PennyMac Mortgage Investment Trust (PMT): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de PennyMac Mortgage Investment Trust (PMT), une puissance financière dynamique qui transforme les investissements hypothécaires en opportunités stratégiques. En tirant parti de l'analyse de données de pointe, de la gestion des risques sophistiquée et d'un portefeuille d'investissement diversifié, PMT a creusé un créneau unique dans le paysage complexe du financement immobilier. Ce modèle de modèle commercial révèle comment la fiducie génère des investissements à haut rendement, se connecte avec les investisseurs institutionnels et individuels et navigue dans l'écosystème complexe des titres adossés à des hypothèques avec une précision remarquable et un sens financier.

PennyMac Mortgage Investment Trust (PMT) - Modèle d'entreprise: Partenariats clés

Entreprises parrainées par le gouvernement (Fannie Mae, Freddie Mac)

PennyMac Mortgage Investment Trust collabore avec Fannie Mae et Freddie Mac pour les programmes de titrisation hypothécaire et de prêt d'agence. En 2023, le portefeuille des agences de PMT était évalué à 10,3 milliards de dollars.

Partenaire	Type de partenariat	Valeur de portefeuille
Fannie Mae	Titrisation hypothécaire	6,2 milliards de dollars
Freddie Mac	Programmes de prêt d'agence	4,1 milliards de dollars

Grandes institutions financières et banques

PMT maintient des partenariats stratégiques avec les principales institutions financières pour les activités de création de prêts et d'investissement.

• Banque Wells Fargo
• JPMorgan Chase
• Banque d'Amérique
• Citibank

Originateurs et agents hypothécaires

PMT travaille avec plusieurs créateurs hypothécaires et des agents pour étendre son portefeuille de prêts.

Partenaire	Services fournis	Volume annuel
Services financiers de PennyMac	Création de prêt	15,7 milliards de dollars
Corelogic	Service de prêt	8,3 milliards de dollars

Sociétés de capital-investissement et d'investissement

PMT collabore avec des sociétés de capital-investissement pour l'investissement en capital et la croissance stratégique.

• Groupe Blackstone
• Kkr & Co.
• Gestion mondiale Apollo

Fournisseurs de technologies et d'analyse de données

Les partenariats technologiques stratégiques soutiennent l'efficacité opérationnelle de PMT et la gestion des risques.

Partenaire technologique	Fonction primaire	Investissement annuel
Black Knight Financial Services	Plateforme de technologie hypothécaire	22 millions de dollars
Ellie Mae	Logiciel de création de prêt	15,5 millions de dollars

Pennymac Mortgage Investment Trust (PMT) - Modèle d'entreprise: Activités clés

Investissement de prêt hypothécaire et titrisation

PennyMac Mortgage Investment Trust (PMT) a déclaré 21,3 milliards de dollars d'investissements totaux au 323.

Catégorie d'investissement	Valeur totale	Pourcentage de portefeuille
Titres adossés à des créances hypothécaires	16,7 milliards de dollars	78.4%
Titres adossés à des créances hypothécaires	3,2 milliards de dollars	15.0%
Prêts hypothécaires résidentiels	1,4 milliard de dollars	6.6%

Gestion du portefeuille et évaluation des risques

PMT maintient une approche sophistiquée de gestion des risques avec les mesures clés suivantes:

• Score de crédit moyen pondéré du portefeuille hypothécaire: 752
• Ratio de prêt / valeur: 68%
• Taux de délinquance de 90 jours: 1,2%

Acquisition et échange de prêts hypothécaires

En 2023, PMT a acquis 4,8 milliards de dollars de prêts hypothécaires avec la ventilation suivante:

Type de prêt	Volume d'acquisition	Rendement moyen
Prêts conventionnels	3,6 milliards de dollars	5.75%
Prêts soutenus par le gouvernement	1,2 milliard de dollars	5.25%

Développement de stratégie d'investissement

La stratégie d'investissement de PMT se concentre sur:

• Diversification entre les classes d'actifs hypothécaires
• Maintenir une liquidité de 750 millions de dollars en espèces et actifs non grevés
• Ciblant les rendements ajustés au risque de 10 à 12%

Rapports financiers et conformité

Métriques de la conformité et de la déclaration pour 2023:

• Ratio de capital réglementaire: 15,2%
• Coût de conformité: 18,3 millions de dollars
• Nombre de dépôts réglementaires: 47 rapports trimestriels et annuels

