UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-34416 PennyMac Mortgage Investment Trust (Exact name of registrant as specified in its charter) Maryland 27-0186273 (State or other ju ...

Core Insights - The article discusses the author's long-term investment approach, focusing on REITs, preferred stocks, and high-yield bonds, which began in high school in 2011 [1] - The author has recently combined long stock positions with covered calls and cash secured puts, indicating a strategic evolution in investment tactics [1] - The primary focus of the author's analysis on Seeking Alpha includes REITs and financials, with occasional insights on ETFs and macro-driven stock ideas [1] Investment Strategy - The investment strategy is fundamentally long-term, emphasizing a deep understanding of market dynamics and economic factors [1] - The author employs a combination of long positions and options strategies to enhance returns and manage risk [1] Coverage Focus - The author primarily covers REITs and financial sectors, suggesting a specialization that may provide deeper insights into these areas [1] - Occasional articles on ETFs and other stocks driven by macroeconomic trends indicate a broader market awareness and adaptability [1]

Core Insights - The article discusses the author's long-term investment approach, focusing on REITs, preferred stocks, and high-yield bonds, which began in high school in 2011 [1] - The author has recently combined long stock positions with covered calls and cash secured puts, indicating a strategic evolution in investment tactics [1] - The primary focus of the author's analysis on Seeking Alpha is on REITs and financials, with occasional insights into ETFs and other stocks influenced by macroeconomic trends [1] Investment Strategy - The investment strategy is fundamentally driven, emphasizing a long-term perspective rather than short-term gains [1] - The author employs a combination of long positions and options strategies, showcasing a sophisticated approach to risk management and potential income generation [1] Coverage Focus - The author primarily covers REITs and financial sectors, suggesting a specialization that may provide deeper insights into these areas [1] - Occasional articles on ETFs and macro-driven stocks indicate a broader interest in market trends and their implications for various investment vehicles [1]

Core Viewpoint - During turbulent market conditions, investors often seek dividend-yielding stocks, which typically have high free cash flows and provide substantial dividends to shareholders [1]. Group 1: Investment Strategy - Dividend-yielding stocks are favored by investors in uncertain market environments [1]. - These stocks are characterized by companies that generate high free cash flows [1]. Group 2: Analyst Ratings - The article mentions the availability of analyst ratings for high-yielding stocks, allowing traders to access insights on their preferred investments [2]. - Specific high-yielding stocks in the financial sector highlighted include PennyMac Mortgage Investment Trust, Blue Owl Capital Corp, and Saratoga Investment Corp [3].

Core Insights - The company reported strong earnings momentum and growth in private label securitizations, completing 19 securitizations totaling $6.7 billion in unpaid principal balance (UPB) in 2025, significantly up from two securitizations in 2024 [1][4][7] - Net income to common shareholders for the fourth quarter was $42 million, representing a 13% annualized return on common equity, with diluted earnings per share at $0.48, surpassing the quarterly dividend of $0.40 [3][6] - The company anticipates completing approximately 30 securitizations in 2026, targeting returns on equity for retained investments in the low- to mid-teens [8][19] Financial Performance - The company generated $21 million of net income across its strategies, excluding market-driven value changes, a decline from the previous quarter due to lower contributions from the correspondent segment and increased runoff from mortgage servicing rights (MSRs) [2][6] - The book value per share increased to $15.25 at year-end from $15.16 as of September 30 [3] - The MSR asset was valued at $3.6 billion at year-end, slightly down from the prior quarter, with stable delinquency rates in the conventional MSR portfolio [13] Operational Highlights - The correspondent production segment faced challenges, posting a pre-tax loss of $1 million due to spread widening on jumbo loans and increased competition [5][14] - The company raised $150 million of unsecured financing and plans to retire $345 million of 2026 notes, with total debt-to-equity increasing to approximately 10:1 [17][18] - The company rotated capital to optimize returns, purchasing $876 million of Agency floating-rate MBS and selling $195 million of GSE-issued credit risk transfer investments [9][10] Market Positioning - PMT established itself as a top-three issuer of prime non-Agency MBS in 2025, with retained investments from securitizations growing to $528 million compared to $54 million in 2024 [1][7] - The company expects to maintain a significant portion of its equity in seasoned investments, with 60% allocated to MSRs and GSE credit risk transfer investments [10][11] - Credit-sensitive strategies contributed $24 million to pre-tax income in the quarter, generating a 27% annualized return on equity [11][12]

分组1 - PennyMac Mortgage (PMT) reported quarterly earnings of $0.48 per share, exceeding the Zacks Consensus Estimate of $0.41 per share, and showing an increase from $0.41 per share a year ago, resulting in an earnings surprise of +17.05% [1] - The company posted revenues of $93.56 million for the quarter ended December 2025, which was 3.63% below the Zacks Consensus Estimate and a decrease from $107.93 million in the same quarter last year [2] - Over the last four quarters, PennyMac Mortgage has surpassed consensus EPS estimates two times and topped consensus revenue estimates only once [2] 分组2 - The stock has gained approximately 7.4% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is $0.40 on revenues of $97.06 million, and for the current fiscal year, it is $1.63 on revenues of $395.41 million [7] 分组3 - The Zacks Industry Rank indicates that the REIT and Equity Trust sector is currently in the bottom 25% of over 250 Zacks industries, suggesting potential challenges for stocks in this category [8] - Another company in the same industry, Armour Residential REIT (ARR), is expected to report quarterly earnings of $0.74 per share, reflecting a year-over-year decline of -5.1%, while its revenues are projected to increase by 236.5% from the previous year [9]

