PennyMac Mortgage Investment Trust
- Open
- 9.27
- Day high
- 9.37
- Day low
- 9.23
- Prev close
- 9.32
- Volume
- 114K
- Mkt cap
- $812M
- P/E (TTM)
- 6.5
- EPS (TTM)
- $1.44
- P/B
- 0.4
- P/S
- 0.5
- Yield
- 17.13%
- Per share
- $1.60
- ▼Insiders net selling -$23K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
PennyMac Mortgage Investment Trust (PMT) is a Real Estate company listed on NYSE. The stock is down 23% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering PMT.
PennyMac Mortgage Investment Trust (PMT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PMT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $0.30 | $0.23 | -24.5% | $73M | -22.3% |
| May 5, 2026 | $0.36 | $0.16 | -55.6% | $82M | -11.6% |
| Jan 29, 2026 | $0.41 | $0.48 | +17.1% | $426M | +338.5% |
| Oct 21, 2025 | $0.36 | $0.55 | +52.8% | $62M | -36.5% |
| Jul 22, 2025 | $0.35 | $-0.04 | -111.4% | $5M | -94.7% |
| Apr 22, 2025 | $0.38 | $-0.01 | -102.6% | $4M | -95.8% |
| Jan 30, 2025 | $0.37 | $0.41 | +10.8% | $70M | -22.6% |
| Oct 22, 2024 | $0.36 | $0.36 | +0.0% | $4M | -95.7% |
| Jul 23, 2024 | $0.35 | $0.17 | -51.4% | $328M | +259.9% |
| Feb 1, 2024 | $0.32 | $0.44 | +37.5% | $503M | +417.6% |
| Oct 26, 2023 | $0.30 | $0.51 | +70.0% | $3M | -96.1% |
| Jul 27, 2023 | $0.35 | $0.16 | -54.3% | $56M | -48.4% |
PMT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 4, 2026 | Hendry Gregory Lofficer: Chief Accounting Officer | Sell | 2,444 | $9.37 |
| Mar 16, 2026 | Tidmore Abbieofficer: Chief Revenue Officer | Tax | 484 | $11.89 |
| Mar 16, 2026 | Jones Dougdirector, officer: Director, President & CMBO | Tax | 2,960 | $11.89 |
| Mar 16, 2026 | Perotti Daniel Stanleyofficer: Chief Financial Officer | Tax | 2,658 | $11.89 |
| Mar 16, 2026 | STARK DEREKofficer: Chief Legal Officer | Tax | 931 | $11.89 |
| Mar 16, 2026 | SPECTOR DAVIDdirector, officer: Chairman and CEO | Tax | 5,255 | $11.89 |
| Mar 3, 2026 | Jones Dougdirector, officer: Director, President & CMBO | Tax | 2,719 | $12.26 |
| Mar 3, 2026 | Perotti Daniel Stanleyofficer: Chief Financial Officer | Tax | 2,929 | $12.26 |
| Mar 3, 2026 | Follette Jamesofficer: Chief Digital Officer | Tax | 586 | $12.26 |
| Mar 3, 2026 | SPECTOR DAVIDdirector, officer: Chairman and CEO | Tax | 5,791 | $12.26 |
| Mar 3, 2026 | STARK DEREKofficer: Chief Legal Officer | Tax | 1,026 | $12.26 |
| Feb 26, 2026 | SPECTOR DAVIDdirector, officer: Chairman and CEO | Tax | 7,487 | $12.15 |
| Feb 26, 2026 | Tidmore Abbieofficer: Chief Revenue Officer | Tax | 468 | $12.15 |
| Feb 26, 2026 | STARK DEREKofficer: Chief Legal Officer | Tax | 954 | $12.15 |
| Feb 26, 2026 | Perotti Daniel Stanleyofficer: Chief Financial Officer | Tax | 1,908 | $12.15 |
Source: PMT SEC Form 4 filings, latest Aug 4, 2026. For informational purposes only — not investment advice.
See the full PMT insider & 13F page →PennyMac Mortgage Investment Trust company profile
Overview
PennyMac Mortgage Investment Trust (NYSE:PMT) is a specialty finance company and real estate investment trust (REIT) founded in 2009 and headquartered in Westlake Village, California. The company operates as a mortgage REIT that invests in various mortgage-related assets across the United States residential mortgage market. PMT is managed by PNMAC Capital Management, LLC and maintains a close relationship with PennyMac Financial Services (PFSI), which provides it with access to mortgage origination and servicing capabilities. As a REIT, PMT is required to distribute at least 90% of its taxable income to shareholders to maintain its tax-advantaged status.
Business
PennyMac Mortgage Investment Trust operates in the mortgage REIT sector, which involves investing in mortgage-related securities and assets to generate income from the interest rate spreads and credit performance of residential mortgages. The company operates through three distinct business segments that collectively manage approximately $14.9 billion in total assets. The Credit Sensitive Strategies segment represents the company's focus on credit risk investments, accounting for a significant portion of recent earnings. This segment invests in credit risk transfer (CRT) agreements, CRT securities, distressed loans, real estate, and non-agency subordinated bonds. CRT investments are essentially insurance-like contracts where PMT assumes credit risk on pools of mortgages in exchange for premium payments. When homeowners default on their mortgages, PMT absorbs the losses, but when mortgages perform well, PMT keeps the premium income. The Interest Rate Sensitive Strategies segment focuses on investments that are primarily affected by interest rate movements rather than credit performance. This includes mortgage servicing rights (MSRs), excess servicing spreads, and agency and senior non-agency mortgage-backed securities. MSRs represent the right to service mortgages and collect fees from borrowers, which become more valuable when interest rates rise because fewer borrowers refinance their loans. The Correspondent Production segment involves purchasing newly originated residential loans directly from mortgage lenders, then either selling these loans individually or pooling them into mortgage-backed securities. This segment generated loan acquisition volumes of $23-28 billion per quarter in recent periods, with PMT typically retaining 19-21% of conventional correspondent production for its own investment portfolio.
