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PennyMac Mortgage Investment Trust (PMT) Financials

PennyMac Mortgage Investment Trust logo
$9.37 -0.02 (-0.21%)
As of 08/21/2026 03:58 PM Eastern
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Annual Income Statements for PennyMac Mortgage Investment Trust

Annual Income Statements for PennyMac Mortgage Investment Trust

This table shows PennyMac Mortgage Investment Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 90 76 -188 128 201 27 26 -115 158 119 86
Consolidated Net Income / (Loss)		 90 76 118 153 226 52 57 -73 200 161 128
Net Income / (Loss) Continuing Operations		 0.00 76 -173 148 226 178 57 -73 200 161 128
Total Pre-Tax Income 		73 62 125 158 191 80 45 63 244 143 94
Total Revenue		 190 132 87 216 474 595 420 304 429 334 307
Net Interest Income / (Expense)		 77 72 44 48 20 -49 -109 -27 -96 -79 -19
Total Interest Income		 201 222 195 223 318 222 721 -0.59 -79 -65 -2.05
Investment Securities Interest Income		 201 222 195 223 318 222 721 384 640 635 851
Other Interest Income		 -0.60 - - - - - - -384 -719 -700 -853
Total Interest Expense		 125 150 151 175 297 271 305 0.00 0.00 0.00 0.00
Total Non-Interest Income		 114 59 43 168 453 643 3.55 304 508 399 310
Service Charges on Deposit Accounts		 - - - - 81 602 - -205 -93 -227 -173
Other Service Charges		 28 -32 -116 48 398 766 240 679 678 660 621
Net Realized & Unrealized Capital Gains on Investments		 105 114 156 82 433 -730 391 -183 -79 -37 -148
Other Non-Interest Income		 -19 -22 2.86 38 -458 5.47 -628 14 1.78 2.19 10
Total Non-Interest Expense		 116 70 253 63 283 390 376 241 185 192 214
Salaries and Employee Benefits		 7.37 7.00 6.32 6.78 6.90 3.89 4.00 5.94 7.11 5.61 12
Other Operating Expenses		 109 63 63 47 276 386 372 235 178 186 202
Income Tax Expense		 -17 -14 6.80 5.19 -36 27 -12 136 45 -18 -34
Preferred Stock Dividends Declared		 0.00 0.00 15 25 25 25 31 42 42 42 42
Basic Earnings per Share		 $1.19 $1.09 $1.53 $2.09 $2.54 $0.27 $0.26 ($1.26) $1.80 $1.37 $0.99
Weighted Average Basic Shares Outstanding		 74.45M 68.64M 66.14M 60.90M 78.99M 99.37M 97.40M 91.43M 87.37M 86.82M 86.99M
Diluted Earnings per Share		 $1.16 $1.08 $1.48 $1.99 $2.42 $0.27 $0.26 ($1.26) $1.63 $1.37 $0.99
Weighted Average Diluted Shares Outstanding		 83.34M 77.11M 74.61M 69.37M 87.71M 99.37M 97.40M 91.43M 111.70M 86.82M 86.99M
Weighted Average Basic & Diluted Shares Outstanding		 75.70M 66.70M 67M 61.20M 100.34M 97.90M 97.37M 88.89M 86.65M 86.86M 87.02M
Cash Dividends to Common per Share		 $2.16 $1.88 $1.88 $1.88 $1.88 - $0.00 $1.81 $1.60 $1.60 $1.60

