PennyMac Mortgage Investment Trust (PMT) 10-Year Financial Performance & Capital Metrics

PMT • • REIT / Real Estate

Real EstateMortgage REITsHybrid Mortgage REITsMulti-Asset Mortgage Investors

AboutPennyMac Mortgage Investment Trust, a specialty finance company, primarily invests in mortgage-related assets in the United States. The company's Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, distressed loans, real estate, and non-agency subordinated bonds. Its Interest Rate Sensitive Strategies segment engages in investing in mortgage servicing rights, excess servicing spreads, and agency and senior non-agency mortgage-backed securities (MBS), as well as related interest rate hedging activities. The company's Correspondent Production segment is involved in purchasing, pooling, and reselling newly originated prime credit residential loans directly or in the form of MBS. PNMAC Capital Management, LLC acts as the manager of PennyMac Mortgage Investment Trust. 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. PennyMac Mortgage Investment Trust was founded in 2009 and is headquartered in Westlake Village, California.Show more

Revenue $505M -30.5%
FFO $161M -19.4%
FFO/Share 1.85 +3.7%
FFO Payout 25.98% -63.1%
FFO per Share 1.85 +3.7%
NOI Margin 75.4% -9.3%
FFO Margin 31.9% +15.9%
ROE 8.26% -18.9%
ROA 1.17% -20.8%
Debt/Assets 38.78% +4.9%
Net Debt/EBITDA 12.49 +376.0%
Book Value/Share 22.33 +27.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High NOI margin of 75.4%
✓Healthy dividend yield of 3.6%
✓Share count reduced 22.3% through buybacks
✓Trading at only 0.6x book value

✗Weaknesses

✗High debt to equity ratio of 2.9x
✗Weak Piotroski F-Score: 2/9

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.63%

5Y17.99%

3Y-12.66%

TTM-36.48%

Profit (Net Income) CAGR

10Y-1.88%

5Y-6.59%

3Y41.47%

TTM-27.08%

EPS CAGR

10Y-5.72%

5Y-10.76%

3Y74.01%

TTM-32.73%

ROCE

10Y Avg2.14%

5Y Avg3.74%

3Y Avg-0.69%

Latest2.41%

Peer Comparison

Multi-Asset Mortgage Investors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RWTNRedwood Trust, Inc. 9.125% Seni	3.36B	25.34	79.19	52.9%	-0.62%	-0.29%		14.10
MITNAG Mortgage Investment Trust, Inc. 9.500% Senior Notes due 2029	754.34M	25.45	20.69	5.49%	18.45%	8.87%	7.4%	11.65
EFC-PCEllington Financial Inc.	2.49B	25.42	18.97	-13.66%	46.15%	8.39%
RWTRedwood Trust, Inc.	734.76M	5.80	18.13	52.9%	-41.59%	-8.86%		13.80
EFC-PDEllington Financial Inc.	2.37B	24.18	17.65	12.07%	49.64%	8.39%
STWDStarwood Property Trust, Inc.	6.8B	18.35	16.38	-0.53%	19.99%	4.84%	9.1%	1.25
NLYAnnaly Capital Management, Inc.	16.28B	23.83	14.71	189.21%	31.62%	9.97%	15.04%	1.69
IVRInvesco Mortgage Capital Inc.	659.79M	9.30	14.31	17.98%	36.99%	6.93%	27.76%	6.70

