# EDGAR Filing Document

**Accession Number:** 0001464423
**File Stem:** 0001193125-26-029474
**Filing Date:** 2026-1
**Character Count:** 80998
**Document Hash:** 939d4f4f0504d0e99089767f7ca35c15
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-029474.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001193125-26-029474

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20260129

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PennyMac Mortgage Investment Trust
- **CENTRAL INDEX KEY:** 0001464423
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 270186273
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34416
- **FILM NUMBER:** 26578569

**BUSINESS ADDRESS:**
- **STREET 1:** 3043 TOWNSGATE ROAD
- **CITY:** WESTLAKE VILLAGE
- **STATE:** CA
- **ZIP:** 91361
- **BUSINESS PHONE:** (818) 224-7442

**MAIL ADDRESS:**
- **STREET 1:** 3043 TOWNSGATE ROAD
- **CITY:** WESTLAKE VILLAGE
- **STATE:** CA
- **ZIP:** 91361

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): January 29, 2026

## PennyMac Mortgage Investment Trust

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-34416** | **27-0186273** |
| **(State or other jurisdiction** | **(Commission** | **(IRS Employer** |
| **of incorporation)** | **File Number)** | **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)

#### Not Applicable

#### (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **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/PA | New York Stock Exchange |
| 8.00% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value | PMT/PB | New York Stock Exchange |
| 6.75% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value | PMT/PC | New York Stock Exchange |
| 8.50% Senior Note Due 2028 | PMTU | New York Stock Exchange |
| 9.00% Senior Note Due 2030 | PMTV | New York Stock Exchange |
| 9.00% Senior Note Due 2030 | PMTW | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.**  |

---

On January 29, 2026, PennyMac Mortgage Investment Trust (the "Company") issued a press release announcing its financial results for the fiscal quarter and year ended December 31, 2025. A copy of the press release and the slide presentation used in connection with the Company's presentation of financial results were made available on January 29, 2026 and are furnished as Exhibits 99.1 and Exhibit 99.2, respectively. In addition, the Company has made available other supplemental financial information for the fiscal quarter and year ended December 31, 2025 on its website at <u>pmt.pennymac.com</u>.

The information in Item 2.02 of this report, including the exhibits hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any disclosure document relating to the Company, except to the extent, if any, expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 99.1 | [Press Release, dated January 29, 2026, issued by PennyMac Mortgage Investment Trust pertaining to its financial results for the fiscal quarter and year ended December 31, 2025.](d37745dex991.htm) |
| 99.2 | [Earnings Report for use beginning on January 29, 2026 in connection with a presentation of financial results for the fiscal quarter and year ended December 31, 2025.](d37745dex992.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
|  | PENNYMAC MORTGAGE INVESTMENT TRUST |
| Dated: January 29, 2026 | /s/ Daniel S. Perotti |
|  | Daniel S. Perotti |
|  | Senior Managing Director and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g37745g0129235615953.jpg)

**PennyMac Mortgage Investment Trust** 

**Reports Fourth Quarter and Full-Year 2025 Results** 

**WESTLAKE VILLAGE, Calif. – January 29, 2026 –** PennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income attributable to common shareholders of $41.9 million, or $0.48 per common share for the fourth quarter of 2025, on net investment income of $93.6 million. PMT previously announced a cash dividend for the fourth quarter of 2025 of $0.40 per common share of beneficial interest, which was declared on December 10, 2025, and will be paid on January 23, 2026, to common shareholders of record as of December 26, 2025.

**Fourth Quarter 2025 Highlights** 

Financial results:

• Net income attributable to common shareholders of $41.9 million; annualized return on average common
shareholders' equity of 13 percent<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong results from the credit sensitive and interest rate sensitive strategies, including a tax benefit

• Book value per common share was $15.25 at December 31, 2025, up from $15.16 at September 30, 2025

Other investment highlights:

• Investment activity driven by acquisition volumes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loans acquired totaled $5.5 billion in unpaid principal balance (UPB), up 18 percent from the prior
quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquired $3.7 billion in UPB of conventional conforming and non-Agency loan volume from PennyMac Financial Services, Inc. (NYSE: PFSI) through their fulfillment agreement, up 10 percent from the prior quarter

<sup>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 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Also acquired $1.8 billion in UPB of loans from PFSI's production, up 40 percent from the prior
quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resulted in the creation of $53 million in new mortgage servicing rights (MSRs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed three Agency-eligible investor loan securitizations, three jumbo loan securitizations, and two
Agency-eligible owner occupied loan securitizations with a combined UPB of $2.8 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated $184 million of net new investments in non-Agency subordinate bonds<sup>2</sup>

Other highlights:

• Raised $150 million through opportunistic reopenings of exchangeable senior notes due June 2029

*Notable activity after quarter end:* 

• Closed one jumbo loan securitization, one Agency-eligible investor loan securitization, and one Agency-eligible
owner occupied loan securitization with a combined UPB of $1.1 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated $69 million of net new investments in non-Agency subordinate bonds<sup>2</sup>

**Full-Year 2025 Highlights** 

Financial results:

• Net income attributable to common shareholders of $86.1 million, versus $119.2 million in 2024; diluted
earnings per share of $0.99 versus $1.37 in 2024

• Dividends of $1.60 per common share

• Book value per share decreased from $15.87 to $15.25

• Net investment income of $307.5 million, down from $334.2 million in 2024

• Return on average common equity of 6%<sup>3</sup>

• Closed 19 private label securitizations with a combined UPB of $6.7 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated approximately $528 million of net new investments in non-Agency senior and subordinate bonds<sup>2</sup>

<sup>2</sup> We consolidate the assets and liabilities of the trust that issued the subordinate and senior bonds; accordingly, these investments are shown as Loans held for investment at fair value and Asset-backed financing of variable interest entities at fair value on our consolidated balance sheets 

<sup>3</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 year 

------

• Purchased $876 million of agency floating rate mortgage-backed securities

• Sold $195 million in Government-sponsored enterprise (GSE)-issued CRT investments

• Issued $428 million in unsecured debt to address upcoming maturities and support growth

"PMT delivered strong results in the fourth quarter, generating earnings per share of $0.48, above the dividend level for an annualized return on common equity of 13%," said Chairman and CEO David Spector. "These results were primarily driven by solid contributions from our credit sensitive and interest rate sensitive strategies, including a tax benefit, demonstrating the earnings power of our investment portfolio in the current market environment. We took significant steps to build future earnings potential, accelerating our organic investment activity with the execution of eight private label securitizations totaling $2.8 billion in UPB, retaining more than $180 million in new subordinate bond investments with attractive return profiles. Additionally, we further strengthened our balance sheet and liquidity position through the opportunistic issuance of $150 million in exchangeable senior notes. These actions highlight our ability to actively manage capital and consistently create high-quality investments at scale."

Mr. Spector continued, "Fundamentally, PMT's success is anchored by its synergistic relationship with PFSI. Our ability to leverage PFSI's multi-channel production platform and best-in-class servicing capabilities is unique in the industry and allows us to organically create a steady flow of investments with strong risk adjusted returns. As we look ahead, I am confident that this comprehensive platform will drive our ability to continue generating earnings that support our dividend and drive long-term value for our shareholders."

