# EDGAR Filing Document

**Accession Number:** 0001464423
**File Stem:** 0001193125-25-245225
**Filing Date:** 2025-10
**Character Count:** 74937
**Document Hash:** 3147f97938fe25bb5b229ccc5451f0ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-245225.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0001193125-25-245225

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20251021

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**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:** 251407615

**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): October 21, 2025

## PennyMac Mortgage Investment Trust

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

---

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

------

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

---

On October 21, 2025, PennyMac Mortgage Investment Trust (the "Company") issued a press release and a slide presentation announcing its financial results for the fiscal quarter ended September 30, 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 October 21, 2025 and are furnished as Exhibit 99.1 and Exhibit 99.2, respectively. In addition, the Company has made available other supplemental financial information for the fiscal quarter ended September 30, 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.

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| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 99.1 | [Press Release, dated October 21, 2025, issued by PennyMac Mortgage Investment Trust pertaining to its financial results for the fiscal quarter ended September 30, 2025.](d61073dex991.htm) |
| 99.2 | [Slide Presentation for use beginning on October 21, 2025 in connection with a presentation of financial results for the fiscal quarter ended September 30, 2025.](d61073dex992.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: October 21, 2025 | /s/ Daniel S. Perotti |
|  | Daniel S. Perotti |
|  | Senior Managing Director and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g61073g1022004220543.jpg)

**PennyMac Mortgage Investment Trust** 

**Reports Third Quarter 2025 Results** 

**WESTLAKE VILLAGE, Calif. – October 21, 2025 –** PennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income attributable to common shareholders of $47.8 million, or $0.55 per common share for the third quarter of 2025, on net investment income of $99.2 million. PMT previously announced a cash dividend for the third quarter of 2025 of $0.40 per common share of beneficial interest, which was declared on September 17, 2025, and will be paid on October 24, 2025, to common shareholders of record as of October 10, 2025.

**Third Quarter 2025 Highlights** 

Financial results:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to common shareholders of $47.8 million; annualized return on average common
shareholders' equity of 14 percent<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong levels of income excluding market driven value changes and interest rate risk hedging results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Book value per common share increased to $15.16 at September 30, 2025, from $15.00 at June 30, 2025

Other investment highlights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment activity driven by acquisition volumes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loans acquired totaled $4.6 billion in unpaid principal balance (UPB), up 13 percent from the prior
quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquired $3.3 billion in UPB of conventional conforming and jumbo loan volume from PFSI through their
fulfillment agreement, up 8 percent from the prior quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Also acquired $1.3 billion in UPB of loans from PennyMac Financial Services, Inc.'s (NYSE: PFSI)
production, up 28 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;• Resulted in the creation of $46 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 and one Jumbo loan securitization with a combined UPB
of $1.5 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated $84 million of net new investments in non-Agency subordinate bonds<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated $50 million of net new investments in non-Agency senior
bonds<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchased $876.4 million of Agency floating rate mortgage-backed securities (MBS)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sold the remainder of our opportunistic investments in government sponsored enterprise (GSE)-issued credit risk
transfer (CRT) for $195 million, realizing significant gains on these investments and freeing up capital to invest in newly created investments from PMT's ongoing private label securtization efforts

Other highlights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Redeemed $350 million of MSR term notes due to mature in 2026

*Notable activity after quarter end:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed a jumbo loan securitization with a UPB of $336 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated $14 million of net new investments in non-Agency subordinate bonds<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed an Agency-eligible investor loan securitization with a UPB of $387 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated $25 million of net new investments in non-Agency subordinate bonds<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Priced our inaugural Agency-eligible owner occupied loan securitization with a UPB of $292 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated $13 million of net new investments in non-Agency subordinate bonds<sup>2</sup>

"In the third quarter PMT produced outstanding results and growth in book value per share with a 14 percent annualized return on common equity," said Chairman and CEO David Spector. "These results were primarily driven by strong levels of income excluding market-driven value changes combined with strong interest rate risk hedging results. As part of our active capital management strategy to optimize returns, this quarter we sold $195 million of opportunistic investments in GSE-issued CRT, realizing significant gains. The sale of these investments frees up capital for PMT to invest in newly created assets with higher projected returns from our ongoing private label securitization efforts. In the third quarter we successfully completed four non-Agency securitizations totaling $1.5 billion in UPB and retained $140 million of newly created securities."

