Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-10-02

PennyMac Mortgage Investment Trust (PMT)

CEO David Spector was paid $12,660,536 in fiscal year 2025, ↑ up 19.5% from fiscal year 2024, the 71st percentile of its disclosed peer group (SEC filing 0001193125-26-166976 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$12,660,536 ↑
David Spector total, FY2025
71st
CEO pay percentile vs peers
—
CEO-to-median pay ratio
96.31%
Say-on-pay support, latest vote

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PMT's next annual pay disclosure, estimated April 13, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
David Spector$1,483,333$0$5,437,444$2,025,687$3,608,250$0$105,822$12,660,536
Chairman and Chief Executive Officer and Trustee
Doug Jones1,298,95802,568,626956,9382,547,0000116,4887,488,010
Trustee, President and Chief Mortgage Banking Officer
Daniel Perotti500,00001,499,942558,7931,251,000061,7243,871,459
Senior Managing Director and Chief Financial Officer
Derek Stark400,0000862,416321,298909,000068,5082,561,222
Senior Managing Director, Chief Legal Officer and Secretary
Doug Trustee00799,9800000799,980
President and Chief Mortgage Banking Officer
Mark Elbaum00299,9780000299,978
Senior Managing Director and Chief Capital Markets Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
David Spector$12,660,536$10,595,840$7,258,483↑ +2,064,696
Doug Jones7,488,0106,597,6314,319,607↑ +890,379
Daniel Perotti3,871,4593,408,1782,344,904↑ +463,281
Derek Stark2,561,2222,225,933174,980↑ +335,289
Doug Trustee799,980599,990499,987↑ +199,990
Mark Elbaum299,978———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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$12,660,536 David Spector total, FY2025

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Data as of October 2, 2026 · Source: 0001193125-26-166976 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

Reports for PMT

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Executive Compensation ReportThe free page is the headline figures. The report is every award, peer and vote combined into one document you can hand to a committee.$1,500 →Reverse Peer AnalysisThe free page is the one line. The analysis reads every company that names this one in its own peer group.$299 →Peer Teardown ReportThe free page is the headline. The teardown reads every company in the disclosed peer group on its own numbers.$199 →
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01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Catherine A. LynchFormer director (through FY2025)$243,498
Donna M. CorleyIndependent Director$234,498
Nancy McAllisterIndependent Director$243,498
Preston DuFauchardIndependent Director$268,020
Renee R. SchultzIndependent Director$242,248
Scott W. CarnahanIndependent Director$242,248
Setareh (SiSi) PouraghabagherIndependent Director$223,748
Stacey D. StewartIndependent Director$234,498
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Gregory L. HendryChief Accounting Officer2026-08-03D2,444$9$22,900CommonForm 4 ↗
Gregory L. HendryChief Accounting Officer2026-09-01D2,444922,656CommonForm 4 ↗
Gregory L. HendryChief Accounting Officer2026-10-01D2,444819,210CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Daniel PerottiRSU2025-02-24——15,946—$224,998
Daniel PerottiPSU2025-02-249,74419,489—38,978274,990
Derek StarkPSU2025-02-244,8729,744—19,488137,488
Doug JonesPSU2025-02-2415,59131,183—62,366439,992
Mark ElbaumPSU2025-02-245,84611,693—23,386164,988
Derek StarkRSU2025-02-24——7,973—112,499
Doug JonesRSU2025-02-24——25,513—359,988
David SpectorRSU2025-02-24——44,649—629,997
David SpectorPSU2025-02-2427,28554,571—109,142769,997
Mark ElbaumRSU2025-02-24——9,567—134,990
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Daniel Perotti$224,998$274,990$055.0%
Derek Stark112,499137,488055.0%
Doug Jones359,988439,992055.0%
Mark Elbaum134,990164,988055.0%
David Spector629,997769,997055.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Doug JonesRSU12,535—$157,314
Daniel PerottiRSU5,756—72,238
David SpectorPSU54,571—684,866
David SpectorRSU44,649—560,345
Doug JonesRSU25,513—320,188
Doug JonesPSU31,183—391,347
David SpectorPSU25,534—320,452
David SpectorRSU20,892—262,195
Daniel PerottiPSU19,489—244,587
Mark ElbaumPSU11,693—146,747
Daniel PerottiRSU15,946—200,122
Doug JonesPSU15,320—192,266
Daniel PerottiPSU12,767—160,226
David SpectorRSU11,512—144,476
Daniel PerottiRSU10,446—131,097
David SpectorPSU11,138—139,782
Derek StarkPSU9,744—122,287
Mark ElbaumRSU9,567—120,066
Derek StarkRSU7,973—100,061
Doug JonesPSU5,569—69,891
Doug JonesRSU5,756—72,238
Daniel PerottiPSU5,569—69,891
Derek StarkPSU4,468—56,073
Derek StarkRSU3,656—45,883
Derek StarkRSU2,015—25,288
Derek StarkPSU1,949—24,460
05

