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PennyMac Mortgage Investment Trust (PMT) investor relations material

PennyMac Mortgage Investment Trust Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary21 Oct, 2025

Executive summary

  • Net income attributable to common shareholders was $47.8 million ($0.55 per share) for Q3 2025, with a 14% annualized return on equity and strong performance across all investment strategies, supported by robust private label securitization activity.

  • Book value per share increased to $15.16 at September 30, 2025, and a dividend of $0.40 per share was declared for the quarter.

  • Total assets rose to $18.5 billion, driven by growth in loans held for investment and mortgage-backed securities.

  • The company operates in three segments: credit sensitive strategies, interest rate sensitive strategies, and correspondent production.

  • Leveraged a synergistic relationship with PFSI, enabling efficient capital deployment and access to a high-quality loan pipeline.

Financial highlights

  • Net investment income for Q3 2025 was $99.2 million, with net income to common shareholders of $47.8 million and EPS of $0.55.

  • Book value per share was $15.16 at September 30, 2025.

  • Dividend of $0.40 per share declared for Q3 2025.

  • Run rate earnings per share increased to $0.42, up from $0.38 in the prior quarter.

  • Net gains on investments and financings were $64.1 million, reflecting lower CRT gains compared to the prior year.

Outlook and guidance

  • Management anticipates earnings per share over the next year to average above the current dividend level, with continued strong performance and modest growth in book value per share.

  • Projected annualized return on equity for organic investments from private label securitizations is 13–15%, and for opportunistic investments 15%+.

  • The company expects to continue investing in subordinate MBS from private label securitizations and to acquire a portion of conventional and all jumbo loans from PFSI in Q4 2025.

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Frequently asked questions

PennyMac Mortgage Investment Trust is a real estate investment trust (REIT) focused on investing in mortgage-related assets. The company’s portfolio includes residential mortgage loans, mortgage-backed securities, and other financial assets tied to residential real estate. PennyMac Mortgage Investment Trust seeks to generate income and capital appreciation by managing and financing its investments across various market environments. The company is headquartered in Westlake Village, California, and its shares are listed on the NYSE.

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