Form 8-K

8-K — PennyMac Mortgage Investment Trust

Accession: 0001193125-26-437878

Filed: 2026-10-29

Period: 2026-10-26

CIK: 0001464423

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — d179622d8k.htm (Primary)

EX-99.1 (d179622dex991.htm)

EX-99.2 (d179622dex992.htm)

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8-K

8-K (Primary)

Filename: d179622d8k.htm · Sequence: 1

8-K

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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): October 26, 2026

PennyMac Mortgage Investment Trust

(Exact name of registrant as specified in its charter)

Maryland

001-34416

27-0186273

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

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 October 29, 2026, PennyMac Mortgage Investment Trust (the “Company”) issued a press release and a slide presentation announcing its financial results for the fiscal quarter ended September 30, 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 October 29, 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 September 30, 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 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Officer Changes – Daniel S. Perotti and Kevin Ryan

On October 29, 2026, the Company issued a press release furnished as Exhibit 99.1, announcing changes in the roles of certain officers in conjunction with its financial results for the fiscal quarter ended September 30, 2026.

Daniel S. Perotti, the Company’s Senior Managing Director and Chief Financial Officer, will resign from that role as of December 31, 2026, and will continue with the Company in an advisory role.

Kevin Ryan, age 55, the Company’s Executive Managing Director and Chief Strategy Officer, will be appointed the Company’s Chief Financial Officer on January 1, 2027. Prior to joining the Company in October 2025, Mr. Ryan served as President and Chief Financial Officer at Better Home & Finance Holding Company from October 2020 to October 2025, where he managed all of the finance, accounting, markets and risk functions. Previously, Mr. Ryan worked in several executive positions during his more than two decades at Morgan Stanley, most recently as a Managing Director in the Investment Banking division where he served as the Co-Head of Banks and Diversified Finance, covering financial technology companies, banks, consumer finance companies and mortgage companies. Mr. Ryan earned a B.A. from Rutgers University and a J.D. from the University of Virginia. Mr. Ryan earned a B.A. from Rutgers University and a J.D. from the University of Virginia. There are no arrangements or understandings between Mr. Ryan and any other persons pursuant to which he was appointed as an executive officer. There are no family relationships between Mr. Ryan and any director, executive officer or any other person nominated or chosen by the Company to become a director or executive officer. There are no related person transactions within the meaning of Item 404(a) of Regulation S-K between Mr. Ryan and the Company.

Item 8.01

Other Events.

On October 26, 2026, the Company’s Board of Trustees approved an increase to the Company’s authorization to repurchase its common shares of beneficial interest from $500 million to $630 million. The share repurchase authorization does not require the Company to purchase a specific number of common shares, and the timing and amount of any common shares repurchased are based on market conditions and other factors, including price, regulatory requirements and capital availability. Common share repurchases may be effected through privately negotiated transactions or open market purchases in accordance with applicable rules and regulations. The common share repurchase authorization does not have an expiration date but may be suspended, modified or discontinued at any time without prior notice.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

99.1

Press Release, dated October 29, 2026, issued by PennyMac Mortgage Investment Trust pertaining to its financial results for the fiscal quarter ended September 30, 2026.

99.2

Slide Presentation for use beginning on October 29, 2026 in connection with a presentation of financial results for the fiscal quarter ended September 30, 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: October 29, 2026

/s/ Daniel S. Perotti

Daniel S. Perotti

Senior Managing Director and Chief Financial Officer

EX-99.1

Filename: d179622dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

PennyMac Mortgage Investment Trust Reports Third Quarter 2026 Results and

Announces Changes to its Leadership Team

WESTLAKE VILLAGE, Calif. – October 29, 2026 – PennyMac Mortgage Investment Trust (NYSE: PMT) today reported net loss

attributable to common shareholders of $36 million, or $(0.41) per common share on net investment income of $36 million for the third quarter of 2026. Adjusted net income attributable to common shareholders was $30 million, or $0.35

in adjusted earnings per share (EPS)1.

PMT’s Board of Trustees also approved a

$130 million increase to its share repurchase authorization, bringing total available repurchase capacity to over $200 million.

Additionally,

PMT today announced that Doug Jones, President and Chief Mortgage Banking Officer, will be retiring on June 30, 2027 after a storied career in the mortgage banking industry including more than 15 years of leadership at Pennymac. His roles and

responsibilities will transition to other senior leaders within the company over the next several months.

Also, effective January 1, 2027, Kevin

Ryan, currently Chief Strategy Officer, will assume the role of Chief Financial Officer (CFO). Current CFO, Daniel Perotti, will remain in his current role through the remainder of this year and will continue to support the company in an advisory

role through the first quarter of 2027. Mr. Ryan will continue to lead the strategy and business development teams while in his new role.

“I

am extraordinarily grateful to both Doug and Dan for their long service at Pennymac and their ongoing commitment to and passion for our business,” said Chairman and Chief Executive Officer David Spector. “Both served in various roles and

helped to shape Pennymac’s significant growth and transformation into a leading mortgage company. They have made invaluable contributions to the company, and will be greatly missed.”

Mr. Spector continued, “We are very fortunate to have an exceptional leadership team and a deep bench of talent to lead Pennymac into the next

chapter, and drive long-term value for our shareholders.”

CEO Commentary

“PMT navigated a challenging third-quarter market backdrop characterized by widening mortgage spreads and sharply rising benchmark interest

rates,” said Chairman and CEO David Spector. “While these dynamics pressured the net fair value of our portfolio assets and reduced book value by approximately 5%, our underlying portfolio performed well, generating adjusted EPS of $0.35

per common share, or an annualized adjusted ROE of 9%.1”

Mr. Spector continued,

“We have continued to adjust our investment portfolio by rotating capital into organically created, higher-returning credit investments. In recent periods, we have sold or contracted to sell $35 billion in UPB of MSRs, releasing capital

from lower-yielding assets and redeploying the proceeds into investments from private-label securitizations which we expect will deliver

low-to-mid-teens ROEs. During the third quarter, we completed eight securitizations and retained $167 million in senior and

subordinate investments. Additionally, our projected run-rate return potential increased to $0.38 per share. Given these dynamics and considering PMT currently trades at a steep discount to book value, we

expect to decrease our current dividend in favor of share repurchases.”

