PennyMac Mortgage Investment Trust
Holds mortgage servicing rights, credit-risk-transfer positions, and securitization bonds on its own balance sheet.
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Profile
An externally-managed mortgage REIT built on an affiliated correspondent-lending platform, holding mortgage servicing rights, credit-risk-transfer positions, and private-label securitization bonds sourced from loans purchased nationwide from correspondent sellers.
Loans arrive through a nationwide correspondent channel run by an affiliated servicer, which buys prime mortgages from small banks and independent originators, sells some into agency execution, and securitizes the rest, keeping the resulting servicing rights and subordinate bonds on the balance sheet.
Holdings split between credit-sensitive positions, such as government-sponsored-enterprise credit-risk transfers, and interest-rate-sensitive holdings concentrated in servicing rights and agency securities, hedged against rate swings. A newer strategy retaining subordinate tranches from its own prime non-agency securitizations has scaled quickly since late 2024.
Management and servicing are handled entirely by affiliated companies under permanent fee agreements rather than in-house staff, leaving a headcount of only a handful of people. Most eligible loans flow through government-sponsored-enterprise and Ginnie Mae channels, so agency guideline changes reach results directly, and rising rates tend to lift servicing-rights values by slowing prepayments.
Company facts
Categories
Key statistics
Year to date −26.0% · Average volume (30d) 1.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | UBS | Reiterate | Neutral | $13.50 | $10 | |
| Aug 17, 2026 | Deutsche Bank | Upgrade | Hold | Buy | ||
| Aug 15, 2026 | Deutsche Bank | Upgrade | Hold | Buy | $14 | $12 |
| Jul 31, 2026 | Wells Fargo | Reiterate | Equal Weight | $12 | $10 | |
| Jul 30, 2026 | Piper Sandler | Reiterate | Neutral | $11.50 | $10 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.30 | $0.23 | −24.5% | $93.9M | $73.0M | −22.3% | −3.92% |
| May 5, 2026Q1 FY26 | $0.36 | $0.16 | −55.6% | $92.9M | $82.1M | −11.6% | −9.07% |
| Jan 29, 2026Q4 FY25 | $0.41 | $0.48 | +17.1% | $98.5M | $93.6M | −5.0% | −12.44% |
| Oct 21, 2025Q3 FY25 | $0.36 | $0.55 | +52.8% | $97.9M | $62.1M | −36.5% | +8.38% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $189.2M | $237.2M | $290.5M | $425.9M | $451.2M | $477.6M | |
| Gross profit | $7.1M | $32.0M | $62.1M | $389.9M | $416.7M | $444.5M | |
| Operating income | −$6.3M | $17.0M | $47.0M | $290.8M | $367.9M | $409.6M | |
| Net income | $9.7M | $7.5M | $58.3M | $52.4M | $24.6M | $31.0M | |
| Diluted EPS | −$0.01 | −$0.04 | $0.55 | $0.49 | $0.16 | $0.23 | |
| Gross margin | 3.7% | 13.5% | 21.4% | 91.5% | 92.3% | 93.1% | |
| Operating margin | -3.3% | 7.2% | 16.2% | 68.3% | 81.5% | 85.8% |
Fiscal years (4-quarter sums)FY21 $757.5M · FY22 −$145.7M · FY23 $725.9M · FY24 $504.6M · FY25 $1.14B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $421.0M · Total debt $22.92B · Total assets $25.09B · Shareholders' equity $1.85B
Dividends
Raised for 2 straight years — most recently to $0.40 from $0.3355 in Apr 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 9, 2026 | Jul 9 | Jul 24 | $0.40 | |
| Apr 9, 2026 | Apr 9 | Apr 24 | $0.40 | |
| Dec 26, 2025 | Dec 26 | Jan 23 | $0.40 | |
| Oct 10, 2025 | Oct 10 | Oct 24 | $0.40 | |
| Jul 11, 2025 | Jul 11 | Jul 25 | $0.40 | |
| Apr 11, 2025 | Apr 11 | Apr 25 | $0.40 | raised from $0.3355 |
| Dec 27, 2024 | Dec 27 | Jan 24 | $0.3355 | cut from $0.40 |
| Oct 11, 2024 | Oct 11 | Oct 25 | $0.40 |
Ownership
Shares outstanding 87.20M · Float 86.15M · 98.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 14.57M | 16.71% | 13F | Aug 7, 2026 |
| T. Rowe Price Investment Management, Inc. | 6.35M | 7.28% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 5.04M | 5.77% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 3.84M | 4.40% | 13F | Aug 13, 2026 |
| State Street Corp | 3.55M | 4.07% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 3, 2026 | Gregory L. Hendry | officer: Chief Accounting Officer | −2,444 | $9.37 |
| Jan 23, 2026 | Catherine A. Lynch | director | +1,451 | $13.24 |
| Nov 17, 2025 | David Spector | director, officer: Chairman and CEO | +10,000 | $12.40 |
| Oct 24, 2025 | Catherine A. Lynch | director | +1,470 | $12.67 |
| Sep 22, 2025 | Catherine A. Lynch | director | +2,823 | $12.02 |
Peers
- Rithm Capital
Closest structural analog — originator, servicer, MSR investor, and securitizer.
- Redwood Trust
Direct rival on the prime non-Agency securitization line PMT scaled in 2025.
- TWO
Closest single-strategy peer for the MSR + Agency MBS balance-sheet mix.
- Annaly Capital Management
Largest mREIT peer — competes across Agency MBS, MSRs, and residential credit.
- AGNC
Pure-play Agency MBS mREIT — direct overlap only on the Agency MBS book.
- MFA Financial
Residential hybrid mREIT overlapping on non-Agency credit and BPL deals.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| PennyMac Mortgage Investment Trust | $9.34 | −0.16% | $814.5M | 6.5 | 7.4 | 0.5 | +1,323.8% |
| Rithm Capital | $10.09 | +0.05% | $5.63B | 16.8 | 4.5 | 1.0 | +205.4% |
| Redwood Trust | $4.65 | +0.84% | $580.3M | — | 4.9 | 0.4 | +68.5% |
| TWO | $12.18 | +1.08% | $1.28B | — | 10.9 | 1.5 | — |
| Annaly Capital Management | $23.11 | +0.26% | $17.37B | 5.8 | 7.4 | 2.4 | −50.1% |
| AGNC | $10.95 | +0.41% | $12.51B | 5.6 | 7.2 | 4.1 | — |
| MFA Financial | $8.82 | −0.11% | $901.5M | 7.4 | 6.9 | 1.2 | −65.6% |
| Median | 6.6 | 7.0 | 1.3 | +9.2% |