Form 8-K

8-K — PennyMac Mortgage Investment Trust

Accession: 0001193125-26-206554

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0001464423

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — d947376d8k.htm (Primary)

EX-99.1 (d947376dex991.htm)

EX-99.2 (d947376dex992.htm)

GRAPHIC (g947376ex99_2p10g1.jpg)

GRAPHIC (g947376ex99_2p11g1.jpg)

GRAPHIC (g947376ex99_2p12g1.jpg)

GRAPHIC (g947376ex99_2p13g1.jpg)

GRAPHIC (g947376ex99_2p14g1.jpg)

GRAPHIC (g947376ex99_2p15g1.jpg)

GRAPHIC (g947376ex99_2p16g1.jpg)

GRAPHIC (g947376ex99_2p17g1.jpg)

GRAPHIC (g947376ex99_2p18g1.jpg)

GRAPHIC (g947376ex99_2p19g1.jpg)

GRAPHIC (g947376ex99_2p1g1.jpg)

GRAPHIC (g947376ex99_2p20g1.jpg)

GRAPHIC (g947376ex99_2p21g1.jpg)

GRAPHIC (g947376ex99_2p22g1.jpg)

GRAPHIC (g947376ex99_2p2g1.jpg)

GRAPHIC (g947376ex99_2p3g1.jpg)

GRAPHIC (g947376ex99_2p4g1.jpg)

GRAPHIC (g947376ex99_2p5g1.jpg)

GRAPHIC (g947376ex99_2p6g1.jpg)

GRAPHIC (g947376ex99_2p7g1.jpg)

GRAPHIC (g947376ex99_2p8g1.jpg)

GRAPHIC (g947376ex99_2p9g1.jpg)

GRAPHIC (g947376g0506003042813.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: d947376d8k.htm · Sequence: 1

8-K

false 0001464423 0001464423 2026-05-05 2026-05-05 0001464423 pmt:CommonSharesOfBeneficialInterest0.01ParValueMember 2026-05-05 2026-05-05 0001464423 us-gaap:SeriesAPreferredStockMember 2026-05-05 2026-05-05 0001464423 us-gaap:SeriesBPreferredStockMember 2026-05-05 2026-05-05 0001464423 us-gaap:SeriesCPreferredStockMember 2026-05-05 2026-05-05 0001464423 pmt:M8.50PercentSeniorNotesDue2028Member 2026-05-05 2026-05-05 0001464423 pmt:M9.00SeniorNoteDue20302Member 2026-05-05 2026-05-05 0001464423 pmt:M9.00SeniorNoteDue20301Member 2026-05-05 2026-05-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2026

PennyMac Mortgage Investment Trust

(Exact name of registrant as specified in its charter)

Maryland

001-34416

27-0186273

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

3043 Townsgate Road, Westlake Village, California

91361

(Address of principal executive offices)

(Zip Code)

(818) 224-7442

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Shares of Beneficial Interest, $0.01 par value

PMT

New York Stock Exchange

8.125% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value

PMT/PA

New York Stock Exchange

8.00% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value

PMT/PB

New York Stock Exchange

6.75% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value

PMT/PC

New York Stock Exchange

8.50% Senior Note Due 2028

PMTU

New York Stock Exchange

9.00% Senior Note Due 2030

PMTV

New York Stock Exchange

9.00% Senior Note Due 2030

PMTW

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition.

On May 5, 2026, PennyMac Mortgage Investment Trust (the “Company”) issued a press release and a slide presentation announcing its financial results for the fiscal quarter ended March 31, 2026. Copies of the press release and the slide presentation used in connection with the Company’s presentation of financial results were made available on May 5, 2026 and are furnished as Exhibit 99.1 and Exhibit 99.2, respectively. In addition, the Company has made other supplemental financial information for the fiscal quarter ended March 31, 2026 available on its website at pmt.pennymac.com.

The information in Item 2.02 of this report, including the exhibits hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any disclosure document relating to the Company, except to the extent, if any, expressly set forth by specific reference in such document.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

No.

Description

99.1

Press Release, dated May 5, 2026, issued by PennyMac Mortgage Investment Trust pertaining to its financial results for the fiscal quarter ended March 31, 2026.

99.2

Slide Presentation for use beginning on May 5, 2026 in connection with a presentation of financial results for the fiscal quarter ended March 31, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PENNYMAC MORTGAGE INVESTMENT TRUST

Dated: May 5, 2026

/s/ Daniel S. Perotti

Daniel S. Perotti

Senior Managing Director and Chief Financial Officer

EX-99.1

Filename: d947376dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

PennyMac Mortgage Investment Trust

Reports First Quarter 2026 Results

WESTLAKE VILLAGE, Calif. – May 5, 2026 – PennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income

attributable to common shareholders of $14.2 million, or $0.16 per common share for the first quarter of 2026, on net investment income of $82.1 million. PMT previously announced a cash dividend for the first quarter of 2026 of $0.40 per

common share of beneficial interest, which was declared on March 11, 2026, and was paid on April 24, 2026, to common shareholders of record as of April 9, 2026.

First Quarter 2026 Highlights

Financial results:

•

Net income attributable to common shareholders of $14.2 million; annualized return on average common

shareholders’ equity of 4%1

•

Lower contribution from the interest rate sensitive strategies, primarily due to increased mortgage servicing

rights (MSR) runoff related to higher coupon loans, partially offset by improved results in the aggregation and securitization2 segment

•

Book value per common share was $14.98 at March 31, 2026, down from $15.25 at December 31, 2025

Other investment highlights:

•

Investment activity driven by acquisition volumes

•

Loans acquired totaled $4.3 billion in unpaid principal balance (UPB), down 21% from the prior quarter

•

Acquired $2.8 billion in UPB of conventional conforming and nonconforming correspondent loan volume from

PennyMac Financial Services, Inc. (NYSE: PFSI) through the correspondent fulfillment arrangement, down 24% from the prior quarter

Return on average common equity is calculated based on net income attributable to common shareholders as a

percentage of monthly average common equity during the quarter

Formerly referred to as the correspondent production segment

•

Resulted in the creation of $40 million in new mortgage servicing rights (MSRs)

•

Also acquired $1.5 billion in UPB of loans from PFSI’s production, down 15% from the prior quarter

•

Closed three Agency-eligible investor loan securitizations, two jumbo loan securitizations, and three

Agency-eligible owner occupied loan securitizations with a combined UPB of $2.8 billion

•

Generated $189 million of net new investments in non-Agency

subordinate bonds and $12 million of net new investments in non-Agency senior bonds3

•

Sold $477 million of Agency fixed-rate mortgage-backed securities (MBS)

Other highlights:

•

Redeemed $345 million of exchangeable senior notes due March 2026

Notable activity after quarter end:

•

Completed one Agency-eligible investor loan securitization, one Agency-eligible owner occupied loan

securitization, and priced another Agency-eligible investor loan securitization with a combined UPB of $1.1 billion

•

Generated $70 million of net new investments in non-Agency

subordinate bonds2

“PMT’s first quarter net income of

$14 million, or $0.16 in diluted earnings per share was impacted by lower contributions from our interest rate sensitive strategies partially offset by improved results in our aggregation and securitization segment,” said Chairman and CEO

David Spector. “While these factors contributed to a decline in book value per share, the underlying fundamentals of our investments remain strong. We are particularly enthusiastic about the continued success of our private label

securitization program, highlighted by the completion of eight transactions during the quarter totaling $2.8 billion in UPB. This activity drove continued organic investment creation and we retained more than $200 million of new

investments, reinforcing our ability to create high-quality credit assets in a challenging environment. We remain on pace to complete approximately 30 securitizations in 2026, which we expect will build a substantial foundation of investments with

attractive returns to support PMT’s future earnings.”

