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PennyMac Mortgage Investment Trust cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$2.7B in Q3 2026 · −$11.5B over twelve months

Operating cash flow−$2.7B
Free cash flow−$2.7B

Analysis

In Q3 2026, PennyMac Mortgage Investment Trust generated −$2.7B of operating cash flow. That is $1.4B less than in Q3 2025 (−$1.3B).

Over the twelve months to Sep 30, 2026, operating cash flow was −$11.5B; the largest uses were operating cash flow ($11.5B), other financing ($831M), dividends ($139M); besides operations, cash came from net borrowing (+) / repaid (−) ($9.8B), other investing ($2.6B); the cash balance fell by $102M.

Operating cash flow was −$2.7B against net income of −$25.4M. The largest differences: prepaid and other assets −$190M, gains on investments +$162M, income taxes payable +$8.9M.

Free cash flow

PennyMac Mortgage Investment Trust: free cash flow by quarterPennyMac Mortgage Investment Trust: free cash flow by quarter−$1.6BQ4 2024−$594MQ1 2025−$2.0BQ2 2025−$1.3BQ3 2025−$3.3BQ4 2025−$2.5BQ1 2026−$2.9BQ2 2026−$2.7BQ3 2026
Operating cash flow less capital spending.
PennyMac Mortgage Investment Trust: operating cash flow against capital spendingPennyMac Mortgage Investment Trust: operating cash flow against capital spendingOperating cash flowCapital spending−$1.6B$0Q4 2024−$594M$0Q1 2025−$2.0B$0Q2 2025−$1.3B$0Q3 2025−$3.3B$0Q4 2025−$2.5B$0Q1 2026−$2.9B$0Q2 2026−$2.7B$0Q3 2026
Latest (Q3 2026): Operating cash flow −$2.7B, Capital spending $0.

Capital allocation, year by year

PennyMac Mortgage Investment Trust: where the cash came from (up) and went (down), by fiscal yearPennyMac Mortgage Investment Trust: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedBuybacksDividendsFY2021: Operating cash flow −$2.8BFY2021: Net borrowing $230MFY2021: Shares issued $250MFY2021: Buybacks −$56.9MFY2021: Dividends −$184M$480MFY2021FY2022: Operating cash flow $1.8BFY2022: Net borrowing −$156MFY2022: Buybacks −$88.0MFY2022: Dividends −$174M$1.8BFY2022FY2023: Operating cash flow $1.3BFY2023: Net borrowing $53.5MFY2023: Buybacks −$28.5MFY2023: Dividends −$141M$1.4BFY2023FY2024: Operating cash flow −$2.7BFY2024: Net borrowing $6.5MFY2024: Dividends −$139M$6.5MFY2024FY2025: Operating cash flow −$7.2BFY2025: Net borrowing $6.3BFY2025: Dividends −$139M$6.3BFY2025
Over these 5 years operating cash flow totalled −$9.6B; the largest uses were operating cash flow ($12.7B) and dividends ($777M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$310M
Debt$1.7B
Net debt$1.4B
Cash runway0 months

PennyMac Mortgage Investment Trust is burning cash: its operations consume cash, a free cash flow of −$11.5B a year at the current rate against $310M of cash and investments: a runway of about 0 months before any new financing.

Where the cash came from and went

PennyMac Mortgage Investment Trust: sources (+) and uses (−) of cash, Q3 2026PennyMac Mortgage Investment Trust: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$2.7BNet borrowing (+) / repaid (−)$2.3BOther investing$424MCash drawn (+) / kept (−)$63.8MDividends−$34.9MOther financing−$4.4M
PennyMac Mortgage Investment Trust: sources (+) and uses (−) of cash, TTM to Q3 2026PennyMac Mortgage Investment Trust: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$11.5BNet borrowing (+) / repaid (−)$9.8BOther investing$2.6BOther financing−$831MDividends−$139MCash drawn (+) / kept (−)$102MTaxes on employees’ shares−$1.1M

From profit to cash

PennyMac Mortgage Investment Trust: net income to operating cash flow, Q3 2026PennyMac Mortgage Investment Trust: net income to operating cash flow, Q3 2026Net income−$25.4MStock-based pay$752KGains on investments$162MPayables$4.7MPrepaid and other assets−$190MIncome taxes payable$8.9MOperating cash flow−$2.7B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$2.7B−$34.9M$2.3B$63.8M−$2.7B
Q2 2026−$2.9B−$34.9M$2.1B−$11.3M−$2.9B
Q1 2026−$2.5B−$34.8M$2.3B$58.0M−$2.5B
Q4 2025−$3.3B−$34.8M$2.7B−$8.5M−$3.3B
Q3 2025−$1.3B−$34.8M$1.4B$99.4M−$1.3B
Q2 2025−$2.0B−$34.8M$1.3B−$115M−$2.0B
Q1 2025−$594M−$34.8M$940M$89.8M−$594M
Q4 2024−$1.6B−$34.9M−$25.9M$6.7M−$1.6B

PennyMac Mortgage Investment Trust: income statement and cash flow

PennyMac Mortgage Investment Trust, Q3 2026: revenue $36.2M (-64% year over year), operating margin -45.4%. The chart follows the revenue to costs, profit and cash.

PennyMac Mortgage Investment Trust: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.