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	109.13M	93.81M	158.35M	188.79M	220.66M	1.41B	757.48M	-145.66M	725.87M	504.6M
Revenue Growth %	-0.5%	-0.14%	0.69%	0.19%	0.17%	5.38%	-0.46%	-1.19%	5.98%	-0.3%
Property Operating Expenses	65.91M	93.28M	93.64M	93.98M	0	333.27M	308.74M	175.54M	122.1M	124.11M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	7.37M	7M	6.32M	5.96M	220.66M	46.27M	54.74M	48.63M	45.53M	49.17M
G&A Expenses	7.37M	7M	6.32M	6.78M	6.9M	44.83M	52.95M	46.58M	7.11M	47.01M
EBITDA+	198.01M	259.84M	270.39M	708.33M	0	1.03B	394M	-369.84M	1.28B	331.33M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	263.01M	351.68M	361.59M	375.18M	383.73M	0	0	0	0	0
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	-65M	-91.83M	-91.2M	333.16M	0	1.03B	394M	-369.84M	558.23M	331.33M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	124.71M	149.77M	151.37M	175.17M	297.45M	270.77M	304.74M	410.42M	735.97M	714.66M
Interest Coverage	-0.52x	-0.61x	-0.60x	1.90x	-	3.80x	1.29x	-0.90x	0.76x	0.46x
Non-Operating Income	-263.01M	196.09M	375.2M	73.21M	383.73M	1.03B	394M	-369.84M	-721M	331.33M
Pretax Income+	73.3M	61.76M	124.55M	157.99M	190.64M	79.73M	44.66M	63.09M	244.4M	142.65M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-16.8M	-14.05M	6.8M	5.19M	-35.72M	27.36M	-12.19M	136.37M	44.74M	-18.34M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	90.1M	75.81M	117.75M	152.8M	226.36M	52.37M	56.85M	-73.29M	199.65M	160.98M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.54%	-0.16%	0.55%	0.3%	0.48%	-0.77%	0.09%	-2.29%	3.72%	-0.19%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.32%	0.21%	0.12%	0.1%	0.16%	-	-	-	4%	-
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.16	1.08	1.48	2.20	2.42	0.27	0.26	-1.26	1.63	1.37
EPS Growth %	-0.53%	-0.07%	0.37%	0.49%	0.1%	-0.89%	-0.04%	-5.85%	2.29%	-0.16%
EPS (Basic)	1.19	1.09	1.53	2.20	2.54	0.27	0.26	-1.26	1.80	1.37
Diluted Shares Outstanding	83.34M	77.11M	74.61M	69.36M	87.71M	99.37M	97.4M	91.43M	111.7M	86.81M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	5.83B	6.36B	5.6B	7.81B	11.77B	11.52B	13.77B	13.92B	13.11B	14.41B
Asset Growth %	0.19%	0.09%	-0.12%	0.39%	0.51%	-0.02%	0.2%	0.01%	-0.06%	0.1%
Real Estate & Other Assets+	-824.08M	-1.64B	-1.85B	-3.75B	-1.54B	-8.19B	-2.89B	-4.01B	-8.88B	-8.03B