We consolidate the assets and liabilities of the trust that issued the subordinate and senior bonds;

accordingly, these investments are shown as Loans held for investment at fair value and Asset-backed financing of variable interest entities at fair value on our consolidated balance sheets

Mr. Spector continued, “Our ability to successfully pivot toward credit-sensitive strategies

underscores the depth and agility of our investment platform. The shift into private label securitizations has allowed us to deploy capital into new, high-quality credit investments that we anticipate will produce low-to-mid teens returns on equity. We remain focused on the continued expansion of our securitization program and disciplined capital allocation. As a result, we are confident that our strategy and

diversified portfolio of investments will drive the returns necessary to support our dividend and create value for our shareholders over the long-term.”

The following table presents the contributions of PMT’s segments to pretax income:

Quarter ended March 31, 2026

Credit sensitive

strategies

Interest rate

sensitive

strategies

Aggregation

and

securitization

Reportable

segment total

Corporate

Total

(in thousands)

Net investment income:

Net loan servicing fees

—

83,586

—

83,586

—

83,586

Net gains on loans held for sale

—

22,910

—

22,910

Net (losses) gains on investments and financings

Mortgage-backed securities

—

(33,407

)

—

(33,407

)

—

(33,407

)

Loans held for investment

2,191

(5,758

)

—

(3,567

)

—

(3,567

)

CRT investments

13,911

—

13,911

—

13,911

Net gains (losses) on investments and financings

16,102

(39,165

)

—

(23,063

)

—

(23,063

)

Net interest income (expense):

Interest income

19,229

214,630

39,531

273,390

2,701

276,091

Interest expense

18,727

227,557

31,554

277,838

1,912

279,750

Net interest income (expense)

502

(12,927

)

7,977

(4,448

)

789

(3,659

)

Other

(48

)

—

2,408

2,360

—

2,360

Net investment income

16,556

31,494

33,295

81,345

789

82,134

Expenses:

Earned by PennyMac Financial Services, Inc.:

Loan servicing fees

19,721

—

19,723

—

19,723

Management fees

—

6,762

Loan fulfillment fees

—

5,737

—

5,737

Professional services

—

10,844

2,657

13,501

Compensation

—

2,976

Loan collection and liquidation

2,107

—

2,124

—

2,124

Safekeeping

—

802

855

—

855

Mortgage loan origination Fees

—

213

—

213

Other

873

981

2,367

3,348

Total expenses

23,503

16,878

40,477

14,762

55,239

Pretax income (loss)

16,460

7,991

16,417

40,868

(13,973

)

26,895

Credit Sensitive Strategies Segment

The Credit Sensitive Strategies segment primarily includes results from PMT’s organically-created GSE CRT investments and investments in non-Agency subordinate bonds from private-label securitizations of PMT’s production. Pretax income for the segment was $16.5 million on net investment income of $16.6 million, compared to pretax

income of $23.5 million on net investment income of $23.6 million in the prior quarter.

Net gains on investments in the segment were $16.1 million, compared to $24.8 million in the prior

quarter. These net gains included $13.9 million of gains from PMT’s organically-created GSE CRT investments and $2.2 million of gains from non-Agency subordinate bonds from PMT’s

production.

Net gains on PMT’s organically-created CRT investments for the quarter were $13.9 million, compared to $16.2 million in the

prior quarter. These net gains included $2.8 million in valuation-related gains, which reflected the impact of credit spread tightening in the first quarter, down from $3.6 million in the prior quarter. Net gains on PMT’s

organically-created CRT investments also included $12.5 million in realized gains and carry, compared to $13.3 million in the prior quarter. Realized losses during the quarter were $1.4 million, up from $0.7 million in the prior

quarter.

Net interest income for the segment totaled $0.5 million, compared to $1.3 million of net interest expense in the prior quarter.

Interest income totaled $19.2 million, up from $17.5 million in the prior quarter. Interest expense totaled $18.7 million, down from $18.9 million in the prior quarter.

Interest Rate Sensitive Strategies Segment

The Interest

Rate Sensitive Strategies segment includes results from investments in MSRs, Agency MBS, non-Agency senior MBS and interest rate hedges. The segment includes investments that typically have offsetting fair

value exposures to changes in interest rates. For example, in a period with increasing interest rates, MSRs are expected to increase in fair value, whereas Agency pass-through and non-Agency senior MBS are

expected to decrease in fair value. The results in the Interest Rate Sensitive Strategies segment consist of net loan servicing fees, net gains and losses on investments, and net interest expense, as well as associated expenses.

Pretax income for the segment was $8.0 million on net investment income of $31.5 million, compared to pretax income of $28.5 million on net

investment income of $52.7 million in the prior quarter.

Net loan servicing fees were $83.6 million, compared to $36.8 million in the

prior quarter. Net loan servicing fees included contractually specified servicing fees of $147.6 million and $3.4 million in other fees, reduced by $106.9 million in realization of MSR cash flows, which was up slightly from

$103.9 million in the prior quarter due to increased prepayment activity on higher coupon loans. Net loan servicing fees also included $45.6 million in fair value gains on MSRs, $11.9 million in hedging losses, and $5.8 million

of MSR recapture income.

Net losses on investments for the segment were $39.2 million, primarily consisting of

$33.4 million in losses on MBS. PMT’s hedging activities are intended to manage its net exposure across all interest rate sensitive strategies, which include MSRs, MBS and related tax effects.

The following schedule details net loan servicing fees:

Quarter ended

March 31, 2026

December 31, 2025

March 31, 2025

(in thousands)

From nonaffiliates:

Contractually specified

147,592

151,320

152,199

Other fees

3,367

3,958

3,917

Effect of MSRs:

Change in fair value

Realization of cashflows

(106,886

)

(103,859

)

(88,759

)

Market changes

45,587

26,247

(55,831

)

(61,299

)

(77,612

)

(144,590

)

Hedging results

(11,881

)

(44,990

)

(39,944

)

(73,180

)

(122,602

)

(184,534

)

Net servicing fees from nonaffiliates

77,779

32,676

(28,418

)

From PFSI—MSR recapture income

5,807

4,090

1,208

Net loan servicing fees

83,586

36,766

(27,210

)

Net interest expense for the segment was $12.9 million versus $12.3 million in the prior quarter. Interest income

totaled $214.6 million, up from $189.0 million in the prior quarter primarily due to a higher amount of retained investments from private label securitizations. Interest expense totaled $227.6 million, up from $201.3 million in

the prior quarter, due to higher financing balances, including additional non-recourse asset-backed financing resulting from securitization activity.

Segment expenses were $23.5 million, down slightly from the prior quarter.

Aggregation and Securitization Segment

Through its

Aggregation and Securitization Segment, PMT aggregates loans, either through participation in correspondent activity or direct purchases of PFSI’s production. These loans are aggregated for execution in the secondary market primarily to the

Government-Sponsored Enterprises or via private label securitizations to drive organic creation of assets for long-term investment, which results in current period income. For correspondent production volumes initially acquired by PFSI, PMT retains

the right to purchase up to 100% of the non-government loan production, and pays PFSI a fulfillment fee for those loans it purchases. PMT also acquires additional

non-government loans from PFSI for inclusion in private label securitizations. Through these activities, PMT’s Aggregation and Securitization segment generated pretax income of $16.4 million in the

first quarter, compared to $1.0 million of pretax loss in the prior quarter.

