PennyMac
Mortgage
Investment
Trust
Guarantor

PennyMac
Corp.
Issuer

Non-Guarantor
Subsidiaries

Eliminations

Consolidated

(in thousands)

Cash and short-term investments

$

3,399

$

45,187

$

24,187

$

—

$

72,773

Mortgage-backed securities

—

—

39,967

(39,967

)

—

Mortgage loans held for sale

—

975,184

—

—

975,184

Mortgage loans at fair value

—

505,072

684,899

—

1,189,971

Real estate acquired in settlement of loans

—

87,536

582

(40

)

88,078

Principal and interest collections receivable

—

12,400

16,804

—

29,204

Mortgage servicing rights

—

126,776

—

—

126,776

Investment in subsidiaries

1,207,471

—

705,321

(1,912,792

)

—

Other assets

205

96,124

531,283

(549,935

)

77,677

Total assets

$

1,211,075

$

1,848,279

$

2,003,043

$

(2,502,734

)

$

2,559,663

Accounts payable and accrued liabilities

$

524

$

39,309

$

2,569

$

—

$

42,402

Assets sold under agreements to repurchase

—

1,042,946

213,156

—

1,256,102

Intercompany borrowings

—

117,904

—

(117,904

)

—

Other liabilities

8,903

322,178

203,333

(474,591

)

59,823

Total liabilities

9,427

1,522,337

419,058

(592,495

)

1,358,327

Shareholders’ equity

1,201,648

325,942

1,583,985

(1,910,239

)

1,201,336

Total liabilities and shareholders’ equity

$

1,211,075

$

1,848,279

$

2,003,043

$

(2,502,734

)

$

2,559,663

PennyMac
Mortgage
Investment
Trust
Guarantor

PennyMac
Corp.
Issuer

Non-Guarantor
Subsidiaries

Eliminations

Consolidated

(in thousands)

Assets

Cash and short-term investments

$

11,547

$

12,832

$

20,529

$

—

$

44,908

US Treasury Security

—

—

50,000

—

50,000

Mortgage-backed securities

—

—

139,424

(66,611

)

72,813

Mortgage loans held for sale

—

232,016

—

—

232,016

Mortgage loans at fair value

—

441,510

384,066

—

825,576

Real estate acquired in settlement of loans

—

104,883

419

(1,753

)

103,549

Principal and interest collections receivable

—

8,840

5,123

—

13,963

Mortgage servicing rights

—

6,031

—

—

6,031

Investment in subsidiaries

507,459

—

432,235

(939,694

)

—

Other assets

40,124

25,499

107,936

(136,353

)

37,206

Total assets

$

559,130

$

831,611

$

1,139,732

$

(1,144,411

)

$

1,386,062

Liabilities and shareholders’ equity

Accounts payable and accrued liabilities

$

—

$

8,554

$

644

$

—

$

9,198

Assets sold under agreements to repurchase

—

344,793

286,520

—

631,313

Notes payable

—

28,617

—

—

28,617

Borrowings under forward purchase agreements

—

108,273

44,154

—

152,427

Intercompany borrowings

36

81,867

2,443

(84,346

)

—

Other liabilities

11,324

97,449

28,335

(118,618

)

18,490

Total liabilities

11,360

669,553

362,096

(202,964

)

840,045

Shareholders’ equity

547,770

162,058

777,636

(941,447

)

546,017

Total liabilities and shareholders’ equity

$

559,130

$

831,611

$

1,139,732

$

(1,144,411

)

$

1,386,062

PennyMac
Mortgage
Investment
Trust
Guarantor

PennyMac
Corp.
Issuer

Non-Guarantor
Subsidiaries

Eliminations

Consolidated

(in thousands)

Net investment income

Net gain on mortgage loans acquired for sale

$

—

$

147,675

$

—

$

—

$

147,675

Net gains on investments

—

59,160

44,489

—

103,649

Interest

2,317

37,708

52,044

(19,628

)

72,441

Equity in earnings of subsidiaries

135,980

—

120,019

(255,999

)

—

Other

—

9,357

334

1,712

11,403

Net investment income

138,297

253,900

216,886

(273,915

)

335,168

Expenses

Compensation

276

5,921

947

—

7,144

Management fees

—

10,835

1,601

—

12,436

Fulfillment fees

—

62,906

—

—

62,906

Interest

167

40,001

15,576

(24,102

)

31,642

Other

1,044

23,332

9,842

—

34,218

1,487

142,995

27,966

(24,102

)

148,346

Pre-tax income

136,810

110,905

188,920

(249,813

)

