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

PMTU • • REIT / Real Estate

Real EstateIndustrial REITsIndustrial Finance REITsResidential Mortgage REITs

AboutPennyMac Mortgage Investment Trust is a finance company, which invests primarily in residential mortgage loans and mortgage-related assets. It operates through following segments: Correspondent Production, Credit Sensitive Strategies, Interest Rate Sensitive Strategies, and Corporate Activities. 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.Show more

Revenue $15M -98.0%
FFO -$700M -425.9%
FFO/Share -8.06 -519.3%
FFO Payout -5.97% -107.0%
FFO per Share -8.06 -519.3%
NOI Margin 13.2% -86.8%
FFO Margin -4754.71% -16167.8%
ROE 8.26% -18.9%
ROA 1.17% -20.8%
Debt/Assets 83.9% +5.1%
Net Debt/EBITDA -
Book Value/Share 22.33 +27.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Share count reduced 22.3% through buybacks
✓Trading near 52-week high
✓Trading at only 1.1x book value

✗Weaknesses

✗High debt to equity ratio of 6.2x
✗Weak Piotroski F-Score: 2/9
✗Low NOI margin of 13.2%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-28.27%

5Y-60.59%

3Y-77.68%

TTM-31.58%

Profit (Net Income) CAGR

10Y-1.78%

5Y-6.54%

3Y41.74%

TTM-43.76%

EPS CAGR

10Y-5.21%

5Y-10.76%

3Y74.01%

TTM-141.51%

ROCE

10Y Avg3.77%

5Y Avg4.49%

3Y Avg1.73%

Latest-0.03%

Peer Comparison

Residential Mortgage REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PMTUPennyMac Mortgage Investment Trust	2.22B	25.51	18.62	-97.97%	11.74%	5.64%	7.12%	6.24

