PennyMac Mortgage Investment Trust (PMT) investor relations material

Executive summary

• Net income attributable to common shareholders for Q1 2026 was $14.2 million ($0.16 per share), with an annualized ROE of 4% and a book value per share of $14.98; dividend per share was $0.40.

• Segment performance was led by credit-sensitive and aggregation/securitization strategies, with strong private label securitization activity and a focus on disciplined capital allocation.

• Investment activity included $189 million in new CRT investments and $40 million in new MSR investments.

• Completed $5.6 billion in loan securitizations, retaining $189 million in credit-sensitive and $52 million in interest rate-sensitive investments.

Financial highlights

• Pretax income was $16 million, or $12 million excluding market-driven value changes; net investment income was $82.1 million.

• Aggregation and securitization segment generated $16 million in pretax income, with $202 million in new bond investments.

• Net gains on loans held for sale rose to $22.9 million, while net losses on investments and financings were $23.1 million.

• Net income across all strategies, excluding market-driven value changes, was $28 million, up from $21 million in the prior quarter.

Outlook and guidance

• Management expects to complete approximately 30 securitizations in 2026, targeting low- to mid-teens ROE for retained investments.

• Projected average diluted EPS per quarter is $0.31, with net income ROE potential of 8.1%.

• Focus remains on expanding private label securitization and disciplined capital allocation to support dividends and long-term value.