Items labeled as “adjusted” are non-GAAP financial

measures. See page 9 for a reconciliation of GAAP net income to adjusted net income attributable to common shareholders and adjusted EPS.

The table below highlights key financial performance

metrics2:

($ in millions except for per share metrics)

3Q26

2Q26

3Q25

Q/Q

Y/Y

Net investment income

(50

(63

Net (loss) income attributable to common shareholders

(36

)

N/M

Diluted earnings (loss) per common share

(0.41

)

0.23

0.55

N/M

Annualized return on common equity

(ROE)(1)

(11

N/M

Adjusted net income to common shareholders

Adjusted EPS

0.35

0.25

0.37

Annualized adjusted ROE

Book value per share (at period end)

14.03

14.83

15.16

Dividends declared per common share

0.40

—

(1)

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

Business Highlights

•

Acquired $1.2 billion in unpaid principal balance (UPB) of loans through correspondent production

activities, down 53% from the prior quarter and 64% from the third quarter of 2025

•

Acquired $2.1 billion in UPB of loans from PFSI production for inclusion in private label securitizations,

down 7% from the prior quarter and up 60% from the third quarter of 2025

•

Closed two investor loan securitizations, three jumbo loan securitizations, and three owner occupied loan

securitizations with a combined UPB of $2.9 billion

•

Generated $167 million of net new investments from private label securitizations3

•

Sold $13 billion in UPB of Agency mortgage servicing rights (MSRs)

•

Entered into an agreement to sell an additional $10 billion in UPB of Agency MSRs with an expected close in

the fourth quarter

•

Purchased $548 million of Agency floating-rate mortgage-backed securities (MBS)

Notable Activity After Quarter End

•

Completed one investor loan securitization and one owner-occupied loan securitization with a combined UPB of

$756 million, generating $93 million of net new investments3

•

Priced our inaugural non-QM debt service coverage ratio securitization

with a UPB of $298 million and expected retained investments of $26 million with an expected close in early November

•

Entered into an agreement to sell $12 billion in UPB Agency MSRs with an expected close in the fourth

quarter

Items labeled as “adjusted” are non-GAAP financial

measures. See page 9 for a reconciliation of GAAP net income (loss) to adjusted EPS and annualized adjusted ROE

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

Credit Sensitive Strategies Segment

The table below highlights key operating metrics and financial performance in the credit sensitive strategies segment:

($ in millions)

3Q26

2Q26

3Q25

Q/Q

Y/Y

Organically-created CRT investments (at period end)

Fair value

878

938

1,019

(14

Underlying UPB

16,878

18,090

19,937

(15

Fair value of subordinate MBS held in VIE from PMT private label securitizations (at period

end)

930

853

361

158

Profitability

Income excluding market-driven value changes

(13

Market-driven value changes(1)

(54

)

N/M

Total income contribution

(42

)

N/M

Weighted average equity allocated

409

411

430

Annualized ROE

(41

(52

(58

May not sum due to rounding

(1)

Categorization of market-driven value changes or non-recurring impacts

is based on management assessment; income excluding market-driven value changes does not represent REIT taxable income and is a non-GAAP figure.

PMT’s organically created credit risk transfer (CRT) investments totaled $878 million in fair value at September 30, 2026 with an underlying

UPB of $16.9 billion, both down from prior periods due to runoff. The fair value of subordinate bond investments from private label securitizations totaled $930 million at quarter end, up 9% from the end of the prior quarter and 158% from

September 30, 2025 as we continue to deploy capital towards these investments.

Pretax loss for the segment was $42 million, or a (41)%

annualized return on equity. Income excluding market-driven value changes was $12 million, essentially unchanged from the prior quarter.

Organically-created CRT investments generated pretax income of $6 million, essentially unchanged from the prior quarter. Subordinate bonds from

PMT’s private label securitizations generated a pretax loss of $48 million, compared to pretax income of $5 million in the prior quarter. Third quarter losses on these investments were driven by wider credit spreads and increasing

interest rates.

Interest Rate Sensitive Strategies Segment

The table below highlights key operating metrics and financial performance in the interest rate sensitive strategies segment:

($ in millions)

3Q26

2Q26

3Q25

Q/Q

Y/Y

MSR portfolio (at period end)

Fair value

3,514

3,576

3,669

Unpaid principal balance (UPB)

192,136

208,427

218,799

(12

Fair value of MBS portfolio (at period end)

4,306

4,076

4,609

Fair value of senior MBS held in VIE from PMT private label securitizations (at period

end)

108

103

Profitability

Income excluding market-driven value changes

Market-driven value changes(1)

)

(11

)

N/M

Total income contribution

300

Weighted average equity allocated

1,197

1,187

1,154

Annualized ROE

May not sum due to rounding

(1)

Categorization of market-driven value changes or non-recurring impacts

is based on management assessment; income excluding market-driven value changes does not represent REIT taxable income and is a non-GAAP figure.

The fair value of PMT’s MSR asset was $3.5 billion at quarter end with $192 billion in UPB of underlying loans, both down slightly from the

end of the prior quarter due to previously-announced sales and runoff. The fair value of the MBS portfolio was $4.3 billion, up from $4.1 billion at the end of the prior quarter primarily due to the purchase of $548 million ofAgency

floating-rate MBS purchases.

Pretax income for the segment was $36 million, compared to $9 million in the prior quarter and $32 million in

the third quarter of 2025. Pretax income in the quarter was driven by $37 million of income excluding market-driven value changes, which was up from $20 million in the prior quarter as a result of lower realization of MSR cash flows due to

lower prepayments.

Net loan servicing fees were $242 million, compared to $40 million in the prior quarter. Net loan servicing fees included

contractually specified servicing fees and other fees of $144 million, down slightly from the prior quarter, reduced by $85 million in realization of MSR cash flows, which was down from $100 million in the prior quarter due to

prepayments. Net loan servicing fees also included $210 million in fair value gains on MSRs, $31 million in hedging losses, and $3 million of MSR recapture income.

Net losses on investments for the segment were $118 million, primarily due to losses on MBS as a result of higher interest rates.

