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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-34416

PennyMac Mortgage Investment Trust

(Exact name of registrant as specified in its charter)


Maryland		27-0186273
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

3043 Townsgate Road, Westlake Village, California		91361
(Address of principal executive offices)		(Zip Code)

(818) 224-7442

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol (s)	Name of Each Exchange on Which Registered
Common Shares of Beneficial Interest, $0.01 Par Value	PMT	New York Stock Exchange
8.125% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 Par Value	PMT/PRA	New York Stock Exchange
8.00% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 Par Value 6.75% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 Par Value	PMT/PRB PMT/PRC	New York Stock Exchange New York Stock Exchange
8.50% Senior Note Due September 2028	PMTU	New York Stock Exchange
9.00% Senior Notes Due February 2030	PMTV	New York Stock Exchange
9.00% Senior Notes Due June 2030	PMTW	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.


Class		Outstanding at October 27, 2025
Common Shares of Beneficial Interest, $0.01 par value		87,016,604

PENNYMAC MORTGAGE INVESTMENT TRUST

FORM 10-Q

September 30, 2025

TABLE OF CONTENTS


		Page
Special Note Regarding Forward-Looking Statements		1
PART I. FINANCIAL INFORMATION		3
Item 1.	Financial Statements (Unaudited)	3
	Consolidated Balance Sheets	3
	Consolidated Statements of Income	5
	Consolidated Statements of Changes in Shareholders’ Equity	6
	Consolidated Statements of Cash Flows	7
	Notes to Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	61
	Our Company	61
	Results of Operations	65
	Net Investment Income	66
	Expenses	76
	Balance Sheet Analysis	78
	Asset Acquisitions	79
	Investment Portfolio Composition	80
	Cash Flows	82
	Liquidity and Capital Resources	83
	Off-Balance Sheet Arrangements and Aggregate Contractual Obligations	88
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	88
Item 4.	Controls and Procedures	89
PART II. OTHER INFORMATION		90
Item 1.	Legal Proceedings	90
Item 1A	Risk Factors	90
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	90
Item 3.	Defaults Upon Senior Securities	90
Item 4.	Mine Safety Disclosures	90
Item 5.	Other Information	90
Item 6.	Exhibits	91

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this “Report”) contains certain forward-looking statements that are subject to various risks and uncertainties. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “continue,” “plan” or other similar words or expressions.

Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain financial and operating projections or state other forward-looking information. Examples of forward-looking statements include the following:

•

projections of our revenues, income, earnings per share, capital structure or other financial items;

•

descriptions of our plans or objectives for future operations, products or services;

•

forecasts of our future economic performance, interest rates, profit margins and our share of future markets; and

•

descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of generating any revenues.

Our ability to predict results or the actual effect of future events, actions, plans or strategies is inherently uncertain. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements. There are a number of factors, many of which are beyond our control that could cause actual results to differ significantly from management’s expectations. Some of these factors are discussed below.

You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties discussed elsewhere in this Report and the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on February 20, 2025.

Factors that could cause actual results to differ materially from historical results or those anticipated include, but are not limited to:

•

changes in interest rates;

•

our ability to comply with various federal, state and local laws and regulations that govern our business;

•

volatility in our industry, the debt or equity markets, the general economy or the real estate finance and real estate markets;

•

events or circumstances which undermine confidence in the financial and housing markets or otherwise have a broad impact on financial and housing markets; changes in real estate values, housing prices and housing sales;

•

changes in macroeconomic, consumer and real estate market conditions;

•

a prolonged federal government shutdown could increase loan delinquencies, delay the processing of government loan applications and make it more difficult for customers in flood-prone areas to procure government-backed insurance;

•

the degree and nature of our competition;

•

the availability of, and level of competition for, attractive risk-adjusted investment opportunities in mortgage loans and mortgage-related assets that satisfy our investment objectives;

•

the inherent difficulty in winning bids to acquire mortgage loans, and our success in doing so;

•

the concentration of credit risks to which we are exposed;

•

our dependence on our manager and servicer, potential conflicts of interest with such entities and their affiliates, and the performance of such entities;

•

changes in personnel and lack of availability of qualified personnel at our manager, servicer or their affiliates;

•

our ability to mitigate cybersecurity risks, cybersecurity incidents and technology disruptions;

