PennyMac Mortgage Investment Trust (PMT)

[SPORTSPROPHET]

PennyMac Mortgage Investment Trust (NYSE: PMT) today announced that its Board of Trustees has authorized a share repurchase program under which the Company may repurchase up to $150 million of its outstanding common shares of beneficial interest.

Share repurchases may be executed through various means, including, without limitation, open market transactions, block trades, tender offers and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, the Company's share price, applicable legal requirements and other factors. The share repurchase program does not have an expiration date and the authorization does not obligate the Company to acquire any particular amount of common shares. The share repurchase program may be suspended or discontinued at the Company's discretion without prior notice.

"PMT's objective remains to produce superior returns from our mortgage-related strategies including distressed whole loans, correspondent aggregation, mortgage servicing rights, and excess servicing spread, as well as newer investments in credit risk transfer and small balance commercial real estate loans," said Stanford L. Kurland, PMT's Chairman and Chief Executive Officer. "At the current price of our common shares, we believe that repurchase presents an attractive investment opportunity for PMT and we intend to use this authority maximize shareholder value."

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. PennyMac Mortgage Investment Trust trades on the New York Stock Exchange under the symbol "PMT" and is externally managed by PNMAC Capital Management, LLC, an indirect subsidiary of PennyMac Financial Services, Inc. Additional information about PennyMac Mortgage Investment Trust is available at www.PennyMac-REIT.com.