Here are 1-3 brief analogies for PennyMac Mortgage Investment Trust (PMT):

• BlackRock for mortgage-backed securities.

• Simon Property Group, but for mortgage debt instead of shopping malls.

• Mortgage-Backed Securities (MBS) Investments: Investing in securities backed by pools of residential mortgages, primarily those guaranteed by government-sponsored enterprises.
• Mortgage Loan Investments: Acquiring and investing in various types of residential mortgage loans, including conventional, government-insured, and non-conforming loans.
• Mortgage Servicing Rights (MSRs) Investments: Investing in the contractual rights to service mortgage loans, which provides the trust with a stream of fee income.
• Credit Risk Transfer (CRT) Securities Investments: Investing in securities issued by government-sponsored enterprises that transfer a portion of the credit risk on mortgage loans to private investors.
• Correspondent Lending Services: Acquiring newly originated residential mortgage loans from a network of approved third-party mortgage originators.

PennyMac Mortgage Investment Trust (PMT) is a mortgage Real Estate Investment Trust (mREIT). Its primary business model involves investing in residential mortgage loans and mortgage-related assets, such as mortgage-backed securities (MBS) and mortgage servicing rights (MSRs). As an mREIT, PMT generates revenue primarily from the net interest income on its investment portfolio (the difference between the interest earned on its assets and its funding costs), as well as from gains on the sale of investments and servicing fees.

Given this business model, PMT does not have "major customers" in the traditional sense of companies or individuals purchasing products or services directly from it.

• Primary Revenue Source: The vast majority of PMT's revenue comes from the interest payments on the mortgage assets it holds. The ultimate source of these payments are millions of individual homeowners who are the borrowers on the underlying mortgages. However, PMT does not directly interact with these individuals or "sell" to them.

• Sales of Assets: As part of its portfolio management strategy, PMT may sell certain mortgage assets (e.g., MBS, whole loans, or MSRs) from its portfolio. When it does so, the buyers are other financial institutions, such as institutional investors (e.g., other investment funds, banks, insurance companies) or broker-dealers operating in the secondary market. These transactions are typically conducted with a variety of counterparties in a broad, liquid market.

Therefore, it is not possible to identify specific "major customer companies" with names and symbols that PMT sells primarily to, as its asset sales are market-driven and diversified across numerous institutional investors rather than concentrated with a few key buyers. The company's core income is derived from holding and managing investments, not from a recurring sales relationship with a defined customer base.

• PennyMac Financial Services, Inc. (PFSI)

David A. Spector, Chairman and Chief Executive Officer

Mr. Spector was appointed CEO in January 2017 and has been a member of the company's Board since December 2012. He has served in various executive roles at Private National Mortgage Acceptance Company, LLC (PNMAC) since its founding in January 2008. Before joining PennyMac, he was the co-head of global residential mortgages for Morgan Stanley. Prior to Morgan Stanley, he was Senior Managing Director, Secondary Marketing, at Countrywide Financial Corporation, where he worked from May 1990 to August 2006. Mr. Spector co-founded PennyMac in 2008 in partnership with Stanford L. Kurland, BlackRock Mortgage Ventures, and HC Partners.

Daniel S. Perotti, Senior Managing Director and Chief Financial Officer

Mr. Perotti has served as Senior Managing Director and Chief Financial Officer since January 1, 2021. Before this, he was the Deputy Chief Financial Officer from January 2017 to December 2020 and Chief Asset and Liability Management Officer, among other executive positions, since joining PennyMac in 2008. Prior to PennyMac, Mr. Perotti was a Vice President at BlackRock from July 2002 to July 2008, where he led the quantitative research team within BlackRock Solutions.

Mark Elbaum, Senior Managing Director and Chief Capital Markets Officer

Mr. Elbaum has served as Senior Managing Director and Chief Capital Markets Officer since February 2025. His previous roles include Chief Financial Officer at Home Point Financial (2020-2023), Chief Financial Officer at Marlette Funding, LLC (2018-2020), and Chief Financial Officer of Merrill Lynch, Bank of America's Wealth Management division (2011-2017). He also served as Chief Financial Officer of Bank of America's mortgage lending division and Chief Financial Officer of the Residential Lending Division at Countrywide Financial Corporation.

James Follette, Senior Managing Director and Chief Digital Officer

Mr. Follette has been Senior Managing Director and Chief Digital Officer since November 2023. Prior to this, he served as Senior Managing Director and Chief Mortgage Operations Officer (October 2022 to November 2023) and Senior Managing Director and Chief Mortgage Fulfillment Officer (February 2018 to October 2022). Mr. Follette has held various executive positions at PennyMac Financial Services, Inc. and its affiliates since 2011 and previously worked at Countrywide Financial Corporation and Bank of America Corporation.

Steven R. Bailey, Senior Managing Director and Chief Mortgage Operations Officer

Mr. Bailey has served as Chief Mortgage Operations Officer of PennyMac Mortgage Investment Trust since February 2016 and joined PennyMac in 2010. He was Chief Servicing Officer at PennyMac Financial Services, Inc. from February 2013 to February 2016. Before joining PennyMac, he was the Mortgage Servicing Executive at Countrywide Financial Corporation (and Bank of America) from November 2004 to February 2010, overseeing a loan portfolio of over 14 million loans. He held numerous management and leadership positions at Countrywide since joining in 1985.

