PennyMac Mortgage Investment Trust (NYSE: PMT) earns $20M Q2 2026 profit

Rhea-AI Filing Summary

PennyMac Mortgage Investment Trust reported second‑quarter 2026 net income attributable to common shareholders of $20 million, or $0.23 per diluted share, on net investment income of $73 million, producing a 6% annualized return on common equity.

Management highlighted six private‑label securitizations totaling $2.2 billion of unpaid principal balance that generated $120 million of new non‑Agency subordinate bond investments and a planned realignment away from mortgage servicing rights, including agreements to sell $13 billion of MSR UPB and halting Agency‑eligible correspondent loan acquisitions.

Credit sensitive strategies generated pretax income of $11 million and 11% ROE, interest rate sensitive strategies earned $9 million pretax, and aggregation and securitization contributed $11 million pretax. Book value per share was $14.83, slightly below March 31, 2026, and the common dividend remained $0.40 per share. Total assets were $25,094 million, shareholders’ equity was $1,853 million, and total debt‑to‑equity was 12.4x.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net income attributable to common shareholders: $20 million Diluted EPS: $0.23 Net investment income: $73 million +5 more

8 metrics

Net income attributable to common shareholders $20 million Quarter ended June 30, 2026

Diluted EPS $0.23 Quarter ended June 30, 2026

Net investment income $73 million Quarter ended June 30, 2026

Annualized return on common equity 6% Quarter ended June 30, 2026

Book value per share $14.83 At June 30, 2026

Dividend per common share $0.40 Declared for second quarter 2026

Total assets $25,094 million Consolidated balance sheet at June 30, 2026

Total debt / equity 12.4x Leverage ratio at June 30, 2026

Key Terms

credit risk transfer, mortgage servicing rights, variable interest entity, asset-backed financing, +1 more

5 terms

credit risk transfer financial

"Notes payable secured by credit risk transfer and mortgage servicing assets"

Credit risk transfer is when a bank or lender shifts the chance of a borrower not paying back a loan to another company or investor. It helps the bank reduce potential losses and manage its money better. Think of it like passing a risky task to someone else so you’re protected if things go wrong.

mortgage servicing rights financial

"The fair value of PMT’s MSR asset was $3.6 billion at quarter end"

Mortgage servicing rights are the contractual right to collect mortgage payments, manage escrow accounts, handle customer service and delinquency actions on a pool of home loans, in exchange for a portion of the loan’s payments. They matter to investors because their value behaves like a revenue stream that can rise or fall with interest rates and borrower behavior — similar to owning a toll bridge where income depends on traffic volume and maintenance costs — and thus affect a lender’s earnings and risk profile.

variable interest entity financial

"Asset-backed financing of a variable interest entity at fair value"

A variable interest entity (VIE) is a company structure where one party controls another company’s operations and economic outcomes through contracts or special arrangements instead of owning a majority of its voting shares. For investors, VIEs matter because the controlling party’s financial results, debts and risks can appear in the controller’s reports even though ownership looks separate, so understanding VIEs helps assess true exposure, governance limits and transparency—like spotting a puppet controlled by strings rather than direct ownership.

asset-backed financing financial

"Asset-backed financing of a variable interest entity at fair value was 11,359"

Asset-backed financing is when a borrower raises money by using a specific pool of assets—such as loans, invoices, leases, or receivables—as collateral, so lenders are repaid from the cash those assets generate. Think of it like taking out a loan against a bundle of income-producing items rather than a single paycheck; investors care because the quality and predictability of those underlying assets determine how safe the payments are, how much interest the borrower pays, and how the company’s liquidity and credit profile look to the market.

unpaid principal balance financial

"closed six securitizations totaling $2.2 billion in unpaid principal balance"

The unpaid principal balance is the amount of the original loan or debt that remains to be repaid, not including future interest or fees. Think of it as the remaining chunk of a car or mortgage bill you still owe after making payments; for investors it shows how much underlying loan value is left, which affects expected cash flows, credit risk, and the collateral value behind bonds or loan-backed securities.

Earnings Snapshot

Net income attributable to common shareholders: $20 million

Quarter ended June 30, 2026

Net income attributable to common shareholders $20 million up from $14 million in 1Q26 and from a $3 million loss in 2Q25

Diluted EPS $0.23 up from $0.16 in 1Q26 and from $(0.04) in 2Q25

Net investment income $73 million down from $82 million in 1Q26 and slightly above $70 million in 2Q25

Annualized return on common equity 6% increased from 4% in 1Q26

Book value per share $14.83 slightly below $14.98 at March 31, 2026 and $15.00 at June 30, 2025

Dividends declared per common share $0.40 unchanged versus 1Q26 and 2Q25

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Understanding 8-K Material Events →

Available on EDGAR 07/29/2026 - 04:44 PM Accepted by SEC EDGAR 07/29/2026 - 04:43 PM Learn about SEC filing dates

FAQ

What were PennyMac Mortgage Investment Trust (PMT) earnings for the second quarter of 2026?

PennyMac Mortgage Investment Trust reported net income attributable to common shareholders of $20 million, or $0.23 per diluted share, for the quarter ended June 30, 2026, on net investment income of $73 million and a 6% annualized return on common equity.

How did PMT’s book value per share and dividend look in 2Q26?

Book value per share was $14.83 at June 30, 2026, slightly below $14.98 at March 31, 2026. The trust declared a $0.40 dividend per common share, unchanged from the prior quarters, continuing its established common distribution level.

What strategic portfolio shifts did PMT outline in its 2Q26 results?

PMT emphasized growth in private‑label securitizations, closing six deals totaling $2.2 billion UPB and retaining $120 million of new non‑Agency subordinate bonds. It also agreed to sell $13 billion of MSR UPB and elected to stop Agency‑eligible correspondent loan acquisitions.

How did PMT’s main business segments perform in the second quarter of 2026?

Credit sensitive strategies produced $11 million pretax income and an 11% annualized ROE. Interest rate sensitive strategies generated $9 million pretax income. The aggregation and securitization segment added $11 million pretax income with a 21% annualized ROE on weighted average equity of $215 million.

What were PMT’s leverage and liquidity positions at June 30, 2026?

At quarter end, PMT reported total assets of $25,094 million and shareholders’ equity of $1,853 million. Total debt outstanding was $22,954 million, a 12.4x debt‑to‑equity ratio. Total liquidity, including cash and short‑term investments plus available facilities, was $517 million.

How did correspondent and securitization activity contribute to PMT’s 2Q26 performance?

Through its agreement with PFSI, PMT purchased $2.6 billion UPB of conventional conforming and nonconforming loans and $2.2 billion UPB of loans from PFSI for private‑label securitizations. The aggregation and securitization segment generated $29 million net investment income and $11 million pretax income.

false 0001464423 0001464423 2026-07-29 2026-07-29 0001464423 pmt:CommonSharesOfBeneficialInterest0.01ParValueMember 2026-07-29 2026-07-29 0001464423 us-gaap:SeriesAPreferredStockMember 2026-07-29 2026-07-29 0001464423 us-gaap:SeriesBPreferredStockMember 2026-07-29 2026-07-29 0001464423 us-gaap:SeriesCPreferredStockMember 2026-07-29 2026-07-29 0001464423 pmt:M8.50PercentSeniorNotesDue2028Member 2026-07-29 2026-07-29 0001464423 pmt:M9.00SeniorNoteDue20302Member 2026-07-29 2026-07-29 0001464423 pmt:M9.00SeniorNoteDue20301Member 2026-07-29 2026-07-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 29, 2026

PennyMac Mortgage Investment Trust

(Exact name of registrant as specified in its charter)

Maryland		001-34416		27-0186273
(State or other jurisdiction		(Commission		(IRS Employer
of incorporation)		File Number)		Identification No.)

