\nPennyMac Mortgage Investment Trust (NYSE: PMT) today reported net loss attributable to common shareholders of $0.8 million, or $(0.01) per common share on a diluted basis for the first quarter of 2025, on net investment income of $44.5 million. PMT previously announced a cash dividend for the first quarter of 2025 of $0.40 per common share of beneficial interest, which was declared on March 6, 2025, and will be paid on April 25, 2025, to common shareholders of record as of April 11, 2025.\n<\/p>\n
First Quarter 2025 Highlights<\/b><\/p>\n
\nFinancial results:\n<\/p>\n
- \n
- \nNet loss attributable to common shareholders of $0.8 million; annualized return on average common equity of 0%1<\/sup><\/p>\n
- \n
- \nStrong levels of income excluding market driven value changes offset by fair value declines\n<\/li>\n<\/ul>\n<\/li>\n
- \nBook value per common share decreased to $15.43 at March 31, 2025, from $15.87 at December 31, 2024\n<\/li>\n<\/ul>\n
\nOther investment highlights:\n<\/p>\n
- \n
- \nInvestment activity driven by correspondent production volumes<\/p>\n
- \n
- \nCorrespondent loan production volumes for PMT\u2019s account totaled $2.8 billion in unpaid principal balance (UPB), down 20 percent from the prior quarter; PMT also acquired $637 million in UPB of loans acquired or originated by PennyMac Financial Services, Inc. (NYSE: PFSI)<\/p>\n
- \n
- \nResulted in the creation of $47 million in new mortgage servicing rights (MSRs)\n<\/li>\n
- \nClosed three Agency-eligible investor loan securitizations with a combined UPB of $1.0 billion<\/p>\n
- \n
- \nGenerated $66 million of net new investments in non-Agency subordinate bonds2<\/sup><\/li>\n
- \nGenerated $29 million of net new investments in senior bonds2<\/sup><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
\nOther highlights:\n<\/p>\n
- \n
- \nIssued $173 million of senior unsecured notes due to mature in 2030\n<\/li>\n
- \nRetired $45 million in credit risk transfer (CRT) term notes\n<\/li>\n<\/ul>\n
Notable activity after quarter end<\/i><\/p>\n
- \n
- \nClosed an additional Agency-eligible investor loan securitization with a UPB of $354 million<\/p>\n
- \n
- \nGenerated $23 million of net new investments in non-Agency subordinate bonds2<\/sup><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
\n
\n \n 1<\/sup> Return on average common equity is calculated based on net income attributable to common shareholders as a percentage of monthly average common equity during the quarter\n<\/p>\n<\/td>\n<\/tr>\n
\n \n 2<\/sup> We consolidate the assets and liabilities in the trust that issued the subordinate bonds; accordingly, this investment is shown as Loans at fair value and Asset-backed financing of variable interest entities on our consolidated balance sheet\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n\u201cPMT produced strong levels of income excluding market-driven value changes in the first quarter,\u201d said Chairman and CEO David Spector. \u201cThis strong core performance was offset by net fair value declines due to interest rate volatility and credit spread widening. During the quarter, we opportunistically issued $173 million in unsecured senior notes, not only demonstrating our strong access to the capital markets, but also further strengthening our balance sheet and extending our debt maturity profile. Additionally, we successfully executed three securitizations of investor loans totaling $1 billion in UPB, with retained investments of $94 million at attractive returns, and firmly established PMT as a leading issuer of private label securitizations.\u201d\n<\/p>\n
\nMr. Spector continued, “Despite tremendous interest rate volatility, PMT\u2019s long-standing expertise in risk management, including interest rate hedging and the establishment of unique financing arrangements without margin call provisions for our credit risk transfer investments, enables us to effectively manage through these challenging market conditions. Moreover, the synergistic relationship with our manager and services provider PFSI, which provides unique access to a consistent, high-quality pipeline of loans, positions us to adapt to changes in the regulatory environment. These strategic advantages collectively distinguish us from other mortgage REITs and enhance our ability to manage through market uncertainty. As a result, I remain confident in the ability of our seasoned and experienced management team to navigate successfully through this rapidly changing environment.\u201d\n<\/p>\n
\nThe following table presents the contributions of PMT\u2019s operating segments, consisting of Credit Sensitive Strategies, Interest Rate Sensitive Strategies, and Correspondent Production, as well as non-segment activities in our corporate operations:\n<\/p>\n
\n
\n \n Quarter ended March 31, 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n Credit sensitive<\/b><\/p>\n
strategies<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n Interest rate<\/b><\/p>\n
sensitive<\/b><\/p>\n
strategies<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n Correspondent<\/b><\/p>\n
production<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n Reportable<\/b><\/p>\n
s<\/b>egment total<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n Corporate<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n (in thousands)<\/b><\/td>\n<\/tr>\n \n Net investment income:<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Net gains on investments and financings<\/td>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Mortgage-backed securities<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n(1,010\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n65,865\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n64,855\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n64,855\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Loans at fair value<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,767\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(3,509\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(742\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(742\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n CRT investments<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(1,800\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(1,800\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(1,800\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(43\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n62,356\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n62,313\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n62,313\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Net gains on loans acquired for sale<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n12,344\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n12,344\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n12,344\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Net loan servicing fees<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(27,210\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(27,210\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(27,210\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Net interest expense:<\/td>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Interest income<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n19,549\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n119,896\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n33,198\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n172,643\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,448\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n176,091\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Interest expense<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n18,117\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n135,332\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n27,522\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n180,971\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,166\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n182,137\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,432\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(15,436\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n5,676\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(8,328\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,282\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(6,046\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Other<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(141\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,205\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,064\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,064\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,248\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n19,710\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n21,225\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n42,183\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,282\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n44,465\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Expenses:<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Earned