--- title: "Pennymac Mortgage Investment Trust | 8-K: FY2026 Q2 Revenue: USD 73 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/294261373.md" datetime: "2026-07-29T20:58:23.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294261373.md) - [en](https://longbridge.com/en/news/294261373.md) - [zh-HK](https://longbridge.com/zh-HK/news/294261373.md) --- # Pennymac Mortgage Investment Trust | 8-K: FY2026 Q2 Revenue: USD 73 M Revenue: As of FY2026 Q2, the actual value is USD 73 M. EPS: As of FY2026 Q2, the actual value is USD 0.23, missing the estimate of USD 0.3046. EBIT: As of FY2026 Q2, the actual value is USD 17 M. #### Overall Performance PennyMac Mortgage Investment Trust reported net income attributable to common shareholders of $20 million, which is up from $14 million in 1Q26 and significantly improved from -$3 million in 2Q25 . The diluted EPS was $0.23, up from $0.16 in 1Q26 and improved from -$0.04 in 2Q25 . The company recorded an income tax benefit of $14 million , specifically $14.1 million, driven primarily by hedging losses in its taxable REIT subsidiary . The annualized return on average common equity was 6%, an increase from 4% in 1Q26 and improved from -1% in 2Q25 . Book value per share stood at $14.83, marking a 1% decrease from both $14.98 in 1Q26 and $15.00 in 2Q25 . A dividend of $0.40 per common share was distributed, consistent with 1Q26 and 2Q25 . Net investment income was $73 million, down from $82 million in 1Q26 but up from $70 million in 2Q25 . Dividends on preferred stock amounted to $10.5 million . Servicing advances outstanding for PennyMac Mortgage Investment Trust’s MSR portfolio decreased to approximately $64 million at June 30, 2026, from $79 million at March 31, 2026, with no principal and interest advances outstanding . The pretax loss for Corporate and Other was -$15 million, slightly up from -$14 million in 1Q26 and -$14 million in 2Q25 . Corporate revenues were $0 million, down from $1 million in 1Q26 and 2Q25, while corporate expenses were $15 million, unchanged from 1Q26 and up from $14 million in 2Q25 . Management fees and corporate expenses totaled -$15.0 million . #### Credit Sensitive Strategies Pretax income for Credit Sensitive Strategies, excluding market-driven value changes, was $11 million . New investments in this segment totaled $12 million . The fair value of these investments reached $120 million . The total income for net credit sensitive strategies was $11.2 million , with a total income contribution of $11 million, down 32% from 1Q26 and 49% from 2Q25 . Income excluding market-driven value changes was $12.2 million , essentially unchanged from 1Q26, but down 15% from 2Q25 . The annualized return on equity was 11%, down from 17% in 1Q26 and 19% in 2Q25 . Mortgage Servicing Rights (MSR) constituted 53% of shareholders’ equity, while PennyMac Mortgage Investment Trust GSE Credit Risk Transfer (CRT) represented 13% of shareholders’ equity . The MSR portfolio had a weighted average coupon (WAC) of 3.9% and a 60+ day delinquency rate of 1.2%, which was down from 1.4% in 1Q26 . Retained bonds from PennyMac Mortgage Investment Trust securitizations had a fair value of $937 million, with a weighted average FICO of 774 and a weighted average LTV of 72 at origination . The current 60+ day delinquency rate for this portfolio was 0.05% . The fair value of organically-created CRT investments at period end was $938 million, down 2% from 1Q26 and 11% from 2Q25 . The underlying UPB of organically-created CRT investments was $18,090 million, down 3% from 1Q26 and 11% from 2Q25 . The fair value of subordinate MBS held in VIE from PMT Private Label Securitizations at period end was $853 million, up 16% from 1Q26 and 211% from 2Q25 . Market-driven value changes were -$1 million, compared to $5 million in 1Q26 and $7 million in 2Q25 . Weighted average equity allocated was $411 million, up 5% from 1Q26 but down 9% from 2Q25 . Six securitizations were completed, compared to eight in 1Q26 and four in 2Q25, with a UPB of $2,182 million, compared to $2,838 million in 1Q26 and $1,385 million in 2Q25 . Retained credit sensitive investments totaled $120 million, compared to $189 million in 1Q26 and $87 million in 2Q25 . The weighted average current LTV was 45.4%, down from 46.4% in 1Q26 but up 2% from 43.4% in 2Q25 . #### Interest Rate Sensitive Strategies Pretax income for Interest Rate Sensitive Strategies, excluding market-driven value changes, was $9 million . New investments in MSR within this segment amounted to $31 million, bringing the fair value of MSR to $3.6 billion . Net interest rate sensitive strategies generated a total income of $9.0 million , up 13% from $8 million in 1Q26, and significantly improved from -$5 million in 2Q25 . Income excluding market-driven value changes was $19.7 million , up 71% from $12 million in 1Q26, but down 17% from $24 million in 2Q25 . This yielded an annualized return on equity of 3%, consistent with 1Q26, and improved from -2% in 2Q25 . The MSR portfolio fair value at period end was $3,576 million, down 1% from 1Q26 and 4% from 2Q25 . The MSR portfolio unpaid principal balance (UPB) was $208,427 million, down 2% from 1Q26 and 6% from 2Q25 . The fair value of the MBS portfolio at period end was $4,076 million, up 8% from 1Q26 and 3% from 2Q25 . The fair value of senior MBS held in VIE from PMT Private Label Securitizations at period end was $84 million, down 11% from 1Q26 but up 51% from 2Q25 . Market-driven value changes