PMT

WESTLAKE VILLAGE, Calif., September 02, 2026--(BUSINESS WIRE)--PennyMac Mortgage Investment Trust (NYSE: PMT) announced today that its Board of Trustees declared a cash dividend of $0.40 per common share of beneficial interest for the third quarter of 2026. This dividend will be paid on October 23, 2026, to common shareholders of record as of October 8, 2026. 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. 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, PennyMac Mortgage Investment Trust’s (the "Company") 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 the Company’s 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260901259064/en/ Contacts Media Kristyn [email protected] 805.395.9943 Investors Isaac [email protected] 818.224.7028

WESTLAKE VILLAGE, Calif., August 13, 2026--(BUSINESS WIRE)--PennyMac Mortgage Investment Trust (NYSE: PMT) announced today that its Board of Trustees has declared cash dividends for the third quarter of 2026 on its 8.125% Series A Preferred Shares (NYSE: PMT PRA), its 8.000% Series B Preferred Shares (NYSE: PMT PRB) and its 6.750% Series C Preferred Shares (NYSE: PMT PRC). In accordance with the terms for each preferred series, the dividend information is as follows: 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. 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, PennyMac Mortgage Investment Trust (the "Company") 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 controls 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260812531492/en/ Contacts Media Kristyn [email protected] 805.395.9943Investors Isaac [email protected] 818.224.7028

Image source: The Motley Fool. Wednesday, July 29, 2026 at 6 p.m. ET Chairman and Chief Executive Officer - David A. Spector Chief Financial Officer - Daniel Stanley Perotti Operator: Good afternoon, and welcome to PennyMac Mortgage Investment Trust's second quarter 26 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press * to raise your hand. To withdraw your question, press * again. Additional earnings materials, including the presentation slides, that will be referred to in the call, as well as an Excel file with supplemental information are available on the PennyMac Mortgage Investment Trust's website at pmt.pennymac.com. Before we begin, let me remind you that this call may contain forward looking statements that are subject to certain risks identified on slide 2 of the earnings presentation that could cause the company's actual results to differ materially as well as non GAAP measures that have been reconciled to their GAAP equivalent in their earnings materials. Now I would like to introduce David A. Spector, PennyMac Mortgage Investment Trust chairman and chief executive officer, and Daniel Stanley Perotti, PennyMac Mortgage Investment Trust chief financial officer. Please go ahead. David A. Spector: Thank you, operator. Good afternoon, and thank you to everyone for participating in our second quarter 26 earnings call. Starting on slide 3, PMT's second quarter net income was $20 million or $0.23 per diluted common share representing a 6% annualized return on common equity. These results were impacted by a lower contribution from our Credit Sensitive Strategies, driven primarily by market driven value declines. as well as lower contributions from our aggregation and securitization strategies primarily due to lower volumes. These impacts were partially offset by improved results in our interest rate sensitive strategies. PMT paid a quarterly dividend of $0.40 per share. And book value per share at June 30 was $14.83. Down 1% from the end of the prior quarter. Turning to slide 4, during the second quarter, PMT acquired $2 billion in UPB of loans, through corresponding production activities. For which PMT pays fulfillment fees to PFSI. This number was down 8% from the prior quarter and 17% from the second quarter of 25. PMT also acquired $2.2 billion in UPB from PFSI production for inclusion in private label securitizations. Up 44% from the prior quarter and 123% from the second quarter of 25. In total, during the second quarter, PMT acquired $4.8 billion in UPB of loans. Beginning in June, PMT elected to stop acquiring agency eligible conventional conforming loans through correspondent production but will continue acquiring 100% of all non agency loan volume. This strategic decision allows us to optimize our capital allocation by pivoting away from MSR investments. Which have faced return headwinds in recent periods, and accelerating the redeployment of our capital to higher yielding, credit sensitive investments created from our private label securitization program. Consistent with this objective, I am pleased to announce that after quarter end, we entered into an agreement to sell $13 billion in UPB of low coupon agency MSRs. With a close expected at the end of August. Slide 5 highlights the continued success of our organic investment creation engine. During the quarter, we completed 6 private label securitizations totaling $2.2 billion in UPB. This activity resulted in the retention of $120 million of new subordinate bond investments in the credit sensitive strategies. We also generated $31 million of new MSR investments. Our momentum has continued after quarter end. With 2 additional securitizations completed, totaling $692 million in UPB, and we remain on pace to complete approximately 30 securitizations in 2026. In total, through 2026, we expect we will have added more than $600 million of retained, building a substantial foundation of investments with returns on equity, in the low to mid teens to support future earnings. slide 6, we provided a snapshot of high quality investments we are creating through our private label securitization. At quarter end, the fair value of retained bonds from this program totaled $936 million. 