The notes were issued under an indenture agreement with U.S. Bank Trust Company, National Association, serving as trustee. Interest payments are set semi-annually, with the first payment due on August 15, 2025. The indenture includes standard covenants and default events typical for non-investment grade debt issuers, such as restrictions on additional debt, dividends, asset sales, and transactions with affiliates. PennyMac retains the option to redeem the notes before February 15, 2028, at a 100% principal amount plus a make-whole premium. Additionally, up to 40% of the notes may be redeemed using equity offering proceeds at 106.875% of their principal amount. Post-February 15, 2028, redemptions are at prices specified in the indenture. In the event of a change of control triggering event, note holders may request the issuer to repurchase their notes at 101% of the principal amount, including accrued interest.