by PennyMac Financial Services, Inc.:<\/td>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Loan servicing fees<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n21,727\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n21,729\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n21,729\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Management fees<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n7,012\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n7,012\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Loan fulfillment fees<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n5,290\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n5,290\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n5,290\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Professional services<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,880\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,880\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,102\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n6,982\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Compensation<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,970\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,970\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Loan collection and liquidation<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n42\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,927\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,969\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,969\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Safekeeping<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,034\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n76\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,110\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,110\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Mortgage loan origination fees<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n686\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n686\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n\u2014\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n686\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Other expenses<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n94\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n496\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n166\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n756\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,260\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,016\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n$\n<\/p>\n<\/td>\n
\n \n138\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n25,184\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n11,098\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n36,420\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n14,344\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n50,764\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Pretax (loss) income<\/b><\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n1,110\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n(5,474\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n10,127\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n5,763\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n(12,062\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n(6,299\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
Credit Sensitive Strategies Segment<\/b><\/p>\n
\nThe Credit Sensitive Strategies segment primarily includes results from PMT\u2019s organically-created GSE CRT investments, opportunistic investments in other GSE CRT, investments in non-Agency subordinate bonds from private-label securitizations of PMT\u2019s production and legacy investments. Pretax income for the segment was $1.1 million on net investment income of $1.2 million, compared to pretax income of $20.1 million on net investment income of $20.4 million in the prior quarter.\n<\/p>\n
\nNet losses on investments in the segment were $43 thousand, compared to net gains on investments of $20.2 million in the prior quarter. These net losses include $1.8 million of losses on PMT\u2019s organically-created GSE CRT investments and $1.0 million in losses on other acquired subordinate CRT mortgage-backed securities (MBS), largely offset by $2.8 million of gains on investments from non-Agency subordinate bonds from PMT\u2019s production.\n<\/p>\n
\nNet losses on PMT\u2019s organically-created CRT investments for the quarter were $1.8 million, compared to net gains of $24.6 million in the prior quarter. These net losses include $14.5 million in valuation-related losses, which reflected the impact of credit spread widening in the first quarter. The prior quarter included $10.2 million of gains due to credit spread tightening. Net losses on PMT\u2019s organically-created CRT investments also included $14.0 million in realized gains and carry, compared to $14.8 million in the prior quarter. Realized losses during the quarter were $1.2 million, similar to levels realized in prior quarters.\n<\/p>\n
\nNet interest income for the segment totaled $1.4 million, compared to $0.4 million in the prior quarter. Interest income totaled $19.5 million, down from $21.1 million in the prior quarter. Interest expense totaled $18.1 million, down from $20.7 million in the prior quarter.\n<\/p>\n
Interest Rate Sensitive Strategies Segment<\/b><\/p>\n
\nThe Interest Rate Sensitive Strategies segment includes results from investments in MSRs, Agency MBS, non-Agency senior MBS and interest rate hedges. Pretax loss for the segment was $5.5 million on net investment income of $19.7 million, compared to pretax income of $25.5 million on net investment income of $51.9 million in the prior quarter. The segment includes investments that typically have offsetting fair value exposures to changes in interest rates. For example, in a period with decreasing interest rates, MSRs are expected to decrease in fair value, whereas Agency pass-through and non-Agency senior MBS are expected to increase in fair value.\n<\/p>\n
\nThe results in the Interest Rate Sensitive Strategies segment consist of net gains and losses on investments, net interest income and net loan servicing fees, as well as associated expenses.\n<\/p>\n
\nLosses from net loan servicing fees was $27.2 million, compared to net loan servicing fee income of $207.4 million in the prior quarter. Net loan servicing fees included contractually specified servicing fees of $152.2 million and $3.9 million in other fees, reduced by $88.8 million in realization of MSR cash flows, which was down slightly from $90.6 million in the prior quarter. Net loan servicing fees also included $55.8 million in fair value declines on MSRs due to lower interest rates, $39.9 million in hedging losses, and $1.2 million of MSR recapture income. Net gains on investments for the segment were $62.4 million, which primarily consisted of gains on MBS due to lower interest rates. PMT\u2019s hedging activities are intended to manage its net exposure across all interest rate sensitive strategies, which include MSRs, MBS and related tax impacts.\n<\/p>\n
\nThe following schedule details net loan servicing fees:\n<\/p>\n
\n