63% of this portfolio is comprised of bonds from non owner occupied loan securitizations, 21% is comprised of bonds from jumbo loan securitizations, with the remainder from agency eligible owner occupied loan securitizations. As you can see, these investments feature exceptional credit characteristics. Including a weighted average FICO at origination of 774 a weighted average LTV at origination of 72%, and negligible delinquencies. The credit quality of these organically created assets underscores our ability to produce attractive high yielding investments in the current market. On slide 7, approximately half of PMT shareholders equity remains deployed to long standing investments in MSRs and 13% is comprised of our unique GSE credit risk transfer investment. Mortgage servicing rights provide stable cash flow from a portfolio with a low weighted average coupon of 3.9%. And our organically created GSE CRT investments consist of seasoned loans with a weighted average current loan to value of 45%. Turning to slide 8, while our diversified portfolio is constructed of investments with strong underlying fundamentals, we acknowledge our earnings excluding market driven value changes have been below our dividend level for the past several quarters. As you can see, we are showing an average run rate return of $0.33 per quarter for the next year, up from the $0.31 projection in the prior quarter. In the credit sensitive strategies, return dynamics are similar to the prior quarter. The improvement of the overall run rate versus prior quarter is driven by reallocation of equity to subordinate bond investments and higher expected returns of our MSR assets in a higher rate environment. As is our standard practice, we continue to monitor our portfolio mix and allocate capital towards investments with the most attractive return protection potential. Our momentum in organic investment creation remains strong. And we have successfully positioned PMT as a leader in the private label securitization market. Given the success of our securitization program, we are shifting our equity allocation toward creative credit sensitive strategies. And I am confident this realignment of our balance sheet will bolster PMT's return profile to deliver attractive total returns over the long term. Now, I will turn it over to Daniel to review the second quarter financial performance. Daniel Stanley Perotti: Thank you, David. Net income to common shareholders was $20 million or $0.23 per diluted common share in the second quarter, or a 6% annualized return on equity to common shareholders. Our credit sensitive strategies contributed $11 million to pretax income, generating an annualized return on equity of 11%. The contribution to pretax income from organically created CRT investments was $6 million. Which included $7 million of realized gains in carry and $1 million of market driven value declines. Investments in subordinate MBS from our private label securitization generated gains of $5 million down from $6 million in the prior quarter primarily due to lower valuation related gains. The interest rate sensitive strategies contributed pretax income of $9 million for an annualized ROE of 3%. Income excluding market driven value changes for this segment was $20 million up from $11 million in the prior quarter as decreased prepayment speeds during the quarter, particularly on higher note rate MSRs drove slower runoff of our MSR asset. During the quarter, we purchased $486 million of agency floating rate MBS, and the fair value of our MBS portfolio increased to $4.1 billion at June 30. Up from $3.8 billion at March 31. Regarding market driven fair value changes, our hedging activities during the quarter effectively mitigated our interest rate risk exposure. As the $18 million MSR fair value increase was offset by $18 million of net declines in fair value of MBS and interest rate hedges. Including the related tax benefits. The aggregation and securitization segment reported pretax income of $11 million down from $16 million in the prior quarter. Net gains on loans acquired for sale declined by approximately $8 million from the prior quarter, primarily due to lower volumes. In total, PMT reported $32 million of net income across its strategies excluding market driven value changes. Up from $28 million in the prior quarter, primarily due to an increased contribution from the interest rate sensitive strategies. I want to address our dividend in the context of our current results, and the updated run rate return potential. While projections for income excluding market driven value changes remain below the dividend level, it is important to note that we expect to maintain the common share dividend at $0.40 per share. This is supported by our taxable income, which we expect to be sufficient to fully cover the dividend at its current level in coming periods. Turning to slide 12, we highlight the flexible and sophisticated financing structures PMT has in place to support its diversified portfolio of investments. And finally, on slide 13, we continue to believe that debt to equity, excluding nonrecourse debt, is the best metric for measuring our core leverage. That ratio increased to 6.2x at quarter end from 5.6x at the prior quarter end due to growth in loans held for sale and remains in line with our expected levels. PMT's total debt to equity increased to approximately 12:1 from 11:1 at March 31. As we continue to retain investments from