PennyMac Mortgage Investment Trust

Listed Company

PMTCIK 0001464423NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$127.87M

Total Assets

$21.35B

Equity

$1.89B

Shares Out

87.02M

Op. Cash Flow

$-7.21B

Business

PennyMac Mortgage Investment Trust is a specialty finance company that invests primarily in mortgage-related assets and conducts operations through its operating partnership and subsidiaries. It offers investments in mortgage servicing rights, agency and non-agency mortgage-backed securities, subordinate MBS, credit risk transfer arrangements, interest-only and principal-only securities, and correspondent loan production and servicing activities. The company operates through three principal segments: credit sensitive strategies, interest rate sensitive strategies and correspondent production, with corporate operations for management and administrative functions. It sources and distributes loans and securities primarily within the U.S. mortgage market through correspondent channels, sales to government-sponsored entities, securitizations, and servicing relationships with affiliated and nonaffiliated counterparties.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Contractually specified	608	645	659	625	526
Other	17	15	17	26	69
Net mortgage loan servicing fees	625	659	676	651	595
Change in fair value of mortgage servicing rights	−414	−170	−297	449	−337
Mortgage servicing rights hedging results	−173	−227	−93	−205	−345
Net servicing fees from non-affiliates	49	265	289	910	−36
Net gains on loans held for sale at fair value:	52	73	40	26	87
Loan origination fees	13	15	18	52	171
Net gains on investments and financings	213	61	178	−659	—
Interest income	851	635	640	384	195
Interest expense	870	715	736	410	—
Net interest expense	−19	−79	−96	−27	−109
Results of real estate acquired in settlement of loans	−64,000	−437,000	−186,000	496,000	3
Other	243,000	228,000	472,000	1	718,000
Net investment income	307	334	429	304	420
Professional services	38	13	8	10	11
Compensation	12	6	7	6	4
Loan collection and liquidation	8	7	5	5	11
Safekeeping	5	4	4	8	9
Loan origination	2	3	5	12	29
Other	13	20	19	19	14
Total expenses	214	192	185	241	376
Income before (benefit from) provision for income taxes	94	143	244	63	45
(Benefit from) provision for income taxes	−34	−18	45	136	−12
Net Income (Loss)	128	161	200	−73	57
Dividends on preferred shares of beneficial interest	42	42	42	42	31
Net income attributable to common shareholders	86	119	158	−115	26
Basic (per share)	0.99	1.37	1.8	−1.26	0.26
Diluted (per share)	0.99	1.37	1.63	−1.26	0.26
Basic (shares)	87	87	87	91	97
Diluted (shares)	87	87	112	91	97