<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 at fair value and Asset-backed financing of variable interest entities at fair value on our consolidated balance sheets

------

Mr. Spector continued, "Our relationship with PFSI continues to be a cornerstone of our success, reinforcing our capabilities and providing a key competitive advantage in the ability to organically create new investments. PMT's improved return potential is driven by the new organic investments being created as a result of our firmly established position as a leading issuer of private label securitizations. We anticipate our earnings per share over the next year to average above our current dividend level, with continued strong performance and modest growth in book value per share. As a result, we believe we are well-positioned to continue delivering attractive risk-adjusted returns to our shareholders."

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Quarter ended September 30, 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 | $(817) | $38389 | $— | $37572 | $— | $37572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans held for investment | 4655 | 8118 |  | 12773 |  | 12773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRT investments | 13742 |  |  | 13742 |  | 13742 |
|  | 17580 | 46507 |  | 64087 |  | 64087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains on loans acquired for sale |  |  | 14857 | 14857 |  | 14857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loan servicing fees |  | 15429 |  | 15429 |  | 15429 |
| &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 | 20912 | 173810 | 33071 | 227793 | 2295 | 230088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 19615 | 179206 | 28214 | 227035 | 1359 | 228394 |
|  | 1297 | (5396) | 4857 | 758 | 936 | 1694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | (28) |  | 3193 | 3165 |  | 3165 |
|  | 18849 | 56540 | 22907 | 98296 | 936 | 99232 |
|  **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 | 21011 |  | 21012 |  | 21012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees |  |  |  |  | 6912 | 6912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan fulfillment fees |  |  | 6162 | 6162 |  | 6162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional services |  |  | 6589 | 6589 | 2019 | 8608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation |  |  |  |  | 2817 | 2817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan collection and liquidation | 9 | 1494 |  | 1503 |  | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safekeeping |  | 1112 | 82 | 1194 |  | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loan origination Fees |  |  | 794 | 794 |  | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 85 | 577 | 36 | 698 | 2534 | 3232 |
|  | 95 | 24194 | 13663 | 37952 | 14282 | 52234 |
|  **Pretax income (loss)** | $18754 | $32346 | $9244 | $60344 | $(13346) | $46998 |

---

------

**Credit Sensitive Strategies Segment** 

The Credit Sensitive Strategies segment primarily includes results from PMT's organically-created GSE CRT investments, opportunistic investments in other GSE CRT, and investments in non-Agency subordinate bonds from private-label securitizations of PMT's production. Pretax income for the segment was $18.8 million on net investment income of $18.8 million, compared to pretax income of $21.8 million on net investment income of $21.9 million in the prior quarter.

Net gains on investments in the segment were $17.6 million, compared to $19.8 million in the prior quarter. These net gains included $13.7 million of gains from PMT's organically-created GSE CRT investments, $4.7 million from gains on non-Agency subordinate bonds from PMT's production, and $0.8 million of losses from other GSE CRT investments.

Net gains on PMT's organically-created CRT investments for the quarter were $13.7 million, compared to net gains of $20.3 million in the prior quarter. These net gains included $1.5 million in valuation-related gains, which reflected the impact of relatively flat credit spreads in the third quarter. The prior quarter included $7.8 million of gains due to credit spread tightening. Net gains on PMT's organically-created CRT investments also included $13.5 million in realized gains and carry, compared to $13.6 million in the prior quarter. Realized losses during the quarter were $1.3 million, similar to levels realized in prior quarters.

Net interest income for the segment totaled $1.3 million, compared to $2.1 million in the prior quarter. Interest income totaled $20.9 million, down from $21.0 million in the prior quarter. Interest expense totaled $19.6 million, up from $18.8 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 $32.3 million on net investment income of $56.5 million, compared to pretax loss of $4.9 million on net investment income of $20.7 million in the prior quarter.

Net loan servicing fees were $15.4 million, compared to $23.9 million in the prior quarter. Net loan servicing fees included contractually specified servicing fees of $151.4 million and $4.4 million in other fees, reduced by $89.4 million in realization of MSR cash flows, which was down from $97.8 million in the prior quarter due to lower realized and projected prepayment activity. Net loan servicing fees also included $27.0 million in fair value losses on MSRs, $27.4 million in hedging losses, and $3.3 million of MSR recapture income.

