Cover	12 Months Ended
Cover	Dec. 31, 2024
Document Information [Line Items]
Document Type	DEF 14A
Amendment Flag	false
Entity Information [Line Items]
Entity Registrant Name	PennyMac Mortgage Investment Trust
Entity Central Index Key	0001464423

Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation

S-K,

we are providing the following information about the relationship between executive “Compensation Actually Paid” and the financial performance of our Company. This disclosure does not necessarily align with how we view the relationship between the Company’s performance and named executive officer compensation. The below table shows Compensation Actually Paid to our CEO and other named executive officers as calculated by adjusting the Summary Compensation Table total amounts for the applicable year.


Year	Summary Compensation for CEO (1)		Compensation Actually Paid to CEO (2)			Average Summary Compensation for Other Named Executive Officers (3)		Average Compensation Actually Paid to Other Named Executive Officers (4)			Value of Initial Fixed $100 Investment Based On:				Net Income		Return on Equity (6)
Year	Summary Compensation for CEO (1)		Compensation Actually Paid to CEO (2)								PMT Total Shareholder Return (5)		Peer Group Total Shareholder Return (5)		Net Income		Return on Equity (6)

2024		$999,987		$ 753,675			$ 374.986		$ 125,899			$ 99.4		$ 87.4		$ 119.2 Million		8.4	%

2023		$999,987		$ 1,678,774			$ 434,986		$ 694,272			$ 105.1		$ 83.0		$ 157.8 Million		11.1	%

2022		$999,985		$ 649,981			$ 393,732		$ 262,972			$ 77.2		$ 71.2		$(115.1) Million		-7.2	%

2021		$999.981		$ 158,201			$ 424,977		$ 110,650			$ 94.4		$ 88.9		$ 25.9 Million		1.3	%

2020		$747,987		($ 254,463	)		$ 520,606		($ 104,919	)		$ 86.9		$ 78.8		$ 27.4 Million		1.4	%

(1)	Mr. Spector was our principal executive officer (“CEO”) for all years shown. The amounts reported are the amounts of total compensation reported for our CEO for each corresponding year in the “Total” column of the Summary Compensation Table in each applicable year.

(2)

The amount reported represent the Compensation Actually Paid to our CEO, computed in accordance with Item 402(v) of Regulation

S-K,

but do not reflect the actual amount of compensation earned by or paid to our CEO in the applicable year. Compensation Actually Paid is calculated by making the following adjustments to the Summary Compensation Table amounts for our CEO:

Adjustments to Determine Compensation “Actually Paid” for the CEO

(7)


	2024

SUMMARY COMPENSATION - CEO	$	999,987

• Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table	($	999,987	)

• Fair Value of Equity Awards Granted during the Fiscal Year that Remain Unvested as of Fiscal Year-End	$	888,940

• Change in Fair Value of Prior Fiscal Year-End Equity Awards that were Unvested as of Fiscal Year-End	$	(164,650	)

• Change in Fair Value of Prior Fiscal Year-End Equity Awards that Vested during Fiscal Year	$	(72,919	)

• Change in Fair Value of Prior Fiscal Year-End Equity Awards that were Forfeited during Fiscal Year		-

• Dividends paid during Fiscal Year before Vesting Date of Equity Awards	$	102,304

COMPENSATION ACTUALLY PAID - CEO	$	753,675

ADJUSTMENTS FROM SUMMARY COMPENSATION	$	(246,312	)

(3)

The amounts reported represent the average of the amounts reported for the Company’s named executive officers as a group (excluding our CEO), in the “Total” column of the Summary Compensation Table in each applicable year. The Executive Officers used to calculate the Other NEOs average in each year include Messrs. Kurland, Jones, Fartaj, and Chang (Andrew) for 2020; Messrs. Jones, Fartaj, Chang (Andrew) and Perotti for 2021; Messrs. Jones, Fartaj, Perotti and Stark for 2022; Messrs. Jones, Fartaj, Perotti, Stark and Chang (William) for 2023 and Messrs. Jones, Perotti, Stark, Follette and Chang (William) for 2024.

(4)

The amounts reported represent the average Compensation Actually Paid to the other named executive officers other than our CEO as a group, computed in accordance with Item 402(v) of Regulation

S-K.