PP&E (Net)	0	-4.71B	-3.75B	-7.81B	0	-7.4B	0	0	0	0
Investment Securities	1000K	1000K	1000K	1000K	0	1000K	0	0	1000K	1000K
Total Current Assets+	99.97M	156.56M	96.05M	138.77M	0	3.12B	0	0	0	0
Cash & Equivalents	58.11M	484.54M	666.51M	1.21B	104.06M	2.86B	58.98M	111.87M	1.49B	1.45B
Receivables	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-197.65M	0	-242.94M	-431.07M	-1.89B	-1.74B
Intangible Assets	459.74M	656.57M	844.78M	1.16B	0	1.76B	0	0	3.92B	3.87B
Total Liabilities	4.33B	5.01B	4.06B	6.25B	9.32B	9.22B	11.41B	11.96B	11.16B	12.47B
Total Debt+	1.06B	1.05B	599.09M	1.15B	9.14B	2.27B	11.17B	11.38B	4.85B	5.59B
Net Debt	1B	566.48M	-67.42M	-57.28M	9.04B	-583.6M	11.11B	11.27B	3.36B	4.14B
Long-Term Debt	911.76M	0	0	529.85M	686.87M	2.27B	1.97B	1.96B	4.85B	5.59B
Short-Term Borrowings	0	0	0	0	1000K	1000K	1000K	1000K	0	0
Capital Lease Obligations	0	0	299.71M	299.71M	0	299.71M	0	0	0	0
Total Current Liabilities+	269.52M	293.27M	27.32M	70.69M	8.59B	0	9.34B	9.77B	0	0
Accounts Payable	64.47M	111.87M	71.82M	106.7M	0	135.57M	0	0	387.66M	173.35M
Deferred Revenue	0	0	-554.61M	-5.01B	0	0	0	0	0	0
Other Liabilities	2.73B	4.4B	3.75B	-529.85M	-686.87M	-2.27B	-1.97B	-1.96B	-4.85B	-5.59B
Total Equity+	1.5B	6.03B	5.37B	7.49B	2.45B	2.3B	2.37B	1.96B	1.96B	1.94B
Equity Growth %	-0.05%	3.03%	-0.11%	0.39%	-0.67%	-0.06%	0.03%	-0.17%	-0%	-0.01%
Shareholders Equity	1.5B	1.35B	1.54B	1.57B	2.45B	2.3B	2.37B	1.96B	1.96B	1.94B
Minority Interest	0	4.68B	3.83B	5.92B	0	0	0	0	0	0
Common Stock	738K	667K	613K	610K	1M	979K	949K	889K	866K	869K
Additional Paid-in Capital	1.47B	1.38B	1.29B	1.29B	2.13B	2.1B	2.08B	1.95B	1.92B	1.93B
Retained Earnings	25.65M	-26.72M	-46.67M	-19.72M	22.32M	-100.73M	-256.67M	-526.82M	-508.69M	-528.92M
Preferred Stock	0	0	299.71M	299.71M	299.71M	299.71M	541.48M	541.48M	541.48M	541.48M
Return on Assets (ROA)	0.02%	0.01%	0.02%	0.02%	0.02%	0%	0%	-0.01%	0.01%	0.01%
Return on Equity (ROE)	0.06%	0.02%	0.02%	0.02%	0.05%	0.02%	0.02%	-0.03%	0.1%	0.08%
Debt / Assets	0.18%	0.17%	0.11%	0.15%	0.78%	0.2%	0.81%	0.82%	0.37%	0.39%
Debt / Equity	0.71x	0.17x	0.11x	0.15x	3.73x	0.99x	4.72x	5.80x	2.48x	2.88x
Net Debt / EBITDA	5.07x	2.18x	-0.25x	-0.08x	-	-0.57x	28.19x	-	2.62x	12.49x
Book Value per Share	17.95	78.20	72.01	107.96	27.94	23.11	24.31	21.47	17.52	22.33

