PennyMac Mortgage Investment Trust 2025年度报告

PennyMac Mortgage Investment Trust (NYSE: PMT) is a specialty finance company that investsprimarily in residential mortgage loans and mortgage-related assets. As a real estateinvestment trust (REIT), our objective is to provide attractive risk-adjusted returns to ourshareholders over the long-term, primarily through dividends and secondarily through capitalappreciation. Our investment focus is on mortgage-related assets that we create through our industry-leadingcorrespondent production activities, primarily mortgage servicing rights (MSRs). Incorrespondent production, we acquire, pool and securitize or sell newly originated prime creditquality loans. Our interest rate sensitive investments primarily include MSRs, mortgage-backedsecurities and related hedge instruments. Our credit sensitive investments consist primarily ofcredit risk transfer investments related to loans sourced through our correspondent productionthat were delivered to Fannie Mae, as well as subordinate and senior bonds created fromprivate label securitizations sourced from our own production volumes. PMT is managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary of PennyMacFinancial Services, Inc. (NYSE: PFSI), and an investment adviser registered with the Securitiesand Exchange Commission that specializes in mortgage assets. Our correspondent productionoperations are conducted on a fee-for-service basis by another PennyMac Financial subsidiary,PennyMac Loan Services, LLC, which also services most of the loans in our investment andMSR portfolios. Dear Fellow Shareholders, In 2025, PennyMac Mortgage Investment Trust (NYSE: PMT) delivered solid financial resultsdespite a continuation of significant interest rate volatility, while also successfully executing astrategic shift toward organically created, higher-returning assets. By leveraging our synergisticrelationship with PennyMac Financial Services, Inc. (PFSI), we have firmly established PMT as aleading issuer in the private-label securitization market. For the full year, PMT reported netincome attributable to common shareholders of $86.1 million, or $0.99 per diluted commonshare. We maintained our consistent dividend of $0.40 per share on a quarterly basis, or $1.60annually; and because our annual dividend distributions exceeded our full-year earnings – whichwere impacted primarily by market driven value declines from the aforementioned volatility –our book value per share ended the year at $15.25, down modestly from $15.87 at the end of2024. A highly stable foundation of seasoned legacy investments anchors PMT’s overall portfolio.Approximately 60 percent of our shareholders’ equity is deployed to mortgage servicing rights(MSRs) and our unique Government-Sponsored Enterprise (GSE) credit risk transfer (CRT)investments. Our MSR portfolio is expected to produce consistent, durable cash flows over anextended expected life, as the underlying mortgages feature low weighted average coupons thatremain far out of the money with very little incentive for the underlying borrowers to refinance.Similarly, our organic GSE CRT investments consist of high-quality, seasoned conventionalloans originated between 2015 and 2020. The underlying fundamentals of this portfolio are verystrong, supported by the overall credit strength of the consumer and historically lowdelinquency rates. Thanks to the substantial home equity accumulation of these borrowers overthe years, we continue to expect realized lifetime losses to remain limited. Ultimately, giventhese robust collateral characteristics, we expect these core investments to perform well withstrong and durable risk-adjusted returns for the foreseeable future. Throughout 2025, we demonstrated highly disciplined, active capital management to optimizePMT’s return profile. We purposefully rotated capital from lower-yielding assets into high-qualityinvestments with superior return profiles. This included the strategic sale of $195 million ofopportunistic GSE-issued credit risk transfer (CRT) investments, where we had realizedsignificant gains and where forward-looking expected returns fell below our targetedrequirements. We redeployed this capital into newly created assets with higher expected returnsfrom our private-label securitization activity, as well as the purchase of $876 million of Agencyfloating rate mortgage-backed securities (MBS). To further bolster our liquidity and support thisexpansion, we opportunistically raised $150 million of unsecured financing through reopeningsof our exchangeable senior notes due in 2029. Central to our strategic evolution in 2025 was the rapid acceleration of our private-labelsecuritization platform, driven by our unique and proven synergistic relationship with PFSI. PMTleverages PFSI’s best-in-class operating platform, its scaled servicing operations, and its largemulti-channel origination business to access a consistent and high-quality pipeline of loans forinvestment. This structure allows PMT to effic