Net interest expense for the segment was $63 million versus $20 million in the prior quarter. Interest income totaled $242 million, up from

$237 million in the prior quarter primarily due to increased income from a higher amount of retained investments from private label securitizations. Interest expense was $305 million, up from $257 million in the prior quarter due to

higher interest rates and higher financing balances, which includes additional non-recourse asset-backed financing resulting from securitization activity. Both interest income and interest expense were also

impacted by market driven value changes in discount accretion due to the significant shift in interest rates during the quarter.

Segment expenses,

primarily subservicing fees paid to PFSI, were $25 million, up slightly from the prior quarter.

Aggregation and Securitization Segment

The table below highlights the financial performance in the aggregation and securitization segment:

($ in millions)

3Q26

2Q26

3Q25

Q/Q

Y/Y

Correspondent production volume (UPB)

Conventional conforming

1,371

2,786

(96

(98

Jumbo

747

918

557

(19

Non-QM

400

276

N/M

Total

1,199

2,565

3,343

(53

(64

UPB of loans acquired from PFSI production

2,078

2,224

1,296

Total UPB of loans acquired

3,276

4,789

4,639

(32

(29

Profitability

Total income contribution

(81

(77

Weighted average equity allocated

178

215

176

(17

Annualized ROE

(16

May not sum due to rounding

PMT purchased a total of $1.2 billion in UPB of conventional conforming and nonconforming loans through its purchase agreement that PFSI acquired from

correspondent sellers, down 53% from the prior quarter. PMT also acquired $2.1 billion in UPB of loans from PFSI’s production for inclusion in private label securitizations, down slightly from $2.2 billion in the prior quarter.

Pretax income for the segment was $2 million in the third quarter, down from $11 million in the prior quarter.

Segment revenues were $16 million and included net gains on loans acquired for sale of $5 million, net interest income of $10 million, and

other income of $1 million. Net gains on loans acquired for sale declined from the prior quarter primarily due to the impact of spread widening on jumbo and non-QM loans during aggregation for

securitization and lower volumes. Interest income was $47 million, up from $43 million in the prior quarter, and interest expense was $37 million, also up from the prior quarter.

Segment expenses were $14 million, down from $17 million in the prior quarter.

Corporate and Other

Pretax loss for the quarter was

$13 million, down slightly from the prior quarter.

Corporate revenues were $1 million, compared to zero in the prior quarter.

Corporate expenses were $13 million, down slightly from the prior quarter.

Taxes

PMT recorded a provision for tax expense of

$9 million in the third quarter, driven primarily by 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 Thursday, October 29, 2026. Management will also host a conference call and live audio webcast at 6:30 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

Isaac Garden

mediarelations@pennymac.com

investorrelations@pennymac.com

805.395.9943

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. 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 mortgage servicing rights sales; future private label securitization activity; run-rate return potential and targeted returns on equity; future dividends; 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 mortgage and credit spreads; 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 ability to complete private label securitizations on anticipated terms and timelines, including securitizations of non-qualified mortgage loans and other new loan products; the performance of

the investments the Company retains from its private label 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; the Company’s ability to

complete pending and potential sales of mortgage servicing rights on anticipated terms and timelines, and to redeploy the resulting proceeds into investments that achieve the anticipated returns; 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, and

the assumptions underlying its run-rate return potential and targeted returns on equity; 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; changes in the Company’s dividend policy,

including any reduction in the amount of its common share dividend; 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.

This release contains financial information calculated other than in accordance with U.S.

generally accepted accounting principles (“GAAP”), such as adjusted net income, adjusted net income attributable to common shareholders, adjusted earnings per share, annualized adjusted return on equity, income excluding market driven

value changes and leverage ratios excluding non-recourse debt 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.

Consolidated Statements of Operations

($ in millions, except per share amounts)

3Q26

2Q26

1Q26

4Q25

3Q25

Y/Y

Revenue

Contractually specified servicing and other fees

144

149

151

155

156

Realization of MSR cash flows

(85

)

(100

)

(107

)

(104

)

(89

)

Changes in fair value of MSRs due to changes in fair value inputs

210

(27

)

N/M

Hedging results

(31

)

(33

)

(12

)

(45

)

(27

)

From PFSI--MSR recapture income

(12

Net loan servicing fees

242

N/M

Net gains on loans acquired for sale

(65

Loan origination fees

(57

Net gain (loss) on investments and financings

(162

)

(23

)

N/M

Interest income

314

304

276

248

230

Interest expense

(364

)

(311

)

(280

)

(255

)

(228

)

Net interest income (expense)

(50

)

N/M

Other income

)

N/M

Net investment income

(63

Expenses

Loan servicing fees

Management fees

Loan fulfillment fees

(48

Professional services

Compensation

Loan collection and liquidation

Safekeeping

(23

Loan origination

(100

Other expenses

Total expenses

(Loss) income before provision for (benefit from) income taxes

(16

)

N/M

Provision for (benefit from) income taxes

(14

)

(16

)

(11

)

N/M

Net (loss) income

(25

)

N/M

Dividends on preferred shares

Net (loss) income attributable to common shareholders

(36

)

N/M

Weighted average shares outstanding

Basic

87.2

87.1

87.0

Diluted

87.2

87.1

87.0

Earnings per share (EPS)

Basic EPS

(0.41

)

0.23

0.16

0.48

0.55

N/M

Diluted EPS

(0.41

)

0.23

0.16

0.48

0.55

N/M

Dividends declared per common share

0.40

May not sum due to rounding

Non-GAAP Reconciliations

($ in millions, except per share amounts)

3Q26

2Q26

1Q26

4Q25

3Q25

Net (loss) income

(25

)

Market-driven value

changes(1):

Net loan servicing fees

179

(14

)

(19

)

(54

)

Net (loss) gain on investments

(173

)

(34

)

Interest income

(40

)

Interest expense

(20

)

Total market-driven value changes

(54

)

(12

)

Tax-related impacts

(12

)

Adjusted net income

Dividends on preferred stock

(10

)

(10

)

(10

)

(10

)

(10

)

Adjusted net income attributable to common shareholders

Diluted shares outstanding

Adjusted EPS

0.35

0.25

0.20

0.13

0.37

Weighted average common equity

1,298

1,330

1,347

1,341

1,337

Annualized adjusted ROE

May not sum due to rounding

(1)

Categorization of market-driven value changes or non-recurring impacts

is based on management assessment; income excluding market-driven value changes does not represent REIT taxable income and is a non-GAAP figure.