\n \n \u00a0<\/td>\n Quarter ended<\/b><\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n March 31, 2025<\/b><\/td>\n \u00a0<\/td>\n December 31, 2024<\/b><\/td>\n \u00a0<\/td>\n March 31, 2024<\/b><\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n (in thousands)<\/b><\/td>\n<\/tr>\n \n From non-affiliates:<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n <\/tr>\n \n Contractually specified<\/td>\n \u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n152,199\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n159,553\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n160,357\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Other fees<\/td>\n \u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,917\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,884\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,011\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Effect of MSRs:<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n <\/tr>\n \n Change in fair value<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n <\/tr>\n \n Realization of cashflows<\/td>\n \u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(88,759\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(90,612\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(99,772\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Market changes<\/td>\n \u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(55,831\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n183,879\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n71,570\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(144,590\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n93,267\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(28,202\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Hedging results<\/td>\n \u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(39,944\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(51,209\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(89,814\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(184,534\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n42,058\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(118,016\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Net servicing fees from non-affiliates<\/td>\n \u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(28,418\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n206,495\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n45,352\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n From PFSI\u2014MSR recapture income<\/td>\n \u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,208\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n926\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n353\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Net loan servicing fees<\/td>\n \u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n(27,210\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n207,421\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n45,705\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\nNet interest expense for the segment was $15.4 million versus $29.6 million in the prior quarter. Interest income totaled $119.9 million, up from $106.1 million in the prior quarter primarily due to a higher amount of retained investments from Agency-eligible investor loan securitizations. Interest expense totaled $135.3 million, essentially unchanged from the prior quarter.\n<\/p>\n
\nSegment expenses were $25.2 million, down from $26.4 million in the prior quarter.\n<\/p>\n
Correspondent Production Segment<\/b><\/p>\n
\nPMT acquires newly originated loans from correspondent sellers and typically sells or securitizes the loans, resulting in current-period income and additions to its investments in MSRs related to a portion of its production. PMT\u2019s Correspondent Production segment generated pretax income of $10.1 million in the first quarter, down from $22.5 million in the prior quarter.\n<\/p>\n
\nThrough its correspondent production activities in the first quarter, PMT acquired a total of $2.8 billion in UPB of loans, down 20 percent from the prior quarter and up 57 percent from the first quarter of 2024. Of total correspondent acquisitions from non-affiliates, government-insured or guaranteed acquisitions totaled $11.3 billion, up 2 percent from the prior quarter, and conventional conforming and jumbo acquisitions totaled $11.7 billion, down 31 percent from the prior quarter. $2.8 billion of conventional conforming and jumbo volume was for PMT\u2019s account, down 20 percent from the prior quarter. PMT is expected to retain all jumbo production and 15 to 25 percent of total conventional conforming correspondent production in the second quarter of 2025, compared to 21 percent in the first quarter of 2025. PMT also acquired $637 million in UPB of loans acquired or originated by PFSI for inclusion in private label securitizations, up from $437 million in the prior quarter. Interest rate lock commitments on conventional conforming and jumbo loans for PMT\u2019s account totaled $2.7 billion, down 14 percent from the prior quarter.\n<\/p>\n
\nSegment revenues were $21.2 million and included net gains on loans acquired for sale of $12.3 million, net interest income of $5.7 million, and other income of $3.2 million, which primarily consists of volume-based origination fees. Net gains on loans acquired for sale decreased $14.0 million from the prior quarter, which included gains from increased demand for private label securitization and whole loan execution for non-owner occupied loans. Interest income was $33.2 million, up slightly from the prior quarter, and interest expense was $27.5 million, down slightly from the prior quarter.\n<\/p>\n
\nSegment expenses were $11.1 million, up slightly from $10.9 million in the prior quarter. The weighted average fulfillment fee rate in the first quarter was 19 basis points, up from 18 basis points in the prior quarter.\n<\/p>\n
\nUnder a renewed mortgage banking services agreement with PFSI, effective July 1, 2025, correspondent production volumes will initially be acquired by PFSI. However, PMT will retain the right to purchase up to 100 percent of non-government correspondent loan production.\n<\/p>\n
Corporate<\/b><\/p>\n
\nCorporate includes interest income from cash and short-term investments, management fees, and corporate expenses.\n<\/p>\n
\nCorporate revenues were $2.3 million, up slightly from the prior quarter. Management fees were $7.0 million, and other expenses were $7.3 million.\n<\/p>\n
Taxes<\/b><\/p>\n
\nPMT recorded a tax benefit of $16.0 million, driven by declines on MSRs held in PMT\u2019s taxable REIT subsidiary.\n<\/p>\n
\nManagement\u2019s slide presentation and accompanying materials will be available in the Investor Relations section of the Company\u2019s website at pmt.pennymac.com<\/a> after the market closes on Tuesday, April 22, 2025. Management will also host a conference call and live audio webcast at 6:00 p.m. Eastern Time to review the Company\u2019s financial results. The webcast can be accessed at pmt.pennymac.com<\/a>, and a replay will be available shortly after its conclusion.\n<\/p>\n
\nIndividuals who are unable to access the website but would like to receive a copy of the materials should contact the Company\u2019s Investor Relations department at 818.224.7028.\n<\/p>\n
About PennyMac Mortgage Investment Trust<\/b><\/p>\n
\n
\n \n PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES<\/b><\/p>\n
CONSOLIDATED BALANCE SHEETS (UNAUDITED)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n March 31, 2025<\/b><\/td>\n \n December 31, 2024<\/b><\/td>\n \n March 31, 2024<\/b><\/td>\n<\/tr>\n \n \n (in thousands except share amounts)<\/b><\/td>\n<\/tr>\n \n ASSETS<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Cash<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n247,941\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n337,694\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n126,578\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Short-term investments at fair value<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n204,158\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n103,198\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n343,343\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Mortgage-backed securities at fair value<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,035,862\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,063,706\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,949,678\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Loans acquired for sale at fair value<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,002,207\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,116,318\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n911,602\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Loans at fair value<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,228,991\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,193,575\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,408,610\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Derivative assets<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n45,162\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n56,840\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n62,734\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Deposits securing credit risk transfer arrangements<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,087,949\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,110,708\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,187,100\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Mortgage servicing rights at fair value<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,770,034\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,867,394\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,951,737\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Servicing advances<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n84,733\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n105,037\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n125,971\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Due from PennyMac Financial Services, Inc.