•

the availability, terms and deployment of short-term and long-term capital;

•

the adequacy of our cash reserves and working capital;

•

our ability to maintain the desired relationship between our financing and the interest rates and maturities of our assets;

•

the timing and amount of cash flows, if any, from our investments;

•

our substantial amount of indebtedness;

•

the performance, financial condition and liquidity of borrowers;

•

our exposure to risks of loss and disruptions in operations resulting from severe weather events, man-made or other natural conditions, including climate change and pandemics;

•

the ability of our servicer to approve and monitor correspondent sellers and underwrite loans to investor standards;

•

incomplete or inaccurate information or documentation provided by customers or counterparties, or adverse changes in the financial condition of our customers and counterparties;

•

our indemnification and repurchase obligations in connection with mortgage loans we may purchase, sell or securitize;

•

the quality and enforceability of the collateral documentation evidencing our ownership rights in our investments;

•

increased rates of delinquency, defaults and forbearances and/or decreased recovery rates on our investments;

•

the performance of mortgage loans underlying mortgage-backed securities in which we retain credit risk;

•

our ability to foreclose on our investments in a timely manner or at all;

•

increased prepayments of the mortgages and other loans underlying our mortgage-backed securities or relating to our mortgage servicing rights and other investments;

•

the degree to which our hedging strategies may or may not protect us from interest rate volatility;

•

the effect of the accuracy of or changes in the estimates we make about uncertainties, contingencies and asset and liability valuations;

•

our ability to maintain appropriate internal control over financial reporting;

•

our ability to detect misconduct and fraud;

•

developments in the secondary markets for our mortgage loan products;

•

legislative and regulatory changes that impact the mortgage loan industry or housing market;

•

regulatory or other changes that impact government agencies or government-sponsored entities, or such changes that increase the cost of doing business with such agencies or entities;

•

the Consumer Financial Protection Bureau and its issued and future rules and the enforcement thereof;

•

changes in government support of home ownership and home affordability programs;

•

changes in our investment objectives or investment or operational strategies, including any new lines of business or new products and services that may subject us to additional risks;

•

limitations imposed on our business and our ability to satisfy complex rules for us to qualify as a real estate investment trust (a “REIT”) for U.S. federal income tax purposes and qualify for an exclusion from the Investment Company Act of 1940 and the ability of certain of our subsidiaries to qualify as REITs or as taxable REIT subsidiaries for U.S. federal income tax purposes;

•

changes in governmental regulations, accounting treatment, tax rates and similar matters;

•

our ability to make distributions to our shareholders in the future;

•

our failure to deal appropriately with issues that may give rise to reputational risk;

•

and our organizational structure and certain requirements in our charter documents.

Other factors that could also cause results to differ from our expectations may not be described in this Report or any other document. Each of these factors could by itself, or together with one or more other factors, adversely affect our business, income and/or financial condition.

Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)


	September 30,			December 31,
	2025			2024
	(in thousands, except share information)
ASSETS
Cash	$	263,488		$	337,694
Short-term investments at fair value		181,043			103,198
Mortgage-backed securities at fair value pledged to creditors		4,609,164			4,063,706
Loans held for sale at fair value ($2,398,221 and $2,087,615 pledged to creditors, respectively)		2,421,033			2,116,318
Loans held for investment at fair value ($5,981,451 and $2,191,869 pledged to creditors, respectively)		5,983,197			2,193,575
Derivative assets with non-affiliates ($31,432 and $29,377 pledged to creditors, respectively)		51,345			56,840
Derivative assets with PennyMac Financial Services, Inc.		7,097			—
Deposits securing credit risk transfer arrangements pledged to creditors		1,033,008			1,110,708
Mortgage servicing rights at fair value ($3,608,170 and $3,807,065 pledged to creditors, respectively)		3,668,755			3,867,394
Servicing advances ($50,338 and $89,396 pledged to creditors, respectively)		61,599			105,037
Due from PennyMac Financial Services, Inc.		18,171			16,015
Other ($527 pledged to creditors as of December 31, 2024)		227,771			438,221
Total assets	$	18,525,671		$	14,408,706
LIABILITIES
Assets sold under agreements to repurchase	$	7,708,183		$	6,500,938
Mortgage loan participation purchase and sale agreements		—			11,593
Notes payable secured by credit risk transfer and mortgage servicing assets		2,248,609			2,929,790
Unsecured senior notes		876,510			605,860
Interest-only security payable at fair value		36,558			34,222
Asset-backed financings of variable interest entities at fair value		5,439,582			2,040,375
Derivative and credit risk transfer strip liabilities with non-affiliates at fair value		10,407			7,351
Derivative liabilities with PennyMac Financial Services, Inc.		1,779			—
Accounts payable and accrued liabilities		135,585			139,124
Due to PennyMac Financial Services, Inc.		40,165			30,206
Income taxes payable		143,832			163,861
Liability for losses under representations and warranties		5,152			6,886
Total liabilities		16,646,362			12,470,206