------

The following table presents the contributions of PMT's segments to pretax income:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Quarter ended December 31, 2025** | **Credit sensitive<br>strategies** | **Interest rate**<br>**sensitive**<br>**strategies** | **Correspondent<br>production** | **Reportable<br>segment total** | **Corporate** | **Total** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Net investment income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains on investments and financings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed securities | $— | $31353 | $— | $31353 | $— | $31353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans held for investment | 8659 | (3157) |  | 5502 |  | 5502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRT investments | 16178 |  |  | 16178 |  | 16178 |
|  | 24837 | 28196 |  | 53033 |  | 53033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains on loans held for sale |  |  | 7187 | 7187 |  | 7187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loan servicing fees |  | 36766 |  | 36766 |  | 36766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest expense: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 17546 | 189031 | 39429 | 246006 | 2246 | 248252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 18887 | 201308 | 33134 | 253329 | 1385 | 254714 |
|  | (1341) | (12277) | 6295 | (7323) | 861 | (6462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 106 |  | 2933 | 3039 |  | 3039 |
|  | 23602 | 52685 | 16415 | 92702 | 861 | 93563 |
|  **Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earned by PennyMac Financial Services, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan servicing fees | 1 | 20045 |  | 20046 |  | 20046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees |  |  |  |  | 6856 | 6856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan fulfillment fees |  |  | 6538 | 6538 |  | 6538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services |  |  | 10659 | 10659 | 3163 | 13822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation |  |  |  |  | 3263 | 3263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan collection and liquidation | 17 | 2411 |  | 2428 |  | 2428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safekeeping |  | 1018 | 80 | 1098 |  | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loan origination Fees |  |  | 132 | 132 |  | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 78 | 739 | 23 | 840 | 2427 | 3267 |
|  | 96 | 24213 | 17432 | 41741 | 15709 | 57450 |
|  **Pretax income (loss)** | $23506 | $28472 | $(1017) | $50961 | $(14848) | $36113 |

---

**Credit Sensitive Strategies Segment** 

The Credit Sensitive Strategies segment primarily includes results from PMT's organically-created GSE CRT investments and investments in non-Agency subordinate bonds from private-label securitizations of PMT's production. Pretax income for the segment was $23.5 million on net investment income of $23.6 million, compared to pretax income of $18.8 million on net investment income of $18.8 million in the prior quarter.

Net gains on investments in the segment were $24.8 million, compared to $17.6 million in the prior quarter. These net gains included $16.2 million of gains from PMT's organically-created GSE CRT investments and $8.7 million of gains from non-Agency subordinate bonds from PMT's production.

Net gains on PMT's organically-created CRT investments for the quarter were $16.2 million, compared to $13.7 million in the prior quarter. These net gains included $3.6 million in valuation-related gains, which reflected the impact of credit spread tightening in the fourth quarter, up from $1.5 million in the prior quarter. Net gains on PMT's organically-created CRT investments also included $13.3 million in realized gains and carry, compared to $13.5 million in the prior quarter. Realized losses during the quarter were $0.7 million, down from $1.3 million in the prior quarter.

------

Net interest expense for the segment totaled $1.3 million, compared to $1.3 million of net interest income in the prior quarter. Interest income totaled $17.5 million, down from $20.9 million in the prior quarter. Interest expense totaled $18.9 million, down from $19.6 million in the prior quarter.

**Interest Rate Sensitive Strategies Segment** 

The Interest Rate Sensitive Strategies segment includes results from investments in MSRs, Agency MBS, non-Agency senior MBS and interest rate hedges. 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. The results in the Interest Rate Sensitive Strategies segment consist of net gains and losses on investments, net loan servicing fees and net interest income, as well as associated expenses.

Pretax income for the segment was $28.5 million on net investment income of $52.7 million, compared to pretax income of $32.3 million on net investment income of $56.5 million in the prior quarter.

Net loan servicing fees were $36.8 million, compared to $15.4 million in the prior quarter. Net loan servicing fees included contractually specified servicing fees of $151.3 million and $4.0 million in other fees, reduced by $103.9 million in realization of MSR cash flows, which was up from $89.4 million in the prior quarter due to higher prepayment activity. Net loan servicing fees also included $26.2 million in fair value gains on MSRs, $45.0 million in hedging losses, and $4.1 million of MSR recapture income.

Net gains on investments for the segment were $28.2 million, which primarily consisted of gains on MBS. PMT's hedging activities are intended to manage its net exposure across all interest rate sensitive strategies, which include MSRs, MBS and related tax effects.

------

The following schedule details net loan servicing fees:

---

| | | | |
|:---|:---|:---|:---|
|  | **Quarter ended** | **Quarter ended** | **Quarter ended** |
|  | **December 31, 2025** | **September 30, 2025** | **December 31, 2024** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  From non-affiliates: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contractually specified | $151320 | $151395 | $159553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other fees | 3958 | 4428 | 4884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of MSRs: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realization of cashflows | (103859) | (89404) | (90612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market changes | 26247 | (26975) | 183879 |
|  | (77612) | (116379) | 93267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hedging results | (44990) | (27360) | (51209) |
|  | (122602) | (143739) | 42058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net servicing fees from non-affiliates | 32676 | 12084 | 206495 |
|  From PFSI—MSR recapture income | 4090 | 3345 | 926 |
|  Net loan servicing fees | $36766 | $15429 | $207421 |

---

Net interest expense for the segment was $12.3 million versus $5.4 million in the prior quarter. Interest income totaled $189.0 million, up from $173.8 million in the prior quarter primarily due to a higher amount of retained investments from private label securitizations. Interest expense totaled $201.3 million, up from $179.2 million in the prior quarter, due to higher financing balances.

Segment expenses were $24.2 million, unchanged from the prior quarter.

**Correspondent Production Segment** 

Correspondent production volumes are initially acquired by PFSI. PMT retains the right to purchase up to 100 percent of non-government correspondent loan production. After purchasing certain conventional conforming and non-Agency eligible loans from PFSI, PMT sells or securitizes those loans, resulting in current period income. PMT's Correspondent Production segment generated a pretax loss of $1.0 million in the fourth quarter, compared to $9.2 million of pretax income in the prior quarter.

------

PMT purchased a total of $3.7 billion in UPB of conventional conforming and non-Agency eligible loans through its fulfillment agreement that PFSI acquired from correspondent sellers, up 10 percent from the prior quarter. PMT acquired 17 percent of total conventional conforming correspondent production and 100 percent of non-Agency eligible correspondent production in the fourth quarter. PMT is expected to acquire all non-Agency eligible correspondent production and 15 to 25 percent of total conventional conforming correspondent production in the first quarter of 2026. Interest rate lock commitments on conventional conforming and non-Agency eligible loans for PMT's account totaled $4.1 billion, down 7 percent from the prior quarter. Additionally, PMT acquired $1.8 billion in UPB of loans from PFSI's production for inclusion in private label securitizations, up from $1.3 billion in the prior quarter.

Segment revenues were $16.4 million and included net gains on loans acquired for sale of $7.2 million, net interest income of $6.3 million, and other income of $2.9 million, which primarily consists of volume-based origination fees. Net gains on loans acquired for sale decreased $7.7 million from the prior quarter, due to the impact of spread widening on jumbo loans held for sale during aggregation and lower overall channel margins. Interest income was $39.4 million, up from $33.1 million in the prior quarter, and interest expense was $33.1 million, up from $28.2 million in the prior quarter.