PennyMac Mortgage Investment Trust (PMT) - Modèle d'entreprise: Ressources clés

Portefeuille de prêts hypothécaires étendus

Au troisième trimestre 2023, PennyMac Mortgage Investment Trust (PMT) a géré un portefeuille de prêts hypothécaires total d'une valeur de 19,6 milliards de dollars. La composition du portefeuille comprend:

Segment de portefeuille	Valeur totale	Pourcentage
Prêts résidentiels	15,2 milliards de dollars	77.6%
Prêts commerciaux	4,4 milliards de dollars	22.4%

Capacités avancées d'analyse des données

L'infrastructure d'analyse de données de PMT comprend:

• Système de suivi des performances de prêt en temps réel
• Plate-forme de modélisation des risques prédictive
• Outils d'évaluation du crédit à apprentissage automatique

Capital financier solide et liquidité

Mesures financières au 31 décembre 2023:

Métrique financière	Montant
Actif total	22,3 milliards de dollars
Capitaux propres des actionnaires	1,8 milliard de dollars
Equivalents en espèces et en espèces	650 millions de dollars

Équipe de gestion expérimentée

Détails clés du leadership:

• Pureur exécutif moyen: 12,5 ans en financement hypothécaire
• Haute la haute avec une expérience combinée de plus de 150 ans d'expérience dans l'industrie

Systèmes de gestion des risques sophistiqués

L'infrastructure de gestion des risques comprend:

• Algorithmes d'évaluation des risques propriétaires
• Modèles de prédiction par défaut du prêt complet
• Capacités de test de stress pour la résilience du portefeuille

PennyMac Mortgage Investment Trust (PMT) - Modèle d'entreprise: propositions de valeur

Opportunités d'investissement hypothécaire à haut rendement

Au quatrième trimestre 2023, PennyMac Mortgage Investment Trust (PMT) a déclaré un rendement de dividende de 13,64%. Le portefeuille d'investissement total de la fiducie était évalué à 4,3 milliards de dollars, avec des actifs liés à des hypothèques représentant 92% du portefeuille.

Métrique d'investissement	Valeur
Valeur totale du portefeuille	4,3 milliards de dollars
Rendement des dividendes	13.64%
Actifs liés aux hypothèques	92%

Stratégies d'investissement immobilier diversifiées

La stratégie d'investissement de PMT comprend plusieurs classes d'actifs hypothécaires:

• Titres adossés à des hypothèques résidentiels de l'agence (RMBS)
• RMBS non agences
• Prêts correspondants
• Prêts hypothécaires résidentiels privés
• Prêts hypothécaires commerciaux

Gestion de portefeuille professionnel

Depuis 2024, l'équipe de gestion des investissements de PMT supervise 4,3 milliards de dollars d'actifs avec un Bouc-vous éprouvé des rendements ajustés au risque. L'équipe gère un portefeuille avec une note de crédit moyenne d'Aa-.

Métrique de gestion	Valeur
Total des actifs sous gestion	4,3 milliards de dollars
Note de crédit moyen du portefeuille	Aa-

Distributions de dividendes cohérentes

PMT a maintenu une distribution de dividendes trimestrielle cohérente. En 2023, le dividende annuel total par action était de 2,16 $, payé trimestriellement à 0,54 $ par action.

Approche d'investissement transparent

Le PMT fournit des rapports financiers trimestriels et annuels complets, avec des divulgations détaillées sur:

• Composition de portefeuille
• Performance d'investissement
• Stratégies de gestion des risques
• États financiers détaillés

PennyMac Mortgage Investment Trust (PMT) - Modèle d'entreprise: relations avec les clients

Communication et rapport des investisseurs

PennyMac Mortgage Investment Trust fournit des rapports financiers trimestriels avec les mesures de communication suivantes:

Métrique de rapport	Détails
Appels de résultats trimestriels	4 fois par an
Rapports annuels déposés	Formulaire 10-K et 10-Q avec Sec
Méthodes de contact des investisseurs des investisseurs	E-mail, téléphone, site Web de relations avec les investisseurs

Plateformes d'investisseurs numériques

Les plateformes d'engagement numérique comprennent:

• Site Web de relations avec les investisseurs avec des performances en temps réel
• Tableau de bord des investisseurs en ligne
• Portail de téléchargement de document sécurisé

Mises à jour régulières des performances financières

Fréquence et canaux de mise à jour des performances:

Mettre à jour le canal	Fréquence
Communiqués de presse des gains	Trimestriel
Webinaires des investisseurs	2-3 fois par an
Présentations des investisseurs	Trimestriel

Conseil d'investissement personnalisé

Métriques des services consultatifs:

• Équipe de relations avec les investisseurs dévoués
• Rapports de performance de portfolio personnalisés
• Disponibilité de consultation individuelle

