Key Highlights

  • Two of the five Mortgage companies reported net income, led by $709 million, and three reported net losses.
  • Book value per share fell 16.1% at the largest decliner and about 5% at another.
  • One servicer reported $99 million of servicing pretax income against a $7 million production loss.
  • A Merger agreed on August 9, 2026 is expected to close in the fourth quarter.
  • Declared quarterly common dividends ranged from $0.10 to $0.40 per share, with one cut signaled.

Which mortgage finance companies led third quarter 2026 earnings?

The five companies are ranked here by reported third quarter 2026 Net Income or net loss attributable to common holders, using only figures in each company's report. Bases differ slightly: Rocket Companies and PennyMac Financial Services report net income, while the three mortgage REITs report a loss applicable to common stockholders.

Rocket Companies (NYSE:RKT) ranks first with net income of $709 million, or $0.25 per diluted share, on Revenue of $3,284 million. PennyMac Financial Services (NYSE:PFSI) ranks second with net income of $29 million, or $0.54 per diluted share.

Cherry Hill Mortgage Investment (NYSE:CHMI) ranks third with a net loss to common of $3.9 million, or $0.11 per share. PennyMac Mortgage Investment Trust (NYSE:PMT) ranks fourth with a net loss to common of $36 million, or $0.41 per share. Invesco Mortgage Capital (NYSE:IVR) ranks fifth with a net loss to common of $98.8 million, or $0.92 per share.

1. Rocket Companies: What turned a $124 million loss into $709 million of net income?

Rocket Companies reported total revenue, net of $3,284 million, up from $1,695 million in the third quarter of 2025, and adjusted EBITDA of $748 million. The year-ago quarter predates the October 1, 2025 Mr. Cooper Group acquisition, which is why servicing figures jump.

Loan servicing income, net was $1,188 million against a loss of $67 million, and the serviced portfolio reached $2,007 billion. Closed origination Volume was $43.6 billion, up 35%. Third quarter Earnings leaned on a $710 million valuation gain on mortgage servicing rights, net of hedges.

2. PennyMac Financial Services: How did servicing earn $99 million while production lost money?

PennyMac Financial Services reported net income of $29 million against $182 million a year earlier, with adjusted EPS of $1.05. Servicing pretax income was $99 million, up from $22 million in the second quarter, while production posted a $7 million pretax loss after loan acquisitions and originations fell 30% sequentially to $24.4 billion.

The owned servicing portfolio was $496 billion, up 6% from a year earlier, and the 60 plus day delinquency rate on it was 4.2%, up from 3.4%. Management expects to cut annualized operating expenses by about $160 million from the second quarter of 2026 to the first quarter of 2027, and the board declared a $0.30 dividend.

3. Cherry Hill Mortgage Investment: Is a $0.11 loss the cost of lining up a merger?

Cherry Hill Mortgage Investment reported a net loss of $1.5 million, against net income of $4.5 million a year earlier, and $2.4 million of preferred dividends took the loss to common to $3.9 million. Net interest income rose to $4.5 million from $3.3 million, and unrealized losses on agency RMBS were $51.8 million.

On August 9, 2026 the company agreed to merge with TPG Mortgage Investment Trust (NYSE:MITT), with each common share converting into 0.3063 of a MITT share plus $0.41 in cash. General and administrative expense rose to $4.6 million from $2.2 million, and total stockholders' Equity was $212.8 million, down from $238.5 million at December 31, 2025. The common Dividend declared was $0.10 per share.

4. PennyMac Mortgage Investment Trust: Why plan a smaller dividend after a $0.41 loss?

PennyMac Mortgage Investment Trust reported a net loss to common of $36 million against income of $48 million a year earlier, while adjusted EPS was $0.35. Book Value per share was $14.03, down from $14.83 at June 30, 2026, and net investment income was $36 million.

Management said it expects to decrease the dividend in favor of share repurchases, and the board added $130 million to the repurchase authorization. The trust is selling servicing rights to redeploy capital into private label securitizations, and about $2.1 billion of loans came from production at PennyMac Financial.

5. Invesco Mortgage Capital: How does a $0.92 loss sit beside $0.47 of distributable earnings?

Invesco Mortgage Capital reported a net loss to common of $98.8 million, built on a $402.1 million loss on investments partly offset by a $277.7 million derivative gain. Earnings available for distribution, a non-GAAP measure, were $0.47 per share against $0.50 in the second quarter.

Book value per share fell 16.1% to $6.74, and economic return was a negative 11.6%. Economic debt-to-equity rose to 8.3x from 7.5x, and net interest income was $33.9 million, up from $17.6 million a year earlier.

How do the five mortgage companies compare on a calculated basis?

Rocket Companies net income of $709 million was about 24.4 times PennyMac Financial Services net income of $29 million (calculated). PennyMac Financial Services net income fell about 84.1% from $182 million a year earlier (calculated).

Book value per share fell about 5.4% at PennyMac Mortgage Investment Trust, from $14.83 to $14.03, compared with 16.1% at Invesco Mortgage Capital (calculated). Invesco Mortgage Capital's $98.8 million loss was about 2.7 times the $36 million loss at PennyMac Mortgage Investment Trust (calculated).

Rocket Companies revenue rose about 93.7% year over year (calculated), though acquisitions changed the base.

What to Watch Next: Merger Votes, a Dividend Cut and Servicing Sales

Cherry Hill Mortgage Investment expects its merger to close in the fourth quarter of 2026, subject to approval by both companies' common stockholders. PennyMac Financial Services will pay its $0.30 dividend on November 27, 2026 to holders of record on November 16, 2026. It also expects to close the Cenlar subservicing Acquisition in the first quarter of 2027 and has agreed to sell $29 billion of servicing rights for about $490 million.

PennyMac Mortgage Investment Trust names Kevin Ryan chief financial officer effective January 1, 2027, and President Doug Jones retires on June 30, 2027. Invesco Mortgage Capital readers will likely follow book value, the 8.3x Leverage Ratio and whether distributable earnings keep covering the $0.36 dividends.