Segment expenses were $17.4 million, up from $13.7 million in the prior quarter due to increased private label securitization activity. The weighted average fulfillment fee rate in the fourth quarter was 18 basis points, essentially unchanged from the prior quarter.

**Corporate** 

Corporate includes interest income from cash and short-term investments, management fees, and corporate expenses.

Corporate revenues were $0.9 million, unchanged from the prior quarter. Corporate expenses were $15.7 million, up slightly from $14.3 million in the prior quarter, and consisted of management fees of $6.9 million and $8.9 million of other corporate expenses.

**Taxes** 

PMT recorded a tax benefit of $16.2 million, driven primarily by net fair value declines on MSR and interest rate hedges held in its taxable REIT subsidiary.

------

\*\*\*

Management's slide presentation and accompanying materials will be available in the Investor Relations section of the Company's website at <u>pmt.pennymac.com</u> after the market closes on Thursday, January 29, 2026. Management will also host a conference call and live audio webcast at 6:00 p.m. Eastern Time to review the Company's financial results. The webcast can be accessed at <u>pmt.pennymac.com</u>, and a replay will be available shortly after its conclusion.

Individuals who are unable to access the website but would like to receive a copy of the materials should contact the Company's Investor Relations department at 818.224.7028.

**About PennyMac Mortgage Investment Trust** 

PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. PMT is externally managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI). Additional information about PennyMac Mortgage Investment Trust is available at <u>pmt.pennymac.com</u>.

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| | |
|:---|:---|
| **Media** | **Investors** |
| Kristyn Clark | Kevin Chamberlain |
| <u>mediarelations@pennymac.com</u> | Isaac Garden |
| 805.395.9943 | <u>investorrelations@pennymac.com</u> |
|  | 818.224.7028 |

---

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**Forward-Looking Statements** 

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management's beliefs, estimates, projections and assumptions with respect to, among other things, the Company's financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like "believe," "expect," "anticipate," "promise," "plan," and other expressions or words of similar meanings, as well as future or conditional verbs such as "will," "would," "should," "could," or "may" are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: changes in interest rates; changes in macroeconomic, consumer and real estate market conditions; changes in housing prices, housing sales and real estate values; t changes in homeownership costs and affordability; compliance with changing federal, state and local laws and regulations that govern its business; 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; the degree and nature of the Company's competition; the availability of, and level of competition for, attractive risk adjusted investment opportunities in mortgage loans and mortgage related assets that satisfy the Company's investment objectives; the concentration of credit risks to which the Company is exposed; the Company's dependence on and potential conflicts with its manager, servicer and their affiliates; the Company's ability to mitigate cybersecurity risks, cybersecurity incidents and technology disruptions; the development of artificial intelligence; the availability, terms and deployment of short term and long term capital; the adequacy of the Company's cash reserves and working capital; the Company's ability to maintain the desired relationship between its financing and the interest rates and maturities of its assets; the timing and amount of cash flows, if any, from the Company' s investments; the Company's engagement in private loan securitizations; the Company's substantial amount of indebtedness; the performance, financial condition and liquidity of borrowers; the Company's exposure to risks of loss from severe weather events, man-made or other natural conditions, including climate change and pandemics; the ability of the Company's servicer, which also provides the Company with fulfillment services, 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 the Company's customers and counterparties; the Company's indemnification and repurchase obligations in connection with mortgage loans it purchases and later sells or securitizes; the quality and enforceability of the collateral documentation evidencing the Company' s ownership and rights in the assets in which it invests; increased rates of delinquency, defaults and forbearances and/or decreased recovery rates on the Company's investments; the performance of mortgage loans underlying mortgage backed securities or other investments in which the Company retains credit risk; the Company's ability to foreclose on its investments in a timely manner or at all; increased prepayments of the mortgages and other loans underlying the Company's mortgage backed securities or relating to the Company's mortgage servicing rights and other investments; risks associated with the discontinuation of LIBOR; the degree to which the Company's hedging strategies may or may not protect it from interest rate volatility; the accuracy or changes in the estimates the Company makes about uncertainties, contingencies and asset and liability valuations; the Company's ability to maintain appropriate internal control over financial reporting; the Company's ability to detect misconduct and fraud; developments in the secondary markets for the Company's 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; federal and state mortgage regulations and enforcement; changes in government support of homeownership and affordability programs; changes in the Company's investment objectives or investment or operational strategies; limitations imposed on the Company's business and its ability to satisfy complex rules for it to qualify as 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 the Company's 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; the Company's ability to make distributions to its shareholders in the future; the Company's failure to deal appropriately with issues that may give rise to reputational risk; and the Company's organizational structure and certain requirements in its charter documents. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.

------

**PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES** 

**CONSOLIDATED BALANCE SHEETS (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **September 30, 2025** | **December 31, 2024** |
|  | **(in thousands except share amounts)** | **(in thousands except share amounts)** | **(in thousands except share amounts)** |
|  **ASSETS** |  |  |  |
|  Cash | $271970 | $263488 | $337694 |
|  Short-term investments at fair value | 190518 | 181043 | 103198 |
|  Mortgage-backed securities at fair value | 4452859 | 4609164 | 4063706 |
|  Loans held for sale at fair value | 2699398 | 2421033 | 2116318 |
|  Loans held for investment at fair value | 8532644 | 5983197 | 2193575 |
|  Derivative assets | 55943 | 58442 | 56840 |
|  Deposits securing credit risk transfer arrangements | 1009334 | 1033008 | 1110708 |
|  Mortgage servicing rights at fair value | 3644702 | 3668755 | 3867394 |
|  Servicing advances | 96830 | 61599 | 105037 |
|  Due from PennyMac Financial Services, Inc. | 19100 | 18171 | 16015 |
|  Other | 373584 | 227771 | 438221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $21346882 | $18525671 | $14408706 |
|  **LIABILITIES** |  |  |  |
|  Assets sold under agreements to repurchase | $8018601 | $7708183 | $6500938 |
|  Mortgage loan participation and sale agreements |  |  | 11593 |
|  Notes payable secured by credit risk transfer and mortgage servicing assets | 2258128 | 2248609 | 2929790 |
|  Unsecured senior notes | 1028300 | 876510 | 605860 |
|  Asset-backed financing of variable interest entities at fair value | 7789303 | 5439582 | 2040375 |
|  Interest-only security payable at fair value | 37650 | 36558 | 34222 |
|  Derivative and credit risk transfer strip liabilities at fair value | 9189 | 12186 | 7351 |
|  Accounts payable and accrued liabilities | 168498 | 135585 | 139124 |
|  Due to PennyMac Financial Services, Inc. | 17122 | 40165 | 30206 |
|  Income taxes payable | 127476 | 143832 | 163861 |
|  Liability for losses under representations and warranties | 5284 | 5152 | 6886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 19459551 | 16646362 | 12470206 |
|  **SHAREHOLDERS' EQUITY** |  |  |  |
|  Preferred shares of beneficial interest | 541482 | 541482 | 541482 |
|  Common shares of beneficial interest—authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding 87,016,604, 87,016,604 and 86,860,960 common shares, respectively | 870 | 870 | 869 |
|  Additional paid-in capital | 1927804 | 1926552 | 1925067 |
|  Accumulated deficit | (582825) | (589595) | (528918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 1887331 | 1879309 | 1938500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and shareholders' equity | $21346882 | $18525671 | $14408706 |

