PennyMac Mortgage Investment Trust reported net income attributable to common shareholders of $41.9 million for the fourth quarter of 2025, or $0.48 per common share, on net investment income of $93.6 million. The trust achieved 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. A cash dividend of $0.40 per common share was declared on December 10, 2025, with a record date of December 26, 2025, and payment date of January 23, 2026.

Loan acquisitions in the quarter totaled $5.5 billion in unpaid principal balance (UPB), an 18 percent increase from the prior quarter. Of this, $3.7 billion in UPB of conventional conforming and non-Agency loans and $1.8 billion in UPB of production loans were acquired from PennyMac Financial Services under the fulfillment agreement. The trust generated $53 million in new mortgage servicing rights and completed eight private label securitizations with combined UPB of $2.8 billion. Net gains on mortgage-backed securities totaled $31.4 million, while net gains on non-Agency subordinate bonds and CRT investments contributed $8.7 million and $16.2 million, respectively.

During the quarter, PennyMac raised $150 million through opportunistic reopenings of exchangeable senior notes due 2029, strengthening its liquidity position. The trust also closed one jumbo loan securitization, one Agency-eligible investor loan securitization, and one Agency-eligible owner-occupied loan securitization after quarter end, totaling $1.1 billion in UPB. Additionally, the portfolio generated $69 million of net new investments in non-Agency subordinate bonds following quarter close.

For the full year, net income attributable to common shareholders was $86.1 million, or $0.99 per diluted share, compared with $119.2 million and $1.37 per share in 2024. Dividends totaled $1.60 per common share. Book value per share declined from $15.87 to $15.25, while net investment income fell to $307.5 million from $334.2 million. Return on average common equity was 6 percent. The trust closed 19 private label securitizations with UPB of $6.7 billion, generated $528 million in net new non-Agency bond investments, purchased $876 million of Agency floating-rate MBS, sold $195 million of GSE-issued CRTs, and issued $428 million of unsecured debt to address maturities and support growth.