Éducation et soutien des investisseurs

Ressources éducatives fournies:

Type de ressource	Disponibilité
Guides d'investisseurs	Téléchargements PDF en ligne
Formation en webinaire	Sessions éducatives mensuelles
Rapports d'études de marché	Publié trimestriel

PennyMac Mortgage Investment Trust (PMT) - Modèle d'entreprise: canaux

Plateformes d'investissement en ligne

PennyMac Mortgage Investment Trust (PMT) utilise les plateformes d'investissement en ligne suivantes:

Charles Schwab	Volume de négociation: 52 340 actions au T2 2023
Fidélité	Volume de trading quotidien moyen: 37 215 actions
Courtiers interactifs	Valeur de trading trimestriel: 42,6 millions de dollars

Réseaux de conseillers financiers

Distribution des canaux de conseiller financier de PMT:

• Conseillers financiers indépendants: 1 247 conseillers actifs
• Conseillers d'investissement enregistrés (RIAS): 623 réseaux
• Réseaux Wirehouse: 14 réseaux majeurs

Canaux d'investissement institutionnels

Répartition des investissements institutionnels pour PMT:

Propriété institutionnelle	68,3% du total des actions
Les principaux investisseurs institutionnels	Vanguard Group, BlackRock, State Street Corporation
Investissement institutionnel total	1,42 milliard de dollars en décembre 2023

Site Web de relations avec les investisseurs

Relations des investisseurs de PMT Présence numérique:

• Trafic de site Web: 127 450 visiteurs uniques par trimestre
• Téléchargements de documents numériques: 8 340 rapports annuels
• Participants au webinaire des investisseurs en ligne: 2 765 trimestriels

Présentations de bénéfices trimestriels

Métriques du canal de présentation des bénéfices:

Plates-formes de présentation trimestrielles	Webdiffion, conférence téléphonique, jeu de diapositives
Compte de participant moyen	1 842 investisseurs par appel trimestriel
Vues de relecture de présentation	5 623 vues en ligne dans les 30 jours

PennyMac Mortgage Investment Trust (PMT) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Depuis le quatrième trimestre 2023, PennyMac Mortgage Investment Trust (PMT) dessert les investisseurs institutionnels dans les éléments suivants profile:

Type d'investisseur	Volume d'investissement	Taille moyenne de l'investissement
Fonds de pension	412 millions de dollars	75 à 85 millions de dollars
Compagnies d'assurance	298 millions de dollars	50-60 millions de dollars
Divisions d'investissement bancaire	267 millions de dollars	40 à 50 millions de dollars

Individus à haute nette

PMT cible les individus à haute noue avec des caractéristiques d'investissement spécifiques:

• Seuil d'investissement minimum: 500 000 $
• Attribution moyenne du portefeuille: 7 à 12% en titres adossés à des hypothèques
• Investisseur typique de la valeur nette de valeur: 5 millions de dollars - 50 millions de dollars

Fonds d'investissement immobilier

Détails du segment des fonds immobiliers pour PMT:

Catégorie de fonds	Investissement total	Stratégie d'investissement
Fonds axés sur le REIT	623 millions de dollars	Titres adossés à des créances hypothécaires
Fonds immobiliers de capital-investissement	412 millions de dollars	Investissements hypothécaires résidentiels

Gestionnaires du portefeuille de retraite

L'engagement de PMT avec les gestionnaires du portefeuille de retraite:

• Investissements totaux de portefeuille de retraite gérés: 1,2 milliard de dollars
• Attribution moyenne aux titres adossés à des créances hypothécaires: 4-6%
• Client typique: 401 (k), IRA et sociétés de gestion des pensions

Sociétés de conseil financier

Réflexion du segment des sociétés de conseil financière:

Type d'entreprise	Actifs consultatifs totaux	Pourcentage d'investissement PMT
RIAS indépendants	876 millions de dollars	3-5%
Firms de fil	1,24 milliard de dollars	2-4%

PennyMac Mortgage Investment Trust (PMT) - Modèle d'entreprise: Structure des coûts

Coûts d'acquisition de prêts hypothécaires

Au quatrième trimestre 2023, les coûts d'acquisition de prêts hypothécaires de PennyMac étaient d'environ 28,7 millions de dollars. La ventilation comprend:

Catégorie de coûts	Montant ($)
Frais d'origine du prêt	14,500,000
Coûts de diligence raisonnable	6,200,000
Frais de souscription	8,000,000

Frais de gestion et opérationnels

Les dépenses opérationnelles annuelles pour 2023 ont totalisé 72,3 millions de dollars, avec les composantes clés suivantes:

