PennyMac Financial Services, Inc.

Good afternoon and welcome to the PDMEC Financial Services, Inc. Second Quarter 2023 Live Earnings Q&A session. Additional earning materials are available on PDMEC Financial's website at pfsi.pdmec.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 two of the earnings presentation that you could use that you 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 material. 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, or PMT, will begin on our webcast at 545 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 questions limited to one preliminary question and one follow-up question, as we would like to ensure that we answer as many questions as possible. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad, and if you would like to withdraw your question, again, it's star one. Now, I'd like to introduce David Spector, PennyMac Financial's Chairman and Chief Executive Officer, and Dan Perotti, PennyMac Financial's Chief Financial Officer.

Thank you, operator. 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?

As a reminder, if you'd like to ask a question, simply press star followed by the number one on your telephone keypad.