186,822

Provision for income taxes

—

46,618

74

1,881

48,573

Net income

$

136,810

$

64,287

$

188,846

$

(251,694

)

$

138,249

PennyMac
Mortgage
Investment
Trust
Guarantor

PennyMac
Corp.
Issuer

Non-Guarantor
Subsidiaries

Eliminations

Consolidated

(in thousands)

Net investment income

Net gain on mortgage loans acquired for sale

$

—

$

7,633

$

—

$

—

$

7,633

Net gains on investments

—

48,473

34,170

—

82,643

Interest

4,258

17,087

35,723

(20,920

)

36,148

Equity in earnings of subsidiaries

62,709

—

63,680

(126,389

)

—

Other

—

(1,415

)

5,357

(1,752

)

2,190

Net investment income

66,967

71,778

138,930

(149,061

)

128,614

Expenses

Compensation

413

3,901

847

—

5,161

Management fees

—

5,554

1,186

—

6,740

Fulfillment fees

—

1,747

—

—

1,747

Interest

259

24,328

13,279

(20,920

)

16,946

Other

13

17,951

7,561

—

25,525

685

53,481

22,873

(20,920

)

56,119

Pre-tax income

66,282

18,297

116,057

(128,141

)

72,495

Provision for income taxes

90

7,701

265

—

8,056

Net income

$

66,192

$

10,596

$

115,792

$

(128,141

)

$

64,439

PennyMac
Mortgage
Investment
Trust
Guarantor

PennyMac
Corp.
Issuer

Non-Guarantor
Subsidiaries

Eliminations

Consolidated

(in thousands)

Net investment income

Net gain on mortgage loans acquired for sale

$

—

$

18

$

—

$

—

$

18

Net gains on investments

—

20,146

7,282

—

27,428

Interest

—

5,757

17,398

(8,581

)

14,574

Equity in earnings of subsidiaries

24,855

—

24,478

(49,333

)

—

Other

—

2,037

(3

)

—

2,034

Net investment income

24,855

27,958

49,155

(57,914

)

44,054

Expenses

Compensation

339

1,960

328

—

2,627

Management fees

—

4,180

698

—

4,878

Interest

—

8,652

754

(8,580

)

826

Other

33

7,166

1,498

—

8,697

372

21,958

3,278

(8,580

)

17,028

Pre-tax income

24,483

6,000

45,877

(49,334

)

27,026

Provision for income taxes

—

2,445

98

—

2,543

Net income

$

24,483

$

3,555

$

45,779

$

(49,334

)

$

24,483

PennyMac
Mortgage
Investment
Trust
Guarantor

PennyMac
Corp.
Issuer

Non-Guarantor
Subsidiaries

Eliminations

Consolidated

(in thousands)

Cash flows from operating activities

$

123,408

$

(880,285

)

$

(286,489

)

$

222,966

$

(820,400

)

Cash flows from investing activities:

Purchases of mortgage loans at fair value and real estate acquired in settlement of loans

—

(223,363

)

(318,380

)

(1

)

(541,744

)

Sales and repayments of mortgage loans at fair value and real estate acquired in settlement of loans

—

219,389

124,841

(23,652

)

320,578

Intercompany purchases of assets under agreements to resell

—

—

(587,332

)

587,332

—

Intercompany sales of assets purchased under agreements to resell

—

—

524,652

(524,652

)

—

Purchases of investment securities

8,148

(13,148

)

(115,910

)

—

(120,910

)

Sales and repayments of investment securities

—

—

238,092

1,075

239,167

Purchases and sales of MSRs, net

—

84

—

—

84

Other investment activites

—

(2,904

)

(190

)

(5,523

)

(8,617

)

Cash flows from investing activities

8,148

(19,942

)

(134,227

)

34,579

(111,442

)

Cash flows from financing activities:

Proceeds from sale of assets under agreements to repurchase

—

20,861,455

119,478

—

20,980,933

Repayments of assets under agreements to repurchase

—

(20,303,995

)

(237,931

)

—

(20,541,926

)

Proceeds from borrowings from affiliated entities

—

511,222

76,110

(587,332

)

—

Repayment of borrowings from affiliated entities

—

(472,966

)

(76,110

)

549,076

—

Issuance of stock

606,823

—

—

—

606,823

Investment by parent

—

49,597

689,834

(739,431

)

—

Dividends paid

(94,821

)

—

(146,711

)

146,711

(94,821

)

Change in intercompany advances

—

274,122

165,149

(439,271

)

—

Cash flows from financing activities

512,002

919,435

589,819

(1,070,247

)

951,009

Net change in cash and cash equivalents

643,558

19,208

169,103

(812,702

)

