PennyMac Financial Services, Inc. (NYSE:PFSI) Q2 2023 Earnings Conference Call July 27, 2023 5:00 PM ET

Company Participants

David Spector - Chairman & Chief Executive Officer

Dan Perotti - Chief Financial Officer

Conference Call Participants

Kevin Barker - Piper Sandler

Michael Kaye - Wells Fargo

Doug Harter - Credit Suisse

Bose George - KBW

Henry Coffey - Wedbush Securities

Kyle Joseph - Jefferies

Eric Hagen - BTIG

Trevor Cranston - JMP Securities

Courtney Bahlman - Barclays

Operator

Good afternoon, and welcome to the PennyMac Financial Services, Inc. Second Quarter 2023 Live Earnings Q&A Session. Additional earnings materials are available on PennyMac Financial's website at pfsi.pennymac.com.

Before we begin, let me remind you that this Q&A session may contain forward-looking statements that are subject to certain risks and identified on Slide 2 of the earnings presentation that could cause the company's actual results to differ materially, as well as non-GAAP measures that have been reconciled to their GAAP equivalent in the earnings materials.

I would like to remind everyone we will only take questions related to PennyMac Financial Services Inc. or PFSI. The live Q&A session for PennyMac Mortgage Investment Trust of PMT will begin on our webcast at 5:45 P.M. Eastern Time. For additional materials related to PMT's earnings and live Q&A session, please visit pmt.pennymac.com. We also ask that you please keep your question limit to one preliminary question, and one follow-up question as we would like to ensure that we answer as many questions as possible. [Operator Instructions]

Now, I'd like to introduce David Spector, PennyMac Financial's Chairman and Chief Executive Officer; and Dan Perotti, PennyMac's Chief Financial Officer.

David Spector

Thank you, operator. And I'd like to welcome everybody to PennyMac Financial's first live earnings Q&A session. As you all know historically we've not done a live earnings call, but we believe strongly in the continued evolution of our strong and accessible Investor Relations team and we believe that now is the appropriate time to introduce this live call.

We believe these Q&A sessions will give stakeholders increased transparency into our business in a timely manner and although we are introducing a live call you can rest assured that we'll maintain our strong ongoing commitment to investors and analysts via conferences, non-deal roadshows phone calls and other industry events.

Now we'd like to begin taking questions. Operator?

Question-and-Answer Session

Operator

[Operator Instructions] We’ll now take your first question. And your first question is from the line of Kevin Barker with Piper Sandler.