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• Net Income to Common Shareholders: $42 million or $0.48 per diluted common share.

• Annualized Return on Common Equity: 13%.

• Book Value Per Share: Increased to $15.25 at year-end from $15.16 on September 30.

• Securitizations Completed in 2025: 19 securitizations totaling $6.7 billion in UPB.

• Retained Investments from Securitizations: Grew to $528 million from $54 million in 2024.

• Agency Floating Rate MBS Purchase: $876 million.

• GSE-issued CRT Investments Sold: $195 million.

• Mortgage Servicing Rights (MSRs): Account for 46% of shareholders’ equity.

• GSE Credit Risk Transfer Investments: Represent 13% of shareholders’ equity.

• Fourth Quarter Securitizations: 8 securitizations totaling $2.8 billion in UPB.

• Correspondent Production Segment Pretax Loss: $1 million.

• Loans Acquired from PFSI’s Correspondent Production: $3.7 billion in UPB.

• Total Debt-to-Equity Ratio: Increased to approximately 10:1 from 9:1 at September 30.

• Warning! GuruFocus has detected 6 Warning Signs with PMT.

• Is PMT fairly valued? Test your thesis with our free DCF calculator.

Release Date: January 29, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• PennyMac Mortgage Investment Trust (NYSE:PMT) reported strong financial results with a net income of $42 million for the fourth quarter, translating to a 13% annualized return on common equity.

• The company successfully completed 19 securitizations in 2025, totaling $6.7 billion in UPB, significantly increasing from just two securitizations in 2024.

• PMT’s synergistic relationship with PFSI provides a competitive advantage, leveraging PFSI’s operating platform and origination market access.

• The company has a robust securitization activity, completing eight securitizations totaling $2.8 billion in UPB in the fourth quarter alone.

• PMT’s strategic capital rotation has optimized its return profile, including the purchase of $876 million of agency floating rate MBS and the sale of $195 million of GSE-issued CRT investments.

• The Correspondent Production segment reported a pretax loss of $1 million due to spread widening on jumbo loans and lower channel margins.

• Increased prepayment speeds impacted the returns in the interest rate-sensitive strategies, leading to higher runoff of MSR assets.

• The company’s debt-to-equity ratio increased to approximately 10:1 from 9:1, reflecting growth in nonrecourse debt associated with securitizations.

• Margins in correspondent production have declined, and expectations for returns from this strategy are down from the prior quarter.

• The company’s quarterly average run rate return potential decreased slightly to $0.40 per share from $0.42 per share in the prior quarter.