• Rémunération des cadres: 12,6 millions de dollars
• Salaires des employés: 34,5 millions de dollars
• Frais généraux administratifs: 25,2 millions de dollars

Investissements technologiques et infrastructures

Les dépenses technologiques pour 2023 ont atteint 18,9 millions de dollars, notamment:

Zone d'investissement	Montant ($)
Développement de logiciels	7,500,000
Infrastructure informatique	6,200,000
Cybersécurité	5,200,000

Compliance et dépenses réglementaires

Les coûts de conformité réglementaire pour 2023 étaient de 15,4 millions de dollars, distribués comme suit:

• Conformité juridique: 6,7 millions de dollars
• Représentation réglementaire: 4,2 millions de dollars
• Gestion des risques: 4,5 millions de dollars

Frais de service professionnels

Les frais de service professionnels pour 2023 ont totalisé 9,6 millions de dollars:

Type de service	Montant ($)
Services comptables	3,200,000
Conseil juridique	4,100,000
Audit externe	2,300,000

PennyMac Mortgage Investment Trust (PMT) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des investissements hypothécaires

Pour l'exercice 2023, PennyMac Mortgage Investment Trust a déclaré un revenu d'intérêt de 383,7 millions de dollars par rapport à son portefeuille d'investissement hypothécaire.

Type d'investissements hypothécaires	Revenu des intérêts annuels
Prêts résidentiels d'agence	212,5 millions de dollars
Prêts résidentiels non agences	98,2 millions de dollars
Prêts hypothécaires commerciaux	73,0 millions de dollars

Profits de trading de prêts hypothécaires

En 2023, PMT a généré 57,3 millions de dollars auprès des activités de négociation de prêts hypothécaires.

• Tradage de prêts hypothécaires résidentiels: 39,6 millions de dollars
• Trading de prêts hypothécaires commerciaux: 17,7 millions de dollars

Frais de titrisation

Les frais de titrisation pour 2023 ont totalisé 24,8 millions de dollars.

Type de titrisation	Revenus des frais
Titrisation hypothécaire résidentielle	18,5 millions de dollars
Titrisation hypothécaire commerciale	6,3 millions de dollars

Distributions de dividendes

PMT distribué 2,16 $ par action En dividendes pour l'exercice 2023, totalisant environ 98,4 millions de dollars de revenus de dividendes.

Frais de gestion des investissements

Les frais de gestion des investissements pour 2023 s'élevaient à 22,1 millions de dollars.

Source des frais de gestion	Revenus de frais annuels
Gestion des investissements résidentiels	15,7 millions de dollars
Gestion des investissements commerciaux	6,4 millions de dollars

PennyMac Mortgage Investment Trust (PMT) - Canvas Business Model: Value Propositions

You're looking at PennyMac Mortgage Investment Trust (PMT) to understand the core value it delivers to investors, which is built heavily on its unique structure and relationship with PennyMac Financial Services, Inc. (PFSI).

High-yield investment vehicle for mortgage-related assets

The primary draw here is the potential for high income from a specialized asset class. PennyMac Mortgage Investment Trust (PMT) focuses its investments on residential mortgage loans and related assets, which is the essence of a mortgage REIT. This strategy aims to generate substantial returns for shareholders. For instance, in the third quarter of 2025, the trust acquired a total of $4.6 billion in unpaid principal balance (UPB) of loans. Furthermore, it actively built out its portfolio by generating $84 million of net new investments in non-Agency subordinate bonds and $50 million of net new investments in non-Agency senior bonds during Q3 2025.

Access to the U.S. residential mortgage market for investors

PennyMac Mortgage Investment Trust (PMT) offers investors a way to gain exposure to the U.S. residential mortgage market through its investment activities. This access is highly structured, involving both direct acquisitions and securitization efforts. The trust closed three Agency-eligible investor loan securitizations and one Jumbo loan securitization in Q3 2025, totaling a combined UPB of $1.5 billion. This ability to originate and structure assets is key to its market access.

Integrated, low-cost operating model via the PFSI relationship

This is arguably the most concrete competitive advantage you see in the numbers. The external management structure with PFSI creates a pipeline of assets and cost efficiencies that many peers can't match. In Q3 2025, PennyMac Mortgage Investment Trust acquired $3.3 billion in UPB of conventional conforming and jumbo loan volume directly from PFSI through their fulfillment agreement, which was up 8 percent from the prior quarter. Additionally, it acquired $1.3 billion in UPB of loans from PFSI's production, marking a 28 percent increase from the prior quarter. This integration resulted in the creation of $46 million in new mortgage servicing rights (MSRs) in that quarter alone. The efficiency is clear when you look at operating margins; for Q3 2025, the Operating Margin stood at 47.36 percent, well above the general REIT average of 29.13 percent. Even corporate expenses were tightly managed, coming in at $14.3 million in Q3 2025.

