PennyMac Financial Services, Inc.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 20, 2026
PFSI$62.85-5.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 15. Exhibits and Financial Statement Schedules
| | | | | Incorporated by Referencefrom the Below-Listed Form(Each Filed under SEC FileNumber 001-35916 or 001-38727) | ||
| Exhibit No. | | Exhibit Description | | Form | Filing Date | |
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| 2.1 | | Contribution Agreement and Plan of Merger, dated as of August 2, 2018, by and among PennyMac Financial Services, Inc., New PennyMac Financial Services, Inc., New PennyMac Merger Sub, LLC, Private National Mortgage Acceptance Company, LLC, and the Contributors. | | 8-K12B | | November 1, 2018 |
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| 3.1 | | Amended and Restated Certificate of Incorporation of New PennyMac Financial Services, Inc. | | 8-K12B | | November 1, 2018 |
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| 3.1.1 | | Certificate of Amendment to Amended and Restated Certificate of Incorporation of New PennyMac Financial Services, Inc. | | 8-K12B | | November 1, 2018 |
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| 3.2 | | Amended and Restated Bylaws of New PennyMac Financial Services, Inc. | | 8-K12B | | November 1, 2018 |
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| 3.2.1 | | Amendment to Amended and Restated Bylaws of PennyMac Financial Services, Inc. (formerly known as New PennyMac Financial Services, Inc.). | | 10-Q | | November 4, 2019 |
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| 3.2.2 | | Amendment to Amended and Restated Bylaws of PennyMac Financial Services, Inc. | | 8-K | | September 6, 2024 |
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| 3.2.3 | | Third Amendment to the Amended and Restated Bylaws of PennyMac Financial Services, Inc. | | 8-K | | January 3, 2025 |
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| 4.1 | | Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934. | | * | | |
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| 4.2 | | Indenture, dated as of February 11, 2021, among PennyMac Financial Services, Inc., the guarantors party thereto and U.S. Bank, National Association, as trustee, relating to the 4.25% Senior Notes due 2029. | | 8-K | | February 11, 2021 |
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| 4.3 | | Form of Global Note for 4.25% Senior Notes due 2029 (Included in Exhibit 4.6). | | 8-K | | February 11, 2021 |
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| 4.4 | | First Supplemental Indenture, dated as of October 7, 2021, among PennyMac Financial Services, Inc., the guarantors party thereto and U.S. Bank, National Association, as trustee, relating to the 4.250% Senior Notes due 2029. | | 8-K | | October 8, 2021 |
| | | | | Incorporated by Referencefrom the Below-Listed Form(Each Filed under SEC FileNumber 001-35916 or 001-38727) | ||
| Exhibit No. | | Exhibit Description | | Form | Filing Date | |
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| 4.5 | | Indenture, dated as of September 16, 2021, among PennyMac Financial Services, Inc., the guarantors party thereto and U.S. Bank, National Association, as trustee, relating to the 5.750% Senior Notes due 2031. | | 8-K | | September 16, 2021 |
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| 4.6 | | Form of Global Note for 5.750% Senior Notes due 2031 (included in Exhibit 4.9). | | 8-K | | September 16, 2021 |
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| 4.7 | | Indenture, dated as of December 11, 2023, among PennyMac Financial Services, Inc., the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee, relating to the 7.875% Senior Notes due 2029. | | 8-K | | December 11, 2023 |
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| 4.8 | | Form of Global Note for 7.875% Senior Notes due 2029 (included in Exhibit 4.11). | | 8-K | | December 11, 2023 |
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| 4.9 | | Indenture, dated as of May 23, 2024, among PennyMac Financial Services, Inc., the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee, relating to the 7.125% Senior Notes due 2030. | | 8-K | | May 23, 2024 |
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| 4.10 | | Form of Global Note for 7.125% Senior Notes due 2030 (included in Exhibit 4.13). | | 8-K | | May 23, 2024 |
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| 4.11 | | Indenture, dated as of February 6, 2025, among PennyMac Financial Services, Inc., the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee, relating to the 6.875% Senior Notes due 2033. | | 8-K | | February 6, 2025 |