3043 Townsgate Road, Westlake Village, California		91361
(Address of principal executive offices)		(Zip Code)

(818) 224-7442

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Shares of Beneficial Interest, $0.01 par value		PMT		New York Stock Exchange
8.125% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value		PMT/PA		New York Stock Exchange
8.00% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value		PMT/PB		New York Stock Exchange
6.75% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value		PMT/PC		New York Stock Exchange
8.50% Senior Note Due 2028		PMTU		New York Stock Exchange
9.00% Senior Note Due 2030		PMTV		New York Stock Exchange
9.00% Senior Note Due 2030		PMTW		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 29, 2026, PennyMac Mortgage Investment Trust (the “Company”) issued a press release and a slide presentation announcing its financial results for the fiscal quarter ended June 30, 2026. Copies of the press release and the slide presentation used in connection with the Company’s presentation of financial results were made available on July 29, 2026 and are furnished as Exhibit 99.1 and Exhibit 99.2, respectively. In addition, the Company has made other supplemental financial information for the fiscal quarter ended June 30, 2026 available on its website at pmt.pennymac.com.

The information in Item 2.02 of this report, including the exhibits hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any disclosure document relating to the Company, except to the extent, if any, expressly set forth by specific reference in such document.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		Press Release, dated July 29, 2026, issued by PennyMac Mortgage Investment Trust pertaining to its financial results for the fiscal quarter ended June 30, 2026.
99.2		Slide Presentation for use beginning on July 29, 2026 in connection with a presentation of financial results for the fiscal quarter ended June 30, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						PENNYMAC MORTGAGE INVESTMENT TRUST
Dated: July 29, 2026						/s/ Daniel S. Perotti
						Daniel S. Perotti Senior Managing Director and Chief Financial Officer

Exhibit 99.1

PennyMac Mortgage Investment Trust Reports

Second Quarter 2026 Results

WESTLAKE VILLAGE, Calif. – July 29, 2026 – PennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income attributable to common shareholders of $20 million, or $0.23 per common share on net investment income of $73 million for the second quarter of 2026.

CEO Commentary

“PMT generated net income attributable to common shareholders of $20 million in the second quarter, or $0.23 per diluted share, representing an annualized return on common equity of 6%,” said Chairman and CEO David Spector. “We are moving to strengthen the overall earnings power of our portfolio. During the quarter, we closed six securitizations totaling $2.2 billion in unpaid principal balance, which generated $120 million of net new investments in non-Agency subordinate bonds.”

Mr. Spector continued, “Given the success we are seeing in our private label securitization program, we are shifting equity allocation towards those more accretive credit opportunities. In June, we took the initial steps in what we believe will be a series of actions to reduce our exposure to mortgage servicing rights (MSRs), agreeing to sell $13 billion in unpaid principal balance (UPB) of MSRs and electing to stop Agency-eligible loan acquisitions in our correspondent channel. These initial actions unlock capital from our MSR portfolio to redeploy into organically-created credit investments with return potential in the low-to-mid teens. We expect this realignment of our balance sheet will bolster PMT’s return profile to deliver attractive total returns over the long term.”

The table below highlights key financial performance metrics:

($ in millions except for per share metrics)		2Q26				1Q26				2Q25				Q/Q				Y/Y
Net investment income			73				82				70				(11	)%			4	%
Net income (loss) attributable to common shareholders			20				14				(3	)			45	%			N/M
Diluted earnings (loss) per common share		$	0.23			$	0.16			$	(0.04	)			44	%			N/M
Annualized return on common equity (ROE)(1)			6	%			4	%			(1	)%			44	%			N/M
Book value per share (at period end)		$	14.83			$	14.98			$	15.00				(1	)%			(1	)%
Dividends declared per common share		$	0.40			$	0.40			$	0.40				—				—

(1) Return on average common equity is calculated based on net income attributable to common shareholders as a percentage of monthly average common equity during the quarter

Business Highlights

• Acquired $2.6 billion in UPB of loans through correspondent production activities, down 8% from the prior quarter and 17% from the second quarter of 2025; beginning in June, PMT elected to stop acquiring Agency-eligible conventional loans through correspondent production but will continue acquiring 100% of all non-Agency loans

• Acquired $2.2 billion in UPB of loans from PFSI production for inclusion in private label securitizations, up 44% from the prior quarter and 123% from the second quarter of 2025

• Closed three Agency-eligible investor loan securitizations, one jumbo loan securitization, and two Agency-eligible owner occupied loan securitizations with a combined UPB of $2.2 billion

• Generated $120 million of net new investments in non-Agency subordinate bonds¹

• Purchased $486 million of Agency floating-rate mortgage-backed securities (MBS)

¹  We consolidate the assets and liabilities of the trust that issued the subordinate and senior bonds; accordingly, these investments are shown as Loans held for investment at fair value and Asset-backed financing of variable interest entities at fair value on our consolidated balance sheets

1

Notable Activity After Quarter End

• Completed one jumbo loan securitization and one Agency-eligible owner-occupied loan securitization with a combined UPB of $692 million, generating $36 million of net new investments in non-Agency subordinate bonds²

• Entered into an agreement to sell $13 billion in UPB of low-coupon Agency MSRs with an expected close at the end of August

Credit Sensitive Strategies Segment

The table below highlights key operating metrics and financial performance in the credit sensitive strategies segment:

($ in millions)		2Q26				1Q26				2Q25				Q/Q				Y/Y
Organically-created CRT investments (at period end)
Fair value			938				962				1,049				(2	)%			(11	)%
Underlying UPB			18,090				18,716				20,356				(3	)%			(11	)%
Fair value of subordinate MBS held in VIE from PMT private label securitizations (at period end)			853				735				274				16	%			211	%
Profitability
Income excluding market-driven value changes			12				12				14				4	%			(15	)%
Market-driven value changes(1)			(1	)			5				7				N/M				N/M
Total income contribution			11				17				22				(32	)%			(49	)%
Weighted average equity allocated			411				390				450				5	%			(9	)%
Annualized ROE			11	%			17	%			19	%			(6	)%			(8	)%

May not sum due to rounding

(1) Categorization of market-driven value changes or non-recurring impacts are based on management assessment; income excluding market-driven value changes does not represent REIT taxable income and is a non-GAAP figure

PMT’s organically created CRT investments totaled $938 million in fair value at June 30, 2026 with an underlying UPB of $18.1 billion, both down from prior periods due to runoff. The fair value of subordinate bond investments from private label securitizations totaled $853 million at quarter end, up 16% from the end of the prior quarter and 211% from June 30, 2025 as we continue to deploy capital towards these investments.

Pretax income for the segment was $11 million, or an 11% annualized return on equity. Income excluding market-driven value changes was $12 million, essentially unchanged from the prior quarter.

The contribution to pretax income from organically-created CRT investments was $6 million, down from $10 million in the prior quarter. The decline was primarily due to valuation-related declines of $1 million versus valuation-related gains of $3 million in the prior quarter. The contribution to pretax income from subordinate bonds from PMT private label securitizations was $5 million, down from $6 million in the prior quarter primarily due to lower valuation-related gains.

²  We consolidate the assets and liabilities of the trust that issued the subordinate and senior bonds; accordingly, these investments are shown as Loans held for investment at fair value and Asset-backed financing of variable interest entities at fair value on our consolidated balance sheets

2

Interest Rate Sensitive Strategies Segment

The table below highlights key operating metrics and financial performance in the interest rate sensitive strategies segment:

($ in millions)		2Q26				1Q26				2Q25				Q/Q				Y/Y
MSR Portfolio (at period end)
Fair value			3,576				3,624				3,739				(1	)%			(4	)%
Unpaid principal balance (UPB)			208,427				212,199				221,632				(2	)%			(6	)%
Fair value of MBS portfolio (at period end)			4,076				3,766				3,967				8	%			3	%
Fair value of senior MBS held in VIE from PMT private label securitizations (at period end)			84				94				56				(11	)%			51	%
Profitability
Income excluding market-driven value changes			20				12				24				71	%			(17	)%
Market-driven value changes(1)			(11	)			(4	)			(29	)			N/M				N/M
Total income contribution			9				8				(5	)			13	%			284	%
Weighted average equity allocated			1,187				1,198				1,113				(1	)%			7	%
Annualized ROE			3	%			3	%			(2	)%			0	%			5	%

May not sum due to rounding

(1) Categorization of market-driven value changes or non-recurring impacts are based on management assessment; income excluding market-driven value changes does not represent REIT taxable income and is a non-GAAP figure

The fair value of PMT’s MSR asset was $3.6 billion at quarter end with $208 billion in UPB of underlying loans, both down slightly from the end of the prior quarter due to runoff. The fair value of the MBS portfolio was $4.1 billion, up from $3.8 billion at the end of the prior quarter primarily due to $486 million in new MBS purchases.