Here's a quick look at some key operational and investment metrics from Q3 2025:

Metric	Value (Q3 2025)	Context/Source
Net Income (Attributable to Common Shareholders)	$47.8 million	Reported for the quarter
Earnings Per Share (EPS)	$0.55	Reported for the quarter
Book Value Per Common Share (as of Sept 30, 2025)	$15.16	Increase from $15.00 at June 30, 2025
Total Loans Acquired (UPB)	$4.6 billion	Driven by acquisition volumes
Servicing Costs (Q1 2025)	4.8 basis points	Industry-leading cost-to-service

Active risk management against interest rate volatility

For a mortgage REIT, managing interest rate risk is non-negotiable, and PennyMac Mortgage Investment Trust (PMT) emphasizes its active hedging. The strong levels of income reported for Q3 2025 were explicitly noted as excluding market-driven value changes and including strong interest rate risk hedging results. This suggests the hedging program is effectively mitigating the impact of rate swings on earnings. As part of its capital management, the trust also sold $195 million of opportunistic investments in GSE-issued CRT during Q3 2025, realizing significant gains, which shows active portfolio positioning.

Consistent common share dividend of $0.40 per quarter (Q3 2025)

The commitment to a steady income stream is a core value proposition, especially when earnings can be volatile. PennyMac Mortgage Investment Trust's Board declared a cash dividend of $0.40 per common share for the third quarter of 2025. This translates to an annual rate of $1.60 per share. This consistent payout, even when Q2 2025 saw a net loss of $3 million due to nonrecurring items, signals management's confidence in the underlying cash flow stability derived from its platform. The current dividend yield is cited around 12.60 percent.

You should keep an eye on the payout ratio, as the company currently pays out 75.24 percent of its cash flow as dividends, but the dividend coverage is a key factor to watch given the uneven earnings across recent quarters.

• The Q3 2025 dividend of $0.40 per share was declared on September 17, 2025.
• The annualized dividend rate is $1.60 per share.
• Book value per common share increased to $15.16 as of September 30, 2025.
• Total debt was approximately $16.3 billion against total equity of roughly $1.9 billion as of September 30, 2025.

Finance: draft the Q4 2025 cash flow projection incorporating the latest MSR creation figures by next Tuesday.

PennyMac Mortgage Investment Trust (PMT) - Canvas Business Model: Customer Relationships

You're looking at how PennyMac Mortgage Investment Trust (PMT) manages its relationships with the people who fund its operations and those who scrutinize its performance. It's a multi-faceted approach, balancing direct communication with formal compliance.

Investor Relations team for common and preferred shareholders

The Investor Relations department is the direct line for both common and preferred shareholders. They handle inquiries and disseminate key financial updates. For instance, the Q3 2025 results were released on October 21, 2025, followed by a conference call at 6:00 p.m. Eastern Time. If you need materials, you can contact them at $\text{818.224.7028}$ or email $\text{investorrelations@pennymac.com}$.

The relationship with preferred shareholders is defined by their declared distributions. For the third quarter of 2025, dividends were declared on the following series:

Preferred Share Series	Annual Dividend Rate	Q3 2025 Dividend Per Share	Declaration Date (Q3)
Series A (PMT PRA)	8.125%	Data not specified in search result	August 14, 2025
Series B (PMT PRB)	8.000%	Data not specified in search result	August 14, 2025
Series C (PMT PRC)	6.750%	Data not specified in search result	August 14, 2025

Common shareholders received a cash dividend of $\text{\$0.40}$ per common share for the third quarter of 2025, which was paid on October 24, 2025, to shareholders of record as of October 10, 2025. The book value per common share stood at $\text{\$15.16}$ as of September 30, 2025.

Direct engagement with institutional investors and analysts

PennyMac Mortgage Investment Trust actively engages the institutional base. As of November 18, 2025, Institutions Ownership stood at 70.53% of the float, indicating significant professional interest. Insider Ownership was only 0.97%. The company uses formal events to communicate strategy and results.

Key engagement points included:

• Third Quarter 2025 Earnings Presentation on October 21, 2025.
• Fireside Chat at the Barclays Global Financial Services Conference on September 8, 2025.
• Presentation at the Nareit REIT week 2025 Investor Conference on June 3, 2025.