Quarterly Income Statements for PennyMac Mortgage Investment Trust

This table shows PennyMac Mortgage Investment Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 42 37 15 31 36 -0.78 -2.92 48 42 14 20
Consolidated Net Income / (Loss)		 53 48 25 41 47 9.68 7.53 58 52 25 31
Net Income / (Loss) Continuing Operations		 53 56 35 49 47 9.68 7.53 59 47 25 31
Total Pre-Tax Income 		40 32 29 27 55 -6.30 17 47 36 27 17
Total Revenue		 85 74 71 77 113 44 70 95 98 82 73
Net Interest Income / (Expense)		 -20 -28 -20 -7.44 -24 -6.05 -8.67 1.69 -6.46 -3.66 -7.10
Total Interest Income		 -538 -28 -20 177 -517 -2.13 -3.54 1.69 -323 -0.29 -2.02
Investment Securities Interest Income		 1.06 144 152 177 2.78 176 196 230 96 276 304
Other Interest Income		 - -172 -172 - - -178 -200 -228 - -276 -306
Total Interest Expense		 -367 0.00 0.00 184 -343 0.00 0.00 0.00 -182 0.00 0.00
Total Non-Interest Income		 256 102 91 84 286 47 74 93 239 82 75
Service Charges on Deposit Accounts		 - -90 -18 -67 - -40 -61 - - -12 -33
Other Service Charges		 319 165 167 169 323 155 157 155 297 150 147
Net Realized & Unrealized Capital Gains on Investments		 -278 54 -7.58 167 -65 -70 -24 -37 -237 -62 -44
Other Non-Interest Income		 - -28 -50 -185 - 1.21 1.47 -24 291 5.81 4.86
Total Non-Interest Expense		 44 34 33 43 58 51 53 47 67 55 56
Salaries and Employee Benefits		 2.33 1.92 1.37 1.33 1.00 2.97 2.84 2.82 3.26 2.98 3.39
Other Operating Expenses		 42 32 32 41 57 48 50 44 63 52 53
Income Tax Expense		 -13 -15 3.18 -15 8.59 -16 9.47 -11 -16 2.28 -14
Preferred Stock Dividends Declared		 10 10 10 10 10 10 10 10 10 10 10
Basic Earnings per Share		 $0.49 $0.43 $0.17 $0.36 $0.41 ($0.01) ($0.04) $0.55 $0.49 $0.16 $0.23
Weighted Average Basic Shares Outstanding		 87.37M 86.69M 86.85M 86.86M 86.82M 86.91M 87.01M 87.02M 86.99M 87.08M 87.20M
Diluted Earnings per Share		 $0.46 $0.39 $0.17 $0.36 $0.45 ($0.01) ($0.04) $0.55 $0.49 $0.16 $0.23
Weighted Average Diluted Shares Outstanding		 111.70M 111.02M 86.85M 86.86M 86.82M 86.91M 87.01M 87.02M 86.99M 87.08M 87.29M
Weighted Average Basic & Diluted Shares Outstanding		 86.65M 86.85M 86.86M 86.86M 86.86M 87.01M 87.02M 87.02M 87.02M 87.20M 87.20M

Annual Cash Flow Statements for PennyMac Mortgage Investment Trust

This table details how cash moves in and out of PennyMac Mortgage Investment Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -18 -24 43 -18 44 -46 1.28 53 169 57 -66
Net Cash From Operating Activities		 -863 -622 223 -574 -2,985 672 -2,820 1,784 1,340 -2,703 -7,213
Net Cash From Continuing Operating Activities		 -863 -622 223 -574 -2,985 672 -2,820 1,784 1,340 -2,703 -7,213
Net Income / (Loss) Continuing Operations		 90 76 118 153 226 52 57 -73 200 161 128
Consolidated Net Income / (Loss)		 90 76 118 153 226 52 57 -73 200 161 128
Amortization Expense		 11 15 19 -4.05 14 44 37 6.75 15 -0.22 -11
Non-Cash Adjustments to Reconcile Net Income		 -881 -685 98 -736 -3,331 -45 -2,416 1,810 992 -2,111 -7,283
Changes in Operating Assets and Liabilities, net		 -83 -27 -12 14 106 621 -497 41 134 -753 -47
Net Cash From Investing Activities		 12 194 682 -1,424 -705 -15 1,093 -1,867 -22 1,360 430
Net Cash From Continuing Investing Activities		 12 194 682 -1,424 -705 -15 1,093 -1,867 -22 1,360 430
Purchase of Investment Securities		 -393 -856 -405 -1,872 -1,236 -2,249 -2,229 -3,693 -3,186 -667 -939
Sale and/or Maturity of Investments		 666 1,232 1,037 943 1,332 3,180 1,795 1,442 3,212 1,607 1,320
Other Investing Activities, net		 -262 -183 50 -495 -801 -947 1,527 384 -47 421 49
Net Cash From Financing Activities		 833 404 -862 1,980 3,734 -703 1,728 136 -1,149 1,399 6,718
Net Cash From Continuing Financing Activities		 833 404 -862 1,980 3,734 -701 1,729 136 -1,149 1,399 6,718
Issuance of Debt		 7,537 6,738 7,357 450 1,519 850 3,058 1,327 2,980 4,729 7,100
Repayment of Debt		 -56,757 -76,971 -86,272 -91,455 -141,039 -197,324 -199,202 -125,648 -124,483 -124,998 -102,305
Repurchase of Common Equity		 -16 -98 -91 -11 0.00 -37 -57 -88 -28 0.00 0.00
Payment of Dividends		 -173 -132 -140 -141 -166 -177 -214 -215 -182 -181 -181
Other Financing Activities, Net		 50,243 70,867 77,975 93,136 142,581 195,981 197,894 124,760 120,564 121,849 102,104
Cash Interest Paid		 - - - - - 290 299 369 718 712 851
Cash Income Taxes Paid		 - - - - - 5.61 1.77 -5.81 6.52 7.81 2.33