Pretax income for the segment was $9 million, compared to $8 million in the prior quarter and pretax loss of $5 million in the second quarter of 2025. Pretax income in the quarter was driven by $20 million of income excluding market-driven value changes, partially offset by $11 million of market-driven losses.

Net loan servicing fees were $40 million, compared to $84 million in the prior quarter. Net loan servicing fees included contractually specified servicing fees and other fees of $149 million, down slightly from the prior quarter, reduced by $100 million in realization of MSR cash flows, which was also down slightly from the prior quarter due to lower expectations for prepayments in the future due to higher interest rates. Net loan servicing fees also included $19 million in fair value gains on MSRs, $33 million in hedging losses, and $5 million of MSR recapture income.

Net gains on investments for the segment were $12 million, primarily from senior bonds held for investment from PMT private label securitizations.

Net interest expense for the segment was $20 million versus $13 million in the prior quarter. Interest income totaled $237 million, up from $215 million in the prior quarter primarily due to increased income from custodial deposits and a higher amount of retained investments from private label securitizations. Similarly, interest expense was $257 million, up from $228 million in the prior quarter due to higher financing balances, which includes additional non-recourse asset-backed financing resulting from securitization activity.

Segment expenses, primarily subservicing fees paid to PFSI, were $23 million, down slightly from the prior quarter.

3

Aggregation and Securitization Segment

The table below highlights the financial performance in the aggregation and securitization segment:

($ in millions)		2Q26				1Q26				2Q25				Q/Q				Y/Y
Correspondent Production Volume (UPB)
Conventional Conforming			1,371				2,062				2,740				(34	)%			(50	)%
Jumbo			918				647				346				42	%			165	%
Non-QM			276				88				0				212	%			—
Total			2,565				2,797				3,086				(8	)%			(17	)%
UPB of loans acquired from PFSI production			2,224				1,540				996				44	%			123	%
Total UPB of loans acquired			4,789				4,336				4,082				10	%			17	%
Profitability
Total income contribution			11				16				14				(32	)%			(19	)%
Weighted average equity allocated			215				201				185				7	%			16	%
Annualized ROE			21	%			33	%			30	%			(12	)%			(9	)%

May not sum due to rounding

PMT purchased a total of $2.6 billion in UPB of conventional conforming and nonconforming loans through its purchase agreement that PFSI acquired from correspondent sellers, down 8% from the prior quarter. PMT acquired 15% of total conventional conforming correspondent production, down from 18% in the prior quarter. Beginning in June, PMT elected to stop acquiring Agency-eligible conventional correspondent loans while retaining 100% of all non-Agency loan volume. PMT also acquired $2.2 billion in UPB of loans from PFSI’s production for inclusion in private label securitizations, up from $1.5 billion in the prior quarter.

Pretax income for the segment was $11 million in the second quarter, down from $16 million in the prior quarter.

Segment revenues were $29 million and included net gains on loans acquired for sale of $15 million, net interest income of $11 million, and other income of $2 million, which primarily consists of volume-based origination fees. Net gains on loans acquired for sale declined from the prior quarter primarily due to lower volumes. Interest income was $43 million, up slightly from $40 million in the prior quarter, and interest expense was $32 million, unchanged from the prior quarter.

Segment expenses were $17 million, unchanged from the prior quarter.

Corporate and Other

Pretax loss for the quarter was $15 million, up slightly from the prior quarter.

Corporate revenues were zero, compared to $1 million in the prior quarter.

Corporate expenses were $15 million, unchanged from the prior quarter.

Taxes

PMT recorded a tax benefit of $14.1 million in the second quarter, driven primarily by hedging losses in its taxable REIT subsidiary.

***

4

Management’s slide presentation and accompanying materials will be available in the Investor Relations section of the Company’s website at pmt.pennymac.com after the market closes on Wednesday, July 29, 2026. Management will also host a conference call and live audio webcast at 6:00 p.m. Eastern Time to review the Company’s financial results. The webcast can be accessed at pmt.pennymac.com and a replay will be available shortly after its conclusion. Individuals who are unable to access the website but would like to receive a copy of the materials should contact the Company’s Investor Relations department at 818.224.7028.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. PMT is externally managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI). Additional information about PennyMac Mortgage Investment Trust is available at pmt.pennymac.com.

Media		Investors
Kristyn Clark		Isaac Garden
mediarelations@pennymac.com		investorrelations@pennymac.com
805.395.9943		818.224.7028

5

Forward-Looking Statements

This press release 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 change. Words like “believe,” “expect,” “anticipate,” “promise,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: interest rate changes; changes in macroeconomic, consumer and real estate market conditions; changes in housing prices, housing sales and real estate values; rising homeownership costs negatively impacting housing affordability; compliance with changing federal, state and local laws and regulations that govern its business; the general economy or the real estate finance and real estate markets; events or circumstances which undermine confidence in the financial and housing markets or otherwise have a broad impact on financial and housing markets; the degree and nature of the Company’s competition; the availability of, and level of competition for, attractive risk adjusted investment opportunities in mortgage loans and mortgage related assets that satisfy the Company’s investment objectives; the concentration of credit risks to which the Company is exposed; the Company’s dependence on and potential conflicts with its manager, servicer and their affiliates; the Company’s ability to mitigate cybersecurity risks, cyber incidents and technology disruptions; the development of artificial intelligence; the availability, terms and deployment of short term and long term capital; the adequacy of the Company’s cash reserves and working capital; the Company’s ability to maintain the desired relationship between its financing and the interest rates and maturities of its assets; the timing and amount of cash flows, if any, from the Company’s investments; the Company’s engagement in private loan securitizations; the Company’s substantial amount of indebtedness; the performance, financial condition and liquidity of borrowers; the Company’s exposure to risks of loss and disruptions in operations from severe weather events, man-made or other natural conditions, including climate change and pandemics; the ability of the Company’s servicer, which also provides the Company with fulfillment services, to approve and monitor correspondent sellers and underwrite loans to investor standards; incomplete or inaccurate information or documentation provided by customers or counterparties, or adverse changes in the financial condition of the Company’s customers and counterparties; the Company’s indemnification and repurchase obligations in connection with mortgage loans it purchases and later sells or securitizes; the quality and enforceability of the collateral documentation evidencing the Company’s ownership and rights in the assets in which it invests; increased rates of delinquency, defaults and forbearances and/or decreased recovery rates on the Company’s investments; the performance of mortgage loans underlying mortgage backed securities or other investments in which the Company retains credit risk; the Company’s ability to foreclose on its investments in a timely manner or at all; increased prepayments of the mortgages and other loans underlying the Company’s mortgage backed securities or relating to the Company’s mortgage servicing rights and other investments; risks associated with the discontinuation of LIBOR; the degree to which the Company’s hedging strategies may or may not protect it from interest rate volatility; the accuracy or changes in the estimates the Company makes about uncertainties, contingencies and asset and liability valuations; the Company’s ability to maintain appropriate internal control over financial reporting; the Company’s ability to detect misconduct and fraud; developments in the secondary markets for the Company’s mortgage loan products; legislative and regulatory changes that impact the mortgage loan industry or housing market; regulatory or other changes that impact government agencies or government sponsored entities, or such changes that increase the cost of doing business with such agencies or entities; federal and state mortgage regulations and enforcement; changes in government support of homeownership and affordability programs; changes in the Company’s investment objectives or investment or operational strategies; limitations imposed on the Company’s business and its ability to satisfy complex rules for it to qualify as a REIT for U.S. federal income tax purposes and qualify for an exclusion from the Investment Company Act of 1940 and the ability of certain of the Company’s subsidiaries to qualify as REITs or as taxable REIT subsidiaries for U.S. federal income tax purposes; changes in governmental regulations, accounting treatment, tax rates and similar matters; the Company’s ability to make distributions to its shareholders in the future; the Company’s failure to deal appropriately with issues that may give rise to reputational risk; and the Company’s organizational structure and certain requirements in its charter documents. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.