Net gains on investments for the segment were $46.5 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:

---

| | | | |
|:---|:---|:---|:---|
|  | **September 30, 2025** | **Quarter ended<br>June 30, 2025** | **September 30, 2024** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  From non-affiliates: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contractually specified | $151395 | $153111 | $162605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other fees | 4428 | 5127 | 4012 |
| &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 | (89404) | (97841) | (100612) |
| &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 | (26975) | 22713 | (84306) |
|  | (116379) | (75128) | (184918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hedging results | (27360) | (60637) | (67220) |
|  | (143739) | (135765) | (252138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net servicing fees from non-affiliates | 12084 | 22473 | (85521) |
|  From PFSI—MSR recapture income | 3345 | 1474 | 441 |
|  Net loan servicing fees | $15429 | $23947 | $(85080) |

---

Net interest expense for the segment was $5.4 million versus $17.1 million in the prior quarter. Interest income totaled $173.8 million, up from $137.5 million in the prior quarter primarily due to a higher amount of retained investments from Agency-eligible investor loan securitizations and the addition of $876.4 of Agency floating rate MBS investments during the quarter. Interest expense totaled $179.2 million, up from $154.6 million in the prior quarter, due to higher financing balances.

------

Segment expenses were $24.2 million, compared to $25.6 million in the prior quarter.

**Correspondent Production Segment** 

Under a renewed mortgage banking services agreement with PFSI, effective July 1, 2025, correspondent production volumes are now initially acquired by PFSI. However, PMT retains the right to purchase up to 100 percent of non-government correspondent loan production. After purchasing certain jumbo loans and conventional conforming loans from PFSI, PMT sells or securitizes those loans, resulting in current period income. PMT's Correspondent Production segment generated pretax income of $9.2 million in the third quarter, down from $13.7 million in the prior quarter.

PMT purchased a total of $3.3 billion in UPB of conventional conforming and jumbo loans through its fulfillment agreement that PFSI acquired from correspondent sellers, up 8 percent compared to the $3.1 billion in conventional conforming and jumbo loans that PMT retained in the prior quarter. PMT is expected to acquire all jumbo correspondent production and 15 to 25 percent of total conventional conforming correspondent production in the fourth quarter of 2025, compared to its retention of 100 percent of jumbo correspondent production and 17 percent of conventional conforming correspondent production in the third quarter of 2025. Interest rate lock commitments on conventional conforming and jumbo loans for PMT's account totaled $4.4 billion, up 24 percent from the prior quarter. Additionally, PMT acquired $1.3 billion in UPB of loans from PFSI's production for inclusion in private label securitizations, up from $1.0 billion in the prior quarter.

Segment revenues were $22.9 million and included net gains on loans acquired for sale of $14.9 million, net interest income of $4.9 million, and other income of $3.2 million, which primarily consists of volume-based origination fees. Net gains on loans acquired for sale decreased $2.9 million from the prior quarter, and included gains from increased demand for private label securitization and whole loan execution for non-owner occupied and jumbo loans. Interest income was $33.1 million, down from $35.9 million in the prior quarter, and interest expense was $28.2 million, down from $30.3 million in the prior quarter.

Segment expenses were $13.7 million, up slightly from $13.1 million in the prior quarter. The weighted average fulfillment fee rate in the second quarter was 18 basis points, down from 19 basis points in 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, up from $0.7 million in the prior quarter. Corporate expenses were $14.3 million, down slightly from $14.4 million in the prior quarter, and consisted of management fees of $6.9 million and $7.4 million of remaining expenses.

**Taxes** 

PMT recorded a tax benefit of $11.3 million, driven primarily by fair value declines on MSRs and interest rate hedges held in PMT's 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 Tuesday, October 21, 2025. 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 housing prices, housing sales and real estate values; changes in macroeconomic, consumer and real estate market conditions; the federal government shutdown; the Company's 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 substantial amount of indebtedness; the performance, financial condition and liquidity of borrowers; the Company's 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 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

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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.