were -$11 million, compared to -$4 million in 1Q26 and -$29 million in 2Q25 . Weighted average equity allocated was $1,187 million, down 1% from 1Q26 but up 7% from 2Q25 . Net loan servicing fees were $40 million, down from $84 million in 1Q26 but up 67% from $24 million in 2Q25 . Net interest expense was -$20 million, compared to -$13 million in 1Q26 and -$17 million in 2Q25 . Segment expenses were $23 million, down slightly from $24 million in 1Q26 and $26 million in 2Q25 . #### Aggregation and Securitization Pretax income for the Aggregation and Securitization segment was $11 million . PennyMac Mortgage Investment Trust acquired $2.6 billion in UPB of loans from correspondents, an 8% decrease from the prior quarter and 17% decrease from 2Q25 . The company also acquired $2.2 billion in UPB of loans from PFSI production, a 44% increase from the prior quarter and 123% increase from 2Q25 . These activities led to the creation of $120 million in new investments in bonds from securitization activities and $31 million in new MSR investments . Total UPB of loans sold or securitized in 2Q26 was $4.8 billion , with total UPB of loans acquired being $4,789 million, up 10% from 1Q26 and 17% from 2Q25 . This generated $120 million in retained credit sensitive investments and $31 million in retained interest rate sensitive investments (MSRs) . The total income for this segment was $11.1 million , with a total income contribution of $11 million, down 32% from 1Q26 and 19% from 2Q25 . An equivalent income excluding market-driven value changes was reported , and the annualized return on equity was 21%, down from 33% in 1Q26 and 30% in 2Q25 . Total correspondent production volume (UPB) was $2,565 million, down 8% from 1Q26 and 17% from 2Q25, including conventional conforming at $1,371 million (down 34% from 1Q26 and 50% from 2Q25), jumbo at $918 million (up 42% from 1Q26 and 165% from 2Q25), and non-QM at $276 million (up 212% from 1Q26) . Net gains on loans acquired for sale were $15 million, down from $23 million in 1Q26 and $18 million in 2Q25 . Net interest income was $11 million, up from $8 million in 1Q26 and $6 million in 2Q25 . Other income was $2 million, consistent with 1Q26 but down from $3 million in 2Q25 . Weighted average equity allocated was $215 million, up 7% from 1Q26 and 16% from 2Q25 . Segment expenses were $17 million, unchanged from 1Q26, but up from $13 million in 2Q25 . #### Consolidated Balance Sheet (as of June 30, 2026) Total assets were $25,094 million, up 49% YoY . Cash was $225 million, down 38% YoY . Short-term investments were $196 million, up 80% YoY . Mortgage-backed securities at fair value were $4,076 million, up 3% YoY . Loans acquired for sale at fair value were $3,195 million, up 22% YoY . Loans at fair value were $12,458 million, up 173% YoY . Mortgage servicing rights were $3,576 million, down 4% YoY . Total liabilities were $23,240 million, up 56% YoY . Assets sold under agreements to repurchase were $8,395 million, up 23% YoY . Asset-backed financing of a variable interest entity at fair value was $11,359 million, up 172% YoY . Unsecured senior notes were $685 million, down 22% YoY . Total shareholders’ equity was $1,853 million, down 1% YoY . Retained earnings (accumulated deficit) were -$618 million, improved 3% YoY . #### Capital and Liquidity (as of June 30, 2026) Total liquidity was $517 million, down 34% YoY . This included cash and short-term investments of $421 million (down 11% YoY) and amounts available to draw on facilities with collateral pledged of $96 million (down 69% YoY) . Total equity was $1,853 million, down 1% YoY . Total debt outstanding was $22,955 million, up 57% YoY . Total debt excluding non-recourse debt was $11,562 million, up 11% YoY . The total debt-to-equity ratio was 12.4:1, up from 7.8x YoY . The debt-to-equity ratio excluding non-recourse debt was 6.2:1, up from 5.6x YoY . Total equity / adjusted assets was 13.5%, down from 14.8% YoY . #### Outlook / Guidance PennyMac Mortgage Investment Trust anticipates completing approximately 30 securitizations in 2026, targeting low-to-mid teens returns on equity for retained investments . The company is shifting its equity allocation towards more accretive credit opportunities, specifically private label securitization programs, and expects an increase in investment in accretive MSRs, non-Agency subordinate, and senior bonds, primarily driven by organic securitization activity . This realignment, including the planned sale of $13 billion in UPB of MSRs and ceasing Agency-eligible loan acquisitions in its correspondent channel, is expected to bolster PennyMac Mortgage Investment Trust’s return profile and deliver attractive total returns over the long term . ### Related Stocks - [PMT.US](https://longbridge.com/en/quote/PMT.US.md) ## Related News & Research - [PennyMac Mortgage Investment Trust (NYSE:PMT) Announces $0.40 Quarterly Dividend](https://longbridge.com/en/news/278788276.md) - [PennyMac Mortgage Investment Trust (PMT) Reports Earnings Tomorrow: What To Expect](https://longbridge.com/en/news/285021355.md) - [Estrela swaps auditor to BKR Lopes Machado from Tríade starting 2026 financial year](https://longbridge.com/en/news/294557755.md) - [Inv Vk Tr Inv (NYSE:VGM) Sees Large Increase in Short Interest](https://longbridge.com/en/news/294423001.md) - [Aris Mining Q2 FY26 adjusted net earnings slip to US$96 million; revenue falls to US$321 million](https://longbridge.com/en/news/294255182.md)