Quarterly Cash Flow Statements for PennyMac Mortgage Investment Trust

This table details how cash moves in and out of PennyMac Mortgage Investment Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 133 -155 -133 315 238 -90 115 -99 8.48 -58 11
Net Cash From Operating Activities		 533 -342 244 -984 -1,621 -594 -2,016 -1,298 -3,306 -2,529 -2,939
Net Cash From Continuing Operating Activities		 533 -342 244 -984 -1,621 -594 -2,015 -1,298 -3,306 -2,529 -2,939
Net Income / (Loss) Continuing Operations		 53 48 25 41 47 9.68 7.53 58 52 25 31
Consolidated Net Income / (Loss)		 53 48 25 41 47 9.68 7.53 58 52 25 31
Amortization Expense		 -4.41 3.72 -1.66 -11 9.01 -6.83 -0.31 -4.58 0.30 1.73 12
Non-Cash Adjustments to Reconcile Net Income		 242 -123 246 -938 -1,296 -834 -1,980 -1,315 -3,153 -2,545 -2,995
Changes in Operating Assets and Liabilities, net		 243 -271 -26 -76 -380 237 -42 -36 -205 -10 13
Net Cash From Investing Activities		 -82 771 -7.32 315 282 40 273 -436 553 1,266 326
Net Cash From Continuing Investing Activities		 5.92 771 -145 416 527 40 273 -436 553 1,266 326
Purchase of Investment Securities		 -8.12 -189 -28 -77 -169 0.00 61 -903 3.68 -4.30 -494
Sale and/or Maturity of Investments		 153 818 -87 401 271 47 230 402 541 1,192 783
Other Investing Activities, net		 -139 142 -30 93 425 -6.72 -18 65 8.49 78 37
Net Cash From Financing Activities		 -406 -583 -232 883 1,332 464 1,858 1,634 2,762 1,206 2,625
Net Cash From Continuing Financing Activities		 -406 -583 -232 883 1,332 464 1,858 1,634 2,762 1,206 2,625
Issuance of Debt		 1,187 306 581 1,079 487 1,409 1,764 1,537 2,390 2,943 2,182
Repayment of Debt		 -29,220 -24,456 -32,072 -37,459 -31,317 -35,696 -37,060 -16,571 -12,978 -15,404 -13,665
Payment of Dividends		 -45 -45 -45 -45 -45 -45 -45 -45 -45 -45 -45
Other Financing Activities, Net		 27,674 23,612 31,304 37,308 32,207 34,796 37,199 16,714 13,395 13,712 14,153
Cash Interest Paid		 156 188 196 181 147 220 178 217 235 289 313
Cash Income Taxes Paid		 0.38 0.05 7.01 0.48 0.27 0.11 1.92 0.20 0.11 0.08 0.09

Annual Balance Sheets for PennyMac Mortgage Investment Trust

This table presents PennyMac Mortgage Investment Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 5,827 6,358 5,605 7,813 11,771 14,279 13,773 13,922 13,114 14,409 21,347
Cash and Due from Banks		 58 34 78 60 104 58 59 112 281 338 272
Trading Account Securities		 1,616 2,572 2,373 4,254 7,098 5,930 6,872 6,369 5,683 6,180 7,152
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 2,799 0.00 0.00 0.00 0.00 0.00
Customer and Other Receivables		 - 457 593 4.08 1,973 8.15 1,721 1,325 1,209 1,111 1,009
Mortgage Servicing Rights		 2,556 1,722 1,089 446 271 295 1,569 1,513 1,434 2,194 8,533
Other Assets		 1,441 1,544 1,429 1,903 2,327 2,389 3,556 4,602 4,510 4,520 4,341
Total Liabilities & Shareholders' Equity		 5,827 6,358 5,605 7,813 11,771 11,742 13,773 13,922 13,114 14,409 21,347
Total Liabilities		 4,331 5,006 4,060 6,247 9,320 9,446 11,405 11,959 11,157 12,470 19,460
Short-Term Debt		 3.16 9.57 1.31 5.91 - - - - - 0.00 0.00
Accrued Interest Payable		 - 1.06 0.90 0.84 0.71 - 3.70 4.34 4.11 6.38 36
Other Short-Term Payables		 64 108 65 71 91 - 96 160 355 139 168
Long-Term Debt		 1,062 901 599 1,149 2,383 2,408 4,494 4,765 4,848 5,588 11,076
Other Long-Term Liabilities		 3,182 3,838 3,251 4,891 6,739 7,038 6,842 7,157 5,971 6,717 8,202
Commitments & Contingencies		 - 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,496 1,351 1,545 1,566 2,451 2,296 2,368 1,963 1,957 1,939 1,887
Total Preferred & Common Equity		 1,496 1,351 1,545 1,566 2,451 2,296 2,368 1,963 1,957 1,939 1,887
Preferred Stock		 - 0.00 300 300 300 300 541 541 541 541 541
Total Common Equity		 1,496 1,351 1,245 1,266 2,151 1,996 1,826 1,421 1,416 1,397 1,346
Common Stock		 1,470 1,378 1,292 1,286 2,129 2,097 2,083 1,948 1,924 1,926 1,929
Retained Earnings		 26 -27 -47 -20 22 -101 -257 -527 -509 -529 -583

