PennyMac Mortgage Investment Trust
For the period ended Mar 31, 2026. Filed May 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 5, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 2. Results of Operations
Results of Operations
The following is a summary of our key performance measures:
| Quarter ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| (dollar amounts in thousands, except per common share amounts) | ||
| Net loan servicing fees | $83,586 | $(27,210) |
| Loan production income (1) | 25,285 | 15,496 |
| Net (losses) gains on investments and financings | (23,063) | 62,313 |
| Net interest expense | (3,659) | (6,046) |
| Other | (15) | (88) |
| Net investment income | 82,134 | 44,465 |
| Expenses | 55,239 | 50,764 |
| Pretax income (loss) | 26,895 | (6,299) |
| Provision for (benefit from) income taxes | 2,279 | (15,979) |
| Net income | 24,616 | 9,680 |
| Dividends on preferred shares | 10,455 | 10,455 |
| Net income (loss) attributable to common shareholders | $14,161 | $(775) |
| Pretax income by segment and corporate: | ||
| Credit sensitive strategies | $16,460 | $1,110 |
| Interest rate sensitive strategies | 7,991 | (5,474) |
| Aggregation and securitization | 16,417 | 10,127 |
| Corporate operations | (13,973) | (12,062) |
| $26,895 | $(6,299) | |
| Annualized return on average common shareholders' equity | 4.2% | (0.2)% |
| Earnings (losses) per common share | ||
| Basic | $0.16 | $(0.01) |
| Diluted | $0.16 | $(0.01) |
| Dividends per common share | $0.40 | $0.40 |
| March 31, 2026 | December 31, 2025 | |
| Total assets | $22,502,692 | $21,346,882 |
| Book value per common share | $14.98 | $15.25 |
| Closing price per common share | $11.66 | $12.55 |
(1)
Includes net gains on sales of loans and loan origination fees.
Our results of operations increased by $14.9 million during the quarter ended March 31, 2026, as compared to the quarter ended March 31, 2025, reflecting the effect of increased gains on our CRT-related investments and MSRs partially offset by increased losses on MBS.
The increase in pretax results is summarized below:
Our credit sensitive strategies segment recognized a $15.7 million increase in net gains on our CRT arrangements as market credit spreads (which represent the interest rate premium demanded by investors for instruments over those that are considered “risk free”) tightened, which resulted in higher fair values during the quarter ended March 31, 2026 compared to the quarter ended March 31, 2025.
Our interest rate sensitive strategies segment recognized a $110.8 million increase in net servicing fees primarily driven by a reduction in MSR valuation losses due to increases in interest rates during the quarter ended March 31, 2026 compared to the quarter ended March 31, 2025. Net interest expense also decreased by $2.5 million, which further contributed to the overall increase in net results. These benefits were partially offset by a $99.3 million increase in valuation losses on MBS.
Our aggregation and securitization segment recognized a $10.6 million increase in gain on sale during the quarter ended March 31, 2026, primarily driven by higher correspondent lock volumes and margins, including higher volumes of jumbo loans, as well as favorable non-Agency execution.
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