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2031 2031-12-31	FY 2030 2030-12-31	FY 2029 2029-12-31	FY 2028 2028-12-31	FY 2027 2027-12-31
Cash	—	—	—	—	—
Short-term investments at fair value	—	—	—	—	—
Mortgage-backed securities at fair value pledged to creditors	—	—	—	—	—
Loans held for sale at fair value ($2,676,700 and $2,087,615 pledged to creditors, respectively)	—	—	—	—	—
Loans held for investment at fair value ($8,530,939 and $2,191,869 pledged to creditors, respectively)	—	—	—	—	—
Deposits securing credit risk transfer arrangements pledged to creditors	—	—	—	—	—
Mortgage servicing rights at fair value ($3,582,211 and $3,807,065 pledged to creditors, respectively)	—	—	—	—	—
Servicing advances ($78,430 and $89,396 pledged to creditors, respectively)	—	—	—	—	—
Due from PennyMac Financial Services, Inc.	—	—	—	—	—
Other ($527 pledged to creditors as of December 31, 2024)	—	—	—	—	—
Total assets	—	—	—	—	—
Assets sold under agreements to repurchase	—	—	—	—	—
Mortgage loan participation purchase and sale agreements	—	—	—	—	—
Notes payable secured by credit risk transfer and mortgage servicing assets	—	—	—	—	—
Unsecured senior notes	—	—	—	—	—
Interest-only security payable at fair value	38	0	0	0	0
Asset-backed financing of variable interest entities at fair value	—	—	—	—	—
Derivative and credit risk transfer strip liabilities with nonaffiliates at fair value	—	—	—	—	—
Accounts payable and accrued liabilities	—	—	—	—	—
Income taxes payable	—	—	—	—	—
Liability for losses under representations and warranties	—	—	—	—	—
Total liabilities	—	—	—	—	—
Commitments and contingencies - Note 17	—	—	—	—	—
Preferred shares of beneficial interest, $0.01 par value per share-authorized 100,000,000 shares, issued and outstanding 22,400,000, liquidation preference $560,000,000	—	—	—	—	—
Common shares of beneficial interest, $0.01 par value-authorized, 500,000,000 issued and outstanding, 87,016,604 and 86,860,960 shares, respectively	—	—	—	—	—
Additional paid-in capital	—	—	—	—	—
Accumulated deficit	—	—	—	—	—
Total shareholders equity	—	—	—	—	—
Total liabilities and shareholders equity	—	—	—	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	128	161	200	−73	57
Net gains on investments and financings	−213	−61	−178	659	−304
Change in fair value of mortgage servicing rights	414	170	297	−449	337
Mortgage servicing rights hedging results	173	227	93	205	345
Accrual of unearned discounts and amortization of purchase premiums on mortgage-backed securities, loans held for investment, and asset-backed financings	−32	−23	−355,000	−10	10
Amortization of debt issuance costs	20	23	15	17	27
Share-based compensation expense	4	3	5	4	2
Purchase of loans held for sale from nonaffiliates	−59,554	−96,091	−87,504	−87,844	−181,370
Sale to nonaffiliates and repayment of loans held for sale	10,292	12,414	15,936	39,077	110,919
Repurchase of loans subject to representations and warranties	−26	−35	−59	−92	−106
Decrease (increase) in servicing advances	8	101	−9	7	−83
Repurchase of real estate previously sold as loans acquired for sale	0	0	−456,000	0	0
Increase in other assets	−31	−597	−86	−190	−318
Increase (decrease) in accounts payable and accrued liabilities	29	−216	194	73	−27
(Decrease) increase in due to PennyMac Financial Services, Inc.	−13	944,000	−7	−4	−47
(Decrease) increase in income taxes payable	−36	−26	38	142	−14
Net cash (used in) provided by operating activities	−7,213	−2,703	1,340	1,784	−2,820
Net (increase) decrease in short-term investments	−87	25	124	−84	−41
Purchase of mortgage-backed securities	−942	−638	−3,172	−3,718	−2,233
Sale and repayment of mortgage-backed securities	753	1,489	2,979	1,358	—
Repurchase of loans at fair value	0	0	−119,000	0	0
Repayment of loans held for investment	653	102	95	—	—
Net settlement of derivative financial instruments	4	−11	10	25	4
Distribution from credit risk transfer arrangements	152	158	181	478	1,300
Purchase of mortgage servicing rights	0	−29	−15	0	0
Transfer of mortgage servicing rights relating to delinquent loans to Agency	−876,000	−561,000	472,000	−104,000	0
Sale of real estate acquired in settlement of loans	1	2	5	8	17
(Increase) decrease in margin deposits	−102	264	−228	−95	121
Net cash provided by (used in) investing activities	430	1,360	−22	−1,867	1,093
Sale of assets under agreements to repurchase	101,440	121,850	120,565	121,018	193,729
Repurchase of assets sold under agreements to repurchase	−99,927	−120,969	−121,556	−121,074	−193,373
Issuance of mortgage loan participation purchase and sale agreements	665	2,246	2,147	3,743	4,173
Repayment of mortgage loan participation purchase and sale agreements	−677	−2,234	−2,147	−3,793	−4,140
Issuance of notes payable secured by credit risk transfer and mortgage servicing assets	375	1,475	780	945	2,022
Repayment of notes payable secured by credit risk transfer and mortgage servicing assets	−1,052	−1,454	−675	−612	−1,473
Issuance of unsecured senior notes	428	217	54	—	—
Repayment of unsecured senior notes	0	−210	0	—	—
Issuance of asset-backed financings of variable interest entities	6,297	792	0	382	691
Repayment of asset-backed financings of variable interest entities	−634	−99	−91	−156	−115
Payment of debt issuance costs	−16	−31	−14	−14	−21
Payment of dividends to preferred shareholders	−42	−42	−42	−42	−30
Payment of dividends to common shareholders	−139	−139	−141	−174	−184
Payment of vested share-based compensation tax withholdings	−1	−2	−567,000	−522,000	−730,000
Repurchase of common shares of beneficial interest	0	0	−28	−88	−57
Net cash used in financing activities	6,718	1,399	−1,149	136	1,728
Net (decrease) increase in cash	−66	57	169	53	1
Income taxes	2	8	7	−6	2
Interest	851	712	718	369	299
Recognition of loans held for investment resulting from initial consolidation of variable interest entities	6,910	848	0	—	—
Transfer of loans and servicing advances to real estate acquired in settlement of loans	0	0	1	0	0
Receipt of mortgage servicing rights as proceeds from sales of loans	190	219	293	670	1,485
Unsettled purchase of mortgage servicing rights	0	166,000	2	0	0
Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities and interest receivable	0	130	105	0	—

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