PennyMac Financial Services, Inc.

(1) The terms of loan sales to PMT are described in Note 5– Related Party Transactions – PennyMac Mortgage Investment Trust–Operating Activities.

(1) The terms of loan sales to PMT are described in Note 5– Related Party Transactions – PennyMac Mortgage Investment Trust–Operating Activities.

Note 10—Mortgage Servicing Rights and Mortgage Servicing Liabilities Mortgage Servicing Rights at Fair Value: The activity in MSRs is as follows: Year ended December 31, 2025 2024 2023 (in thousands)Balance at beginning of year $ 8,744,528 $ 7,099,348 $ 5,953,621Additions (deductions): MSRs resulting from loan sales 2,940,455 2,280,830 1,849,957Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities — (202,186) (98,066)Transfer of mortgage servicing rights relating to delinquent loans to Agency — — (305)Sales to: Non-affiliates (665,167) — —PennyMac Mortgage Investment Trust (7,484) — — 2,267,804 2,078,644 1,751,586Change in fair value due to: Changes in inputs used in valuation model (1) (251,669) 407,423 56,757Other changes in fair value (2) (1,161,722) (840,887) (662,616)Total change in fair value (1,413,391) (433,464) (605,859)Balance at end of year $ 9,598,941 $ 8,744,528 $ 7,099,348Unpaid principal balance of underlying loans at end of year $ 462,020,147 $ 426,055,220 $ 370,244,119 December 31, 2025 2024 (in thousands)Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase and Notes payable secured by mortgage servicing assets $ 9,367,851 $ 8,609,388(1)Principally reflects changes in annual total prepayment speed, OAS or pricing spread and per loan annual cost of servicing inputs.

Note 11—Mortgage Servicing Rights and Mortgage Servicing Liabilities Mortgage Servicing Rights at Fair Value The activity in MSRs is as follows: Quarter ended September 30, Nine months ended September 30, 2025 2024 2025 2024 (in thousands)Balance at beginning of period $ 9,531,249 $ 7,923,078 $ 8,744,528 $ 7,099,348Additions (deductions): MSRs resulting from loan sales 700,326 578,982 2,165,213 1,532,709Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities — (121,520) — (121,520)Sales to: Non-affiliates (183,514) — (183,514) —PennyMac Mortgage Investment Trust (1,895) — (1,895) — 514,917 457,462 1,979,804 1,411,189Change in fair value due to: Changes in inputs used in valuation model (1) (102,519) (402,376) (292,058) (132,984)Other changes in fair value (2) (289,705) (225,872) (778,332) (625,261)Total change in fair value (392,224) (628,248) (1,070,390) (758,245)Balance at end of period $ 9,653,942 $ 7,752,292 $ 9,653,942 $ 7,752,292Unpaid principal balance of underlying loans at end of period $ 470,281,735 $ 410,031,301 September 30, December 31, 2025 2024 (in thousands)Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase and Notes payable secured by mortgage servicing assets $ 9,440,264 $ 8,609,388(1)Principally reflects changes in annual total prepayment speed, pricing spread and per loan annual cost of servicing inputs.(2)Represents changes due to realization of cash flows.