8-K - PFSI - Equibles

UNITED STATES

SECURITIES AND

EXCHANGE COMMISSION

Washington, D.C.

20549

FORM 8-K

CURRENT REPORT

Pursuant to Section

13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):September 8, 2025

PennyMacFinancial Services, Inc.

(Exact name of registrant as specified in its charter)

Delaware	001-38727	83-1098934
(State or other jurisdiction<br><br>of incorporation)	(Commission <br><br>File Number)	(IRS Employer<br><br>Identification No.)
3043 Townsgate Road, Westlake Village , California	91361
---	---
(Address of principal executive<br> offices)	(Zip Code)

(818) 224-7442

(Registrant’s telephone number, including area code)

Not Applicable

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written<br>communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨	Soliciting<br>material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
---	---
¨	Pre-commencement<br>communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
---	---
¨	Pre-commencement<br>communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
---	---

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value	PFSI	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 7.01 Regulation FD Disclosure.

PennyMac Financial Services, Inc. (the “Company”) will present at the Barclays Global Financial Services Conference on September 8, 2025. A copy of the investor update has been made available on the Company’s investor relations website and is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K.

The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any disclosure document relating to the Company, except to the extent, if any, expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Barclays Global Financial Services Conference Investor<br> Update
104	Cover<br> Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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

	PENNYMAC FINANCIAL SERVICES, INC.
Dated: September 8, 2025	/s/ Daniel S. Perotti
	Daniel S. Perotti
	Senior Managing Director and Chief Financial Officer