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	292.43M	416.15M	491.35M	533.16M	1.55B	1.41B	1.32B	519.16M	725.87M	14.72M
Revenue Growth %	-0.28%	0.42%	0.18%	0.09%	1.9%	-0.09%	-0.06%	-0.61%	0.4%	-0.98%
Property Operating Expenses	0	186.18M	164.9M	162.27M	265.6M	0	337.46M	198.4M	0	12.78M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	219.12M	249.25M	324.39M	251.86M	762.53M	46.27M	54.74M	48.63M	45.53M	5.61M
G&A Expenses	38.87M	0	0	0	48.95M	44.83M	52.95M	46.58M	43.49M	47.01M
EBITDA+	0	416.17M	486.14M	533.16M	297.67M	1.36B	688.32M	26.33M	680.33M	-864.64M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	-76.53M	351.68M	361.59M	375.18M	-190.64M	0	0	0	0	-860.97M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	76.53M	64.49M	124.55M	157.99M	488.31M	1.36B	688.32M	26.33M	680.33M	-3.67M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	0	0	0	0	310.06M	281.11M	308M	412.68M	737.99M	714.66M
Interest Coverage	-	-	-	-	1.57x	4.85x	2.23x	0.06x	0.92x	-0.01x
Non-Operating Income	187K	11K	0	0	0	1.36B	0	0	680.33M	0
Pretax Income+	73.3M	209.94M	274.6M	333.5M	190.64M	79.73M	44.66M	63.09M	244.4M	142.65M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-16.8M	209.94M	274.6M	333.5M	-35.72M	27.36M	-12.19M	136.37M	44.74M	-18.34M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	88.41M	61.76M	124.55M	157.99M	225.79M	52.37M	56.54M	-73.69M	199.65M	160.98M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.54%	-0.3%	1.02%	0.27%	0.43%	-0.77%	0.08%	-2.3%	3.71%	-0.19%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.46%	33.81%	0.18%	0.1%	-0.93%	1.03%	0.17%	-1.68%	4.76%	-4.26%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.06	0.82	1.78	2.22	2.42	0.27	0.26	-1.26	1.63	1.37
EPS Growth %	-0.55%	-0.23%	1.17%	0.25%	0.09%	-0.89%	-0.04%	-5.85%	2.29%	-0.16%
EPS (Basic)	1.16	0.90	1.84	2.36	2.54	0.27	0.26	-1.26	1.80	1.37
Diluted Shares Outstanding	83.34M	75.18M	69.79M	71.28M	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	4.24B	3.37B	5.53B	11.77B	11.49B	13.77B	13.92B	13.11B	14.41B
Asset Growth %	0.19%	-0.27%	-0.2%	0.64%	1.13%	-0.02%	0.2%	0.01%	-0.06%	0.1%
Real Estate & Other Assets+	5.31B	-691.04M	-922.43M	-1.22B	-1.54B	5.44B	-2.89B	-4.01B	-3.92B	-3.87B
PP&E (Net)	0	0	0	0	0	-7.25B	0	0	0	0
Investment Securities	0	0	0	0	0	0	0	0	0	0
Total Current Assets+	58.11M	34.48M	77.65M	59.84M	0	57.7M	0	0	0	0
Cash & Equivalents	58.11M	34.48M	77.65M	59.84M	104.06M	57.7M	58.98M	111.87M	281.08M	337.69M
Receivables	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-197.65M	-8.15M	-242.94M	-431.07M	-474.9M	-527.02M
Intangible Assets	459.74M	656.57M	844.78M	1.16B	0	1.76B	0	0	0	0
Total Liabilities	4.33B	667K	613K	610K	9.32B	9.2B	11.41B	11.96B	11.16B	12.47B
Total Debt+	3.62B	201.54M	165.13M	152.97M	9.14B	8.66B	11.17B	11.38B	10.47B	12.09B
Net Debt	3.56B	167.06M	87.49M	93.13M	9.04B	8.61B	11.11B	11.27B	10.19B	11.75B
Long-Term Debt	3.62B	599.99M	554.61M	529.85M	686.87M	2.27B	1.97B	1.96B	1.94B	2.65B
Short-Term Borrowings	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	299.71M	299.71M	0	299.71M	0	0	0	0
Total Current Liabilities+	18.79M	16.57M	27.15M	33.5M	0	87.4M	0	0	0	0
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	709.29M	4.39B	3.48B	5.68B	-686.87M	-2.35B	-1.97B	-1.96B	-1.94B	-2.65B
Total Equity+	1.5B	11.04B	9.43B	13.74B	2.45B	2.3B	2.37B	1.96B	1.96B	1.94B
Equity Growth %	-0.05%	6.38%	-0.15%	0.46%	-0.82%	-0.06%	0.03%	-0.17%	-0%	-0.01%
Shareholders Equity	1.5B	6.36B	5.6B	7.81B	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	1.35B	1.54B	1.57B	22.32M	-100.73M	-256.67M	-526.82M	-508.69M	-528.92M
Preferred Stock	0	0	0	0	299.71M	299.71M	541.48M	541.48M	541.48M	541.48M
Return on Assets (ROA)	0.02%	0.01%	0.03%	0.04%	0.03%	0%	0%	-0.01%	0.01%	0.01%
Return on Equity (ROE)	0.06%	0.01%	0.01%	0.01%	0.03%	0.02%	0.02%	-0.03%	0.1%	0.08%
Debt / Assets	0.62%	0.05%	0.05%	0.03%	0.78%	0.75%	0.81%	0.82%	0.8%	0.84%
Debt / Equity	2.42x	0.02x	0.02x	0.01x	3.73x	3.77x	4.72x	5.80x	5.35x	6.24x
Net Debt / EBITDA	-	0.40x	0.18x	0.17x	30.35x	6.32x	16.14x	427.96x	14.98x	-
Book Value per Share	17.95	146.79	135.15	192.70	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	209.46M	-586.98M	-2.99B	671.66M	-2.82B	1.77B	1.33B	-2.73B
Operating CF Growth %	-1.36%	0.28%	1.34%	-3.8%	-4.09%	1.23%	-5.2%	1.63%	-0.25%	-3.06%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	90.1M	74.48M	116.76M	152.05M	225.79M	82.88M	-16.97M	4.57M	199.2M	160.57M
Depreciation & Amortization	43.98M	65.65M	81.62M	0	0	18.99M	27.16M	16.56M	15.14M	471K
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	-930.6M	-714.82M	131.61M	-765.37M	-3.32B	-53.33M	-2.33B	1.7B	964.07M	-2.04B
Working Capital Changes	-73.02M	-26.95M	-11.64M	13.62M	105.75M	620.82M	-497.4M	41.44M	142.59M	-853.96M
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)	0	0	0	0	0	0	-28.82M	0	0	0
Purchase of Investments	0	-1.15B	-419.68M	-2.49B	-2.29B	-4.22B	-2.27B	-3.9B	-3.17B	0
Sale of Investments	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Investing	11.5M	259.42M	232.97M	220.35M	423.81M	1.05B	1.46B	671.42M	47.52M	1.36B
Cash from Financing+	833.41M	403.96M	-847.97M	1.99B	3.73B	-702.64M	1.73B	150.06M	-1.14B	1.43B
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	-140.2M	-140.54M	-165.94M	-176.53M	-214.12M	-215.37M	-182.44M	-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	-2.6M	-37.27M	-56.85M	-88.51M	-28.49M	-1.85M
Other Financing	937.24M	486.11M	299.65M	-136K	-2.99M	-18.47M	932.32M	381.9M	-991.4M	790.9M
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+	-863.19M	-624.28M	209.38M	-586.98M	-2.99B	671.66M	-2.7B	1.77B	1.33B	158.1M
FCF Growth %	-1.36%	0.28%	1.34%	-3.8%	-4.09%	1.23%	-5.02%	1.66%	-0.25%	-0.88%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	0.14	5.5	6.97	7.48	0.4	0.72	0.86	-0.62	1.92	-8.06
FFO Payout Ratio	1456.66%	31.82%	28.84%	26.36%	472.11%	247.37%	255.84%	-376.96%	84.93%	-5.97%
NOI Margin	100%	55.26%	66.44%	69.56%	82.84%	100%	74.5%	61.78%	100%	13.2%
Net Debt / EBITDA	-	0.40x	0.18x	0.17x	30.35x	6.32x	16.14x	427.96x	14.98x	-
Debt / Assets	62.15%	4.76%	4.9%	2.77%	77.64%	75.39%	81.08%	81.76%	79.86%	83.9%
Interest Coverage	-	-	-	-	1.57x	4.85x	2.23x	0.06x	0.92x	-0.01x
Book Value / Share	17.95	146.79	135.15	192.7	27.94	23.11	24.31	21.47	17.52	22.33
Revenue Growth	-28.35%	42.31%	18.07%	8.51%	190.31%	-9.02%	-6.02%	-60.77%	39.81%	-97.97%