PMT purchased a total of $2.8 billion in UPB of conventional conforming and nonconforming loans through

its purchase agreement that PFSI acquired from correspondent sellers, down 24% from the prior quarter. PMT acquired 18% of total conventional conforming correspondent production and 100% of nonconforming correspondent production in the first

quarter. Interest rate lock commitments on loans for PMT’s account totaled $3.7 billion, down 9% from the prior quarter. Additionally, PMT acquired $1.5 billion in UPB of loans from PFSI’s production for inclusion in private

label securitizations, down from $1.8 billion in the prior quarter.

Segment revenues were $33.3 million and included net gains on loans

acquired for sale of $22.9 million, net interest income of $8.0 million, and other income of $2.4 million, which primarily consists of volume-based origination fees. Net gains on loans acquired for sale increased $15.7 million

from the prior quarter, which included losses related to spread widening on jumbo loans held for sale during aggregation. Interest income was $39.5 million, up slightly from $39.4 million in the prior quarter, and interest expense was

$31.6 million, down from $33.1 million in the prior quarter.

Segment expenses were $16.9 million, down from $17.4 million in the

prior quarter due to lower volumes. The weighted average fulfillment fee rate in the first quarter was 21 basis points, up from 18 basis points in the prior quarter.

Corporate

Corporate includes interest income from cash

and short-term investments, management fees, and corporate expenses.

Corporate revenues were $0.8 million, down from $0.9 million in the prior

quarter. Corporate expenses were $14.8 million, down from $15.7 million in the prior quarter, and consisted of management fees of $6.8 million and $8.0 million of other corporate expenses.

Taxes

PMT recorded a provision for tax expense of

$2.3 million, driven primarily by income from mortgage aggregation and securitization, and gains on MSR held in its taxable REIT subsidiary.

***

Management’s slide presentation and accompanying materials will be available in the Investor Relations section of the Company’s website at

pmt.pennymac.com after the market closes on Tuesday, May 5, 2026. Management will also host a conference call and live audio webcast at 6:00 p.m. Eastern Time to review the Company’s financial results. The webcast can be accessed

at pmt.pennymac.com, and a replay will be available shortly after its conclusion.

Individuals who are unable to access the website but would like

to receive a copy of the materials should contact the Company’s Investor Relations department at 818.224.7028.

About PennyMac Mortgage

Investment Trust

PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage

loans and mortgage-related assets. PMT is externally managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI). Additional information about PennyMac Mortgage Investment Trust is available

at pmt.pennymac.com.

Media

Investors

Kristyn Clark

Kevin Chamberlain

mediarelations@pennymac.com

Isaac Garden

805.395.9943

investorrelations@pennymac.com

818.224.7028

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding

management’s beliefs, estimates, projections and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies, as well as industry and market conditions,

all of which are subject to change. Words like “believe,” “expect,” “anticipate,” “promise,” “plan,” and other expressions or words of similar meanings, as well as future or conditional

verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary

materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: interest rate changes; changes

in macroeconomic, consumer and real estate market conditions; changes in housing prices, housing sales and real estate values; rising homeownership costs negatively impacting housing affordability; compliance with changing federal, state and local

laws and regulations that govern its business; the general economy or the real estate finance and real estate markets; events or circumstances which undermine confidence in the financial and housing markets or otherwise have a broad impact on

financial and housing markets; the degree and nature of the Company’s competition; the availability of, and level of competition for, attractive risk adjusted investment opportunities in mortgage loans and mortgage related assets that satisfy

the Company’s investment objectives; the concentration of credit risks to which the Company is exposed; the Company’s dependence on and potential conflicts with its manager, servicer and their affiliates; the Company’s ability to

mitigate cybersecurity risks, cyber incidents and technology disruptions; the development of artificial intelligence; the availability, terms and deployment of short term and long term capital; the adequacy of the Company’s cash reserves and

working capital; the Company’s ability to maintain the desired relationship between its financing and the interest rates and maturities of its assets; the timing and amount of cash flows, if any, from the Company’s investments; the

Company’s engagement in private loan securitizations; the Company’s substantial amount of indebtedness; the performance, financial condition and liquidity of borrowers; the Company’s exposure to risks of loss and disruptions in

operations from severe weather events, man-made or other natural conditions, including climate change and pandemics; the ability of the Company’s servicer, which also provides the Company with

fulfillment services, to approve and monitor correspondent sellers and underwrite loans to investor standards; incomplete or inaccurate information or documentation provided by customers or counterparties, or adverse changes in the financial

condition of the Company’s customers and counterparties; the Company’s indemnification and repurchase obligations in connection with mortgage loans it purchases and later sells or securitizes; the quality and enforceability of the

collateral documentation evidencing the Company’s ownership and rights in the assets in which it invests; increased rates of delinquency, defaults and forbearances and/or decreased recovery rates on the Company’s investments; the

performance of mortgage loans underlying mortgage backed securities or other investments in which the Company retains credit risk; the Company’s ability to foreclose on its investments in a timely manner or at all; increased prepayments of the

mortgages and other loans underlying the Company’s mortgage backed securities or relating to the Company’s mortgage servicing rights and other investments; risks associated with the discontinuation of LIBOR; the degree to which the

Company’s hedging strategies may or may not protect it from interest rate volatility; the accuracy or changes in the estimates the Company makes about uncertainties, contingencies and asset and liability valuations; the Company’s ability

to maintain appropriate internal control over financial reporting; the Company’s ability to detect misconduct and fraud; developments in the secondary markets for the Company’s mortgage loan products; legislative and regulatory changes

that impact the mortgage loan industry or housing market; regulatory or other changes that impact government agencies or government sponsored entities, or such changes that increase the cost of doing business with such agencies or entities; federal

and state mortgage regulations and enforcement; changes in government support of homeownership and affordability programs; changes in the Company’s investment objectives or investment or operational strategies; limitations imposed on the

Company’s business and its ability to satisfy complex rules for it to qualify as a REIT for U.S. federal income tax purposes and qualify for an exclusion from the Investment Company Act of 1940 and the ability of certain of the Company’s

subsidiaries to qualify as REITs or as taxable REIT subsidiaries for U.S. federal income tax purposes; changes in governmental regulations, accounting treatment, tax rates and similar matters; the Company’s ability to make distributions to its

shareholders in the future; the Company’s failure to deal appropriately with issues that may give rise to reputational risk; and the Company’s organizational structure and certain requirements in its charter documents. You should not

place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange

Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of

this release only.

PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 31, 2026

December 31, 2025

March 31, 2025

(in thousands except share amounts)

ASSETS

Cash

213,958

271,970

247,941

Short-term investments at fair value

187,689

190,518

204,158

Mortgage-backed securities at fair value

3,765,539

4,452,859

4,035,862

Loans held for sale at fair value

2,349,895

2,699,398

2,002,207

Loans held for investment at fair value

10,867,942

8,532,644

3,228,991

Derivative assets

54,589

55,943

45,162

Deposits securing credit risk transfer arrangements

969,725

1,009,334

1,087,949

Mortgage servicing rights at fair value

3,623,979

3,644,702

3,770,034

Servicing advances

79,200

96,830

84,733

Due from PennyMac Financial Services, Inc.

