PennyMac Mortgage Investment Trust (PMT)

[US Market News]

PennyMac Mortgage Investment Trust Reports Fourth Quarter and Full-Year 2025 Results

January 29, 2026 4:16 PM
Business Wire

PennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income attributable to common shareholders of $41.9 million, or $0.48 per common share for the fourth quarter of 2025, on net investment income of $93.6 million. PMT previously announced a cash dividend for the fourth quarter of 2025 of $0.40 per common share of beneficial interest, which was declared on December 10, 2025, and will be paid on January 23, 2026, to common shareholders of record as of December 26, 2025.

Fourth Quarter 2025 Highlights

Financial results:

• 
  Net income attributable to common shareholders of $41.9 million; annualized return on average common shareholders’ equity of 13 percent¹
  
  
  
  • 
    Strong results from the credit sensitive and interest rate sensitive strategies, including a tax benefit
    
    
  
  
  
  
  


• 
  Book value per common share was $15.25 at December 31, 2025, up from $15.16 at September 30, 2025
  
  

Other investment highlights:

• 
  Investment activity driven by acquisition volumes
  
  
  
  • 
    Loans acquired totaled $5.5 billion in unpaid principal balance (UPB), up 18 percent from the prior quarter
    
    
    
    • 
      Acquired $3.7 billion in UPB of conventional conforming and non-Agency loan volume from PennyMac Financial Services, Inc. (NYSE: PFSI) through their fulfillment agreement, up 10 percent from the prior quarter
      
      
    
    
    • 
      Also acquired $1.8 billion in UPB of loans from PFSI’s production, up 40 percent from the prior quarter
      
      
    
    
    • 
      Resulted in the creation of $53 million in new mortgage servicing rights (MSRs)
      
      
    
    
    • 
      Closed three Agency-eligible investor loan securitizations, three jumbo loan securitizations, and two Agency-eligible owner occupied loan securitizations with a combined UPB of $2.8 billion
      
      
      
      • 
        Generated $184 million of net new investments in non-Agency subordinate bonds²
        
        
      
      
      
      
      
    
    
    
    
    
  
  
  
  
  

Other highlights:

• 
  Raised $150 million through opportunistic reopenings of exchangeable senior notes due June 2029
  
  

Notable activity after quarter end:

• 
  Closed one jumbo loan securitization, one Agency-eligible investor loan securitization, and one Agency-eligible owner occupied loan securitization with a combined UPB of $1.1 billion
  
  
  
  • 
    Generated $69 million of net new investments in non-Agency subordinate bonds²
    
    
  
  
  
  
  

Full-Year 2025 Highlights

Financial results:

• 
  Net income attributable to common shareholders of $86.1 million, versus $119.2 million in 2024; diluted earnings per share of $0.99 versus $1.37 in 2024
  
  


• 
  Dividends of $1.60 per common share
  
  


• 
  Book value per share decreased from $15.87 to $15.25
  
  


• 
  Net investment income of $307.5 million, down from $334.2 million in 2024
  
  


• 
  Return on average common equity of 6%³
  
  


• 
  Closed 19 private label securitizations with a combined UPB of $6.7 billion
  
  
  
  • 
    Generated approximately $528 million of net new investments in non-Agency senior and subordinate bonds²
    
    
  
  
  
  
  


• 
  Purchased $876 million of agency floating rate mortgage-backed securities
  
  


• 
  Sold $195 million in Government-sponsored enterprise (GSE)-issued CRT investments
  
  


• 
  Issued $428 million in unsecured debt to address upcoming maturities and support growth
  
  

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
2	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
3	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 year

“PMT delivered strong results in the fourth quarter, generating earnings per share of $0.48, above the dividend level for an annualized return on common equity of 13%,” said Chairman and CEO David Spector. “These results were primarily driven by solid contributions from our credit sensitive and interest rate sensitive strategies, including a tax benefit, demonstrating the earnings power of our investment portfolio in the current market environment. We took significant steps to build future earnings potential, accelerating our organic investment activity with the execution of eight private label securitizations totaling $2.8 billion in UPB, retaining more than $180 million in new subordinate bond investments with attractive return profiles. Additionally, we further strengthened our balance sheet and liquidity position through the opportunistic issuance of $150 million in exchangeable senior notes. These actions highlight our ability to actively manage capital and consistently create high-quality investments at scale.”

