8-K

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

LOGO

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

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

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.

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.

***

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
[email protected]		[email protected]
805.395.9943		818.224.7028

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.

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

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

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

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

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

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

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

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.


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)


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


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).