16,152

19,100

15,155

Other

374,024

373,584

154,034

Total assets

22,502,692

21,346,882

14,876,226

LIABILITIES

Assets sold under agreements to repurchase

7,300,692

8,018,601

6,202,539

Mortgage loan participation and sale agreements

—

4,576

Notes payable secured by credit risk transfer

and mortgage servicing assets

2,396,545

2,258,128

2,683,368

Unsecured senior notes

684,506

1,028,300

773,122

Asset-backed financing of variable interest entities

at fair value

9,903,515

7,789,303

2,967,631

Interest-only security payable at fair value

34,232

37,650

35,954

Derivative and credit risk transfer strip liabilities

at fair value

27,215

9,189

17,941

Accounts payable and accrued liabilities

137,102

168,498

105,451

Due to PennyMac Financial Services, Inc.

17,500

17,122

29,198

Income taxes payable

129,677

127,476

147,773

Liability for losses under representations and warranties

5,152

5,284

5,955

Total liabilities

20,636,136

19,459,551

12,973,508

SHAREHOLDERS’ EQUITY

Preferred shares of beneficial interest

541,482

Common shares of beneficial interest—authorized, 500,000,000 common shares of $0.01 par

value; issued and outstanding 87,191,663, 87,016,604 and 87,010,608 common shares, respectively

872

870

Additional paid-in capital

1,927,759

1,927,804

1,924,902

Accumulated deficit

(603,557

)

(582,825

)

(564,536

)

Total shareholders’ equity

1,866,556

1,887,331

1,902,718

Total liabilities and shareholders’ equity

22,502,692

21,346,882

14,876,226

PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

For the Quarterly Periods Ended

March 31, 2026

December 31, 2025

March 31, 2025

(in thousands, except earnings per common share)

Investment Income

Net loan servicing fees:

From nonaffiliates

Servicing fees

150,959

155,278

156,116

Change in fair value of mortgage servicing rights

(61,299

)

(77,612

)

(144,590

)

Hedging results

(11,881

)

(44,990

)

(39,944

)

77,779

32,676

(28,418

)

From PennyMac Financial Services, Inc.

5,807

4,090

1,208

Net loan servicing fees

83,586

36,766

(27,210

)

Net gains on loans held for sale

22,910

7,187

12,344

Loan origination fees

2,375

2,893

3,152

Net (losses) gains on investments and financings

(23,063

)

53,033

62,313

Net interest expense

Interest income

276,091

248,252

176,091

Interest expense

279,750

254,714

182,137

Net interest expense

(3,659

)

(6,462

)

(6,046

)

Other

(15

)

146

(88

)

Net investment income

82,134

93,563

44,465

Expenses

Earned by PennyMac Financial Services, Inc.:

Loan servicing fees

19,723

20,046

21,729

Management fees

6,762

6,856

7,012

Loan fulfillment fees

5,737

6,538

5,290

Professional services

13,501

13,822

6,982

Compensation

2,976

3,263

2,970

Loan collection and liquidation

2,124

2,428

1,969

Safekeeping

855

1,098

1,110

Loan origination

213

132

686

Other

3,348

3,267

3,016

Total expenses

55,239

57,450

50,764

Income (loss) before provision for (benefit from) income taxes

26,895

36,113

(6,299

)

Provision for (benefit from) income taxes

2,279

(16,249

)

(15,979

)

Net income

24,616

52,362

9,680

Dividends on preferred shares

10,455

Net income (loss) attributable to common shareholders

14,161

41,907

(775

)

Earnings (losses) per common share

Basic

0.16

0.48

(0.01

)

Diluted

0.16

0.48

(0.01

)

Weighted average shares outstanding

Basic

87,082

87,017

86,907

Diluted

87,082

87,017

86,907

EX-99.2

Filename: d947376dex992.htm · Sequence: 3

EX-99.2

Exhibit 99.2 1Q26 EARNINGS REPORT PennyMac Mortgage Investment Trust May

2026

FORWARD LOOKING STATEMENTS This presentation contains forward-looking

statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections and assumptions with respect to, among other things, the Company’s ﬁnancial

results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like “believe,” “expect,” “anticipate,”

“promise,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may”

are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. These forward-looking statements include, but

are not limited to, statements regarding future changes in interest rates, housing, and prepayment rates; future loan originations and production; future loan delinquencies, defaults and forbearances; future investment and hedge expenses; future

investment strategies, future earnings and return on equity as well as other business and ﬁnancial expectations. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not

limited to: interest rate changes; changes in macroeconomic, consumer and real estate market conditions; changes in housing prices, housing sales and real estate values; rising homeownership costs negatively impacting housing affordability;

compliance with changing federal, state and local laws and regulations that govern its business; the general economy or the real estate ﬁnance and real estate markets; events or circumstances which undermine conﬁdence in the

ﬁnancial and housing markets or otherwise have a broad impact on ﬁnancial and housing markets; the degree and nature of the Company’s competition; the availability of, and level of competition for, attractive risk adjusted

investment opportunities in mortgage loans and mortgage related assets that satisfy the Company’s investment objectives; the concentration of credit risks to which the Company is exposed; the Company’s dependence on and potential

conﬂicts with its manager, servicer and their aﬃliates; the Company’s ability to mitigate cybersecurity risks, cyber incidents and technology disruptions; the development of artiﬁcial intelligence; the availability, terms

and deployment of short term and long term capital; the adequacy of the Company’s cash reserves and working capital; the Company’s ability to maintain the desired relationship between its ﬁnancing and the interest rates and

maturities of its assets; the timing and amount of cash ﬂows, if any, from the Company’s investments; the Company’s engagement in private loan securitizations; the Company’s substantial amount of indebtedness; the

performance, ﬁnancial condition and liquidity of borrowers; the Company’s exposure to risks of loss and disruptions in operations from severe weather events, man-made or other natural conditions, including climate change and pandemics;

the ability of the Company’s servicer, which also provides the Company with fulﬁllment services, to approve and monitor correspondent sellers and underwrite loans to investor standards; incomplete or inaccurate information or

documentation provided by customers or counterparties, or adverse changes in the ﬁnancial condition of the Company’s customers and counterparties; the Company’s indemniﬁcation and repurchase obligations in connection with

mortgage loans it purchases and later sells or securitizes; the quality and enforceability of the collateral documentation evidencing the Company’s ownership and rights in the assets in which it invests; increased rates of delinquency,

defaults and forbearances and/or decreased recovery rates on the Company’s investments; the performance of mortgage loans underlying mortgage backed securities or other investments in which the Company retains credit risk; the Company’s

ability to foreclose on its investments in a timely manner or at all; increased prepayments of the mortgages and other loans underlying the Company’s mortgage backed securities or relating to the Company’s mortgage servicing rights and

other investments; risks associated with the discontinuation of LIBOR; the degree to which the Company’s hedging strategies may or may not protect it from interest rate volatility; the accuracy or changes in the estimates the Company makes

about uncertainties, contingencies and asset and liability valuations; the Company’s ability to maintain appropriate internal control over ﬁnancial reporting; the Company’s ability to detect misconduct and fraud; developments in

the secondary markets for the Company’s mortgage loan products; legislative and regulatory changes that impact the mortgage loan industry or housing market; regulatory or other changes that impact government agencies or government sponsored

entities, or such changes that increase the cost of doing business with such agencies or entities; federal and state mortgage regulations and enforcement; changes in government support of homeownership and affordability programs; changes in the