Incentive-plan design — the Compensation Discussion & Analysis

PMT's compensation program is designed to align the interests of its named executive officers with those of its shareholders by providing equity-based awards that reward long-term performance and value creation. The program is biased toward performance-based equity vehicles and does not provide cash compensation, as executive officers are employed by and compensated by PFSI.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantPearl Meyer
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1650,034,5441,918,452364,98796.31%Passed
20252025-06-2450,094,0653,847,363333,11992.87%Passed
20242024-06-1253,854,5151,382,624366,28697.5%Passed
20232023-06-0856,875,6541,087,738352,31798.12%Passed
20222022-06-0160,250,2931,346,681398,84797.81%Passed
20212021-05-2666,801,4381,388,244333,31897.96%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1696.31%a
20252025-06-2492.87%b
20242024-06-1297.5%c

a. Approved under the standard stated in the filing — “For the proposals to approve our executive compensation and to ratify the appointment of Deloitte & Touche LLP, abstentions and broker non-votes will have no effect on the outcome of the approval of these proposals.”.

b. Approved under the standard stated in the filing — “For the proposals to approve our executive compensation and to ratify the appointment of Deloitte & Touche LLP, abstentions and broker non-votes will have no effect on the outcome of the approval of these proposals.”.

c. Approved under the standard stated in the filing — “For the proposals to approve our executive compensation and to ratify the appointment of Deloitte & Touche LLP, abstentions and broker non-votes will have no effect on the outcome of the approval of these proposals.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)—
CEO total compensation—
Median employee compensation—
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Preston DuFauchardIndependent · Audit · Nominating and Corporate Governance · Risk$158,033$109,987$0$0$0$268,020
Nancy McAllisterIndependent · Compensation · Finance · Risk (Chair)133,511109,987000243,498
Catherine A. LynchDeparted during FY133,511109,987000243,498
Scott W. CarnahanIndependent · Audit · Finance132,261109,987000242,248
Renee R. SchultzIndependent · Compensation (Chair) · Finance132,261109,987000242,248
Donna M. CorleyIndependent · Finance (Chair) · Nominating and Corporate Governance · Risk124,511109,987000234,498
Stacey D. StewartIndependent · Compensation · Nominating and Corporate Governance (Chair)124,511109,987000234,498
Setareh (SiSi) PouraghabagherIndependent · Audit (Chair)113,761109,987000223,748
Doug JonesEmployee director000—00
David A. SpectorEmployee director · Board Chair000—00
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$109,987
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)—
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,052,360
Equity awards (grant-date value)$879,896
All other compensation$0
Total cost of the board$1,932,256