Credit Sensitive Strategies Segment Profitability and Key Metrics

($ in millions)

Credit Sensitive

Strategies Segment Contribution to Pretax Income

3Q26

2Q26

1Q26

4Q25

3Q25

Y/Y

Mortgage-backed securities

)

(92

Loans at fair value

(54

)

N/M

CRT investments

(27

Net (losses) gains on investments and financings

(44

)

N/M

Interest income

Interest expense

(21

)

(20

)

(19

)

(19

)

(20

)

Net interest income (expense)

)

112

Net investment (loss) income

(42

)

N/M

Loan servicing expenses

N/M

Loan collection and liquidation

N/M

Other expenses

N/M

Total expenses

N/M

Pretax (loss) income

(42

)

N/M

Weighted average equity allocated

409

411

390

354

430

Annualized ROE

(41

N/M

May not sum due to rounding

Credit Sensitive Strategies Segment Key Metrics

3Q26

2Q26

1Q26

4Q25

3Q25

Y/Y

Organically-created CRT investments (at period end)

Fair value

878

938

962

998

1,019

(14

Underlying UPB

16,878

18,090

18,716

19,518

19,937

(15

60+ day delinquency rate

1.4

1.2

1.4

1.5

(0.1

Weighted average current LTV

45.1

45.4

46.4

46.2

46.0

(0.9

Private label securitization activity

Fair value of subordinate MBS held in VIE from PMT private label securitizations (at period

end)

930

853

735

546

361

158

Securitizations completed

100

UPB of securitizations completed

2,875

2,182

2,838

2,796

1,472

Retained credit sensitive investments

135

120

189

184

May not sum due to rounding

Interest Rate Sensitive Strategies Segment Profitability and Key Metrics

($ in millions)

Interest Rate Sensitive

Strategies Segment Contribution to Pretax Income

3Q26

2Q26

1Q26

4Q25

3Q25

Y/Y

Servicing and other fees

144

149

151

155

156

Realization of MSR cash flows

(85

)

(100

)

(107

)

(104

)

(89

)

Changes in fair value of MSRs due to changes in fair value inputs

210

(27

)

N/M

Hedging results

(31

)

(33

)

(12

)

(45

)

(27

)

From PFSI–MSR recapture income

(12

Net loan servicing fees

242

1468

Mortgage-backed securities

(167

)

(33

)

N/M

Loans at fair value

)

N/M

Net (losses) gains on investments and financings

(118

)

(39

)

N/M

Interest income

242

237

215

189

174

Interest expense

(305

)

(257

)

(228

)

(201

)

(179

)

Net interest (expense)

(63

)

(20

)

(13

)

(12

)

1063

Net investment income

Loan servicing expenses

Loan collection and liquidation

Safekeeping

(18

Other expenses

119

Total expenses

Pretax income

Weighted average equity allocated

1,197

1,187

1,198

1,189

1,154

Annualized ROE

May not sum due to rounding

Interest Rate Sensitive Strategies Segment Key Metrics

3Q26

2Q26

1Q26

4Q25

3Q25

Y/Y

MSR Portfolio (at period end)

Underlying UPB(1)

192,136

208,427

212,199

215,782

218,799

(12

Fair value

3,514

3,576

3,624

3,645

3,669

Weighted average coupon

3.9

—

Weighted average servicing fee

0.28

—

MSR multiple

6.6x

6.2x

6.1x

0.5x

Fair value of MBS portfolio (at period end)

4,306

4,076

3,766

4,453

4,609

Fair value of senior MBS held in VIE from PMT private label securitizations (at period

end)

108

103

Retained interest rate sensitive investments from private label securitizations

N/M

(1)

Owned MSR portfolio and excludes loans acquired for sale at fair value

Aggregation and Securitization Segment Profitability and Key Metrics

($ in millions)

Aggregation and

Securitization Segment Contribution to Pretax Income

3Q26

2Q26

1Q26

4Q25

3Q25

Y/Y

Net gains on loans acquired for sale

(65

Interest income

Interest expense

(37

)

(32

)

(32

)

(33

)

(28

)

Net interest income

Other income

(57

Net investment income

(30

Loan fulfillment expenses

(48

Professional services

Safekeeping

(91

Loan origination fees

(100

Other expenses

Total expenses

Pretax income (loss)

)

(78

Weighted average equity allocated

178

215

201

200

176

Annualized ROE

(16

May not sum due to rounding

Aggregation and Securitization Segment Key Metrics

3Q26

2Q26

1Q26

4Q25

3Q25

Y/Y

Interest rate locks (UPB)

Conventional Conforming

1,357

2,364

3,282

3,364

(100

Jumbo

730

1,239

1,107

700

1,036

(30

Non-QM

549

582

236

107

N/M

Total

1,279

3,177

3,706

4,088

4,399

(71

Acquisitions (UPB)

Conventional Conforming

1,371

2,062

2,903

2,786

(98

Jumbo

747

918

647

748

557

Non-QM

400

276

N/M

Total

1,199

2,565

2,797

3,682

3,343

(64

PFSI loans acquired for inclusion in private label securitizations (UPB)

2,078

2,224

1,540

1,810

1,296

Total UPB of loans acquired

3,276

4,789

4,336

5,493

4,639

(29

May not sum due to rounding

Corporate Profitability

($ in millions)

3Q26

2Q26

1Q26

4Q25

3Q25

Y/Y

Interest income

(16

Interest expense

)

Net interest income

(36

Net investment income

(36

Management fees

Professional services

(15

Compensation

Other expenses

(12

Total expenses

Pretax loss

(13

)

(15

)

(14

)

(15

)

(13

)

Weighted average equity allocated

101

139

119

(54

Annualized ROE(1)

—

May not sum due to rounding

(1)

Calculated as a percentage of total equity

Consolidated Balance Sheets

($ in millions)