The market capitalization for PMT as of mid-November 2025 was around $\text{\$1.11B}$, with a float of $\text{86.16M}$ shares.

Transactional relationships with capital markets counterparties

The relationship with capital markets counterparties is built on the execution of securitizations, which are key to managing the asset portfolio. During the third quarter of 2025, PennyMac Mortgage Investment Trust closed several significant transactions:

• Jumbo loan securitization with an Unpaid Principal Balance (UPB) of $\text{\$336 million}$.
• Agency-eligible investor loan securitization with a UPB of $\text{\$387 million}$.
• Inaugural Agency-eligible owner occupied loan securitization with a UPB of $\text{\$292 million}$.

This activity resulted in the creation of $\text{\$46 million}$ in new mortgage servicing rights (MSRs) during the quarter. The short interest as of November 18, 2025, was 4.91%.

Regulatory compliance and transparent SEC filings

Transparency is maintained through timely regulatory filings. You can track the latest disclosures, such as the Quarterly Earnings Report on Form 10-Q filed on October 29, 2025, and the Annual Report (10-K) filed February 20, 2025. For the 2025 Annual Meeting of Shareholders on June 24, 2025, shareholders could submit questions in advance to the Investor Relations email by June 23, 2025, at 4:30 PM Pacific Time, using their control number found on their Proxy Card or Voting Instruction Form to vote online at $\text{www.proxyvote.com}$.

PennyMac Mortgage Investment Trust (PMT) - Canvas Business Model: Channels

You're looking at how PennyMac Mortgage Investment Trust (PMT) gets its products and services-which are primarily mortgage-related assets and investment opportunities-out to the market and how it raises the capital to fund those investments. It's a mix of public markets and direct execution, which makes sense for a specialty finance company like this.

New York Stock Exchange (NYSE) for common and preferred stock trading

The NYSE is where PennyMac Mortgage Investment Trust trades its common and preferred shares, giving investors a liquid way to buy and sell ownership interests. This public listing is key for capital structure management and providing shareholder returns.

For the third quarter of 2025, the book value per common share stood at $15.16 as of September 30, 2025. The company declared a common dividend of $0.40 per common share for that same quarter. The market capitalization, based on data around that period, was around $1.12B, with a float of 86.16M shares.

Metric	Value (as of late 2025 data)	Context
Book Value per Common Share	$15.16	As of September 30, 2025
Q3 2025 Common Dividend Declared	$0.40 per share	Declared September 17, 2025
Approximate Market Capitalization	$1.12B	Around Q3 2025 reporting
Common Stock Float	86.16M shares	Around Q3 2025 reporting
Institutional Ownership	70.53%	Around Q3 2025 reporting

PennyMac Mortgage Investment Trust also manages its preferred stock capital structure through the NYSE, as evidenced by the declaration of Fourth Quarter 2025 Dividends for its preferred shares in November 2025.

Secondary mortgage markets for loan sales and securitizations

This is where PennyMac Mortgage Investment Trust really moves its product-the loans it acquires, often from PennyMac Financial Services, Inc. (PFSI). They package these loans into securities, primarily private label mortgage-backed securities (MBS), and sell them into the secondary market. This channel recycles capital and generates investment income from retained securities.

The activity here is substantial. Since the fourth quarter of 2024 through the third quarter of 2025, PennyMac Mortgage Investment Trust successfully completed 16 securitizations totaling $5.7 billion in Unpaid Principal Balance (UPB), retaining investments of more than $460 million in those deals. The total servicing portfolio, which is related to these assets, grew to $716.6 billion in UPB at September 30, 2025.

Here's a look at the recent securitization flow:

• Closed four non-Agency securitizations in Q3 2025 totaling $1.5 billion in UPB.
• Acquired $1.3 billion in UPB of loans from PFSI for private label securitizations in Q3 2025.
• Closed an Agency-eligible investor loan securitization in Q3 2025 with $387 million UPB.
• Priced inaugural Agency-eligible owner occupied loan securitization in Q3 2025 with $292 million UPB.
• In Q2 2025, executed four private label securitizations totaling $1.4 billion in UPB.
• In Q1 2025, closed three Agency-eligible investor loan securitizations with a combined UPB of $1.0 billion.

Direct private placements for debt and equity capital raising

To fund its investment activities, PennyMac Mortgage Investment Trust taps the debt markets directly, often through private placements or underwritten public offerings of notes. This is a crucial channel for securing long-term, fixed-rate funding.

