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PennyMac Mortgage Investment Trust Executive Compensation (FY25)

PMT · Westlake Village, CA · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
David Spector
Median of the other named officers
$2,561,222
5 officers, excluding the chief executive
Latest say-on-pay support
=
June 16, 2026
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The paid brief on PennyMac Mortgage Investment Trust

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
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Data as of October 18, 2026Latest filing (8-K): June 16, 2026
15 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
PennyMac Mortgage Investment Trust brief$1,500Get the executive brief
Velarion Member, one year
284 figures on this page: 273 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
This company is not required to report a chief executive pay ratio.

More on PennyMac Mortgage Investment Trust

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — David Spector: $10,595,840 → $12,660,536 (19.5% higher)
Say-on-pay support: 92.9% → 96.3% (3.4 points higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is PennyMac Mortgage Investment Trust's chief executive and what were they paid?
David Spector, Chairman and Chief Executive Officer and Trustee, received $12,660,536 in total compensation for fiscal 2025. Spector's total was 19.5% higher than the $10,595,840 reported for fiscal 2024.
What was PennyMac Mortgage Investment Trust's say-on-pay result?
The say-on-pay proposal drew 96.3% of votes cast for or against in favor at the meeting held June 16, 2026 for fiscal 2025.
Which companies are in PennyMac Mortgage Investment Trust's peer group?
The disclosed peer group includes Adamas Trust, Inc., AGNC Investment Corp., Annaly Capital Management, Inc., Apollo Commercial Real Estate Finance, Inc. and Arbor Realty Trust, Inc., among others.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Spector
Chairman and Chief Executive Officer and Trustee
◇—◇◇◇—◇◇
Doug Jones
Trustee President and Chief Mortgage Banking Officer
◇—◇◇◇—◇◇
Daniel Perotti
Senior Managing Director and Chief Financial Officer
◇—◇◇◇—◇◇
Vandad Fartaj
Former Senior Managing Director and Chief Investment Officer
◇—◇◇◇—◇◇
Derek Stark
Director Chief Legal Officer and Secretary
——◇————◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Spector
Chairman and Chief Executive Officer and Trustee
◇—◇◇◇—◇◇
Doug Jones
Trustee President and Chief Mortgage Banking Officer
◇—◇◇◇—◇◇
Daniel Perotti
Senior Managing Director and Chief Financial Officer
◇—◇◇◇—◇◇
William Chang
Former Senior Managing Director and Chief Investment Officer
Departed during or after this year
◇—◇◇◇—◇◇
Vandad Fartaj
Former Senior Managing Director and Chief Investment Officer
Departed during or after this year
——◇————◇
Doug Trustee
President and Chief Mortgage Banking Officer
——◇————◇
Derek Stark
Director Chief Legal Officer and Secretary
——◇————◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Spector
Chairman and Chief Executive Officer and Trustee
◇—◇◇◇—◇◇
Doug Jones
Trustee, President and Chief Mortgage Banking Officer
◇—◇◇◇—◇◇
Daniel Perotti
Senior Managing Director and Chief Financial Officer
◇—◇◇◇—◇◇
James Follette
Senior Managing Director and Chief Digital Officer
◇—◇◇◇—◇◇
Derek Stark
Senior Managing Director, Chief Legal Officer and Secretary
◇—◇◇◇—◇◇
Doug Trustee
President and Chief Mortgage Banking Officer
——◇————◇
William Chang
Former Senior Managing Director and Chief Investment Officer
Departed during or after this year
——◇————◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Spector
Chairman and Chief Executive Officer and Trustee
◇—◇◇◇—◇◇
Doug Jones
Trustee, President and Chief Mortgage Banking Officer
◇—◇◇◇—◇◇
Daniel Perotti
Senior Managing Director and Chief Financial Officer
◇—◇◇◇—◇◇
Derek Stark
Senior Managing Director, Chief Legal Officer and Secretary
◇—◇◇◇—◇◇
Doug Trustee
President and Chief Mortgage Banking Officer
——◇————◇
Mark Elbaum
Senior Managing Director and Chief Capital Markets Officer
——◇————◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Daniel S. PerottiRSU◇——◇——◇
Daniel S. PerottiPSU◇◇◇—◇—◇
David A. SpectorRSU◇——◇——◇
David A. SpectorPSU◇◇◇—◇—◇
Derek W. StarkPSU◇◇◇—◇—◇
Derek W. StarkRSU◇——◇——◇
Doug JonesPSU◇◇◇—◇—◇
Doug JonesRSU◇——◇——◇
Mark ElbaumPSU◇◇◇—◇—◇
Mark ElbaumRSU◇——◇——◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Doug JonesRSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
Daniel PerottiRSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
David SpectorPSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
Mark ElbaumPSU◇◇——
RSU◇◇——
Derek StarkPSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Preston DuFauchard
◇◇————◇
Catherine A. Lynch
◇◇————◇
Nancy McAllister
◇◇————◇
Renee R. Schultz
◇◇————◇
Scott W. Carnahan
◇◇————◇
Donna M. Corley
◇◇————◇
Stacey D. Stewart
◇◇————◇
Setareh (SiSi) Pouraghabagher
◇◇————◇
David A. Spector and Doug Jones served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Audit committee member◇
Compensation committee member◇
Nominating and governance member◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Adamas Trust, Inc. ADAM
  • AGNC Investment Corp. AGNC
  • Annaly Capital Management, Inc. NLY
  • Apollo Commercial Real Estate Finance, Inc. ARI
  • Arbor Realty Trust, Inc. ABR
  • ARMOUR Residential REIT, Inc. ARR
  • Blackstone Mortgage Trust, Inc. BXMT
  • Chimera Investment Corporation CIM
  • Dynex Capital, Inc. DX
  • Ellington Financial Inc. EFC
  • Invesco Mortgage Capital Inc. ORC
  • KKR Real Estate Finance Trust Inc. KREF
  • Ladder Capital Corp LADR
  • MFA Financial, Inc. MFA
  • Redwood Trust, Inc. RWT
  • Rithm Capital Corp. RITM
  • Starwood Property Trust, Inc. STWD
  • Two Harbors Investment Corp. TWO-PC