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| 4.12 | | Form of Global Note for 6.875% Senior Notes due 2033 (included in Exhibit 4.11). | | 8-K | | February 6, 2025 |
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| 4.13 | | Indenture, dated as of May 8, 2025, among PennyMac Financial Services, Inc., the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee, relating to the 6.875% Senior Notes due 2032. | | 8-K | | May 8, 2025 |
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| 4.14 | | Form of Global Note for 6.875% Senior Notes due 2032 (included in Exhibit 4.13). | | 8-K | | May 8, 2025 |
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| 4.15 | | Indenture, dated as of August 12, 2025, among PennyMac Financial Services, Inc., the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee, relating to the 6.750% Senior Notes due 2034. | | 8-K | | August 12, 2025 |
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| 4.16 | | Form of Global Note for 6.750% Senior Notes due 2034 (included in Exhibit 4.15). | | 8-K | | August 12, 2025 |
| | | | | Incorporated by Referencefrom the Below-Listed Form(Each Filed under SEC FileNumber 001-35916 or 001-38727) | ||
| Exhibit No. | | Exhibit Description | | Form | Filing Date | |
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| 4.17 | | Third Amended and Restated Base Indenture, dated as of April 1, 2020, by and among PNMAC GMSR ISSUER TRUST, Citibank, N.A., PennyMac Loan Services, LLC, Credit Suisse First Boston Mortgage Capital LLC and Pentalpha Surveillance LLC. | | 8-K | | April 7, 2020 |
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| 4.18 | | Amendment No. 1 to Third Amended and Restated Base Indenture, dated as of June 8, 2022, by and among PNMAC GMSR ISSUER TRUST, Citibank, N.A., PennyMac Loan Services, LLC, Credit Suisse First Boston Mortgage Capital LLC, and Pentalpha Surveillance LLC. | | 8-K | | June 14, 2022 |
| 4.19 | | Amendment No. 2 to Third Amended and Restated Base Indenture, dated as of June 9, 2022, by and among PNMAC GMSR ISSUER TRUST, Citibank, N.A., PennyMac Loan Services, LLC, Credit Suisse First Boston Mortgage Capital LLC and Pentalpha Surveillance LLC. | | 10-Q | | August 5, 2022 |
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| 4.20 | | Amendment No. 3, dated February 7, 2023, to the Third Amended and Restated Base Indenture, dated as of April 1, 2020, by and among PNMAC GMSR ISSUER TRUST, Citibank, N.A., as Indenture Trustee, PennyMac Loan Services, LLC, Credit Suisse First Boston Mortgage Capital LLC, and consented and agreed to by Goldman Sachs Bank USA. | | 8-K | | February 13, 2023 |
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| 4.21 | | Base Indenture, dated as of April 28, 2021, by and among PFSI ISSUER TRUST - FMSR, as Issuer, Citibank, N.A., as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary, PennyMac Loan Services, LLC, as Servicer and Administrator, and Credit Suisse First Boston Mortgage Capital LLC, as Administrative Agent. | | 8-K | | May 3, 2021 |
| 4.22 | | Amendment No. 1, dated November 21, 2025, to the Base Indenture, dated as of April 28, 2021, by and among PFSI ISSUER TRUST - FMSR, as Issuer, Citibank, N.A., as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary, PennyMac Loan Services, LLC, as Servicer and Administrator, and Goldman Sachs Bank USA, as Administrative Agent. | | * | | |
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| 4.23 | | Pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K, the registrant hereby agrees to furnish upon request to the Securities and Exchange Commission other instruments defining the rights of holders of long-term debt. The amount of securities authorized under each such other instrument does not exceed ten percent of the total assets of the registrant and its subsidiaries on a consolidated basis. | | - | | - |
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| | | | | Incorporated by Referencefrom the Below-Listed Form(Each Filed under SEC FileNumber 001-35916 or 001-38727) | ||
| Exhibit No. | | Exhibit Description | | Form | Filing Date | |
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| 10.1 | | Fifth Amended and Restated Limited Liability Company Agreement of Private National Mortgage Acceptance Company, LLC, dated as of November 1, 2018. | | 8-K12B | | November 1, 2018 |
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| 10.2 | | Tax Receivable Agreement, dated as of May 8, 2013, between PennyMac Financial Services, Inc., Private National Mortgage Acceptance Company, LLC and each of the Members. | | 8-K | | May 14, 2013 |
