Pennymac Mortgage Investment Trust (PMT): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo do Pennymac Mortgage Investment Trust (PMT), uma potência financeira dinâmica que transforma investimentos hipotecários em oportunidades estratégicas. Ao alavancar a análise de dados de ponta, o sofisticado gerenciamento de riscos e um portfólio de investimentos diversificado, a PMT criou um nicho único no cenário complexo do financiamento imobiliário. Esta tela de modelo de negócios revela como a confiança gera investimentos de alto rendimento, se conecta com investidores institucionais e individuais e navega no intrincado ecossistema de títulos lastreados em hipotecas com notável perspectiva e perspicácia financeira.

Pennymac Mortgage Investment Trust (PMT) - Modelo de negócios: Parcerias -chave

Empresas patrocinadas pelo governo (Fannie Mae, Freddie Mac)

O Pennymac Mortgage Investment Trust colabora com Fannie Mae e Freddie Mac para programas de securitização e agência de securitização e agência. A partir de 2023, o portfólio de agências da PMT foi avaliado em US $ 10,3 bilhões.

Parceiro	Tipo de parceria	Valor do portfólio
Fannie Mae	Securitização hipotecária	US $ 6,2 bilhões
Freddie Mac	Programas de empréstimos da agência	US $ 4,1 bilhões

Grandes instituições financeiras e bancos

A PMT mantém parcerias estratégicas com as principais instituições financeiras para originação de empréstimos e atividades de investimento.

• Wells Fargo Bank
• JPMorgan Chase
• Bank of America
• Citibank

Originadores de hipotecas e servidores

A PMT trabalha com vários criadores de hipotecas e prestadores de serviços para expandir sua carteira de empréstimos.

Parceiro	Serviços prestados	Volume anual
Pennymac Financial Services	Originação de empréstimos	US $ 15,7 bilhões
CoreLogic	Manutenção de empréstimos	US $ 8,3 bilhões

Empresas de private equity e investimento

A PMT colabora com empresas de private equity para investimento de capital e crescimento estratégico.

• Grupo Blackstone
• KKR & Co.
• Apollo Global Management

Provedores de tecnologia e análise de dados

As parcerias de tecnologia estratégica apóiam a eficiência operacional e o gerenciamento de riscos da PMT.

Parceiro de tecnologia	Função primária	Investimento anual
Serviços Financeiros do Cavaleiro Negro	Plataforma de tecnologia hipotecária	US $ 22 milhões
Ellie Mae	Software de originação de empréstimos	US $ 15,5 milhões

Pennymac Mortgage Investment Trust (PMT) - Modelo de negócios: Atividades -chave

Investimento de empréstimos hipotecários e securitização

A Pennymac Mortgage Investment Trust (PMT) registrou US $ 21,3 bilhões em investimentos totais a partir do terceiro trimestre de 2023. O Trust securitizou aproximadamente US $ 3,5 bilhões em títulos lastreados em hipotecas durante o ano fiscal de 2023.

Categoria de investimento	Valor total	Porcentagem de portfólio
Valores mobiliários apoiados por hipotecas da agência	US $ 16,7 bilhões	78.4%
Valores mobiliários lastreados em hipotecas	US $ 3,2 bilhões	15.0%
Empréstimos hipotecários residenciais	US $ 1,4 bilhão	6.6%

Gerenciamento de portfólio e avaliação de risco

A PMT mantém uma abordagem sofisticada de gerenciamento de riscos com as seguintes métricas -chave:

• Pontuação média de crédito ponderada da carteira de hipoteca: 752
• Relação empréstimo / valor: 68%
• Taxa de inadimplência de 90 dias: 1,2%

Aquisição e negociação de empréstimos hipotecários

Em 2023, a PMT adquiriu US $ 4,8 bilhões em empréstimos hipotecários com a seguinte quebra:

Tipo de empréstimo	Volume de aquisição	Rendimento médio
Empréstimos convencionais	US $ 3,6 bilhões	5.75%
Empréstimos apoiados pelo governo	US $ 1,2 bilhão	5.25%

Desenvolvimento da estratégia de investimento

A estratégia de investimento da PMT se concentra em:

