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PennyMac Mortgage Investment Trust, through its subsidiary, primarily invests in residential mortgage-related assets in the United States. The company operates through: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, and Correspondent Production segments. The Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements and subordinate and credit-linked mortgage-backed securities (MBS). The Interest Rate Sensitive Strategies segment engages in investing in mortgage servicing rights, agency and senior non-agency MBS, and collateralized mortgage obligations (CMOs), as well as interest rate hedging activities. The Correspondent Production segment is involved in purchasing, pooling, and reselling newly originated prime credit quality loans directly or in the form of MBS. The company primarily sells its loans to government-sponsored enterprises. It has elected to be taxed as a real estate investment trust (REIT). It is not subject to U.S. federal income tax on the REIT taxable income it distributes to its shareholders. PennyMac Mortgage Investment Trust was incorporated in 2009 and is headquartered in Westlake Village, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $158M | - | $128M | $-7.2B | 9.5% | -13.9% | -20.6% |
| 2024 | $184M | - | $161M | $-2.7B | 11.5% | -34.4% | -19.4% |
| 2023 | $280M | - | $200M | $1.3B | 14.1% | 171.5% | -372.4% |
| 2022 | $103M | - | $-73M | $1.8B | -5.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 103.11 | 279.90 | 183.53 | 158.07 |
| Operating Revenue | - | 103.11 | 279.90 | 183.53 | 158.07 |
| Selling General And Administration | - | 5.94 | 7.11 | 5.61 | 11.89 |
| Interest Income | - | 325.83 | 639.91 | 635.26 | 850.91 |
| Interest Expense | - | 410.42 | 735.97 | 714.66 | 870.39 |
| Net Interest Income | - | -84.59 | -96.06 | -79.40 | -19.48 |
| Pretax Income | - | 63.09 | 244.40 | 142.65 | 93.82 |
| Tax Provision | - | 136.37 | 44.74 | -18.34 | -34.05 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.10 | -0.03 | -0.09 | -0.01 |
| Net Income Continuous Operations | - | -73.29 | 199.65 | 160.98 | 127.87 |
| Net Income From Continuing And Discontinued Operation | - | -73.29 | 199.65 | 160.98 | 127.87 |
| Net Income From Continuing Operation Net Minority Interest | - | -73.29 | 199.65 | 160.98 | 127.87 |
| Net Income | - | -73.29 | 199.65 | 160.98 | 127.87 |
| Net Income Common Stockholders | - | -115.51 | 157.38 | 118.75 | 85.90 |
| Net Income Including Noncontrolling Interests | - | -73.29 | 199.65 | 160.98 | 127.87 |
| Normalized Income | - | -73.68 | 199.81 | 161.33 | 127.92 |
| Diluted NI Availto Com Stockholders | - | -115.51 | 182.39 | 118.75 | 85.90 |
| Basic Average Shares | - | 91.43 | 87.37 | 86.82 | 86.99 |
| Diluted Average Shares | - | 91.43 | 111.70 | 86.82 | 86.99 |
| Total Unusual Items | - | 0.50 | -0.19 | -0.44 | -0.06 |
| Total Unusual Items Excluding Goodwill | - | 0.50 | -0.19 | -0.44 | -0.06 |
| Preferred Stock Dividends | - | 41.82 | 41.82 | 41.82 | 41.82 |
| Gain On Sale Of Security | - | -640.54 | 174.81 | 53.16 | 196.96 |
| General And Administrative Expense | - | 5.94 | 7.11 | 5.61 | 11.89 |
| Salaries And Wages | - | 5.94 | 7.11 | 5.61 | 11.89 |
| Otherunder Preferred Stock Dividend | - | 0.41 | 0.45 | 0.42 | 0.15 |
| Average Dilution Earnings | - | 0 | 25.01 | 0 | 0 |
| Professional Expense And Contract Services Expense | - | 9.57 | 7.62 | 12.78 | 37.77 |
| Other Non Interest Expense | - | 24.51 | 20.78 | 22.49 | 14.59 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| PennyMac Mortgage Investment Trustthis co. | PMT | $889M | 10.34↑ premium | 0.47 | 4.6% | - |
| Whitestone REIT | WSR | $992M | 19.86 | 2.16 | 10.9% | 13.51 |
| MFA Financial, Inc. | MFA | $945M | 5.35 | 0.52 | 9.7% | - |
| JBG SMITH Properties | JBGS | $901M | -6.48 | 0.78 | -12.0% | 22.01 |
| Adamas Trust, Inc. | ADAM |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $818M |
| 5.49 |
| 0.92 |
| 16.8% |
| - |
| Postal Realty Trust, Inc. | PSTL | $795M | 56.15 | 2.79 | 5.0% | 20.12 |
| Peakstone Realty Trust | PKST | $781M | -2.54 | 1.05 | -41.3% | 22.93 |
| Sky Harbour Group Corporation | SKYH | $733M | 38.96 | 5.74 | 14.7% | 73.86 |
| Invesco Mortgage Capital Inc. | IVR | $731M | 7.21 | 1.16 | 16.0% | - |
| Peer Median | - | 6.35 | 1.10 | 10.3% | 22.01 | |