This release contains financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”), such as income excluding market driven value changes and leverage ratios that provide a meaningful perspective on the Company’s business results since the Company utilizes this information to evaluate and manage the business. Non-GAAP disclosures have limitations as an analytical tool and should not be viewed as a substitute for financial information determined in accordance with GAAP.

6

Consolidated Statements of Income

($ in millions, except per share amounts)

		2Q26				1Q26				4Q25				3Q25				2Q25				Y/Y
Revenue
Net gains on loans acquired for sale			15				23				7				15				18				(14	)%
Loan origination fees			2				2				3				3				3				(35	)%
Net gain (loss) on investments and financings			22				(23	)			53				64				34				(34	)%
Contractually specified servicing and other fees			149				151				155				156				158				(6	)%
Realization of MSR cash flows			(100	)			(107	)			(104	)			(89	)			(98	)			3	%
Changes in fair value of MSRs due to changes in fair value inputs			19				46				26				(27	)			23				N/M
Hedging results			(33	)			(12	)			(45	)			(27	)			(61	)			N/M
From PFSI--MSR recapture income			5				6				4				3				1				230	%
Net loan servicing fees			40				84				37				15				24				67	%
Interest income			304				276				248				230				196				55	%
Interest expense			(311	)			(280	)			(255	)			(228	)			(205	)			52	%
Net interest income (expense)			(7	)			(4	)			(6	)			2				(9	)			(18	)%
Other income			(0	)			(0	)			0				0				0				N/M
Net investment income			73				82				94				99				70				4	%
Expenses
Loan fulfillment fees			5				6				7				6				6				(14	)%
Loan servicing fees			20				20				20				21				22				(9	)%
Management fees			7				7				7				7				7				(1	)%
Loan collection and liquidation			2				2				2				2				2				(30	)%
Professional services			12				14				14				9				8				39	%
Compensation			3				3				3				3				3				20	%
Loan origination			0				0				0				1				1				(98	)%
Safekeeping			1				1				1				1				1				(24	)%
Other expenses			7				3				3				3				3				100	%
Total expenses			56				55				57				52				53				5	%
Pretax income			17				27				36				47				17				(1	)%
Provision for (benefit from) income taxes			(14	)			2				(16	)			(11	)			9				N/M
Net income (loss)			31				25				52				58				8				N/M
Dividends on preferred shares			10				10				10				10				10				0	%
Net income (loss) attributable to common shareholders			20				14				42				48				(3	)			N/M
Weighted average shares outstanding
Basic			87.2				87.1				87.0				87.0				87.0				0	%
Diluted			87.2				87.1				87.0				87.0				87.0				0	%
Earnings per share (EPS)
Basic EPS		$	0.23			$	0.16			$	0.48			$	0.55			$	(0.04	)			N/M
Diluted EPS		$	0.23			$	0.16			$	0.48			$	0.55			$	(0.04	)			N/M
Dividends declared per common share		$	0.40			$	0.40			$	0.40			$	0.40			$	0.40				0	%

May not sum due to rounding

7

Credit Sensitive Strategies Segment Profitability and Key Metrics

($ in millions)

Credit Sensitive Strategies Segment Contribution to Pretax Income

		2Q26				1Q26				4Q25				3Q25				2Q25				Y/Y
Mortgage-backed securities			(0	)			0				0				(1	)			1				N/M
Loans at fair value			0				2				9				5				(1	)			N/M
CRT investments			10				14				16				14				20				(52	)%
Net gains on investments and financings			10				16				25				18				20				(50	)%
Interest income			22				19				18				21				21				3	%
Interest expense			(20	)			(19	)			(19	)			(20	)			(19	)			7	%
Net interest income (expense)			1				1				(1	)			1				2				(32	)%
Net investment income			11				17				24				19				22				(48	)%
Loan servicing expenses			0				0				0				0				0				N/M
Loan collection and liquidation			0				0				0				0				0				N/M
Other expenses			0				0				0				0				0				N/M
Total expenses			0				0				0				0				0				N/M
Pretax income (loss)			11				16				24				19				22				(48	)%
Weighted average equity allocated			411				390				354				430				450				(9	)%
Annualized ROE			11	%			17	%			27	%			17	%			19	%			(8	)%

May not sum due to rounding

Credit Sensitive Strategies Segment Key Metrics

		2Q26				1Q26				4Q25				3Q25				2Q25				Y/Y
Organically-created CRT investments (at period end)
Fair value			938				962				998				1,019				1,049				(11	)%
Underlying UPB			18,090				18,716				19,518				19,937				20,356				(11	)%
60+ day delinquency rate			1.2	%			1.4	%			1.5	%			1.5	%			1.3	%			(0.0	)%
Weighted average current LTV			45.4	%			46.4	%			46.2	%			46.0	%			43.4	%			2.0	%
Private Label Securitization Activity(1)
Fair value of subordinate MBS held in VIE from PMT private label securitizations (at period end)			853				735				546				361				274				211	%
Securitizations completed			6				8				8				4				4				50	%
UPB of securitizations completed			2,182				2,838				2,796				1,472				1,385				58	%
Retained credit sensitive investments			120				189				184				84				87				38	%
Retained interest rate sensitive investments			0				12				0				50				66				N/M

May not sum due to rounding

(1) Although private label securitization activity is shown as part of the Credit Sensitive Strategies here, certain investments from PMT private label securitizations such as retained senior and mezzanine bonds or MSRs held in VIEs are part of the Interest Rate Sensitive Strategies

8

Interest Rate Sensitive Strategies Segment Profitability and Key Metrics

($ in millions)

Interest Rate Sensitive Strategies Segment Contribution to Pretax Income

		2Q26				1Q26				4Q25				3Q25				2Q25				Y/Y
Mortgage-backed securities			0				(33	)			31				38				14				N/M
Loans at fair value			12				(6	)			(3	)			8				(0	)			N/M
Net gains on investments and financings			12				(39	)			28				47				14				(11	)%
Servicing and other fees			149				151				155				156				158				(6	)%
Realization of MSR cash flows			(100	)			(107	)			(104	)			(89	)			(98	)			3	%
Changes in fair value of MSRs due to changes in fair value inputs			19				46				26				(27	)			23				N/M
Hedging results			(33	)			(12	)			(45	)			(27	)			(61	)			N/M
From PFSI--MSR recapture income			5				6				4				3				1				230	%
Net loan servicing fees			40				84				37				15				24				67	%
Interest income			237				215				189				174				137				72	%
Interest expense			(257	)			(228	)			(201	)			(179	)			(155	)			66	%
Net interest income (expense)			(20	)			(13	)			(12	)			(5	)			(17	)			17	%
Net investment income			32				31				53				57				21				56	%
Loan servicing expenses			20				20				20				21				22				(9	)%
Loan collection and liquidation			2				2				2				1				2				N/M
Safekeeping			1				1				1				1				1				N/M
Other expenses			1				1				1				1				0				N/M
Total expenses			23				24				24				24				26				(9	)%
Pretax income (loss)			9				8				28				32				(5	)			N/M
Weighted average equity allocated			1,187				1,198				1,189				1,154				1,113				7	%
Annualized ROE			3	%			3	%			10	%			11	%			(2	)%			5	%

May not sum due to rounding

Interest Rate Sensitive Strategies Segment Key Metrics

		2Q26				1Q26				4Q25				3Q25				2Q25				Y/Y
MSR Portfolio (at period end)
Underlying UPB(1)			208,427				212,199				215,782				218,799				221,632				(6	)%
Fair value			3,576				3,624				3,645				3,669				3,739				(4	)%
Weighted average coupon			3.9	%			3.9	%			3.9	%			3.9	%			3.9	%			—
Weighted average servicing fee			0.28	%			0.28	%			0.28	%			0.28	%			0.27	%			0.01	%
MSR multiple			6.2x				6.2x				6.1x				6.1x				6.1x				0.1x
Fair value of MBS portfolio (at period end)			4,076				3,766				4,453				4,609				3,967				3	%
Fair value of senior MBS held in VIE from PMT private label securitizations (at period end)			84				94				93				103				56				51	%

(1) Owned MSR portfolio and excludes loans acquired for sale at fair value

9

Aggregation and Securitization Segment Profitability and Key Metrics

($ in millions)