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies PennyMac Mortgage Investment Trust names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including PennyMac Mortgage Investment Trust.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Rithm Capital Corp.2025Michael Nierenberg$1,000,000$12,000,007$0$7,440,000$20,450,903
2Annaly Capital Management, Inc.2025David Finkelstein1,000,0009,483,6290019,270,629
3AGNC Investment Corp.2025Peter Federico900,0005,750,0000—14,208,500
4Ladder Capital Corp2025Brian Harris1,000,0008,816,83304,124,70013,944,233
5PennyMac Mortgage Investment Trust2025David Spector1,483,3335,437,4442,025,6873,608,25012,660,536
6Arbor Realty Trust, Inc.2025Ivan Kaufman1,200,0005,259,1520011,785,559
7Adamas Trust, Inc.2025Jason Serrano920,0004,102,96202,992,5008,175,252
8Dynex Capital, Inc.2025Byron Boston900,0003,122,24803,192,4807,771,011
9MFA Financial, Inc.2025Craig Knutson825,0004,080,011—1,605,1237,079,634
10Chimera Investment Corporation2025Phillip Kardis II900,0003,890,78101,356,1806,167,961
11Redwood Trust, Inc.2025Christopher Abate975,0003,262,48101,808,0166,131,948
12Two Harbors Investment Corp.2024William Greenberg919,0383,066,56101,799,6805,785,279
13Blackstone Mortgage Trust, Inc.2025Timothy Johnson01,130,503001,130,503
14Apollo Commercial Real Estate Finance, Inc.2025Stuart Rothstein01,085,764001,085,764
15KKR Real Estate Finance Trust Inc.2025Matthew Salem0688,18800688,188
16Invesco Mortgage Capital Inc.2025Robert Cauley00000
17ARMOUR Residential REIT, Inc.2025Scott Ulm00000
18Starwood Property Trust, Inc.2025Barry Sternlicht00000
—Ellington Financial Inc.——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
PennyMac Mortgage Investment Trustnot disclosedPSU 55 · RSU 45NoPearl Meyer
Adamas Trust, Inc.130%not disclosedYesPearl Meyer
AGNC Investment Corp.not disclosednot disclosedNoFrederic W. Cook & Co., Inc.
Annaly Capital Management, Inc.142%PSU 60 · RSU 40NoSemler Brossy
Apollo Commercial Real Estate Finance, Inc.not disclosedRSU 100not disclosednot disclosed
Arbor Realty Trust, Inc.not disclosedPerformance-vesting restricted stock units (RSUs) 80 · Time-based vesting restricted stock 20Yes — Total Shareholder Return (TSR)not disclosed
ARMOUR Residential REIT, Inc.not disclosedRSU 100not disclosednot disclosed
Blackstone Mortgage Trust, Inc.not disclosedRSU 100not disclosedFPL Associates, L.P.
Chimera Investment Corporation65%not disclosedYes — Relative TSRFW Cook
Dynex Capital, Inc.355%PSU 60 · RSU 40NoFPC
Ellington Financial Inc.not disclosedOP LTIP Units 100not disclosednot disclosed
Invesco Mortgage Capital Inc.not disclosedOther 50 · LTIP Units 50Nonot disclosed
KKR Real Estate Finance Trust Inc.not disclosedRSU 100not disclosedFerguson Partners Consulting, L.P. (FPL)
Ladder Capital Corpnot disclosedRSU 50 · PSU 50NoFTI Consulting, Inc.
MFA Financial, Inc.107.0%PSU 60 · RSU 40Yes — Absolute TSRFrederic W. Cook & Co., Inc. (FW Cook)
Redwood Trust, Inc.86%PSU 55 · RSU 45Yes — relative TSR (rTSR)Semler Brossy Consulting Group, LLC
Rithm Capital Corp.186%not disclosedNoFW Cook
Starwood Property Trust, Inc.not disclosedRSU 100not disclosedMeridian Compensation Partners
Two Harbors Investment Corp.not disclosednot disclosednot disclosednot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at PennyMac Mortgage Investment Trust in fiscal 2025?
As disclosed, David Spector (Chairman and Chief Executive Officer and Trustee) was the highest-paid executive at PennyMac Mortgage Investment Trust in fiscal 2025, with total compensation of $12,660,536.
How does PennyMac Mortgage Investment Trust's chief executive pay compare to its disclosed peer group?
As disclosed, David Spector's total compensation ranked at the 71st percentile of PennyMac Mortgage Investment Trust's disclosed peer group.
How did shareholders vote on PennyMac Mortgage Investment Trust's executive compensation?
As disclosed, 96.31% of shareholders supported PennyMac Mortgage Investment Trust's executive compensation in the latest say-on-pay vote.
How much does PennyMac Mortgage Investment Trust spend in total on board compensation for fiscal 2025?