Commitments and contingencies ─ Note 17

SHAREHOLDERS’ EQUITY
Preferred shares of beneficial interest, $0.01 par value per share—authorized 100,000,000 shares, issued and outstanding 22,400,000, liquidation preference $560,000,000		541,482			541,482
Common shares of beneficial interest, $0.01 par value—authorized, 500,000,000 issued and outstanding, 87,016,604 and 86,860,960 shares, respectively		870			869
Additional paid-in capital		1,926,552			1,925,067
Accumulated deficit		(589,595	)		(528,918	)
Total shareholders’ equity		1,879,309			1,938,500
Total liabilities and shareholders’ equity	$	18,525,671		$	14,408,706

The accompanying notes are an integral part of these consolidated financial statements.

PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

Assets and liabilities of consolidated variable interest entities (“VIEs”) included in total assets and liabilities (the assets of each VIE can only be used to settle liabilities of that VIE) are summarized below:


	September 30,		December 31,
	2025		2024
	(in thousands)
ASSETS
Loans held for investment at fair value	$	5,981,451	$	2,191,709
Derivative assets		31,432		29,377
Deposits securing credit risk transfer arrangements		1,033,008		1,110,708
Other—interest receivable		25,190		6,382
	$	7,071,081	$	3,338,176
LIABILITIES
Asset-backed financings of the variable interest entities at fair value	$	5,439,582	$	2,040,375
Derivative and credit risk transfer strip liabilities at fair value		9,330		4,060
Interest-only security payable at fair value		36,558		34,222
Accounts payable and accrued liabilities—interest payable		25,190		6,382
	$	5,510,660	$	2,085,039

The accompanying notes are an integral part of these consolidated financial statements.

PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	Quarter ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
	(in thousands, except earnings per common share)
Net investment income
Net gains on investments and financings	$	64,087		$	146,695		$	160,080		$	166,705
Net gains on loans held for sale at fair value:
From nonaffiliates		14,326			18,065			39,803			41,088
From PennyMac Financial Services, Inc.		531			1,994			5,204			5,649
		14,857			20,059			45,007			46,737
Loan origination fees		3,095			6,640			9,632			11,099
Net loan servicing fees:
From nonaffiliates
Contractually specified		151,395			162,605			456,705			485,089
Other		4,428			4,012			13,472			9,838
		155,823			166,617			470,177			494,927
Change in fair value of mortgage servicing rights		(116,379	)		(184,918	)		(336,097	)		(263,676	)
Mortgage servicing rights hedging results		(27,360	)		(67,220	)		(127,941	)		(175,399	)
		12,084			(85,521	)		6,139			55,852
From PennyMac Financial Services, Inc.		3,345			441			6,027			1,267
		15,429			(85,080	)		12,166			57,119
Net interest income (expense):
Interest income		230,088			176,734			602,660			472,128
Interest expense		228,394			184,171			615,680			527,539
		1,694			(7,437	)		(13,020	)		(55,411	)
Results of real estate acquired in settlement of loans		(27	)		(65	)		(169	)		(155	)
Other		97			52			202			173
Net investment income		99,232			80,864			213,898			226,267
Expenses
Earned by PennyMac Financial Services, Inc.:
Loan servicing fees		21,012			22,240			64,386			62,766
Management fees		6,912			7,153			20,793			21,474
Loan fulfillment fees		6,162			11,492			17,266			19,935
Professional services		8,608			2,614			23,952			6,738
Compensation		2,817			1,326			8,623			4,611
Loan collection and liquidation		1,503			2,257			5,857			4,297
Safekeeping		1,194			1,174			3,532			3,067
Loan origination		794			1,408			2,146			2,414
Other		3,232			4,666			9,638			13,441
Total expenses		52,234			54,330			156,193			138,743
Income before benefit from income taxes		46,998			26,534			57,705			87,524
Benefit from income taxes		(11,298	)		(14,873	)		(17,805	)		(26,925	)
Net income		58,296			41,407			75,510			114,449
Dividends on preferred shares of beneficial interest		10,455			10,455			31,364			31,364
Net income attributable to common shareholders	$	47,841		$	30,952		$	44,146		$	83,085
Earnings per common share
Basic	$	0.55		$	0.36		$	0.50		$	0.95
Diluted	$	0.55		$	0.36		$	0.50		$	0.95
Weighted average common shares outstanding
Basic		87,017			86,861			86,979			86,800
Diluted		87,017			86,861			86,979			86,800

