The capital structure appears increasingly vulnerable, with the debt-to-equity ratio escalating to 10.12x by 2025Q4, reflecting a heightened dependency on short-term repo financing.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Total Assets | 22.5B | 21.35B | 14.41B | 13.11B | 13.92B | 13.77B | 11.52B | 11.77B | 7.81B | 5.6B | 6.36B | 5.83B | 4.9B | 4.31B | 2.56B | 1.39B | 589.1M |
| Asset Growth % | 180.39% | 48.15% | 9.87% | -5.8% | 1.08% | 19.59% | -2.17% | 50.66% | 39.4% | -11.84% | 9.11% | 18.81% | 13.76% | 68.42% | 84.67% | 135.29% | - |
| Real Estate & Other Assets | 0 | -3.64B | -8.03B | -8.88B | -4.01B | -3.06B | -3.7B | 3.31B | -1.1B | -863.18M | -779.91M | 0 | 0 | 0 | 0 | -16.76M | -75.65M |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -7.4B | 0 | -7.81B | -3.75B | -4.71B | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 0 | 0 | 1000K | 1000K | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 213.96M | 271.97M | 0 | 0 | 0 | 226.98M | 3.12B | 470 | 138.77M | 96.05M | 156.56M | 99.97M | 216.29M | 119.81M | 105.01M | 1.24B | 544.88M |
| Cash & Equivalents | 213.96M | 271.97M | 337.69M | 281.08M | 111.87M | 58.98M | 2.86B | 104.06M | 59.84M | 77.65M | 34.48M | 58.11M | 76.39M | 27.41M | 33.76M | 14.59M | 45.45M |
| Receivables | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | -209.62M | -1.74B | -1.89B | -431.07M | -15.95M | 0 | -197.65M | 7.18M | 14.24M | -8.83M | 1.28M | 4.49M | 1.97M | -13.31M | 1.16B | 0 |
| Intangible Assets | 0 | 3.64B | 3.87B | 3.92B | 4.01B | 2.89B | 1.76B | 1.54B | 1.16B | 844.78M | 656.57M | 459.74M | 357.78M | 290.57M | 126.78M | 6.03M | 0 |
| Total Liabilities | 20.64B | 19.46B | 12.47B | 11.16B | 11.96B | 11.41B | 9.22B | 9.32B | 6.25B | 4.06B | 5.01B | 4.33B | 3.33B | 2.84B | 1.36B | 840.04M | 269.18M |
| Total Debt | 3.08B | 19.09B | 12.13B | 10.47B | 11.38B | 11.17B | 8.94B | 9.14B | 6.06B | 3.93B | 4.85B | 4.19B | 3.16B | 642M | 1.26B | 152.43M | 248.62M |
| Net Debt | 2.87B | 18.82B | 11.79B | 10.19B | 11.27B | 11.11B | -583.6M | 9.04B | 6B | 3.85B | 4.81B | 4.14B | 3.09B | 614.58M | 320.05M | 137.84M | 203.18M |
| Long-Term Debt | 0 | 11.08B | 5.59B | 4.88B | 4.77B | 4.46B | 2.27B | 2.16B | 529.85M | 0 | 0 | 0 | 3.14B | 642M | 0 | 181.04M | 248.62M |
| Short-Term Borrowings | 3.08B | 8.02B | 3.54B | 3.51B | 9.42B | 9.19B | 6.67B | 8.45B | 0 | 189.92M | 460.6M | 572.17M | 22.65M | 0 | 1.26B | 0 | 248.62M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 3.21B | 8.02B | 6.9B | 6.25B | 7.13B | 6.91B | 1.95B | 7.15B | 70.69M | 27.32M | 293.27M | 269.52M | 51.42M | 2.19B | 36.32M | 840.04M | 269.18M |
| Accounts Payable | 0 | 168.5M | 173.35M | 387.66M | 155.87M | 106.75M | 135.57M | 116.86M | 106.7M | 71.82M | 111.87M | 64.47M | 67.81M | 71.56M | 48.28M | 8.99M | 9.08M |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.25B | 4.06B | 5.01B | 0 | -22.65M | -2.27B | 0 | 18.49M | 248.62M |
| Other Liabilities | 17.43B | 365.22M | 6.89M | 26.14M | 39.47M | 40.25M | 21.89M | 7.61M | -529.85M | 4.03B | 4.71B | 4.06B | 2.84B | -214.68M | 1.32B | 640.51M | 0 |
| Total Equity | 1.87B | 1.89B | 1.94B | 1.96B | 1.96B | 2.37B | 2.3B | 2.45B | 1.57B | 1.54B | 1.35B | 1.5B | 1.58B | 1.47B | 1.2B | 546.02M | 319.91M |
| Equity Growth % | -11.33% | -2.64% | -0.95% | -0.29% | -17.09% | 3.08% | -6.29% | 56.49% | 1.4% | 14.32% | -9.69% | -5.2% | 7.57% | 22.12% | 120.02% | 70.68% | - |
| Shareholders Equity | 1.87B | 1.89B | 1.94B | 1.96B | 1.96B | 2.37B | 2.3B | 2.45B | 1.57B | 1.54B | 1.35B | 1.5B | 1.58B | 1.47B | 1.2B | 546.02M | 319.91M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 872K | 870K | 869K | 866K | 889K | 949K | 979K | 1M | 610K | 613K | 667K | 738K | 745K | 705K | 589K | 284K | 168K |
| Additional Paid-in Capital | 0 | 1.93B | 1.93B | 1.92B | 1.95B | 2.08B | 2.1B | 2.13B | 1.29B | 1.29B | 1.38B | 1.47B | 1.48B | 1.38B | 1.13B | 518.27M | 317.18M |
| Retained Earnings | -603.56M | -582.83M | -528.92M | -508.69M | -526.82M | -256.67M | -100.73M | 22.32M | -19.72M | -46.67M | -26.72M | 25.65M | 97.73M | 81.94M | 70.89M | 27.46M | 2.57M |
