P
PennyMac Mortgage Investment Trust
Period
FY 2025
Revenue
—
Net Income
$127.87M
Total Assets
$21.35B
Equity
$1.89B
Shares Out
87.20M
Op. Cash Flow
$-7.21B
Business
PennyMac Mortgage Investment Trust is a REIT that invests in mortgage-related assets including mortgage servicing rights, mortgage-backed securities, and credit risk transfer arrangements. The company operates three segments: credit sensitive strategies focused on credit risk transfer securities; interest rate sensitive strategies focused on mortgage servicing rights and agency mortgage-backed securities; and correspondent production that sources and pools newly originated prime loans for resale. Operations are concentrated in the U.S. mortgage market.
Summary from 10-K filed 2026-02-18
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | 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 | Trend | 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 | Trend | 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 | — |
Filings
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Frequently asked questions
What is PennyMac Mortgage Investment Trust's CIK number?
PennyMac Mortgage Investment Trust's SEC CIK number is 0001464423 (1464423). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find PennyMac Mortgage Investment Trust's SEC filings?
All of PennyMac Mortgage Investment Trust's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did PennyMac Mortgage Investment Trust last report earnings?
PennyMac Mortgage Investment Trust (PMT-PB) most recently filed an earnings 8-K with the SEC on May 5, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-206554). This is PennyMac Mortgage Investment Trust's most recent earnings filing of record — not a forecast of its next earnings date.
What is PennyMac Mortgage Investment Trust's most recent earnings 8-K?
PennyMac Mortgage Investment Trust's latest earnings 8-K (Item 2.02) was filed May 5, 2026 under accession 0001193125-26-206554. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View PennyMac Mortgage Investment Trust's latest earnings 8-K →
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