The accompanying notes are an integral part of these consolidated financial statements.

PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)


	Quarter ended September 30, 2025
	Preferred shares				Common shares
	Number of shares		Amount		Number of shares		Par value		Additional paid-in capital		Accumulated deficit			Total
	(in thousands, except per share amounts)
Balance at June 30, 2025		22,400	$	541,482		87,017	$	870	$	1,925,740	$	(602,447	)	$	1,865,645
Net income		—		—		—		—		—		58,296			58,296
Share-based compensation		—		—		—		—		812		—			812
Dividends:
Preferred shares		—		—		—		—		—		(10,455	)		(10,455	)
Common shares ($0.40 per share)		—		—		—		—		—		(34,989	)		(34,989	)
Balance at September 30, 2025		22,400	$	541,482		87,017	$	870	$	1,926,552	$	(589,595	)	$	1,879,309


	Quarter ended September 30, 2024
	Preferred shares				Common shares
	Number of shares		Amount		Number of shares		Par value		Additional paid-in capital		Accumulated deficit			Total
	(in thousands, except per share amounts)
Balance at June 30, 2024		22,400	$	541,482		86,861	$	869	$	1,923,780	$	(526,262	)	$	1,939,869
Net income		—		—		—		—		—		41,407			41,407
Share-based compensation		—		—		—		—		816		—			816
Dividends:
Preferred shares		—		—		—		—		—		(10,455	)		(10,455	)
Common shares ($0.40 per share)		—		—		—		—		—		(34,850	)		(34,850	)
Balance at September 30, 2024		22,400	$	541,482		86,861	$	869	$	1,924,596	$	(530,160	)	$	1,936,787


	Nine months ended September 30, 2025
	Preferred shares				Common shares
	Number of shares		Amount		Number of shares		Par value		Additional paid-in capital		Accumulated deficit			Total
	(in thousands, except per share amounts)
Balance at December 31, 2024		22,400	$	541,482		86,861	$	869	$	1,925,067	$	(528,918	)	$	1,938,500
Net income		—		—		—		—		—		75,510			75,510
Share-based compensation		—		—		156		1		1,485		—			1,486
Dividends:
Preferred shares		—		—		—		—		—		(31,364	)		(31,364	)
Common shares ($1.20 per share)		—		—		—		—		—		(104,823	)		(104,823	)
Balance at September 30, 2025		22,400	$	541,482		87,017	$	870	$	1,926,552	$	(589,595	)	$	1,879,309


	Nine months ended September 30, 2024
	Preferred shares				Common shares
	Number of shares		Amount		Number of shares		Par value		Additional paid-in capital		Accumulated deficit			Total
	(in thousands, except per share amounts)
Balance at December 31, 2023		22,400	$	541,482		86,624	$	866	$	1,923,437	$	(508,695	)	$	1,957,090
Net income		—		—		—		—		—		114,449			114,449
Share-based compensation		—		—		237		3		1,159		—			1,162
Dividends:
Preferred shares		—		—		—		—		—		(31,364	)		(31,364	)
Common shares ($1.20 per share)		—		—		—		—		—		(104,550	)		(104,550	)
Balance at September 30, 2024		22,400	$	541,482		86,861	$	869	$	1,924,596	$	(530,160	)	$	1,936,787

The accompanying notes are an integral part of these consolidated financial statements.

PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


	Nine months ended September 30,
	2025			2024
	(in thousands)
Cash flows from operating activities
Net income	$	75,510		$	114,449
Adjustments to reconcile net income to net cash used in operating activities:
Net gains on investments and financings		(160,080	)		(166,705	)
Net gains on loans held for sale		(45,007	)		(46,737	)
Change in fair value of mortgage servicing rights		336,097			263,676
Mortgage servicing rights hedging results		127,941			175,399
Accrual of unearned discounts and amortization of purchase premiums on mortgage-backed securities, loans held for investment, and asset-backed financings		(27,036	)		(25,967	)
Amortization of debt issuance costs		15,322			16,742
Results of real estate acquired in settlement of loans		169			155
Share-based compensation expense		2,613			3,008
Purchase of loans held for sale from nonaffiliates		(59,033,943	)		(67,670,193	)
Purchase of loans held for sale from PennyMac Financial Services, Inc.		(5,673,014	)		(191,250	)
Sale to nonaffiliates and repayment of loans held for sale		7,480,047			9,340,802
Sale of loans held for sale to PennyMac Financial Services, Inc.		52,856,500			57,502,461
Repurchase of loans subject to representations and warranties		(21,113	)		(25,318	)
Decrease in servicing advances		43,309			134,885
Increase in due from PennyMac Financial Services, Inc.		(2,156	)		(8,482	)
Decrease (increase) in other assets		131,263			(225,737	)
Decrease in accounts payable and accrued liabilities		(3,838	)		(242,451	)
Increase in due to PennyMac Financial Services, Inc.		9,959			3,341
Decrease in income taxes payable		(20,029	)		(34,459	)
Net cash used in operating activities		(3,907,486	)		(1,082,381	)
Cash flows from investing activities
Net (increase) decrease in short-term investments		(77,845	)		25,551
Purchase of mortgage-backed securities		(942,462	)		(479,960	)
Sale and repayment of mortgage-backed securities		552,184			1,245,129
Repayment of loans held for investment		299,531			75,113
Net settlement of derivative financial instruments		5,110			(1,346	)
Distribution from credit risk transfer arrangements		115,232			118,668
Purchase of mortgage servicing rights		—			(27,981	)
Transfer of mortgage servicing rights relating to delinquent loans to Agency		(675	)		(341	)
Sale of real estate acquired in settlement of loans		686			1,127
(Increase) decrease in margin deposits		(74,811	)		122,389
Net cash (used in) provided by investing activities		(123,050	)		1,078,349

Statements continued on the next page

PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Continued)


	Nine months ended September 30,
	2025			2024
	(in thousands)
Cash flows from financing activities
Sale of assets under agreements to repurchase		88,710,128			91,889,781
Repurchase of assets sold under agreements to repurchase		(87,506,607	)		(91,766,070	)
Issuance of mortgage loan participation purchase and sale agreements		665,124			1,771,100
Repayment of mortgage loan participation purchase and sale agreements		(676,775	)		(1,742,221	)
Issuance of notes payable secured by credit risk transfer and mortgage servicing assets		150,000			1,306,500
Repayment of notes payable secured by credit risk transfer and mortgage servicing assets		(835,552	)		(1,384,419	)
Issuance of unsecured senior notes		277,500			216,500
Issuance of asset-backed financings of variable interest entities		3,617,501			8,137
Repayment of asset-backed financings of variable interest entities		(293,955	)		(73,083	)
Payment of debt issuance costs		(14,019	)		(21,260	)
Payment of dividends to preferred shareholders		(31,364	)		(31,364	)
Payment of dividends to common shareholders		(104,524	)		(104,450	)
Payment of vested share-based compensation tax withholdings		(1,127	)		(1,846	)
Net cash provided by financing activities		3,956,330			67,305
Net (decrease) increase in cash		(74,206	)		63,273
Cash at beginning of period		337,694			281,085
Cash at end of period	$	263,488		$	344,358
Supplemental cash flow information
Payments, net:
Income taxes	$	2,223		$	7,534
Interest	$	615,598		$	564,417
Non-cash investing activities:
Recognition of loans held for investment resulting from initial consolidation of variable interest entities	$	4,013,749		$	—
Receipt of mortgage servicing rights as proceeds from sales of loans	$	136,783		$	159,456
Unsettled purchase of mortgage servicing rights	$	—		$	1,447
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities and interest receivable	$	—		$	35,609
Non-cash financing activities:
Dividends declared, not paid	$	35,137		$	34,850

The accompanying notes are an integral part of these consolidated financial statements.

PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1—Organization

PennyMac Mortgage Investment Trust (“PMT” or the “Company”) is a specialty finance company, which invests in residential mortgage-related assets. The Company operates in three reportable segments: credit sensitive strategies, interest rate sensitive strategies and correspondent production. All other activities are included in corporate:

•

The credit sensitive strategies segment represents the Company’s investments in credit risk transfer (“CRT”) arrangements referencing loans from its own correspondent production (“CRT arrangements”) and subordinate mortgage-backed securities (“MBS”).

•

The interest rate sensitive strategies segment represents the Company’s investments in mortgage servicing rights (“MSRs”), Agency and senior non-Agency MBS and the related interest rate hedging activities.

•

The correspondent production segment represents the Company’s operations aimed at serving as an intermediary between lenders and the capital markets by purchasing, pooling and reselling newly originated prime credit quality loans either directly or in the form of MBS, using the services of PNMAC Capital Management, LLC (“PCM”) and PennyMac Loan Services, LLC (“PLS”), both wholly-owned subsidiaries of PennyMac Financial Services, Inc. (“PFSI”), a publicly-traded mortgage banking and investment management company separately listed on the New York Stock Exchange.

The Company primarily sells the loans it acquires through its correspondent production activities to government-sponsored enterprises ("GSEs") such as the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal National Mortgage Association (“Fannie Mae”) or to PLS primarily for sale into securitizations guaranteed by the Government National Mortgage Association ("Ginnie Mae"), or the GSEs. Freddie Mac, Fannie Mae and Ginnie Mae are each referred to as an “Agency” and, collectively, as the “Agencies.” The Company may also securitize loans directly and retain senior and subordinate MBS created in the securitizations.

•

Corporate activities include management fees, corporate expense amounts and certain interest income and expense. None of the corporate activities qualify as reportable segments.

The Company conducts substantially all of its operations and makes substantially all of its investments through its subsidiary, PennyMac Operating Partnership, L.P. (the “Operating Partnership”), and the Operating Partnership’s subsidiaries. A wholly-owned subsidiary of the Company is the sole general partner, and the Company is the sole limited partner, of the Operating Partnership.

The Company believes that it qualifies, and has elected to be taxed, as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended. To maintain its tax status as a REIT, the Company is required to distribute at least 90% of its taxable income in the form of qualifying distributions to shareholders.

Note 2—Basis of Presentation and Recently Issued Accounting Pronouncement

Basis of Presentation

The Company’s consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“GAAP”) as codified in the Financial Accounting Standards Board’s ("FASB") Accounting Standards Codification for interim financial information and with the Securities and Exchange Commission’s instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these financial statements and notes do not include all of the information required by GAAP for complete financial statements. This interim consolidated information should be read together with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

These unaudited consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, income, and cash flows for the interim periods presented, but are not necessarily indicative of the income that may be expected for the full year. Intercompany accounts and transactions have been eliminated.

Preparation of financial statements in compliance with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Actual results will likely differ from those estimates.

The Company held no restricted cash during the periods presented. Therefore, the consolidated statements of cash flows do not include references to restricted cash.

Recently Issued Accounting Pronouncement

During 2023 the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), that is intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 does not require any changes to the Company’s accounting for income taxes. ASU 2023-09 requires disclosures of:

•

Reconciliation of the expected income tax at the applicable statutory federal income tax rate to the reported income tax in a tabular format, using both percentages and amounts, broken out into specific categories with certain reconciling items of five percent or greater of the expected tax further broken out by nature and/or jurisdiction; and

•

Income taxes paid, net of refunds received, broken out between federal and state and local income taxes. Payments to individual jurisdictions representing five percent or more of the total income tax payments must also be separately disclosed.

The disclosures required by ASU 2023-09 are required in the Company’s annual financial statements beginning with the year ended December 31, 2025.

Note 3—Concentration of Risks

As discussed in Note 1 – Organization above, PMT’s operating and investing activities are centered in residential mortgage-related assets, including CRT arrangements, subordinate MBS, Agency and senior Non-Agency MBS and MSRs.