Revenue model
PMT generates revenue through multiple streams tied to mortgage market performance and interest rate environments. The primary revenue model involves net interest income from the spread between the yield on mortgage investments and the cost of financing these investments through various debt instruments. The Credit Sensitive Strategies segment earns income through credit risk premiums and credit spread compression. When PMT invests in CRT securities or creates organic CRT investments through its correspondent channel, it receives ongoing premium payments for assuming credit risk. The segment has generated $16-26 million in quarterly pre-tax income recently, with returns in the low-to-mid teens range expected on new investments. The Interest Rate Sensitive Strategies segment generates income from servicing fee collections on MSRs and coupon payments from mortgage-backed securities. This segment's profitability is highly sensitive to interest rate movements and prepayment speeds - when rates rise, fewer borrowers refinance, making MSRs more valuable and extending the life of mortgage securities. The Correspondent Production segment earns origination and securitization gains by purchasing loans at one price and selling them at higher prices, either individually or through securitization. Recent securitizations have allowed PMT to retain subordinate bonds with expected mid-teens returns while selling the senior portions. Several factors significantly impact PMT's margins. Interest rate volatility affects both the value of rate-sensitive investments and funding costs, with the company carrying substantial floating-rate debt. Credit performance of underlying mortgages directly impacts CRT investment returns. Mortgage origination volumes, which industry estimates suggest will be around $2 trillion in 2025, affect the availability of new investment opportunities. Prepayment speeds influence MSR values and the duration of mortgage securities. Finally, credit spreads in mortgage markets affect both investment valuations and the attractiveness of new opportunities.
Competitive moat
PMT's competitive positioning relies primarily on its strategic relationship with PennyMac Financial Services, which provides privileged access to mortgage origination flow and servicing capabilities. This relationship allows PMT to organically create credit risk transfer investments through the correspondent channel, rather than competing in the open market for seasoned assets. The company can purchase loans from PFSI, securitize them, and retain the credit-sensitive subordinate tranches, creating a vertically integrated investment process. However, PMT's moat is relatively narrow compared to companies with stronger competitive advantages. The mortgage REIT industry is highly competitive, with numerous players including larger institutions with greater scale and lower funding costs. PMT's investment strategies - MSRs, CRT securities, and mortgage-backed securities - are widely available investment types that other mortgage REITs and financial institutions can access. The company's competitive advantages are primarily operational rather than structural. Management's expertise in mortgage markets and risk management provides some differentiation, and the relationship with PFSI offers deal flow advantages. The company's focus on seasoned, low-coupon mortgage assets benefits from the current high interest rate environment, as these mortgages have low prepayment risk. Key competitive threats include larger financial institutions with cheaper funding costs, government-sponsored enterprises potentially changing their credit risk transfer programs, and interest rate normalization that could reduce the attractiveness of current MSR investments. Additionally, any deterioration in the relationship with PFSI or changes in PFSI's business model could significantly impact PMT's investment opportunities.
Risks & safety
PMT presents moderate to high financial risk due to its leveraged business model and sensitivity to market conditions. • Liquidity concerns: Current ratio of 0.07 indicates potential short-term liquidity pressure, though the company maintains $248 million in cash and short-term investments • High leverage: Debt-to-equity ratio of 3.38 reflects substantial leverage typical of mortgage REITs but creates vulnerability to market stress • Negative operating cash flow: -$594 million in Q1 2025 operating cash flow indicates the business model requires continuous refinancing and market access • Valuation metrics: Trading at 0.67x book value provides some downside protection, though P/E of 33x appears elevated relative to recent earnings volatility • Interest rate sensitivity: Substantial exposure to rate movements through both assets and floating-rate liabilities creates earnings volatility • Credit exposure: Growing focus on credit-sensitive strategies increases exposure to potential mortgage credit losses during economic downturns
Recent development
Over the past several years, PMT has undergone a significant strategic pivot toward credit-sensitive investments and away from pure interest rate plays. The company has increasingly focused on organically creating credit risk transfer investments through its correspondent loan channel, completing multiple securitizations of investor loans totaling over $1 billion and retaining the subordinate credit-sensitive tranches. The company has expanded its securitization capabilities, moving from primarily selling loans to government-sponsored enterprises to creating private-label securitizations. Management expects to complete approximately one securitization of non-owner-occupied loans per month and one jumbo loan securitization per quarter starting in 2025. This shift allows PMT to retain higher-yielding credit investments rather than simply earning origination spreads. PMT has also optimized its capital structure through multiple debt refinancing transactions, including issuing $217 million in exchangeable senior notes and $355 million in Fannie Mae MSR term notes. The company has maintained a stable $0.40 quarterly dividend while managing through significant interest rate volatility. Recent quarters have seen PMT increase its focus on seasoned mortgage servicing rights and GSE lender risk share transactions, which now represent approximately two-thirds of shareholders' equity. These investments benefit from the current interest rate environment, as mortgages originated during the low-rate period of 2020-2021 have minimal prepayment risk and strong credit performance due to substantial home equity appreciation.
PMT company profile · for informational purposes only — not investment advice.
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