Financial Data and Key Metrics Changes - PennyMac Mortgage Investment Trust (PMT) reported a net income of $42 million for Q4 2025, translating to a 13% annualized return on common equity, with diluted earnings per share at $0.48, exceeding the quarterly dividend of $0.40 per share [2][10] - Book value per share increased to $15.25 at year-end from $15.16 on September 30 [2] - The total debt-to-equity ratio rose to approximately 10-to-1 from 9-to-1 at the end of Q3 2025, reflecting growth in non-recourse debt associated with securitizations [14] Business Line Data and Key Metrics Changes - PMT completed 19 securitizations in 2025, totaling $6.7 billion in UPB, a significant increase from 2 securitizations in 2024 [3] - Retained investments from these securitizations grew to $528 million, up nearly tenfold from $54 million in 2024 [3] - In Q4 2025, PMT completed 8 securitizations totaling $2.8 billion in UPB and retained $184 million of new investments [7] Market Data and Key Metrics Changes - Approximately 60% of PMT's shareholders' equity is deployed to seasoned investments in mortgage servicing rights (MSRs) and GSE credit risk transfer investments [6] - The weighted average coupon of the loans underlying the MSR investment is 3.9%, providing stable cash flows [6] - The UPB of loans acquired from PFSI's correspondent production totaled $3.7 billion in Q4 2025, with PMT purchasing 17% of total conventional conforming correspondent production [12] Company Strategy and Development Direction - PMT aims to optimize returns by recycling capital into higher-yielding assets, targeting returns on equity in the 13%-15% range [8] - The company leverages its relationship with PFSI to access a consistent and high-quality pipeline of loans for investment [4] - PMT expects to complete approximately 30 securitizations in 2026, with targeted returns on equity for retained investments in the low to mid-teens [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in PMT's ability to generate earnings that support dividends and drive long-term shareholder value [9] - The company noted that while prepayment speeds have increased, they expect to offset declines in profitability through additional recapture from PFSI [16][17] - Management highlighted a robust demand for securitizations in January 2026, indicating a supportive market environment [40] Other Important Information - PMT raised $150 million of new unsecured financing through opportunistic reopenings of its Exchangeable Senior Notes due in 2029 [13] - The company is considering the sale of MSRs for risk management purposes if higher returning assets become available [35] Q&A Session Summary Question: Return expectations for the interest rate strategy - Management indicated that prepayments are expected to remain elevated, but they anticipate growth in recapture through PFSI [16][17] Question: Competition in the non-agency space - Management noted healthy competition from companies like Rocket Mortgage and UWM, but stated that they have been outperforming these competitors [21] Question: Financing costs for securitization - Management described a competitive market for financing, benefiting from robust demand for securitizations [28][40] Question: Capacity of the correspondent channel - Management expressed confidence in the capacity to handle potential increases in demand from GSE programs, noting excess capacity in the sector [30][31] Question: Selling MSRs for risk management - Management stated they would consider selling MSRs if higher returning assets are available, highlighting their agility in managing the portfolio [35] Question: Spread behavior in the non-agency market - Management reported stable to tightening spreads in the non-agency space, supporting continued securitization activity [40][41]