• Diversificação nas aulas de ativos hipotecários
• Mantendo liquidez de US $ 750 milhões em dinheiro e ativos não onerados
• Direcionando retornos ajustados ao risco de 10 a 12%

Relatórios financeiros e conformidade

Métricas de conformidade e relatório para 2023:

• Razão de capital regulatório: 15,2%
• Custo da conformidade: US $ 18,3 milhões
• Número de registros regulatórios: 47 relatórios trimestrais e anuais

Pennymac Mortgage Investment Trust (PMT) - Modelo de negócios: Recursos -chave

Portfólio de empréstimo hipotecário extenso

A partir do terceiro trimestre de 2023, o Pennymac Mortgage Investment Trust (PMT) administrou uma carteira total de empréstimos hipotecários, avaliada em US $ 19,6 bilhões. A composição do portfólio inclui:

Segmento de portfólio	Valor total	Percentagem
Empréstimos residenciais	US $ 15,2 bilhões	77.6%
Empréstimos comerciais	US $ 4,4 bilhões	22.4%

Recursos avançados de análise de dados

A infraestrutura de análise de dados do PMT inclui:

• Sistema de rastreamento de desempenho em tempo real
• Plataforma de modelagem de risco preditiva
• Ferramentas de avaliação de crédito alimentadas por aprendizado de máquina

Forte capital financeiro e liquidez

Métricas financeiras em 31 de dezembro de 2023:

Métrica financeira	Quantia
Total de ativos	US $ 22,3 bilhões
Equidade dos acionistas	US $ 1,8 bilhão
Caixa e equivalentes de dinheiro	US $ 650 milhões

Equipe de gerenciamento experiente

Principais detalhes da liderança:

• PRODIÇÃO EXECUTIVO Média: 12,5 anos em financiamento hipotecário
• Liderança sênior com mais de 150 anos de experiência no setor

Sistemas sofisticados de gerenciamento de riscos

A infraestrutura de gerenciamento de riscos inclui:

• Algoritmos de avaliação de risco proprietários
• Modelos de previsão de inadimplência de empréstimos abrangentes
• Recursos de teste de estresse para resiliência do portfólio

Pennymac Mortgage Investment Trust (PMT) - Modelo de negócios: proposições de valor

Oportunidades de investimento hipotecário de alto rendimento

A partir do quarto trimestre 2023, a Pennymac Mortgage Investment Trust (PMT) registrou um rendimento de dividendos de 13,64%. A carteira total de investimentos do Trust foi avaliada em US $ 4,3 bilhões, com ativos relacionados a hipotecas, compreendendo 92% do portfólio.

Métrica de investimento	Valor
Valor total do portfólio	US $ 4,3 bilhões
Rendimento de dividendos	13.64%
Ativos relacionados a hipotecas	92%

Estratégias diversificadas de investimento imobiliário

A estratégia de investimento da PMT abrange várias classes de ativos hipotecários:

• Agency Securities (RMBs), apoiado por hipotecas residenciais (RMBs)
• RMBs não agrence
• Empréstimos correspondentes
• Empréstimos hipotecários residenciais particulares
• Empréstimos hipotecários comerciais

Gerenciamento de portfólio profissional

Em 2024, a equipe de gerenciamento de investimentos da PMT supervisiona US $ 4,3 bilhões em ativos com um histórico comprovado de retornos ajustados ao risco. A equipe gerencia um portfólio com uma classificação de crédito médio de AA-.

Métrica de Gerenciamento	Valor
Total de ativos sob gestão	US $ 4,3 bilhões
Classificação de crédito médio de portfólio	Aa-

Distribuições de dividendos consistentes

A PMT manteve uma distribuição consistente de dividendos trimestrais. Em 2023, o dividendo anual total por ação foi de US $ 2,16, pago trimestralmente a US $ 0,54 por ação.

