Earnings Releases·Oct 29, 2026, 4:32 PM ET

PennyMac Mortgage Investment Trust — Third Quarter 2026 Earnings Summary

Reported a GAAP net loss of $36 million ($0.41/share) driven by $162 million in net losses on investments and financings, while adjusted net income fell 42% Q/Q to $30 million ($0.35/share) as net investment income dropped 50% Q/Q and 63% Y/Y.
Management projects a run-rate return potential of $0.38 per share and announced a strategic shift to decrease the current dividend in favor of share repurchases, supported by a $130 million increase to the repurchase authorization.
Executed significant capital rotation by selling $13 billion in Agency MSR UPB with an additional $22 billion in agreements pending, while completing eight securitizations totaling $2.9 billion UPB and acquiring $3.3 billion in loan UPB.
Book value declined 5% Q/Q to $14.03 due to rising interest rates and widening spreads, though annualized adjusted ROE remained flat year-over-year at 9%.
Announced leadership transitions with Doug Jones retiring in 2027 and Kevin Ryan assuming the CFO role effective January 1, 2027.