PMT Research | Milton Maxwell

PMT

PennyMac Mortgage Investment Trust

12.50

-0.15-1.19%

Dec 16, 4:00:02 PM EST

Upcoming Earnings

Report date

≈ -/-

Earnings Call Transcripts

This Quarter (Q1 '26)

No earnings call transcript available yet

Last Quarter (Q4 '25)

FY Q4 '25

Competition details, allocation to 11-12%

1/28/26Jan 28, 2026

Q&A revealed non-agency competition mainly from Rocket Mortgage, EWM, and Redwood Trust, with PMT outperforming on originations. Management projects non-agency equity allocation climbing to 11-12% by year-end, balancing higher returns against aggregation risk. They touted a new non-mark-to-market financing facility amid competitive costs and openness to opportunistic MSR sales for better yields. January non-agency spreads held stable to tight, fueling robust securitization demand; CRT sales clarified as third-party opportunistics only. Prepayment concerns drew measured reassurance on MSR recapture and portfolio offsets. Q&A largely reaffirms the securitization ramp-up. Watch allocation trends closely.

Key Stats

Market Cap

1.09B

P/E (TTM)

13.59

Basic EPS (TTM)

0.92

Dividend Yield

0.13%

Recent Filings

10-K

FY2025 10-K filing

2/18/26Feb 18, 2026

PennyMac Mortgage Investment Trust filed its 10-K for FY2025 ended December 31, 2025, but financial statements and quarterly results not disclosed in the provided filing. Key exhibits detail amended mortgage banking services and loan purchase agreements dated December 18, 2025, between PennyMac Corp. and PennyMac Loan Services, outlining fulfillment fees up to $585 per Tier 1 loan commitment and $315 per Tier 1 purchased loan, with a five-year initial term from January 1, 2025. No topline revenue, profitability, EPS, or Q4 metrics provided. Liquidity and capital allocation details absent. Interest rate volatility could disrupt quarterly loan volumes.

8-K

PMT Q4 earnings beat dividend

1/29/26Jan 29, 2026

PennyMac Mortgage Investment Trust reported Q4 2025 net income of $41.9 million ($0.48 per share), beating its $0.40 dividend with 13% ROE, fueled by credit and rate strategies plus a $16 million tax benefit. Acquisitions hit $5.5 billion UPB; eight securitizations created $184 million in retained non-Agency bonds. Book value rose to $15.25. Strong Q4 masked full-year drop.

8-K

PMT issues $75M notes

12/22/25Dec 22, 2025

PennyMac Mortgage Investment Trust's subsidiary issued $75 million of 8.500% Exchangeable Senior Notes due 2029 on December 22, 2025, boosting the total outstanding to $366.5 million. Net proceeds of ~$75.6 million will repay servicing facilities and 2026 notes. Notes are exchangeable into cash or common shares at ~$15.79 per share. No early redemption allowed.

8-K

Issues $75M notes due 2029

12/16/25Dec 16, 2025

PennyMac Corp., a PennyMac Mortgage Investment Trust subsidiary, issued $75 million of 8.500% Exchangeable Senior Notes due 2029 on December 15, 2025, reopening its May 2024 series to reach $291.5 million outstanding. Net proceeds of ~$75.5 million will repay servicing facilities, retire 2026 notes, and fund general purposes. No early redemption allowed. Holders can demand repurchase on certain events.

10-Q

Q3 FY2025 results

10/29/25Oct 29, 2025

PennyMac Mortgage Investment Trust posted solid Q3 FY2025 results, with net income climbing 41% year-over-year to $58.3 million, or $0.55 per diluted share, up from $0.36. Net investment income rose 23% to $99.2 million, fueled by a 162% surge in net loan servicing fees to $15.4 million after lighter MSR valuation hits, though CRT gains dipped 34% to $13.7 million amid wider credit spreads. Interest rate sensitive strategies drove the momentum, with MBS valuation gains of $37.6 million (down from $123.4 million y/y) but a $100.5 million swing in servicing fees; correspondent production edged lower on fewer nonaffiliate sales. Liquidity strengthened to $444.5 million in cash and shorts, while total debt hit $16.3 billion (8.7x equity), including $5.4 billion non-recourse VIE financing. Yet rising delinquencies in the MSR pool signal persistent credit pressures.

About

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, Correspondent Production segments. The Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements and subordinate mortgage-backed securities (MBS). The Interest Rate Sensitive Strategies segment engages in investing in mortgage servicing rights, base servicing and excess servicing spreads, and agency and senior non-agency MBS, as well as related 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 entities. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its shareholders. The company was incorporated in 2009 and is headquartered in Westlake Village, California.

CEO

Mr. David A. Spector

IPO

7/30/2009

Website

https://pmt.pennymac.com

Employees

Sector

Real Estate

Industry

REIT - Mortgage