$PMT-PC
PennyMac Mortgage Investment Trust
CIK:0001464423|SEC Filings
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
|
| Net investment income | ||||
| Contractually specified | $ 144,403 | $ 153,111 | $ 291,995 | $ 305,310 |
| Other | 5,076 | 5,127 | 8,443 | 9,044 |
| Net mortgage loan servicing fees | 149,479 | 158,238 | 300,438 | 314,354 |
| Change in fair value of mortgage servicing rights | (81,464) | (75,128) | (142,763) | (219,718) |
| Mortgage servicing rights hedging results | (32,831) | (60,637) | (44,712) | (100,581) |
| Net loan servicing fees | 40,041 | 23,947 | 123,627 | (3,263) |
| Net gains on loans held for sale at fair value | 15,292 | 17,806 | 38,202 | 30,150 |
| Loan origination fees | 2,206 | 3,385 | 4,581 | 6,537 |
| Net gains (losses) on investments and financings | 22,301 | 33,680 | (762) | 95,993 |
| Interest income | 304,250 | 196,481 | 580,341 | 372,572 |
| Interest expense | 311,345 | 205,149 | 591,095 | 387,286 |
| Net interest expense | (7,095) | (8,668) | (10,754) | (14,714) |
| Results of real estate acquired in settlement of loans | (61) | 0 | (109) | (142) |
| Other | 45 | 51 | 78 | 105 |
| Net investment income | 72,729 | 70,201 | 154,863 | 114,666 |
| Expenses | ||||
| Professional services | 11,627 | 8,362 | 25,128 | 15,344 |
| Compensation | 3,390 | 2,836 | 6,366 | 5,806 |
| Loan collection and liquidation | 1,680 | 2,385 | 3,804 | 4,354 |
| Safekeeping | 931 | 1,228 | 1,786 | 2,338 |
| Loan origination | 14 | 666 | 227 | 1,352 |
| Other | 6,794 | 3,390 | 10,142 | 6,406 |
| Total expenses | 55,909 | 53,195 | 111,148 | 103,959 |
| Income before (benefit from) provision for income taxes | 16,820 | 17,006 | 43,715 | 10,707 |
| (Benefit from) provision for income taxes | (14,099) | 9,472 | (11,820) | (6,507) |
| Net income | 30,919 | 7,534 | 55,535 | 17,214 |
| Dividends on preferred shares of beneficial interest | 10,455 | 10,455 | 20,910 | 20,910 |
| Net income (loss) attributable to common shareholders | $ 20,464 | $ (2,921) | $ 34,625 | $ (3,696) |
| Earnings (loss) per common share | ||||
| Basic | $ 0.23 | $ (0.04) | $ 0.4 | $ (0.05) |
| Diluted | $ 0.23 | $ (0.04) | $ 0.4 | $ (0.05) |
| Weighted average common shares outstanding | ||||
| Basic | 87,202 | 87,012 | 87,142 | 86,960 |
| Diluted | 87,290 | 87,012 | 87,283 | 86,960 |
| Nonaffiliates [Member] | ||||
| Net investment income | ||||
| Net loan servicing fees | $ 35,184 | $ 22,473 | $ 112,963 | $ (5,945) |
| Net gains on loans held for sale at fair value | 15,292 | 15,148 | 38,202 | 25,477 |
| PennyMac Financial Services, Inc. [Member] | ||||
| Net investment income | ||||
| From PennyMac Financial Services, Inc. | 4,857 | 1,474 | 10,664 | 2,682 |
| Net gains on loans held for sale at fair value | 0 | 2,658 | 0 | 4,673 |
| Expenses | ||||
| Loan servicing fees | 19,640 | 21,645 | 39,363 | 43,374 |
| Management fees | 6,810 | 6,869 | 13,572 | 13,881 |
| Loan fulfillment fees | $ 5,023 | $ 5,814 | $ 10,760 | $ 11,104 |
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2026 |
Dec. 31, 2025 |
|||
|---|---|---|---|---|---|
| ASSETS | |||||
| Cash | $ 225,238 | $ 271,970 | |||
| Short-term investments at fair value | 195,612 | 190,518 | |||
| Mortgage-backed securities at fair value pledged to creditors | 4,075,660 | 4,452,859 | |||
| Loans held for sale at fair value ($3,171,272 and $2,676,700 pledged to creditors, respectively) | 3,195,343 | 2,699,398 | |||
| Loans held for investment at fair value ($12,456,657 and $8,530,939 pledged to creditors, respectively) | 12,458,249 | 8,532,644 | |||