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-863.19M	-621.54M	223.13M	-573.75M	-2.99B	671.66M	-2.82B	1.78B	1.34B	-2.7B
Operating CF Growth %	-1.36%	0.28%	1.36%	-3.57%	-4.2%	1.23%	-5.2%	1.63%	-0.25%	-3.02%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	90.1M	75.81M	117.75M	152.8M	226.36M	52.37M	56.85M	-73.29M	199.65M	160.2M
Depreciation & Amortization	43.98M	65.65M	81.62M	94.33M	383.73M	0	0	6.75M	110K	0
Stock-Based Compensation	6.35M	5.75M	4.9M	5.32M	5.53M	2.29M	2.42M	4.31M	5.21M	-1.85M
Other Non-Cash Items	-876.68M	-676.15M	112.12M	-712.94M	-3.31B	-3.83M	-2.38B	1.81B	992.61M	-2.11B
Working Capital Changes	-82.95M	-26.95M	-11.64M	13.62M	105.75M	620.82M	-497.4M	41.44M	142.59M	-753.08M
Cash from Investing+	11.5M	193.95M	681.68M	-1.42B	-704.68M	-15.37M	1.09B	-1.87B	-21.73M	1.36B
Acquisitions (Net)	2.33M	2.74M	79K	0	0	0	-28.82M	0	0	0
Purchase of Investments	-363.19M	-852.91M	-252.59M	-1.87B	-1.27B	-2.38B	-2.3B	-3.8B	-3.17B	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Investing	133.62M	711.31M	648.01M	227.29M	-595.22M	-822.28M	1.56B	551.2M	37.81M	1.36B
Cash from Financing+	833.41M	403.96M	-861.63M	1.98B	3.73B	-702.64M	1.73B	135.89M	-1.15B	1.4B
Dividends Paid	-173.02M	-131.56M	-140.2M	-140.54M	-165.94M	-176.53M	-214.12M	-215.37M	-182.44M	-181.12M
Common Dividends	-173.02M	-131.56M	-126.14M	-115.6M	-141M	-151.58M	-183.97M	-173.55M	-140.62M	-41.82M
Debt Issuance (Net)	1000K	1000K	-1000K	1000K	1000K	-1000K	1000K	1000K	1000K	1000K
Share Repurchases	-16.34M	-98.37M	-91.2M	-10.72M	0	-37.27M	-56.85M	-87.99M	-28.49M	0
Other Financing	538.57M	486.11M	285.98M	1.57B	1.82B	-366.3M	245.78M	-70.07M	-1.01B	759.45M
Net Change in Cash+	-18.28M	-23.63M	43.17M	-17.8M	44.21M	-46.35M	1.28M	52.88M	169.22M	56.61M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	76.39M	58.11M	34.48M	77.65M	59.84M	104.06M	57.7M	58.98M	111.87M	281.08M
Cash at End	58.11M	34.48M	77.65M	59.84M	104.06M	57.7M	58.98M	111.87M	281.08M	337.69M
Free Cash Flow+	-865.52M	-624.28M	223.05M	-573.75M	-2.99B	671.66M	-2.79B	1.78B	1.33B	-2.73B
FCF Growth %	-1.36%	0.28%	1.36%	-3.57%	-4.2%	1.23%	-5.16%	1.64%	-0.26%	-3.06%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	4.24	5.54	6.42	7.61	6.96	0.53	0.58	-0.73	1.79	1.85
FFO Payout Ratio	49%	30.78%	26.31%	21.89%	23.11%	289.42%	323.59%	-260.82%	70.39%	25.98%
NOI Margin	39.6%	0.56%	40.86%	50.22%	100%	76.33%	59.24%	220.51%	83.18%	75.4%
Net Debt / EBITDA	5.07x	2.18x	-0.25x	-0.08x	-	-0.57x	28.19x	-	2.62x	12.49x
Debt / Assets	18.22%	16.53%	10.69%	14.71%	77.64%	19.74%	81.08%	81.76%	36.97%	38.78%
Interest Coverage	-0.52x	-0.61x	-0.60x	1.90x	-	3.80x	1.29x	-0.90x	0.76x	0.46x
Book Value / Share	17.95	78.2	72.01	107.96	27.94	23.11	24.31	21.47	17.52	22.33
Revenue Growth	-50.5%	-14.04%	68.8%	19.23%	16.88%	538.22%	-46.21%	-119.23%	598.32%	-30.48%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Credit Sensitive Strategies	-	-	133.4M	110.27M	191.87M	-305.34M	323.12M	-106.77M	232.62M	123.67M
Credit Sensitive Strategies Growth	-	-	-	-17.34%	73.99%	-259.14%	205.82%	-133.04%	317.87%	-46.83%
Interest Rate Sensitive Strategies	-	-	51.78M	133.61M	50.65M	174.56M	-204.66M	297.73M	132.94M	112.31M
Interest Rate Sensitive Strategies Growth	-	-	-	158.05%	-62.09%	244.64%	-217.25%	245.47%	-55.35%	-15.52%
Correspondent Production	99.97M	168.74M	131.98M	105.61M	242.76M	597.22M	298.93M	111.08M	56.24M	90.49M
Correspondent Production Growth	-	68.79%	-21.78%	-19.98%	129.88%	146.01%	-49.95%	-62.84%	-49.37%	60.91%
Corporate	-	-	-	-	-	-	-	-	7.22M	-
Corporate Growth	-	-	-	-	-	-	-	-	-	-
Corporate	-	-	782K	1.58M	3.54M	2.91M	2.92M	1.74M	-	-
Corporate Growth	-	-	-	101.66%	124.35%	-17.72%	0.17%	-40.36%	-	-
Investment Activities	148.79M	103.35M	-	-	-	-	-	-	-	-
Investment Activities Growth	-	-30.54%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

PennyMac Mortgage Investment Trust (PMT) has a price-to-earnings (P/E) ratio of 9.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

PennyMac Mortgage Investment Trust (PMT) reported $512.6M in revenue for fiscal year 2024. This represents a 465% increase from $90.7M in 2011.

PennyMac Mortgage Investment Trust (PMT) saw revenue decline by 30.5% over the past year.

Yes, PennyMac Mortgage Investment Trust (PMT) is profitable, generating $122.0M in net income for fiscal year 2024 (31.9% net margin).

Dividend & Returns

Yes, PennyMac Mortgage Investment Trust (PMT) pays a dividend with a yield of 3.58%. This makes it attractive for income-focused investors.

PennyMac Mortgage Investment Trust (PMT) has a return on equity (ROE) of 8.3%. This is below average, suggesting room for improvement.

Industry Metrics

PennyMac Mortgage Investment Trust (PMT) generated Funds From Operations (FFO) of $168.3M in the trailing twelve months. FFO is the primary profitability metric for REITs.

PennyMac Mortgage Investment Trust (PMT) offers a 3.58% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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