Quarterly Balance Sheets for PennyMac Mortgage Investment Trust

This table presents PennyMac Mortgage Investment Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 15,357 13,385 13,223 12,294 12,081 13,056 14,876 16,801 18,526 22,503 25,094
Cash and Due from Banks		 119 239 236 127 131 344 248 363 263 214 225
Trading Account Securities		 7,862 5,840 5,721 4,924 4,853 5,930 6,083 6,635 7,030 6,115 7,271
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Customer and Other Receivables		 1,298 1,270 1,237 1,187 1,163 1,135 1,088 1,065 1,033 970 948
Mortgage Servicing Rights		 1,502 1,457 1,372 1,409 1,378 1,430 3,229 4,567 5,983 10,868 12,458
Other Assets		 4,581 4,575 4,658 4,651 4,560 4,212 4,225 4,173 4,164 4,304 4,169
Total Liabilities & Shareholders' Equity		 15,357 13,385 13,223 12,294 12,081 13,056 14,876 16,801 18,526 22,503 25,094
Total Liabilities		 13,386 11,453 11,274 10,335 10,141 11,119 12,974 14,935 16,646 20,636 23,240
Short-Term Debt		 - - - - - - - - 0.00 0.00 0.00
Accrued Interest Payable		 4.29 4.22 4.16 4.05 4.00 3.94 12 18 25 39 44
Other Short-Term Payables		 153 105 93 125 126 114 105 142 136 137 136
Long-Term Debt		 4,741 5,102 4,728 4,815 5,049 5,009 6,429 7,726 8,565 12,985 14,525
Other Long-Term Liabilities		 8,610 6,309 6,496 5,381 4,953 5,977 6,426 7,048 7,913 7,495 8,565
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,971 1,931 1,949 1,959 1,940 1,937 1,903 1,866 1,879 1,867 1,853
Total Preferred & Common Equity		 1,971 1,931 1,949 1,959 1,940 1,937 1,903 1,866 1,879 1,867 1,853
Preferred Stock		 541 541 541 541 541 541 541 541 541 541 541
Total Common Equity		 1,429 1,390 1,408 1,417 1,398 1,395 1,361 1,324 1,338 1,325 1,312
Common Stock		 1,941 1,923 1,924 1,924 1,925 1,925 1,926 1,927 1,927 1,929 1,930
Retained Earnings		 -512 -533 -516 -506 -526 -530 -565 -602 -590 -604 -618

Annual Metrics And Ratios for PennyMac Mortgage Investment Trust

This table displays calculated financial ratios and metrics derived from PennyMac Mortgage Investment Trust's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 87,016,604.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 87,016,604.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.47
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.19 $1.09 $1.53 $2.09 $2.54 $0.27 $0.26 ($1.26) $1.80 $1.37 $0.99
Adjusted Weighted Average Basic Shares Outstanding		 74.45M 68.64M 66.14M 60.90M 78.99M 99.37M 97.40M 91.43M 87.37M 86.82M 86.99M
Adjusted Diluted Earnings per Share		 $1.16 $1.08 $1.48 $1.99 $2.42 $0.27 $0.26 ($1.26) $1.63 $1.37 $0.99
Adjusted Weighted Average Diluted Shares Outstanding		 83.34M 77.11M 74.61M 69.37M 87.71M 99.37M 97.40M 91.43M 111.70M 86.82M 86.99M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $2.09 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 72.25M 66.70M 60.67M 67.95M 100.34M 97.90M 97.37M 88.89M 86.65M 86.86M 87.02M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for PennyMac Mortgage Investment Trust

