PennyMac Mortgage Investment Trust

This Quarterly Report on Form 10-Q (this “Report”) contains certain forward-looking statements that are subject to various risks and uncertainties. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “continue,” “plan” or other similar words or expressions.

Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain financial and operating projections or state other forward-looking information. Examples of forward-looking statements include the following:

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projections of our revenues, income, earnings per share, capital structure or other financial items;

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descriptions of our plans or objectives for future operations, products or services;

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forecasts of our future economic performance, interest rates, profit margins and our share of future markets; and

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descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of generating any revenues.

Our ability to predict results or the actual effect of future events, actions, plans or strategies is inherently uncertain. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements. There are a number of factors, many of which are beyond our control that could cause actual results to differ significantly from management’s expectations. Some of these factors are discussed below.

You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties discussed elsewhere in this Report and the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on February 20, 2025.

Factors that could cause actual results to differ materially from historical results or those anticipated include, but are not limited to:

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changes in interest rates;

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our ability to comply with various federal, state and local laws and regulations that govern our business;

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volatility in our industry, the debt or equity markets, the general economy or the real estate finance and real estate markets;

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events or circumstances which undermine confidence in the financial and housing markets or otherwise have a broad impact on financial and housing markets; changes in real estate values, housing prices and housing sales;

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changes in macroeconomic, consumer and real estate market conditions;

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the degree and nature of our competition;

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the availability of, and level of competition for, attractive risk-adjusted investment opportunities in mortgage loans and mortgage-related assets that satisfy our investment objectives;

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the inherent difficulty in winning bids to acquire mortgage loans, and our success in doing so;

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the concentration of credit risks to which we are exposed;

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our dependence on our manager and servicer, potential conflicts of interest with such entities and their affiliates, and the performance of such entities;

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changes in personnel and lack of availability of qualified personnel at our manager, servicer or their affiliates;

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our ability to mitigate cybersecurity risks, cybersecurity incidents and technology disruptions;

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the availability, terms and deployment of short-term and long-term capital;

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the adequacy of our cash reserves and working capital;

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our ability to maintain the desired relationship between our financing and the interest rates and maturities of our assets;

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the timing and amount of cash flows, if any, from our investments;

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our substantial amount of indebtedness;

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the performance, financial condition and liquidity of borrowers;

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our exposure to risks of loss and disruptions in operations resulting from severe weather events, man-made or other natural conditions, including climate change and pandemics;

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the ability of our servicer to approve and monitor correspondent sellers and underwrite loans to investor standards;

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incomplete or inaccurate information or documentation provided by customers or counterparties, or adverse changes in the financial condition of our customers and counterparties;

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our indemnification and repurchase obligations in connection with mortgage loans we may purchase, sell or securitize;

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the quality and enforceability of the collateral documentation evidencing our ownership rights in our investments;

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increased rates of delinquency, defaults and forbearances and/or decreased recovery rates on our investments;

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the performance of mortgage loans underlying mortgage-backed securities in which we retain credit risk;

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our ability to foreclose on our investments in a timely manner or at all;

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increased prepayments of the mortgages and other loans underlying our mortgage-backed securities or relating to our mortgage servicing rights and other investments;

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the degree to which our hedging strategies may or may not protect us from interest rate volatility;

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the effect of the accuracy of or changes in the estimates we make about uncertainties, contingencies and asset and liability valuations when measuring and reporting upon our financial condition and results of operations;

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our ability to maintain appropriate internal control over financial reporting;

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our ability to detect misconduct and fraud;

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developments in the secondary markets for our mortgage loan products;

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legislative and regulatory changes that impact the mortgage loan industry or housing market;

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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;

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the Consumer Financial Protection Bureau and its issued and future rules and the enforcement thereof;

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changes in government support of home ownership and home affordability programs;

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changes in our investment objectives or investment or operational strategies, including any new lines of business or new products and services that may subject us to additional risks;

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limitations imposed on our business and our ability to satisfy complex rules for us to qualify as a real estate investment trust (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 our subsidiaries to qualify as REITs or as taxable REIT subsidiaries for U.S. federal income tax purposes;

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changes in governmental regulations, accounting treatment, tax rates and similar matters;

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our ability to make distributions to our shareholders in the future;

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our failure to deal appropriately with issues that may give rise to reputational risk;

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and our organizational structure and certain requirements in our charter documents.

Other factors that could also cause results to differ from our expectations may not be described in this Report or any other document. Each of these factors could by itself, or together with one or more other factors, adversely affect our business, income and/or financial condition.

Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.