Exhibit 99.1

PennyMac Financial Services, Inc.<br>INVESTOR UPDATE<br>September 2025
This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs,<br>estimates, projections and assumptions with respect to, among other things, our future financial results and operations, our business plans, our product offerings, our strategic<br>partnerships, as well as industry and market conditions, all of which are subject to change. Words like “believe,” “expect,” “anticipate,” “promise,” “project,” “plan,” and other<br>expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking<br>statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. These forward-looking<br>statements include, but are not limited to, statements regarding future changes in interest rates, prepayment rates and the housing market; future loan origination, servicing and<br>production, including future production, operating and hedge expenses; future loan delinquencies, defaults and forbearances; future earnings and return on equity as well as other<br>business and financial expectations. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: interest<br>rate changes; real estate value changes, housing prices and housing sales; changes in macroeconomic, consumer and real estate market conditions; compliance with changing<br>federal, state and local laws and regulations applicable to the highly regulated industry in which we operate; lawsuits or governmental actions that may result from any<br>noncompliance with the laws and regulations applicable to our business; the mortgage lending and servicing-related regulations promulgated by federal and state regulators and<br>the enforcement of these regulations; the licensing and operational requirements of states and other jurisdictions applicable to our business, to which our bank competitors are not<br>subject; difficulties inherent in adjusting the size of our operations to reflect changes in business levels; purchase opportunities for mortgage servicing rights; our substantial<br>amount of indebtedness; increases in loan delinquencies, defaults and forbearances; foreclosure delays and changes in foreclosure practices; our dependence on U.S.<br>government-sponsored entities and changes in their current roles or their guarantees or guidelines; our reliance on PennyMac Mortgage Investment Trust (NYSE: PMT) as a<br>significant contributor to our mortgage banking business; maintaining sufficient capital and liquidity and compliance with financial covenants; our obligation to indemnify third-party<br>purchasers or repurchase loans if loans that we originate, acquire, service or assist in the fulfillment of, fail to meet certain criteria; our obligation to indemnify PMT if our services<br>fail to meet certain criteria or characteristics or under other circumstances; investment management and incentive fees; the accuracy or changes in the estimates we make about<br>uncertainties, contingencies and asset and liability valuations; conflicts of interest in allocating our services and investment opportunities among us and our advised entity; our<br>ability to mitigate cybersecurity risks, cyber incidents and technology disruptions; the development of artificial intelligence; the effect of public opinion on our reputation; our<br>exposure to risks of loss and disruptions in operations resulting from severe weather events, man-made or other natural conditions, including climate change and pandemics; our<br>ability to effectively identify, manage and hedge our credit, interest rate, prepayment, liquidity and climate risks; expanding or creating new business activities or strategies; our<br>ability to detect misconduct and fraud; our ability to pay dividends to our stockholders; and our organizational structure and certain requirements in our charter documents. You<br>should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in<br>reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or<br>revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.<br>2<br>FORWARD-LOOKING STATEMENTS
---
Production Segment(1)<br> ● Segment pretax income already exceeds the<br>total amount reported in 2Q25<br> ‒ Correspondent margins higher than in 2Q25<br> ‒ Broker direct margins slightly higher than in<br>2Q25<br> ‒ Consumer direct margins lower than in 2Q25,<br>with an increased revenue contribution driven<br>primarily by higher refinance activity<br>Servicing Segment(1)<br> ● Grew total portfolio to $712 billion in unpaid<br>principal balance (UPB)<br> ● Including hedge costs, net fair value declines<br>on mortgage servicing rights (MSRs) and<br>hedging of $20 million<br>3<br>QUARTER-TO-DATE BUSINESS UPDATE<br>(1) Through or as of 8/31/25; portfolio includes loans subserviced for PMT and others<br>(2) Includes volume fulfilled or locked for PennyMac Mortgage Investment Trust (NYSE: PMT)<br>We currently expect GAAP return on equity in the<br>third quarter to be in the mid-teens, and operating<br>return on equity to be in the high-teens<br>Fundings (UPB in billions)<br>2Q25 3Q25TD(1)<br>Correspondent acquisitions(2) $ 29.8 $ 18.8<br>Broker direct originations 5.3 3.8<br>Consumer direct originations 2.8 1.8<br>Total acquisitions / originations $ 37.9 $ 24.4<br>Interest Rate Lock Commitments (UPB in billions)<br>2Q25 3Q25TD(1)<br>Correspondent locks(2) $ 32.2 $ 18.9<br>Broker direct locks 7.2 4.9<br>Consumer direct locks 3.8 3.3<br>Total locks $ 43.1 $ 27.1
---
STRATEGIC UPDATE
---
STRATEGIC PARTNERSHIP FOR A MODERNIZED MORTGAGE ORIGINATION PROCESS<br>Provides our consumer direct lending operations with a modern, agile platform and leverages our deep<br>network of leading originators across the country to grow the industry’s adoption of Vesta’s LOS<br>5<br>Strategic partnership with<br>upside potential as adoption<br>of Vesta’s loan origination<br>system (LOS) grows… Equity Investment and<br>long-term commitment to<br>accelerate Vesta’s growth<br>Mortgage Expertise to<br>drive technology product<br>roadmaps<br>Scale & Distribution as a<br>top producer with 770+<br>correspondent sellers<br>Next-Generation LOS to<br>provide an exceptional<br>customer experience<br>Open Architecture for<br>easy integration with<br>artificial intelligence and<br>other new technologies<br>Intelligent Automation to<br>streamline workflows and<br>reduce manual tasks with<br>uncompromised quality<br> …with direct influence on<br>the future of critical<br>technology that supports<br>customer growth
---
Industry-leading capital markets team with significant and efficient<br>whole loan operations and a diversified network of investors and<br>counterparties<br>Growing number of self-employed borrowers, investors, and<br>individuals with unique income streams; we estimate prime non-QM represents approximately 5% of the total origination market, or<br>approximately $70 - $80 billion in UPB annually<br>6<br>EXPANDING OUR REACH INTO PRIME NON-QUALIFIED MORTGAGE LOANS<br>Uniquely positioned<br>for success<br>Access to a growing and<br>underserved market<br>Go-to-market strategy<br>September 22, 2025 release date in correspondent production;<br>expected be released in broker direct in 4Q25, and consumer direct<br>in 1Q26<br>Expanding our market opportunity: unparalleled reliability and innovative<br>technology to support our business partners’ prime non-QM origination efforts
---