securitizations. The increase in our total debt to equity ratio reflects growth in nonrecourse debt associated with these transactions. Where all securitized loans are required to be consolidated on our balance sheet for accounting purpose. Purposes. As a reminder, the source of repayment for this debt is limited to the cash flows from the associated loans in each private label securitization, mitigating any additional exposure to PMT. We expect the divergence between these 2 metrics to continue increasing as our securitization program continues to grow. We will now open it up for questions. Operator? Operator: We will now begin the question and answer session. Please limit yourself to 1 question and 1 follow-up. If you would like to ask a question, please press *1 to raise your hand. Withdraw your question, press *1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question is from Bose George from KBW. Your line is now open. Please go ahead. Bose George: Hey, guys. Just in terms of the move we have had in rates since quarter end, can you just talk about the impact of that on the run rate earnings? Is that help with the MSR returns? Just, yes, just color on that would be great. Daniel Stanley Perotti: Yeah. O overall, thanks for the question, Bose. Overall, as interest rates move higher and particularly long rates and talked about this a little bit before, it is beneficial to the expected earnings and run rate especially with the MSR. So we mentioned it in terms of the context of the run rate that as interest rates have moved higher, it is driven up our expectation for the returns of the MSR portfolio. You know, as rates as-- or if rates continue to move higher, longer rates, and mortgage rates, that further dampens the you know, the prepayment speeds on the MSR and could drive additional in the MSR returns, which would help to further bolster the would help to further bolster the MSR returns. I would say a little bit of an offset to that is that to the extent that short rates you know, increase meaningfully or the Fed increases short rates meaningfully, that has a bit of a dampening effect on the overall returns as that would drive up our financing costs. For any of our, you know, longer dated fixed rate assets in the interest rate sensitive strategies and with respect with respect to our subordinate bonds. You know, we have some of our investments in recent periods, we have invested those in assets that are less sensitive to that, in particular, CMO floaters. But those are the 2 sort of offsetting potential impacts from interest rates increasing. Bose George: Okay. But net, could we be a couple of pennies higher than the $0.33 that you have showed? Daniel Stanley Perotti: Given our concentration in mortgage servicing rights, and, you know, the fact that we have generally seen the long rates, I would say, move up a bit faster than we expect short rates to. It would generally be beneficial to the to the run rate. Bose George: Okay. Great. And then just on the MSR sales, I mean, could we see more MSR sales? It seems like the market for low coupon MSRs at least is very strong. And would it make sense to, you know, potentially do that, maybe park something agency MBSs, for instance, if it happens? David A. Spector: Look. We have as you know, Bose, we have we have become much more active in terms of managing the portfolio. And I think that as we look at the opportunities and we see the returns, in securitizations combined with the fact that there is a very robust bid for MSRs of with low note rates, that is something that we are clearly looking at. Bose George: So Great. Thank you. Operator: The next question is from Marisa Lobo of UBS. Your line is open. Please go ahead. Analyst: Alright. Thank you. Just on the shift and the relationship to PFSI on the shift to 100% non agency acquisition. I mean, does that alter the economic relationship or the management agreement with PFSI? Daniel Stanley Perotti: So it does not alter the management agreement. Really, overall, the impacts that would have is that there are less loans flowing through the correspondence arrangement or the fulfillment agreement So we do PMT does pay a fulfillment fee to PFSI for all of the loans that come through that, correspondent loan arrangement or correspondent loan channel, you know, directly to PMT. So to the extent that there is a lower number of loans, you know, none of the agency eligible conventional loans flowing through that correspondent arrangement. That would be you know, a bit lower gain on sale being generated at PMT from those loans. But lower fulfillment fees flowing back to PFSI. You know, the just to emphasize the reason or rationale for that change is really to, you know, getting back to the allocation of equity to reduce the amount of capital that continues to be invested in MSRs and in particular higher rate MSRs where we believe PMT has a better allocation of equity into the subordinate bonds than it is generating from its private label securitizations. And so that drives, you know, what we expect to drive more beneficial and increased run rate over time. Through the reallocation of that. Okay. Got it. And on rate sensitivity, following the sale of the MSRs and your capital redeployment, mean, should we think about PMT's interest rate sensitivity and book value volatility versus today? Overall, it should be, you know, very similar. Our hedging practices remain the same as they have been, and our, you know, our overall strategy in PMT has generally been to insulate it from you know, from significant book value changes due to interest rate movements as you can see from this quarter's hedge