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**PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES** 

**CONSOLIDATED BALANCE SHEETS (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **September 30, 2025** | **June 30, 2025** | **September 30, 2024** |
|  | **(in thousands except share amounts)** | **(in thousands except share amounts)** | **(in thousands except share amounts)** |
| **ASSETS** |  |  |  |
|  Cash | $263488 | $362900 | $344358 |
|  Short-term investments at fair value | 181043 | 108586 | 102787 |
|  Mortgage-backed securities at fair value | 4609164 | 3967045 | 4182382 |
|  Loans held for sale at fair value | 2421033 | 2616251 | 1665796 |
|  Loans held for investment at fair value | 5983197 | 4566532 | 1429525 |
|  Derivative assets | 58442 | 52964 | 81844 |
|  Deposits securing credit risk transfer arrangements | 1033008 | 1064719 | 1135447 |
|  Mortgage servicing rights at fair value | 3668755 | 3739106 | 3809047 |
|  Servicing advances | 61599 | 70480 | 71124 |
|  Due from PennyMac Financial Services, Inc. | 18171 | 14894 | 8538 |
|  Other | 227771 | 237642 | 224806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $18525671 | $16801119 | $13055654 |
| **LIABILITIES** |  |  |  |
|  Assets sold under agreements to repurchase | $7708183 | $6826855 | $5748461 |
|  Mortgage loan participation and sale agreements |  | 8413 | 28790 |
|  Notes payable secured by credit risk transfer and mortgage servicing assets | 2248609 | 2666133 | 2830108 |
|  Unsecured senior notes | 876510 | 875225 | 814915 |
|  Asset-backed financing of variable interest entities at fair value | 5439582 | 4176128 | 1334797 |
|  Interest-only security payable at fair value | 36558 | 36553 | 35098 |
|  Derivative and credit risk transfer strip liabilities at fair value | 12186 | 13474 | 16151 |
|  Accounts payable and accrued liabilities | 135585 | 141699 | 114085 |
|  Due to PennyMac Financial Services, Inc. | 40165 | 30604 | 32603 |
|  Income taxes payable | 143832 | 155326 | 155544 |
|  Liability for losses under representations and warranties | 5152 | 5064 | 8315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 16646362 | 14935474 | 11118867 |
| **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 | 1926552 | 1925740 | 1924596 |
|  Accumulated deficit | (589595) | (602447) | (530160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 1879309 | 1865645 | 1936787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and shareholders' equity | $18525671 | $16801119 | $13055654 |

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**PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)** 

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| | | | |
|:---|:---|:---|:---|
|  | **For the Quarterly Periods Ended** | **For the Quarterly Periods Ended** | **For the Quarterly Periods Ended** |
|  | **September 30, 2025** | **June 30, 2025** | **September 30, 2024** |
|  | (in thousands, except per share amounts) | (in thousands, except per share amounts) | (in thousands, except per share amounts) |
|  **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains on investments and financings | $64087 | $33680 | $146695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains on loans acquired for sale | 14857 | 17806 | 20059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan origination fees | 3095 | 3385 | 6640 |
| &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 | 155823 | 158238 | 166617 |
| &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 | (116379) | (75128) | (184918) |
| &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 | (27360) | (60637) | (67220) |
|  | 12084 | 22473 | (85521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From PennyMac Financial Services, Inc. | 3345 | 1474 | 441 |
|  | 15429 | 23947 | (85080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income (expense) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 230088 | 196481 | 176734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 228394 | 205149 | 184171 |
|  | 1694 | (8668) | (7437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 70 | 51 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 99232 | 70201 | 80864 |
|  **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 | 21012 | 21645 | 22240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 6912 | 6869 | 7153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan fulfillment fees | 6162 | 5814 | 11492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional services | 8608 | 8362 | 2614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation | 2817 | 2836 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan collection and liquidation | 1503 | 2385 | 2257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safekeeping | 1194 | 1228 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan origination | 794 | 666 | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 3232 | 3390 | 4666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 52234 | 53195 | 54330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before (benefit from) provision for income taxes | 46998 | 17006 | 26534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Benefit from) provision for income taxes | (11298) | 9472 | (14873) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | 58296 | 7534 | 41407 |
| &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 (loss) attributable to common shareholders | $47841 | $(2921) | $30952 |
|  **Earnings (loss) per common share** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.55 | $(0.04) | $0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.55 | $(0.04) | $0.36 |
|  **Weighted average shares outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 87017 | 87012 | 86861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 87017 | 87012 | 86861 |

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## Exhibit 99.2

![](g61073ex99_2p1g1.jpg)

Exhibit 99.2 3Q25 EARNINGS REPORT PennyMac Mortgage Investment Trust October 2025

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![](g61073ex99_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 housing prices, housing sales and real estate values; changes in macroeconomic, consumer and real estate market conditions; the federal government shutdown; the Company's 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 substantial amount of indebtedness; the performance, ﬁnancial condition and liquidity of borrowers; the Company's 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 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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![](g61073ex99_2p3g1.jpg)