Aggregation and Securitization Segment Contribution to Pretax Income

		2Q26				1Q26				4Q25				3Q25				2Q25				Y/Y
Net gains on loans acquired for sale			15				23				7				15				18				(14	)%
Interest income			43				40				39				33				36				21	%
Interest expense			(32	)			(32	)			(33	)			(28	)			(30	)			7	%
Net interest income (expense)			11				8				6				5				6				96	%
Other income			2				2				3				3				3				(34	)%
Net investment income			29				33				16				23				27				6	%
Loan fulfillment expenses			5				6				7				6				6				(14	)%
Professional services			9				11				11				7				6				45	%
Safekeeping			0				0				0				0				0				N/M
Loan origination fees			0				0				0				1				1				N/M
Other expenses			3				0				0				0				0				N/M
Total expenses			17				17				17				14				13				33	%
Pretax income (loss)			11				16				(1	)			9				14				(19	)%
Weighted average equity allocated			215				201				200				176				185				16	%
Annualized ROE			21	%			33	%			(2	)%			21	%			30	%			(9	)%

May not sum due to rounding

Aggregation and Securitization Segment Key Metrics

		2Q26				1Q26				4Q25				3Q25				2Q25				Y/Y
Interest Rate Locks (UPB)
Conventional Conforming			1,357				2,364				3,282				3,364				3,009				(55	)%
Jumbo			1,239				1,107				700				1,036				529				134	%
Non-QM			582				236				107				0				0				—
Total			3,177				3,706				4,088				4,399				3,539				(10	)%
Acquisitions (UPB)
Conventional Conforming			1,371				2,062				2,903				2,786				2,740				(50	)%
Jumbo			918				647				748				557				346				165	%
Non-QM			276				88				32				0				0				—
Total			2,565				2,797				3,682				3,343				3,086				(17	)%
PFSI loans acquired for inclusion in private label securitizations (UPB)			2,224				1,540				1,810				1,296				996				123	%
Total UPB of loans acquired			4,789				4,336				5,493				4,639				4,082				17	%

May not sum due to rounding

10

Corporate Segment Profitability

($ in millions)

		2Q26				1Q26				4Q25				3Q25				2Q25				Y/Y
Interest income			3				3				2				2				2				19	%
Interest expense			(2	)			(2	)			(1	)			(1	)			(1	)			43	%
Net interest income (expense)			0				1				1				1				1				(32	)%
Other income			0				0				0				0				0				—
Net investment income			0				1				1				1				1				(32	)%
Management fee expense			7				7				7				7				7				(1	)%
Professional services			2				3				3				2				2				20	%
Compensation			3				3				3				3				3				20	%
Other expenses			2				2				2				3				3				(8	)%
Total expenses			15				15				16				14				14				5	%
Pretax loss			(15	)			(14	)			(15	)			(13	)			(14	)			6	%
Weighted average equity allocated			58				101				139				119				140				(59	)%
Annualized ROE(1)			(3	)%			(3	)%			(3	)%			(3	)%			(3	)%			—

May not sum due to rounding

(1) Calculated as a percentage of total equity

11

Consolidated Balance Sheets

($ in millions)

		6/30/26				3/31/26				12/31/25				9/30/25				6/30/25				Y/Y
Assets
Cash			225				214				272				263				363				(38	)%
Short-term investments			196				188				191				181				109				80	%
Mortgage-backed securities at fair value			4,076				3,766				4,453				4,609				3,967				3	%
Loans acquired for sale at fair value			3,195				2,350				2,699				2,421				2,616				22	%
Loans at fair value			12,458				10,868				8,533				5,983				4,567				173	%
Derivative assets			49				55				56				58				53				(7	)%
Mortgage servicing rights			3,576				3,624				3,645				3,669				3,739				(4	)%
Servicing advances			64				79				97				62				70				(9	)%
Deposits securing credit risk transfer arrangements			948				970				1,009				1,033				1,065				(11	)%
Other assets			306				390				393				246				253				21	%
Total Assets			25,094				22,503				21,347				18,526				16,801				49	%
Liabilities
Assets sold under agreements to repurchase			8,395				7,301				8,019				7,708				6,827				23	%
Mortgage loan participation and sale agreements			—				—				—				—				8				N/M
Notes payable secured by credit risk transfer and mortgage servicing assets			2,481				2,397				2,258				2,249				2,666				(7	)%
Asset-backed financing of a variable interest entity at fair value			11,359				9,904				7,789				5,440				4,176				172	%
Unsecured senior notes			685				685				1,028				877				875				(22	)%
Interest-only security payable at fair value			34				34				38				37				37				(6	)%
Derivative and credit risk transfer strip liabilities at fair value			10				27				9				12				13				(24	)%
Other liabilities			275				289				318				325				333				(17	)%
Total Liabilities			23,240				20,636				19,460				16,646				14,935				56	%
Shareholders’ Equity
Preferred shares of beneficial interest			541				541				541				541				541				—
Common shares of beneficial interest			1				1				1				1				1				0	%
Additional paid-in capital			1,929				1,928				1,928				1,927				1,926				0	%
Retained earnings (accumulated deficit)			(618	)			(604	)			(583	)			(590	)			(602	)			3	%
Total shareholders’ equity			1,853				1,867				1,887				1,879				1,866				(1	)%

May not sum due to rounding

12

Capital and Liquidity

($ in millions)

		2Q26				1Q26				4Q25				3Q25				2Q25				Y/Y
Liquidity
Cash and short-term investments			421				402				462				445				471				(11	)%
Amounts available to draw on facilities with collateral pledged			96				210				418				328				307				(69	)%
Total liquidity			517				611				880				772				778				(34	)%
Capital
Total equity			1,853				1,867				1,887				1,879				1,866				(1	)%
Assets sold under agreements to repurchase			8,395				7,301				8,019				7,708				6,827				23	%
Mortgage loan participation and sale agreements			0				0				0				0				8				N/M
Total funding debt			8,395				7,301				8,019				7,708				6,835				23	%
Notes payable secured by CRT arrangements and MSRs			2,481				2,397				2,258				2,249				2,666				(7	)%
Unsecured debt			685				685				1,028				877				875				(22	)%
Total non-funding debt			3,166				3,081				3,286				3,125				3,541				(11	)%
Total debt outstanding			22,955				20,319				19,132				16,309				14,589				57	%
Total debt outstanding excluding non-recourse debt			11,562				10,382				11,305				10,833				10,377				11	%
Total assets			25,094				22,503				21,347				18,526				16,801				49	%
(-) Adjustments for VIE financing			11,398				9,942				7,833				5,485				4,223				170	%
Adjusted assets			13,695				12,561				13,514				13,040				12,578				9	%
Capital Ratios
Total debt / equity			12.4x				10.9x				10.1x				8.7x				7.8x				4.6x
Total debt excluding non-recourse debt / equity			6.2x				5.6x				6.0x				5.8x				5.6x				0.7x
Total equity / adjusted assets			13.5	%			14.9	%			14.0	%			14.4	%			14.8	%			(1.3	)%