Company’s investment objectives or investment or operational strategies; limitations imposed on the Company’s business and its ability to satisfy complex rules for it to qualify as a REIT for U.S. federal income tax purposes and qualify

for an exclusion from the Investment Company Act of 1940 and the ability of certain of the Company’s subsidiaries to qualify as REITs or as taxable REIT subsidiaries for U.S. federal income tax purposes; changes in governmental regulations,

accounting treatment, tax rates and similar matters; the Company’s ability to make distributions to its shareholders in the future; the Company’s failure to deal appropriately with issues that may give rise to reputational risk; and the

Company’s organizational structure and certain requirements in its charter documents. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those

more fully discussed in reports and other documents ﬁled by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any

other information contained herein, and the statements made in this presentation are current as of the date of this presentation only. This presentation contains ﬁnancial information calculated other than in accordance with U.S. generally

accepted accounting principles (“GAAP”), such as income excluding market driven value changes and leverage ratios that provide a meaningful perspective on the Company’s business results since the Company utilizes this information

to evaluate and manage the business. Non-GAAP disclosures have limitations as an analytical tool and should not be viewed as a substitute for ﬁnancial information determined in accordance with GAAP. 2

FIRST QUARTER HIGHLIGHTS Net new Net new Pr Pretax income etax income

inv investments in estments in F Fair v air value of alue of 1Q 1Q26 26 Results Results CREDIT CREDIT ex excluding mark cluding market et cr credit sub-bonds edit sub-bonds or organically- ganically- SENSITI SENSITIV VE E (2) (2) driv driven v en

value alue fr from PM om PMT T cr created CR eated CRT T Net income attributable S STRA TRATEGIES TEGIES (4) (4) Pr Pretax income etax income changes changes securitizations securitizations inv investments estments Net income attributable to common

(1) (2) shar to common eholders Diluted EPS $ $16mm 16mm $ $11mm 12mm $ $189mm 189mm $ $1. 1.0bn 0bn (2) shareholders(1) Diluted EPS $14mm $0.16 Pr Pretax income etax income $14mm $0.16 INTERES INTEREST RA T RATE TE ex excluding mark cluding market

et Annualized return on Book value driv driven v en value alue New inv New investments in estments in F Fair v air value of MSR alue of MSR SENSITI SENSITIV VE E (4) (4) (2) (3) Pr Pretax income etax income changes changes MSR(2) MSR inv investments

estments average common equity per share S STRA TRATEGIES TEGIES Annualized return on Book value average common equity(3) per share $8mm $8mm $ $11mm 12mm $ $40mm 40mm $3. $3.6bn 6bn 4% $14.98 4% $14.98 UPB of loans acquir UPB of loans acquired ed

UPB of loans UPB of loans Dividend per Dividend per fr from PFSI om correspondents acquir acquired fr ed from PFSI om PFSI A CGGREGA ORRESPONDENT TION AND common shar common share e (5) Pr Pretax income etax income corr through PFSI espondents pr

production oduction SEC PURITIZA RODUCTION TION $0 $0. .40 40 $ $16mm 16mm $2 $2. .8bn 8bn $ $1.5bn 1.5bn Note: All ﬁgures are for 1Q26 or are as of 3/31/26 (1) Net income attributable to common shareholders includes a provision for income

tax of $2 million (2) EPS = earnings per share; CRT = credit risk transfer; MSR = mortgage servicing rights; UPB = unpaid principal balance (3) Annualized return on average common shareholders’ equity is calculated based on annualized

quarterly net income attributable to common shareholders as a percentage of monthly average common equity during the quarter (4) Excludes $5 million of market-driven value gains in the credit sensitive strategies and $4 million of market-driven

value losses in the interest rate sensitive strategies - see slide 11 3 3 3 (5) Formerly referred to as the Correspondent Production segment.

1Q26 STRATEGIC UPDATE

AGGREGATION AND SECURITIZATION SEGMENT HIGHLIGHTS Correspondent

Production Volume Loans Acquired from PFSI Production (UPB in billions) (UPB in billions) (1) (2) Conventional conforming loans Non-conforming loans Total locks Non-owner occupied loans Agency-eligible owner occupied loans ● Mortgage

aggregation is the acquisition of loans – either through participation in Pennymac correspondent activity or direct purchases of PFSI’s production – for execution in the secondary market primarily to the GSEs or via private label

securitizations to drive organic creation of assets for long-term investment ● In 1Q26, PMT purchased 18% of total conventional conforming correspondent loan volume and 100% of non-conforming correspondent loan volume through its correspondent

fulﬁllment arrangement with PFSI ● Additionally, PMT acquired $1.5 billion in UPB of loans from PFSI’s production for inclusion in private label securitizations ● In total, these activities resulted in the creation of $202

million in new investments in bonds from securitization activities and $40 million in new MSR investments Note: May not sum due to rounding (1) Consists of jumbo and non-QM loans 5 (2) Conventional conforming and non-Agency eligible interest rate

lock commitments for PMT’s own account

ORGANIC INVESTMENT CREATION UPB of Loans Sold or Securitized 1Q26 (in

billions) NOO Loan Securitizations Retained Retained credit interest rate Jumbo Loan Securitizations Securitizations UPB sensitive Loan Type sensitive Agency-Eligible Owner Occupied Loan Securitizations Completed (billions) investments investments

MSRs (millions) (millions) Non-Owner 3 $1.2 $72 $0 Occupied Jumbo 2 $0.7 $49 $0 Agency-Eligible 3 $0.9 $67 $12 Owner Occupied MSRs N/A $2.8 N/A $40 Total 8 $5.6 $189 $52 After quarter end, we completed two additional securitizations and priced a

third, for a total of $1.1 billion in UPB with $70 million of expected retained investments We remain on pace to complete approximately 30 securitizations in 2026, with targeted returns on equity for retained investments in the low-to-mid teens 6

Note: May not sum due to rounding

SNAPSHOT - INVESTMENTS FROM PRIVATE LABEL SECURITIZATIONS Credit

Sensitive Strategies - Subordinate bonds Interest Rate Sensitive Strategies - Senior & mezz. bonds (fair value) (fair value) (1) (1) 100% = $744 million 100% = $94 million Select Portfolio Metrics : Select Portfolio Metrics : Agency-eligible

Agency-eligible WA FICO WA FICO owner occupied, 14% owner occupied, 12% at Origination: 774 at Origination: 774 Non-owner occupied, 40% WA LTV WA LTV Non-owner Jumbo, 20% occupied, 66% at Origination: 72 at Origination: 71 Jumbo, 48% Current 60+

Current 60+ Day DQ: 0.03% Day DQ: 0.00% High-quality portfolio of bonds from private label securitizations characterized by exceptionally low delinquencies and strong underlying credit fundamentals Note: Data presented is as of 3/31/26 7 (1) LTV =

loan to value ratio; DQ = delinquency rate

MSR AND CRT REPRESENT THE MAJORITY OF INVESTMENT PORTFOLIO Approximately

60% of PMT’s shareholders’ equity is deployed to long-standing investments in MSRs and PMT’s unique GSE credit risk transfer investments Mortgage Servicing Rights PMT GSE Credit Risk Transfer (48% of shareholders' equity) (12% of

shareholders' equity) • Seasoned loans originated from 2015 – 2020 • Stable cash ﬂows over extended expected life (1) at low WACs ‒ WAC of 3.9%; majority of loans signiﬁcantly out of the money ‒ Somewhat

offset by faster runoff of more recently originated loans• Weighted average current LTV of 46% and 60+ day delinquency rate of 1.4% • Decreased sensitivity of fair values at higher market interest rates • Realized lifetime losses

expected to be limited • Elevated placement fee income from higher short-term rates Long-term expected risk-adjusted returns supported by: • Underlying, high-quality conventional loan borrowers (1) • Low delinquencies and LTV

ratios, driven by mortgages with low rates and substantial accumulation of home equity • PFSI’s industry-leading servicing capabilities 8 (1) WAC = Weighted average coupon

