PennyMac Mortgage Investment Trust Reports Third Quarter 2026 Results and Announces Changes to its Leadership Team
Key Highlights
- ➤Adjusted EPS $0.35, up 42% quarter-over-quarter but down 5% year-over-year
- ➤Net loss $36 million; book value per share fell 5% to $14.03
- ➤Share repurchase authorization increased $130 million, exceeding $200 million capacity
- ➤PMT expects to reduce its dividend in favor of share repurchases
- ➤Kevin Ryan becomes CFO January 1, 2027; Doug Jones retires June 30, 2027
Expert Statements
David Spector, Chairman and CEO of PennyMac Mortgage Investment Trust
“I am extraordinarily grateful to both Doug and Dan for their long service at Pennymac and their ongoing commitment to and passion for our business,”
David Spector, Chairman and CEO of PennyMac Mortgage Investment Trust
“Both served in various roles and helped to shape Pennymac’s significant growth and transformation into a leading mortgage company. They have made invaluable contributions to the company, and will be greatly missed.”
David Spector, Chairman and CEO of PennyMac Mortgage Investment Trust
“We are very fortunate to have an exceptional leadership team and a deep bench of talent to lead Pennymac into the next chapter, and drive long-term value for our shareholders.”
David Spector, Chairman and CEO of PennyMac Mortgage Investment Trust
“PMT navigated a challenging third-quarter market backdrop characterized by widening mortgage spreads and sharply rising benchmark interest rates,”
David Spector, Chairman and CEO of PennyMac Mortgage Investment Trust
“While these dynamics pressured the net fair value of our portfolio assets and reduced book value by approximately 5%, our underlying portfolio performed well, generating adjusted EPS of $0.35 per common share, or an annualized adjusted ROE of 9%.”
David Spector, Chairman and CEO of PennyMac Mortgage Investment Trust
“We have continued to adjust our investment portfolio by rotating capital into organically created, higher-returning credit investments.”
David Spector, Chairman and CEO of PennyMac Mortgage Investment Trust
“In recent periods, we have sold or contracted to sell $35 billion in UPB of MSRs, releasing capital from lower-yielding assets and redeploying the proceeds into investments from private-label securitizations which we expect will deliver low-to-mid-teens ROEs.”
David Spector, Chairman and CEO of PennyMac Mortgage Investment Trust
“Given these dynamics and considering PMT currently trades at a steep discount to book value, we expect to decrease our current dividend in favor of share repurchases.”
PennyMac Mortgage Investment Trust Reports Third Quarter 2026 Results and Announces Changes to its Leadership Team
PennyMac Mortgage Investment Trust (NYSE: PMT) today reported net loss attributable to common shareholders of $36 million, or $(0.41) per common share on net investment income of $36 million for the third quarter of 2026. Adjusted net income attributable to common shareholders was $30 million, or $0.35 in adjusted earnings per share (EPS)(1).
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