This table displays calculated financial ratios and metrics derived from PennyMac Mortgage Investment Trust's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 87,016,604.00 87,016,604.00 87,202,362.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 87,016,604.00 87,016,604.00 87,202,362.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - 0.60 0.28 0.35
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 71.72% -17.88% -26.67% -50.52% 33.05% -39.70% -1.40% 23.36% - 84.72% 3.60%
EBITDA Growth		 4,587.99% -17.68% -48.26% -88.02% 78.59% -131.12% -39.57% 86.13% - 317.96% 73.75%
EBIT Growth		 835.52% -16.55% -38.94% -77.59% 36.71% -117.10% -41.42% 38.31% - 526.97% -1.09%
NOPAT Growth		 1,478.82% -21.56% 3.29% -32.59% -12.05% -109.26% -70.38% 40.79% - 658.27% 310.39%
Net Income Growth		 1,034.70% -21.56% 3.29% -32.59% -12.05% -79.67% -70.38% 40.79% - 154.30% 310.39%
EPS Growth		 757.14% -22.00% 6.25% -29.41% -2.17% -102.56% -123.53% 52.78% - 1,700.00% 675.00%
Operating Cash Flow Growth		 4.72% 73.17% -87.93% -1,645.95% -404.03% -73.57% -926.74% -31.90% - -325.63% -45.83%
Free Cash Flow Firm Growth		 -118.40% -105.58% 392.27% 96.58% -2,720.53% -10,434.39% -3,823.46% -1,418.79% - -315.92% -160.37%
Invested Capital Growth		 1.14% 0.93% -0.63% 4.01% 10.60% 22.99% 37.23% 50.37% - 78.25% 70.76%
Revenue Q/Q Growth		 -48.13% -12.47% -10.61% 21.91% 39.48% -60.33% 56.88% 35.05% - -15.94% -11.45%
EBITDA Q/Q Growth		 -71.80% 0.53% -25.36% -43.40% 320.48% -121.44% 258.78% 96.59% - -8.85% 1.38%
EBIT Q/Q Growth		 -65.95% -19.69% -11.65% -7.25% 107.75% -112.55% 420.01% 114.55% - -13.53% -37.46%
NOPAT Q/Q Growth		 -13.86% -10.02% -46.58% 62.80% 12.38% -109.48% 270.87% 673.77% - -52.99% 25.61%
Net Income Q/Q Growth		 -13.86% -10.02% -46.58% 62.80% 12.38% -79.20% -22.17% 673.77% - -52.99% 25.61%
EPS Q/Q Growth		 -9.80% -15.22% -56.41% 111.76% 25.00% -102.22% -300.00% 1,475.00% - -67.35% 43.75%
Operating Cash Flow Q/Q Growth		 737.57% -164.23% 171.21% -503.53% -64.72% 63.33% -239.17% 35.62% - 23.49% -16.21%
Free Cash Flow Firm Q/Q Growth		 99.64% 38.03% 570.08% -425.06% -197.86% -131.45% -66.15% -32.59% - -20.62% -4.02%
Invested Capital Q/Q Growth		 1.91% -0.45% 3.18% -0.63% 8.36% 10.70% 15.13% 8.89% - 14.56% 10.28%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 42.36% 48.65% 40.62% 18.86% 56.86% -30.73% 31.10% 45.27% - 34.85% 39.90%
EBIT Margin		 47.56% 43.64% 43.13% 32.81% 48.87% -15.46% 31.54% 50.10% - 32.75% 23.13%
Profit (Net Income) Margin		 62.41% 64.16% 38.34% 51.21% 41.26% 21.63% 10.73% 61.49% - 29.97% 42.51%
Tax Burden Percent		 131.22% 147.02% 88.90% 156.05% 84.42% -153.68% 44.30% 124.04% - 91.53% 183.82%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 91.05% 76.82% 98.95% - 100.00% 100.00%
Effective Tax Rate		 -31.22% -47.02% 11.10% -56.05% 15.58% 0.00% 55.70% -24.04% - 8.47% -83.82%
Return on Invested Capital (ROIC)		 3.96% 3.93% 2.13% 2.30% 1.92% -0.40% 0.39% 2.28% - 0.89% 1.14%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.96% 3.93% 2.13% 2.30% 1.92% -0.15% 0.39% 2.28% - 0.89% 1.14%
Return on Net Nonoperating Assets (RNNOA)		 9.70% 9.55% 5.57% 5.77% 5.15% -0.43% 1.32% 8.09% - 4.60% 6.81%
Return on Equity (ROE)		 13.66% 13.48% 7.70% 8.07% 7.08% -0.83% 1.71% 10.37% - 5.49% 7.95%
Cash Return on Invested Capital (CROIC)		 1.82% 1.84% 3.30% -1.48% -7.82% -18.99% -30.12% -38.83% - -55.01% -50.99%
Operating Return on Assets (OROA)		 1.51% 1.30% 1.32% 0.76% 1.19% -0.35% 0.66% 1.02% - 0.60% 0.38%