RUN-RATE RETURN POTENTIAL FROM PMT’S INVESTMENT STRATEGIES

Annualized • Represents the average annualized return and Return WA Equity (1) on Equity (ROE) Allocated (%) quarterly earnings potential expected from our Credit sensitive strategies: strategies over the next four quarters PMT GSE credit risk

transfer 14.2% 12.5% Non-Agency Subordinate MBS 13.0% 10.8% • Reﬂects performance expectations in the current Other credit sensitive strategies 4.7% 0.3% mortgage market Net credit sensitive strategies 13.5% 23.5% Interest rate

sensitive strategies: ‒ Increased investment expected in accretive MSRs (inc. recapture) 7.2% 46.7% non-Agency subordinate and senior bonds, primarily Agency MBS (and Agency structured products) 22.1% 14.1% through organic securitization

activity Non-Agency Senior MBS 21.5% 0.4% (2) Interest rate hedges -1.0% 0.0% ‒ Expected returns for the interest rate sensitive Net interest rate sensitive strategies 9.8% 61.1% strategies declined as a result of a projection for more

sustained elevated prepayment speeds for higher rate Aggregation and securitization 27.6% 8.9% MSRs, and reduced expectations for declines in Cash, short term investments, and other 2.4% 6.4% short-term interest rates that drive ﬁnancing

costs (3) Management fees & corporate expenses -3.1% 0.0% (3) Net Corporate -3.0% 6.4% • Actively evaluating equity and asset allocation Provision for income tax expense -0.6% and investment opportunities to drive up our Net income 8.1%

100.0% returns Dividends on preferred stock 7.7% 29.1% Net income attributable to common shareholders 8.2% 70.9% Average Diluted EPS Per Quarter $ 0.31 Note: This slide presents estimates for illustrative purposes only, using PMT’s base case

(1) Equity allocated represents management’s internal allocation; certain ﬁnancing balances and associated interest expenses are allocated between assumptions (e.g., for credit performance, prepayment speeds, ﬁnancing economics,

and loss investments based on management’s assessment of target leverage ratios and required capital or liquidity to support the investment treatment for CRT transactions), and does not contemplate market-driven value changes other (2) ROE

calculated as a percentage of segment equity than realization of cash ﬂows and hedge costs, or signiﬁcant changes or shocks to current 9 (3) ROE calculated as a percentage of total equity market conditions; actual results may differ

materially

KEY OPERATING METRICS & OTHER FINANCIAL SCHEDULES

FIRST QUARTER RESULTS AND RETURN CONTRIBUTIONS BY STRATEGY Income

Excluding Total Income Market-Driven Value Annualized Return on (3) Market-Driven Value WA Equity Allocated (1) (2) (1) Contribution Changes Equity (ROE) (1)(2) Changes ($ in millions, except EPS) Credit sensitive strategies: PMT GSE credit risk

transfer $ 10.3 $ 2.8 $ 7.5 $ 249 17% PMT Non-Agency Subordinate MBS 6.2 1.9 4.3 137 18% (4) Other credit sensitive strategies (0.1) 0.0 (0.1) 4 -7% Net credit sensitive strategies $ 16.5 $ 4.8 $ 11.7 $ 390 17% Interest rate sensitive strategies:

MSRs (incl. recapture) $ 39.0 $ 40.2 $ (1.3) Agency MBS (and Agency structured products) (17.2) (29.2) 12.0 Non-Agency Senior MBS (1.9) (2.7) 0.8 Interest rate hedges (11.9) (11.9) Net interest rate sensitive strategies $ 8.0 $ (3.5) $ 11.5 $ 1,198

3% Aggregation and securitization $ 16.4 $ 0.0 $ 16.4 $ 201 33% Cash, short term investments, and other $ 0.8 $ 0.8 $ 101 3% (5) Management fees & corporate expenses (14.8) n/a (14.8) -3% (5) Corporate $ (14.0) n/a $ (14.0) $ 101 -3%

Beneﬁt / (Provision) for income tax expense $ (2.3) $ (4.3) $ 2.0 Net income (loss) $ 24.6 $ (3.0) $ 27.6 $ 1,889 5% Dividends on preferred stock $ 10.5 $ 541 8% Net income attributable to common shareholders $ 14.2 $ 1,347 4% Diluted EPS $

0.16 (1) Income contribution and the annualized return on equity calculated net of any direct expenses associated with investments (e.g., loan fulﬁllment fees and loan servicing fees), but before tax expenses; some of the income associated

with the investment strategies may be subject to taxation (2) Categorization of market-driven value changes or non-recurring impacts are based on management assessment; income excluding market-driven value changes does not represent REIT taxable

income and is a non-GAAP ﬁgure (3) Equity allocated represents management’s internal allocation; certain ﬁnancing balances and associated interest expenses are allocated between investments based on management’s assessment

of target leverage ratios and required capital or liquidity to support the investment (4) Primarily consists of legacy distressed loan portfolio; net new investments also reﬂect sales in performing and non-performing loans as a part of

PMT’s strategy to exit the investments; includes $1.4 million in carrying value of real estate acquired in settlement of loans at 11 12/31/25 (5) ROE calculated as a percentage of total equity

HEDGING APPROACH CENTRAL TO PMT’S INTEREST RATE SENSITIVE

INVESTMENTS MSR Valuation Changes and Offsets • PMT seeks to manage interest rate risk exposure ($ in millions) on a “global” basis, recognizing interest rate Change in MSR fair value before realization of cash ﬂows

sensitivities across its investment strategies Change in fair value of MBS, interest rate hedges, and related tax impacts • In 1Q26, MSR fair value gains were more than offset by fair value declines on MBS, interest rate hedges and related tax

impacts 12

FLEXIBLE AND SOPHISTICATED FINANCING STRUCTURES (1) Debt Schedule by

Year of Maturity (in millions) Unsecured and Exchangeable Senior Notes MSR Term Notes and Loans Financing capacity CRT Term Notes across multiple banks / ﬂexibility to ﬁnance ﬂuctuating MSR and advance balances $1,672mm drawn

Unsecured and MSR Financing CRT Financing Exchangeable Senior Notes ● The majority (84%) of our CRT ﬁnancing is in ● Maturity of MSR term notes and loans aligns ● Provides ﬂexibility and complements the form of term

notes, which do not contain more closely with the expected life of the asset-backed structures margin call provisions MSR asset than short-term borrowings ● Redeemed $345 million of exchangeable ● $116 million of securities repurchase

senior notes due in March 2026 using agreements outstanding for CRT capacity from existing ﬁnancing lines investments Note: All ﬁgures are as of March 31, 2026 13 13 (1) By principal amount. CRT term notes amortize with principal

paydowns. Excludes securities repurchase agreements ﬁnancing our investments in MBS and a portion of our investments in CRT.

