PennyMac Mortgage Investment Trust (PMT)
Holds mortgage servicing rights, credit-risk-transfer positions, and securitization bonds on its own balance sheet.
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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
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 21, 2026 | UBS | Reiterate | Rating: —Target: $13.50 | Target: $10 |
| Aug 17, 2026 | Deutsche Bank | Upgrade | ||
| Aug 15, 2026 | Deutsche Bank | Upgrade | Target: $14 | Target: $12 |
| Jul 31, 2026 | Wells Fargo | Reiterate | Rating: —Target: $12 | Target: $10 |
| Jul 30, 2026 | Piper Sandler | Reiterate | Rating: —Target: $11.50 | Target: $10 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $421.0M · Total debt $22.92B · Total assets $25.09B · Shareholders' equity $1.85B
- Revenue
- $477.6M
- Operating income
- $409.6M
- Net income
- $31.0M
HistoryDividendAnnual yieldUpcoming
| Institutions | 73.80% | 64.36M shares | |
|---|---|---|---|
| 221 holders · as of Jun 30, 2026 | |||
| Insiders | 1.37% | 1.20M shares | |
| 19 holders · as of Sep 2, 2026 | |||
| Other | 24.83% | 21.65M shares | |
| remainder | |||
87.20M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 16.71% | 14.57M | as of Jun 30, 2026 |
T. Rowe Price Investment Management, Inc.Institution | 7.28% | 6.35M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 5.77% | 5.04M | as of Jun 30, 2026 |
Investment Strategies, LLC, "Goldman Sachs Asset Management")Institution | 5.63% | 4.91M | filed Feb 4, 2022 |
Vanguard Capital Management LLCInstitution | 4.40% | 3.84M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 1, 2026 | Gregory L. Hendry | officer: Chief Accounting Officer | −2,444 | $9.27 |
| 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 |
- 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.
- 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.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| PennyMac Mortgage Investment Trust | $9.02 | +1.58% | $774.4M | 6.2 | 7.1 | 0.5 | +1,323.8% |
| Rithm Capital | $9.66 | +1.15% | $5.33B | 15.9 | 4.3 | 0.9 | +205.4% |
| Redwood Trust | $4.10 | +1.48% | $507.5M | — | 4.3 | 0.4 | +68.5% |
| Annaly Capital Management | $21.47 | +0.73% | $16.06B | 5.3 | 6.9 | 2.2 | −50.1% |
| AGNC | $10.06 | +0.89% | $11.44B | 5.1 | 6.6 | 3.7 | — |
| MFA Financial | $8.56 | +1.24% | $862.7M | 7.0 | 6.7 | 1.1 | −4.4% |
| Median | 6.2 | 6.6 | 1.1 | +32.0% |