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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Balance Sheet Analysis
Following is a summary of key balance sheet items as of the dates presented:
| September 30, 2026 | December 31, 2025 | |
|---|---|---|
| (in thousands) | ||
| Assets | ||
| Cash and short-term investments | $310,089 | $462,488 |
| Mortgage-backed securities at fair value | 4,305,991 | 4,452,859 |
| Loans held for sale | 2,870,751 | 2,699,398 |
| Loans held for investment | 14,401,385 | 8,532,644 |
| Derivative assets | 58,669 | 55,943 |
| Deposits securing credit risk transfer arrangements | 887,188 | 1,009,334 |
| Mortgage servicing rights and servicing advances | 3,576,041 | 3,741,532 |
| 26,410,114 | 20,954,198 | |
| Other | 443,749 | 392,684 |
| Total assets | $26,853,863 | $21,346,882 |
| Liabilities | ||
| Debt: | ||
| Short-term | $8,381,973 | $8,018,601 |
| Long-term: | ||
| Recourse | 3,189,538 | 3,286,428 |
| Non-recourse | 13,180,808 | 7,826,953 |
| 16,370,346 | 11,113,381 | |
| 24,752,319 | 19,131,982 | |
| Other | 318,462 | 327,569 |
| Total liabilities | 25,070,781 | 19,459,551 |
| Shareholders’ equity | 1,783,082 | 1,887,331 |
| Total liabilities and shareholders’ equity | $26,853,863 | $21,346,882 |
Total assets increased by approximately $5.5 billion, or 26%, from December 31, 2025 to September 30, 2026, primarily due to an increase of $5.9 billion in Loans held for investment at fair value, and a $171.4 million increase in Loans held for sale at fair value offset by a decrease of $146.9 million in Mortgage-backed securities at fair valueand a decrease of $165.5 million of Mortgage servicing rights and servicing advances.
The increase in Loans held for investments at fair value reflect the our ongoing non-Agency securitizations of loans. As described in Note 6–Variable Interest Entities to the consolidated financial statements included in this Report, such transactions are accounted for as on-balance sheet financings, with the loans included in Loans held for investment at fair value and the securities sold treated as Asset-backed financings of variable interest entities at fair value.
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