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PMT-PB

PennyMac Mortgage Investment Trust

PMT-PB

PennyMac Mortgage Investment Trust • NYSE
$24.12 ▼ -0.99% (-0.24)
Market Cap $1.06 B
52w High $25.05
52w Low $22.76
Dividend Yield 1.50%
P/E -33
Volume 25.77K
Outstanding Shares 43.65M

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 Q3-2024Q4-2024Q2-2025Q3-2025
Correspondent Production
Correspondent Production
 $30.00M ▲$60.00M ▲$30.00M ▼$20.00M ▼
Credit Sensitive Strategies
Credit Sensitive Strategies
 $30.00M ▲$100.00M ▲$20.00M ▼$20.00M ▲
Interest Rate Sensitive Strategies
Interest Rate Sensitive Strategies
 $30.00M ▲$90.00M ▲$20.00M ▼$60.00M ▲
Corporate Segment
Corporate Segment
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement PennyMac Mortgage Investment Trust’s earnings profile is choppy, which is typical for a mortgage REIT tied closely to interest rates and housing activity. Over the past several years, revenue and operating profit have swung noticeably, including one clearly loss-making year in the middle of the period, followed by a recovery. Most years still show modest positive net income, but the pattern is far from smooth or predictable. The recent results point to solid underlying profitability from its core activities even when headline revenue looks weak, which can reflect accounting for mortgage assets and servicing rights rather than a collapse in the business itself. Overall, PMT has demonstrated an ability to return to profitability after stress, but earnings quality is sensitive to market conditions and valuation changes in its mortgage portfolio.

Balance Sheet

Balance Sheet The balance sheet shows a business built on sizeable mortgage assets funded largely with borrowings, which is standard for this type of REIT. Total assets have gradually grown, but shareholders’ equity has stayed relatively flat, meaning leverage has increased over time. Debt now represents a large portion of the capital structure, clearly outweighing equity. Cash levels move around quite a bit, with periods of stronger liquidity and periods where cash is leaner. In practical terms, PMT’s balance sheet relies heavily on continued access to financing markets and careful risk management; there is not a big equity cushion relative to the asset base.

Cash Flow

Cash Flow Cash flow has been very uneven. Operating cash flow has swung between strong inflows and sizable outflows from year to year, reflecting shifts in mortgage production, asset purchases and sales, and funding dynamics. Free cash flow largely mirrors this pattern, since capital spending on physical assets is minimal. This volatility is normal for a mortgage REIT, but it means cash generation is not steady or easily forecastable. Instead, cash flow depends heavily on how management adjusts the portfolio to changing rate and credit conditions, rather than on a stable stream of operating receipts like a typical operating company.

Competitive Edge

Competitive Edge PMT benefits from a strong competitive position anchored by its close partnership with PennyMac Financial Services. Through this relationship, it taps into a large, technology-driven mortgage platform without bearing the full cost of building and running it. This gives PMT scale, data, and operational expertise that many smaller mortgage REITs do not have. The trust holds a leading role in correspondent lending, where it buys mortgages from smaller lenders, and it is deeply involved in mortgage servicing rights and credit risk transfer securities. This combination of scale, specialization, and vertical integration—from loan acquisition through servicing and securitization—creates meaningful barriers to entry and helps PMT source and manage assets more efficiently than many rivals.

Innovation and R&D

Innovation and R&D Although PMT is not a technology company, it effectively “outsources” innovation to its external manager and benefits from that investment. PennyMac Financial has deployed numerous artificial intelligence and automation tools across the mortgage life cycle—speeding up document handling, reducing manual work, cutting servicing costs, and improving loan processing. On the product side, PMT is moving into areas like non‑qualified mortgages, jumbo loans, and continued private-label securitizations, which broaden its opportunity set beyond plain-vanilla mortgages. These initiatives, combined with ongoing upgrades to loan origination systems and analytics, suggest a platform that is actively adapting to new borrower segments and market structures rather than standing still.

Summary

Overall, PennyMac Mortgage Investment Trust sits on a sophisticated, tech-enabled mortgage platform with clear scale and specialization advantages, especially in correspondent lending, mortgage servicing rights, and credit risk transfer assets. Its competitive edge rests on deep integration with a large mortgage operator and an emphasis on automation and data-driven processes. At the same time, the financial profile shows the classic trade-offs of a mortgage REIT: high leverage, sensitive mark-to-market earnings, and very lumpy cash flows that respond quickly to shifts in interest rates and housing conditions. Historically, PMT has managed to navigate through stress periods and return to modest profitability, but results are not smooth and depend heavily on effective risk and funding management. For the PMT‑PB preferred shares, the key backdrop is a business with meaningful structural strengths and an active innovation pipeline, operating within a capital-intensive, cyclical, and leveraged model. That combination offers both resilience through its platform and exposure to broader mortgage and rate cycles, which are important context points when thinking about the stability of future distributions and overall risk profile.