---

------

**PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Quarterly Periods Ended** | **For the Quarterly Periods Ended** | **For the Quarterly Periods Ended** |
|  | **December 31, 2025** | **September 30, 2025** | **December 31, 2024** |
|  | (in thousands, except earnings per common share) | (in thousands, except earnings per common share) | (in thousands, except earnings per common share) |
|  **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on investments and financings | $53033 | $64087 | $(105655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains on loans held for sale | 7187 | 14857 | 26387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan origination fees | 2893 | 3095 | 3986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loan servicing fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From nonaffiliates |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Servicing fees | 155278 | 155823 | 164437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of mortgage servicing rights | (77612) | (116379) | 93267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hedging results | (44990) | (27360) | (51209) |
|  | 32676 | 12084 | 206495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From PennyMac Financial Services, Inc. | 4090 | 3345 | 926 |
|  | 36766 | 15429 | 207421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest (expense) income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 248252 | 230088 | 163135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 254714 | 228394 | 187120 |
|  | (6462) | 1694 | (23985) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 146 | 70 | (227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 93563 | 99232 | 107927 |
|  **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earned by PennyMac Financial Services, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan servicing fees | 20046 | 21012 | 20486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 6856 | 6912 | 7149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan fulfillment fees | 6538 | 6162 | 6356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional services | 13822 | 8608 | 6041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation | 3263 | 2817 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan collection and liquidation | 2428 | 1503 | 2537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safekeeping | 1098 | 1194 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan origination | 132 | 794 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 3267 | 3232 | 6987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 57450 | 52234 | 52803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before (benefit from) provision for income taxes | 36113 | 46998 | 55124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Benefit from) provision for income taxes | (16249) | (11298) | 8589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | 52362 | 58296 | 46535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends on preferred shares | 10455 | 10455 | 10455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to common shareholders | $41907 | $47841 | $36080 |
|  **Earnings per common share** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.48 | $0.55 | $0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.48 | $0.55 | $0.41 |
|  **Weighted average shares outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 87017 | 87017 | 86861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 87017 | 87017 | 86861 |

---

------

**PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(in thousands, except earnings per common share)** | **(in thousands, except earnings per common share)** | **(in thousands, except earnings per common share)** |
|  **Net investment income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains on investments and financings | $213113 | $61050 | $178099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains on loans held for sale at fair value: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From nonaffiliates | 47030 | 65055 | 32695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From PennyMac Financial Services, Inc. | 5164 | 8069 | 7162 |
|  | 52194 | 73124 | 39857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan origination fees | 12525 | 15085 | 18231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loan servicing fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From nonaffiliates |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contractually specified | 608025 | 644642 | 659438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 17430 | 14722 | 17008 |
|  | 625455 | 659364 | 676446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of mortgage servicing rights | (413709) | (170409) | (296847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage servicing rights hedging results | (172931) | (226608) | (92775) |
|  | 38815 | 262347 | 286824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From PennyMac Financial Services, Inc. | 10117 | 2193 | 1784 |
|  | 48932 | 264540 | 288608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 850912 | 635263 | 639907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 870394 | 714659 | 735968 |
|  | (19482) | (79396) | (96061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Results of real estate acquired in settlement of loans | (64) | (437) | (186) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 243 | 228 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 307461 | 334194 | 429020 |
|  **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earned by PennyMac Financial Services, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan servicing fees | 84432 | 83252 | 81347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 27649 | 28623 | 28762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan fulfillment fees | 23804 | 26291 | 27826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional services | 37774 | 12779 | 7621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation | 11886 | 5608 | 7106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan collection and liquidation | 8285 | 6834 | 4562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safekeeping | 4630 | 4403 | 3766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan origination | 2278 | 3328 | 4602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 12905 | 20428 | 19033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 213643 | 191546 | 184625 |
|  Income before (benefit from) provision for income taxes | 93818 | 142648 | 244395 |
|  (Benefit from) provision for income taxes | (34054) | (18336) | 44741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | 127872 | 160984 | 199654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends on preferred shares of beneficial interest | 41819 | 41819 | 41819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to common shareholders | $86053 | $119165 | $157835 |
|  **Earnings per common share** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.99 | $1.37 | $1.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.99 | $1.37 | $1.63 |
|  **Weighted average common shares outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 86988 | 86815 | 87372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 86988 | 86815 | 111700 |

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## Exhibit 99.2

![](g37745ex99_2p1g1.jpg)

Exhibit 99.2 4Q25 EARNINGS REPORT PennyMac Mortgage Investment Trust January 2026

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![](g37745ex99_2p2g1.jpg)

FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management's beliefs, estimates, projections and assumptions with respect to, among other things, the Company's ﬁnancial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like "believe," "expect," "anticipate," "promise," "plan," and other expressions or words of similar meanings, as well as future or conditional verbs such as "will," "would," "should," "could," or "may" are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. These forward-looking statements include, but are not limited to, statements regarding future changes in interest rates, housing, and prepayment rates; future loan originations and production; future loan delinquencies, defaults and forbearances; future investment and hedge expenses; future investment strategies, future earnings and return on equity as well as other business and ﬁnancial expectations. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: changes in interest rates; changes in macroeconomic, consumer and real estate market conditions; changes in housing prices, housing sales and real estate values; t changes in homeownership costs and affordability; compliance with changing federal, state and local laws and regulations that govern its business; 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; the degree and nature of the Company's competition; the availability of, and level of competition for, attractive risk adjusted investment opportunities in mortgage loans and mortgage related assets that satisfy the Company's investment objectives; the concentration of credit risks to which the Company is exposed; the Company's dependence on and potential conﬂicts with its manager, servicer and their aﬃliates; the Company's ability to mitigate cybersecurity risks, cybersecurity incidents and technology disruptions; the development of artiﬁcial intelligence; the availability, terms and deployment of short term and long term capital; the adequacy of the Company's cash reserves and working capital; the Company's ability to maintain the desired relationship between its ﬁnancing and the interest rates and maturities of its assets; the timing and amount of cash ﬂows, if any, from the Company' s investments; the Company's engagement in private loan securitizations; the Company's substantial amount of indebtedness; the performance, ﬁnancial condition and liquidity of borrowers; the Company's exposure to risks of loss from severe weather events, man-made or other natural conditions, including climate change and pandemics; the ability of the Company's servicer, which also provides the Company with fulﬁllment services, 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 the Company's customers and counterparties; the Company's indemniﬁcation and repurchase obligations in connection with mortgage loans it purchases and later sells or securitizes; the quality and enforceability of the collateral documentation evidencing the Company' s ownership and rights in the assets in which it invests; increased rates of delinquency, defaults and forbearances and/or decreased recovery rates on the Company's investments; the performance of mortgage loans underlying mortgage backed securities or other investments in which the Company retains credit risk; the Company's ability to foreclose on its investments in a timely manner or at all; increased prepayments of the mortgages and other loans underlying the Company's mortgage backed securities or relating to the Company's mortgage servicing rights and other investments; risks associated with the discontinuation of LIBOR; the degree to which the Company's hedging strategies may or may not protect it from interest rate volatility; the accuracy or changes in the estimates the Company makes about uncertainties, contingencies and asset and liability valuations; the Company's ability to maintain appropriate internal control over ﬁnancial reporting; the Company's ability to detect misconduct and fraud; developments in the secondary markets for the Company's 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; federal and state mortgage regulations and enforcement; changes in government support of homeownership and affordability programs; changes in the Company's investment objectives or investment or operational strategies; limitations imposed on the Company's business and its ability to satisfy complex rules for it to qualify as 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 the Company's 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; the Company's ability to make distributions to its shareholders in the future; the Company's failure to deal appropriately with issues that may give rise to reputational risk; and the Company's organizational structure and certain requirements in its charter documents. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents ﬁled by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this presentation are current as of the date of this presentation only. This presentation contains ﬁnancial information calculated other than in accordance with U.S. generally accepted accounting principles ("GAAP"), such as income excluding market driven value changes and leverage ratios that provide a meaningful perspective on the Company's business results since the Company utilizes this information to evaluate and manage the business. Non-GAAP disclosures have limitations as an analytical tool and should not be viewed as a substitute for ﬁnancial information determined in accordance with GAAP. 2