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| 10.3 | | Amended and Restated Registration Rights Agreement, dated as of November 1, 2018, among PennyMac Financial Services, Inc., New PennyMac Financial Services, Inc. and the Holders. | | 8-K12B | | November 1, 2018 |
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| 10.4 | | Fourth Amended and Restated Stockholder Agreement, dated as of December 31, 2024, between PennyMac Financial Services, Inc. and HC Partners LLC. | | 8-K | | January 3, 2025 |
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| 10.5† | | Employment Agreement, dated December 13, 2022, among David A. Spector, Private National Mortgage Acceptance Company, LLC and PennyMac Financial Services, Inc. | | 8-K | | December 16, 2022 |
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| 10.6† | | Employment Agreement, dated December 13, 2022 among Doug Jones, Private National Mortgage Acceptance Company, LLC and PennyMac Financial Services, Inc. | | 8-K | | December 16, 2022 |
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| 10.7† | | Form of PennyMac Financial Services, Inc. Indemnification Agreement. | | 10-K | | February 25, 2021 |
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| 10.8† | | PennyMac Financial Services, Inc. Change of Control Severance Plan. | | 8-K | | September 28, 2021 |
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| 10.9† | | PennyMac Financial Services, Inc. Executive Deferred Compensation Plan. | | S-8 | | June 5, 2024 |
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| 10.10† | | PennyMac Financial Services, Inc. 2013 Equity Incentive Plan. | | 8-K | | May 14, 2013 |
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| 10.11† | | First Amendment to the PennyMac Financial Services, Inc. 2013 Equity Incentive Plan. | | 10-K | | March 9, 2018 |
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| 10.12† | | Second Amendment to the PennyMac Financial Services, Inc. 2013 Equity Incentive Plan. | | DEF14A | | April 17, 2018 |
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| 10.13† | | Third Amendment to the PennyMac Financial Services, Inc. 2013 Equity Incentive Plan. | | 10-K | | February 25, 2021 |
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| 10.14† | | PennyMac Financial Services, Inc. 2013 Equity Incentive Plan Form of Stock Option Award Agreement (2013). | | 8-K | | June 17, 2013 |
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| | | | | Incorporated by Referencefrom the Below-Listed Form(Each Filed under SEC FileNumber 001-35916 or 001-38727) | ||
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| Exhibit No. | | Exhibit Description | | Form | Filing Date | |
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| 10.15† | | PennyMac Financial Services, Inc. 2013 Equity Incentive Plan Form of Stock Option Award Agreement (2018). | | 10-Q | | August 2, 2018 |
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| 10.16† | | Omnibus Amendment to PennyMac Financial Services, Inc. 2013 Equity Incentive Plan Stock Option Award Agreement. | | 10-K | | March 5, 2019 |
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| 10.17† | | PennyMac Financial Services, Inc. 2013 Equity Incentive Plan Form of Stock Option Award Agreement (2020). | | 10-Q | | May 7, 2020 |
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| 10.18† | | PennyMac Financial Services, Inc. 2013 Equity Incentive Plan Form of Stock Option Award Agreement (Special Option 2020). | | 10-K | | February 25, 2021 |
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| 10.19† | | PennyMac Financial Services, Inc. 2013 Equity Incentive Plan Form of Stock Option Award Agreement (2021). | | 10-Q | | May 6, 2021 |
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| 10.20† | | PennyMac Financial Services, Inc. 2013 Equity Incentive Plan Form of Stock Option Award Agreement (2021). | | 10-Q | | August 5, 2021 |
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| 10.21† | | PennyMac Financial Services, Inc. 2013 Equity Incentive Plan Form of Omnibus Amendment to Stock Option Award Agreements. | | 10-Q | | August 5, 2021 |
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| 10.22† | | PennyMac Financial Services, Inc. 2022 Equity Incentive Plan. | | 10-K | | February 22, 2023 |
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| 10.23† | | PennyMac Financial Services, Inc. 2022 Equity Incentive Plan Form of Stock Option Award Agreement (2023). | | 10-Q | | May 3, 2023 |