May not sum due to rounding

13

Exhibit 99.2 2Q26 EARNINGS REPORT PennyMac Mortgage Investment Trust July 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 change. Words like “believe,” “expect,” “anticipate,” “promise,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. These forward-looking statements include, but are not limited to, statements regarding future changes in interest rates, housing, and prepayment rates; future loan originations and production; future loan delinquencies, defaults and forbearances; future investment and hedge expenses; future investment strategies, future earnings and return on equity as well as other business and financial expectations. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: interest rate changes; changes in macroeconomic, consumer and real estate market conditions; changes in housing prices, housing sales and real estate values; rising homeownership costs negatively impacting housing affordability; compliance with changing federal, state and local laws and regulations that govern its business; the general economy or the real estate finance and real estate markets; events or circumstances which undermine confidence in the financial and housing markets or otherwise have a broad impact on financial and housing markets; the degree and nature of the Company’s competition; the availability of, and level of competition for, attractive risk adjusted investment opportunities in mortgage loans and mortgage related assets that satisfy the Company’s investment objectives; the concentration of credit risks to which the Company is exposed; the Company’s dependence on and potential conflicts with its manager, servicer and their affiliates; the Company’s ability to mitigate cybersecurity risks, cyber incidents and technology disruptions; the development of artificial intelligence; the availability, terms and deployment of short term and long term capital; the adequacy of the Company’s cash reserves and working capital; the Company’s ability to maintain the desired relationship between its financing and the interest rates and maturities of its assets; the timing and amount of cash flows, if any, from the Company’s investments; the Company’s engagement in private loan securitizations; the Company’s substantial amount of indebtedness; the performance, financial condition and liquidity of borrowers; the Company’s exposure to risks of loss and disruptions in operations from severe weather events, man-made or other natural conditions, including climate change and pandemics; the ability of the Company’s servicer, which also provides the Company with fulfillment services, to approve and monitor correspondent sellers and underwrite loans to investor standards; incomplete or inaccurate information or documentation provided by customers or counterparties, or adverse changes in the financial condition of the Company’s customers and counterparties; the Company’s indemnification and repurchase obligations in connection with mortgage loans it purchases and later sells or securitizes; the quality and enforceability of the collateral documentation evidencing the Company’s ownership and rights in the assets in which it invests; increased rates of delinquency, defaults and forbearances and/or decreased recovery rates on the Company’s investments; the performance of mortgage loans underlying mortgage backed securities or other investments in which the Company retains credit risk; the Company’s ability to foreclose on its investments in a timely manner or at all; increased prepayments of the mortgages and other loans underlying the Company’s mortgage backed securities or relating to the Company’s mortgage servicing rights and other investments; risks associated with the discontinuation of LIBOR; the degree to which the Company’s hedging strategies may or may not protect it from interest rate volatility; the accuracy or changes in the estimates the Company makes about uncertainties, contingencies and asset and liability valuations; the Company’s ability to maintain appropriate internal control over financial reporting; the Company’s ability to detect misconduct and fraud; developments in the secondary markets for the Company’s mortgage loan products; legislative and regulatory changes that impact the mortgage loan industry or housing market; regulatory or other changes that impact government agencies or government sponsored entities, or such changes that increase the cost of doing business with such agencies or entities; federal and state mortgage regulations and enforcement; changes in government support of homeownership and affordability programs; changes in the Company’s investment objectives or investment or operational strategies; limitations imposed on the Company’s business and its ability to satisfy complex rules for it to qualify as a REIT for U.S. federal income tax purposes and qualify for an exclusion from the Investment Company Act of 1940 and the ability of certain of the Company’s subsidiaries to qualify as REITs or as taxable REIT subsidiaries for U.S. federal income tax purposes; changes in governmental regulations, accounting treatment, tax rates and similar matters; the Company’s ability to make distributions to its shareholders in the future; the Company’s failure to deal appropriately with issues that may give rise to reputational risk; and the Company’s organizational structure and certain requirements in its charter documents. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this presentation are current as of the date of this presentation only. This presentation contains financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”), such as income excluding market driven value changes and leverage ratios that provide a meaningful perspective on the Company’s business results since the Company utilizes this information to evaluate and manage the business. Non-GAAP disclosures have limitations as an analytical tool and should not be viewed as a substitute for financial information determined in accordance with GAAP. 2

SECOND QUARTER HIGHLIGHTS Net new Net new Pr Pretax income etax income inv investments in estments in F Fair v air value of alue of 2Q 2Q26 26 Results Results CREDIT CREDIT ex excluding mark cluding market et cr credit sub-bonds edit sub-bonds or organically- ganically- SENSITI SENSITIV VE E (5) driv driven v en value alue fr from PM om PMT T cr created cr eated credit(5) edit Net income attributable S STRA TRATEGIES TEGIES (4) (4) Pr Pretax income etax income changes changes securitizations securitizations inv investments estments Net income attributable to common (1) (2) shar to common eholders Diluted EPS $ $11mm 11mm $ $12mm 12mm $ $120mm 120mm $ $1. 1.8bn 8bn (2) shareholders(1) Diluted EPS $20mm $0.23 Pr Pretax income etax income $20mm $0.23 INTERES INTEREST RA T RATE TE ex excluding mark cluding market et Annualized return on Book value driv driven v en value alue New inv New investments in estments in F Fair v air value of MSR alue of MSR SENSITI SENSITIV VE E (4) (4) (2) (3) Pr Pretax income etax income changes changes MSR(2) MSR inv investments estments average common equity per share S STRA TRATEGIES TEGIES Annualized return on Book value average common equity(3) per share $ $9mm 9mm $20mm $20mm $31mm $31mm $3. $3.6bn 6bn 6% $14.83 6% $14.83 UPB of loans acquir UPB of loans acquired ed UPB of loans UPB of loans Dividend per Dividend per fr from corr om correspondents espondents acquir acquired fr ed from PFSI om PFSI A CGGREGA ORRESPONDENT TION AND (2) common shar common share e Pr Pretax income etax income thr through PFSI(2) ough PFSI pr production oduction SEC PRODUC URITIZA TION TION $0 $0. .40 40 $ $11mm 11mm $2 $2. .6bn 6bn $2 $2. .2bn 2bn Note: All figures are for 2Q26 or are as of 6/30/26 (1) Net income attributable to common shareholders includes an income tax benefit of $14 million (2) EPS = earnings per share; MSR = mortgage servicing rights; UPB = unpaid principal balance; PFSI = PennyMac Financial Services, Inc. (NYSE: PFSI) (3) Annualized return on average common shareholders’ equity is calculated based on annualized quarterly net income attributable to common shareholders as a percentage of monthly average common equity during the quarter (4) Excludes $1 million of market-driven value losses in the credit sensitive strategies and $11 million of market-driven value losses in the interest rate sensitive strategies - see slide 10 3 3 3 (5) Organically created credit investments include investments in lender credit risk transfer (CRT) investments and subordinate bonds from PMT private label securitizations

AGGREGATION AND SECURITIZATION SEGMENT HIGHLIGHTS Correspondent Production Volume Loans Acquired from PFSI Production (UPB in billions) (UPB in billions) (1) (2) Conventional conforming loans Non-conforming loans Total locks Non-owner occupied loans Agency-eligible owner occupied loans ● In 2Q26, PMT purchased 15% of total conventional conforming correspondent loan volume and 100% of non-conforming correspondent loan volume through its correspondent fulfillment arrangement with PFSI ● Beginning in June, PMT elected to stop acquiring Agency-eligible conventional correspondent loans while retaining 100% of all non-Agency loan volume ● Additionally, PMT acquired $2.2 billion in UPB of loans from PFSI’s production for inclusion in private label securitizations ● In total, these activities resulted in the creation of $120 million in new investments in bonds from securitization activities and $31 million in new MSR investments Note: May not sum due to rounding (1) Consists of jumbo and non-QM loans 4 (2) Conventional conforming and non-Agency eligible interest rate lock commitments for PMT’s own account

ORGANIC INVESTMENT CREATION UPB of Loans Sold or Securitized 2Q26 (in billions) Retained NOO Loan Securitizations Retained credit interest rate Jumbo Loan Securitizations Securitizations UPB sensitive Loan Type sensitive Agency-Eligible Owner Occupied Loan Securitizations Completed (billions) investments investments MSRs (millions) (millions) Non-Owner 3 $1.3 $72 $0 Occupied Jumbo 1 $0.3 $16 $0 Agency-Eligible 2 $0.6 $32 $0 Owner Occupied MSRs N/A $2.6 N/A $31 Total 6 $4.8 $120 $31 After quarter end, we completed 2 additional securitizations for a total of $692 million in UPB with $36 million of expected retained investments We remain on pace to complete approximately 30 securitizations in 2026, with targeted returns on equity for retained investments in the low-to-mid teens 5 Note: May not sum due to rounding

SNAPSHOT - INVESTMENTS FROM PMT PRIVATE LABEL SECURITIZATIONS (1) Retained Bonds from PMT Securitizations Select Portfolio Metrics : (fair value) (2) 100% = $937 million WA FICO 774 at Origination: Jumbo, 21% WA LTV 72 at Origination: Agency-eligible Non-owner owner occupied, occupied, 63% 16% Current 60+ 0.05% Day DQ: High-quality portfolio of senior, mezzanine, and subordinate bonds characterized by exceptionally low delinquencies and strong underlying credit fundamentals Note: Data presented is as of 6/30/26 (1) LTV = loan to value ratio; DQ = delinquency rate 6 (2) Excludes retained MSRs and interest-only bonds from private label securitizations held in the VIE

