PennyMac Mortgage Investment Trust : Investor Day June 2021

INVESTOR DAY

June 2021

FORWARD-LOOKING STATEMENTS

This presentation contains information from PennyMac Financial Services, Inc.'s ("PFSI") and PennyMacMortgage Investment Trust's("PMT") joint investor day held on June 17, 2021 (collectively, "PennyMac,""our" or "we") and containsforward-lookingstatements within the meaningof Section 21E of the Securities ExchangeAct of 1934, as amended, regarding PFSI's and PMT's beliefs, estimates, projections and assumptions with respect to, among other things, financial results, operations, business plans and investment strategies,as well as industry and market conditions, all of which are subject to change. Words like "believe," "expect," "anticipate," "promise," "project," "plan," and other expressions or wordsof similar meanings,as well as future or conditional verbs such as "will," "would," "should," "could," or "may" are generally intended to identify forward-lookingstatements.Actual results and operationsfor any future periodmay vary materially from those projectedherein and from past results discussedherein. These forward-lookingstatements include, but arenot limitedto, statements regarding the future impactof COVID-19 on our business and financial operations, loan originations and servicing, production,loan delinquencies and forbearances, servicingadvances requirements and other businessand financial expectations. Factorswhich could cause actual results to differ materially from historical results or those anticipated include,but are not limited to:our exposure to risks of lossand disruptions in operations resulting from adverse weather conditions, man-madeor natural disasters, climate change and pandemics such as COVID-19;the continually changing federal, state and local laws and regulations applicable tothe highly regulated industry in which we operate; lawsuits or governmental actions that may result from any noncompliancewith the laws and regulations applicable to our businesses; the mortgage lending and servicing-related regulations promulgated by the Consumer Financial Protection Bureau and other regulatory bodies; our dependence on U.S. government-sponsored entities and changes in their current roles or their guarantees or guidelines; volatility in the debt or equity markets, the general economy or the real estate finance and real estate markets; changes in general business, economic, market, employment and domestic and international political conditions, or in consumer confidence and spending habits from those expected; the concentration of credit risk; the degree and nature of competition; the degree to which our hedging strategies may or may not protect against interest rate volatility; the effect of the accuracy of or changes in the estimates made about uncertainties, contingencies and asset and liability valuations when measuring and reporting upon our financial condition and results of operations; changes to government mortgage modification programs; licensing and operational regulatory requirements applicable to our business, to which bank competitors are not subject; foreclosure delays and changes in foreclosure practices; difficulties inherent in growing loan production volume; difficulties inherent in adjusting the size of our operations to reflect changes in business levels; purchase opportunities for mortgage servicing rights and our success in winning bids; our substantial amount of indebtedness; expected discontinuation of LIBOR; increases in loan delinquencies and defaults; maintaining sufficient capital and liquidity including compliance with financial covenants; unanticipated increases or volatility in financing and other costs, including changes in interest rates; our obligation to indemnify third-party purchasers or repurchase loans if loans that we originate, acquire, service or assist in the fulfillment of, fail to meet certain criteria or characteristics or under other circumstances; decreases in management and incentive fees; conflicts of interest in allocating our services and business opportunities between PFSI and PMT and their affiliates; limitations imposed on PMT's ability to satisfy complex rules for it to qualify as a REIT for U.S. federal income tax purposes and qualify for an exclusion from the Investment Company Act of 1940 and the ability of certain of PMT's subsidiaries to qualify as REITs or as taxable REIT subsidiaries for U.S. federal income tax purposes; the effect of public opinion on our reputation; our ability to effectively identify, manage, monitor and mitigate financial risks; our initiation or expansion of new business and investment activities or strategies; our ability to detect misconduct and fraud; our ability to maintain appropriate internal control over financial reporting; our ability to mitigate cybersecurity risks and cyber incidents; our ability to pay dividends; and our organizational structure and certain requirements in our charter documents. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by PFSI and PMT with the Securities and Exchange Commission from time to time. PFSI and PMT undertake no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this presentation are current as of the date of this presentation.

This presentation also contains financial information calculated other than in accordance with U.S. generally accepted accounting principles ("GAAP"), such as pretax income excluding valuation items that provide a meaningful perspective on PFSI's business results since it utilizes this information to evaluate and manage the business. Non-GAAP disclosure has limitations as an analytical tool and should not be viewed as a substitute for financial information determined in accordance with GAAP.

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AGENDA

1. Overview - David Spector, Andy Chang
2. Mortgage Banking Overview - Doug Jones
3. Consumer Direct Lending - Scott Bridges
4. Broker Direct Lending - Kim Nichols
5. Correspondent Production - Abbie Tidmore
6. Mortgage Fulfillment - Jim Follette
7. Loan Servicing - Steve Bailey
8. PMT - Vandy Fartaj, Will Chang
9. Capital Management & Financial Outlook - Pam Marsh, Dan Perotti

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OVERVIEW

DAVID SPECTOR

Chairman and Chief Executive Officer

ANDY CHANG

Senior Managing Director Chief Operating Officer

PENNYMAC IS AN ESTABLISHED LEADER INTHE U.S. MORTGAGE MARKET WITH SUBSTANTIAL GROWTH POTENTIAL

$2.4 billion in assets under management(3)

Nearly 12-year track record

$197 billion in 2020	#2	PMT
					IS A LEADING
$109 billion in 2021 YTD(2)				IN PRODUCTION(1)	#
					CORRESPONDENT	RESIDENTIAL
	§	MORTGAGE REIT
					PRODUCTION
	§	CONSUMER DIRECT		6
	§	BROKER DIRECT		IN SERVICING(1)

YEARS OF	YEARS FOR PFSI AS A
14OPERATIONS	8PUBLIC COMPANY

Note: All figures are for PFSI and include volume fulfilled or subserviced for PMT

(1) Inside Mortgage Finance for the year ended or as of 3/31/21

5	(2)	Year-to-date through or as of 5/31/21
(3)	As of 3/31/21

$465 billion outstanding(2)

2+ million customers(2)