As disclosed, PennyMac Mortgage Investment Trust reported total board compensation of $1,932,256 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, David SpectorDEF 14A2026-04-210001193125-26-166976Section “2025 Summary Compensation Paid by PFSI (1)”. As printed: 12,660,536. Filing ↗machine: r2 · c27 · span 614120–614130
2Section 01, Doug JonesDEF 14A2026-04-210001193125-26-166976Section “2025 Summary Compensation Paid by PFSI (1)”. As printed: 7,488,010. Filing ↗machine: r3 · c27 · span 617066–617075
3Section 01, Daniel PerottiDEF 14A2026-04-210001193125-26-166976Section “2025 Summary Compensation Paid by PFSI (1)”. As printed: 3,871,459. Filing ↗machine: r4 · c27 · span 620040–620049
4Section 01, Derek StarkDEF 14A2026-04-210001193125-26-166976Section “2025 Summary Compensation Paid by PFSI (1)”. As printed: 2,561,222. Filing ↗machine: r5 · c27 · span 622982–622991
5Section 01, Doug TrusteeDEF 14A2026-04-210001193125-26-166976Section “COMPENSATION TABLES”. As printed: 799,980. Filing ↗machine: r8 · c8 · span 780321–780328
6Section 01, Mark ElbaumDEF 14A2026-04-210001193125-26-166976Section “COMPENSATION TABLES”. As printed: 299,978. Filing ↗machine: r16 · c8 · span 786948–786955
7Section 03, Daniel Perotti RSUDEF 14A2026-04-210001193125-26-166976Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t174 · r7 · c4 · span 705611–705618
8Section 03, Daniel Perotti PSUDEF 14A2026-04-210001193125-26-166976Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t170 · r4 · c7 · span 685852–685859
9Section 03, Derek Stark PSUDEF 14A2026-04-210001193125-26-166976Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t170 · r6 · c7 · span 688873–688880
10Section 03, Doug Jones PSUDEF 14A2026-04-210001193125-26-166976Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t170 · r3 · c7 · span 684465–684472
11Section 03, Mark Elbaum PSUDEF 14A2026-04-210001193125-26-166976Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t170 · r5 · c7 · span 687208–687215
12Section 03, Derek Stark RSUDEF 14A2026-04-210001193125-26-166976Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t174 · r11 · c4 · span 707341–707348
13Section 03, Doug Jones RSUDEF 14A2026-04-210001193125-26-166976Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t174 · r5 · c4 · span 704804–704811
14Section 03, David Spector RSUDEF 14A2026-04-210001193125-26-166976Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t174 · r3 · c4 · span 704054–704061
15Section 03, David Spector PSUDEF 14A2026-04-210001193125-26-166976Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t170 · r2 · c7 · span 683110–683117
16Section 03, Mark Elbaum RSUDEF 14A2026-04-210001193125-26-166976Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t174 · r9 · c4 · span 706361–706368
17Section 07, pay ratioDEF 14A2026-04-210001193125-26-166976Section “CEO Pay Ratio”. As printed: —. Filing ↗
18Section 08, Preston DuFauchardDEF 14A2026-04-210001193125-26-166976Section “Director Compensation”. As printed: 268,020. Filing ↗machine: span 421005–421012
19Section 08, Nancy McAllisterDEF 14A2026-04-210001193125-26-166976Section “Director Compensation”. As printed: 243,498. Filing ↗machine: span 423727–423734
20Section 08, Catherine A. LynchDEF 14A2026-04-210001193125-26-166976Section “Director Compensation”. As printed: 243,498. Filing ↗machine: span 422342–422349
21Section 08, Scott W. CarnahanDEF 14A2026-04-210001193125-26-166976Section “Director Compensation”. As printed: 242,248. Filing ↗machine: span 418284–418291
22Section 08, Renee R. SchultzDEF 14A2026-04-210001193125-26-166976Section “Director Compensation”. As printed: 242,248. Filing ↗machine: span 426460–426467
23Section 08, Donna M. CorleyDEF 14A2026-04-210001193125-26-166976Section “Director Compensation”. As printed: 234,498. Filing ↗machine: span 419618–419625
24Section 08, Stacey D. StewartDEF 14A2026-04-210001193125-26-166976Section “Director Compensation”. As printed: 234,498. Filing ↗machine: span 428817–428911
25Section 08, Setareh (SiSi) PouraghabagherDEF 14A2026-04-210001193125-26-166976Section “Director Compensation”. As printed: 223,748. Filing ↗machine: span 425075–425082