The amounts do not reflect the actual average amount in compensation earned by or paid to such other named executive officers as a group in the applicable year. Compensation Actually Paid is calculated by making the following adjustments to the Summary Compensation Table amounts for the Other Named Executive Officers:

Adjustments to Determine Average Compensation “Actually Paid” for the Other NEOs

(7)


	2024

SUMMARY COMPENSATION – OTHER NEOs	$	374,986

• Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table	($	374,986	)

• Fair Value of Equity Awards Granted during the Fiscal Year that Remain Unvested as of Fiscal Year-End	$	244,451

• Change in Fair Value of Prior Fiscal Year-End Equity Awards that were Unvested as of Fiscal Year-End	($	37,988	)

• Change in Fair Value of Prior Fiscal Year-End Equity Awards that Vested during Fiscal Year	($	19,090	)

• Change in Fair Value of Prior Fiscal Year-End Equity Awards that were Forfeited during Fiscal Year	($	95,148	)

• Dividends paid during Fiscal Year before Vesting Date of Equity Awards	$	33,674

COMPENSATION ACTUALLY PAID – OTHER NEOs	$	125,899

ADJUSTMENTS FROM SUMMARY COMPENSATION	($	249,087	)

(5)

Based on initial investment of $100 on December 31, 2019 and a cumulative Total Shareholder Return (PMT Fiscal Year 2020 =

-13.1%,

Fiscal Year 2021 = 8.6%, Fiscal Year 2022 =

-18.2%,

Fiscal Year 2023 = 36.2% and Fiscal Year 2024 =

-5.4%).

The TSR Peer Group is the Dow Jones U.S. Mortgage REIT Index (Fiscal Year 2020 =

-21.2%,

Fiscal Year 2021 = 12.8%, Fiscal Year 2022 =

-19.9%,

Fiscal Year 2023 = 16.6% and Fiscal 2024 = 5.2%). We replaced the Bloomberg REIT Mortgage Index used in previous years with the Dow Jones U.S. Mortgage REIT Index because the Bloomberg REIT Mortgage Index was discontinued by the third party index service provider in 2024. The previous returns of the Bloomberg REIT Mortgage Index were: (Fiscal Year 2020 =

-22.2%,

Fiscal Year 2021 = 17.6%, Fiscal Year 2022 =

-24.4%

and Fiscal Year 2023 = 14.5%).

(6)	Our Company Selected Measure is Return on Equity, which is calculated as Net Income attributable to common shareholders for a fiscal year divided by average monthly common shareholders’ equity.

(7)

The fair values in the tables above have been computed in accordance with the methodology used for financial reporting purposes and, as applicable for awards subject to performance-based vesting conditions, based on the probable outcome of such performance-based vesting conditions as of the last day of the fiscal year.

Company Selected Measure Name

Return on Equity

Named Executive Officers, Footnote

Peer Group Issuers, Footnote

Based on initial investment of $100 on December 31, 2019 and a cumulative Total Shareholder Return (PMT Fiscal Year 2020 =

-13.1%,

Fiscal Year 2021 = 8.6%, Fiscal Year 2022 =

-18.2%,

Fiscal Year 2023 = 36.2% and Fiscal Year 2024 =

-5.4%).

The TSR Peer Group is the Dow Jones U.S. Mortgage REIT Index (Fiscal Year 2020 =

-21.2%,

Fiscal Year 2021 = 12.8%, Fiscal Year 2022 =

-19.9%,

-22.2%,

Fiscal Year 2021 = 17.6%, Fiscal Year 2022 =

-24.4%

and Fiscal Year 2023 = 14.5%).

PEO Total Compensation Amount

$ 999,987

$ 999,985

$ 999.981

$ 747,987

PEO Actually Paid Compensation Amount

$ 753,675

1,678,774

649,981

158,201

(254,463)

Adjustment To PEO Compensation, Footnote

Adjustments to Determine Compensation “Actually Paid” for the CEO

(7)


	2024

SUMMARY COMPENSATION - CEO	$	999,987

• Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table	($	999,987	)

• Fair Value of Equity Awards Granted during the Fiscal Year that Remain Unvested as of Fiscal Year-End	$	888,940

• Change in Fair Value of Prior Fiscal Year-End Equity Awards that were Unvested as of Fiscal Year-End	$	(164,650	)

• Change in Fair Value of Prior Fiscal Year-End Equity Awards that Vested during Fiscal Year	$	(72,919	)

• Change in Fair Value of Prior Fiscal Year-End Equity Awards that were Forfeited during Fiscal Year		-

• Dividends paid during Fiscal Year before Vesting Date of Equity Awards	$	102,304

COMPENSATION ACTUALLY PAID - CEO	$	753,675

ADJUSTMENTS FROM SUMMARY COMPENSATION	$	(246,312	)

Non-PEO NEO Average Total Compensation Amount

$ 374,986

434,986

393,732

424,977

520,606

Non-PEO NEO Average Compensation Actually Paid Amount

$ 125,899

694,272

262,972

110,650

(104,919)

Adjustment to Non-PEO NEO Compensation Footnote

Adjustments to Determine Average Compensation “Actually Paid” for the Other NEOs

(7)