STRONG PERFORMANCE ACROSS ALL STRATEGIES IN 3Q25 Net new Pretax income investments in Fair value of 3Q25 Results CREDIT Opportunistic excluding market credit sub-bonds organically- (2) (2) SENSITIVE sales of GSE driven value from PMT created CRT (4) CRT Pretax income changes securitizations investments STRATEGIES Net income attributable $195mm $19mm $14mm $84mm $1.0bn to common (1) (2) shareholders Diluted EPS Net new $48mm $0.55 Pretax income investments in INTEREST RATE excluding market senior bonds Fair value of SENSITIVE driven value New investments from PMT MSR (4) (2) Pretax income changes in MSR securitizations investments STRATEGIES Return on average Book value (3) common equity per share $32mm $36mm $46mm $50mm $3.7bn 14% $15.16 UPB of loans UPB of loans Dividend per CORRESPONDENT acquired from acquired from common share PRODUCTION PFSI production Pretax income correspondents $0.40 $9mm $3.3bn $1.3bn Note: All ﬁgures are for 3Q25 or are as of 9/30/25 (1) Net income attributable to common shareholders includes a tax beneﬁt of $11 million (2) EPS = earnings per share; CRT = credit risk transfer; MSR = mortgage servicing rights; UPB = unpaid principal balance; GSE = Government Sponsored Enterprises (3) Return on average common shareholders' equity is calculated based on net income attributable to common shareholders as a percentage of monthly average common equity during the quarter 3 3 (4) Excludes $5 million of market-driven value gains in the credit sensitive strategies and $4 million of market-driven value losses in the interest rate sensitive strategies - see slide 11

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![](g61073ex99_2p4g1.jpg)

3Q25 STRATEGIC UPDATE

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![](g61073ex99_2p5g1.jpg)

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 5

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![](g61073ex99_2p6g1.jpg)

ORGANIC INVESTMENT CREATION DRIVEN BY PRIVATE LABEL SECURITIZATION ACTIVITY Aggregate Non-Owner Occupied (NOO) and Jumbo (1) Loan Growth PMT's Private Label (UPB in billions) Securitization Leadership NOO Loans Enabled by our industry-leading Jumbo Loans capital markets operations (2) Top 3 Issuer Among largest issuers of prime Non-Agency MBS in 9M25 16 Securitizations 3Q25 securitization activity (3) Completed since 4Q24 ‒ Completed 3 securitizations of NOO loans; $1.2 billion in UPB and $93 million of retained investments ‒ Completed 1 securitization of jumbo loans; $300 million in UPB and $45 million of retained investments $5.7 Billion (3) Activity after quarter end Total UPB of securitized loans ‒ Completed 1 securitization of jumbo loans; $336 million in UPB and $14 million of retained investments ‒ Completed 1 securitization of NOO loans; $387 million in UPB and $24 million of retained $460+ Million investments (3) New investments retained ‒ Priced our inaugural securitization of Agency-eligible owner occupied loans: $292 million in UPB and $13 million of retained investments Targeted returns on equity for retained investments are in the low-to-mid teens 6 Note: Figures may not sum due to rounding (1) Includes loans originated or acquired for both PFSI and PMT (2) Inside MBS & ABS (3) From 4Q24 to current; includes activity after quarter-end

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![](g61073ex99_2p7g1.jpg)

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) (14% 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 43% • 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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![](g61073ex99_2p8g1.jpg)

ACTIVE CAPITAL MANAGEMENT DRIVING OUR OUTLOOK HIGHER Equity Allocation Equity Allocation (December 31, 2022) (September 30, 2025) 1% 6% 8% 14% 19% 9% 10% 4% 10% 9% 2% 11% 51% 46% PMT GSE CRT Opportunistic investments Investments from PMT Private Label Securitizations MSRs Agency MBS 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) CAS & STACR bonds, bonds from third-party securitizations and similar investments; in recent periods we have sold portions of such investments where the forward-looking expected returns fell below our return requirements MSR Investments (11-13% Projected ROEs) Signiﬁcantly curtailed new investments in lower-yielding MSRs via loan sales to PFSI beginning in 4Q22 8

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![](g61073ex99_2p9g1.jpg)

