PMT 8-K SEC Filing Analysis

Latest settled — T+20d

PMT-PC ▼ -1.86% at T+20d

SHORT call ✓ call won +1.86% · α vs SPY +4.64% · entry $18.28 → $17.94

Next anchor: T+60d in 7w

Currently $10.12 · +44.64% from $18.28 entry (call sign-flipped)

Entry anchored
May 5, 2026
via day open

T+1d

+0.38%

call -0.38% · α -0.71%

$18.35

settled 5w ago

T+5d

+0.25%

call -0.25% · α +0.88%

$18.33

settled 5w ago

T+20d

-1.86%

call +1.86% · α +4.64%

$17.94

settled 10d ago

T+60d

—

call — · α —

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in 7w

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Executive Summary

PennyMac Mortgage Investment Trust reported Q1 2026 net income attributable to common shareholders of $14.2 million ($0.16 per share), down 66% from $41.9 million ($0.48) in Q4 2025, driven by lower contributions from interest rate sensitive strategies and higher MSR runoff. Net investment income of $82.1 million missed the $92.9 million consensus estimate. Book value per share fell to $14.98 from $15.25, and the $0.40 dividend was not covered by earnings.

Actionable Insight

Weak quarterly results highlight deteriorating earnings power and dividend coverage; watch for potential dividend cut if earnings remain depressed. Focus on upcoming securitization volumes and MSR cash flows for recovery signs.

Key Facts

Net income attributable to common shareholders: $14.2 million ($0.16 per share) vs $41.9 million ($0.48) in Q4 2025
Net investment income: $82.1 million, below consensus estimate of $92.9 million
Book value per common share: $14.98, down from $15.25 at Dec 31, 2025
Quarterly dividend maintained at $0.40 per share, exceeding EPS of $0.16
Loans acquired totaled $4.3 billion (UPB), down 21% from prior quarter
Pretax income from interest rate sensitive strategies fell to $8.0 million from $28.5 million in Q4 2025
Aggregation and securitization segment improved to pretax income of $16.4 million from a loss of $1.0 million in Q4 2025

Financial Impact

Net income dropped by $27.7 million sequentially; revenue missed by $10.8 million relative to consensus

net investment incomenet income attributable to common shareholdersbook valuedividend coverage

Risk Factors

Dividend may be at risk if earnings do not improve – EPS of $0.16 vs dividend of $0.40 per quarter
Continued MSR runoff and higher prepayment speeds could pressure interest rate sensitive strategies
Book value decline may limit capital flexibility and leverage capacity

Market Snapshot

Exchange

NYSE

Sector

Real Estate Investment Trusts

Documents Analyzed

This report is based on 7 SEC documents filed with EDGAR.

Document	Accession Number
8-K Filing (Primary)	0001193125-26-206554
Document: d947376dex992.htm	0001193125-26-206554
Document: d947376d8k.htm	0001193125-26-206554
Document: 0001193125-26-206554-index-headers.html	0001193125-26-206554
Document: 0001193125-26-206554-index.html	0001193125-26-206554
Document: 0001193125-26-206554.txt	0001193125-26-206554
8-K Data (Synthetic)	0001193125-26-206554

US Market Status

Market Closed — Opens Mon (47h 59m)

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