| Deposits securing credit risk transfer arrangements pledged to creditors | 947,900 | 1,009,334 | |||
| Mortgage servicing rights at fair value ($3,503,566 and $3,582,211 pledged to creditors, respectively) | 3,575,603 | [1] | 3,644,702 | ||
| Servicing advances ($51,147 and $78,430 pledged to creditors, respectively) | 64,318 | 96,830 | |||
| Due from PennyMac Financial Services, Inc. | 28,628 | 25,458 | |||
| Other | 288,788 | 373,584 | |||
| Total assets | 25,093,590 | 21,346,882 | |||
| LIABILITIES | |||||
| Assets sold under agreements to repurchase | 8,395,226 | 8,018,601 | |||
| Notes payable secured by credit risk transfer and mortgage servicing assets | 2,481,131 | 2,258,128 | |||
| Unsecured senior notes | 685,276 | 1,028,300 | |||
| Interest-only security payable at fair value | 34,299 | 37,650 | |||
| Asset-backed financing of variable interest entities at fair value | 11,358,602 | 7,789,303 | |||
| Derivative and credit risk transfer strip liabilities with nonaffiliates at fair value | 9,047 | 6,932 | |||
| Accounts payable and accrued liabilities | 135,742 | 168,498 | |||
| Income taxes payable | 115,490 | 127,476 | |||
| Liability for losses under representations and warranties | 5,240 | 5,284 | |||
| Total liabilities | 23,240,216 | 19,459,551 | |||
| Commitments and contingencies ─ Note 17 | |||||
| SHAREHOLDERS’ EQUITY | |||||
| Preferred shares of beneficial interest, $0.01 par value per share - authorized 100,000,000 shares, issued and outstanding 22,400,000, liquidation preference $560,000,000 | 541,482 | 541,482 | |||
| Common shares of beneficial interest, $0.01 par value-authorized, 500,000,000 issued and outstanding, 87,202,362 and 87,016,604 shares, respectively | 872 | 870 | |||
| Additional paid-in capital | 1,929,303 | 1,927,804 | |||
| Accumulated deficit | (618,283) | (582,825) | |||
| Total shareholders’ equity | 1,853,374 | 1,887,331 | |||
| Total liabilities and shareholders’ equity | 25,093,590 | 21,346,882 | |||
| Nonaffiliates [Member] | |||||
| ASSETS | |||||
| Derivative assets | 55,071 | 44,551 | |||
| Derivative assets | 44,184 | 49,696 | |||
| LIABILITIES | |||||
| Derivative and credit risk transfer strip liabilities with nonaffiliates at fair value | 9,047 | 6,932 | |||
| Derivative liabilities | 3,619 | 933 | |||
| Variable Interest Entities [Member] | |||||
| ASSETS | |||||
| Loans held for investment at fair value ($12,456,657 and $8,530,939 pledged to creditors, respectively) | 12,456,657 | 8,530,939 | |||
| Derivative assets | 30,301 | 32,659 | |||
| Deposits securing credit risk transfer arrangements pledged to creditors | 947,900 | 1,009,334 | |||
| Other interest receivable | 44,183 | 35,675 | |||
| Total assets | 13,479,041 | 9,608,607 | |||
| LIABILITIES | |||||
| Interest-only security payable at fair value | 34,299 | 37,650 | |||
| Asset-backed financing of variable interest entities at fair value | 11,358,602 | 7,789,303 | |||
| Derivative and credit risk transfer strip liabilities at fair value | 5,428 | 5,999 | |||
| Accounts payable and accrued liabilities interest payable | 44,183 | 35,675 | |||
| Total liabilities | 11,442,512 | 7,868,627 | |||
| PennyMac Financial Services, Inc. [Member] | |||||
| ASSETS | |||||
| Derivative assets | 5,267 | 6,389 | |||
| Derivative assets | 5,239 | 6,247 | |||
| Due from PennyMac Financial Services, Inc. | 17,456 | 19,100 | |||
| LIABILITIES | |||||
| Derivative liabilities | 1,234 | 2,257 | |||
| Due to PennyMac Financial Services, Inc. | $ 18,929 | $ 17,122 | |||
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