9/30/26

6/30/26

3/31/26

12/31/25

9/30/25

Y/Y

Assets

Cash

161

225

214

272

263

(39

Short-term investments

149

196

188

191

181

(18

Mortgage-backed securities at fair value

4,306

4,076

3,766

4,453

4,609

Loans held for sale at fair value

2,871

3,195

2,350

2,699

2,421

Loans held for investment at fair value

14,401

12,458

10,868

8,533

5,983

141

Derivative assets

Deposits securing credit risk transfer arrangements

887

948

970

1,009

1,033

(14

Mortgage servicing rights

3,514

3,576

3,624

3,645

3,669

Servicing advances

Other assets

444

306

390

393

246

Total assets

26,854

25,094

22,503

21,347

18,526

Liabilities

Assets sold under agreements to repurchase

8,382

8,395

7,301

8,019

7,708

Notes payable secured by credit risk transfer and mortgage servicing assets

2,503

2,481

2,397

2,258

2,249

Unsecured senior notes

686

685

1,028

877

(22

Asset-backed financings of variable interest entities at fair value

13,146

11,359

9,904

7,789

5,440

142

Interest-only security payable at fair value

Derivative and credit risk transfer strip liabilities at fair value

128

Other liabilities

291

275

289

318

325

(10

Total liabilities

25,071

23,240

20,636

19,460

16,646

Shareholders’ equity

Preferred shares of beneficial interest

541

—

Common shares of beneficial interest

Additional paid-in capital

1,930

1,929

1,928

1,927

Accumulated deficit

(689

)

(618

)

(604

)

(583

)

(590

)

Total shareholders’ equity

1,783

1,853

1,867

1,887

1,879

May not sum due to rounding

Capital and Liquidity

($ in millions)

3Q26

2Q26

1Q26

4Q25

3Q25

Y/Y

Liquidity

Cash and short-term investments

310

421

402

462

445

(30

Amounts available to draw on facilities with collateral pledged

214

210

418

328

(35

Total liquidity

524

517

611

880

772

(32

Capital

Total equity

1,783

1,853

1,867

1,887

1,879

Assets sold under agreements to repurchase

8,382

8,395

7,301

8,019

7,708

Total funding debt

8,382

8,395

7,301

8,019

7,708

Notes payable secured by CRT arrangements and MSRs

2,503

2,481

2,397

2,258

2,249

Unsecured debt

686

685

1,028

877

(22

Total non-funding debt

3,190

3,166

3,081

3,286

3,125

Total debt outstanding

24,752

22,955

20,319

19,132

16,309

Total debt outstanding excluding non-recourse

debt

11,572

11,562

10,382

11,305

10,833

Total assets

26,854

25,094

22,503

21,347

18,526

(-) Adjustments for VIE financing

13,186

11,398

9,942

7,833

5,485

140

Adjusted assets

13,668

13,695

12,561

13,514

13,040

Capital ratios

Total debt / equity

13.9x

12.4x

10.9x

10.1x

8.7x

5.2x

Total debt excluding non-recourse debt /

equity

6.5x

6.2x

5.6x

6.0x

5.8x

0.7x

Total equity / adjusted assets

13.0

13.5

14.9

14.0

14.4

(1.4

May not sum due to rounding

EX-99.2

Filename: d179622dex992.htm · Sequence: 3

EX-99.2

Exhibit 99.2 3Q26 EARNINGS REPORT PennyMac Mortgage Investment Trust

October 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 mortgage servicing rights sales; future private label securitization activity; run-rate return potential and targeted returns on equity; future dividends; 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 mortgage and credit spreads; 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 ability to complete private label securitizations on anticipated terms and timelines, including securitizations of non-qualiﬁed mortgage loans and other new loan

products; the performance of the investments the Company retains from its private label 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; the Company’s ability to complete pending and potential sales of mortgage

servicing rights on anticipated terms and timelines, and to redeploy the resulting proceeds into investments that achieve the anticipated returns; 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, and the assumptions underlying its run-rate return

potential and targeted returns on equity; 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; changes in the Company’s dividend policy, including any reduction in the amount of its common share dividend; 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 adjusted net income, adjusted net income attributable to common shareholders,

adjusted earnings per share, annualized adjusted return on equity, income excluding market driven value changes and leverage ratios excluding non-recourse debt 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.

THIRD QUARTER HIGHLIGHTS AND CAPITAL UPDATES PMT’s Board of

Trustees approved a $130 million increase to its share repurchase authorization, bringing total available capacity to over $200 million Net new 3Q26 Results Pretax income investments in CREDIT excluding market credit sub-bonds Fair value of Net loss

attributable to Book value SENSITIVE driven value from PMT organically-created (1) common shareholders per share (5) (6) Pretax income changes securitizations credit investments STRATEGIES $(36)mm $14.03 $(42)mm $12mm $135mm $1.8bn (2) (3) Diluted

EPS Adjusted EPS Pretax income INTEREST RATE excluding market driven value New investments in Fair value of MSR $(0.41) $0.35 SENSITIVE (5) (2) Pretax income changes MSR investments STRATEGIES Annualized Annualized $36mm $37mm $17mm $3.5bn (2)(4)

(3) ROE adjusted ROE (11)% 9% UPB of loans acquired from UPB of loans correspondents acquired from PFSI AGGREGATION AND Dividend per (2) Pretax income through PFSI production common share SECURITIZATION $0.40 $2mm $1.2bn $2.1bn Note: All

ﬁgures are for 3Q26 or are as of 9/30/26 (1) Net loss attributable to common shareholders includes a provision for income tax of $9 million (2) EPS = earnings per share; ROE = return on common equity; MSR = mortgage servicing rights; UPB =

unpaid principal balance; PFSI = PennyMac Financial Services, Inc. (NYSE: PFSI) (3) See slide 24 for a reconciliation of net income (loss) to adjusted EPS and annualized adjusted ROE (4) 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 (5) Excludes $54 million of market-driven value losses in the credit sensitive strategies

and $1 million of market-driven value losses in the interest 3 3 3 rate sensitive strategies - see slide 11 (6) Organically created credit investments include investments in lender credit risk transfer (CRT) investments and subordinate bonds from