Return on Assets (ROA)		 1.98% 1.92% 1.17% 1.19% 1.00% 0.49% 0.23% 1.25% - 0.55% 0.71%
Return on Common Equity (ROCE)		 9.89% 9.77% 5.55% 5.82% 5.11% -0.59% 1.23% 7.43% - 3.91% 5.63%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 9.52% 9.66% 8.64% 0.00% 6.47% 5.64% 6.49% - 7.65% 8.97%
Net Operating Profit after Tax (NOPAT)		 53 48 25 41 47 -4.41 7.53 58 - 25 31
NOPAT Margin		 62.41% 64.16% 38.34% 51.21% 41.26% -9.85% 10.73% 61.49% - 29.97% 42.51%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% -0.25% 0.00% 0.00% - 0.00% 0.00%
SG&A Expenses to Revenue		 2.75% 2.58% 2.06% 1.64% 0.88% 6.64% 4.04% 2.97% - 3.62% 4.66%
Operating Expenses to Revenue		 52.44% 56.36% 56.87% 67.19% 51.13% 115.46% 68.46% 49.90% - 67.25% 76.87%
Earnings before Interest and Taxes (EBIT)		 40 32 29 27 55 -6.92 22 47 - 27 17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 36 36 27 15 64 -14 22 43 - 29 29
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.81 0.85 0.83 0.86 0.78 0.91 0.82 0.77 - 0.74 0.72
Price to Tangible Book Value (P/TBV)		 0.81 0.85 0.83 0.86 0.78 0.91 0.82 0.77 - 0.74 0.72
Price to Revenue (P/Rev)		 2.69 2.91 2.99 3.93 3.27 4.04 3.57 3.21 - 2.84 2.72
Price to Earnings (P/E)		 7.30 8.30 7.98 9.59 9.18 15.17 17.13 12.86 - 9.71 7.61
Dividend Yield		 12.02% 11.54% 11.96% 11.54% 12.71% 11.28% 12.83% 13.49% - 14.20% 14.75%
Earnings Yield		 13.69% 12.05% 12.53% 10.43% 10.90% 6.59% 5.84% 7.77% - 10.30% 13.15%
Enterprise Value to Invested Capital (EV/IC)		 0.92 0.95 0.95 0.92 0.91 0.95 0.94 0.95 - 0.96 0.96
Enterprise Value to Revenue (EV/Rev)		 14.59 15.58 17.03 20.93 20.60 26.10 29.60 30.70 - 41.41 45.41
Enterprise Value to EBITDA (EV/EBITDA)		 24.16 25.58 29.26 56.12 48.34 94.14 128.06 109.65 - 115.12 115.68
Enterprise Value to EBIT (EV/EBIT)		 25.62 27.03 30.14 50.14 48.27 83.50 112.92 106.45 - 112.53 124.48
Enterprise Value to NOPAT (EV/NOPAT)		 31.36 34.47 35.34 38.30 42.77 64.64 85.49 80.91 - 100.08 94.99
Enterprise Value to Operating Cash Flow (EV/OCF)		 4.67 2.83 13.29 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 50.97 51.81 28.59 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.48 2.46 2.60 2.59 2.88 3.38 4.14 4.56 - 6.96 7.84
Long-Term Debt to Equity		 2.48 2.46 2.60 2.59 2.88 3.38 4.14 4.56 - 6.96 7.84
Financial Leverage		 2.45 2.43 2.62 2.51 2.68 2.91 3.36 3.56 - 5.15 5.98
Leverage Ratio		 6.90 7.04 6.58 6.76 7.07 7.04 7.59 8.28 - 9.92 11.27
Compound Leverage Factor		 6.90 7.04 6.58 6.76 7.07 6.41 5.83 8.19 - 9.92 11.27
Debt to Total Capital		 71.24% 71.08% 72.25% 72.11% 74.24% 77.16% 80.55% 82.01% - 87.43% 88.68%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Long-Term Debt to Total Capital		 71.24% 71.08% 72.25% 72.11% 74.24% 77.16% 80.55% 82.01% - 87.43% 88.68%
Preferred Equity to Total Capital		 7.96% 7.99% 7.75% 7.80% 7.19% 6.50% 5.65% 5.18% - 3.65% 3.31%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Common Equity to Total Capital		 20.80% 20.92% 20.01% 20.09% 18.56% 16.34% 13.81% 12.81% - 8.92% 8.01%
Debt to EBITDA		 18.70 19.15 22.31 43.85 39.23 76.09 110.06 95.10 - 104.59 106.43
Net Debt to EBITDA		 17.62 18.65 21.74 40.84 36.86 73.15 104.89 92.18 - 102.86 104.78
Long-Term Debt to EBITDA		 18.70 19.15 22.31 43.85 39.23 76.09 110.06 95.10 - 104.59 106.43
Debt to NOPAT		 24.28 25.81 26.95 29.93 34.71 52.24 73.47 70.18 - 90.92 87.40
Net Debt to NOPAT		 22.87 25.13 26.25 27.87 32.61 50.23 70.02 68.02 - 89.43 86.04
