Pennymac Financial Services (PFSI) Approves $50M Buyback Plan

PennyMac Financial Services, Inc. (NYSE: PFSI) (the “Company”) today announced that its Board of Directors has authorized a stock repurchase program under which the Company may repurchase up to $50 million of its outstanding Class A common stock.

“We believe that the repurchase of common stock will enhance value for our stockholders,” said Executive Chairman Stanford L. Kurland. “PennyMac has repeatedly generated after-tax returns on equity that compare favorably, on a risk-adjusted basis, to other investment opportunities available to us. Our strong capital position enables us to deploy capital in stock repurchases alongside our mortgage banking activities and potential MSR acquisitions.”

The repurchase program allows the Company to repurchase its Class A common stock using open market stock purchases or privately negotiated transactions in accordance with applicable rules and regulations. The number of shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, stock price, trading volume and general market conditions, along with working capital requirements, general business conditions, applicable legal requirements and other factors. The stock repurchase program does not have an expiration date and the authorization does not obligate the Company to acquire any particular amount of Class A common stock. The stock repurchase program may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice. The Company intends to finance the stock repurchase program through cash on hand.

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