PMT private label securitizations

CAPITAL ALLOCATION PRIORITIES Sold or agreed to sell approximately $35

billion in UPB of MSRs with plans to continue Sales of MSR evaluating additional opportunities in order to redeploy proceeds into higher-returning portfolios investments Common share Reduction in common share dividend expected to be declared to

maximize book dividend reduction value accretion with consideration given to taxable income required to be distributed Common share Common shares trade at a substantial discount to book value per share; over $200 repurchases million in remaining

repurchase authorization 4 4

HIGHER INTEREST RATES AND SIGNIFICANT SPREAD WIDENING IN 3Q26 (2) (1)

Benchmark MBS to Treasury Yield Spread U.S. Government Bond Yields by Tenor ● Mortgage spreads expanded more than 20 basis points in ● Benchmark Treasury yields increased ~50 - 80 basis points 3Q26, with a sharp increase in September

across intermediate and long tenors during 3Q26 ● Wider mortgage basis drove asset price declines and ● Sharp rise in yields and heightened interest rate volatility sector-wide headwinds related to hedging and pipeline pressured

residential mortgage asset valuations management industry-wide (1) Bloomberg 5 (2) Bloomberg: difference between average secondary mortgage rate 30-Year FNCL Par Coupon Index (MTGEFNCL) and 10-year Treasury Yield

DIFFERENTIATED AND DIVERSIFIED MORTGAGE REIT Synergistic relationship

with Diversiﬁed investments and Shifted away from PennyMac Financial Services, declining MSR prepayment conventional correspondent Inc. (PFSI) risk from portfolio sales and acquisition activities current interest rates ● Unique access

to PFSI’s production ● Recently shifted to acquiring allows PMT to organically create conventional conforming loans from ● MSR weighted average coupon of investments with well-managed PFSI for private label securitization 3.9%,

with the majority of loans pipeline risk activities only signiﬁcantly out of the money ● Loans underlying PMT’s investments ● Continue to purchase 100% of ● Offsetting interest rate exposures are subserviced by PFSI,

enabling non-conforming correspondent loan across MSRs, Agency MBS and proactive delinquency management volume through correspondent credit sensitive investments, with the and loss mitigation to enhance fulﬁllment arrangement with PFSI

residual exposure hedged for long-term performance interest rate risk 6

LESS SENSITIVE TO INTEREST RATE AND SPREAD CHANGES VERSUS PEERS Modeled

Book Value Sensitivity vs. Lower sensitivity reﬂects diversiﬁcation (1) Peer Mortgage REITs Portfolio offsets: Fair value changes on MSRs are offset with (% of book value lost under an instantaneous shock, as of 6/30/26) Agency MBS and

credit investments; as a result, PMT’s mortgage spread and duration exposure is partially offset before hedging activities Spread widening impact: In 3Q26, mortgage spreads widened 20 - 30 basis points; PMT recorded $(66) million of net

market-driven fair value changes, of which $(56) million, or 85% was attributable to spread widening Income generation: Credit sensitive and interest rate sensitive strategies generated $12 million and $37 million of pretax income excluding

market-driven fair value changes, respectively PMT’s diversiﬁed portfolio carries less than one-third of the peer average book value sensitivity to both rate and spread movements (1) Modeled sensitivities as of 6/30/26. Peer group

consists of four publicly traded mortgage REITs with Agency MBS-focused strategies; peer average is a simple average of modeled sensitivities derived from publicly available disclosures (peer range of 2.2% to 5.3% per +50bp parallel rate shock and

3.5% to 4.9% per +10bp of spread widening). PMT sensitivities are measured at the portfolio level and reﬂect the partially offsetting fair value exposure of PMT's MSR investments; excluding MSRs, PMT's modeled basis sensitivity is 3.7% per

+10bp of spread widening. Estimates are presented for illustrative purposes only, use PMT's base case assumptions, and do not contemplate signiﬁcant changes or shocks to current market conditions; actual results 7 may differ

materially

ROTATING EQUITY TOWARD ACCRETIVE CREDIT INVESTMENTS Accelerating the

reduction in MSR Deploying capital into investments Driving higher expected returns on a exposure through portfolio sales from PMT private label securitizations go-forward basis ● Run-rate return potential has increased to ● In 3Q26 we

sold or entered into commitments to ● A leading issuer of prime non-Agency $0.38 from $0.33 in the prior quarter sell MSR portfolios with a combined UPB of $23 securitizations billion ● Completed 8 securitizations in 3Q26 across ●

Driven partially by lower equity allocated to ● After quarter end, entered into an agreement to non-owner occupied, jumbo and owner MSR investments and continued investments sell another MSR portfolio with a UPB of $12 occupied collateral from

increased private label securitization billion activity ● Retained senior and subordinate investments ● Continuing to evaluate additional sales with targeted returns on equity in the opportunities as expected returns from certain

low-to-mid-teens MSR holdings remain below our return hurdles $35bn $167mm $0.38 / common share Total UPB of Retained investments from private label Run-rate return potential expected from PMT’s (1) closed and committed MSR sales in 2026

securitizations in 3Q26 investment strategies over the next 4 quarters Exits certain lower-yielding Targeting ROEs Up 15% from $0.33 in the run-rate ROE assets in the low-to-mid-teens prior quarter 8 (1) See slide 9

RUN-RATE RETURN POTENTIAL FROM PMT’S INVESTMENT STRATEGIES

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

transfer 16.1% 7.8% Non-Agency Subordinate MBS 13.5% 11.5% • Reﬂects performance expectations in the current Other credit sensitive strategies 5.3% 0.3% mortgage market Net credit sensitive strategies 14.4% 19.6% ‒ Increased

capital deployment in accretive Interest rate sensitive strategies: investments primarily through organic securitization MSRs (inc. recapture) 12.8% 46.8% activity Agency MBS (and Agency structured products) 27.8% 13.7% Non-Agency Senior MBS 16.9%

1.7% (2)‒ Improved overall run rate versus the prior quarter Interest rate hedges (2.5)% 0.0% driven by higher expected returns in all three Net interest rate sensitive strategies 13.8% 62.3% strategies, and notably the improved performance of

Aggregation and securitization 26.7% 9.2% MSRs in a higher rate environment Cash, short term investments, and other 3.8% 9.0% (3) Management fees & corporate expenses (3.2)% 0.0% • Actively adjusting equity and asset allocation to (3) Net