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![](g37745ex99_2p3g1.jpg)

S STRONG P TRONG PERF ERFORMANCE IN 4 ORMANCE IN 4Q Q25 25 Net new Net new Pr Pretax income etax income inv investments in estments in F Fair v air value of alue of 4 4Q Q25 25 Results Results CREDIT CREDIT ex excluding mark cluding market et cr credit sub-bonds edit sub-bonds or organically- ganically- SENSITI SENSITIV VE E (2) (2) driv driven v en value alue fr from PM om PMT T cr created CR eated CRT T Net income (4) (4) S STRA TRATEGIES TEGIES Pr Pretax income etax income changes changes securitizations securitizations inv investments estments attributable to common Net income (1) (2) $24mm $24mm $$11mm 11mm $$184mm 184mm $$1. 1.0bn 0bn shareholders Diluted EPS attributable to common (1) (2) shareholders Diluted EPS $42mm $0.48 Pr Pretax income etax income $42mm $0.48 ex excluding mark cluding market et INTERES INTEREST RA T RATE TE driv driven v en value alue New inv New investments estments F Fair v air value of MSR alue of MSR Annualized return SENSITI SENSITIV VE E (4) (4) (2) (2) Pr Pretax income etax income changes changes in MSR in MSR inv investments estments on average Book value S STRA TRATEGIES TEGIES Return on average Book value (3) common equity per share (3) common equity per share $28mm $28mm $21mm $21mm $5 $53mm 3mm $3. $3.6bn 6bn 13% $15.25 13% $15.25 UPB of loans acquir UPB of loans ed UPB of loans UPB of loans Dividend per Dividend per fr acquir om PFSI ed from PFSI acquir acquired fr ed from PFSI om PFSI C CORRESPONDENT ORRESPONDENT common shar common share e Pr Pretax loss etax loss corr correspondents espondents pr production oduction P PRODUC RODUCTION TION $($(1)mm 1)mm $3. $3.7bn 7bn $$1. 1.8bn 8bn $0 $0. .40 40 Note: All ﬁgures are for 4Q25 or are as of 12/31/25 (1) Net income attributable to common shareholders includes a tax beneﬁt of $16 million (2) EPS = earnings per share; CRT = credit risk transfer; MSR = mortgage servicing rights; UPB = unpaid principal balance (3) Annualized return on average common shareholders' equity is calculated based on annualized quarterly net income attributable to common shareholders as a percentage of monthly average common equity during the quarter 3 3 3 (4) Excludes $13 million of market-driven value gains in the credit sensitive strategies and $7 million of market-driven value gains in the interest rate sensitive strategies - see slide 12

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2025: ACCELERATING OUR STRATEGIC SHIFT TO INVESTMENTS RESULTING FROM PRIVATE LABEL SECURITIZATIONS Securitization Highlights Securitizations Completed Top 3 2025 Issuer of prime Non-Agency (1) MBS in 2025 2024 Securitization Volume (UPB in billions) Rotation of Opportunistic Investments 2025 2024 Purchases of Agency ﬂoating rate mortgage-backed $876M securities Retained Investments from Securitizations (millions) 2025 Sales of opportunistic (2) investments in GSE -issued $195M CRT investments 2024 2024 (1) Inside Mortgage Finance 4 (2) Government-Sponsored Enterprises

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4Q25 STRATEGIC UPDATE

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SYNERGISTIC RELATIONSHIP WITH PFSI IS A UNIQUE AND PROVEN COMPETITIVE ADVANTAGE Balance sheet to invest in Strategically well-positioned in a long-term mortgage assets market characterized by consolidation and changes in the regulatory environment ● Leverages PFSI's expertise in mortgage production, servicing, and Tax-efﬁcient investment vehicle Best-in-class operating platform investment management, thereby ● Successful track record of more ● Deep and experienced reducing operational risk than 16 years management team ● Mortgage-related investments:● Large and agile multi-channel MANAGEMENT ● Provides PMT with unique access to a origination business AND SERVICES ‒ MSRs consistent pipeline of loans for AGREEMENTS ● Scaled servicing business with ‒ Credit risk transfer investments at attractive returns expertise in different regulatory ‒ Private label securitizations environments ● Infrastructure to invest in new ● As the non-Agency mortgage markets ● Best-in-class technology and loan products grow, both entities can capitalize on processes the evolving landscape for secondary market execution, including increased Scaled and eﬃcient levels of private label securitizations cost structure 6

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SEASONED INVESTMENT PORTFOLIO EXPECTED TO PERFORM WELL OVER LONG-TERM Approximately 60% of PMT's shareholders' equity is deployed to seasoned investments in MSRs and PMT's unique GSE credit risk transfer investments with strong underlying fundamentals Mortgage Servicing Rights PMT GSE Credit Risk Transfer (46% of shareholders' equity) (13% of shareholders' equity) • Stable cash ﬂows over extended expected life• Seasoned loans originated from 2015 – 2020 at low WACs (1) ‒ WAC of 3.9%; majority of loans signiﬁcantly out of the money • Weighted average current LTV of 46% • Decreased sensitivity of fair values at higher market interest rates • Realized lifetime losses expected to be limited • Elevated placement fee income from higher short-term rates Strong long-term expected risk-adjusted returns supported by: • Underlying, high-quality conventional loan borrowers (1) • Low delinquencies and LTV ratios, driven by mortgages with low rates and substantial accumulation of home equity • Higher interest rates, implying slower runoff and extended asset life • PFSI's industry-leading servicing capabilities 7 (1) WAC = Weighted average coupon; LTV = Loan-to-value

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ORGANIC INVESTMENT CREATION DRIVEN BY PRIVATE LABEL SECURITIZATION ACTIVITY Recent Private Label Securitization Activity 4Q25 (UPB in billions) Retained Securitizations UPB Loan Type Investments Non-Owner Occupied (NOO) Loans Completed (billions) (millions) Jumbo Loans Non-Owner 3 $1.2 $79 Agency-Eligible Owner Occupied Loans Occupied Jumbo 3 $1.0 $67 Agency-Eligible 2 $0.6 $38 Owner Occupied Total 8 $2.8 $184 After Quarter End Retained Securitizations UPB Loan Type Investments Completed (billions) (millions) Non-Owner 1 $0.4 $25 Occupied Jumbo 1 $0.4 $26 Agency-Eligible 1 $0.3 $18 Owner Occupied Total 3 $1.1 $69 We currently expect to complete approximately 30 securitizations in 2026, with targeted returns on equity for retained investments in the low-to-mid teens 8