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| 10.24† | | PennyMac Financial Services, Inc. 2022 Equity Incentive Plan Form of Restricted Stock Unit Subject to Continued Service Award Agreement (Net Share Withholding) (2023). | | 10-Q | | May 3, 2023 |
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| 10.25† | | PennyMac Financial Services, Inc. 2022 Equity Incentive Plan Form of Restricted Stock Unit Subject to Continued Service Award Agreement (Sale to Cover) (2023). | | 10-Q | | May 3, 2023 |
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| 10.26† | | PennyMac Financial Services, Inc. 2022 Equity Incentive Plan Form of Restricted Stock Unit Subject to Performance Components Award Agreement (Sale to Cover) (2023). | | 10-Q | | May 3, 2023 |
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| 10.27† | | PennyMac Financial Services, Inc. 2022 Equity Incentive Plan Form of Restricted Stock Unit Subject to Performance Components Award Agreement (Net Share Withholding) (2023). | | 10-Q | | May 3, 2023 |
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| 10.28† | | PennyMac Financial Services, Inc. 2022 Equity Incentive Plan Form of Restricted Stock Unit Subject to Continued Service Award Agreement for Non-Employee Directors (2023). | | 10-Q | | May 3, 2023 |
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| | | | | Incorporated by Referencefrom the Below-Listed Form(Each Filed under SEC FileNumber 001-35916 or 001-38727) | ||
| Exhibit No. | | Exhibit Description | | Form | Filing Date | |
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| 10.29† | | PennyMac Financial Services, Inc. 2022 Equity Incentive Plan Form of Stock Option Award Agreement (2025). | | 10-Q | | April 29, 2025 |
| 10.30† | | PennyMac Financial Services, Inc. 2022 Equity Incentive Plan Form of Restricted Stock Unit Award Agreement (2025). | | 10-Q | | April 29, 2025 |
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| 10.31† | | PennyMac Financial Services, Inc. 2022 Equity Incentive Plan Form of Performance Based Restricted Stock Unit Award Agreement (2025). | | 10-Q | | April 29, 2025 |
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| 10.32† | | PennyMac Financial Services, Inc. 2022 Equity Incentive Plan Form of Restricted Stock Unit Award Agreement (Non-Employee Directors) (2025). | | 10-Q | | April 29, 2025 |
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| 10.33 | | Fourth Amended and Restated Management Agreement, by and among PennyMac Mortgage Investment Trust, PennyMac Operating Partnership, L.P. and PNMAC Capital Management, LLC, dated as of December 16, 2024. | | 8-K | | December 19, 2024 |
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| 10.34 | | Amendment No. 1 to Fourth Amended and Restated Management Agreement, by and among PennyMac Mortgage Investment Trust, PennyMac Operating Partnership, L.P. and PNMAC Capital Management, LLC, dated as of June 23, 2025. | | 10-Q | | July 29, 2025 |
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| 10.35 | | Fifth Amended and Restated Flow Servicing Agreement, between PennyMac Operating Partnership, L.P. and PennyMac Loan Services, LLC, dated as of December 16, 2024. | | 8-K | | December 19, 2024 |
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| 10.36 | | Amendment No. 1 to Fifth Amended and Restated Flow Servicing Agreement, between PennyMac Operating Partnership, L.P. and PennyMac Loan Services, LLC, dated as of September 15, 2025. | | 10-Q | | October 28, 2025 |
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| 10.37 | | Third Amended and Restated Mortgage Banking Services Agreement, between PennyMac Loan Services, LLC and PennyMac Corp., dated as of December 16, 2024. | | 8-K | | December 19, 2024 |
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| 10.38 | | Amendment No. 1 to Third Amended and Restated Mortgage Banking Services Agreement, between PennyMac Loan Services, LLC and PennyMac Corp., dated as of June 23, 2025. | | 10-Q | | July 29, 2025 |
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| 10.39 | | Amendment No. 2 to Third Amended and Restated Mortgage Banking Services Agreement, between PennyMac Loan Services, LLC and PennyMac Corp., dated as of September 16, 2025. | | 10-Q | | October 28, 2025 |
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| 10.40 | | Fourth Amended and Restated Mortgage Banking Services Agreement, between PennyMac Loan Services, LLC and PennyMac Corp., dated as of December 18, 2025. | | * | | |
| | | | | Incorporated by Referencefrom the Below-Listed Form(Each Filed under SEC FileNumber 001-35916 or 001-38727) | ||
| Exhibit No. | | Exhibit Description | | Form | Filing Date | |