RUN-RATE RETURN POTENTIAL FROM PMT'S INVESTMENT STRATEGIES Annualized Return WA Equity • Represents the average annualized return and (1) on Equity (ROE) Allocated (%) quarterly earnings potential expected from Credit sensitive strategies: PMT GSE credit risk transfer 14.1% 13% our strategies over the next four quarters Other GSE Credit Risk Transfer (CAS & STACR) 0.0% 0% Non-Agency Subordinate MBS 13.1% 6% • Reﬂects performance expectations in the Other credit sensitive strategies 1.0% 0% current mortgage market Net credit sensitive strategies 13.7% 19% Interest rate sensitive strategies: ‒ Increased investment expected in accretive MSRs (inc. recapture) 11.3% 45% non-agency subordinate and senior bonds, Agency MBS (and Agency structured products) 25.8% 12% primarily through organic securitization activity Non-Agency Senior & IO MBS 14.4% 9% (2) Interest rate hedges -1.8% 0% ‒ Expected returns on interest rate sensitive Net interest rate sensitive strategies 12.5% 65% assets have potential to improve if the yield Correspondent production 29.3% 10% curve steepens, which would drive an increase Cash, short term investments, and other 1.9% 6% in the overall run rate (3) Management fees & corporate expenses -3.2% 0% (3) Net Corporate -3.1% 6% ‒ Correspondent and aggregation activities have Provision for income tax expense -0.5% positive momentum, driving an improved Net income 10.0% 100% expectation for correspondent return on equity Dividends on preferred stock 7.7% 29% Net income attributable to common shareholders 10.9% 71% (1) Equity allocated represents management's internal allocation; certain ﬁnancing balances and Average Diluted EPS Per Quarter $0.42 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 Note: This slide presents estimates for illustrative purposes only, using PMT's base case assumptions (e.g., for credit performance, prepayment 9 (2) ROE calculated as a percentage of segment equity speeds, ﬁnancing economics, and loss treatment for CRT transactions), and does not contemplate market-driven value changes other than (3) ROE calculated as a percentage of total equity realization of cash ﬂows and hedge costs, or signiﬁcant changes or shocks to current market conditions; actual results may differ materially

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![](g61073ex99_2p10g1.jpg)

KEY OPERATING METRICS & OTHER FINANCIAL SCHEDULES

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THIRD QUARTER RESULTS AND RETURN CONTRIBUTIONS BY STRATEGY Income Excluding Total Income Market-Driven WA Equity Annualized Return ($ in millions, except EPS) Market-Driven Value (1) (3) (1) Contribution Value Changes(2) Allocated on Equity (ROE) (1)(2) Changes Credit sensitive strategies: PMT GSE credit risk transfer $10.0 $1.5 $8.5 $283 14% Other GSE Credit Risk Transfer (CAS & STACR) 1.9 (0.9) 2.8 73 10% PMT Non-Agency Subordinate MBS 6.9 4.3 2.5 68 40% (4) Other credit sensitive strategies (0.0) 0.0 0.0 5 -1% Net credit sensitive strategies $18.8 $5.0 $13.8 $430 18% Interest rate sensitive strategies: MSRs (incl. recapture) $(2.5) $(27.0) $24.5 Agency MBS (and Agency structured products) 57.6 49.5 8.1 Non-Agency Senior MBS 4.7 1.2 3.5 Interest rate hedges (27.4) (27.4) Net interest rate sensitive strategies $32.3 $(3.7) $36.0 $1,154 11% Correspondent production $9.2 $$9.2 $176 21% Cash, short term investments, and other $0.9 $0.9 $119 3% (5) Management fees & corporate expenses (14.3) n/a (14.3) -3% (5) Corporate $(13.3) n/a (13.3) 119 -3% $$ Beneﬁt / (Provision) for income tax expense $11.3 14.6 (3.3) $$ Net income $58.3 $15.9 $42.4 $1,878 12% Dividends on preferred stock $10.5 $542 8% Net income attributable to common shareholders $47.8 $1,337 14% Diluted EPS $0.55 Note: Figures may not sum due to rounding (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 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 11 (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 $1.7 million in carrying value of real estate acquired in settlement of loans at 09/30/25 (5) ROE calculated as a percentage of total equity