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ACTIVE CAPITAL MANAGEMENT DRIVING OUR EXPECTED OUTLOOK HIGHER Equity Allocation Equity Allocation (December 31, 2022) (December 31, 2025) 1% 5% 6% 13% 19% 9% 11% 4% 13% 9% 11% 2% 51% 46% PMT GSE CRT Opportunistic investments Investments from PMT Private Label Securitizations MSRs Agency MBS and Structured Products Correspondent Production Corporate Organic Investments from PMT Private Label Securitizations (13-15% Projected ROEs) Investments in bonds resulting from PMT securitizations, with enhanced return potential driven by our position as producer and servicer of the underlying loans Opportunistic Investments (15%+ Projected ROEs when available) In recent periods we have sold portions of such investments where the forward-looking expected returns fell below our return requirements MSR Investments (9-13% Projected ROEs) Signiﬁcantly curtailed new investments in recent years 9

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RUN-RATE RETURN POTENTIAL FROM PMT'S INVESTMENT STRATEGIES Annualized Return WA Equity (1) • Represents the average annualized return and on Equity (ROE) Allocated (%) Credit sensitive strategies: quarterly earnings potential expected from PMT GSE credit risk transfer 14.6% 12% our strategies over the next four quarters Non-Agency Subordinate MBS 12.6% 9% Other credit sensitive strategies 1.0% 0% • Reﬂects performance expectations in the Net credit sensitive strategies 13.6% 21% current mortgage market Interest rate sensitive strategies: MSRs (inc. recapture) 9.0% 44% Agency MBS (and Agency structured products) 31.9% 10% ‒ Increased investment expected in accretive Non-Agency Senior & IO MBS 13.8% 11% non-Agency subordinate and senior bonds, (2) Interest rate hedges -0.9% 0% primarily through organic securitization activity Net interest rate sensitive strategies 12.5% 65% Correspondent production 23.5% 9% ‒ Expected returns for the interest rate sensitive Cash, short term investments, and other 1.9% 5% strategies unchanged as lower return potential (3) Management fees & corporate expenses -3.4% 0% (3) from MSRs due to higher prepayment Net Corporate -3.3% 5% Provision for income tax expense -0.2% expectations was offset by decreased projected Net income 9.5% 100% hedge costs Dividends on preferred stock 7.7% 29% ‒ Correspondent production margins have Net income attributable to common shareholders 10.3% 71% declined, driving lower expected returns Average Diluted EPS Per Quarter $0.40 Note: This slide presents estimates for illustrative purposes only, using PMT's base case (1) Equity allocated represents management's internal allocation; certain ﬁnancing balances and associated interest expenses are allocated between assumptions (e.g., for credit performance, prepayment speeds, ﬁnancing economics, and loss investments based on management's assessment of target leverage ratios and required capital or liquidity to support the investment treatment for CRT transactions), and does not contemplate market-driven value changes other (2) ROE calculated as a percentage of segment equity than realization of cash ﬂows and hedge costs, or signiﬁcant changes or shocks to current 10 (3) ROE calculated as a percentage of total equity market conditions; actual results may differ materially

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KEY OPERATING METRICS & OTHER FINANCIAL SCHEDULES

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FOURTH QUARTER RESULTS AND RETURN CONTRIBUTIONS BY STRATEGY Income Excluding Total Income Market-Driven WA Equity Annualized Return Market-Driven Value (1) (2) (3) (1) Contribution Value Changes Allocated on Equity (ROE) (1)(2) ($ in millions, except EPS) Changes Credit sensitive strategies: PMT GSE credit risk transfer $12.0 $3.6 $8.4 $253 19% PMT Non-Agency Subordinate MBS 11.4 8.9 2.5 97 47% (4) Other credit sensitive strategies 0.1 0.0 0.1 4 9% Net credit sensitive strategies $23.5 $12.6 $11.0 $354 27% Interest rate sensitive strategies: MSRs (incl. recapture) $32.3 $26.2 $6.1 Agency MBS (and Agency structured products) 47.6 37.4 10.2 Non-Agency Senior MBS (6.5) (11.5) 5.0 Interest rate hedges (45.0) (45.0) Net interest rate sensitive strategies $28.5 $7.2 $21.3 $1,189 10% Correspondent production $(1.0) $$(1.0) $200 -2% Cash, short term investments, and other $0.9 $0.9 $139 3% (5) Management fees & corporate expenses (15.7) n/a (15.7) -3% (5) Corporate $(14.8) n/a $(14.8) $139 -3% Beneﬁt / (Provision) for income tax expense $16.2 $11.2 $5.1 Net income $52.4 $30.9 $21.5 $1,882 11% Dividends on preferred stock $10.5 $541 8% Net income attributable to common shareholders $41.9 $1,341 13% Diluted EPS $0.48 (1) Income contribution and the annualized return on equity calculated net of any direct expenses associated with investments (e.g., loan fulﬁllment fees and loan servicing fees), but before tax expenses; some of the income associated with the investment strategies may be subject to taxation (2) Categorization of market-driven value changes or non-recurring impacts are based on management assessment; income excluding market-driven value changes does not represent REIT taxable income and is a non-GAAP ﬁgure (3) Equity allocated represents management's internal allocation; certain ﬁnancing balances and associated interest expenses are allocated between investments based on management's assessment of target leverage ratios and required capital or liquidity to support the investment (4) Primarily consists of legacy distressed loan portfolio; net new investments also reﬂect sales in performing and non-performing loans as a part of PMT's strategy to exit the investments; includes $1.4 million in carrying value of real estate acquired in settlement of loans at 12 12/31/25 (5) ROE calculated as a percentage of total equity

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CORRESPONDENT PRODUCTION HIGHLIGHTS Correspondent Acquisition Volume and Mix (UPB in billions) Key Financial Metrics 3Q25 4Q25 Segment pretax income as a percentage of 0.21% (0.02)% (2) interest rate lock commitments Fulﬁllment fee as a percentage of 0.18% 0.18% (3) acquisitions funded (1) Conventional conforming loans Non-Agency eligible loans Total locks ● In 4Q25, PMT purchased 17% of total conventional conforming correspondent loan volume and 100% of non-Agency eligible correspondent loan volume through its fulﬁllment agreement with PFSI; in 1Q26, PMT expects to purchase 15-25% of conventional conforming loan volume and 100% of non-Agency eligible loan volume ● Segment pretax income was negative due to the impact of spread widening on jumbo loans during aggregation for securitization as well as lower overall channel margins Note: May not sum due to rounding (1) Consists of jumbo and non-QM loans (2) Conventional conforming and non-Agency eligible interest rate lock commitments for PMT's own account 13 (3) Based on funded loans subject to fulﬁllment fees

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HEDGING APPROACH CENTRAL TO PMT'S INTEREST RATE SENSITIVE INVESTMENTS MSR Valuation Changes and Offsets • PMT seeks to manage interest rate risk exposure ($ in millions) on a "global" basis, recognizing interest rate Change in MSR fair value before realization of cash ﬂows sensitivities across its investment strategies Change in fair value of MBS, interest rate hedges, and related tax impacts • In 4Q25, gains from changes in fair value inputs on MSR were partially offset by net fair value declines on MBS, interest rate hedges and related tax impacts 14