	2024

SUMMARY COMPENSATION – OTHER NEOs	$	374,986

• Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table	($	374,986	)

• Fair Value of Equity Awards Granted during the Fiscal Year that Remain Unvested as of Fiscal Year-End	$	244,451

• Change in Fair Value of Prior Fiscal Year-End Equity Awards that were Unvested as of Fiscal Year-End	($	37,988	)

• Change in Fair Value of Prior Fiscal Year-End Equity Awards that Vested during Fiscal Year	($	19,090	)

• Change in Fair Value of Prior Fiscal Year-End Equity Awards that were Forfeited during Fiscal Year	($	95,148	)

• Dividends paid during Fiscal Year before Vesting Date of Equity Awards	$	33,674

COMPENSATION ACTUALLY PAID – OTHER NEOs	$	125,899

ADJUSTMENTS FROM SUMMARY COMPENSATION	($	249,087	)

Compensation Actually Paid vs. Total Shareholder Return

(1)

TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end of each fiscal year shown and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period. The beginning of the measurement period for each year is the closing price on December 31, 2019.

Compensation Actually Paid and Company and Peer Group TSR

(1)

Compensation Actually Paid vs. Net Income

Compensation Actually Paid and Net Income

Compensation Actually Paid vs. Company Selected Measure

Compensation Actually Paid and ROE

Total Shareholder Return Vs Peer Group

(1)

Compensation Actually Paid and Company and Peer Group TSR

(1)

Tabular List, Table

Most Important Financial Performance Measures

The Compensation Committee utilizes several performance measures and factors to align executive compensation with Company performance not reflected in the Pay Versus Performance table or the Compensation Actually Paid measures. In our assessment, the most important financial performance measures used to determine Compensation Actually Paid to our CEO and other NEOs in Fiscal 2024 to Company performance were:


Return on Equity		Net Income		Relative Total Shareholder Return

Total Shareholder Return Amount

$ 99.4

105.1

77.2

94.4

86.9

Peer Group Total Shareholder Return Amount

87.4

71.2

88.9

78.8

Net Income (Loss)

$ 119,200,000

$ 157,800,000

$ (115,100,000)

$ 25,900,000

$ 27,400,000

Company Selected Measure Amount

0.084

0.111

(0.072)

0.013

0.014

PEO Name

Mr. Spector

Measure:: 1

Pay vs Performance Disclosure

Name

Return on Equity

Non-GAAP Measure Description

Our Company Selected Measure is Return on Equity, which is calculated as Net Income attributable to common shareholders for a fiscal year divided by average monthly common shareholders’ equity.

Measure:: 2

Pay vs Performance Disclosure

Name

Net Income

Measure:: 3

Pay vs Performance Disclosure

Name

Relative Total Shareholder Return

Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 244,451

PEO | Equity Awards Adjustments

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(246,312)

PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(999,987)

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

888,940

PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(164,650)

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(72,919)

PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

102,304

Non-PEO NEO | Equity Awards Adjustments

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(249,087)

Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(374,986)

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(37,988)

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(19,090)

Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(95,148)

Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 33,674

Recovery of Erroneously Awarded Compensation - Restatement Determination Date:: 2023-09-30	12 Months Ended
	Dec. 31, 2024
Erroneously Awarded Compensation Recovery
Restatement Determination Date	Sep. 30, 2023
Erroneous Compensation Analysis	Clawback Provisions In September 2023 , to comply with the requirements of the Dodd-Frank Act and the final NYSE listing rules, the Compensation Committee adopted a clawback policy applicable to incentive-based compensation for current and former Section 16 officers as defined under the Exchange Act (the “SEC Clawback Policy”). Under the SEC Clawback Policy, if we are required to prepare an accounting restatement due to material noncompliance with any financial reporting requirement under the securities laws, the Board will recover any erroneously awarded incentive-based compensation received by current or former Section 16 officers during the three completed fiscal years immediately preceding the date the Company determines that an accounting restatement is required. We also adopted a separate clawback policy in 2018 allowing for the recoupment of incentive compensation that applies to non-Section 16 officers whose title is Senior Managing Director.

Award Timing Disclosure	12 Months Ended
Award Timing Disclosure	Dec. 31, 2024
Award Timing Disclosures [Line Items]
Award Timing MNPI Disclosure	Policy and Practice Related to the Grant of Equity Awards We do not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. In Fiscal 2024, no stock options were granted within four business days prior to, or one business day following, the filing or furnishing of a periodic or current report with the SEC.
Award Timing Method	In Fiscal 2024, no stock options were granted within four business days prior to, or one business day following, the filing or furnishing of a periodic or current report with the SEC.
Award Timing MNPI Considered	false
Award Timing, How MNPI Considered	We do not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation.
MNPI Disclosure Timed for Compensation Value	false

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true