19,167

Cash at beginning of period

—

12,832

1,757

—

14,589

Cash at end of period

$

643,558

$

32,040

$

170,860

$

(812,702

)

$

33,756

PennyMac
Mortgage
Investment
Trust
Guarantor

PennyMac
Corp.
Issuer

Non-Guarantor
Subsidiaries

Eliminations

Consolidated

(in thousands)

Cash flows from operating activities

$

(39,550

)

(165,653

)

(78,734

)

8,806

$

(275,131

)

Cash flows from investing activities:

Purchases of mortgage loans at fair value and real estate acquired in settlement of loans

—

(248,077

)

(123,856

)

(82,901

)

(454,834

)

Sales and repayments of mortgage loans at fair value and real estate acquired in settlement of loans

—

169,386

104,132

(61,765

)

211,753

Intercompany purchases of assets under agreements to resell

—

—

(254,816

)

254,816

—

Intercompany sales of assets purchased under agreements to resell

—

—

251,379

(251,379

)

—

Purchases, sales and repayments of investment securities

(11,547

)

—

(22,533

)

—

(34,080

)

Investment in subsidiaries

(106,900

)

—

(67,638

)

174,538

—

Other investment activites

—

3,455

677

(4,764

)

(632

)

Cash flows from investing activities

(118,447

)

(75,236

)

(112,655

)

28,545

(277,793

)

Cash flows from financing activities:

Proceeds from sale of assets under agreements to repurchase

—

1,488,451

1,537,883

—

3,026,334

Repayments of assets under agreements to repurchase

—

(1,206,283

)

(1,455,975

)

62

(2,662,196

)

Proceeds from borrowings from other PennyMac Mortgage Investment Trust companies

—

254,816

—

(254,816

)

—

Repayment of borrowings from other PennyMac Mortgage Investment Trust companies

—

(299,049

)

—

299,049

—

Issuance of stock

197,475

—

—

—

197,475

Dividends paid

(39,547

)

—

(27,874

)

27,874

(39,547

)

Cash investment from parent

—

7,638

106,638

(114,276

)

—

Cash flows from financing activities

157,928

245,573

160,672

(42,107

)

522,066

Net change in cash and cash equivalents

(69

)

4,684

(30,717

)

(4,756

)

(30,858

)

Cash at beginning of period

69

8,148

37,230

—

45,447

Cash at end of period

$

—

$

12,832

$

6,513

$

(4,756

)

$

14,589

PennyMac
Mortgage
Investment
Trust
Guarantor

PennyMac
Corp.
Issuer

Non-
Guarantor
Subsidiaries

Eliminations

Consolidated

(in thousands)

Cash flows from operating activities

$

21,666

$

230,370

$

(68,097

)

$

(206,728

)

$

(22,789

)

Cash flows from investing activities:

Purchases of mortgage loans at fair value and real estate acquired in settlement of loans

—

(393,274

)

(25,178

)

—

(418,452

)

Sales and repayments of mortgage loans at fair value and real estate acquired in settlement of loans

—

77,025

6,603

(4,630

)

78,998

Intercompany purchases of assets under agreements to resell

—

—

(160,649

)

160,649

—

Intercompany sales of assets purchased under agreements to resell

—

—

148,830

(148,830

)

—

Purchases and repayments of investment securities

—

—

122,900

—

122,900

Sales and repayments of investment securities

—

—

49,659

9,321

58,980

Investment in subsidiaries

—

—

(23,000

)

23,000

—

Other investment activites

(1,471

)

(5,000

)

(304,883

)

301,596

(9,758

)

Cash flows from investing activities

(1,471

)

(321,249

)

(185,718

)

341,106

(167,332

)

Cash flows from financing activities:

Proceeds from sale of assets under agreements to repurchase

—

91,838

867,986

(299,261

)

660,563

Repayments of assets under agreements to repurchase

—

—

(596,416

)

184,477

(411,939

)

Proceeds from borrowings from affiliated entities

—

160,649

—

(160,649

)

—

Repayment of borrowings from affiliated entities

—

(153,460

)

(31,582

)

185,042

—

Issuance of stock

(150

)

—

(150

)

150

(150

)

Dividends paid

(20,030

)

—

—

7,070

(12,960

)

Cash investment from parent

—

—

51,057

(51,057

)

—

Capital distribution

—

—

(23,000

)

23,000

—

Cash flows from financing activities

(20,180

)

99,027

267,895

(111,228

)

235,514

Net change in cash and cash equivalents

15

8,148

14,080

23,150

45,393

Cash at beginning of period

—

—

54

—

54

Cash at end of period

$

15

$

8,148

$

14,134

$

23,150

$

45,447