<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n15,155\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n16,015\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Other<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n154,034\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n438,221\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n226,346\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Total assets<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n14,876,226\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n14,408,706\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n12,293,700\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n LIABILITIES<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Assets sold under agreements to repurchase<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n6,202,539\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n6,500,938\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n5,118,377\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Mortgage loan participation and sale agreements<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,576\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n11,593\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n25,216\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Notes payable secured by credit risk transfer and mortgage servicing assets<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,683,368\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,929,790\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,880,025\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Unsecured senior notes<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n773,122\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n605,860\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n601,373\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Asset-backed financing of variable interest entities at fair value<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,967,631\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,040,375\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,308,680\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Interest-only security payable at fair value<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n35,954\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n34,222\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n32,227\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Derivative and credit risk transfer strip liabilities at fair value<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n17,941\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n7,351\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n18,750\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Accounts payable and accrued liabilities<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n105,451\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n139,124\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n125,055\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Due to PennyMac Financial Services, Inc.<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n29,198\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n30,206\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n30,835\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Income taxes payable<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n147,773\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n163,861\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n174,730\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Liability for losses under representations and warranties<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n5,955\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n6,886\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n19,519\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Total liabilities<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n12,973,508\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n12,470,206\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n10,334,787\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n SHAREHOLDERS’ EQUITY<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Preferred shares of beneficial interest<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n541,482\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n541,482\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n541,482\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Common shares of beneficial interest\u2014authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding 87,010,608, 86,860,960 and 86,760,408 common shares, respectively<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n870\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n869\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n868\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Additional paid-in capital<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,924,902\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,925,067\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,922,954\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Accumulated deficit<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(564,536\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(528,918\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(506,391\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Total shareholders’ equity<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,902,718\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,938,500\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,958,913\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Total liabilities and shareholders’ equity<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n14,876,226\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n14,408,706\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n12,293,700\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES<\/b><\/p>\n
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \u00a0<\/td>\n<\/tr>\n \n \n For the Quarterly Periods Ended<\/b><\/td>\n<\/tr>\n \n \n March 31, 2025<\/b><\/td>\n \n December 31, 2024<\/b><\/td>\n \n March 31, 2024<\/b><\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n<\/tr>\n \n Investment Income<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Net gains on investments and financings<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n62,313\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n(105,655\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n39,753\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Net gains on loans acquired for sale<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n12,344\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n26,387\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n14,518\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Loan origination fees<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,152\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,986\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,008\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Net loan servicing fees:<\/td>\n \n \n \n \n <\/tr>\n \n From nonaffiliates<\/td>\n \n \n \n \n <\/tr>\n \n Servicing fees<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n156,116\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n164,437\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n163,368\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Change in fair value of mortgage servicing rights<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(144,590\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n93,267\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(28,202\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Hedging results<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(39,944\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(51,209\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(89,814\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(28,418\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n206,495\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n45,352\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n From PennyMac Financial Services, Inc.