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025June 16, 2026=◇◇◇
2024June 24, 2025=◇◇◇
2023June 12, 2024=◇◇◇
2022June 8, 2023=◇◇◇
2021June 1, 2022=◇◇◇
2020May 26, 2021=◇◇◇
2019May 14, 2020=◇◇◇
2018June 5, 2019=◇◇◇
2017June 5, 2018=◇◇◇
2016May 23, 2017=◇◇◇
2015May 25, 2016=◇◇◇

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Sample answer — “What is the CEO’s total compensation?”
- David Spector (Chairman and Chief Executive Officer and Trustee), FY2025 total compensation $12,660,536 (base salary $1,483,333) [exec_comp, SEC accession 0001193125-26-166976, filed 2026-04-21]

Answered within 24 hours, every figure cited to its SEC filing. If our database cannot answer your question, you are refunded automatically.

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What this page does not include

Everything above is a fact PennyMac Mortgage Investment Trust disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where PennyMac Mortgage Investment Trust sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
284 figures on this page: 273 cited to the filing that reported them, 11 calculated from figures it prints.
273 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001193125-26-272861
  2. 0001193125-26-166976
    2025 Summary Compensation Paid by PFSI (1) · 2025 Trustee Compensation Table · COMPENSATION TABLES · Grants of Plan-Based Awards
  3. 0001193125-25-146958
  4. 0001193125-25-103904
    COMPENSATION TABLES
  5. 0001193125-24-160261
  6. 0001193125-24-102959
    2023 Summary Compensation Table* · COMPENSATION TABLES · Summary Compensation Table
  7. 0000950170-23-027269
  8. 0001193125-23-110599
    COMPENSATION TABLES
  9. 0001564590-22-022243
  10. 0001564590-21-031182
  11. 0001564590-20-026183
  12. 0001564590-19-022255
  13. 0001564590-18-015315
  14. 0001564590-17-011843
  15. 0001019687-16-006486
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “PennyMac Mortgage Investment Trust executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/PMT (accessed 2026).
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The paid brief for PennyMac Mortgage Investment Trust

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
15 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers PennyMac Mortgage Investment Trust discloses

The companies named in PMT's own disclosed peer group.

Adamas Trust, Inc.AGNC Investment Corp.Annaly Capital Management, Inc.Apollo Commercial Real Estate Finance, Inc.Arbor Realty Trust, Inc.ARMOUR Residential REIT, Inc.Blackstone Mortgage Trust, Inc.Chimera Investment CorporationDynex Capital, Inc.Ellington Financial Inc.Invesco Mortgage Capital Inc.KKR Real Estate Finance Trust Inc.Ladder Capital CorpMFA Financial, Inc.Redwood Trust, Inc.Rithm Capital Corp.Starwood Property Trust, Inc.Two Harbors Investment Corp.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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