PennyMac Mortgage Investment Trust
pennymac.comWhat Do They Do?
Invests in mortgage-related assets such as mortgage servicing rights and mortgage-backed securities, and buys, pools and resells newly originated residential loans to government-sponsored enterprises and other investors.
10-K for FY2025, filed Feb 18, 2026We are a specialty finance company that invests primarily in mortgage-related assets. We conduct substantially all of our operations, and…View ↗
Our objective is to provide attractive risk-adjusted returns to our investors over the long-term, primarily through dividends and…View ↗
The correspondent production segment represents our operations aimed at serving as an intermediary between lenders and the capital markets…View ↗
We primarily sell the loans we acquire through our correspondent production activities to the Agencies. We also securitize certain of our…View ↗
How Do They Make Money?
$307.5M
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10-K for FY2025, filed Feb 18, 2026
$307.5M ↗
Who Are Their Customers?
PMT acquires newly originated loans from approved mortgage originators through PLS, then sells loans to Fannie Mae, Freddie Mac and other investors or packages some into securities sold to investors.
10-K for FY2025, filed Feb 18, 2026Our correspondent production segment involves purchases of loans through PLS from approved mortgage originators that meet specific criteria…View ↗
We primarily sell the loans we acquire through our correspondent production activities to the Agencies. We also securitize certain of our…View ↗
create and issue structured MBS and retain a portion of the interests, such as certain senior and subordinate securities, and sell the…View ↗
Year ended December 31, 2025 2024 2023 (in thousands) Sales of loans held for sale: To nonaffiliates $ 10,292,463 $ 12,414,391 $ 15,936,124…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 42 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 18, 2026
10-K for FY2025, filed Feb 18, 2026
$127.9MView ↗
How Are They Changing?
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Jul 29, 2026
Agreed to sell $13 billion of mortgage servicing rights and stop Agency-eligible loan acquisitions
The company said it would shift equity toward private-label securitizations and organically created credit investments.
Sources
8-K, filed Jul 29, 2026
Mr. Spector continued, “Given the success we are seeing in our private label securitization program, we are shifting equity allocation…View ↗
Shrinking. Revenue fell 27% in 4 years, from $420.3M in FY2021 to $307.5M in FY2025, about 8% a year.
Government loan purchasing
PMT previously bought government-insured or guaranteed loans and sold them to PLS; PLS became the initial purchaser, and PMT stopped buying those loans.
10-K for FY2022, filed Feb 24, 2023 10-K for FY2025, filed Feb 18, 2026sell government loans (insured by the Federal Housing Administration or guaranteed by the U.S. Department of Veterans Affairs or U.S.…View ↗
Non-qualified mortgages
The correspondent channel now includes non-qualified mortgage loans alongside Agency-eligible and jumbo loans; the older report described purchases of Agency-eligible and jumbo loans.
10-K for FY2022, filed Feb 24, 2023 10-K for FY2025, filed Feb 18, 2026In our correspondent production segment, we purchase Agency-eligible and jumbo loans. A jumbo loan is a loan in an amount that exceeds the…View ↗
In our correspondent production segment, we purchase Agency-eligible, jumbo, and non-qualified mortgage loans. A jumbo loan is a loan in an…View ↗
Who Do They Compete With?
Competes with Chimera Investment, Invesco Mortgage Capital, Rithm Capital, Ellington Financial, MFA Financial, Adamas Trust, Redwood Trust, Two Harbors Investment, AGNC Investments, Annaly Capital Management, Rocket Mortgage, Freedom Mortgage, Truist Financial, Western Alliance Bank, and Onity Group
10-K for FY2025, filed Feb 18, 2026In our investing and acquisition of mortgage assets, we compete with specialty finance companies, private funds, thrifts, banks, mortgage…View ↗
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