NYSE: PMT
PennyMac Mortgage Investment Trust (NYSE: PMT) is a mortgage real estate investment trust that invests primarily in residential mortgage loans and mortgage-related assets. It is externally managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary of PennyMac Financial Services, Inc. (PFSI), which also subservices the loans underlying PMT's investments and provides correspondent fulfillment services.
PMT operates three segments:
- **Credit Sensitive Strategies:** organically created GSE credit risk transfer (CRT) investments (about $16.9 billion underlying UPB) and subordinate bonds retained from PMT's own private-label securitizations.
- **Interest Rate Sensitive Strategies:** mortgage servicing rights (about $192 billion UPB, $3.5 billion fair value), Agency MBS and structured products, and senior non-Agency MBS, with residual rate exposure hedged by derivatives.
- **Aggregation and Securitization:** buys jumbo and non-QM correspondent loans through PFSI, and conforming, jumbo and non-QM loans from PFSI's production, for private-label securitization.
PMT stopped acquiring Agency-eligible conventional correspondent loans in June 2026. It is selling MSR portfolios and redeploying the capital into retained senior and subordinate investments from its own securitizations of investor, jumbo, owner-occupied and non-QM loans, targeting low-to-mid-teens ROEs. Updated
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PennyMac Mortgage Investment Trust (NYSE: PMT) is a mortgage real estate investment trust that invests primarily in residential mortgage loans and mortgage-related assets.
