Corporate Structure

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PMT is a real estate investment trust that invests primarily in residential mortgage loans and mortgage-related assets. PMT is externally managed by PennyMac Financial Services, Inc. (NYSE: PFSI) through a management agreement with PFSI’s investment management subsidiary, PNMAC Capital Management, LLC (PCM). PCM, which is an SEC-registered investment advisor specializing in residential mortgage loans, provides PMT with management oversight and investment expertise. PMT also maintains loan servicing and mortgage banking services agreements with PFSI’s mortgage banking subsidiary, PennyMac Loan Services, LLC (PLS). PLS provides primary loan servicing and specialty loan servicing for PMT’s portfolio of residential mortgage loans. The servicing functions provided by PLS include collecting principal and interest payments, escrow account management, customer service, online account access, loss mitigation, collection activities, loan workouts, modifications, foreclosures, short sales, refinancing, and mortgage financing to facilitate sales of real estate owned properties. PLS also performs fulfillment activities for PMT’s correspondent aggregation business, including reviews of loan data; documentation and appraisals to assess loan quality and risk; correspondent seller performance and credit monitoring procedures; and the subsequent sale and securitization of loans through secondary mortgage markets on behalf of PMT. Our business model and relationship with PFSI combine the expertise, infrastructure, and capital required to invest in the many opportunities available in the U.S. mortgage market.

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