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CORRESPONDENT PRODUCTION HIGHLIGHTS Correspondent Acquisition Volume and Mix ● Under a renewed mortgage banking services agreement with PFSI, correspondent loans are (UPB in billions) initially acquired by PFSI ● PMT retains the right to purchase up to 100% of non-government loan production ● In 3Q25, PMT purchased 17% of total conventional conforming correspondent loan volume and 100% of jumbo loan volume through its fulﬁllment agreement with PFSI; in 4Q25, PMT expects to purchase 15-25% of conventional conforming loan volume and 100% of jumbo loan volume Conventional conforming loans Jumbo loans Total locks Key Financial Metrics 2Q25 3Q25 Segment pretax income as a percentage of interest 0.39% 0.21% (1) rate lock commitments Fulﬁllment fee as a percentage of 0.19% 0.18% (2) acquisitions funded Note: May not sum due to rounding (1) Conventional conforming and jumbo interest rate lock commitments for PMT's own account 12 (2) 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 • MSR fair value was down slightly from the end of the prior quarter • Net fair value gains on MBS, interest rate hedges, and related tax impacts more than offset MSR fair value losses ‒ Gains driven by active addition of exposure to mortgage spreads, which tightened during the quarter 13

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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 $1,423mm drawn Unsecured and MSR Financing CRT Financing Exchangeable Senior Notes ● The majority of our CRT ﬁnancing is in the ● Maturity of MSR term notes and loans aligns ● Provides ﬂexibility and complements 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 ● $345 million of exchangeable senior notes ● $141 million of securities repurchase ● Redeemed $350 million in MSR term notes due 2026 to be retired near maturity using agreements outstanding for CRT investments due March 2026 capacity from existing ﬁnancing lines Note: All ﬁgures are as of September 30, 2025 14 14 (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 26 for a reconciliation of leverage ratios including and excluding non-recourse debt NON-RECOURSE AND CORPORATE LEVERAGE REMAIN 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 securitizations, as all securitized loans remain on the balance sheet ● Debt resulting from 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 15

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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 driving growth in investments in Sensitive non-Agency subordinate bonds that we originate and service Strategies • Appr oximately $19.9 billion in UPB of loans underlying PMT's front-end GSE CRT investments at September 30, 2025 17

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(1) At period end (2) Return on average common equity 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⁾ 15% 12% 10% 4% 9% 10% 0% -1% 14% 18

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CURRENT MARKET ENVIRONMENT AND MACROECONOMIC TRENDS (1) (2) 6.77% 6.30% 4.23% 4.15% Average 30-year ﬁxed rate mortgage 10-year Treasury Bond Yield (4) (3) Macroeconomic Metrics U.S. Origination Market Forecast (UPB in trillions) 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 10-year Treasury bond yield 3.8% 4.6% 4.2% 4.2% 4.2% 2/10 year Treasury yield spread 0.1% 0.3% 0.3% 0.5% 0.5% 30-year ﬁxed rate mortgage 6.1% 6.9% 6.7% 6.8% 6.3% Secondary mortgage rate 4.9% 5.9% 5.6% 5.5% 5.2% U.S. home price appreciation 3.9% 4.0% 3.4% 1.9% 1.7% (Y/Y% change) Residential mortgage originations $455 $460 $355 $495 $485 (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 (10/19/25) and Fannie Mae (9/11/25) 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. 19 U.S. home price appreciation: S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index (SPCSUSA); data is as of 7/31/25. 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 Assets carrying ($ in millions) Fair value changes (5) asset value at 6/30/25 Investments value at 9/30/25 PMT GSE credit $1,049 $(32) $2 $1,019 (1) risk transfer Other GSE Credit Risk Credit $195 $(195) $(1) $- Transfer (CAS & STACR) Sensitive Non-Agency Strategies $285 $82 $5 $371 (2) Subordinate MBS Other Credit Sensitive $5 $(0) $(0) $4 (3) Strategies MSR $3,739 $(43) $(27) $3,669 Interest Non-Agency Rate $240 $91 $1 $332 (4) Senior MBS Sensitive Strategies Agency $3,636 $763 $49 $4,448 (4) MBS Total $9,148 $666 $29 $9,843 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 6/30/25 we consolidate the assets and liabilities in the trust that issued the subordinate bonds; accordingly, this investment is shown as Loans at fair value and Asset-backed ﬁnancing of variable interest entities on our consolidated balance sheet (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 $1.7 million in carrying value of real estate acquired in settlement of loans at 9/30/25 (4) MBS = Mortgage-backed securities; net new investments in Agency MBS represents rebalancing of the MBS portfolio (considered along with to be announced hedges in managing PMT's interest rate risk) and runoff 20 (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 $3.7 billion as of September 30, 2025 down slightly from June 30, 2025 ‒ Fair value declines and runoff from prepayments partially offset by new MSR investments ‒ UPB underlying PMT's MSR investments decreased slightly 21 (1) Owned MSR portfolio and excludes loans acquired for sale at fair value