results in particular have been successful in accomplishing that, and we expect that to continue as we reallocate equity away from MSRs and into the private label securitizations. So we do include you know, the those holdings from the private label securitizations. Those are also included in our global interest rate hedging and management and so you know, are considered in terms of our hedging positions. Analyst: Appreciate the answers. Operator: Our next question is from Trevor Cranston of Citizens JMP. Your line is open. Please go ahead. Analyst: Hey. Thanks. As we think about the pace of capital transition going forward, It seems like broadly speaking, kind of nonagency securitization activity has been fairly robust recently. Are you guys finding any opportunities to potentially, you know, deploy capital into third party securitizations? Or should the expectation be more so that you guys will continue to focus on your own organically created investment plan? David A. Spector: Yeah. So you know, we look at we look at a lot of a lot of bonds being offered you know, by street desks. We buy smaller pieces here and there, not because we have any bias necessarily to wanting to do the organic creation the organic creation but we believe in the economic value of it. I think given the fact that you know, the our manager is servicing the loans and we have the investment in the loans and our manager has done the diligence on the loans. We feel very, very comfortable with the underlying assets in the securitization versus buying in this, you know, in the secondary market from other from other originators for loans that are being serviced by others. But it is not it is not a policy. We will not do it. You know, for the for, you know, what we believe an appropriate return We have bought in the past, and we will buy in the future, but it is just, you know, from a best execution standpoint, the best path to re redeploying the capital is to redeploy it into the securitizations that we have been doing. Analyst: Okay. Thank you. Operator: Our next question is from Douglas Harter of BTIG. Your line is open. Please go ahead. Douglas Harter: Thanks, and good afternoon. Can you talk about the pacing of securitization activity to the extent that you are able to free up more capital through MSR sales? Do you think that could accelerate? Or is the pace that you have been operating at you know, kind of the pace that the market, you know, that you see the opportunity as today? David A. Spector: No, look, this is the advantage that, you know, PMT has given its synergistic relationship with PFSI. And look, I think that as we have capital to deploy, I can see us doing a larger securitizations to create larger investments. You know, we have we have been redeploying some of the capital into, you know, the-- the, you know, the floaters But I do not you know, I think that we have look. With the leading PFSI is the leading correspondent aggregator. there is securitization activity around call it 25 to 30% of the owner occupied loans that go to the GSEs, there is securitization activity around the investor and second homes that go to the GSEs, We at PMT could do jumbo securitizations. And, you know, given the pace of activity of non QM, that we are doing in PMT combined with the fact that you know, PFSI is doing a robust amount out of its broker division and is selling in the secondary market for which PMT could buy, we could do a non QM securitization, which you know, I am hopeful we can get 1 done, you know, in the second half of the year. And so there is a lot of opportunity for us to deploy capital into this securitization market. So, you know, it is not you know, it is not a necessarily a function of redeployment as we sell assets it is, you know, understanding that, you know, if we are going to sell servicing, what the servicing landscape looks like, and, you know, identifying that you know, are we maximizing our you know, the capital upon the sale in addition to maximizing the return upon the redeployment. Douglas Harter: Appreciate that. David. And can you just briefly talk what impact if any, do you think the move higher in rates that we have seen will have on kind of securitization execution? David A. Spector: So any higher anytime you move higher in rates, it does have an effect. On production. But I will tell you, we have been running at, you know, I would say slower levels over the past you know, call it 2 months, And I think that, you know, you are going to continue to see things slow down. there is still there is still a lot of activity you know, in the, you know, on the on the origination side. And the non QM space. there is a lot of activity on the investor and second home space. And there is a good amount of activity in cash out refinances. But there is no escaping the fact that you know, mortgage is a cyclical is a cyclical endeavor and as rates go up, activity does slow down. Daniel Stanley Perotti: With respect to the execution, a bit of the offset to that too, though, when we are talking about execution, is that to the extent that there is you know, less supply flowing into the market you know, that can help in terms of investor demand for the securitization. Just because there is less overall supply. So to the extent that there is still a good amount of loans, as David was talking about, sort of raw material to generate the securitizations. Coming through from PMT's partnership with PFSI. That does give us that advantage in potentially a little bit of tailwinds with respect to the securitization execution. Douglas Harter: Great. Appreciate it. Thank you. Operator: There are no further questions at this time. I will now turn the call back to David A. Spector for closing remarks. David A. Spector: Thank you, operator, and thank you all for joining us. If you have any additional questions, please do not hesitate to reach out to our investor relations team. Thank you so much. Operator: This concludes today's call. Thank you for attending. You may now disconnect. 