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| 10.41 | | Third Amended and Restated MSR Recapture Agreement, between PennyMac Loan Services, LLC and PennyMac Corp., dated as of December 16, 2024. | | 8-K | | December 19, 2024 |
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| 10.42 | | Amended and Restated Flow Servicing Agreement, between PennyMac Corp. and PennyMac Loan Services, LLC, dated as of December 16, 2024. | | 8-K | | December 19, 2024 |
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| 10.43 | | Amendment No. 1 to Amended and Restated Flow Servicing Agreement, between PennyMac Corp. and PennyMac Loan Services, LLC, dated as of September 15, 2025. | | 10-Q | | October 28, 2025 |
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| 10.44 | | Flow Sale Agreement, dated as of June 16, 2015, by and between PennyMac Corp. and PennyMac Loan Services, LLC. | | 10-Q | | August 7, 2015 |
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| 10.45 | | HELOC Flow Purchase and Servicing Agreement, dated as of February 25, 2019, by and between PennyMac Loan Services, LLC and PennyMac Corp. | | 10-Q | | May 6, 2019 |
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| 10.46 | | Amended and Restated Mortgage Loan Purchase Agreement, dated as of December 18, 2025, by and between PennyMac Loan Services, LLC and PennyMac Corp. | | * | | |
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| 19.1 | | PennyMac Financial Services, Inc. Policy Against Insider Trading | | * | | |
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| 21.1 | | Subsidiaries of PennyMac Financial Services, Inc. | | * | | |
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| 23.1 | | Consent of Deloitte & Touche LLP. | | * | | |
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| 31.1 | | Certification of David A. Spector pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | | * | | |
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| 31.2 | | Certification of Daniel S. Perotti pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | | * | | |
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| 32.1 | | Certification of David A. Spector pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | | ** | | |
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| 32.2 | | Certification of Daniel S. Perotti pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | | ** | | |
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| 97 | | Recoupment of Incentive Compensation Policy For Executive Officers. | | 10-K | | February 21, 2024 |
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| | | | | Incorporated by Referencefrom the Below-Listed Form(Each Filed under SEC FileNumber 001-35916 or 001-38727) | ||
| Exhibit No. | | Exhibit Description | | Form | Filing Date | |
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| 101 | | Interactive data files pursuant to Rule 405 of Regulation S-T, formatted in Inline XBRL: (i) the Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023 (ii) the Consolidated Statements of Income for the years ended December 31, 2024 and December 31, 2023, (iii) the Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 31, 2024 and December 31, 2023, (iv) the Consolidated Statements of Cash Flows for the years ended December 31, 2024 and December 31, 2023 and (v) the Notes to the Consolidated Financial Statements. | | * | | |
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| 101.INS | | XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | | * | | |
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| 101.SCH | | Inline XBRL Taxonomy Extension Schema Document | | * | | |
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| 101.CAL | | Inline XBRL Taxonomy Extension Calculation Linkbase Document | | * | | |
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| 101.DEF | | Inline XBRL Taxonomy Extension Definition Linkbase Document | | * | | |
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| 101.LAB | | Inline XBRL Taxonomy Extension Label Linkbase Document | | * | | |
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| 101.PRE | | Inline XBRL Taxonomy Extension Presentation Linkbase Document | | * | | |
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| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document). | | | | |
- Filed herewith
** The certifications attached hereto as Exhibits 32.1 and 32.2 are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
† Indicates management contract or compensatory plan or arrangement.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.