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FLEXIBLE AND SOPHISTICATED FINANCING STRUCTURES (1) Debt Schedule by Year of Maturity (in millions) Unsecured and Exchangeable Senior Notes Financing MSR Term Notes and Loans capacity across CRT Term Notes multiple banks / ﬂexibility to ﬁnance ﬂuctuating MSR and advance balances $1,428mm drawn Unsecured and MSR Financing CRT Financing Exchangeable Senior Notes ● The majority (81%) of our CRT ﬁnancing is in ● Maturity of MSR term notes and loans aligns ● Provides ﬂexibility and complements the form of term notes, which do not contain more closely with the expected life of the asset-backed structures margin call provisions MSR asset than short-term borrowings ● Raised $150 million through opportunistic ● $141 million of securities repurchase reopenings of exchangeable senior notes agreements outstanding for CRT investments due June 2029 ● $345 million of exchangeable senior notes due 2026 expected to be retired near maturity using capacity from existing ﬁnancing lines Note: All ﬁgures are as of December 31, 2025 15 15 (1) By principal amount. CRT term notes amortize with principal paydowns. Excludes securities repurchase agreements ﬁnancing our investments in MBS and a portion of our investments in CRT.

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(1) See Appendix slide 27 for a reconciliation of leverage ratios including and excluding non-recourse debt LEVERAGE EXCLUDING NON-RECOURSE DEBT REMAINS IN-LINE WITH HISTORICAL LEVELS (1) PMT Leverage Ratios Total debt-to-equity Debt-to-equity ex. non-recourse debt ● Total debt-to-equity increases as we retain investments from private label securitizations, as all securitized loans are required to be consolidated on the balance sheet ● Debt resulting from private label securitizations is non-recourse debt, where the source of repayment for the debt is limited to the collateralized loans ● Debt-to-equity excluding non-recourse debt has remained within expectations in recent quarters 16

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APPENDIX

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PMT IS FOCUSED ON UNIQUE INVESTMENT STRATEGIES IN THREE SEGMENTS • PFSI is a leading producer of conventional conforming and jumbo mortgage loans • More than 16-year history, with our success over time driven by PFSI's operational Correspondent excellence and high service levels Production • Provides PMT unique access to loan production and ability to produce investment assets organically • MSR investments created through the securitization of conventional correspondent loan production Interest Rate Sensitive • Investments in non-Agency senior bonds from private label securitizations Strategies • Hedged with Agency MBS and interest rate derivatives • Strong track record and discipline in hedging interest rate risk • Investments in credit risk on PMT's high-quality loan production with ability to inﬂuence performance through active servicing Credit • Consistent issuance of private label securitizations of loans that we originate and service Sensitive driving growth in investments in non-Agency bonds Strategies • Appr oximately $19.5 billion in UPB of loans underlying PMT's front-end GSE CRT investments at December 31, 2025 18

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(1) At period end (2) Return on average common equity (ROE) is calculated based on annualized quarterly net income attributable to common shareholders as a percentage of monthly average common equity during the period HISTORICAL EARNINGS, DIVIDENDS AND BOOK VALUE PER SHARE (1) ROE⁽²⁾ 12% 10% 4% 9% 10% 0% -1% 14% 13% 19

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CURRENT MARKET ENVIRONMENT AND MACROECONOMIC TRENDS (1) (2) 6.30% 6.18% 4.15% 4.17% Average 30-year ﬁxed rate mortgage 10-year Treasury Bond Yield (4) (3) Macroeconomic Metrics U.S. Origination Market Forecast (UPB in trillions) 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 10-year Treasury bond yield 4.6% 4.2% 4.2% 4.2% 4.2% 2/10 year Treasury yield spread 0.3% 0.3% 0.5% 0.5% 0.7% 30-year ﬁxed rate mortgage 6.9% 6.7% 6.8% 6.3% 6.2% Secondary mortgage rate 5.9% 5.6% 5.5% 5.2% 5.0% U.S. home price appreciation 4.0% 3.4% 1.9% 1.3% 1.4% (Y/Y% change) Residential mortgage originations $460 $355 $495 $485 $575 (in billions) Reﬁnance Purchase (1) Freddie Mac Primary Mortgage Market Survey. (2) U.S. Department of the Treasury. (3) Actual originations: Inside Mortgage Finance; Forecast originations; Average of Mortgage Bankers Association (1/21/26) and Fannie Mae (1/13/26) forecasts (4) 10-year Treasury bond yield and 2/10 year Treasury yield spread: Bloomberg. Average 30-year ﬁxed rate mortgage: Freddie Mac Primary Mortgage Market Survey. Average secondary mortgage rate: 30-Year FNCL Par Coupon Index (MTGEFNCL), Bloomberg. 20 U.S. home price appreciation: S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index (SPCSUSA); data is as of 10/31/25. Residential mortgage originations are for the quarterly period ended; source: Inside Mortgage Finance

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PMT'S INVESTMENT ACTIVITY BY STRATEGY DURING THE QUARTER Long-term mortgage Assets carrying Change in Fair value Assets carrying ($ in millions) (5) asset value at 9/30/25 Investments changes value at 12/31/25 PMT GSE credit $1,019 $(24) $4 $998 (1) risk transfer Credit Non-Agency Sensitive $371 $176 $9 $555 (2) Subordinate MBS Strategies Other Credit Sensitive $4 $(0) $(0) $4 (3) Strategies MSR $3,669 $(50) $26 $3,645 Interest Rate Non-Agency $332 $19 $(11) $339 (2)(4) Sensitive Senior MBS Strategies Agency $4,448 $(186) $37 $4,300 (4) MBS Total $9,843 $(66) $64 $9,842 Note: Figures may not sum due to rounding (1) The fair value of PMT's organically-created GSE CRT investments is reﬂected on PMT's balance sheet as deposits securing CRT arrangements, and derivative and credit risk transfer strip assets or liabilities, net of the interest-only security payable (2) As discussed in Note 6 – Variable Interest Entities to our Quarterly Report on Form 10-Q for the quarter ended 9/30/25 we consolidate the assets and liabilities in the trust that issued the subordinate and certain non-Agency senior MBS; accordingly, these investments are shown as Loans held for investment at fair value and Asset-backed ﬁnancing of variable interest entities at fair value on our consolidated balance sheet (3) Primarily consists of legacy distressed loan portfolio; net new investments also reﬂect sales in performing and non-performing loans as a part of PMT's strategy to exit the investments; includes $1.4 million in carrying value of real estate acquired in settlement of loans at 12/31/25 (4) MBS = Mortgage-backed securities 21 (5) Change in investments represents new investments net of sales, liquidations, and runoff

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TRENDS IN MSR INVESTMENTS (1) MSR Investments ($ in millions) • MSR assets were $3.6 billion as of December 31, 2025 down slightly from September 30, 2025 ‒ Runoff from prepayments partially offset by gains from changes in fair value inputs and new MSR investments ‒ UPB underlying PMT's MSR investments decreased slightly 22 (1) Owned MSR portfolio and excludes loans acquired for sale at fair value