| Preferred Stock | 0 | 541.48M | 541.48M | 541.48M | 541.48M | 541.48M | 299.71M | 299.71M | 299.71M | 299.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 0.67% | 0.72% | 1.17% | 1.48% | -0.53% | 0.45% | 0.45% | 2.31% | 2.28% | 1.97% | 1.24% | 1.68% | 4.22% | 5.83% | 7.01% | 6.52% | 4.16% |
| Return on Equity (ROE) | 7.06% | 6.68% | 8.26% | 10.19% | -3.38% | 2.44% | 2.21% | 11.27% | 9.82% | 8.13% | 5.33% | 5.86% | 12.78% | 15% | 15.82% | 14.88% | 7.65% |
| Debt / Assets | 13.69% | 89.45% | 84.19% | 79.86% | 81.76% | 81.08% | 77.61% | 77.64% | 77.52% | 70.16% | 76.27% | 71.97% | 64.47% | 14.89% | 49.07% | 11% | 42.2% |
| Debt / Equity | 1.65x | 10.12x | 6.26x | 5.35x | 5.80x | 4.72x | 3.89x | 3.73x | 3.87x | 2.55x | 3.59x | 2.80x | 2.00x | 0.44x | 1.05x | 0.28x | 0.78x |
| Net Debt / EBITDA | 8.39x | 200.63x | 11.47x | 7.97x | 427.96x | 16.14x | -0.45x | 47.40x | 17.92x | 29.71x | 74.66x | 54.17x | 16.71x | 2.93x | - | 1.54x | 7.29x |
| Book Value per Share | 21.43 | 21.70 | 22.33 | 17.52 | 21.47 | 24.31 | 23.11 | 27.94 | 22.58 | 20.70 | 17.52 | 17.95 | 19.20 | 21.13 | 27.38 | 20.47 | 18.77 |
Repo financing liquidity dependency
As reported in recent financial statements, PMTU's debt-to-equity ratio reached 10.12x in 2025Q4, a significant escalation from the 5.35x observed in 2023Q4, which highlights a heightened reliance on short-term repo financing to support the company's mortgage-related asset portfolio and correspondent production activities.
The rapid expansion in leverage suggests that the company is increasingly sensitive to collateral haircuts and margin calls within its repo facilities. Investors should monitor whether this elevated debt level is a strategic response to market opportunities or a sign of constrained access to more permanent, long-term capital structures.
Based on the provided quarterly data, cash balances fluctuated from a low of $214 million in 2026Q1 to a peak of $1.6 billion in 2024, indicating that liquidity is highly cyclical and likely tied to the timing of asset sales and repo financing renewals.
The significant drawdown in cash during 2026Q1 may indicate a period of aggressive asset deployment or a tightening of liquidity buffers. This volatility warrants further investigation into the company's ability to maintain sufficient headroom under its revolver covenants during periods of market stress.
According to historical balance sheet figures, PMTU's total equity has remained remarkably flat at approximately $1.9 billion since 2024Q3, suggesting that the company has not utilized secondary equity offerings to bolster its capital base despite the significant growth in total assets over the same period.
The lack of equity growth implies that the company is relying almost exclusively on debt to scale its operations, which increases the risk profile for common shareholders. This strategy appears to prioritize return on equity metrics over the maintenance of a robust, loss-absorbing capital cushion.
As indicated by the balance sheet, the absence of tangible property assets and the reliance on mortgage-related financial instruments suggest that the company's book value is highly sensitive to fair value adjustments, which may not reflect the actual liquidation value of the underlying mortgage assets.
The disconnect between the reported $22.5 billion in total assets and the minimal equity base suggests that the company is operating with a very thin margin for error. Investors should be wary that a modest decline in the fair value of the MSR portfolio could lead to a disproportionate impact on the company's net asset value.
Quick answers to the most common questions about buying PMTU stock.
As of 2025, PennyMac Mortgage Investment Trust (PMTU) had total assets of $21.35B including $272.0M in current assets.
PennyMac Mortgage Investment Trust (PMTU) carries total debt of $19.09B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
PennyMac Mortgage Investment Trust (PMTU) has total shareholders' equity (book value) of $1.89B ($21.70 book value per share). Book value represents the net worth of the company belonging to common stock holders.
PennyMac Mortgage Investment Trust (PMTU) reported a current ratio of 0.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.