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PMT-PA

PennyMac Mortgage Investment Trust

PMT-PA

PennyMac Mortgage Investment Trust • NYSE
$24.20 ▲ 0.00% (+0.00)
Market Cap $1.07 B
52w High $25.16
52w Low $22.39
Dividend Yield 1.52%
P/E -33.11
Volume 560
Outstanding Shares 43.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $62.147M ▲ $62.147M ▲ $58.296M ▲ 93.803% ▼ $0.55 ▲ $0 ▼
Q2-2025 $5.127M ▼ $2.836M ▼ $7.534M ▼ 146.948% ▲ $-0.036 ▼ $222.155M ▲
Q1-2025 $189.055M ▼ $16.964M ▲ $9.68M ▼ 5.12% ▼ $-0.009 ▼ $0 ▼
Q4-2024 $256.305M ▼ $997K ▼ $46.535M ▲ 18.156% ▲ $0.41 ▲ $148.977M ▲
Q3-2024 $265.782M $11.093M $41.407M 15.579% $0.36 $0

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $263.488M ▼ $18.526B ▲ $16.646B ▲ $1.879B ▲
Q2-2025 $1.536B ▼ $16.801B ▲ $14.935B ▲ $1.866B ▼
Q1-2025 $1.54B ▼ $14.876B ▲ $12.974B ▲ $1.903B ▼
Q4-2024 $1.552B ▼ $14.409B ▲ $12.47B ▲ $1.938B ▲
Q3-2024 $1.583B $13.056B $11.119B $1.937B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $0 ▼ $0 ▲ $0 ▼ $0 ▼ $0 ▼ $0 ▲
Q2-2025 $7.534M ▼ $-2.016B ▼ $272.916M ▲ $1.858B ▲ $114.959M ▲ $-2.016B ▼
Q1-2025 $9.68M ▼ $-594.267M ▲ $40.228M ▼ $464.286M ▼ $-89.753M ▼ $-594.267M ▲
Q4-2024 $45.959M ▲ $-1.621B ▼ $282.047M ▼ $1.332B ▲ $-6.664M ▼ $-1.622B ▼
Q3-2024 $41.301M $-983.81M $314.868M $882.566M $213.624M $-985.307M

Revenue by Products

Product Q4-2023Q1-2024Q4-2024Q3-2025
Correspondent Production
Correspondent Production
 $30.00M ▲$20.00M ▼$70.00M ▲$20.00M ▼
Credit Sensitive Strategies
Credit Sensitive Strategies
 $100.00M ▲$60.00M ▼$60.00M ▲$20.00M ▼
Interest Rate Sensitive Strategies
Interest Rate Sensitive Strategies
 $110.00M ▲$0 ▼$120.00M ▲$60.00M ▼
Corporate Segment
Corporate Segment
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Earnings over the past few years show that this is a cyclical, interest‑rate‑sensitive business with meaningful ups and downs rather than a smooth growth story. Revenue and profit swung sharply during the period, including a loss year in the middle and then a return to modest profitability more recently. The trust has shown it can bounce back after tough conditions, but the recovery is not yet on a steady, clearly rising path. Profitability has been supported by decent operating performance and cost control, yet bottom‑line results remain relatively thin compared with the size of the balance sheet. This means results can change quickly when mortgage markets or interest rates move. Overall, the income statement reflects a business that is resilient but volatile, and heavily exposed to the mortgage and rate environment.

Balance Sheet

Balance Sheet The balance sheet is sizeable and has grown over time, but it relies heavily on borrowing. Debt sits high relative to equity, which is very common for mortgage REITs but still means the trust is quite leveraged. Total assets have gradually increased, suggesting ongoing growth in the investment portfolio. Equity, however, has been fairly flat, indicating that most expansion is funded with debt rather than retained earnings. Cash levels have moved around a lot, at times being very comfortable and at other times fairly lean. In a leveraged mortgage business, this makes liquidity management a key point to watch. In short, the balance sheet is large and active but highly geared, so the trust’s health is closely tied to funding markets and collateral values.

Cash Flow

Cash Flow Cash flow is choppy and mirrors the ups and downs of the mortgage market. Operating cash flow has flipped between strong positive years and sizable outflows, reflecting changes in loan purchases, funding conditions, and hedging activity. Because capital spending is very light, free cash flow mainly tracks operating cash flow. This means that, in good years, the trust can generate solid cash, but in more stressed or transition periods, it can consume cash instead. This pattern is typical for mortgage REITs that actively buy and finance loans and related assets. It does, however, underline that investors should view cash generation as cyclical and transaction‑driven rather than stable and predictable.

Competitive Edge

Competitive Edge PennyMac Mortgage Investment Trust benefits from a strong competitive position built around its role as one of the largest correspondent mortgage aggregators in the United States. Its scale gives it steady access to newly originated loans, bargaining power with counterparties, and meaningful cost advantages in acquiring and servicing mortgages. The large loan flow also provides rich data, helping the firm fine‑tune underwriting standards and risk management. The portfolio is diversified across correspondent production, credit‑sensitive investments, and interest‑rate‑sensitive strategies, with significant expertise in mortgage servicing rights and credit‑risk transfer structures. This diversification can help offset pressure in any one area, but all segments remain tied to the health of housing finance and interest‑rate trends. Overall, the trust appears to enjoy a real moat from scale, relationships, and technical know‑how, but it still operates in a cyclical, highly regulated, and competitive mortgage ecosystem.

Innovation and R&D

Innovation and R&D For a mortgage REIT, PennyMac is unusually active on the technology and innovation front, which is a notable differentiator. The firm has built a dedicated digital and technology organization that is rolling out artificial intelligence and automation across document processing, internal support, and contract management. The goal is to materially cut costs and speed up workflows, which, if delivered, could improve margins and responsiveness to market changes. It also relies on a mix of proprietary platforms and leading third‑party systems for servicing, loan sourcing, and margin management, plus it has taken an equity stake in a modern loan‑origination system to further streamline the front end of the business. Product innovation is visible in its expansion into non‑traditional mortgages and new channels such as the broker direct market. These moves can enlarge the opportunity set but also bring additional credit and execution risk if not managed carefully. Overall, the innovation strategy is ambitious and could strengthen the franchise, but its ultimate impact depends on continued disciplined rollout and risk control.

Summary

PennyMac Mortgage Investment Trust, the issuer behind PMT‑PA, combines a strong market position in mortgage aggregation and servicing with the inherent volatility of a highly leveraged, rate‑sensitive business. Financially, results have been uneven: the trust has demonstrated the ability to be profitable and rebound from weak years, but earnings and cash flow swing with mortgage spreads, prepayments, and funding costs. The balance sheet is large and efficiently used but carries high leverage, making funding conditions and risk management critical. Strategically, the trust’s scale, data advantages, and relationships in correspondent lending give it a real competitive edge. Its push into AI, automation, and new mortgage products suggests a forward‑looking approach that could lower costs and broaden revenue sources over time. At the same time, all of this operates within a cyclical housing and rate environment, where rapid changes in interest rates, credit conditions, or regulation can meaningfully affect performance. The story is one of a technologically progressive, well‑positioned mortgage REIT that offers upside in favorable markets but remains structurally exposed to leverage, liquidity, and mortgage‑cycle risks.