Pennymac Mortgage Investment TrustPennymac Mortgage Investment Trust
Pennymac Mortgage Investment Trust

Pennymac Mortgage Investment Trust

PMT
Real Estate·Mortgage Real Estate Investment Trusts (REITs)

PennyMac Mortgage Investment Trust is a finance company, which invests primarily in residential mortgage loans and mortgage-related assets. It operates through the following segments: Correspondent Production, Credit Sensitive Strategies, Interest Rate Sensitive Strategies, and Corporate. The Correspondent Production segment deals with purchasing, pooling, and reselling newly originated prime credit quality mortgage loans either directly or in the form of mortgage-backed securities in capital markets. The Credit Sensitive Strategies segment includes investments in distressed mortgage loans, real estate acquired in settlement of mortgage loans, real estate held for investment, credit risk transfer agreements, non-agency subordinated bonds, and small balance commercial real estate mortgage loans. The Interest Rate Sensitive Strategies segment focuses on investments in mortgage servicing rights, excess servicing spread, agency and senior non-agency mortgage-backed securities, and the related interest rate hedging activities. The Corporate segment includes management fee and corporate expense amounts and certain interest income. The company was founded by Stanford L. Kurland on May 18, 2009 and is headquartered in Westlake Village, CA.

California; U.S.A
Market cap
$654MNo data
Revenue
$-19.5M+75.5% YoY
Net income
$127.9M−20.6% YoY
Free cash flow
$-7.2B−166.9% YoY

Market

Listed stock
PMTPriceNYSE
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Financial performance

Revenue
$-19.5M+75.5% YoY
Operating income
$-246M+15.6% YoY
Net income
$127.9M−20.6% YoY
Free cash flow
$-7.2B−166.9% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $-109.5M, 2022 $-26.6M, 2023 $-96.1M, 2024 $-79.4M, 2025 $-19.5M. Operating income: 2021 $-499.1M, 2022 $-285.9M, 2023 $-299.7M, 2024 $-291.4M, 2025 $-246M. Net income: 2021 $56.9M, 2022 $-73.3M, 2023 $199.7M, 2024 $161M, 2025 $127.9M. Free cash flow: 2021 $-2.8B, 2022 $1.8B, 2023 $1.3B, 2024 $-2.7B, 2025 $-7.2B. Reference line: Reference at $0.

Growth & profitability

Revenue growth
75.5%+5811 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $-499.1M, 2022-12-31 $-285.9M, 2023-12-31 $-299.7M, 2024-12-31 $-291.4M, 2025-12-31 $-246M. Net income: 2021-12-31 $56.9M, 2022-12-31 $-73.3M, 2023-12-31 $199.7M, 2024-12-31 $161M, 2025-12-31 $127.9M. Free cash flow: 2021-12-31 $-2.8B, 2022-12-31 $1.8B, 2023-12-31 $1.3B, 2024-12-31 $-2.7B, 2025-12-31 $-7.2B

Growth heatmap

2022202320242025CAGR
Revenue
+75.7%
-260.8%
+17.3%
+75.5%
No data
Gross profit
+75.7%
-260.8%
+17.3%
+75.5%
No data
Operating income
+42.7%
-4.8%
+2.8%
+15.6%
No data
Free cash flow
+163.3%
-24.9%
-301.7%
-166.9%
No data

Earnings quality

Operating cash flow
$-7.2B−166.9% YoY
Net income
$127.9M−20.6% YoY
Free cash flow
$-7.2B−166.9% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 -5641%, 2024-12-31 -1679%, 2023-12-31 671%, 2022-12-31 -2435%, 2021-12-31 -4960%. Free cash flow: 2025-12-31 -5641%, 2024-12-31 -1679%, 2023-12-31 671%, 2022-12-31 -2435%, 2021-12-31 -4960%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
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Free cash flow yield
No data
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No data