26Section 08, Doug JonesDEF 14A2026-04-210001193125-26-166976Section “Director Compensation”. As printed: 0. Filing ↗
27Section 08, David A. SpectorDEF 14A2026-04-210001193125-26-166976Section “Director Compensation”. As printed: 0. Filing ↗
28Section 02, Gregory L. Hendry 2026-08-03Form 42026-08-040001464423-26-000081Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Gregory L. Hendry 2026-09-01Form 42026-09-020001464423-26-000083Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Gregory L. Hendry 2026-10-01Form 42026-10-020001464423-26-000085Insider equity transaction reported since the proxy statement. Filing ↗
31Section 06, 2026 voteForm 8-K2026-06-160001193125-26-272861Item 5.07 · say-on-pay result. As reported: 96.31% (votes for as printed: 50,034,544). Filing ↗
32Section 06, 2025 voteForm 8-K2025-06-250001193125-25-146958Item 5.07 · say-on-pay result. As reported: 92.87% (votes for as printed: 50,094,065). Filing ↗
33Section 06, 2024 voteForm 8-K2024-06-130001193125-24-160261Item 5.07 · say-on-pay result. As reported: 97.5% (votes for as printed: 53,854,515). Filing ↗
34Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
35Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
36Section 09b board cost (computed)Computed——Cash 1,052,360 + equity 879,896 + all other 0 = 1,932,256, summed across the director compensation table rows.machine: formula: Σ = 1,932,256
37Rithm Capital Corp., Section 10b CEO totalDEF 14A2026-04-090001104659-26-041536CEO total compensation as printed in Rithm Capital Corp.'s own proxy. As printed: 20,450,903. Filing ↗machine: span 416665–416675
38Annaly Capital Management, Inc., Section 10b CEO totalDEF 14A2026-04-300001104659-26-052954CEO total compensation as printed in Annaly Capital Management, Inc.'s own proxy. As printed: 19,270,629. Filing ↗machine: t91 · r1 · c36 · span 1399922–1399932
39AGNC Investment Corp., Section 10b CEO totalDEF 14A2026-03-060001423689-26-000058CEO total compensation as printed in AGNC Investment Corp.'s own proxy. As printed: 14,208,500. Filing ↗machine: r2 · c18 · span 710764–710774
40Ladder Capital Corp, Section 10b CEO totalDEF 14A2026-04-210001577670-26-000018CEO total compensation as printed in Ladder Capital Corp's own proxy. As printed: 13,944,233. Filing ↗machine: r3 · c36 · span 603013–603023
41PennyMac Mortgage Investment Trust (subject), Section 10b CEO totalDEF 14A2026-04-210001193125-26-166976CEO total compensation as printed in PennyMac Mortgage Investment Trust's own proxy. As printed: 12,660,536. Filing ↗machine: r2 · c27 · span 614120–614130
42Arbor Realty Trust, Inc., Section 10b CEO totalDEF 14A2026-04-160001253986-26-000027CEO total compensation as printed in Arbor Realty Trust, Inc.'s own proxy. As printed: 11,785,559. Filing ↗machine: span 343111–343121
43Adamas Trust, Inc., Section 10b CEO totalDEF 14A2026-04-240001273685-26-000038CEO total compensation as printed in Adamas Trust, Inc.'s own proxy. As printed: 8,175,252. Filing ↗machine: span 827801–827810
44Dynex Capital, Inc., Section 10b CEO totalDEF 14A2026-04-070001104659-26-040189CEO total compensation as printed in Dynex Capital, Inc.'s own proxy. As printed: 7,771,011. Filing ↗machine: t104 · r2 · c19 · span 1099489–1099498
45MFA Financial, Inc., Section 10b CEO totalDEF 14A2026-04-170001140361-26-015388CEO total compensation as printed in MFA Financial, Inc.'s own proxy. As printed: 7,079,634. Filing ↗machine: r2 · c22 · span 815805–815814
46Chimera Investment Corporation, Section 10b CEO totalDEF 14A2026-04-230001206774-26-000238CEO total compensation as printed in Chimera Investment Corporation's own proxy. As printed: 6,167,961. Filing ↗machine: t63 · r1 · c7 · span 507844–507854
47Redwood Trust, Inc., Section 10b CEO totalDEF 14A2026-03-310000930236-26-000011CEO total compensation as printed in Redwood Trust, Inc.'s own proxy. As printed: 6,131,948. Filing ↗machine: span 755087–755096
48Two Harbors Investment Corp., Section 10b CEO totalDEF 14A2025-04-020001465740-25-000090CEO total compensation as printed in Two Harbors Investment Corp.'s own proxy. As printed: 5,785,279. Filing ↗machine: r2 · c42 · span 566941–566950