Long-Term Debt to NOPAT		 24.28 25.81 26.95 29.93 34.71 52.24 73.47 70.18 - 90.92 87.40
Noncontrolling Interest Sharing Ratio		 27.63% 27.56% 27.97% 27.87% 27.80% 28.04% 28.46% 28.38% - 28.73% 29.12%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -24 -15 70 -227 -675 -1,562 -2,595 -3,440 - -6,495 -6,756
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -0.09 0.41 0.00 0.00 -8.57 0.00 0.00 - 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 -2.00 1.42 0.00 0.00 -3.26 0.00 0.00 - 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -2.00 1.42 0.00 0.00 -3.26 0.00 0.00 - 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 - 0.02 0.02
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 6,805 6,774 6,989 6,945 7,526 8,331 9,592 10,444 - 14,851 16,378
Invested Capital Turnover		 0.06 0.06 0.06 0.05 0.05 0.04 0.04 0.04 - 0.03 0.03
Increase / (Decrease) in Invested Capital		 77 62 -44 268 721 1,557 2,602 3,499 - 6,520 6,787
Enterprise Value (EV)		 6,261 6,432 6,622 6,410 6,885 7,954 8,989 9,875 - 14,293 15,787
Market Capitalization		 1,153 1,201 1,161 1,204 1,094 1,232 1,085 1,032 - 981 946
Book Value per Share		 $16.34 $16.35 $16.10 $16.06 $16.08 $15.67 $15.22 $15.37 - $15.23 $15.04
Tangible Book Value per Share		 $16.34 $16.35 $16.10 $16.06 $16.08 $15.67 $15.22 $15.37 - $15.23 $15.04
Total Capital		 6,805 6,774 6,989 6,945 7,526 8,331 9,592 10,444 - 14,851 16,378
Total Debt		 4,848 4,815 5,049 5,009 5,588 6,429 7,726 8,565 - 12,985 14,525
Total Long-Term Debt		 4,848 4,815 5,049 5,009 5,588 6,429 7,726 8,565 - 12,985 14,525
Net Debt		 4,567 4,689 4,919 4,664 5,250 6,181 7,363 8,301 - 12,771 14,300
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 -14 0.00 0.00 - 0.00 0.00
Net Nonoperating Obligations (NNO)		 4,848 4,815 5,049 5,009 5,588 6,429 7,726 8,565 - 12,985 14,525
Total Depreciation and Amortization (D&A)		 -4.41 3.72 -1.66 -11 9.01 -6.83 -0.31 -4.58 - 1.73 12
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.49 $0.43 $0.17 $0.36 $0.41 ($0.01) ($0.04) $0.55 $0.49 $0.16 $0.23
Adjusted Weighted Average Basic Shares Outstanding		 87.37M 86.69M 86.85M 86.86M 86.82M 86.91M 87.01M 87.02M 86.99M 87.08M 87.20M
Adjusted Diluted Earnings per Share		 $0.46 $0.39 $0.17 $0.36 $0.45 ($0.01) ($0.04) $0.55 $0.49 $0.16 $0.23
Adjusted Weighted Average Diluted Shares Outstanding		 111.70M 111.02M 86.85M 86.86M 86.82M 86.91M 87.01M 87.02M 86.99M 87.08M 87.29M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 86.65M 86.85M 86.86M 86.86M 86.86M 87.01M 87.02M 87.02M 87.02M 87.20M 87.20M
Normalized Net Operating Profit after Tax (NOPAT)		 28 23 25 19 47 -4.41 12 33 - 25 12
Normalized NOPAT Margin		 33.29% 30.55% 38.34% 22.97% 41.26% -9.85% 16.96% 34.70% - 29.97% 16.19%
Pre Tax Income Margin		 47.56% 43.64% 43.13% 32.81% 48.87% -14.08% 24.22% 49.57% - 32.75% 23.13%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.19 0.17 0.00 0.00 -0.04 0.00 0.00 - 0.00 0.00
NOPAT to Interest Expense		 0.00 0.28 0.15 0.00 0.00 -0.02 0.00 0.00 - 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.19 0.17 0.00 0.00 -0.04 0.00 0.00 - 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.28 0.15 0.00 0.00 -0.02 0.00 0.00 - 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 91.38% 97.30% 96.61% 108.19% 112.51% 147.26% 172.32% 148.46% - 126.88% 109.05%
Augmented Payout Ratio		 105.65% 108.52% 97.40% 109.08% 112.51% 147.26% 172.32% 148.46% - 126.88% 109.05%

