PennyMac Mortgage Investment Trust reported a net loss attributable to common shareholders of $2.9 million, or $(0.04) per common share, for the second quarter of 2025. The company's net investment income for the quarter was $70.2 million. This outcome was influenced by net fair value declines due to interest rate volatility and a non-recurring tax adjustment.
The company executed four private label securitizations totaling $1.4 billion in UPB, with retained investments of over $150 million at attractive returns. This activity firmly established PMT as a leading issuer of private label securitizations. PMT also issued $105 million in unsecured senior notes during the quarter, demonstrating continued access to capital markets.
The Credit Sensitive Strategies segment saw a significant increase in pretax income to $21.8 million, up from $1.1 million in the prior quarter. The Interest Rate Sensitive Strategies segment's pretax loss improved slightly to $4.9 million from a $5.5 million loss. Correspondent Production pretax income rose to $13.7 million from $10.1 million, with acquired UPB of loans increasing to $29.8 billion, up 30 percent from the prior quarter. PMT acquired $1.0 billion in UPB of loans originated by PFSI for private label securitizations, an increase from $637 million.
PMT recorded a provision for tax expense of $9.5 million, which included a non-recurring tax expense of $14.0 million primarily from the repricing of deferred tax balances due to state apportionment changes. Excluding this non-recurring impact, PMT would have reported an income tax benefit of $4.6 million. PennyMac Mortgage Investment Trust had previously declared a cash dividend of $0.40 per common share for the second quarter of 2025 on June 25, 2025.
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