Mr. Spector continued, “Fundamentally, PMT’s success is anchored by its synergistic relationship with PFSI. Our ability to leverage PFSI’s multi-channel production platform and best-in-class servicing capabilities is unique in the industry and allows us to organically create a steady flow of investments with strong risk adjusted returns. As we look ahead, I am confident that this comprehensive platform will drive our ability to continue generating earnings that support our dividend and drive long-term value for our shareholders.”

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

	Quarter ended December 31, 2025	Credit sensitive strategies				Interest rate sensitive strategies				Correspondent production				Reportable segment total				Corporate				Total
		(in thousands)
	Net investment income:
	Net gains on investments and financings
	Mortgage-backed securities	$	—			$	31,353			$	—			$	31,353			$	—			$	31,353
	Loans held for investment		8,659				(3,157	)			—				5,502				—				5,502
	CRT investments		16,178				—				—				16,178				—				16,178
			24,837				28,196				—				53,033				—				53,033
	Net gains on loans held for sale		—				—				7,187				7,187				—				7,187
	Net loan servicing fees		—				36,766				—				36,766				—				36,766
	Net interest expense:
	Interest income		17,546				189,031				39,429				246,006				2,246				248,252
	Interest expense		18,887				201,308				33,134				253,329				1,385				254,714
			(1,341	)			(12,277	)			6,295				(7,323	)			861				(6,462	)
	Other		106				—				2,933				3,039				—				3,039
			23,602				52,685				16,415				92,702				861				93,563
	Expenses:
	Earned by PennyMac Financial Services, Inc.:
	Loan servicing fees		1				20,045				—				20,046				—				20,046
	Management fees		—				—				—				—				6,856				6,856
	Loan fulfillment fees		—				—				6,538				6,538				—				6,538
	Professional Services		—				—				10,659				10,659				3,163				13,822
	Compensation		—				—				—				—				3,263				3,263
	Loan collection and liquidation		17				2,411				—				2,428				—				2,428
	Safekeeping		—				1,018				80				1,098				—				1,098
	Mortgage loan origination Fees		—				—				132				132				—				132
	Other		78				739				23				840				2,427				3,267
			96				24,213				17,432				41,741				15,709				57,450
	Pretax income (loss)	$	23,506			$	28,472			$	(1,017	)		$	50,961			$	(14,848	)		$	36,113

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 $23.5 million on net investment income of $23.6 million, compared to pretax income of $18.8 million on net investment income of $18.8 million in the prior quarter.

Net gains on investments in the segment were $24.8 million, compared to $17.6 million in the prior quarter. These net gains included $16.2 million of gains from PMT’s organically-created GSE CRT investments and $8.7 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 $16.2 million, compared to $13.7 million in the prior quarter. These net gains included $3.6 million in valuation-related gains, which reflected the impact of credit spread tightening in the fourth quarter, up from $1.5 million in the prior quarter. Net gains on PMT’s organically-created CRT investments also included $13.3 million in realized gains and carry, compared to $13.5 million in the prior quarter. Realized losses during the quarter were $0.7 million, down from $1.3 million in the prior quarter.

Net interest expense for the segment totaled $1.3 million, compared to $1.3 million of net interest income in the prior quarter. Interest income totaled $17.5 million, down from $20.9 million in the prior quarter. Interest expense totaled $18.9 million, down from $19.6 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 decreasing interest rates, MSRs are expected to decrease in fair value, whereas Agency pass-through and non-Agency senior MBS are expected to increase in fair value. The results in the Interest Rate Sensitive Strategies segment consist of net gains and losses on investments, net loan servicing fees and net interest income, as well as associated expenses.