49Blackstone Mortgage Trust, Inc., Section 10b CEO totalDEF 14A2026-04-290001193125-26-191913CEO total compensation as printed in Blackstone Mortgage Trust, Inc.'s own proxy. As printed: 1,130,503. Filing ↗machine: r4 · c27 · span 349508–349517
50Apollo Commercial Real Estate Finance, Inc., Section 10b CEO totalDEF 14A2026-05-290001193125-26-248362CEO total compensation as printed in Apollo Commercial Real Estate Finance, Inc.'s own proxy. As printed: 1,085,764. Filing ↗machine: r2 · c23 · span 262498–262507
51KKR Real Estate Finance Trust Inc., Section 10b CEO totalDEF 14A2026-03-030001140361-26-007573CEO total compensation as printed in KKR Real Estate Finance Trust Inc.'s own proxy. As printed: 688,188. Filing ↗machine: r2 · c27 · span 361601–361608
52Invesco Mortgage Capital Inc., Section 10b CEO totalDEF 14A2026-04-270001437749-26-013358CEO total compensation as printed in Invesco Mortgage Capital Inc.'s own proxy. As printed: 0. Filing ↗
53ARMOUR Residential REIT, Inc., Section 10b CEO totalDEF 14A2026-03-190001428205-26-000040CEO total compensation as printed in ARMOUR Residential REIT, Inc.'s own proxy. As printed: 0. Filing ↗
54Starwood Property Trust, Inc., Section 10b CEO totalDEF 14A2026-03-130001140361-26-009388CEO total compensation as printed in Starwood Property Trust, Inc.'s own proxy. As printed: 0. Filing ↗
55Section 10a, MFA Financial, Inc. reciprocityDEF 14A—0001140361-26-015388MFA Financial, Inc. names PennyMac Mortgage Investment Trust in its own disclosed peer group (read from its most recent proxy). Filing ↗
56Section 10a, Two Harbors Investment Corp. reciprocityDEF 14A—0001465740-25-000090Two Harbors Investment Corp. names PennyMac Mortgage Investment Trust in its own disclosed peer group (read from its most recent proxy). Filing ↗
57Section 10a, Redwood Trust, Inc. reciprocityDEF 14A—0000930236-26-000011Redwood Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include PennyMac Mortgage Investment Trust. Filing ↗
58Section 10a, Invesco Mortgage Capital Inc. reciprocityDEF 14A—0001437749-26-013358Invesco Mortgage Capital Inc.'s most recent proxy was read; its disclosed peer group does not include PennyMac Mortgage Investment Trust. Filing ↗
59Section 10a, Annaly Capital Management, Inc. reciprocityDEF 14A—0001104659-26-052954Annaly Capital Management, Inc.'s most recent proxy was read; its disclosed peer group does not include PennyMac Mortgage Investment Trust. Filing ↗
60Section 10a, AGNC Investment Corp. reciprocityDEF 14A—0001423689-26-000058AGNC Investment Corp.'s most recent proxy was read; its disclosed peer group does not include PennyMac Mortgage Investment Trust. Filing ↗
61Section 10a, Chimera Investment Corporation reciprocityDEF 14A—0001206774-26-000238Chimera Investment Corporation's most recent proxy was read; its disclosed peer group does not include PennyMac Mortgage Investment Trust. Filing ↗
62Section 10a, Dynex Capital, Inc. reciprocityDEF 14A—0001104659-26-040189Dynex Capital, Inc. names PennyMac Mortgage Investment Trust in its own disclosed peer group (read from its most recent proxy). Filing ↗
63Section 10a, ARMOUR Residential REIT, Inc. reciprocityDEF 14A—0001428205-26-000040ARMOUR Residential REIT, Inc.'s most recent proxy was read; its disclosed peer group does not include PennyMac Mortgage Investment Trust. Filing ↗
64Section 10a, Starwood Property Trust, Inc. reciprocityDEF 14A—0001140361-26-009388Starwood Property Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include PennyMac Mortgage Investment Trust. Filing ↗
65Section 10a, Ellington Financial Inc. reciprocityDEF 14A—0001411342-25-000036Ellington Financial Inc.'s most recent proxy was read; its disclosed peer group does not include PennyMac Mortgage Investment Trust. Filing ↗
66Section 10a, Ladder Capital Corp reciprocityDEF 14A—0001577670-26-000018Ladder Capital Corp's most recent proxy was read; its disclosed peer group does not include PennyMac Mortgage Investment Trust. Filing ↗
67Section 10a, Adamas Trust, Inc. reciprocityDEF 14A—0001273685-26-000038Adamas Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include PennyMac Mortgage Investment Trust. Filing ↗

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