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PMT-PC

PennyMac Mortgage Investment Trust

PMT-PC

PennyMac Mortgage Investment Trust • NYSE
$19.07 ▼ -0.78% (-0.15)
Market Cap $1.66 B
52w High $20.38
52w Low $17.51
Dividend Yield 1.27%
P/E -26.09
Volume 33.65K
Outstanding Shares 56.14M

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 Q3-2023Q1-2024Q3-2024Q4-2024
Correspondent Production
Correspondent Production
 $20.00M ▲$20.00M ▲$30.00M ▲$60.00M ▲
Credit Sensitive Strategies
Credit Sensitive Strategies
 $40.00M ▲$60.00M ▲$30.00M ▼$100.00M ▲
Interest Rate Sensitive Strategies
Interest Rate Sensitive Strategies
 $100.00M ▲$0 ▼$30.00M ▲$90.00M ▲
Corporate Segment
Corporate Segment
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Earnings have been choppy but, on balance, positive over the last several years. Revenue and gross profit swing around a lot from year to year, which is common for mortgage REITs that mark their portfolios to market. After a weak year in the middle of the period, net income has returned to modest profits, though not at the levels seen earlier. The trust is clearly managing to stay in the black overall, but the pattern shows that results are highly sensitive to interest rates, spreads, and market conditions rather than following a smooth growth path.

Balance Sheet

Balance Sheet The balance sheet shows a sizeable pool of mortgage-related assets funded largely with debt, which is typical for this type of REIT but means leverage is high. Total assets have grown steadily, while shareholder equity has stayed fairly stable, suggesting the firm is expanding its book mainly through borrowing rather than new equity. Cash on hand is relatively small compared to total assets, again typical for a mortgage investor that prefers to keep funds deployed. The key takeaway is a classic mortgage REIT profile: big asset base, thin equity cushion, and reliance on disciplined risk and funding management.

Cash Flow

Cash Flow Cash flows move sharply between strong inflows and sizable outflows, reflecting the trading and financing nature of the mortgage business rather than a traditional operating company pattern. Some years show healthy cash generated from operations, while others show large uses of cash as the trust builds or repositions its portfolio. Capital spending is minimal, so free cash flow largely mirrors operating cash flow. Investors should expect this kind of lumpiness to continue; what matters most is how well the trust aligns its cash needs with its borrowing lines and market conditions.

Competitive Edge

Competitive Edge PennyMac’s edge comes from scale, specialization, and its close partnership with its operating affiliate. It is a leading player in buying loans from other lenders and keeping the servicing in-house, which creates recurring fee income and deep customer data. The combination of a large servicing book, strong correspondent channel presence, and an integrated manager gives it cost advantages and deal flow that smaller rivals struggle to match. At the same time, it still faces the usual challenges in the mortgage space: competition on pricing, regulatory scrutiny, and exposure to swings in housing and interest-rate cycles.

Innovation and R&D

Innovation and R&D The broader PennyMac platform invests heavily in technology rather than traditional R&D, using proprietary systems and many AI tools to cut costs, automate processes, and improve the broker and borrower experience. Its internal servicing platform and broker portal are designed to speed up approvals, reduce errors, and keep more of the economics in-house. The push into advanced loan-origination software and data-driven underwriting, including plans for more specialized mortgage products, supports efficiency and product breadth. The opportunity is clear—lower costs and better retention—but there is also execution risk whenever core systems are upgraded or new products are rolled out.

Summary

Overall, PMT sits on a typical mortgage REIT foundation: leveraged exposure to mortgage assets, earnings that can swing with markets, and a need for tight risk and funding controls. Recent years show a business that has remained profitable on average but with clear volatility in revenues and cash flows. The balance sheet structure and cash-flow patterns are in line with its role as a financial investor rather than an operating company that grows steadily. What differentiates PennyMac is the technological and operational strength of its platform—especially in servicing, AI-driven efficiency, and broker relationships—which can support resilience through rate cycles. For a preferred security tied to this platform, the key drivers to watch are credit quality, interest-rate management, and the continued success of its tech and servicing strategy in keeping the overall enterprise stable.