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PennyMac Mortgage Investment Trust (NYSE:PMT) reported second-quarter net income of $20 million, or $0.23 per diluted common share, as lower contributions from credit-sensitive and aggregation-and-securitization strategies were partly offset by stronger results in interest-rate-sensitive investments. The result represented a 6% annualized return on common equity, Chairman and Chief Executive Officer David Spector said. The company’s book value per share was $14.83 as of June 30, down 1% from the prior quarter. PMT paid a quarterly dividend of $0.40 per share. → Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? Spector said earnings were affected by market-driven value declines in credit-sensitive investments and lower volumes in aggregation and securitization activities. The company is responding by shifting capital away from mortgage servicing rights, or MSRs, and toward retained subordinate bonds generated through its private-label securitization program. Beginning in June, PMT stopped acquiring agency-eligible conventional conforming loans through correspondent production, though it will continue to acquire all non-agency loan volume. Spector said the move is intended to reduce capital deployed in MSRs, which have faced return headwinds, while increasing investment in higher-yielding credit-sensitive assets created through private-label securitizations. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now During the quarter, PMT acquired $2.6 billion in unpaid principal balance, or UPB, of loans through correspondent production, down 8% from the first quarter and 17% from the year-earlier period. It also acquired $2.2 billion in UPB of loans from PennyMac Financial Services Inc. production for private-label securitizations, up 44% sequentially and 123% year over year. In total, the company acquired $4.8 billion in UPB of loans in the quarter. It completed six private-label securitizations totaling $2.2 billion in UPB, retaining $120 million of new subordinate bond investments and generating $31 million of new MSR investments. → 3 Value ETFs to Consider as Growth Stocks Lag Behind After quarter-end, PMT completed two additional securitizations totaling $692 million in UPB. Spector said the company remains on track to complete about 30 securitizations in 2026 and expects to add more than $600 million of retained investments during the year. He said those investments are expected to produce returns on equity in the low- to mid-teens. The company also agreed after quarter-end to sell $13 billion in UPB of low-coupon agency MSRs, with closing expected at the end of August. Spector said PMT is actively managing its MSR portfolio and will evaluate additional sales as it weighs securitization returns against market demand for low-note-rate servicing assets. At quarter-end, the fair value of retained bonds from PMT’s private-label securitization program totaled $936 million. The portfolio was composed of 63% non-owner-occupied loan securitizations, 21% jumbo loan securitizations and the remainder agency-eligible owner-occupied loan securitizations. Spector said the assets had a weighted average FICO score at origination of 774, a weighted average loan-to-value ratio at origination of 72%, and negligible delinquencies. Chief Financial Officer Dan Perotti said credit-sensitive strategies contributed $11 million in pretax income, representing an 11% annualized return on equity. Organically created credit-risk-transfer investments contributed $6 million, including $7 million in realized carry gains and $1 million in market-driven value declines. Subordinate mortgage-backed securities retained from private-label securitizations generated $5 million of gains, compared with $6 million in the prior quarter, primarily because of lower valuation-related gains. Interest-rate-sensitive strategies contributed $9 million of pretax income, or a 3% annualized return on equity. Income excluding market-driven value changes in that segment rose to $20 million from $11 million in the first quarter, as lower prepayment speeds—particularly on higher-note-rate MSRs—slowed runoff of the MSR asset. PMT purchased $486 million of agency floating-rate MBS during the quarter, bringing the fair value of its MBS portfolio to $4.1 billion, compared with $3.8 billion at March 31. Perotti said an $18 million increase in MSR fair value was offset by $18 million of net fair-value declines in MBS and interest-rate hedges, including related tax benefits. The aggregation and securitization segment produced $11 million of pretax income, down from $16 million in the first quarter. Net gains on loans acquired for sale fell by approximately $8 million sequentially, primarily because of lower volumes. Across its strategies, PMT reported $32 million of net income excluding market-driven value changes, up from $28 million in the prior quarter. Management projected an average run-rate return of $0.33 per share per quarter over the next year, compared with its prior projection of $0.31. Although that projection remains below the $0.40 quarterly dividend, Perotti said the company expects to maintain the dividend because taxable income is expected to be sufficient to fully cover it in coming