Corporate (2.9)% 9.0% improve the return proﬁle Provision for income tax expense (1.3)% Net income 9.7% 100.0% PMT’s upcoming 4Q26 dividend is expected to be Dividends on preferred stock 7.7% 30.3% adjusted to maximize book value

accretion with Net income attributable to common shareholders 10.6% 69.7% consideration given to projections of taxable income Average Diluted EPS Per Quarter $ 0.38 Note: This slide presents estimates for illustrative purposes only, using

PMT’s base case assumptions (e.g., for credit performance, prepayment speeds, ﬁnancing economics, and loss treatment for CRT transactions), and does not contemplate market-driven value changes other than realization of cash ﬂows

and hedge costs, or signiﬁcant changes or shocks to current market conditions; actual results may differ materially (1) 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 (2) ROE calculated as a percentage 9 of segment equity (3) ROE

calculated as a percentage of total equity

KEY OPERATING METRICS & OTHER FINANCIAL SCHEDULES

THIRD QUARTER RESULTS AND RETURN CONTRIBUTIONS BY STRATEGY Income

excluding Total income Market-driven value Weighted average Annualized return ($ in millions, except EPS) market-driven value (1) (2) (3) (1) contribution changes equity allocated on equity (1)(2) changes Credit Sensitive Strategies: PMT GSE credit

risk transfer $ 6.5 $ 0.4 $ 6.1 $ 237 11% PMT Non-Agency Subordinate MBS (48.2) (54.1) 6.0 167 (115)% (4) Other credit sensitive strategies (0.1) (0.1) (0.0) 5 (7)% Net credit sensitive strategies $ (41.8) $ (53.8) $ 12.0 $ 409 (41)% Interest Rate

Sensitive Strategies: MSRs (incl. recapture) $ 245.9 $ 225.5 $ 20.4 Agency MBS (and Agency structured products) (169.6) (184.9) 15.3 Non-Agency Senior MBS (9.5) (10.3) 0.8 Interest rate hedges (30.8) (30.8) Net interest rate sensitive strategies $

36.0 $ (0.5) $ 36.5 $ 1,197 12% Aggregation and securitization $ 2.1 $ - $ 2.1 $ 178 5% Cash, short term investments, and other $ 0.6 $ - $ 0.6 $ 55 4% (5) Management fees & corporate expenses (13.4) - (13.4) (3)% (5) Corporate $ (12.8) $ - $

(12.8) $ 55 (3)% Beneﬁt / (provision) for income tax expense $ (8.9) $ (11.9) $ 3.0 Net income (loss) $ (25.4) $ (66.2) $ 40.9 $ 1,839 (6)% Dividends on preferred stock $ (10.5) $ 541 (8)% Net income attributable to common shareholders $

(35.8) $ 1,298 (11)% Diluted EPS $ (0.41) (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 $2.0 million in carrying value of real estate acquired in settlement of loans at 11 9/30/26 (5) ROE calculated as a percentage of total equity

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 Owner occupied loans ● In 3Q26, PMT purchased 100% of

non-conforming correspondent loan volume through its correspondent fulﬁllment arrangement with PFSI ● Beginning in June, PMT elected to stop acquiring Agency-eligible conventional correspondent loans while retaining 100% of all

non-Agency loan volume ● In 3Q26, PMT also acquired $2.1 billion in UPB of loans from PFSI’s production for inclusion in private label securitizations ● In total, these activities resulted in the creation of $167 million in new

investments from securitization activities and $17 million in new MSR investments Note: May not sum due to rounding (1) Consists of jumbo and non-QM loans 12 (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 3Q26 (in

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

(millions) MSRs Non-Owner 2 $0.8 $50 $0 Occupied Jumbo 3 $1.0 $43 $0 Owner Occupied 3 $1.0 $41 $32 MSRs N/A $1.2 N/A $17 Total 8 $4.1 $135 $49 After quarter end, we completed 2 additional securitizations and priced our inaugural non-QM

securitization, for a total of $1.1 billion in UPB with $119 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 13 Note: May not sum due to rounding

SNAPSHOT - INVESTMENTS FROM PMT PRIVATE LABEL SECURITIZATIONS (2)

Retained Bonds from PMT Securitizations Select Portfolio Metrics : (fair value) (1) 100% = $1.0 billion WA FICO 775 at Origination: Jumbo, 22% WA LTV 73 at Origination: Owner occupied, Non-owner 20% occupied, 58% Current 60+ 0.08% Day DQ:

High-quality portfolio of senior, mezzanine, and subordinate bonds characterized by exceptionally low delinquencies and strong underlying credit fundamentals Note: Data presented is as of 9/30/26 (1) Excludes retained MSRs and interest-only bonds

from private label securitizations held in the VIE 14 (2) LTV = loan to value ratio; DQ = delinquency rate

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 3Q26, fair value gains on MSRs were offset by declines on MBS, interest rate hedges and related tax impacts

FLEXIBLE 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 Unsecured and MSR Financing Financing

for Credit Investments Exchangeable Senior Notes ● The majority (88%) of our CRT ﬁnancing is in the ● Maturity of MSR term notes and loans aligns more ● Provides ﬂexibility and complements asset-backed form of term

notes, which do not contain margin closely with the expected life of the MSR asset structures call provisions than short-term borrowings ● Only $50 million in maturities prior to 2029 ● $79 million of securities repurchase agreements

outstanding for CRT investments ● Non mark-to-market bilateral facilities in place for certain of our investments in bonds from PMT private label securitizations Note: All ﬁgures are as of September 30, 2026 16 16 (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 25 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 17

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 17-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 retained investments Strategies •

Approximately $16.9 billion in UPB of loans underlying PMT’s front-end GSE CRT investments and $14.8 billion in UPB of loans underlying PMT’s private label securitizations at September 30, 2026 19

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 17 years management team

MANAGEMENT AND SERVICES ● Mortgage-related investments:● Large and agile multi-channel AGREEMENTS● Provides PMT with unique access to a origination business ‒ MSRs consistent pipeline of loans for ● 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 20

