PennyMac Mortgage Investment Trust
For the period ended Sep 30, 2026. Filed Nov 3, 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.
Sep 30, 2026 · Filed Nov 3, 2026
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Asset Acquisitions
Our asset acquisitions are summarized below:
Aggregation and Securitization
Following is a summary of our acquisitions of mortgage loans for our aggregation and securitization activities at fair value:
| Quarter ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (in thousands) | ||||
| Aggregation and securitization loan purchases: | ||||
| GSE-eligible loans (1) | $2,156,114 | $6,473,445 | $9,566,262 | $36,205,387 |
| Jumbo | 1,395,917 | 706,045 | 3,609,737 | 1,404,523 |
| Non-qualified | 403,587 | — | 783,625 | — |
| Government insured or guaranteed (2) | — | 2,164,041 | — | 27,097,047 |
| $3,955,618 | $9,343,531 | $13,959,624 | $64,706,957 | |
(1)
GSE eligibility refers to the eligibility of loans for sale to Fannie Mae or Freddie Mac. The Company sells or finances a portion of its GSE eligible loan production to or with other investors, including PLS.
(2)
Through June 30, 2025, the Company sold all of its loans eligible for inclusion in Ginnie Mae securities to PLS. The Company is not approved by Ginnie Mae as an issuer of Ginnie Mae-guaranteed securities which are backed by government-insured or guaranteed loans. The Company earned a sourcing fee for all loans that it purchased from correspondent sellers and subsequently sold to PLS as described in Note 4 –Transactions with Related Parties – Operating Activities.
During the quarter and nine months ended September 30, 2026, we purchased for sale $4.0 billion and $14.0 billion in fair value of loans related to our aggregation and securitization activities, respectively, as compared to $9.3 billion and $64.7 billion during the same periods in 2025. During the nine months ended September 30, 2026, we purchased $783.6 million in fair value of non-qualified mortgage loans, as compared to none during the same period in 2025. A non-qualified mortgage loan is a loan that does not meet the requirements for a "qualified mortgage" under the ability-to-repay rules of the Consumer Financial Protection Bureau, and is not eligible for sale to the Agencies. At September 30, 2026, we held $429.4 million of non-qualified mortgage loans in Loans held for sale at fair value, as compared to $30.1 million at December 31, 2025. The decrease in loan purchases relates to PFSI's assumption of the role of initial purchaser of correspondent loans starting July 1, 2025 as described in Note 4—Transactions with Related Partiesto the consolidated financial statements included in this Report.
Other Investment Activities
Following is a summary of our net acquisitions (sales) of mortgage-related investments held in our credit sensitive strategies and interest rate sensitive strategies segments:
| Quarter ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (in thousands) | ||||
| Credit sensitive assets: | ||||
| Interest retained in securitization of mortgage loans, net of associated asset-backed financing (subordinate MBS) | $134,806 | $83,321 | $444,100 | $235,930 |
| Subordinate bond secured by residential transition loans | — | (194,513) | 4,000 | (194,513) |
| 134,806 | (111,192) | 448,100 | 41,417 | |
| Interest rate sensitive assets: | ||||
| Mortgage servicing rights received in loan sales | 16,926 | 45,744 | 88,188 | 136,783 |
| Sale of mortgage servicing rights, net of transfers to Agency relating to delinquent loans | (204,172) | 284 | (201,770) | 675 |
| Floating rate collateralized mortgage obligations | 548,174 | 876,394 | 1,034,581 | 876,394 |
| Interest retained in securitization of mortgage loans, net of associated asset-backed financing (senior MBS) | 32,442 | 49,943 | 44,503 | 105,919 |
| Agency fixed-rate pass-through securities | — | — | (477,360) | — |
| Senior non-Agency securities | — | 28,987 | — | 66,069 |
| 393,370 | 1,001,352 | 488,142 | 1,185,840 | |
| $528,176 | $890,160 | $936,242 | $1,227,257 | |
Our acquisitions during the quarter and nine months ended September 30, 2026 and 2025 were financed through the use of a combination of proceeds from borrowings and liquidations of existing investments. We continue to identify additional means of increasing our investment portfolio through cash flow from our business activities, existing investments, borrowings, and transactions that minimize current cash outlays. However, we expect that, over time, our ability to continue our investment portfolio growth will depend on our ability to raise additional equity capital.
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