periods. In response to analyst questions, Perotti said higher long-term and mortgage rates generally support expected MSR returns by reducing prepayment speeds. Higher short-term rates, however, could raise financing costs on longer-dated fixed-rate assets and partially offset that benefit. He said PMT’s concentration in MSRs means the recent increase in long rates has generally benefited its run-rate outlook. Spector said higher rates have slowed production activity over the past two months, though non-qualified mortgage lending, investor and second-home lending, and cash-out refinances continue to provide loan supply. Perotti added that lower market supply could support investor demand and securitization execution, provided sufficient loans continue to flow through PMT’s relationship with PFSI. Core debt-to-equity, excluding non-recourse debt, increased to 6.2 times from 5.6 times in the prior quarter, driven by growth in loans held for sale. Total debt-to-equity rose to approximately 12 times from 11 times, reflecting growth in non-recourse debt tied to retained securitization investments. Perotti said repayment of that debt is limited to cash flows from the associated loans in each securitization. PennyMac Mortgage Investment Trust (NYSE: PMT) is a publicly traded real estate investment trust (REIT) that primarily acquires and manages residential mortgage loans and mortgage-related assets. The company focuses on generating attractive risk-adjusted returns through investment in agency and non-agency residential mortgage pools, credit risk transfer securities, and residential mortgage whole loans. As a mortgage REIT, PennyMac Investment Trust seeks to capture both interest rate spread and potential price appreciation in its portfolio holdings. Established with external management by PennyMac Financial Services, Inc, the trust leverages the sponsor's mortgage servicing, underwriting and capital markets expertise. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "PennyMac Mortgage Investment Trust Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management is executing a strategic pivot away from agency-eligible conventional conforming loans to optimize capital allocation toward higher-yielding credit-sensitive investments. The decision to stop acquiring agency MSRs is driven by recent return headwinds in that asset class and a desire to accelerate redeployment into private label securitization (PLS) subordinate bonds. Second quarter results were impacted by market-driven value declines in credit-sensitive strategies and lower volumes in aggregation, partially offset by improved interest rate sensitive performance. The organic investment engine remains a primary driver, with six PLS transactions completed in Q2 resulting in $120 million of new retained subordinate bond investments. Management highlighted the exceptional credit quality of organically created assets, noting a weighted average FICO of 774 and LTV of 72% for the PLS portfolio. The company entered an agreement to sell $13 billion in low-coupon agency MSRs to capitalize on robust market demand and free up capital for higher-return opportunities. Management expects to complete approximately 30 securitizations in 2026, adding more than $600 million of retained investments with projected ROEs in the low to mid teens. The run rate return projection was increased to $0.33 per share, reflecting the reallocation of equity to subordinate bonds and higher expected MSR returns in a rising rate environment. The common share dividend is expected to be maintained at $0.40 per share, supported by taxable income levels despite GAAP earnings currently trailing the dividend. Management anticipates the divergence between debt-to-equity and total debt-to-equity ratios will increase as the securitization program grows and requires consolidation of nonrecourse debt. Future deployment strategies include potential expansion into non-QM securitizations, with a target to complete the first transaction in the second half of the year. The $13 billion MSR sale is expected to close at the end of August, marking a significant step in the balance sheet realignment. Total debt-to-equity increased to 12:1 due to accounting requirements for consolidating securitized loans, though management emphasizes this is nonrecourse debt with limited repayment risk to PMT. Rising short-term rates present a potential headwind by increasing financing costs for longer-dated fixed-rate assets and subordinate bonds. Management acknowledged that while higher rates dampen production volumes, the resulting lower supply in the market can improve execution for securitization transactions. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Higher long-term rates are generally beneficial to MSR returns by dampening prepayment speeds, which supports the increased $0.33 run rate projection. Management noted a potential offset if the Fed increases short rates significantly, as this would drive up financing costs for subordinate bonds and fixed-rate assets. The shift reduces capital tied up in MSRs, particularly higher-rate MSRs, where management believes PLS subordinate bonds offer a superior risk-adjusted return. While this reduces gain-on-sale income and fulfillment fees paid to PFSI, it is expected to improve the overall return profile through equity reallocation. Management prefers organic creation because they control the loan diligence and servicing via PFSI, providing greater comfort in the underlying asset quality. While they occasionally buy secondary market bonds, organic PLS remains the 'best execution' path for redeploying capital at appropriate returns.

