PennyMac Mortgage Investment Trust
For the period ended Jun 30, 2026. Filed Aug 4, 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.
Jun 30, 2026 · Filed Aug 4, 2026
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Cash Flows
Our cash flows for the six months ended June 30, 2026 and 2025 are summarized below:
| Six months ended June 30, | ||
|---|---|---|
| 2026 | 2025 | |
| (in thousands) | ||
| Operating activities | $(5,468,695) | $(2,609,863) |
| Investing activities | 1,591,092 | 313,144 |
| Financing activities | 3,830,871 | 2,321,925 |
| Net cash flows | $(46,732) | $25,206 |
Our cash flows resulted in a net decrease in cash of $46.7 million during the six months ended June 30, 2026, as discussed below.
Operating activities
Cash used in operating activities totaled $5.5 billion during the six months ended June 30, 2026, as compared to cash used in our operating activities of $2.6 billion during the six months ended June 30, 2025. Cash flows from operating activities are influenced by cash flows from loans held for sale as shown below:
| Six months ended June 30, | ||
|---|---|---|
| 2026 | 2025 | |
| (in thousands) | ||
| Operating cash flows from: | ||
| Loans held for sale | $(5,693,481) | $(3,010,602) |
| Other | 224,786 | 400,739 |
| $(5,468,695) | $(2,609,863) | |
The primary source of negative operating cash flow from loans held for sale relates to the transfer of loans to held for investment pursuant to our securitization activities. The securitization of portions of our aggregation and securitization activities and cash received from such securitizations is accounted for as a financing activity. We may sell these loans based on market conditions before committing to securitize the loans.
Investing activities
Net cash provided by our investing activities was $1.6 billion for the six months ended June 30, 2026, driven by cash inflows generated by our investments, as compared to net cash provided by our investing activities of $313.1 million for the six months ended June 30, 2025.
Financing activities
Net cash provided by our financing activities was $3.8 billion for the six months ended June 30, 2026, as compared to net cash provided by our financing activities of $2.3 billion for the six months ended June 30, 2025. This change primarily reflects the increase in borrowings required to finance newly created investments from our ongoing securitization efforts during the six months ended June 30, 2026.
As discussed below in Liquidity and Capital Resources, we continually evaluate and pursue additional sources of financing to provide us with future investing capacity. We do not raise equity or enter into borrowings for the purpose of financing the payment of dividends. We believe that our cash earnings are adequate to fund our operating expenses and dividend payment requirements. However, we manage our liquidity in the aggregate and are reinvesting our cash flows in new investments as well as using such cash to fund our dividend requirements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.