The Company is exposed to fair value risk and credit risk and, as a result of prevailing market conditions, may be required to recognize losses associated with adverse changes to the fair value of its investments in MSRs, CRT arrangements, and MBS as well as credit losses arising from its investments in CRT arrangements and subordinate MBS.

Fair Value Risk

The Company carries its non-cash financial assets and MSRs at fair value with changes in fair value included in its income:

•

The fair value of MSRs is sensitive to changes in prepayment speed expectation and experience, the returns demanded by market participants and estimates of cost to service the underlying loans;

•

The fair values of Agency and senior non-Agency MBS are sensitive to changes in market interest rates; and

•

The fair values of CRT arrangements and subordinate MBS are sensitive to market perceptions of future credit performance of the underlying loans as well as the actual credit performance of such loans and the returns required by market participants to hold such investments.

Credit Risk

Note 6 – Variable Interest Entities details the Company’s investments in CRT arrangements whereby the Company sold pools of loans into Fannie Mae guaranteed loan securitizations which became reference pools underlying the CRT arrangements. Fannie Mae transferred interest-only (“IO”) ownership interests and recourse obligations based upon the securitized reference pools of loans subject to the CRT arrangements into trust entities, and the Company acquired the IO ownership interests and assumed the recourse obligations in the CRT arrangements through the acquisition of beneficial interests in the trust entities.

The Company also invests in subordinate MBS, which are among the first beneficial interests in the issuing trusts to absorb credit losses on the underlying loans.

The Company’s retention of credit risk through its investment in CRT arrangements and subordinate MBS subjects it to risks associated with delinquency and foreclosure similar to the risks of loss associated with owning the underlying loans, which is greater than the risk of loss associated with selling loans to the Agencies without the retention of credit risk in the case of CRT arrangements and investing in senior mortgage-backed securities in the case of subordinate MBS.

Certain of the Company's investments in CRT arrangements are structured such that loans that reach a specific number of days delinquent trigger losses chargeable to the CRT arrangements based on the sizes of the delinquent loans and a contractual schedule of loss severity. Therefore, the risks associated with delinquency and foreclosure may in some instances be greater than the risks associated with owning the related loans because the structure of those CRT arrangements provides that the Company may be required to absorb losses in the event of delinquency or foreclosure even when there is ultimately no loss realized with respect to such loans (e.g., as a result of a borrower’s re-performance). In contrast, the structure of the Company’s other investments in CRT arrangements requires PMT to absorb losses only when the reference loans realize losses.

The Company maintains cash and short-term investment balances at financial institutions in excess of the Federal Deposit Insurance Corporation ("FDIC") insurance limits. Should one or more of the financial institutions at which the Company's deposits are

maintained fail, there is no guarantee as to the extent that the Company would recover the funds deposited, whether through FDIC coverage or otherwise, or the timing of any recovery.

Note 4—Transactions with Related Parties

The Company enters into transactions with subsidiaries of PFSI in support of its operating, investing and financing activities as summarized below.

Operating Activities

Servicing Agreement

The Company has a loan servicing agreement with PLS (the “Servicing Agreement”) pursuant to which PLS provides subservicing for the Company's portfolio of MSRs, loans held for sale, loans held in VIEs (prime servicing), and its portfolio of residential loans purchased with credit deterioration (special servicing or distressed loans).

Under the Servicing Agreement, as amended, servicing fees for all subserviced MSRs and loans are established at a per loan monthly amount based on the delinquency, bankruptcy and/or foreclosure status of the serviced loan or real estate acquired in settlement of loans (“REO") as shown below:

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Through September 30, 2025, the per-loan base servicing fees for loans subserviced by PLS on the Company’s behalf were $7.50 per month for fixed-rate loans and $8.50 per month for adjustable-rate loans. Effective October 1, 2025, the per loan base servicing fees for mortgage loans are $7.00 per month for fixed-rate loans and $8.00 per month for adjustable-rate loans.

•

To the extent that these prime loans became delinquent, PLS is entitled to an additional servicing fee per loan ranging from $18 to $80 per month based on the delinquency, bankruptcy and foreclosure status of the loan or $75 per month if the underlying mortgaged property becomes REO.