PennyMac Mortgage (PMT) came out with quarterly earnings of $0.23 per share, missing the Zacks Consensus Estimate of $0.3 per share. This compares to a loss of $0.04 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -23.33%. A quarter ago, it was expected that this specialty finance company would post earnings of $0.36 per share when it actually produced earnings of $0.16, delivering a surprise of -55.56%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. PennyMac Mortgage, which belongs to the Zacks REIT and Equity Trust industry, posted revenues of $73 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 19.63%. This compares to year-ago revenues of $70.2 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. PennyMac Mortgage shares have lost about 22% since the beginning of the year versus the S&P 500's gain of 8.5%. While PennyMac Mortgage has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for PennyMac Mortgage was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.32 on $93.95 million in revenues for the coming quarter and $1.16 on $366.29 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust is currently in the bottom 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. NexPoint (NREF), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This company is expected to post quarterly earnings of $0.43 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. NexPoint's revenues are expected to be $14.31 million, up 18.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PennyMac Mortgage Investment Trust (PMT) : Free Stock Analysis Report NexPoint Real Estate Finance, Inc. (NREF) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

WESTLAKE VILLAGE, Calif., July 29, 2026--(BUSINESS WIRE)--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: 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) 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: 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. Interest Rate Sensitive Strategies Segment The table below highlights key operating metrics and financial performance in the interest rate sensitive strategies segment: 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: 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. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260729939366/en/ Contacts Media Kristyn [email protected] 805.395.9943Investors Isaac [email protected] 818.224.7028

Ladder Capital (LADR) came out with quarterly earnings of $0.24 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.23 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this commercial real estate mortgage origination and finance company would post earnings of $0.22 per share when it actually produced earnings of $0.22, delivering no surprise. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Ladder Capital, which belongs to the Zacks REIT and Equity Trust industry, posted revenues of $57.76 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.86%. This compares to year-ago revenues of $56.26 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Ladder Capital shares have lost about 11.3% since the beginning of the year versus the S&P 500's gain of 9.6%. While Ladder Capital has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Ladder Capital was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.26 on $59.5 million in revenues for the coming quarter and $0.98 on $228.6 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust is currently in the bottom 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, PennyMac Mortgage (PMT), has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29. This specialty finance company is expected to post quarterly earnings of $0.30 per share in its upcoming report, which represents a year-over-year change of +850%. The consensus EPS estimate for the quarter has been revised 5.7% lower over the last 30 days to the current level. PennyMac Mortgage's revenues are expected to be $90.83 million, up 29.4% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ladder Capital Corp (LADR) : Free Stock Analysis Report PennyMac Mortgage Investment Trust (PMT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Wall Street expects a year-over-year increase in earnings on higher revenues when PennyMac Mortgage (PMT) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 29. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This specialty finance company is expected to post quarterly earnings of $0.30 per share in its upcoming report, which represents a year-over-year change of +850%. Revenues are expected to be $90.83 million, up 29.4% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 5.72% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For PennyMac Mortgage, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -8.43%. On the other hand, the stock currently carries a Zacks Rank of #5. So, this combination makes it difficult to conclusively predict that PennyMac Mortgage will beat the consensus EPS estimate. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that PennyMac Mortgage would post earnings of $0.36 per share when it actually produced earnings of $0.16, delivering a surprise of -55.56%. Over the last four quarters, the company has beaten consensus EPS estimates two times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. PennyMac Mortgage doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Another stock from the Zacks REIT and Equity Trust industry, Two Harbors Investments (TWO), is soon expected to post earnings of $0.19 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of -32.1%. Revenues for the quarter are expected to be $1.72 million, up 109.5% from the year-ago quarter. The consensus EPS estimate for Two Harbors Investments has been revised 9.5% higher over the last 30 days to the current level. However, an equal Most Accurate Estimate has resulted in an Earnings ESP of 0.00%. This Earnings ESP, combined with its Zacks Rank #1 (Strong Buy), makes it difficult to conclusively predict that Two Harbors Investments will beat the consensus EPS estimate. Over the last four quarters, the company surpassed EPS estimates just once. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PennyMac Mortgage Investment Trust (PMT) : Free Stock Analysis Report Two Harbors Investments Corp (TWO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research