PennyMac Mortgage Investment Trust (PMT) investor relations material

Executive summary

• Net income attributable to common shareholders for Q2 2026 was $20 million ($0.23 per diluted share), representing a 6% annualized return on common equity, with book value per share at $14.83 and a quarterly dividend of $0.40 per share.

• Total assets reached $25.1 billion as of June 30, 2026, up 18% year-over-year, driven by growth in loans held for investment and sale.

• The company operates in three segments: credit sensitive, interest rate sensitive, and aggregation/securitization, with a strategic pivot away from agency-eligible conventional loans toward higher-yielding non-agency loans and private label securitizations.

• Agreement to sell $13 billion in UPB of low coupon agency MSRs post-quarter end, with closing expected at the end of August.

Financial highlights

• Net investment income for Q2 2026 was $73 million, up 4% year-over-year; pretax income was $16.8 million, and book value per share was $14.83 at quarter end.

• Acquired $4.8 billion in UPB of loans in Q2, with $2.6 billion from correspondent production and $2.2 billion from private label securitizations; completed six securitizations totaling $2.2 billion in UPB.

• Fair value of retained bonds from private label securitizations at quarter end was $936 million.

• Dividends per common share were $0.40 for the quarter.

• Total debt outstanding rose 57% year-over-year to $23.0 billion.

Outlook and guidance

• Management expects to complete approximately 30 securitizations in 2026, with a projected average run rate return of $0.33 per quarter and targeted low- to mid-teens ROE for retained investments.

• Anticipates continued strong momentum in organic investment creation and leadership in private label securitization.

• Additional MSR sales and redeployment of capital into credit investments are expected.