Pretax income for the segment was $28.5 million on net investment income of $52.7 million, compared to pretax income of $32.3 million on net investment income of $56.5 million in the prior quarter.

Net loan servicing fees were $36.8 million, compared to $15.4 million in the prior quarter. Net loan servicing fees included contractually specified servicing fees of $151.3 million and $4.0 million in other fees, reduced by $103.9 million in realization of MSR cash flows, which was up from $89.4 million in the prior quarter due to higher prepayment activity. Net loan servicing fees also included $26.2 million in fair value gains on MSRs, $45.0 million in hedging losses, and $4.1 million of MSR recapture income.

Net gains on investments for the segment were $28.2 million, which primarily consisted of gains 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
		December 31, 2025			September 30, 2025			December 31, 2024
		(in thousands)
	From non-affiliates:
	Contractually specified	$	151,320		$	151,395		$	159,553
	Other fees		3,958			4,428			4,884
	Effect of MSRs:
	Change in fair value
	Realization of cashflows		(103,859	)		(89,404	)		(90,612	)
	Market changes		26,247			(26,975	)		183,879
			(77,612	)		(116,379	)		93,267
	Hedging results		(44,990	)		(27,360	)		(51,209	)
			(122,602	)		(143,739	)		42,058
	Net servicing fees from non-affiliates		32,676			12,084			206,495
	From PFSI—MSR recapture income		4,090			3,345			926
	Net loan servicing fees	$	36,766		$	15,429		$	207,421

Net interest expense for the segment was $12.3 million versus $5.4 million in the prior quarter. Interest income totaled $189.0 million, up from $173.8 million in the prior quarter primarily due to a higher amount of retained investments from private label securitizations. Interest expense totaled $201.3 million, up from $179.2 million in the prior quarter, due to higher financing balances.

Segment expenses were $24.2 million, unchanged from the prior quarter.

Correspondent Production Segment

Correspondent production volumes are initially acquired by PFSI. PMT retains the right to purchase up to 100 percent of non-government correspondent loan production. After purchasing certain conventional conforming and non-Agency eligible loans from PFSI, PMT sells or securitizes those loans, resulting in current period income. PMT’s Correspondent Production segment generated a pretax loss of $1.0 million in the fourth quarter, compared to $9.2 million of pretax income in the prior quarter.

PMT purchased a total of $3.7 billion in UPB of conventional conforming and non-Agency eligible loans through its fulfillment agreement that PFSI acquired from correspondent sellers, up 10 percent from the prior quarter. PMT acquired 17 percent of total conventional conforming correspondent production and 100 percent of non-Agency eligible correspondent production in the fourth quarter. PMT is expected to acquire all non-Agency eligible correspondent production and 15 to 25 percent of total conventional conforming correspondent production in the first quarter of 2026. Interest rate lock commitments on conventional conforming and non-Agency eligible loans for PMT’s account totaled $4.1 billion, down 7 percent from the prior quarter. Additionally, PMT acquired $1.8 billion in UPB of loans from PFSI’s production for inclusion in private label securitizations, up from $1.3 billion in the prior quarter.

Segment revenues were $16.4 million and included net gains on loans acquired for sale of $7.2 million, net interest income of $6.3 million, and other income of $2.9 million, which primarily consists of volume-based origination fees. Net gains on loans acquired for sale decreased $7.7 million from the prior quarter, due to the impact of spread widening on jumbo loans held for sale during aggregation and lower overall channel margins. Interest income was $39.4 million, up from $33.1 million in the prior quarter, and interest expense was $33.1 million, up from $28.2 million in the prior quarter.

Segment expenses were $17.4 million, up from $13.7 million in the prior quarter due to increased private label securitization activity. The weighted average fulfillment fee rate in the fourth quarter was 18 basis points, essentially unchanged from the prior quarter.