MSR AND CRT REPRESENT THE MAJORITY OF INVESTMENT PORTFOLIO Approximately two thirds of PMT’s shareholders’ equity is deployed to long-standing investments in MSRs and PMT’s unique GSE credit risk transfer investments Mortgage Servicing Rights PMT GSE Credit Risk Transfer (53% of shareholders' equity) (13% of shareholders' equity) • Seasoned loans originated from 2015 – 2020 • Stable cash flows over extended expected life (1) at low WACs ‒ WAC of 3.9%; majority of loans significantly out of the money ‒ Somewhat offset by faster runoff of more recently originated loans• Weighted average current LTV of 45% and 60+ day delinquency rate of 1.2% • Decreased sensitivity of fair values at higher market interest rates • Realized lifetime losses expected to be limited • Elevated placement fee income from higher short-term rates Long-term expected risk-adjusted returns supported by: • Underlying, high-quality conventional loan borrowers (1) • Low delinquencies and LTV ratios, driven by mortgages with low rates and substantial accumulation of home equity • PFSI’s industry-leading servicing capabilities 7 (1) WAC = Weighted average coupon

RUN-RATE RETURN POTENTIAL FROM PMT’S INVESTMENT STRATEGIES Annualized • Represents the average annualized return and Return WA Equity (1) on Equity (ROE) Allocated (%) quarterly earnings potential expected from our Credit sensitive strategies: strategies over the next four quarters PMT GSE credit risk transfer 13.9% 12.1% Non-Agency Subordinate MBS 13.5% 12.5% • Reflects performance expectations in the current Other credit sensitive strategies 5.5% 0.3% mortgage market Net credit sensitive strategies 13.6% 24.9% Interest rate sensitive strategies: ‒ Increased investment expected in accretive MSRs (inc. recapture) 7.4% 47.3% non-Agency subordinate and senior bonds, primarily Agency MBS (and Agency structured products) 23.5% 14.0% through organic securitization activity Non-Agency Senior MBS 22.3% 0.6% (2) Interest rate hedges -0.9% 0.0% ‒ Improved overall run rate versus the prior quarter Net interest rate sensitive strategies 10.3% 61.9% primarily driven by reallocation of equity to subordinate bond investments and higher expected Aggregation and securitization 24.4% 9.0% returns of MSRs in a higher rate environment Cash, short term investments, and other 3.9% 4.2% (3) Management fees & corporate expenses -3.3% 0.0% (3) • Actively adjusting equity and asset allocation and Net Corporate -3.1% 4.2% to improve the return profile Provision for income tax expense -0.4% Net income 8.5% 100.0% Dividends on preferred stock 7.7% 29.2% Net income attributable to common shareholders 8.8% 70.8% Average Diluted EPS Per Quarter $ 0.33 Note: This slide presents estimates for illustrative purposes only, using PMT’s base case (1) Equity allocated represents management’s internal allocation; certain financing balances and associated interest expenses are allocated between assumptions (e.g., for credit performance, prepayment speeds, financing economics, and loss investments based on management’s assessment of target leverage ratios and required capital or liquidity to support the investment treatment for CRT transactions), and does not contemplate market-driven value changes other (2) ROE calculated as a percentage of segment equity than realization of cash flows and hedge costs, or significant changes or shocks to current 8 (3) ROE calculated as a percentage of total equity market conditions; actual results may differ materially

KEY OPERATING METRICS & OTHER FINANCIAL SCHEDULES

SECOND QUARTER RESULTS AND RETURN CONTRIBUTIONS BY STRATEGY Income Excluding Total Income Market-Driven Value Annualized Return on (3) Market-Driven Value WA Equity Allocated (1) (2) (1) Contribution Changes Equity (ROE) (1)(2) Changes ($ in millions, except EPS) Credit sensitive strategies: PMT GSE credit risk transfer $ 5.9 $ (1.0) $ 6.8 $ 247 9% PMT Non-Agency Subordinate MBS 5.4 0.1 5.3 159 14% (4) Other credit sensitive strategies 0.0 (0.0) 0.0 5 0% Net credit sensitive strategies $ 11.2 $ (0.9) $ 12.2 $ 411 11% Interest rate sensitive strategies: MSRs (incl. recapture) $ 24.8 $ 18.5 $ 6.3 Agency MBS (and Agency structured products) 15.7 3.1 12.6 Non-Agency Senior MBS 1.3 0.6 0.7 Interest rate hedges (32.8) (32.8) Net interest rate sensitive strategies $ 9.0 $ (10.7) $ 19.7 $ 1,187 3% Aggregation and securitization $ 11.1 $ 0.0 $ 11.1 $ 215 21% Cash, short term investments, and other $ 0.5 $ 0.5 $ 58 3% (5) Management fees & corporate expenses (15.0) n/a (15.0) -3% (5) Corporate $ (14.5) n/a $ (14.5) $ 58 -3% Benefit / (Provision) for income tax expense $ 14.1 $ 10.7 $ 3.4 Net income (loss) $ 30.9 $ (0.9) $ 31.9 $ 1,871 7% Dividends on preferred stock $ 10.5 $ 541 8% Net income attributable to common shareholders $ 20.5 $ 1,330 6% Diluted EPS $ 0.23 (1) Income contribution and the annualized return on equity calculated net of any direct expenses associated with investments (e.g., loan fulfillment fees and loan servicing fees), but before tax expenses; some of the income associated with the investment strategies may be subject to taxation (2) Categorization of market-driven value changes or non-recurring impacts are based on management assessment; income excluding market-driven value changes does not represent REIT taxable income and is a non-GAAP figure (3) Equity allocated represents management’s internal allocation; certain financing balances and associated interest expenses are allocated between investments based on management’s assessment of target leverage ratios and required capital or liquidity to support the investment (4) Primarily consists of legacy distressed loan portfolio; net new investments also reflect sales in performing and non-performing loans as a part of PMT’s strategy to exit the investments; includes $1.4 million in carrying value of real estate acquired in settlement of loans at 10 6/30/26 (5) ROE calculated as a percentage of total equity

HEDGING APPROACH CENTRAL TO PMT’S INTEREST RATE SENSITIVE INVESTMENTS MSR Valuation Changes and Offsets • PMT seeks to manage interest rate risk exposure ($ in millions) on a “global” basis, recognizing interest rate Change in MSR fair value before realization of cash flows sensitivities across its investment strategies Change in fair value of MBS, interest rate hedges, and related tax impacts • In 2Q26, fair value declines on interest rate hedges were offset by MSR and MBS fair value gains and the related tax impacts 11

FLEXIBLE AND SOPHISTICATED FINANCING STRUCTURES (1) Debt Schedule by Year of Maturity (in millions) Unsecured and Exchangeable Senior Notes MSR Term Notes and Loans Financing capacity CRT Term Notes across multiple banks / flexibility to finance fluctuating MSR and advance balances $1,742mm drawn Unsecured and MSR Financing Financing for Credit Investments Exchangeable Senior Notes ● The majority (84%) of our CRT financing is in the ● Maturity of MSR term notes and loans aligns more ● Provides flexibility and complements asset-backed form of term notes, which do not contain margin closely with the expected life of the MSR asset structures call provisions than short-term borrowings ● $112 million of securities repurchase agreements outstanding for CRT investments ● Non mark-to-market bilateral facilities in place for certain of our investments in bonds from PMT private label securitizations Note: All figures are as of June 30, 2026 12 12 (1) By principal amount. CRT term notes amortize with principal paydowns. Excludes securities repurchase agreements financing our investments in MBS and a portion of our investments in CRT.