(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) Diluted EPS Common Dividend Book

value per share (2) ROE 9% 10% (0)% (1)% 14% 13% 4% 6% (11)% 21

CURRENT MARKET ENVIRONMENT AND MACROECONOMIC TRENDS (2) (1) 10-year

Treasury Bond Yield Average 30-year ﬁxed rate mortgage (4) (3) U.S. Origination Market Forecast Macroeconomic Metrics (UPB in trillions) 9/30/25 12/31/25 3/31/26 6/30/26 9/30/26 10-year Treasury bond 4.2% 4.2% 4.3% 4.5% 5.3% yield Secondary

mortgage rate 5.2% 5.0% 5.4% 5.4% 6.4% 30-year ﬁxed rate 6.3% 6.2% 6.4% 6.5% 7.4% mortgage Residential mortgage $495 $570 $525 $580 $490 originations (in billions) Reﬁnance Purchase (1) Optimal Blue 30-Year Conforming Fixed Rate. (2)

U.S. Department of the Treasury. (3) Actual originations: Inside Mortgage Finance; Forecast originations; Average of Mortgage Bankers Association (10/11/26) and Fannie Mae (10/12/26) forecasts (4) 10-year Treasury bond yield: Bloomberg. Secondary

mortgage rate: 30-Year FNCL Par Coupon Index (MTGEFNCL), Bloomberg. 30-year ﬁxed rate mortgage: Optimal Blue 30-Year Conforming Fixed Rate. Residential mortgage originations are for the quarterly 22 period ended; source: Inside Mortgage

Finance

DELINQUENCY TRENDS AND SERVICING ADVANCES OUTSTANDING (1) Trends in

Delinquency and Foreclosure Rates ● Overall mortgage delinquency rates were up slightly from the prior quarter ● Servicing advances outstanding for PMT’s MSR portfolio were approximately $62 million at September 30, 2026, down

slightly from $64 million at June 30, 2026 ‒ No principal and interest advances are outstanding 23 (1) Owned MSR portfolio and includes loans acquired for sale at fair value; delinquency and foreclosure rates based on UPB; as of 9/30/26, the

UPB of mortgage servicing rights owned by PMT and loans held for sale totaled $210 billion

Note: May not sum due to rounding (1) Categorization of market-driven

value changes or non-recurring impacts is based on management assessment; income excluding market-driven value changes does not represent REIT taxable income and is a non-GAAP ﬁgure RECONCILIATION OF GAAP ITEMS TO NON-GAAP ITEMS 3Q25 4Q25

1Q26 2Q26 3Q26 Net income (loss) $58.3 $52.4 $24.6 $30.9 $(25.4) (1) Market-driven value changes : Net loan servicing fees (54.3) (18.7) 33.7 (13.9) 179.1 Net gain (loss) on investments 46.1 36.0 (33.6) 11.9 (173.2) Interest income 7.1 (4.2) (2.8)

(8.8) (40.1) Interest expense 2.4 6.7 3.9 (0.8) (20.1) Total market-driven value changes 1.3 19.7 1.2 (11.6) (54.3) Tax-related impacts 14.6 11.2 (4.3) 10.7 (11.9) Adjusted net income 42.4 21.5 27.6 31.9 40.9 Dividends on preferred stock (10.5)

(10.5) (10.5) (10.5) (10.5) Adjusted net income attributable to common shareholders $31.9 $11.0 $17.2 $21.4 $30.4 Diluted shares outstanding 87.0 87.0 87.1 87.2 87.2 Adjusted EPS $0.37 $0.13 $0.20 $0.25 $0.35 Weighted average common equity 1,337

1,341 1,347 1,330 1,298 Annualized adjusted ROE 10% 3% 5% 6% 9% 24

RECONCILIATION OF LEVERAGE RATIOS September 30, 2026 (1) Assets

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

short-term investments $ 310,089 $— $ 310,089 $— $— $— Mortgage-backed securities at fair value Agency-backed securities 4,184,529 — 4,184,529 4,135,136 — 4,135,136 Senior non-Agency securities 117,536 —

117,536 113,252 — 113,252 Non-Agency-backed securities 3,926 — 3,926 2,770 — 2,770 Credit risk transfer securities relating to consolidated variable interest entities — 878,044 878,044 78,853 567,849 646,702 Non-agency

securities relating to consolidated variable interest entities — 1,046,439 1,046,439 966,227 — 966,227 4,305,991 1,924,483 6,230,474 5,296,238 567,849 5,864,087 Loans held for sale at fair value 2,870,751 — 2,870,751 2,684,910

— 2,684,910 Loans held for investment at fair value 14,401,385 (14,400,024) 1,361 — — — Derivative assets 58,669 (30,695) 27,974 — — — Deposits securing credit risk transfer arrangements 887,188 (887,188)

— — — — Mortgage servicing rights and servicing advances 3,576,041 207,385 3,783,426 400,825 1,935,624 2,336,449 26,410,114 (13,186,039) 13,224,075 8,381,973 2,503,473 10,885,446 Other 443,749 — 443,749 — —

— Total assets and secured ﬁnancing $ 26,853,863 $ (13,186,039) $ 13,667,824 $ 8,381,973 $ 2,503,473 $ 10,885,446 Unsecured debt 686,065 Debt excluding non-recourse 11,571,511 Debt in consolidated variable interest (2) entities

13,180,808 (3) Total debt $ 24,752,319 Equity $ 1,783,082 Debt-to-equity ratio: (4) Excluding non-recourse debt 6.5:1 (5) Total 13.9:1 (1) The balance sheet information depicted under the column captioned “Consolidated” represents

information prepared in compliance 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 $5.2 million. (3) Excludes non-debt liabilities of $318.5 million 25 25

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.

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No definition available.

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- Definition

Name of the City or Town

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- Definition

Code for the postal or zip code

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No definition available.

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- Definition

Name of the state or province.

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No definition available.

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dei_EntityAddressStateOrProvince

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- 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

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- 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

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- 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

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

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No definition available.

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- 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

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- Definition

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

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Local phone number for entity.

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No definition available.

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- 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

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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

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- Definition

Title of a 12(b) registered security.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

+ References

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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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

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- Definition

Trading symbol of an instrument as listed on an exchange.

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No definition available.

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- 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

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