PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust is a specialty finance company that primarily invests in mortgage-related assets. The company conducts nearly all its operations and investments through its subsidiary, PennyMac Operating Partnership, L.P., and its subsidiaries. A wholly-owned subsidiary of PennyMac Mortgage Investment Trust is the sole general partner, and PennyMac Mortgage Investment Trust is the sole limited partner, of the Operating Partnership. Some activities and investments are conducted through a wholly-owned taxable real estate investment trust (REIT) subsidiary or other subsidiaries of the Operating Partnership. The management of the business and execution of operations are performed by subsidiaries of PennyMac Financial Services, Inc. (PFSI), a separately listed specialty financial services firm focused on U.S. mortgage market loan production, servicing, and investment management. Specifically, PennyMac Mortgage Investment Trust is externally managed by Pennymac Capital Management, LLC (PCM), a wholly-owned subsidiary of PFSI and an SEC-registered investment adviser specializing in U.S. mortgage assets. Loan production and servicing activities are performed by PennyMac Loan Services, LLC (PLS), another wholly-owned PFSI subsidiary. The company's objective is to provide attractive risk-adjusted returns to investors over the long-term, primarily through dividends and secondarily through capital appreciation.