X0306 4 2018-03-12 0001464423 PennyMac Mortgage Investment Trust PMT 0001275713 SPECTOR DAVID C/O PENNYMAC MORTGAGE INVESTMENT TRUST 3043 TOWNSGATE ROAD WESTLAKE VILLAGE CA 91361 1 1 President and CEO Common Shares of Beneficial Interest 2018-03-12 4 A 0 19092 0 A 196587 D Common Shares of Beneficial Interest 2018-03-12 4 M 0 5470 0 A 202057 D Performance-Based Restricted Share Units 0 2018-03-12 4 A 0 5470 0 A Common Shares of Beneficial Interest 5470 5470 D Performance-Based Restricted Share Units 0 2018-03-12 4 M 0 5470 0 D Common Shares of Beneficial Interest 5470 0 D The Reporting Person was granted 19,092 restricted share units. The restricted share units, which vest in three equal annual installments beginning on the first anniversary of the grant date, are to be settled in an equal number of common shares of beneficial interest upon vesting. The reported amount consists of 70,814 restricted share units and 125,773 common shares of beneficial interest. The restricted share units are to be settled in an equal number of common shares of beneficial interest upon vesting. This performance-based restricted share unit (PSU) award was granted to the Reporting Person on February 23, 2017 and may vest in three equal installments subject to the satisfaction of certain performance based criteria for each of the fiscal years ending 2017, 2018 and 2019. The PSU vested as to one-third on March 12, 2018 and the payout of common shares of beneficial interest pursuant to the PSU award for the 2017 fiscal year was determined based on the Issuer's return on equity (ROE) of 7.72% for the period of January 1, 2017 through December 31, 2017 as measured against ROE targets established at the time of grant. The payout percentage for the award based on target achievement was 68%. The reported amount consists of 70,814 restricted share units and 131,243 common shares of beneficial interest. The restricted share units are to be settled in an equal number of common shares of beneficial interest upon vesting. /s/ Derek W. Stark, attorney-in-fact for Mr. Spector 2018-03-14