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MSR ASSET VALUATION December 31, 2025 Mortgage Unaudited ($ in millions) Servicing Rights (1) Pool UPB $215,782 Weighted average coupon 3.9% Weighted average servicing fee 0.28% Weighted average prepayment speed assumption (CPR) 8.4% Fair value $3,645 As a multiple of servicing fee 6.1 23 (1) Owned MSR portfolio and excludes loans acquired for sale at fair value

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DELINQUENCY TRENDS AND SERVICING ADVANCES OUTSTANDING (1) Historical Trends in Delinquency and Foreclosure Rates 30-60 Day 60-90 Day 90+ Day In foreclosure ● Overall mortgage delinquency rates increased slightly from the prior quarter and remained steady from the prior year ● Servicing advances outstanding for PMT's MSR portfolio increased to approximately $97 million at December 31, 2025 from $62 million at September 30, 2025 primarily due to seasonal property tax payments ‒ No principal and interest advances are outstanding 24 (1) Owned MSR portfolio and includes loans acquired for sale at fair value; delinquency and foreclosure rates based on UPB; as of 12/31/25, the UPB of mortgage servicing rights owned by PMT and loans held for sale totaled $227 billion

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PMT'S OWNED MSR PORTFOLIO CHARACTERISTICS As of December 31, 2025 Loan Remaining Loan size FICO credit 60+ UPB % of Note Seasoning Original Current Segment count maturity ($ in score at Delinquency (2) (3) ($ in billions) Total UPB rate (months) LTV LTV (in thousands) (months) thousands) origination (by UPB) FNMA $104.9 48.6% 412 3.8% 60 290 $255 757 76% 51% 1.0% FHLMC $106.4 49.3% 384 3.9% 49 298 $277 762 75% 55% 0.7% (1) Other $4.5 2.1% 15 5.2% 42 315 $293 763 72% 58% 0.7% Grand Total $215.8 100.0% 811 3.9% 54 295 $266 760 75% 53% 0.8% Note: Figures may not sum due to rounding (1) Other represents MSRs collateralized by conventional loans sold to private investors (2) Excludes loans held for sale at fair value 25 (3) Excludes any additional second lien on property

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TRENDS IN PMT'S UNIQUE INVESTMENTS IN GSE CREDIT RISK TRANSFER (1) • Fair value of PMT's organically-created CRT investments Organically-Created GSE CRT Investments ($ in millions) was down from September 30th, 2025 due to runoff • The 60+ day delinquency rate was unchanged from September 30, 2025 • Consistent with previously reported results, cumulative lifetime losses increased slightly; we expect realized losses over the life of these investments to be limited, given the substantial build-up of equity for underlying borrowers due to home price appreciation in recent years (2) Selected metrics for quarter ended : Underlying UPB of loans ($ in billions) $21.2 $20.8 $20.4 $19.9 $19.5 WA FICO at origination 753 753 753 752 752 WA LTV at origination 82.4% 82.4% 82.4% 82.4% 82.4% WA current LTV 47.4% 47.3% 43.4% 46.0% 46.2% 60+ days delinquent as a % of outstanding UPB 1.48% 1.35% 1.26% 1.47% 1.47% Net realized principal losses ($ in millions) $0.5 $1.2 $1.2 $1.3 $0.7 Cumulative lifetime principal losses ($ in millions) $48.0 $49.3 $50.5 $51.7 $52.5 Interest reduction ($ in millions) $3.1 $3.1 $3.1 $3.1 $3.1 Cumulative interest reduction ($ in millions) $39.2 $42.4 $45.4 $48.5 $51.6 Note: Figures may not sum due to rounding (1) The fair value of PMT's organically created GSE CRT investments is reﬂected on PMT's balance sheet as deposits securing CRT arrangements, and derivative and credit risk transfer strip assets or liabilities, net of the interest-only security payable 26 (2) Weighted average FICO and LTV metrics at origination for the population of loans remaining as of the date presented; current LTVs were refreshed using the latest home price information available as of the reporting period

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RECONCILIATION OF LEVERAGE RATIOS December 31, 2025 (1) Assets Financing Notes payable Assets sold under secured by CRT Adjustments for Excluding VIE agreements to arrangements and (2) Consolidated VIE Financing Financing repurchase MSRs Total (in thousands except for debt-to equity amounts) Assets Cash and short-term investments $462,488 $- $462,488 $- $- $- Mortgage-backed securities at fair value Agency-backed securities 4,300,075 - 4,300,075 4,241,557 - 4,241,557 Senior non-Agency securities 152,784 - 152,784 146,089 - 146,089 Credit risk transfer securities relating to consolidated variable interest entities - 998,344 998,344 141,443 607,297 748,740 Non-agency securities relating to consolidated variable interest entities - 648,159 648,159 531,750 - 531,750 4,452,859 1,646,503 6,099,362 5,060,839 607,297 5,668,136 Loans held for sale at fair value 2,699,398 - 2,699,398 2,462,629 - 2,462,629 Loans held for investment at fair value 8,532,644 (8,530,939) 1,705 - - - Derivative assets 55,943 (32,659) 23,284 - - - Deposits securing credit risk transfer arrangements 1,009,334 (1,009,334) - - - - Mortgage servicing rights and servicing advances 3,741,532 93,478 3,835,010 495,133 1,650,831 2,145,964 20,954,198 (7,832,951) 13,121,247 8,018,601 2,258,128 10,276,729 Other 392,684 - 392,684 - - - Total assets and secured ﬁnancing $21,346,882 $(7,832,951) $13,513,931 $8,018,601 $2,258,128 $10,276,729 Unsecured debt 1,028,300 Debt excluding non-recourse 11,305,029 Debt in consolidated variable interest entities $7,826,953 Total debt $19,131,982 Equity $1,887,331 Debt-to equity ratio: (3) Excluding non-recourse debt 6.0:1 (4) Total 10.1:1 (1) The balance sheet information depicted under the column captioned "Consolidated" represents GAAP information and the subsequent columns reﬂect adjustments to deconsolidate the loan and CRT VIEs to provide investors with a more creditor-aligned view of how our debt relates to the assets we ﬁnance. After adjustment, the assets are shown in the securitized form in which they are ﬁnanced which excludes non-recourse VIE ﬁnancing. The adjusted balance sheet information should not be considered in isolation or as a substitute for an analysis of our results as calculated based upon GAAP. (2) Does not include adjustments for credit risk transfer strip liabilities of $6.0 million. 27 27 (3) Total borrowings reduced by asset-backed ﬁnancings and interest-only security payable, divided by shareholders' equity. (4) Total borrowings divided by shareholders' equity.

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ACQUISITIONS AND LOCKS BY PRODUCT Unaudited ($ in millions) 4Q24 1Q25 2Q25 3Q25 4Q25 Correspondent Acquisitions Conventional Conforming $3,241 $2,437 $2,740 $2,786 $2,903 Jumbo 256 344 346 557 748 Non-QM - - - - 32 Total $3,497 $2,782 $3,086 $3,343 $3,682 Correspondent Locks Conventional Conforming $2,741 $2,210 $3,009 $3,364 $3,282 Jumbo 454 526 529 1,036 700 Non-QM - - - - 107 Total $3,195 $2,735 $3,539 $4,399 $4,088 PFSI loans acquired by PMT $463 $637 $1,010 $1,296 $1,810 28 Note: Figures may not sum due to rounding

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