<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,208\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n926\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n353\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(27,210\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n207,421\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n45,705\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Interest income<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n176,091\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n163,135\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n143,559\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Interest expense<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n182,137\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n187,120\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n171,527\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Net interest expense<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(6,046\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(23,985\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(27,968\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Other<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(88\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(227\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n189\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Net investment income<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n44,465\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n107,927\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n74,205\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Expenses<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Earned by PennyMac Financial Services, Inc.:<\/td>\n \n \n \n \n <\/tr>\n \n Loan servicing fees<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n21,729\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n20,486\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n20,262\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Management fees<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n7,012\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n7,149\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n7,188\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Loan fulfillment fees<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n5,290\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n6,356\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,016\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Professional services<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n6,982\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n6,041\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,758\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Compensation<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,970\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n997\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,916\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Loan collection and liquidation<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,969\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,537\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,369\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Safekeeping<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,110\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,336\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n932\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Loan origination<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n686\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n914\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n473\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Other<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,016\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n6,987\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,910\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Total expenses<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n50,764\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n52,803\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n41,824\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n (Loss) income before (benefit from) provision for income taxes<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(6,299\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n55,124\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n32,381\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n (Benefit from) provision for income taxes<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(15,979\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n8,589\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(15,227\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Net income<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n9,680\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n46,535\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n47,608\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Dividends on preferred shares<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n10,455\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n10,455\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n10,455\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Net (loss) income attributable to common shareholders<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n(775\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n36,080\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n37,153\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n (Loss) earnings per common share<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n(0.01\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n0.41\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n0.43\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Diluted<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n(0.01\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n0.41\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n0.39\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Weighted average shares outstanding<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n86,907\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n86,861\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n86,689\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Diluted<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n86,907\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n86,861\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n111,017\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n\u00a0\n<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250422620026\/en\/<\/a><\/span><\/p>\n
Media
\n<\/b>
Kristyn Clark
\n
mediarelations@pennymac.com
\n<\/a>
805.225.8224\n<\/p>\nInvestors
\n<\/b>
Kevin Chamberlain
\n
Isaac Garden
\n
investorrelations@pennymac.com
\n<\/a>
818.224.7028\n<\/p>\nKEYWORDS:<\/b> United States North America California<\/p>\n
INDUSTRY KEYWORDS:<\/b> REIT Finance Professional Services Residential Building & Real Estate Construction & Property<\/p>\n
- \nGenerated $23 million of net new investments in non-Agency subordinate bonds2<\/sup><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
- \nClosed an additional Agency-eligible investor loan securitization with a UPB of $354 million<\/p>\n
- \nGenerated $29 million of net new investments in senior bonds2<\/sup><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
- \nGenerated $66 million of net new investments in non-Agency subordinate bonds2<\/sup><\/li>\n
- \nCorrespondent loan production volumes for PMT\u2019s account totaled $2.8 billion in unpaid principal balance (UPB), down 20 percent from the prior quarter; PMT also acquired $637 million in UPB of loans acquired or originated by PennyMac Financial Services, Inc. (NYSE: PFSI)<\/p>\n
- \nInvestment activity driven by correspondent production volumes<\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20250422620026\/en\/1679583\/3\/pnmc-PMT-logo-R-horz-CMYK-pos-color.jpg\"){kind=logo}
<\/td>\n<\/tr>\n