We saw a few recent examples of this direct capital raising:

• In June 2025, PennyMac Mortgage Investment Trust priced an underwritten public offering of $100,000,000 aggregate principal amount of its 9.00% Senior Notes due 2030.
• During the second quarter of 2025, the trust opportunistically issued $105 million in unsecured senior notes.
• In the first quarter of 2025, PennyMac Mortgage Investment Trust issued $173 million in unsecured senior notes due to mature in 2030.

These proceeds are used to fund business and investment activities, including investments in subordinated bonds from securitization activities and the acquisition of mortgage servicing rights.

Investor website and quarterly earnings webcasts

The digital presence is the direct line to current and prospective investors for updates on performance and strategy. The investor relations section of the website serves as the central repository for official documentation.

Key channels for investor communication include:

• The official website, pmt.pennymac.com, hosts press releases, presentations, and supplements.
• Quarterly earnings webcasts are held following results announcements, such as the one for Third Quarter 2025 Results on October 21, 2025, at 6:00 p.m. Eastern Time.
• Other investor events, like the Barclays Global Financial Services Conference 2025 fireside chat on September 8, 2025, are also broadcast via webcast.

Finance: draft 13-week cash view by Friday.

PennyMac Mortgage Investment Trust (PMT) - Canvas Business Model: Customer Segments

You're looking at the core groups PennyMac Mortgage Investment Trust (PMT) serves, which are distinct from the customers of its manager, PennyMac Financial Services (PFSI). PMT's customers are primarily capital providers, not mortgage borrowers.

Retail investors seeking dividend income (as a REIT)

This segment is attracted by the Real Estate Investment Trust (REIT) structure, aiming for consistent cash distributions. The objective for PennyMac Mortgage Investment Trust is to provide attractive risk-adjusted returns to its shareholders over the long-term, primarily through dividends. You can see the commitment in the recent payout history.

• Annualized dividend per share is currently stated as $1.60.
• The latest declared quarterly dividend was $0.40 per common share in September 2025.
• The current dividend yield stands at 12.64%.
• Book value per common share increased to $15.16 as of September 30, 2025.
• The annualized return on average common shareholders' equity was 14 percent for the third quarter of 2025.

Capital markets participants (MBS buyers, debt investors)

These participants buy the assets PennyMac Mortgage Investment Trust creates or invests in, often through securitization or direct bond purchases. They are key to funding the trust's investment strategy, which focuses on mortgage-related assets like Mortgage Servicing Rights (MSRs) and various Mortgage-Backed Securities (MBS).

Here's a snapshot of the investment activity that attracts this group in the third quarter of 2025:

Investment/Activity Type	Q3 2025 Volume (UPB or Amount)	Notes
Agency-eligible investor loan securitizations closed	$1.5 billion combined UPB	Includes three investor loan securitizations and one Jumbo loan securitization.
Net new investments in non-Agency subordinate bonds	$84 million	Plus an additional $14 million generated post-quarter end.
Net new investments in non-Agency senior bonds	$50 million	Represents net new investment activity.
Agency floating rate mortgage-backed securities (MBS) purchased	$876.4 million	Part of the active capital rotation strategy.

Also, debt investors are a segment, as evidenced by the recent offering of senior notes. In June 2025, PennyMac Mortgage Investment Trust offered $100,000,000 principal amount of its 9.00% senior notes due 2030.

Correspondent mortgage loan sellers (indirectly through PFSI)

These are the mortgage originators who sell newly originated loans to PennyMac Financial Services (PFSI), which then fulfills them for PennyMac Mortgage Investment Trust to acquire. This relationship is central to PMT's Correspondent Production segment. For the twelve months ended September 30, 2025, PennyMac Financial's total production of newly originated loans was $139 billion in unpaid principal balance (UPB).

Specific Q3 2025 transaction details between PFSI and PMT show the flow:

• Loans acquired by PMT from PFSI totaled $3.3 billion in UPB.
• This was up 8 percent from the $3.1 billion retained in the prior quarter.
• PMT retained 100 percent of total jumbo correspondent loan volume from PFSI.
• PMT retained 17 percent of total conventional conforming correspondent loan volume from PFSI.

For the fourth quarter of 2025, PennyMac Mortgage Investment Trust expects to acquire all jumbo correspondent production and 15 to 25 percent of total conventional conforming correspondent production.

PennyMac Mortgage Investment Trust (PMT) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive PennyMac Mortgage Investment Trust's operations as of late 2025. These are the real dollars that flow out to keep the investment trust running and servicing its assets.

Interest expense on financing remains a major cost driver, reflecting the cost of funding the assets on the balance sheet. For the parent entity, PennyMac Financial Services, Inc. (PFSI), total interest expense in Q3 2025 was reported as $249.9 million.