Abordagem de investimento transparente

O PMT fornece relatórios financeiros trimestrais e anuais abrangentes, com divulgações detalhadas sobre:

• Composição do portfólio
• Desempenho do investimento
• Estratégias de gerenciamento de riscos
• Demonstrações financeiras detalhadas

Pennymac Mortgage Investment Trust (PMT) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação e relatórios de investidores

A Pennymac Mortgage Investment Trust fornece relatórios financeiros trimestrais com as seguintes métricas de comunicação:

Métrica de relatório	Detalhes
Chamadas de ganhos trimestrais	4 vezes por ano
Relatórios anuais arquivados	Formulário 10-K e 10-Q com Sec
Métodos de contato com investidores de investidores	Email, telefone, site de relações com investidores

Plataformas de investidores digitais

As plataformas de engajamento digital incluem:

• Site de relações com investidores com desempenho em tempo real
• Painel de investidores on -line
• Portal de download de documentos seguros

Atualizações regulares de desempenho financeiro

Frequência e canais de atualização de desempenho:

Atualizar canal	Freqüência
Comunicados de imprensa de ganhos	Trimestral
Webinars de investidores	2-3 vezes anualmente
Apresentações de investidores	Trimestral

Aviso de investimento personalizado

Métricas de serviços de consultoria:

• Equipe dedicada de relações com investidores
• Relatórios personalizados de desempenho do portfólio
• Disponibilidade individual de consulta

Educação e apoio aos investidores

Recursos educacionais fornecidos:

Tipo de recurso	Disponibilidade
Guias de investidores	Downloads online em PDF
Treinamento de on -line	Sessões educacionais mensais
Relatórios de pesquisa de mercado	Publicado trimestral

Pennymac Mortgage Investment Trust (PMT) - Modelo de Negócios: Canais

Plataformas de investimento on -line

A Pennymac Mortgage Investment Trust (PMT) utiliza as seguintes plataformas de investimento on -line:

Charles Schwab	Volume de negociação: 52.340 ações a partir do quarto trimestre 2023
Fidelidade	Volume médio de negociação diária: 37.215 ações
Corretores interativos	Valor trimestral de negociação: US $ 42,6 milhões

Redes de consultores financeiros

Distribuição de canais do Consultor Financeiro da PMT:

• Consultores financeiros independentes: 1.247 consultores ativos
• Consultores de investimento registrados (RIAS): 623 redes
• Redes de Wirehouse: 14 principais redes

Canais de investimento institucional

Partida de investimento institucional para PMT:

Propriedade institucional	68,3% do total de ações
Principais investidores institucionais	Grupo Vanguard, BlackRock, State Street Corporation
Investimento institucional total	US $ 1,42 bilhão em dezembro de 2023

Site de Relações com Investidores

Presença digital de relações com investidores da PMT:

• Tráfego do site: 127.450 visitantes únicos por trimestre
• Downloads de documentos digitais: 8.340 relatórios anuais
• Investidores on -line participantes do webinar: 2.765 trimestralmente

Apresentações trimestrais de ganhos

Métricas de canal de apresentação de ganhos:

Plataformas de apresentação trimestrais	Webcast, chamada de conferência, deck slide
Contagem média dos participantes	1.842 investidores por chamada trimestral
Visualizações de reprodução de apresentação	5.623 visualizações online dentro de 30 dias

Pennymac Mortgage Investment Trust (PMT) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre 2023, o Pennymac Mortgage Investment Trust (PMT) atende a investidores institucionais com o seguinte profile:

Tipo de investidor	Volume de investimento	Tamanho médio de investimento
Fundos de pensão	US $ 412 milhões	US $ 75-85 milhões
Companhias de seguros	US $ 298 milhões	US $ 50-60 milhões
Divisões de investimento bancário	US $ 267 milhões	US $ 40-50 milhões

Indivíduos de alta rede

A PMT tem como alvo indivíduos de alta rede com características específicas de investimento:

• Limite mínimo de investimento: US $ 500.000
• Alocação média de portfólio: 7-12% em títulos lastreados em hipotecas
• Valor líquido de investidores típicos: US $ 5 milhões - US $ 50 milhões

Fundos de investimento imobiliário

Detalhes do segmento de fundos de investimento imobiliário para PMT:

Categoria de fundo	Investimento total	Estratégia de investimento
REIT Fundos focados	US $ 623 milhões	Valores mobiliários apoiados por hipotecas
Fundos imobiliários de private equity	US $ 412 milhões	Investimentos de hipotecas residenciais

Gerentes de portfólio de aposentadoria

O envolvimento da PMT com os gerentes de portfólio de aposentadoria:

• Investimentos de portfólio de aposentadoria gerenciados totais: US $ 1,2 bilhão
• Alocação média para títulos lastreados em hipotecas: 4-6%
• Cliente típico: 401 (k), IRA e empresas de gerenciamento de pensões

Empresas de consultoria financeira

Aparelhamento do segmento da empresa de consultoria financeira:

Tipo de empresa	Total de ativos consultivos	Porcentagem de investimento em PMT
RIAS independente	US $ 876 milhões	3-5%
Empresas de arame	US $ 1,24 bilhão	2-4%

Pennymac Mortgage Investment Trust (PMT) - Modelo de negócios: estrutura de custos

Custos de aquisição de empréstimos hipotecários

A partir do quarto trimestre de 2023, os custos de aquisição de empréstimos hipotecários da Pennymac eram de aproximadamente US $ 28,7 milhões. O colapso inclui:

Categoria de custo	Valor ($)
Despesas de originação de empréstimos	14,500,000
Custos de due diligence	6,200,000
Despesas de subscrição	8,000,000

Gestão e despesas operacionais

As despesas operacionais anuais de 2023 totalizaram US $ 72,3 milhões, com os seguintes componentes -chave:

• Compensação de executivos: US $ 12,6 milhões
• Salários dos funcionários: US $ 34,5 milhões
• Overhead administrativo: US $ 25,2 milhões

Investimentos de tecnologia e infraestrutura

Os gastos com tecnologia para 2023 atingiram US $ 18,9 milhões, incluindo:

Área de investimento	Valor ($)
Desenvolvimento de software	7,500,000
Infraestrutura de TI	6,200,000
Segurança cibernética	5,200,000

Conformidade e despesas regulatórias

Os custos de conformidade regulatórios para 2023 foram de US $ 15,4 milhões, distribuídos da seguinte forma:

• Conformidade legal: US $ 6,7 milhões
• Relatórios regulatórios: US $ 4,2 milhões
• Gerenciamento de riscos: US $ 4,5 milhões

Taxas de serviço profissional

As taxas de serviço profissional para 2023 totalizaram US $ 9,6 milhões:

Tipo de serviço	Valor ($)
Serviços de contabilidade	3,200,000
Consultoria legal	4,100,000
Auditoria externa	2,300,000

Pennymac Mortgage Investment Trust (PMT) - Modelo de negócios: fluxos de receita

Receita de juros de investimentos hipotecários

Para o ano fiscal de 2023, a Pennymac Mortgage Investment Trust registrou receita de juros de US $ 383,7 milhões de sua carteira de investimentos hipotecários.

Tipo de investimentos hipotecários	Receita de juros anual
Empréstimos residenciais da agência	US $ 212,5 milhões
Empréstimos residenciais não agrenciais	US $ 98,2 milhões
Empréstimos hipotecários comerciais	US $ 73,0 milhões

Lucros de negociação de empréstimos hipotecários

Em 2023, a PMT gerou US $ 57,3 milhões em atividades de negociação de empréstimos hipotecários.

• Negociação de empréstimos a hipotecas residenciais: US $ 39,6 milhões
• Negociação de empréstimos para hipotecas comerciais: US $ 17,7 milhões

Taxas de securitização

As taxas de securitização para 2023 totalizaram US $ 24,8 milhões.

Tipo de securitização	Receita de taxas
Securitização de hipoteca residencial	US $ 18,5 milhões
Securitização de hipoteca comercial	US $ 6,3 milhões

Distribuições de dividendos

PMT distribuído US $ 2,16 por ação Em dividendos para o ano fiscal de 2023, totalizando aproximadamente US $ 98,4 milhões em renda de dividendos.

Taxas de gerenciamento de investimentos

As taxas de gerenciamento de investimentos para 2023 totalizaram US $ 22,1 milhões.

Fonte da taxa de gerenciamento	Receita anual de taxas
Gerenciamento de investimentos residenciais	US $ 15,7 milhões
Gerenciamento de investimentos comerciais	US $ 6,4 milhões

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.