(1) See Appendix slide 21 for a reconciliation of leverage ratios

including and excluding non-recourse debt LEVERAGE EXCLUDING NON-RECOURSE DEBT (1) PMT Leverage Ratios Total debt-to-equity Debt-to-equity ex. non-recourse debt ● Total debt-to-equity increases as we retain investments from private label

securitizations, as all securitized loans are required to be consolidated on the balance sheet ● Debt resulting from private label securitizations is non-recourse debt, where the source of repayment for the debt is limited to the

collateralized loans ● Debt-to-equity excluding non-recourse debt has remained within expectations in recent quarters 14

APPENDIX

PMT IS FOCUSED ON UNIQUE INVESTMENT STRATEGIES IN THREE SEGMENTS

• PFSI is a leading producer of conventional conforming, jumbo, and non-QM mortgage loans • Provides PMT unique access to loan production and ability to produce investment assets Aggregation and organically through participation in

Pennymac correspondent activity or direct purchases of PFSI’s Securitization production • More than 16-year history, with our success over time driven by PFSI’s operational excellence and high service levels • MSR investments

created through the securitization of conventional correspondent loan production • Additional investments in Agency MBS, structured products and senior bonds from non-Agency Interest Rate securitizations Sensitive Strategies• Investments

have offsetting interest rate exposures; residual exposure hedged with interest rate derivatives • Strong track record and discipline in hedging interest rate risk • Investments in credit risk on PMT’s high-quality loan production

with ability to inﬂuence performance through active servicing Credit • Consistent issuance of private label securitizations of loans that we originate and service driving Sensitive growth in investments in non-Agency bonds Strategies

• Approximately $18.7 billion in UPB of loans underlying PMT’s front-end GSE CRT investments at March 31, 2026 16

SYNERGISTIC RELATIONSHIP WITH PFSI IS A UNIQUE AND PROVEN COMPETITIVE

ADVANTAGE Strategically well-positioned in a Balance sheet to invest in market characterized by consolidation long-term mortgage assets and changes in the regulatory environment ● Leverages PFSI’s expertise in mortgage production,

servicing, and Tax-efﬁcient investment vehicle Best-in-class operating platform investment management, thereby ● Successful track record of more ● Deep and experienced reducing operational risk than 16 years management team

● Mortgage-related investments:● Large and agile multi-channel MANAGEMENT ● Provides PMT with unique access to a origination business AND SERVICES ‒ MSRs consistent pipeline of loans for AGREEMENTS ● Scaled servicing

business with ‒ Credit risk transfer investments at attractive returns expertise in different regulatory ‒ Private label securitizations environments ● Infrastructure to invest in new ● As the non-Agency mortgage markets

● Best-in-class technology and loan products processes grow, both entities can capitalize on the evolving landscape for secondary market execution, including increased Scaled and eﬃcient levels of private label securitizations cost

structure 17

(1) At period end (2) Return on average common equity (ROE) is

calculated based on annualized quarterly net income attributable to common shareholders as a percentage of monthly average common equity during the period HISTORICAL EARNINGS, DIVIDENDS AND BOOK VALUE PER SHARE (1) ROE⁽²⁾ 10% 4% 9%

10% 0% -1% 14% 13% 4% 18

CURRENT MARKET ENVIRONMENT AND MACROECONOMIC TRENDS (2) 4.17% 4.32% (1)

6.15% 6.38% 10-year Treasury Bond Yield Average 30-year ﬁxed rate mortgage (3) (4) Macroeconomic Metrics U.S. Origination Market Forecast (UPB in trillions) 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 10-year Treasury bond yield 4.2% 4.2% 4.2%

4.2% 4.3% 2/10 year Treasury yield 0.3% 0.5% 0.5% 0.7% 0.5% spread 30-year ﬁxed rate mortgage 6.7% 6.8% 6.3% 6.2% 6.4% Secondary mortgage rate 5.6% 5.5% 5.2% 5.0% 5.5% U.S. home price appreciation 3.4% 1.9% 1.3% 1.1% 0.9% (Y/Y% change)

Residential mortgage $360 $500 $495 $570 $530 originations (in billions) Reﬁnance Purchase (1) Freddie Mac Primary Mortgage Market Survey. (2) U.S. Department of the Treasury. (3) Actual originations: Inside Mortgage Finance; Forecast

originations; Average of Mortgage Bankers Association (4/20/26) and Fannie Mae (4/13/26) forecasts (4) 10-year Treasury bond yield and 2/10 year Treasury yield spread: Bloomberg. Average 30-year ﬁxed rate mortgage: Freddie Mac Primary

Mortgage Market Survey. Average secondary mortgage rate: 30-Year FNCL Par Coupon Index (MTGEFNCL), Bloomberg. 19 U.S. home price appreciation: S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index (SPCSUSA); data is as of 1/31/26.

Residential mortgage originations are for the quarterly period ended; source: Inside Mortgage Finance

DELINQUENCY TRENDS AND SERVICING ADVANCES OUTSTANDING (1) Historical

Trends in Delinquency and Foreclosure Rates 30-60 Day 60-90 Day 90+ Day In foreclosure ● Overall mortgage delinquency rates decreased from the prior quarter and were up slightly from the prior year ● Servicing advances outstanding for

PMT’s MSR portfolio decreased to approximately $79 million at March 31, 2026 from $97 million at December 31, 2025 primarily due to seasonal property tax payments ‒ No principal and interest advances are outstanding 20 (1) Owned MSR

portfolio and includes loans acquired for sale at fair value; delinquency and foreclosure rates based on UPB; as of 3/31/26, the UPB of mortgage servicing rights owned by PMT and loans held for sale totaled $225 billion

RECONCILIATION OF LEVERAGE RATIOS March 31, 2026 (1) Assets Financing

Notes payable Assets sold under secured by CRT Adjustments for Excluding VIE agreements to arrangements (2) Consolidated VIE Financing Financing repurchase and MSRs Total (in thousands except for debt-to equity amounts) Assets Cash and short-term

investments $ 401,647 $ - $ 401,647 $ - $ - $ - Mortgage-backed securities at fair value Agency-backed securities 3,623,083 - 3,623,083 3,589,576 - 3,589,576 Senior non-Agency securities 138,456 - 138,456 134,415 - 134,415 Non-Agency-backed

securities 4,000 - 4,000 2,800 - 2,800 Credit risk transfer securities relating to consolidated variable interest entities - 961,605 961,605 115,606 595,633 711,239 Non-agency securities relating to consolidated variable interest entities - 837,462

837,462 746,063 - 746,063 3,765,539 1,799,067 5,564,606 4,588,460 595,633 5,184,093 Loans held for sale at fair value 2,349,895 - 2,349,895 2,179,518 - 2,179,518 Loans held for investment at fair value 10,867,942 (10,866,292) 1,650 - - - Derivative

assets 54,589 (30,174) 24,415 - - - Deposits securing credit risk transfer arrangements 969,725 (969,725) - - - - Mortgage servicing rights and servicing advances 3,703,179 125,315 3,828,494 532,714 1,800,912 2,333,626 22,112,516 (9,941,809)

12,170,707 7,300,692 2,396,545 9,697,237 Other 390,176 - 390,176 - - - Total assets and secured ﬁnancing $ 22,502,692 $ (9,941,809) $ 12,560,883 $ 7,300,692 $ 2,396,545 $ 9,697,237 Unsecured debt 684,506 Debt excluding non-recourse 10,381,743

(2) Debt in consolidated variable interest entities 9,937,747 (3) Total debt $ 20,319,490 Equity $ 1,866,556 Debt-to equity ratio: (4) Excluding non-recourse debt 5.6:1 (5) Total 10.9:1 (1) The balance sheet information depicted under the column

captioned “Consolidated” represents information prepared in compliance with with accounting principles generally accepted in the United States (“GAAP”). The subsequent columns reﬂect non-GAAP adjustments to

deconsolidate the assets held in the trusts issuing beneﬁcial interests in those assets and to provide investors with a more creditor-aligned view of how our debt relates to the assets we ﬁnance. After adjustment, the assets are shown

in the securitized form in which they are ﬁnanced which excludes non-recourse debt which we refer to as Asset-backed ﬁnancings of variable interest entities at fair value on our consolidated balance sheet. The adjusted balance sheet

information should not be considered in isolation or as a substitute for an analysis of our results as presented in compliance with GAAP. (2) Does not include adjustments for credit risk transfer strip liabilities of $4.1 million. (3) Excludes

non-debt liabilities of 21 21 $316.6 million included in total liabilities on our consolidated balance sheet. (4) Total debt reduced by asset-backed ﬁnancings and interest-only security payable, divided by shareholders’ equity. (5)

Total debt divided by shareholders’ equity.