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MSR ASSET VALUATION September 30, 2025 Mortgage Unaudited ($ in millions) Servicing Rights (1) Pool UPB $218,799 Weighted average coupon 3.9% Weighted average servicing fee 0.28% Weighted average prepayment speed assumption (CPR) 8.5% Fair value $3,669 As a multiple of servicing fee 6.1 22 (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 decreased slightly from the prior quarter and remained steady from the prior year ● Servicing advances outstanding for PMT's MSR portfolio decreased to approximately $62 million at September 30, 2025 from $70 million at June 30, 2025 ‒ No principal and interest advances are outstanding 23 (1) Owned MSR portfolio and includes loans acquired for sale at fair value; delinquency and foreclosure rates based on UPB; as of 9/30/25, 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 September 30, 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 $106.7 48.8% 417 3.8% 57 293 $256 757 76% 51% 1.0% FHLMC $107.8 49.3% 387 3.9% 47 301 $278 762 75% 55% 0.6% (1) Other $4.3 2.0% 15 5.1% 42 315 $281 762 72% 57% 0.8% Grand Total $218.8 100.0% 820 3.9% 52 297 $267 760 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 24 (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 was down from June 30th, 2025 due to runoff ($ in millions) • The 60+ day delinquency rate increased from June 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) $21.7 $21.2 $20.8 $20.4 $19.9 WA FICO at origination 753 753 753 753 752 WA LTV at origination 82.4% 82.4% 82.4% 82.4% 82.4% WA current LTV 47.5% 47.4% 47.3% 43.4% 43.0% 60+ days delinquent as a % of outstanding UPB 1.23% 1.48% 1.35% 1.26% 1.47% Net realized principal losses ($ in millions) $0.8 $0.5 $1.2 $1.2 $1.3 Cumulative lifetime principal losses ($ in millions) $47.5 $48.0 $49.3 $50.5 $51.7 Interest reduction ($ in millions) $3.2 $3.1 $3.1 $3.1 $3.1 Cumulative interest reduction ($ in millions) $36.1 $39.2 $42.4 $45.4 $48.5 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 25 (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 September 30, 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 $444,531 $- $444,531 $- $- $- Mortgage-backed securities at fair value Agency-backed securities 4,448,289 - 4,448,289 4,290,063 - 4,290,063 Senior non-Agency securities 160,875 - 160,875 148,895 - 148,895 Credit risk transfer securities relating to consolidated variable interest entities - 1,018,552 1,018,552 141,443 621,439 762,882 Non-agency securities relating to consolidated variable interest entities - 473,472 473,472 389,379 - 389,379 4,609,164 1,492,024 6,101,188 4,969,780 621,439 5,591,219 Loans acquired for sale at fair value 2,421,033 - 2,421,033 2,225,084 - 2,225,084 Loans held for investment at fair value 5,983,197 (5,981,451) 1,746 - - - Derivative assets 58,442 (31,432) 27,010 - - - Deposits securing credit risk transfer arrangements 1,033,008 (1,033,008) - - - - Mortgage servicing rights and servicing advances 3,730,354 68,397 3,798,751 513,319 1,627,170 2,140,489 18,279,729 (5,485,470) 12,794,259 7,708,183 2,248,609 9,956,792 Other 245,942 - 245,942 - - - Total assets and secured ﬁnancing $18,525,671 $(5,485,470) $13,040,201 $7,708,183 $2,248,609 $9,956,792 Unsecured debt 876,510 Debt excluding non-recourse 10,833,302 Debt in consolidated variable interest entities $5,476,140 Total debt $16,309,442 Equity $1,879,309 Debt-to equity ratio: (3) Excluding non-recourse debt 5.8:1 (4) Total 8.7:1 (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 $9.3 million. 26 26 (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) 3Q24 4Q24 1Q25 2Q25 3Q25 Correspondent Acquisitions Conventional Conforming $5,851 $3,241 $2,437 $2,740 $2,786 Jumbo 97 256 344 346 557 Total $5,948 $3,497 $2,782 $3,086 $3,343 Correspondent Locks Conventional Conforming $7,373 $2,741 $2,210 $3,009 $3,364 Jumbo 253 454 526 529 1,036 Total $7,626 $3,195 $2,735 $3,539 $4,399 PFSI loans acquired by PMT $187 $463 $637 $1,010 $1,296 27 Note: Figures may not sum due to rounding

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