The leverage structure is evident in the liabilities side of the balance sheet, particularly in secured financing arrangements:

Financing Liability Item (in thousands USD)	Q3 2025	Q2 2025	Q3 2024
Assets sold under agreements to repurchase	$7,708,183	$6,826,855	$5,748,461
Notes payable secured by credit risk transfer and mortgage servicing assets	$2,248,609	N/A	$2,830,108

The figure for assets sold under repurchase agreements as of Q2 2025 aligns with the $6.83 billion figure you noted, based on the search result showing $6,826,855 in thousands.

Costs related to the external management structure and operational overhead include:

• Management fees paid to PNMAC Capital Management, LLC: $6.9 million in Q3 2025.
• General and administrative operating expenses (PMT Corporate expenses excluding management fees): $7.4 million in Q3 2025.

Hedging activities and loan fulfillment generate significant, variable costs. For instance, in Q2 2025, PennyMac Mortgage Investment Trust's Interest Rate Sensitive Strategies segment recorded hedging losses of $60.6 million. Loan fulfillment fees, paid by PennyMac Mortgage Investment Trust to PennyMac Financial Services, Inc. for loan origination support, were $6.162 million in Q3 2025.

Other key cost components for the related entity in Q3 2025 include:

• Servicing segment expenses totaled $102.1 million.
• Production segment expenses were $238.9 million.

Finance: draft 13-week cash view by Friday.

PennyMac Mortgage Investment Trust (PMT) - Canvas Business Model: Revenue Streams

You're looking at how PennyMac Mortgage Investment Trust (PMT) actually brings in the money, which is key to understanding its stability, especially in a shifting rate environment. The revenue streams are quite specific to a mortgage REIT, focusing heavily on the spread between what they earn on assets and what they pay for funding, plus fees from servicing.

The overall performance metric you're tracking is the Net investment income, which for the third quarter of 2025 was reported at $99.2 million. This number is the bedrock, representing the core earnings from the assets held on the balance sheet, before accounting for market value changes on some of those assets.

The revenue sources are diverse, pulling from both asset ownership and fee-based activities. Here's a look at the key components derived from the Q3 2025 results:

• Net investment income (Q3 2025): $99.2 million
• Net gains on loans acquired for sale (Q3 2025): $14.9 million
• Net loan servicing fees (Q3 2025): $15.4 million

The business model relies on several distinct activities to generate these figures. For instance, the segment that deals with credit-sensitive strategies-think GSE CRT investments and non-Agency subordinate bonds-generated its own net investment income of $18.8 million in the quarter. That's a significant chunk of the total.

Here's a breakdown of the components that feed into the overall picture, focusing on the activity from the correspondent production segment and the credit-sensitive strategies:

Revenue Component	Q3 2025 Amount (in millions)	Notes
Net Investment Income (Total Reported)	$99.2	The headline figure for the quarter.
Net Gains on Loans Acquired for Sale	$14.9	From selling loans, net of MSRs created.
Net Interest Income (Correspondent Segment)	$4.9	Reported within the segment revenues breakdown.
Net Loan Servicing Fees (Total)	$15.4	Includes contract fees less MSR cash flow realization.
Realized Gains/Carry (Organic GSE CRT)	$13.5	Specific component of Credit Sensitive Strategies gains.

You can see the servicing piece is quite detailed. The Net loan servicing fees of $15.4 million is actually the net result of a few moving parts. Contractually specified servicing fees were high, but they were offset by the realization of cash flows from the Mortgage Servicing Rights (MSR) portfolio.

The components of the Net Loan Servicing Fees for Q3 2025 looked like this:

• Contractually specified servicing fees: $151.4 million
• Realization of MSR cash flows: $89.4 million (a reduction)
• Other fees: $4.4 million
• Fair value losses on MSRs: $27.0 million (a reduction)
• MSR recapture income: $3.3 million

The Net interest income from retained investments and loan portfolios is harder to isolate cleanly as a single line item matching the prompt's request, because the reported figures break down by segment. However, the Interest Rate Sensitive Strategies segment reported interest income of $173.8 million, with a net interest expense of $5.4 million for that segment, suggesting a significant positive contribution from retained investments like Agency MBS. Honestly, you have to look at the segment data to see where the bulk of the interest spread is coming from.

Finally, those Realized gains from the sale of opportunistic investments, specifically from the organically-created GSE CRT, contributed $13.5 million in realized gains and carry for the quarter. This shows PMT is actively managing and monetizing its credit risk positions, which is a distinct revenue driver from its core interest income.

Finance: draft 13-week cash view by Friday.