GRAPHIC

Filename: g947376ex99_2p10g1.jpg · Sequence: 8

Binary file (73535 bytes)

Download g947376ex99_2p10g1.jpg

GRAPHIC

Filename: g947376ex99_2p11g1.jpg · Sequence: 9

Binary file (252864 bytes)

Download g947376ex99_2p11g1.jpg

GRAPHIC

Filename: g947376ex99_2p12g1.jpg · Sequence: 10

Binary file (167324 bytes)

Download g947376ex99_2p12g1.jpg

GRAPHIC

Filename: g947376ex99_2p13g1.jpg · Sequence: 11

Binary file (220633 bytes)

Download g947376ex99_2p13g1.jpg

GRAPHIC

Filename: g947376ex99_2p14g1.jpg · Sequence: 12

Binary file (182985 bytes)

Download g947376ex99_2p14g1.jpg

GRAPHIC

Filename: g947376ex99_2p15g1.jpg · Sequence: 13

Binary file (48269 bytes)

Download g947376ex99_2p15g1.jpg

GRAPHIC

Filename: g947376ex99_2p16g1.jpg · Sequence: 14

Binary file (270114 bytes)

Download g947376ex99_2p16g1.jpg

GRAPHIC

Filename: g947376ex99_2p17g1.jpg · Sequence: 15

Binary file (291739 bytes)

Download g947376ex99_2p17g1.jpg

GRAPHIC

Filename: g947376ex99_2p18g1.jpg · Sequence: 16

Binary file (151324 bytes)

Download g947376ex99_2p18g1.jpg

GRAPHIC

Filename: g947376ex99_2p19g1.jpg · Sequence: 17

Binary file (253210 bytes)

Download g947376ex99_2p19g1.jpg

GRAPHIC

Filename: g947376ex99_2p1g1.jpg · Sequence: 18

Binary file (66648 bytes)

Download g947376ex99_2p1g1.jpg

GRAPHIC

Filename: g947376ex99_2p20g1.jpg · Sequence: 19

Binary file (202542 bytes)

Download g947376ex99_2p20g1.jpg

GRAPHIC

Filename: g947376ex99_2p21g1.jpg · Sequence: 20

Binary file (303840 bytes)

Download g947376ex99_2p21g1.jpg

GRAPHIC

Filename: g947376ex99_2p22g1.jpg · Sequence: 21

Binary file (94953 bytes)

Download g947376ex99_2p22g1.jpg

GRAPHIC

Filename: g947376ex99_2p2g1.jpg · Sequence: 22

Binary file (529671 bytes)

Download g947376ex99_2p2g1.jpg

GRAPHIC

Filename: g947376ex99_2p3g1.jpg · Sequence: 23

Binary file (288036 bytes)

Download g947376ex99_2p3g1.jpg

GRAPHIC

Filename: g947376ex99_2p4g1.jpg · Sequence: 24

Binary file (56304 bytes)

Download g947376ex99_2p4g1.jpg

GRAPHIC

Filename: g947376ex99_2p5g1.jpg · Sequence: 25

Binary file (268624 bytes)

Download g947376ex99_2p5g1.jpg

GRAPHIC

Filename: g947376ex99_2p6g1.jpg · Sequence: 26

Binary file (266070 bytes)

Download g947376ex99_2p6g1.jpg

GRAPHIC

Filename: g947376ex99_2p7g1.jpg · Sequence: 27

Binary file (220053 bytes)

Download g947376ex99_2p7g1.jpg

GRAPHIC

Filename: g947376ex99_2p8g1.jpg · Sequence: 28

Binary file (307153 bytes)

Download g947376ex99_2p8g1.jpg

GRAPHIC

Filename: g947376ex99_2p9g1.jpg · Sequence: 29

Binary file (309477 bytes)

Download g947376ex99_2p9g1.jpg

GRAPHIC

Filename: g947376g0506003042813.jpg · Sequence: 30

Binary file (8922 bytes)

Download g947376g0506003042813.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 32

v3.26.1

Document and Entity Information

May 05, 2026

Document And Entity Information [Line Items]

Amendment Flag

false

Entity Central Index Key

0001464423

Document Type

8-K

Document Period End Date

May 05, 2026

Entity Registrant Name

PennyMac Mortgage Investment Trust

Entity Incorporation State Country Code

Entity File Number

001-34416

Entity Tax Identification Number

27-0186273

Entity Address, Address Line One

3043 Townsgate Road

Entity Address, City or Town

Westlake Village

Entity Address, State or Province

Entity Address, Postal Zip Code

91361

City Area Code

(818)

Local Phone Number

224-7442

Written Communications

false

Soliciting Material

false

Pre Commencement Tender Offer

false

Pre Commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Common Shares Of Beneficial Interest 0.01 Par Value [Member]

Document And Entity Information [Line Items]

Security 12b Title

Common Shares of Beneficial Interest, $0.01 par value

Trading Symbol

PMT

Security Exchange Name

NYSE

Series A Preferred Stock [Member]

Document And Entity Information [Line Items]

Security 12b Title

8.125% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value

Trading Symbol

PMT/PA

Security Exchange Name

NYSE

Series B Preferred Stock [Member]

Document And Entity Information [Line Items]

Security 12b Title

8.00% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value

Trading Symbol

PMT/PB

Security Exchange Name

NYSE

Series C Preferred Stock [Member]

Document And Entity Information [Line Items]

Security 12b Title

6.75% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value

Trading Symbol

PMT/PC

Security Exchange Name

NYSE

M 8.50 Percent Senior Notes Due 2028 [Member]

Document And Entity Information [Line Items]

Security 12b Title

8.50% Senior Note Due 2028

Trading Symbol

PMTU

Security Exchange Name

NYSE

M 9.00 Senior Note Due 20302 [Member]

Document And Entity Information [Line Items]

Security 12b Title

9.00% Senior Note Due 2030

Trading Symbol

PMTV

Security Exchange Name

NYSE

M 9.00 Senior Note Due 20301 [Member]

Document And Entity Information [Line Items]

Security 12b Title

9.00% Senior Note Due 2030

Trading Symbol

PMTW

Security Exchange Name

NYSE

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- References

No definition available.

+ Details

Name:

pmt_DocumentAndEntityInformationLineItems

Namespace Prefix:

pmt_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Details

Name:

us-gaap_StatementClassOfStockAxis=pmt_CommonSharesOfBeneficialInterest0.01ParValueMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=pmt_M8.50PercentSeniorNotesDue2028Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=pmt_M9.00SeniorNoteDue20302Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=pmt_M9.00SeniorNoteDue20301Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type: