ $ 1,843,549 ​ $ 1,908,287 ​ $ 1,917,642 ​ Management fees decreased $1.0 million and $139,000 in the year ended December 31, 2025 and 2024 compared to 2024 and 2023, respectively, reflecting the decrease in PMT’s average shareholders’ equity upon which its base management fees are based. ​ Expenses ​ Compensation ​ Our compensation expense is summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31,  ​ ​ 2025   ​ ​ ​ 2024   ​ ​ ​ 2023 ​ ​ (dollars in thousands) ​ Salaries and wages ​ $ 465,860 ​ $ 387,672 ​ $ 377,582 ​ Incentive compensation ​ ​ 187,395 ​ ​ 143,317 ​ ​ 95,790 ​ Taxes and benefits ​ ​ 93,432 ​ ​ 80,881 ​ ​ 76,010 ​ Stock and unit-based compensation ​ ​ 36,229 ​ ​ 20,868 ​ ​ 27,582 ​ ​ ​ $ 782,916 ​ $ 632,738 ​ $ 576,964 ​ Head count: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ 4,759 ​ ​ 4,107 ​ ​ 4,115 ​ Year end ​ ​ 5,241 ​ ​ 4,455 ​ ​ 3,914 ​ ​ Compensation expense increased $150.2 million in the year ended December 31, 2025 compared to 2024. The increase was primarily due to an increase in head count and increased incentive compensation reflecting higher loan production volume and higher company profitability, which resulted in increased bonus accruals. ​ Compensation expense increased $55.8 million in the year ended December 31, 2024, compared to 2023. The increase was primarily due to an increase in performance-based incentives in our mortgage banking business resulting from higher loan origination volumes and higher achievement of profitability targets as well as increases in cost of salaries. 67 Table of Contents ​ Loan origination ​ Loan origination expense increased $87.9 million and $49.6 million in the years ended December 31, 2025 and 2024 compared to 2024 and 2023, respectively, due to increased lending activities. ​ Marketing and advertising ​ Marketing and advertising expenses increased $24.2 million and $4.3 million in the years ended December 31, 2025 and 2024 compared to 2024 and 2023, respectively, primarily due to additional marketing expenses incurred as an Official Supporter of Team USA and increased marketing expenses for consumer direct lending. ​ Servicing ​ Servicing expense increased $16.6 million and $36.6 million in the years ended December 31, 2025 and 2024 compared to 2024 and 2023, respectively, primarily due to an increase in provision for losses on servicing advances resulting from higher delinquent loan balances during the years ended December 31, 2025 and 2024 compared to 2024 and 2023, respectively. ​ Technology ​ Technology expenses increased $13.1 million and $6.4 million in the years ended December 31, 2025 and 2024 compared to 2024 and 2023, respectively. The increases were primarily due to increases in virtual desktop and cloud-related expenses and a $4.6 million impairment of capitalized software recorded during the year ended December 31, 2025. ​ Provision for income taxes ​ For the years ended December 31, 2025, 2024 and 2023, our effective income tax rates were 9.1%, 22.3%, and 21.2%, respectively. The effective income tax rate for 2025 is lower compared to 2024 and 2023 due to the enactment of California Senate Bill 132, signed into law June 27, 2025 and effective January 1, 2025. The law requires financial institutions to apportion their California income using a single sales factor instead of a factor equally weighted with property, payroll and sales. Our effective income tax rate for 2025 includes a repricing of the net deferred tax liabilities resulting from this apportionment rule change along with a reduction in the booking tax rate. ​ 68 Table of Contents Balance Sheet Analysis ​ Following is a summary of key balance sheet items as of the dates presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31,  ​   ​ ​ ​ 2025   ​ ​ ​ 2024 ​ ​ (in thousands) ASSETS ​ ​ ​ ​ ​ ​ Cash and short-term investment ​ $ 711,717 ​ $ 659,035 Principal-only stripped mortgage-backed securities ​ ​ 722,528 ​ ​ 825,865 Loans held for sale at fair value ​ ​ 9,123,410 ​ ​ 8,217,468 Derivative assets ​ ​ 187,775 ​ ​ 113,076 Servicing advances, net ​ ​ 589,542 ​ ​ 568,512 Mortgage servicing rights at fair value ​ ​ 9,598,941 ​ ​ 8,744,528 Investments in and advances to affiliates ​ ​ 18,063 ​ ​ 31,150 Loans eligible for repurchase ​ ​ 7,409,800 ​ ​ 6,157,172 Other ​ ​ 1,026,913 ​ ​ 770,081 Total assets ​ $ 29,388,689 ​ $ 26,086,887 ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND STOCKHOLDERS' EQUITY ​ ​ ​ ​ ​ ​ Short-term debt ​ $ 9,490,620 ​ $ 9,181,719 Long-term debt ​ ​ 6,157,763 ​ ​ 5,213,004 ​ ​ ​ 15,648,383 ​ ​ 14,394,723 Liability for loans eligible for repurchase ​ ​ 7,409,800 ​ ​ 6,157,172 Income taxes payable ​ ​ 1,184,020 ​ ​ 1,131,000 Other ​ ​ 837,510 ​ ​ 574,341 Total liabilities ​ ​ 25,079,713 ​ ​ 22,257,236 Stockholders' equity ​ ​ 4,308,976 ​ ​ 3,829,651 Total liabilities and stockholders' equity ​ $ 29,388,689 ​ $ 26,086,887 Leverage ratios: ​ ​ ​ ​ ​ ​ Total debt / Stockholders' equity ​ ​ 3.6 ​ ​ 3.8 Total debt / Tangible stockholders' equity (1) ​ ​ 3.7 ​ ​ 3.9 (1) Tangible stockholders’ equity represents total stockholders’ equity reduced by intangible assets, comprised of capitalized software, for the dates presented. ​ Total assets increased $3.3 billion from $26.1 billion at December 31, 2024 to $29.4 billion at December 31, 2025. The increase was primarily due to a $1.3 billion increase in loans eligible for repurchase, a $905.9 million increase in loans held for sale at fair value and a $854.4 million increase in MSRs. ​ Total liabilities increased by $2.8 billion from $22.3 billion as of December 31, 2024 to $25.1 billion at December 31, 2025. The increase was primarily due to a $945 million increase in long-term debt, along with increased short-term debt used to fund our inventory of loans held for sale and a $1.3 billion increase in liability for loans eligible for repurchase. ​ 69 Table of Contents Cash Flows ​ Our cash flows for the three years ended December 31, 2025 are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ Year ended December 31,  ​ ​ 2025   ​ ​ ​ 2024   ​ ​ ​ 2023 ​ ​ (in thousands) ​ Operating ​ $ (1,651,984) ​ $ (4,533,270) ​ $ (1,582,219) ​ Investing ​ ​ 552,493 ​ (1,887,955) ​ (273,288) ​ Financing ​ ​ 1,162,689 ​ 5,721,336 ​ 1,465,339 ​ Net increase (decrease) in cash ​ $ 63,198 ​ $ (699,889) ​ $ (390,168) ​ ​ Operating activities ​ Net cash used in operating activities totaled $1.7 billion, $4.5 billion and $1.6 billion in the years ended December 31, 2025, 2024, and 2023, respectively. Our cash flows from operating activities are primarily influenced by changes in the levels of our inventory of loans held for sale as shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ Year ended December 31,  ​ ​ 2025 ​ 2024   ​ ​ ​ 2023 ​ ​ (in thousands) Cash flows from: ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held for sale ​ $ (2,648,202) ​ $ (5,273,630) ​ $ (2,190,009) Other operating sources ​ ​ 996,218 ​ ​ 740,360 ​ ​ 607,790 ​ ​ $ (1,651,984) ​ $ (4,533,270) ​ $ (1,582,219) ​ Investing activities ​ Net cash provided by investing activities was $552.5 million in the year ended December 31, 2025, primarily comprised of a $615.2 million sale of MSRs, $193.1 million from the repayment of principal-only stripped mortgage-backed securities and $154.4 million in net settlement of derivative financial instruments used to hedge our investment in MSRs, partially offset by a $369.6 million increase in margin deposits. ​ Net cash used in investing activities was $1.9 billion in the year ended December 31, 2024, primarily comprised of $935.4 million in purchases of principal-only stripped mortgage-backed securities, $702.6 million in net settlement of derivative financial instruments used to hedge our investment in MSRs, a $410.3 million increase in short-term investment and a $116.3 million increase in margin deposits, partially offset by $298.7 million received from the sale and repayment of mortgage-backed securities. ​ Net cash used in investing activities was $273.3 million in the year ended December 31, 2023, primarily comprised of $242.0 million in net settlement of derivative financial instruments used to hedge our investment in MSRs, a $96.5 million increase in margin deposits and $31.2 million used in acquisition of capitalized software, partially offset by $98.1 million received from the sale of interest-only stripped securities. ​ Financing activities ​ Net cash provided by financing activities was $1.2 billion in the year ended December 31, 2025, primarily due to a $309.9 million increase in short-term borrowings and a $944.8 million increase in long-term borrowings. The increase in borrowings reflects the increase in inventory of loans held for sale and our investment in MSRs. ​ Net cash provided by financing activities was $5.7 billion in the year ended December 31, 2024, primarily due to a $5.0 billion increase in short-term borrowings and an $825.0 million increase in long-term borrowings. The increase in borrowings reflects the increase in inventory of loans held for sale and our investment in MSRs. ​ 70 Table of Contents Net cash provided by financing activities was $1.5 billion in the year ended December 31, 2023, primarily due to a $923.3 million increase in short-term borrowings and a $680 million increase in long-term borrowings. The increase in borrowings reflects the increase in inventory of loans held for sale and our investment in MSRs. ​ Liquidity and Capital Resources ​ Our liquidity reflects our ability to meet our current obligations (including our operating expenses and, when applicable, the retirement of, and margin calls relating to, our debt, and margin calls relating to hedges on our commitments to purchase or originate mortgage loans and on our MSR investments), fund new originations and purchases, and make investments as we identify them. We expect our primary sources of liquidity to be through cash flows from business activities, proceeds from bank borrowings, proceeds from and issuance of equity or debt offerings. We believe that our liquidity and capital resources are sufficient. ​ Our current borrowing strategy is to finance our assets where we believe such borrowing is prudent, appropriate and available. Our borrowing activities are in the form of sales of assets under agreements to repurchase, sales of mortgage loan participation purchase and sale certificates, notes payable, and unsecured senior notes. A significant amount of our borrowings have short-term maturities and provide for advances with terms ranging from 30 days to 364 days. Because a significant portion of our current debt facilities consist of short-term borrowings, we expect to renew these facilities in advance of maturity in order to ensure our ongoing liquidity and access to capital or otherwise allow ourselves sufficient time to replace any necessary financing. ​ Secured debt facilities for MSRs and servicing advances take various forms. Fannie Mae MSRs and Ginnie Mae MSRs and servicing advances are pledged to special purpose entities, each of which issues variable funding notes (“VFNs”) and may issue term notes and term loans that are secured by such Ginnie Mae or Fannie Mae assets. Term notes are issued to qualified institutional buyers under Rule 144A of the Securities Act and term loans are syndicated to banking entities, while the VFNs are sold to bank partners under agreements to repurchase. Freddie Mac MSRs are pledged to a single lender under a bi-lateral loan and security agreement. On February 6, 2025, PFSI issued $850 million in 6.875% unsecured senior notes due in 2033 in a private placement to “qualified institutional buyers” under Rule 144A of the Securities Act. On May 8, 2025, PFSI issued $850 million in 6.875% unsecured senior notes due in 2032 in a private placement to “qualified institutional buyers” under Rule 144A of the Securities Act. On May 12, 2025, PFSI redeemed $650 million in 5.375% unsecured senior notes due in October 2025. On June 20, 2025, PFSI, through its wholly-owned subsidiaries PNMAC, PLS and the Issuer Trust, redeemed $500 million of secured term notes due in May 2027 in a private placement. On August 12, 2025, PFSI issued $650 million in 6.75% unsecured senior notes due in 2034 in a private placement to “qualified institutional buyers” under Rule 144A of the Securities Act. On August 14, 2025, PFSI, through its wholly-owned subsidiaries PNMAC, PLS and the Issuer Trust, issued $300 million of secured term notes due in August 2030 in a private placement. On August 25, 2025, PFSI, through its wholly-owned subsidiaries PNMAC, PLS and the Issuer Trust, partially redeemed $200 million of secured term loans due in February 2028. Our repurchase agreements represent the sales of assets together with agreements for us to buy back the assets at a later date. The table below presents the average outstanding, maximum and ending balances: ​ 71 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31,  ​   ​ ​ ​ 2025   ​ ​ ​ 2024   ​ ​ ​ 2023 ​ ​ ​ (in thousands) ​ Average balance ​ $ 7,336,946 ​ $ 5,474,998 ​ $ 3,701,448 ​ Maximum daily balance ​ $ 10,557,165 ​ $ 8,591,735 ​ $ 6,358,007 ​ Balance at year end ​ $ 8,801,215 ​ $ 8,692,756 ​ $ 3,769,449 ​ ​ The differences between the average and maximum daily balances on our repurchase agreements reflect the fluctuations throughout the years of our inventory as we fund and pool mortgage loans for sale in guaranteed mortgage securitizations. ​ Our debt repurchase agreements also contain margin call provisions that, upon notice from the applicable lender at its option, require us to transfer cash or, in some instances, additional assets in an amount sufficient to eliminate any margin deficit. A margin deficit will generally result from a decrease in the market value (as determined by the applicable lender) of the assets subject to the related financing agreement. Upon notice from the applicable lender, we will generally be required to satisfy the margin call on the day of such notice or within one business day thereafter, depending on the timing of the notice. ​ Our secured financing agreements at PLS require us to comply with various financial covenants. The most significant financial covenants currently include the following: ​ ● a minimum in unrestricted cash and cash equivalents of $100 million; ​ ● a minimum tangible net worth of $1.25 billion; ​ ● a maximum ratio of total liabilities to tangible net worth of 10:1; and ​ ● at least one other warehouse or repurchase facility that finances amounts and assets that are similar to those being financed under certain of our existing secured financing agreements. ​ With respect to servicing performed for PMT, PLS is also subject to certain covenants under PMT’s debt agreements. Covenants in PMT’s debt agreements are equally, or sometimes less, restrictive than the covenants described above. ​ PFSI has issued unsecured senior notes (the “Unsecured Notes”) to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended. The Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Company’s existing and future wholly-owned domestic subsidiaries (other than certain excluded subsidiaries defined in the indentures under which the Unsecured Notes were issued). ​ Our Unsecured Notes contain covenants that limit our and our restricted subsidiaries’ ability to engage in specified types of transactions, including, but not limited to, the following: ● pay dividends or distributions, redeem or repurchase equity, prepay subordinated debt and make certain loans or investments; ● incur, assume or guarantee additional debt or issue preferred stock; ● incur liens on assets; ● merge or consolidate with another person or sell all or substantially all of our assets to another person; ● transfer, sell or otherwise dispose of certain assets including capital stock of subsidiaries; ● enter into transactions with affiliates; and 72 Table of Contents ● allow to exist certain restrictions on the ability of our non-guarantor restricted subsidiaries to pay dividends or make other payments to us. Although financial and other covenants limit the amount of indebtedness that we may incur and affect our liquidity through minimum cash reserve requirements, we believe that these covenants currently provide us with sufficient flexibility to successfully operate our business and obtain the financing necessary to achieve that purpose. ​ We are also subject to liquidity and net worth requirements established by the Federal Housing Finance Agency (“FHFA”) for Agency seller/servicers and Ginnie Mae for single-family issuers. FHFA and Ginnie Mae have established minimum liquidity and net worth requirements for their approved non-depository single-family sellers/servicers in the case of Fannie Mae, Freddie Mac, and Ginnie Mae for their approved single-family issuers, and Ginnie Mae has issued risk-based capital requirements. We believe that we are in compliance with the Agency’s requirements as of December 31, 2025. ​ We have a common stock repurchase program which allows us to repurchase common shares as further disclosed in Part II, Item 5 – Stock Repurchase Program. Share repurchases may be effected through open market purchases or privately negotiated transactions in accordance with applicable rules and regulations. The stock repurchase program does not have an expiration date and the authorization does not obligate us to acquire any particular amount of common stock. From inception through December 31, 2025, we have repurchased approximately $1.8 billion of common shares under our stock repurchase program. ​ We continue to explore a variety of means of financing our business, including debt financing through bank warehouse lines of credit, bank loans, repurchase agreements, securitization transactions and corporate debt. However, there can be no assurance as to how much additional financing capacity such efforts will produce, what form the financing will take or whether such efforts will be successful. ​ Debt Obligations ​ As described further above in “Liquidity and Capital Resources,” we currently finance certain of our assets through short-term borrowings with major financial institutions in the form of sales of assets under agreements to repurchase and mortgage loan participation purchase and sale agreements. We access the capital market for long-term debt through the issuance of secured notes payable and Unsecured Notes. The issuer under our secured term note facilities is PLS or a wholly-owned issuer trust guaranteed by PNMAC. In addition, PFSI has issued Unsecured Notes guaranteed by certain of its restricted wholly-owned subsidiaries. ​ PLS is required to comply with certain financial covenants, as described further above in “Liquidity and Capital Resources,” and various non-financial covenants customary for transactions of this nature. As of December 31, 2025, we believe PLS was in compliance in all material respects with these covenants. ​ Many of our debt financing agreements contain a condition precedent to obtaining additional funding that requires PLS to maintain positive net income for at least one of the previous two consecutive quarters, or other similar measures. PLS is compliant with all such conditions. ​ The financing agreements also contain margin call provisions that, upon notice from the applicable lender, require us to transfer cash or, in some instances, additional assets in an amount sufficient to eliminate any margin deficit. Upon notice from the applicable lender, we will generally be required to satisfy the margin call on the day of such notice or within one business day thereafter, depending on the timing of the notice. ​ In addition, the financing agreements contain events of default (subject to certain materiality thresholds and grace periods), including payment defaults, breaches of covenants and/or certain representations and warranties, cross-defaults, guarantor defaults, servicer termination events and defaults, material adverse changes, bankruptcy or insolvency proceedings and other events of default customary for these types of transactions. The remedies for such events of default are also customary for these types of transactions and include the acceleration of the principal amount outstanding under the agreements and the liquidation by our lenders of the mortgage loans or other collateral then subject to the agreements. 73 Table of Contents ​ Our borrowings have maturities as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Total ​ Committed ​ Facility Lender   ​ ​ ​ indebtedness (1)   ​ ​ ​ facility size (2)   ​ ​ ​ facility (2)   ​ ​ ​ Maturity date (2) ​ ​ (dollar amounts in thousands) ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans sold under agreements to repurchase ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Atlas Securitized Products, L.P. ​ $ 2,991,222 ​ $ 2,991,222 ​ $ 300,000 ​ December 10, 2027 Bank of America, N.A. ​ $ 1,087,560 ​ $ 1,525,000 ​ $ 800,000 ​ June 9, 2027 Royal Bank of Canada ​ $ 534,163 ​ $ 1,000,000 ​ $ 500,000 ​ November 10, 2026 JP Morgan Chase Bank, N.A. ​ $ 505,234 ​ $ 505,234 ​ $ — ​ June 28, 2026 Nomura Corporate Funding Americas ​ $ 446,608 ​ $ 700,000 ​ $ — ​ August 4, 2026 Citibank, N.A. ​ $ 444,851 ​ $ 1,050,000 ​ $ 700,000 ​ August 21, 2026 Wells Fargo Bank, N.A. ​ $ 440,071 ​ $ 600,000 ​ $ 300,000 ​ June 11, 2027 Morgan Stanley Bank, N.A. ​ $ 407,678 ​ $ 700,000 ​ $ 350,000 ​ October 22, 2027 BNP Paribas ​ $ 342,500 ​ $ 600,000 ​ $ 250,000 ​ September 30, 2026 Barclays Bank PLC ​ $ 229,055 ​ $ 300,000 ​ $ 250,000 ​ March 6, 2026 Goldman Sachs Bank USA ​ $ 118,428 ​ $ 200,000 ​ $ 100,000 ​ February 13, 2027 Mizuho Bank, Ltd. ​ $ 99,588 ​ $ 250,000 ​ $ 125,000 ​ October 14, 2026 JP Morgan Chase Bank, N.A. (Early buy out facility) ​ $ 13,940 ​ $ 494,766 ​ $ 150,000 ​ June 25, 2027 Servicing assets sold under agreements to repurchase ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Atlas Securitized Products, L.P. ​ $ 160,000 ​ $ 258,778 ​ $ 258,778 ​ December 10, 2027 Nomura Corporate Funding Americas ​ $ 150,000 ​ $ 550,000 ​ $ 550,000 ​ September 9, 2026 Goldman Sachs Bank USA ​ $ 50,000 ​ $ 550,000 ​ $ 200,000 ​ October 25, 2026 Mizuho Bank, Ltd. ​ $ 50,000 ​ $ 350,000 ​ $ 350,000 ​ July 25, 2026 Mortgage-backed securities sold under agreements to repurchase ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ JP Morgan Chase Bank, N.A. ​ $ 248,729 ​ ​ ​ ​ ​ ​ ​ ​ Santander US Capital Markets LLC ​ $ 238,668 ​ ​ ​ ​ ​ ​ ​ ​ Wells Fargo Bank, N.A. ​ $ 210,023 ​ ​ ​ ​ ​ ​ ​ ​ Bank of America, N.A. ​ $ 32,897 ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loan participation purchase and sale agreements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank of America, N.A. ​ $ 697,087 ​ $ 750,000 ​ $ — ​ June 10, 2026 Notes payable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GMSR 2023-GTL1 Loans ​ $ 480,000 ​ $ 480,000 ​ ​ ​ ​ February 25, 2028 GMSR 2023-GTL2 Loans ​ $ 125,000 ​ $ 125,000 ​ ​ ​ ​ October 25, 2028 GMSR 2024-GT1 Notes ​ $ 425,000 ​ $ 425,000 ​ ​ ​ ​ March 26, 2029 GMSR 2025-GT1 Notes ​ $ 300,000 ​ $ 300,000 ​ ​ ​ ​ August 26, 2030 Barclays FHLMC MSR Facility ​ $ — ​ $ 200,000 ​ $ 100,000 ​ March 6, 2026 Citibank, N.A. FHLMC MSR Facility ​ $ — ​ $ 100,000 ​ $ — ​ August 21, 2026 Unsecured senior notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsecured Notes - 4.25% ​ $ 650,000 ​ ​ ​ ​ ​ ​ ​ February 15, 2029 Unsecured Notes - 5.75% ​ $ 500,000 ​ ​ ​ ​ ​ ​ ​ September 15, 2031 Unsecured Notes - 7.875% ​ $ 750,000 ​ ​ ​ ​ ​ ​ ​ December 15, 2029 Unsecured Notes - 7.125% ​ $ 650,000 ​ ​ ​ ​ ​ ​ ​ November 15, 2030 Unsecured Notes - 6.875% ​ $ 850,000 ​ ​ ​ ​ ​ ​ ​ February 15, 2033 Unsecured Notes - 6.875% ​ $ 850,000 ​ ​ ​ ​ ​ ​ ​ May 15, 2032 Unsecured Notes - 6.75% ​ $ 650,000 ​ ​ ​ ​ ​ ​ ​ February 15, 2034 (1) Outstanding indebtedness as of December 31, 2025. ​ (2) Total facility size, committed facility and maturity date include contractual changes through the date of this Report. ​ 74 Table of Contents The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and accrued interest) relating to our assets sold under agreements to repurchase is summarized by counterparty below as of December 31, 2025: ​ Loans held for sale and MSRs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ​ ​ Counterparty   ​ ​ ​ Amount at risk   ​ ​ ​ maturity of advances     ​ ​ ​ Facility maturity ​ ​ (in thousands) ​ ​ ​ ​ Atlas Securitized Products, L.P., Goldman Sachs Bank USA, Nomura Corporate Funding Americas and Mizuho Bank, Ltd. (1) ​ $ 6,642,963 ​ March 6, 2027 ​ March 6, 2027 Atlas Securitized Products, L.P. ​ $ 267,343 ​ April 17, 2026 ​ December 10, 2027 Bank of America, N.A. ​ $ 89,902 ​ February 1, 2026 ​ June 9, 2027 Royal Bank of Canada ​ $ 33,291 ​ January 28, 2026 ​ November 10, 2026 JP Morgan Chase Bank, N.A. ​ $ 31,391 ​ April 9, 2026 ​ July 7, 2026 Nomura Corporate Funding Americas ​ $ 26,440 ​ March 19, 2026 ​ August 4, 2026 Citibank, N.A. ​ $ 23,075 ​ March 10, 2026   ​ ​ ​ August 21, 2026 Morgan Stanley Bank, N.A. ​ $ 24,184 ​ March 16, 2026 ​ October 22, 2027 Wells Fargo Bank, N.A. ​ $ 19,335 ​ March 14, 2026 ​ June 11, 2027 BNP Paribas ​ $ 17,721 ​ March 21, 2026 ​ September 30, 2026 Barclays Bank PLC ​ $ 16,492 ​ March 5, 2026 ​ March 6, 2026 Mizuho Bank, Ltd. ​ $ 9,213 ​ May 25, 2026 ​ October 14, 2026 Goldman Sachs Bank USA ​ $ 6,754 ​ March 18, 2026 ​ February 13, 2027 (1) The borrowing facilities are in the form of a sale of a variable funding note under an agreement to repurchase. The facility maturity date represents a weighted average with maturity dates ranging from August 4, 2026 through December 10, 2027. ​ Principal-only stripped MBS ​ ​ ​ ​ ​ ​ ​ Counterparty   ​ ​ ​ Amount at risk   ​ ​ ​ Maturity ​ ​ (in thousands) ​ ​ Bank of America, N.A. ​ $ 3,179 ​ January 28, 2026 JP Morgan Chase Bank, N.A. ​ $ 20,591 ​ January 7, 2026 Wells Fargo Bank, N.A. ​ $ 17,918 ​ January 23, 2026 Santander US Capital Markets LLC ​ $ 13,956 ​ January 15, 2026 ​