Corporate

Corporate includes interest income from cash and short-term investments, management fees, and corporate expenses.

Corporate revenues were $0.9 million, unchanged from the prior quarter. Corporate expenses were $15.7 million, up slightly from $14.3 million in the prior quarter, and consisted of management fees of $6.9 million and $8.9 million of other corporate expenses.

Taxes

PMT recorded a tax benefit of $16.2 million, driven primarily by net fair value declines on MSR and interest rate hedges 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, January 29, 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.

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: changes in interest rates; changes in macroeconomic, consumer and real estate market conditions; changes in housing prices, housing sales and real estate values; t changes in homeownership costs and 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, cybersecurity 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 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)
	December 31, 2025				September 30, 2025				December 31, 2024
	(in thousands except share amounts)
ASSETS
Cash	$	271,970			$	263,488			$	337,694
Short-term investments at fair value		190,518				181,043				103,198
Mortgage-backed securities at fair value		4,452,859				4,609,164				4,063,706
Loans held for sale at fair value		2,699,398				2,421,033				2,116,318
Loans held for investment at fair value		8,532,644				5,983,197				2,193,575
Derivative assets		55,943				58,442				56,840
Deposits securing credit risk transfer arrangements		1,009,334				1,033,008				1,110,708
Mortgage servicing rights at fair value		3,644,702				3,668,755				3,867,394
Servicing advances		96,830				61,599				105,037
Due from PennyMac Financial Services, Inc.		19,100				18,171				16,015
Other		373,584				227,771				438,221
Total assets	$	21,346,882			$	18,525,671			$	14,408,706
LIABILITIES
Assets sold under agreements to repurchase	$	8,018,601			$	7,708,183			$	6,500,938
Mortgage loan participation and sale agreements		—				—				11,593
Notes payable secured by credit risk transfer and mortgage servicing assets		2,258,128				2,248,609				2,929,790
Unsecured senior notes		1,028,300				876,510				605,860
Asset-backed financing of variable interest entities at fair value		7,789,303				5,439,582				2,040,375
Interest-only security payable at fair value		37,650				36,558				34,222
Derivative and credit risk transfer strip liabilities at fair value		9,189				12,186				7,351
Accounts payable and accrued liabilities		168,498				135,585				139,124
Due to PennyMac Financial Services, Inc.		17,122				40,165				30,206
Income taxes payable		127,476				143,832				163,861
Liability for losses under representations and warranties		5,284				5,152				6,886
Total liabilities		19,459,551				16,646,362				12,470,206
SHAREHOLDERS' EQUITY
Preferred shares of beneficial interest		541,482				541,482				541,482
Common shares of beneficial interest—authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding 87,016,604, 87,016,604 and 86,860,960 common shares, respectively		870				870				869
Additional paid-in capital		1,927,804				1,926,552				1,925,067
Accumulated deficit		(582,825	)			(589,595	)			(528,918	)
Total shareholders' equity		1,887,331				1,879,309				1,938,500
Total liabilities and shareholders' equity	$	21,346,882			$	18,525,671			$	14,408,706

PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
	For the Quarterly Periods Ended
	December 31, 2025				September 30, 2025				December 31, 2024
	(in thousands, except earnings per common share)
Investment Income
Net gains (losses) on investments and financings	$	53,033			$	64,087			$	(105,655	)
Net gains on loans held for sale		7,187				14,857				26,387
Loan origination fees		2,893				3,095				3,986
Net loan servicing fees:
From nonaffiliates
Servicing fees		155,278				155,823				164,437
Change in fair value of mortgage servicing rights		(77,612	)			(116,379	)			93,267
Hedging results		(44,990	)			(27,360	)			(51,209	)
		32,676				12,084				206,495
From PennyMac Financial Services, Inc.		4,090				3,345				926
		36,766				15,429				207,421
Net interest (expense) income
Interest income		248,252				230,088				163,135
Interest expense		254,714				228,394				187,120
		(6,462	)			1,694				(23,985	)
Other		146				70				(227	)
Net investment income		93,563				99,232				107,927
Expenses
Earned by PennyMac Financial Services, Inc.:
Loan servicing fees		20,046				21,012				20,486
Management fees		6,856				6,912				7,149
Loan fulfillment fees		6,538				6,162				6,356
Professional services		13,822				8,608				6,041
Compensation		3,263				2,817				997
Loan collection and liquidation		2,428				1,503				2,537
Safekeeping		1,098				1,194				1,336
Loan origination		132				794				914
Other		3,267				3,232				6,987
Total expenses		57,450				52,234				52,803
Income before (benefit from) provision for income taxes		36,113				46,998				55,124
(Benefit from) provision for income taxes		(16,249	)			(11,298	)			8,589
Net income		52,362				58,296				46,535
Dividends on preferred shares		10,455				10,455				10,455
Net income attributable to common shareholders	$	41,907			$	47,841			$	36,080
Earnings per common share
Basic	$	0.48			$	0.55			$	0.41
Diluted	$	0.48			$	0.55			$	0.41
Weighted average shares outstanding
Basic		87,017				87,017				86,861
Diluted		87,017				87,017				86,861

PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
		Year ended December 31,
			2025				2024				2023
		(in thousands, except earnings per common share)
Net investment income
Net gains on investments and financings		$	213,113			$	61,050			$	178,099
Net gains on loans held for sale at fair value:
From nonaffiliates			47,030				65,055				32,695
From PennyMac Financial Services, Inc.			5,164				8,069				7,162
			52,194				73,124				39,857
Loan origination fees			12,525				15,085				18,231
Net loan servicing fees:
From nonaffiliates
Contractually specified			608,025				644,642				659,438
Other			17,430				14,722				17,008
			625,455				659,364				676,446
Change in fair value of mortgage servicing rights			(413,709	)			(170,409	)			(296,847	)
Mortgage servicing rights hedging results			(172,931	)			(226,608	)			(92,775	)
			38,815				262,347				286,824
From PennyMac Financial Services, Inc.			10,117				2,193				1,784
			48,932				264,540				288,608
Net interest expense:
Interest income			850,912				635,263				639,907
Interest expense			870,394				714,659				735,968
			(19,482	)			(79,396	)			(96,061	)
Results of real estate acquired in settlement of loans			(64	)			(437	)			(186	)
Other			243				228				472
Net investment income			307,461				334,194				429,020
Expenses
Earned by PennyMac Financial Services, Inc.:
Loan servicing fees			84,432				83,252				81,347
Management fees			27,649				28,623				28,762
Loan fulfillment fees			23,804				26,291				27,826
Professional services			37,774				12,779				7,621
Compensation			11,886				5,608				7,106
Loan collection and liquidation			8,285				6,834				4,562
Safekeeping			4,630				4,403				3,766
Loan origination			2,278				3,328				4,602
Other			12,905				20,428				19,033
Total expenses			213,643				191,546				184,625
Income before (benefit from) provision for income taxes			93,818				142,648				244,395
(Benefit from) provision for income taxes			(34,054	)			(18,336	)			44,741
Net income			127,872				160,984				199,654
Dividends on preferred shares of beneficial interest			41,819				41,819				41,819
Net income attributable to common shareholders		$	86,053			$	119,165			$	157,835
Earnings per common share
Basic		$	0.99			$	1.37			$	1.80
Diluted		$	0.99			$	1.37			$	1.63
Weighted average common shares outstanding
Basic			86,988				86,815				87,372
Diluted			86,988				86,815				111,700

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260129211390/en/

Media

Kristyn Clark

[e-mail]

805.395.9943

Investors

Kevin Chamberlain

Isaac Garden

[e-mail]

818.224.7028

Original: PennyMac Mortgage Investment Trust Reports Fourth Quarter and Full-Year 2025 Results