PennyMac Financial Services Enters Material Agreement

TL;DR

PennyMac Financial Services just signed a big deal and took on new debt.

AI Summary

On July 25, 2024, PennyMac Financial Services, Inc. entered into a material definitive agreement and created a direct financial obligation. The company, incorporated in Delaware, filed an 8-K report detailing these events. The filing was made on July 31, 2024.

Why It Matters

This filing indicates a significant new financial commitment or agreement for PennyMac Financial Services, which could impact its financial obligations and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and creating financial obligations can introduce new risks related to the terms of the agreement and the company's ability to meet its obligations.

Key Players & Entities

• PennyMac Financial Services, Inc. (company) — Registrant
• July 25, 2024 (date) — Date of earliest event reported
• July 31, 2024 (date) — Filing date
• Delaware (jurisdiction) — State of incorporation

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value PFSI New York Stock Exchang
• $350 m — reement and the Mizuho SAR Agreement is $350 million, each of which may be reduced by
• $50 million — LS is required to maintain a minimum of $50 million outstanding with Mizuho in connection w

Filing Documents

• tm2420527d1_8k.htm (8-K) — 38KB
• tm2420527d1_ex10-1.htm (EX-10.1) — 647KB
• tm2420527d1_ex10-2.htm (EX-10.2) — 648KB
• tm2420527d1_ex10-3.htm (EX-10.3) — 110KB
• tm2420527d1_ex10-4.htm (EX-10.4) — 76KB
• tm2420527d1_ex10-5.htm (EX-10.5) — 137KB
• 0001104659-24-084385.txt ( ) — 2141KB
• pfsi-20240725.xsd (EX-101.SCH) — 3KB
• pfsi-20240725_lab.xml (EX-101.LAB) — 33KB
• pfsi-20240725_pre.xml (EX-101.PRE) — 22KB
• tm2420527d1_8k_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On July 25, 2024, PennyMac Financial Services, Inc. (the "Company"), through two of its indirect, wholly owned subsidiaries, PNMAC GMSR ISSUER TRUST ("Issuer Trust") and PennyMac Loan Services, LLC ("PLS"), entered into two new variable funding note ("VFN") repurchase agreements, as part of the structured finance transaction that PLS uses to finance Ginnie Mae mortgage servicing rights and related excess servicing spread and servicing advance receivables. The Company entered into (i) a Series 2024-MSRVF1 Master Repurchase Agreement dated July 25, 2024 by and among PLS, as seller, Mizuho Bank, Ltd., as administrative agent and as buyer ("Mizuho") (the "Mizuho Servicing Spread Agreement"), related to the excess servicing spread, (ii) a Series 2020-SPIADVF1 Master Repurchase Agreement dated July 25, 2024 by and among PLS, as seller, and Mizuho, as an administrative agent and a buyer (the "Mizuho SAR Agreement"), related to the servicing advance receivables, and (iii) a Series 2024-MSRVF1 Indenture Supplement, dated July 25, 2024, by and among Issuer Trust, PLS, Citibank, N.A., as indenture trustee, and Mizuho ("Mizuho Indenture Supplement"), and (iv) a Joinder and Amendment No. 4 dated July 25, 2024 to the A&R Series 2020-SPIADVF1 Indenture Supplement by and among Issuer Trust, PLS, as administrator, Citibank, N.A., as indenture trustee, Atlas Securitized Products, L.P., as an administrative agent ("Atlas"), Goldman Sachs Bank USA, as an administrative agent and buyer ("GS"), Nomura Corporate Funding Americas, LLC ("Nomura"), as an administrative agent and buyer, Mizuho, as an administrative agent and buyer, and Atlas Securitized Funding 2, L.P. ("ASP"), as a buyer, related to servicing advance receivables (the "Joinder"). The initial terms of the Mizuho Servicing Spread Agreement and the Mizuho SAR Agreement (collectively, the "Mizuho Repurchase Agreements") are each set to expire on July 25, 2026. The Company's

03 Creation of a Direct Financial Obligation or an Obligation

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 of this report is incorporated herein by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1^ Series 2024-MSRVF1 Master Repurchase Agreement, dated as of July 25, 2024, by and among PennyMac Loan Services, LLC and Mizuho Corporate Funding Americas, LLC 10.2^ Series 2020-SPIADVF1 Master Repurchase Agreement, dated as of July 25, 2024, by and among PennyMac Loan Services, LLC and Mizuho Corporate Funding Americas, LLC 10.3^ Series 2024-MSRVF1 Indenture Supplement, dated July 25,2024, by and among PNMAC GMSR ISSUER TRUST, PennyMac Loan Services, LLC, Citibank, N.A., and Mizuho Bank Ltd. 10.4 Joinder and Amendment No. 4 dated July 25, 2024 to the A&R Series 2020-SPIADVF1 Indenture Supplement by and among PNMAC GMSR ISSUER TRUST, PennyMac Loan Services, LLC, Citibank, N.A., Atlas Securitized Products, L.P., Goldman Sachs Bank USA, Nomura Corporate Funding Americas, LLC, Mizuho Bank Ltd., and Atlas Securitized Funding 2, L.P. 10.5 Guaranty, by Private National Mortgage Acceptance Company, LLC, as guarantor, in favor of Mizuho Bank, Ltd. dated as of July 25, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) ^ Portions of the exhibit have been redacted 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: July 31, 2024 /s/ Daniel S. Perotti Daniel S. Perotti Senior Managing Director and Chief Financial Officer