•

PLS is also entitled to customary ancillary income and certain market-based fees and charges, including boarding and deboarding fees, liquidation and disposition fees, assumption, modification and origination fees, pass through of Agency incentive fees to PLS for loss mitigation activities and a fee for processing insurance and guarantee claims on defaulted loans.

Through 2024, the loan servicing fees were established based on whether the serviced loans were “prime” loans (loans included in PMT’s MSRs, private label securitization portfolios and its inventory of loans held for sale) or “special servicing” loans (loans purchased by PMT with credit deterioration) as follows:

Prime Servicing

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The per-loan base servicing fees for prime loans subserviced by PLS on the Company’s behalf were $7.50 per month for fixed-rate loans and $8.50 per month for adjustable-rate loans.

•

To the extent that prime loans became delinquent, PLS was entitled to an additional servicing fee per loan ranging from $10 to $55 per month based on the delinquency, bankruptcy and foreclosure status of the loan or $75 per month if the underlying mortgaged property became REO.

•

PLS was also entitled to customary ancillary income and certain market-based fees and charges, including boarding and deboarding fees, liquidation and disposition fees, assumption and modification and origination fees and certain fees for forbearance and modification activities.

Special Servicing

•

The per-loan base servicing fee rates for distressed loans ranged from $30 per month for current loans up to $95 per month for loans in foreclosure proceedings. The base servicing fee rate for REO was $75 per month. PLS also received a supplemental servicing fee of $25 per month for each special servicing loan.

•

PLS received activity-based fees for modifications, foreclosures and liquidations that it facilitated with respect to special servicing, as well as other market-based refinancing and loan disposition fees.

The Servicing Agreement expires on December 31, 2029, subject to automatic renewal for an additional 18-month period unless terminated in accordance with the terms of the agreement.

MSR Recapture Agreement

The Company has an MSR recapture agreement with PLS. Pursuant to the terms of the MSR recapture agreement, if PLS refinances (recaptures) mortgage loans for which the Company previously held the MSRs, PLS is generally required to transfer and convey to the Company cash in an amount equal to:

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70% of the fair market value of the MSRs relating to the recaptured loans subject to the first 30% of the “recapture rate”;

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50% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 30% and up to 50%;

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40% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 50%; and

•

a recapture fee of $900 per loan if PLS originates a mortgage loan for the purpose of purchasing a property where the customer has or had a mortgage loan for which PMT holds or held the MSR.

The “recapture rate” means, during each month, the ratio of (i) the aggregate unpaid principal balance ("UPB") of all refinance mortgage loans originated in such month, plus the aggregate UPB of all "preserved mortgage loans" relating to closed end second loans originated in such month, to (ii) the aggregate UPB of all mortgage loans from the portfolio that PLS has determined in good faith were refinanced in such month, plus the aggregate UPB of all "preserved mortgage loans" relating to closed end second lien loans originated in such month. For purposes of such calculation, “preserved mortgage loan” means a mortgage loan in PMT’s portfolio as to which PLS or its affiliates originated a new closed end second lien loan in a subordinate position to such mortgage loan. PFSI has further agreed to allocate sufficient resources to target a recapture rate of at least 30%.

Through December 2024, the MSR recapture agreement provided for the fee to be determined as follows:

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40% of the fair market value of the MSRs relating to the recaptured loans subject to the first 15% of the “recapture rate”;

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35% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 15% and up to 30%; and

•

30% of the fair market value of the MSRs relating to the recaptured loans subject to the “recapture rate” in excess of 30%.

Through December 31, 2024, the “recapture rate” meant, during each month, the ratio of (i) the aggregate UPB of all recaptured loans, to (ii) the aggregate UPB of all mortgage loans for which the Company held the MSRs and that were refinanced or otherwise paid off in such month.

The MSR recapture agreement expires on December 31, 2029, subject to automatic renewal for an additional 18-month period unless terminated in accordance with the terms of the agreement.

Following is a summary of loan servicing and recapture fees earned by PLS:


	Quarter ended September 30,					Nine months ended September 30,
	2025			2024		2025		2024
	(in thousands)
Loan servicing fees:
Loans held for sale	$	383		$	158	$	891	$	342
Loans held for investment		(233	)		60		161		185
Mortgage servicing rights		20,862			22,022		63,334		62,239

PennyMac Mortgage Investment Trust 10-Q