PennyMac Mortgage Investment Trust
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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FY2025 · Filed Feb 18, 2026
PMT$7.87-1.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in thousands) | |||
| Cash flows from operating activities | |||
| Net income | $127,872 | $160,984 | $199,654 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
| Net gains on investments and financings | (213,113) | (61,050) | (178,099) |
| Net gains on loans held for sale | (52,194) | (73,124) | (39,857) |
| 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 |
| Accrual of unearned discounts and amortization of purchase premiums on mortgage-backed securities, loans held for investment, and asset-backed financings | (31,583) | (23,312) | (355) |
| Amortization of debt issuance costs | 20,167 | 23,095 | 15,141 |
| Results of real estate acquired in settlement of loans | 64 | 437 | 186 |
| Share-based compensation expense | 3,865 | 3,479 | 5,205 |
| Purchase of loans held for sale from nonaffiliates | (59,554,007) | (96,091,114) | (87,503,604) |
| Purchase of loans held for sale from PennyMac Financial Services, Inc. | (11,216,713) | (662,952) | — |
| Sale to nonaffiliates and repayment of loans held for sale | 10,292,463 | 12,414,391 | 15,936,124 |
| Sale of loans held for sale to PennyMac Financial Services, Inc. | 52,895,921 | 81,997,773 | 72,441,699 |
| Repurchase of loans subject to representations and warranties | (25,891) | (35,428) | (58,755) |
| Decrease (increase) in servicing advances | 8,031 | 100,884 | (8,924) |
| (Increase) decrease in due from PennyMac Financial Services, Inc. | (3,085) | (15,959) | 3,504 |
| Repurchase of real estate previously sold as loans acquired for sale | — | — | (456) |
| Increase in other assets | (30,980) | (596,687) | (86,086) |
| Increase (decrease) in accounts payable and accrued liabilities | 28,781 | (216,119) | 194,059 |
| (Decrease) increase in due to PennyMac Financial Services, Inc. | (13,084) | 944 | (7,110) |
| (Decrease) increase in income taxes payable | (36,385) | (26,142) | 38,225 |
| Net cash (used in) provided by operating activities | (7,213,231) | (2,702,883) | 1,340,173 |
| Cash flows from investing activities | |||
| Net (increase) decrease in short-term investments | (87,320) | 25,140 | 123,933 |
| Purchase of mortgage-backed securities | (942,462) | (638,155) | (3,172,193) |
| Sale and repayment of mortgage-backed securities | 752,978 | 1,488,971 | 2,979,019 |
| Repurchase of loans at fair value | — | — | (119) |
| Repayment of loans held for investment | 652,650 | 101,651 | 94,550 |
| Net settlement of derivative financial instruments | 3,675 | (11,086) | 9,700 |
| Distribution from credit risk transfer arrangements | 151,540 | 157,854 | 180,573 |
| Purchase of mortgage servicing rights | — | (29,263) | (14,632) |
| Transfer of mortgage servicing rights relating to delinquent loans to Agency | (876) | (561) | 472 |
| Sale of real estate acquired in settlement of loans | 1,233 | 1,870 | 4,668 |
| (Increase) decrease in margin deposits | (101,752) | 263,975 | (227,697) |
| Net cash provided by (used in) investing activities | 429,666 | 1,360,396 | (21,726) |
Statements continued on the next page
(Continued)
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in thousands) | |||
| Cash flows from financing activities | |||
| Sale of assets under agreements to repurchase | 101,440,467 | 121,850,449 | 120,565,014 |
| Repurchase of assets sold under agreements to repurchase | (99,926,727) | (120,968,841) | (121,555,845) |
| Issuance of mortgage loan participation purchase and sale agreements | 665,124 | 2,246,133 | 2,146,821 |
| Repayment of mortgage loan participation purchase and sale agreements | (676,775) | (2,234,482) | (2,146,821) |
| Issuance of notes payable secured by credit risk transfer and mortgage servicing assets | 375,000 | 1,474,986 | 780,000 |
| Repayment of notes payable secured by credit risk transfer and mortgage servicing assets | (1,051,968) | (1,453,833) | (675,032) |
| Issuance of unsecured senior notes | 427,500 | 216,500 | 53,500 |
| Repayment of unsecured senior notes | — | (210,000) | — |
| Issuance of asset-backed financings of variable interest entities | 6,297,154 | 791,582 | — |
| Repayment of asset-backed financings of variable interest entities | (633,681) | (98,986) | (91,406) |
| Payment of debt issuance costs | (15,940) | (31,447) | (13,967) |
| Payment of dividends to preferred shareholders | (41,819) | (41,819) | (41,818) |
| Payment of dividends to common shareholders | (139,367) | (139,300) | (140,617) |
| Payment of vested share-based compensation tax withholdings | (1,127) | (1,846) | (567) |
| Repurchase of common shares of beneficial interest | — | — | (28,490) |
| Net cash provided by (used in) financing activities | 6,717,841 | 1,399,096 | (1,149,228) |
| Net (decrease) increase in cash | (65,724) | 56,609 | 169,219 |
| Cash at beginning of year | 337,694 | 281,085 | 111,866 |
| Cash at end of year | $271,970 | $337,694 | $281,085 |
| Supplemental cash flow information | |||
| Payments, net: | |||
| Income taxes | $2,331 | $7,806 | $6,517 |
| Interest | $850,624 | $711,694 | $718,362 |
| Non-cash investing activities: | |||
| Recognition of loans held for investment resulting from initial consolidation of variable interest entities | $6,909,607 | $847,698 | $— |
| Transfer of loans and servicing advances to real estate acquired in settlement of loans | $— | $— | $1,205 |
| Receipt of mortgage servicing rights as proceeds from sales of loans | $190,141 | $219,001 | $292,527 |
| Unsettled purchase of mortgage servicing rights | $— | $166 | $1,626 |
| Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities and interest receivable | $— | $130,295 | $105,096 |
| Non-cash financing activities: | |||
| Dividends declared, not paid | $35,431 | $34,838 | $34,750 |
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