PMTU

MKT CAP:$2B

PennyMac Mortgage Investment Trust

Market Cap

$2B

Real Estate·REIT - Industrial·🇺🇸 United States·NYSE

Real Estate·REIT - Industrial·🇺🇸·NYSE

Stock Price

$25.64+$0.21 (+0.83%)

Apr 24, 2026

Company Details

PennyMac 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, Inter...

CEO

David A. Spector

IPO Date

Sep 28, 2023

Website

www.pennymacmortgageinvestmenttrust.com

Key Metrics TTM

Revenue

$1.2B

+54.9% YoY

Net Income

$128M

EPS (Diluted)

$0.99

Free Cash Flow

-$7.2B

Revenue / Share

$14.36

Gross Margin

89.2%

Operating Margin

73.5%

Net Margin

10.2%

FCF Margin

-577.1%

P/S

1.8x

P/E

17.4x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 18, 2026

$1.7B+245.8%EPS $0.99

Q4 2025

Feb 18, 2026

$426MEPS $0.49

Q3 2025

Oct 29, 2025

$490M+84.2%EPS $0.55

Q2 2025

Jul 30, 2025

$145M+19.4%EPS -$0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$221M	$172M	$154M
Q1 22	-$222M	-$268M	-$282M
Q2 22	-$112M	-$158M	-$169M
Q3 22	$84M	$39M	$28M
Q4 22	$104M	$66M	$53M
Q1 23	$228M	$192M	$181M
Q2 23	$178M	$150M	$140M
Q3 23	$3M	-$26M	-$38M
Q4 23	$317M	$289M	$275M
Q1 24	$102M	$75M	$64M
Q2 24	$122M	$95M	$84M
Q3 24	$266M	$227M	$216M
Q1 25	$189M	$158M	$141M
Q2 25	$145M	$114M	$95M
Q3 25	$490M	$453M	$392M
Q4 25	$426M	$390M	$291M

Valuation

Quarter	P/S	P/E
Q4 21	2.2x	28.9x
Q1 22	2.6x	—
Q2 22	16.3x	—
Q3 22	—	—
Q4 22	—	—
Q1 23	3.5x	162.8x
Q2 23	2.0x	11.5x
Q3 23	2.0x	6.9x
Q4 23	1.8x	6.5x
Q1 24	2.1x	6.8x
Q2 24	2.2x	6.3x
Q3 24	1.5x	7.4x
Q1 25	1.9x	10.2x
Q2 25	1.5x	13.3x
Q3 25	1.0x	9.0x
Q4 25	0.9x	8.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$105M	-$105M
Q1 22	$1.7B	$1.7B
Q2 22	-$69M	-$69M
Q3 22	-$402M	-$402M
Q4 22	$509M	$509M
Q1 23	-$1.3B	-$1.3B
Q2 23	$2.0B	$2.0B
Q3 23	$64M	$64M
Q4 23	$533M	$533M
Q1 24	-$342M	-$369M
Q2 24	$244M	$244M
Q3 24	-$984M	-$985M
Q1 25	-$594M	-$594M
Q2 25	-$2.0B	-$2.0B
Q3 25	-$1.3B	-$1.3B
Q4 25	-$3.3B	-$3.3B

Capital Expenditures

Quarter	CapEx
Q4 21	$0
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$26M
Q2 24	$0
Q3 24	$1M
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-18.4%	-45.7%
Q1 22	-188.6%	-44.5%
Q2 22	-126.7%	-45.3%
Q3 22	-56.2%	-33.6%
Q4 22	-52.8%	-23.5%
Q1 23	+202.7%	-22.2%
Q2 23	+258.9%	-31.4%
Q3 23	-97.0%	-28.7%
Q4 23	+203.7%	-18.1%
Q1 24	-55.0%	-18.6%
Q2 24	-31.8%	-1.8%
Q3 24	+10518.5%	+23.8%
Q1 25	-40.4%	+13.6%
Q2 25	+41.9%	+32.8%
Q3 25	+302.1%	+155.8%
Q4 25	+60.2%	+172.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$466.0K	0.2%
Q1 22	$1M	—
Q2 22	$1M	—
Q3 22	$959.0K	1.1%
Q4 22	$1M	1.1%
Q1 23	$1M	0.5%
Q2 23	$845.0K	0.5%
Q3 23	$1M	56.7%
Q4 23	$2M	0.6%
Q1 24	$1M	1.3%
Q2 24	$827.0K	0.7%
Q3 24	$816.0K	0.3%
Q1 25	$963.0K	0.5%
Q2 25	$838.0K	0.6%
Q3 25	$812.0K	0.2%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$2M	$15M	$870.0K
Q1 22	—	$12M	$1M
Q2 22	—	$9M	$2M
Q3 22	—	$10M	$1M
Q4 22	$2M	$9M	$2M
Q1 23	—	$9M	$2M
Q2 23	—	$9M	$1M
Q3 23	—	$9M	$2M
Q4 23	$2M	$9M	$2M
Q1 24	—	$9M	$2M
Q2 24	$496.0K	$9M	$1M
Q3 24	—	$10M	$1M
Q1 25	—	$14M	$3M
Q2 25	$545.0K	$15M	$3M
Q3 25	—	$3M	—
Q4 25	—	$21M	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$188M	$236M	$424M
Q2 22	$332M	$89M	$421M
Q3 22	$59M	$352M	$411M
Q4 22	$112M	$252M	$364M
Q1 23	$119M	$292M	$411M
Q2 23	$239M	$242M	$481M
Q3 23	$236M	$150M	$386M
Q4 23	$281M	$128M	$409M
Q1 24	$127M	$343M	$470M
Q2 24	$131M	$336M	$467M
Q3 24	$344M	$103M	$447M
Q4 24	$338M	$103M	$441M
Q1 25	$248M	$204M	$452M
Q2 25	$363M	$109M	$471M
Q3 25	$263M	$181M	$445M
Q4 25	$272M	$191M	$462M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	96M	-1.2%	-2.3%
Q1 22	94M	-2.2%	-4.0%
Q2 22	92M	-2.3%	-6.2%
Q3 22	91M	-1.5%	-7.1%
Q4 22	89M	-1.7%	-7.5%
Q1 23	113M	+27.3%	+20.4%
Q2 23	87M	-23.0%	-5.1%
Q3 23	111M	+27.3%	+22.6%
Q4 23	111M	-0.1%	+24.6%
Q1 24	111M	+0.0%	-2.1%
Q2 24	87M	-21.8%	-0.5%
Q3 24	87M	+0.0%	-21.8%
Q1 25	87M	+0.1%	-21.7%
Q2 25	87M	+0.1%	-21.6%
Q3 25	87M	+0.0%	+0.2%
Q4 25	87M	0.0%	+0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q1 25	$27M	7
Q2 25	$21M	7
Q3 25	$70M	7
Q4 25	$426M	1

Revenue / Employee