Financial Data and Key Metrics Changes - PennyMac Mortgage Investment Trust (PMT) reported a net income of $42 million for Q4 2025, translating to a 13% annualized return on common equity and diluted earnings per share of $0.48, exceeding the quarterly dividend of $0.40 per share [2][10] - Book value per share increased to $15.25 at year-end from $15.16 on September 30 [2] - The total debt-to-equity ratio rose to approximately 10-to-1 from 9-to-1 at the end of Q3 2025, reflecting growth in non-recourse debt associated with securitizations [14] Business Line Data and Key Metrics Changes - PMT completed 19 securitizations in 2025, totaling $6.7 billion in UPB, a significant increase from 2 securitizations in 2024 [3] - Retained investments from these securitizations grew to $528 million, up nearly tenfold from $54 million in 2024 [3] - In Q4 2025, PMT completed 8 securitizations totaling $2.8 billion in UPB and retained $184 million of new investments [7] Market Data and Key Metrics Changes - Approximately 60% of PMT's shareholders' equity is deployed to seasoned investments in mortgage servicing rights (MSRs) and GSE credit risk transfer investments [6] - The weighted average coupon of the loans underlying the MSR investment is 3.9%, providing stable cash flows [6] - The UPB of loans acquired from PFSI's correspondent production totaled $3.7 billion in Q4 2025, with $2.9 billion being conventional conforming volume [12] Company Strategy and Development Direction - PMT aims to optimize returns by recycling capital into higher-yielding assets, targeting returns on equity in the 13%-15% range [8] - The company is focused on leveraging its relationship with PFSI to enhance its origination capabilities and maintain a consistent pipeline of high-quality loans [4][5] - PMT expects to complete approximately 30 securitizations in 2026, with targeted returns on equity for retained investments in the low to mid-teens [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in PMT's ability to generate earnings that support dividends and drive long-term shareholder value [9] - The company noted that while prepayment speeds are expected to remain elevated, they anticipate a dilution effect on profitability as the portfolio grows at a slower pace [17][18] - Management highlighted the competitive landscape in the non-Agency space, noting healthy activity from competitors but also PMT's strong performance in originations [21] Other Important Information - PMT raised $150 million of new unsecured financing during the quarter [13] - The company plans to retire $345 million in Exchangeable Senior Notes due in 2026 using existing financing capacity [14] Q&A Session Summary Question: Return expectations for the interest rate strategy - Management discussed the limited responsiveness of MSRs to interest rate changes and the expectation of increased recapture through PFSI [16] Question: Competition in the non-Agency space - Management noted healthy competition from companies like Rocket Mortgage and UWM but emphasized PMT's strong origination performance [21] Question: Financing costs for securitizations - Management indicated a competitive market for financing and discussed the implementation of a facility without a mark-to-market feature for risk management [28] Question: Origination capacity under affordability-driven initiatives - Management expressed confidence in the system's capacity to handle increased demand from potential GSE programs [30] Question: Selling MSRs for risk management - Management stated they would consider selling MSRs if higher returning assets become available, highlighting their agility in managing the portfolio [35] Question: Spread behavior in the non-Agency market - Management reported stable to tightening spreads in the non-Agency space, supporting continued securitization activity [40]

Financial Data and Key Metrics Changes - The company reported a net income of $42 million for Q4 2025, translating to a 13% annualized return on common equity, with diluted earnings per share at $0.48, exceeding the quarterly dividend of $0.40 per share [2][10] - Book value per share increased to $15.25 at year-end from $15.16 on September 30 [2] - The total debt-to-equity ratio rose to approximately 10-to-1 from 9-to-1 at the end of Q3 2025, reflecting growth in non-recourse debt associated with securitizations [15] Business Line Data and Key Metrics Changes - The company completed 19 securitizations in 2025, totaling $6.7 billion in UPB, a significant increase from 2 securitizations in 2024 [3] - Retained investments from securitizations grew to $528 million, up nearly tenfold from $54 million in 2024 [3] - The correspondent production segment reported a pre-tax loss of $1 million due to spread widening on jumbo loans and lower overall channel margins [12] Market Data and Key Metrics Changes - Approximately 60% of shareholders' equity is deployed to seasoned investments in MSRs and GSE credit risk transfer investments, with MSRs accounting for 46% of shareholders' equity [5] - The weighted average coupon of the loans underlying the MSR investment is 3.9%, providing stable cash flows [5] - The UPB of loans acquired from PFSI's correspondent production totaled $3.7 billion, with $2.9 billion being conventional conforming volume [12] Company Strategy and Development Direction - The company aims to optimize returns by recycling capital into higher-yielding assets, targeting ROEs in the 13%-15% range [8] - The relationship with PFSI is highlighted as a competitive advantage, providing a consistent pipeline of loans for investment [4] - The company expects to complete approximately 30 securitizations in 2026, with targeted returns on equity for retained investments in the low to mid-teens [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate earnings that support dividends and drive long-term shareholder value [9] - The company anticipates that prepayment speeds will remain elevated but expects to offset declines in profitability through additional recapture [17][18] - Management noted that the market for securitizations remains robust, with stable to tightening spreads in the non-agency space [43] Other Important Information - The company raised $150 million of new unsecured financing during the quarter [14] - The MSR asset at year-end was valued at $3.6 billion, slightly down from the prior quarter due to higher levels of runoff [11] Q&A Session Summary Question: Return expectations for the interest rate strategy - Management indicated that prepayments are expected to remain elevated, but they plan to offset profitability declines through additional recapture from PFSI [17][18] Question: Competition in the non-agency space - Management noted healthy competition from companies like Rocket Mortgage and UWM, but stated that they have been outperforming in terms of originations [23][24] Question: Financing costs for securitization - Management described the financing market as competitive, with a focus on risk management through facilities that minimize mark-to-market risk [30][31] Question: MSR sales for risk management - Management is open to considering MSR sales if higher returning assets are available, highlighting their agility in managing the portfolio [37][38] Question: Spread behavior in the non-agency market - Management reported stable to tightening spreads in the non-agency space, supporting continued securitization activity [43]

4Q25 EARNINGS REPORT PennyMac Mortgage Investment Trust January 2026 FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management's beliefs, estimates, projections and assumptions with respect to, among other things, the Company's financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to cha ...