Revenue by Segment

	2024
Credit Sensitive Strategies	123.67M
Credit Sensitive Strategies Growth	-
Interest Rate Sensitive Strategies	112.31M
Interest Rate Sensitive Strategies Growth	-
Correspondent Production	90.49M
Correspondent Production Growth	-

Frequently Asked Questions

Valuation & Price

PennyMac Mortgage Investment Trust (PMTU) has a price-to-earnings (P/E) ratio of 18.6x. This is roughly in line with market averages.

Growth & Financials

PennyMac Mortgage Investment Trust (PMTU) reported $895.8M in revenue for fiscal year 2024. This represents a 173% increase from $328.5M in 2012.

PennyMac Mortgage Investment Trust (PMTU) saw revenue decline by 98.0% over the past year.

Yes, PennyMac Mortgage Investment Trust (PMTU) is profitable, generating $105.2M in net income for fiscal year 2024 (1093.5% net margin).

Dividend & Returns

Yes, PennyMac Mortgage Investment Trust (PMTU) pays a dividend with a yield of 1.89%. This makes it attractive for income-focused investors.

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

Industry Metrics

PennyMac Mortgage Investment Trust (PMTU) generated Funds From Operations (FFO) of $129.5M in the trailing twelve months. FFO is the primary profitability metric for REITs.

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