PennyMac Mortgage Investment Trust (PMT)
Market Price (4/13/2026): $11.87 | Market Cap: $1.0 BilSector: Financials | Industry: Mortgage REITs
PennyMac Mortgage Investment Trust (PMT)
Market Price (4/13/2026): $11.87Market Cap: $1.0 BilSector: FinancialsIndustry: Mortgage REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 26%, Dividend Yield is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 22% Low stock price volatilityVol 12M is 28% Megatrend and thematic driversMegatrends include Digital & Alternative Assets, and Real Estate & Mortgage Investment. Themes include Private Credit, Residential Mortgage Investing, Show more. | Weak multi-year price returns2Y Excs Rtn is -22%, 3Y Excs Rtn is -21% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 928% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -14%, Rev Chg QQuarterly Revenue Change % is -19% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4563%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4563% Key risksPMT key risks include [1] the sensitivity of its mortgage servicing rights (MSRs) and credit risk transfer (CRT) assets to interest rate volatility, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 26%, Dividend Yield is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 22% |
| Low stock price volatilityVol 12M is 28% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, and Real Estate & Mortgage Investment. Themes include Private Credit, Residential Mortgage Investing, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -22%, 3Y Excs Rtn is -21% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 928% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -14%, Rev Chg QQuarterly Revenue Change % is -19% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4563%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4563% |
| Key risksPMT key risks include [1] the sensitivity of its mortgage servicing rights (MSRs) and credit risk transfer (CRT) assets to interest rate volatility, Show more. |
Qualitative Assessment
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1. PennyMac Mortgage Investment Trust reported significantly lower-than-expected revenue in its Fourth Quarter and Full-Year 2025 results, released on January 29, 2026. The company posted revenue of $0.15 million, substantially missing analyst estimates of $96.96 million. Additionally, management projected a slight decrease in the quarterly average run rate return potential for its investment strategies over the next four quarters to $0.40 per share, down from $0.42 per share in the prior quarter, citing pressure from lower correspondent margins and increased competition.
2. Mortgage rates reversed their recent downward trend and increased in March 2026, adding pressure to the housing market. The average 30-year fixed mortgage rate, which had declined throughout 2025 and hit 5.98% in February 2026, rose to 6.22% by March 19, 2026. This increase in borrowing costs, driven by market volatility and rising Treasury yields, can negatively impact demand for mortgage loans and thus affect mortgage REITs like PMT.
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Stock Movement Drivers
Fundamental Drivers
The -2.0% change in PMT stock from 12/31/2025 to 4/12/2026 was primarily driven by a -7.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 4122026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.13 | 11.89 | -2.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 171 | 158 | -7.6% |
| Net Income Margin (%) | 71.3% | 80.9% | 13.4% |
| P/E Multiple | 8.6 | 8.1 | -6.5% |
| Shares Outstanding (Mil) | 87 | 87 | 0.0% |
| Cumulative Contribution | -2.0% |
Market Drivers
12/31/2025 to 4/12/2026| Return | Correlation | |
|---|---|---|
| PMT | -2.0% | |
| Market (SPY) | -5.4% | 25.1% |
| Sector (XLF) | -7.3% | 19.4% |
Fundamental Drivers
The 7.0% change in PMT stock from 9/30/2025 to 4/12/2026 was primarily driven by a 11.3% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 4122026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.11 | 11.89 | 7.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 145 | 158 | 9.3% |
| Net Income Margin (%) | 72.7% | 80.9% | 11.3% |
| P/E Multiple | 9.2 | 8.1 | -12.0% |
| Shares Outstanding (Mil) | 87 | 87 | 0.0% |
| Cumulative Contribution | 7.0% |
Market Drivers
9/30/2025 to 4/12/2026| Return | Correlation | |
|---|---|---|
| PMT | 7.0% | |
| Market (SPY) | -2.9% | 20.9% |
| Sector (XLF) | -5.4% | 21.3% |
Fundamental Drivers
The -4.6% change in PMT stock from 3/31/2025 to 4/12/2026 was primarily driven by a -13.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312025 | 4122026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.47 | 11.89 | -4.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 184 | 158 | -13.9% |
| Net Income Margin (%) | 87.7% | 80.9% | -7.8% |
| P/E Multiple | 6.7 | 8.1 | 20.3% |
| Shares Outstanding (Mil) | 87 | 87 | -0.2% |
| Cumulative Contribution | -4.6% |
Market Drivers
3/31/2025 to 4/12/2026| Return | Correlation | |
|---|---|---|
| PMT | -4.6% | |
| Market (SPY) | 16.3% | 39.7% |
| Sector (XLF) | 3.0% | 38.4% |
Fundamental Drivers
The 43.6% change in PMT stock from 3/31/2023 to 4/12/2026 was primarily driven by a 53.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312023 | 4122026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.28 | 11.89 | 43.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 103 | 158 | 53.3% |