PennyMac Mortgage Investment Trust (PMT) engages in several key activities within the U.S. residential mortgage market, including investments in Mortgage Servicing Rights (MSRs), Mortgage-Backed Securities (MBS), Credit Risk Transfer (CRT) agreements, and correspondent production, which involves acquiring, pooling, and securitizing or selling newly originated prime credit quality loans.

The addressable markets for PMT's main products and services in the U.S. are substantial:

• U.S. Mortgage Originations: The market for new mortgage originations in the United States was valued at $1.50 trillion in 2023 and increased to $1.69 trillion in 2024. Mortgage originations in the U.S. reached $512.15 billion in the third quarter of 2025. The purchase-mortgage market specifically is valued at approximately $1,145.4 billion. The broader U.S. home mortgage market, encompassing origination, was valued at around $180.91 billion in 2023 and is projected to reach approximately $501.67 billion by 2032. Another estimate indicates the U.S. home loan market reached $2.29 trillion in 2025 and is forecasted to grow to $3.02 trillion by 2030.
• U.S. Mortgage-Backed Securities (MBS) Market: The U.S. MBS market is a significant component of the financial system, with over $11 trillion in outstanding securities and an average daily trading volume of nearly $300 billion. The MBS market size is estimated at $15.55 trillion in 2025 and is projected to grow to $22.43 trillion by 2030.
• U.S. Mortgage Servicing Market: As of September 2025, Americans collectively owe $12.94 trillion on 86.47 million mortgages, with mortgage debt accounting for 70.3% of U.S. consumer debt. Nonbank mortgage companies held the servicing rights on 54% of mortgage balances in 2022. The U.S. loan servicing market is expected to grow at a compound annual growth rate (CAGR) of 13% from 2022 to 2028.

Here are 3-5 expected drivers of future revenue growth for PennyMac Mortgage Investment Trust (PMT) over the next 2-3 years:

1. Declining Mortgage Rates and Increased Origination Volumes: Expectations for declining mortgage rates in 2025 are anticipated to drive growth in both refinance and purchase mortgage volumes, leading to increased loan originations. Third-party estimates project total originations to average $2.3 trillion in 2025.
2. Growth in Credit-Sensitive Strategies: PMT expects increased returns from its credit-sensitive strategies, which include organically created credit risk transfer (CRT) investments, non-agency subordinate mortgage-backed securities (MBS), and opportunistic investments in GSE CRT. In Q3 2025, gains from organically created CRT investments alone contributed $10 million.
3. Expansion of Private Label Securitization Activity: The company is actively engaged in private label securitizations, including agency-eligible investor loans and jumbo loans, retaining significant new investments from these activities. This strategy is expected to continue, with plans to invest in subordinate MBS from private label securitizations and acquire conventional and jumbo loans from PFSI.
4. Strategic Investments in Interest-Rate-Sensitive Assets: PMT is deploying capital into Agency floating-rate MBS within its interest-rate-sensitive strategies, which is expected to enhance returns in this segment.
5. Synergistic Relationship with PennyMac Financial Services, Inc. (PFSI): The ongoing partnership with PFSI provides PMT with a consistent and high-quality pipeline of loans for investment and enables efficient capital deployment by leveraging PFSI's robust operational platform.

Share Repurchases

• PennyMac Mortgage Investment Trust has resumed repurchasing shares.
• The company's share count declined by more than 20% in 2024 due to share repurchases, which were made at a price well below book value.

Share Issuance

• As of February 20, 2024, there were 86,646,365 common shares outstanding, a decrease from 88,892,107 common shares outstanding as of February 22, 2023.
• The company's share count declined in 2024, indicating a net repurchase activity rather than significant common share issuance during that year.

Inbound Investments

• PennyMac Mortgage Investment Trust is externally managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary of PennyMac Financial Services, Inc. (PFSI).
• The company benefits from a synergistic relationship with PFSI, leveraging its operating platform, servicing operations, and origination business to provide a consistent pipeline of loans for investment.

Outbound Investments

• In the third quarter of 2025, PMT acquired $4.6 billion in unpaid principal balance (UPB) of loans, including $3.3 billion of conventional conforming and jumbo loans from PFSI and $1.3 billion of loans from PFSI's production.
• These acquisitions in Q3 2025 resulted in the creation of $46 million in new mortgage servicing rights (MSRs).
• In Q3 2025, PMT also purchased $876.4 million of Agency floating rate mortgage-backed securities (MBS) and generated $84 million of net new investments in non-Agency subordinate bonds and $50 million in non-Agency senior bonds.

Capital Expenditures

• No explicit information regarding traditional capital expenditures for property, plant, and equipment for PennyMac Mortgage Investment Trust was found within the provided timeframe, as their investments are primarily in mortgage-related financial assets.