PennyMac Mortgage Investment Trust

Good afternoon, and welcome to PennyMac Mortgage Investment Trust's third quarter 2025 earnings call. Additional earnings materials, including the presentation slides that will be referred to in the call, are available on 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 the earnings materials. Now, I'd like to introduce David Spector, PennyMac Mortgage Investment Trust Chairman and Chief Executive Officer, and Dan Perotti, PennyMac Mortgage Investment Trust Chief Financial Officer.

Thank you, Operator. In the third quarter, PMT produced outstanding results in growth in book value per share with a 14% annualized return on common equity. Net income to common shareholders was $48 million, and earnings per share was $0.55, with strong performance across all investment strategies. BMT declared a third quarter common dividend of $0.40 per share, and book value per share on September 30th was $15.16, up from $15 at June 30th. Dan will talk about PMT's third quarter financial results in more detail later on in the presentation. On slide five, I want to start by reminding everyone about the synergistic relationship with PFSI and how important that is to providing PMT with unique and competitive advantages. First, PMT leverages PFSI's best-in-class operating platform, including its deep and experienced management team, scaled servicing operations, and its large and agile multi-channel origination business, which provides PMT with a consistent and high-quality pipeline of loans for investment. Second, PMT is able to efficiently deploy capital into long-term mortgage assets without the operational burdens associated with origination and servicing. And third, PSSI's deep access to the origination market coupled with PMT's ability to execute private label securitizations, provides PMT with the unique opportunity to invest in organically created investments with attractive risk-adjusted returns. And as PFSI further grows its overall share of loan production, PMT is expanding

Ladies and gentlemen, please stand by. Ladies and gentlemen, please stand by. I want to apologize for the technology.