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Dec 31, 2025
PennyMac Q4 2025 Earnings Report
PennyMac reported a net income of $41.9 million, or $0.48 per common share, for the fourth quarter of 2025, driven by strong performance in credit sensitive and interest rate sensitive strategies.
Key Takeaways
PennyMac Mortgage Investment Trust delivered strong results in the fourth quarter of 2025, with net income attributable to common shareholders reaching $41.9 million, or $0.48 per common share. This performance was primarily fueled by robust contributions from its credit sensitive and interest rate sensitive strategies, including a significant tax benefit. The company also saw substantial investment activity, with $5.5 billion in loans acquired and the execution of eight private label securitizations totaling $2.8 billion in UPB.
Net income attributable to common shareholders was $41.9 million, with an annualized return on average common shareholders' equity of 13 percent.
Book value per common share increased to $15.25 at December 31, 2025, up from $15.16 at September 30, 2025.
Loans acquired totaled $5.5 billion in unpaid principal balance (UPB), an 18 percent increase from the prior quarter.
The company closed three Agency-eligible investor loan securitizations, three jumbo loan securitizations, and two Agency-eligible owner occupied loan securitizations with a combined UPB of $2.8 billion.
Revenue by Segment
Forward Guidance
PennyMac Mortgage Investment Trust anticipates continued strong performance, leveraging its synergistic relationship with PFSI and multi-channel production platform to drive earnings and support dividends.
Positive Outlook
- PMT is expected to acquire all non-Agency eligible correspondent production and 15 to 25 percent of total conventional conforming correspondent production in the first quarter of 2026.
- The company's ability to leverage PFSI's multi-channel production platform and best-in-class servicing capabilities is unique in the industry and allows for organic creation of investments with strong risk-adjusted returns.
- Management is confident that the comprehensive platform will drive the ability to continue generating earnings that support the dividend and drive long-term value for shareholders.
- The company's actions highlight its ability to actively manage capital and consistently create high-quality investments at scale.
- Strong results from credit sensitive and interest rate sensitive strategies, including a tax benefit, demonstrate the earnings power of the investment portfolio in the current market environment.
Challenges Ahead
- Changes in interest rates could negatively impact financial results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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