Financials Breakdown Chart

Key Financial Trends

PennyMac Mortgage Investment Trust (NYSE:PMT) showed a sharp improvement in profitability and liquidity in Q1 2026 versus the prior quarter, but the longer-term picture is still mixed. The company remains a mortgage REIT with heavily volatile earnings tied to market conditions, portfolio mark-to-market changes, and debt financing. For retail investors, the key takeaway is that PMT’s latest quarter was much stronger than Q4 2025, yet the business still carries meaningful balance sheet and cash flow volatility.

  • Q1 2026 net income rebounded to $24.6 million from $52.4 million in Q4 2025, while common-share net income was $14.2 million. That’s a meaningful recovery after a weaker prior quarter.
  • Book value support improved through equity growth over the last year, with total equity and noncontrolling interests rising to $1.87 billion in Q1 2026 from $1.88 billion in Q3 2025 and $1.86 billion in Q2 2025, showing relative stability in shareholders’ capital.
  • Mortgage servicing rights jumped to $10.9 billion in Q1 2026 from $6.0 billion in Q3 2025 and $3.2 billion in Q1 2025, indicating a much larger MSR footprint that can help earnings when servicing assets perform well.
  • Cash and equivalents increased modestly quarter over quarter to $214.0 million in Q1 2026 from $263.5 million in Q3 2025, while the company also generated positive investing and financing cash flows in the latest quarter.
  • Revenue remains highly non-interest driven. In Q1 2026, total revenue was $82.1 million, but the company still posted a negative net interest income figure, underscoring how dependent results are on servicing income and investment gains rather than traditional spread income.
  • EPS improved, but is still modest. Q1 2026 basic and diluted EPS were both $0.16, below Q4 2025’s $0.49, though still above the weak Q2 2025 result of a loss per share.
  • Dividend coverage appears manageable but not robust. Preferred dividends remain fixed at about $10.5 million per quarter, and common-share earnings can swing sharply, which is typical for mortgage REITs but limits predictability.
  • Operating cash flow was deeply negative in Q1 2026 at $(2.53) billion, reflecting the large non-cash adjustments and balance sheet activity that are common for PMT but still a caution flag for investors looking for stable cash generation.
  • Total debt remains very large, with long-term debt of $12.98 billion in Q1 2026 versus $8.56 billion in Q3 2025 and $6.43 billion in Q1 2025. That level of leverage increases sensitivity to interest rates and funding conditions.
  • Retained earnings are still negative at $(603.6) million in Q1 2026, indicating the company has not built up a strong cumulative earnings cushion.
  • Q2 2025 and earlier quarters showed meaningful earnings pressure, including a common-share loss in Q2 2025 and lower earnings in parts of 2024, highlighting the business’s cyclicality and exposure to mortgage market swings.

Bottom line: PMT’s latest quarter shows a healthier near-term trend, especially in earnings and MSR growth, but the company still carries the classic mortgage REIT tradeoff: potentially attractive income, paired with high leverage, volatile cash flows, and earnings that can change quickly with rates and asset values. For income-oriented investors, PMT may remain interesting, but it is not a low-risk stock.

08/23/26 05:41 PM ETAI Generated. May Contain Errors.

PennyMac Mortgage Investment Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, PennyMac Mortgage Investment Trust's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Below is a breakdown of PennyMac Mortgage Investment Trust's net income over the past 5 years:
  • 2021: $56.85 million
  • 2022: -$73.29 million
  • 2023: $199.65 million
  • 2024: $160.98 million
  • 2025: $127.87 million
Check out PennyMac Mortgage Investment Trust's forecast to explore projected trends and price targets.

Over the last 10 years, PennyMac Mortgage Investment Trust's total revenue changed from $190.16 million in 2015 to $307.46 million in 2025, a change of 61.7%.

PennyMac Mortgage Investment Trust's total liabilities were at $19.46 billion at the end of 2025, a 56.0% increase from 2024, and a 349.3% increase since 2015.

In the past 10 years, PennyMac Mortgage Investment Trust's cash and equivalents has ranged from $34.48 million in 2016 to $337.69 million in 2024, and is currently $271.97 million as of their latest financial filing in 2025.


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Financial statements for NYSE:PMT last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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