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Jun 30, 2025
PennyMac Q2 2025 Earnings Report
PennyMac Mortgage Investment Trust reported a net loss driven by fair value declines and a non-recurring tax expense in Q2 2025.
Key Takeaways
PMT posted a net loss of $2.9M despite $70.2M in net investment income. Fair value declines and a $14M one-time tax expense offset solid core income and correspondent production growth.
Net loss of $2.9M or -$0.04 per share due to fair value declines and one-time tax expense
Book value per share decreased to $15.00
Correspondent loan production volumes for PMT’s account totaled $3.1B
Issued $105M in senior unsecured notes and created $44M in new MSRs
Revenue by Segment
Forward Guidance
Management expects continued focus on diversifying credit-sensitive investments and leveraging correspondent production growth, while monitoring interest rate volatility.
Positive Outlook
- Solid core income excluding market-driven changes
- Expansion of credit-sensitive investments through private label securitizations
- Strong correspondent loan production growth
- Access to capital markets with new unsecured notes issued
- Continued creation of MSRs at attractive returns
Challenges Ahead
- Non-recurring $14M tax expense impacted profitability
- Fair value declines from interest rate volatility
- Book value per share declined from prior quarter
- Interest rate-sensitive strategies posted a pretax loss
Historical Earnings Impact
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Avg. Return Before/After Earnings
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