(1) See Appendix slide 20 for a reconciliation of leverage ratios including and excluding non-recourse debt LEVERAGE EXCLUDING NON-RECOURSE DEBT (1) PMT Leverage Ratios Total debt-to-equity Debt-to-equity ex. non-recourse debt ● Total debt-to-equity increases as we retain investments from private label securitizations, as all securitized loans are required to be consolidated on the balance sheet ● Debt resulting from private label securitizations is non-recourse debt, where the source of repayment for the debt is limited to the collateralized loans ● Debt-to-equity excluding non-recourse debt has remained within expectations in recent quarters 13

APPENDIX

PMT IS FOCUSED ON UNIQUE INVESTMENT STRATEGIES IN THREE SEGMENTS • PFSI is a leading producer of conventional conforming, jumbo, and non-QM mortgage loans • Provides PMT unique access to loan production and ability to produce investment assets Aggregation and organically through participation in Pennymac correspondent activity or direct purchases of PFSI’s Securitization production • More than 16-year history, with our success over time driven by PFSI’s operational excellence and high service levels • MSR investments created through the securitization of conventional correspondent loan production • Additional investments in Agency MBS, structured products and senior bonds from non-Agency Interest Rate securitizations Sensitive Strategies• Investments have offsetting interest rate exposures; residual exposure hedged with interest rate derivatives • Strong track record and discipline in hedging interest rate risk • Investments in credit risk on PMT’s high-quality loan production with ability to influence performance through active servicing Credit • Consistent issuance of private label securitizations of loans that we originate and service driving Sensitive growth in investments in non-Agency bonds Strategies • Approximately $18.1 billion in UPB of loans underlying PMT’s front-end GSE CRT investments and $12.3 billion in UPB of loans underlying PMT’s private label securitizations at June 30, 2026 15

SYNERGISTIC RELATIONSHIP WITH PFSI IS A UNIQUE AND PROVEN COMPETITIVE ADVANTAGE Strategically well-positioned in a Balance sheet to invest in market characterized by consolidation long-term mortgage assets and changes in the regulatory environment ● Leverages PFSI’s expertise in mortgage production, servicing, and Tax-efficient investment vehicle Best-in-class operating platform investment management, thereby ● Successful track record of more ● Deep and experienced reducing operational risk than 16 years management team ● Mortgage-related investments:● Large and agile multi-channel MANAGEMENT ● Provides PMT with unique access to a origination business AND SERVICES ‒ MSRs consistent pipeline of loans for AGREEMENTS ● Scaled servicing business with ‒ Credit risk transfer investments at attractive returns expertise in different regulatory ‒ Private label securitizations environments ● Infrastructure to invest in new ● As the non-Agency mortgage markets ● Best-in-class technology and loan products processes grow, both entities can capitalize on the evolving landscape for secondary market execution, including increased Scaled and efficient levels of private label securitizations cost structure 16

(1) At period end (2) Return on average common equity (ROE) is calculated based on annualized quarterly net income attributable to common shareholders as a percentage of monthly average common equity during the period HISTORICAL EARNINGS, DIVIDENDS AND BOOK VALUE PER SHARE (1) 4% 9% 10% 0% -1% 14% 13% 4% 6% ROE⁽²⁾ 17

CURRENT MARKET ENVIRONMENT AND MACROECONOMIC TRENDS (2) 4.32% 4.47% (1) 6.38% 6.49% 10-year Treasury Bond Yield Average 30-year fixed rate mortgage (3) (4) Macroeconomic Metrics U.S. Origination Market Forecast (UPB in trillions) 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 10-year Treasury bond yield 4.2% 4.2% 4.2% 4.3% 4.5% 2/10 year Treasury yield 0.5% 0.5% 0.7% 0.5% 0.3% spread 30-year fixed rate mortgage 6.8% 6.3% 6.2% 6.4% 6.5% Secondary mortgage rate 5.5% 5.2% 5.0% 5.5% 5.3% U.S. home price appreciation 1.9% 1.3% 1.1% 0.7% 0.8% (Y/Y% change) Residential mortgage $500 $495 $570 $525 $570 originations (in billions) Refinance Purchase (1) Freddie Mac Primary Mortgage Market Survey. (2) U.S. Department of the Treasury. (3) Actual originations: Inside Mortgage Finance; Forecast originations; Average of Mortgage Bankers Association (7/22/26) and Fannie Mae (7/10/26) forecasts (4) 10-year Treasury bond yield and 2/10 year Treasury yield spread: Bloomberg. Average 30-year fixed rate mortgage: Freddie Mac Primary Mortgage Market Survey. Average secondary mortgage rate: 30-Year FNCL Par Coupon Index (MTGEFNCL), Bloomberg. 18 U.S. home price appreciation: S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index (SPCSUSA); data is as of 4/31/26. Residential mortgage originations are for the quarterly period ended; source: Inside Mortgage Finance

DELINQUENCY TRENDS AND SERVICING ADVANCES OUTSTANDING (1) Historical Trends in Delinquency and Foreclosure Rates 30-60 Day 60-90 Day 90+ Day In foreclosure ● Overall mortgage delinquency rates were essentially unchanged from the prior quarter and were down slightly from the prior year ● Servicing advances outstanding for PMT’s MSR portfolio decreased to approximately $64 million at June 30, 2026 from $79 million at March 31, 2026 ‒ No principal and interest advances are outstanding 19 (1) Owned MSR portfolio and includes loans acquired for sale at fair value; delinquency and foreclosure rates based on UPB; as of 6/30/26, the UPB of mortgage servicing rights owned by PMT and loans held for sale totaled $224 billion

RECONCILIATION OF LEVERAGE RATIOS June 30, 2026 (1) Assets Financing Notes payable Assets sold under secured by CRT Adjustments for Excluding VIE agreements to arrangements (2) Consolidated VIE Financing Financing repurchase and MSRs Total (in thousands except for debt-to equity amounts) Assets Cash and short-term investments $ 420,850 $— $ 420,850 $— $— $— Mortgage-backed securities at fair value Agency-backed securities 3,943,461 — 3,943,461 3,854,152 — 3,854,152 Senior non-Agency securities 128,207 — 128,207 120,863 — 120,863 Non-Agency-backed securities 3,992 — 3,992 2,795 — 2,795 Credit risk transfer securities relating to consolidated variable interest entities — 938,474 938,474 112,217 582,475 694,692 Non-agency securities relating to consolidated variable interest entities — 944,772 944,772 835,998 — 835,998 4,075,660 1,883,246 5,958,906 4,926,025 582,475 5,508,500 Loans held for sale at fair value 3,195,343 — 3,195,343 2,966,705 — 2,966,705 Loans held for investment at fair value 12,458,249 (12,456,657) 1,592 — — — Derivative assets 49,423 (30,301) 19,122 — — — Deposits securing credit risk transfer arrangements 947,900 (947,900) — — — — Mortgage servicing rights and servicing advances 3,639,921 153,283 3,793,204 502,496 1,898,656 2,401,152 24,787,346 (11,398,329) 13,389,017 8,395,226 2,481,131 10,876,357 Other 306,244 — 306,244 — — — Total assets and secured financing $ 25,093,590 $ (11,398,329) $ 13,695,261 $ 8,395,226 $ 2,481,131 $ 10,876,357 Unsecured debt 685,276 Debt excluding non-recourse 11,561,633 (2) Debt in consolidated variable interest entities 11,392,901 (3) Total debt $ 22,954,534 Equity $ 1,853,374 Debt-to equity ratio: (4) Excluding non-recourse debt 6.2:1 (5) Total 12.4:1 (1) The balance sheet information depicted under the column captioned “Consolidated” represents information prepared in compliance with with accounting principles generally accepted in the United States (“GAAP”). The subsequent columns reflect non-GAAP adjustments to deconsolidate the assets held in the trusts issuing beneficial interests in those assets and to provide investors with a more creditor-aligned view of how our debt relates to the assets we finance. After adjustment, the assets are shown in the securitized form in which they are financed which excludes non-recourse debt which we refer to as Asset-backed financings of variable interest entities at fair value on our consolidated balance sheet. The adjusted balance sheet information should not be considered in isolation or as a substitute for an analysis of our results as presented in compliance with GAAP. (2) Does not include adjustments for credit risk transfer strip liabilities of $5.4 million. (3) Excludes non-debt liabilities of 20 20 $285.7 million included in total liabilities on our consolidated balance sheet. (4) Total debt reduced by asset-backed financings and interest-only security payable, divided by shareholders’ equity. (5) Total debt divided by shareholders’ equity.

21

Filing Exhibits & Attachments

6 documents

Press Releases

• EX-99.1 EX-99.1 378.7 KB
• EX-99.2 EX-99.2 36.8 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 5.1 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 15.0 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 25.5 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 16.2 KB