| P/S Multiple | 7.2 | 6.5 | -8.5% |
| Shares Outstanding (Mil) | 89 | 87 | 2.4% |
| Cumulative Contribution | 43.6% |
Market Drivers
3/31/2023 to 4/12/2026| Return | Correlation | |
|---|---|---|
| PMT | 43.6% | |
| Market (SPY) | 63.3% | 39.7% |
| Sector (XLF) | 64.9% | 39.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PMT Return | 8% | -18% | 36% | -5% | 13% | -4% | 24% |
| Peers Return | 12% | -20% | 18% | 5% | 18% | 2% | 35% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| PMT Win Rate | 58% | 50% | 58% | 50% | 58% | 50% | |
| Peers Win Rate | 53% | 47% | 52% | 62% | 63% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PMT Max Drawdown | -3% | -31% | -10% | -11% | -5% | -11% | |
| Peers Max Drawdown | -4% | -36% | -18% | -7% | -7% | -10% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NLY, AGNC, RITM, STWD, TWO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/10/2026 (YTD)
How Low Can It Go
| Event | PMT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -45.0% | -25.4% |
| % Gain to Breakeven | 81.7% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -75.9% | -33.9% |
| % Gain to Breakeven | 315.0% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -14.6% | -19.8% |
| % Gain to Breakeven | 17.1% | 24.7% |
| Time to Breakeven | 46 days | 120 days |
Compare to NLY, AGNC, RITM, STWD, TWO
In The Past
PennyMac Mortgage Investment Trust's stock fell -45.0% during the 2022 Inflation Shock from a high on 10/21/2021. A -45.0% loss requires a 81.7% gain to breakeven.
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About PennyMac Mortgage Investment Trust (PMT)
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Here are 1-3 brief analogies to describe PennyMac Mortgage Investment Trust (PMT):
- It's like Sysco for home mortgages, buying loans in bulk from smaller lenders and reselling them to institutional investors.
- Think of it as a specialized BlackRock or Vanguard fund, but exclusively focused on investing in various mortgage-related assets.
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- Credit Sensitive Investments: The company invests in credit risk transfer (CRT) agreements, CRT securities, distressed loans, real estate, and non-agency subordinated bonds.
- Interest Rate Sensitive Investments: The company invests in mortgage servicing rights, excess servicing spreads, and agency and senior non-agency mortgage-backed securities.
- Correspondent Mortgage Aggregation: The company purchases, pools, and resells newly originated prime credit residential loans from other lenders directly or in the form of mortgage-backed securities.
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PennyMac Mortgage Investment Trust (PMT) primarily sells its mortgage-related assets to other companies. The provided background information does not explicitly name specific customer companies. However, based on the company's activities, particularly its Correspondent Production segment which involves "purchasing, pooling, and reselling newly originated prime credit residential loans directly or in the form of MBS," its major customers would be institutional buyers in the financial markets. These typically include:
- Institutional Investors: These include entities such as pension funds, mutual funds, insurance companies, hedge funds, and banks, which purchase mortgage-backed securities (MBS) and loan portfolios for investment purposes.
- Government-Sponsored Enterprises (GSEs): While not explicitly named as direct customers in the description, entities like Fannie Mae (FNMA) and Freddie Mac (FMCC) are significant participants in the secondary mortgage market and major purchasers/guarantors of agency MBS, representing a key part of the market into which PMT resells its assets.
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PennyMac Financial Services, Inc. (NYSE: PFSI)
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David A. Spector, Chairman and Chief Executive Officer
David A. Spector became Chairman and Chief Executive Officer of PennyMac Mortgage Investment Trust (PMT) in February 2021, having previously served as President and Chief Executive Officer since January 2017. He has been a member of the board of PMT since its formation in May 2009. Mr. Spector has also held various executive positions at Private National Mortgage Acceptance Company, LLC (PNMAC) since its founding in January 2008, which he co-founded with Stanford Kurland. Prior to joining PNMAC, Mr. Spector was co-head of global residential mortgages for Morgan Stanley. Before Morgan Stanley, he was the senior managing director, secondary marketing, at Countrywide Financial Corporation from May 1990 to August 2006.
Daniel S. Perotti, Senior Managing Director and Chief Financial Officer
Daniel S. Perotti has served as Senior Managing Director and Chief Financial Officer of PennyMac Mortgage Investment Trust since January 1, 2021. He joined PennyMac in 2008 and previously served as Deputy Chief Financial Officer from January 2017 to December 2020, and as Chief Asset and Liability Management Officer, among other positions. Before joining PennyMac, Mr. Perotti was employed at BlackRock, Inc. from 2002 to 2008, where he was head of the quantitative research team within its BlackRock Solutions business.
Doug Jones, Trustee, President and Chief Mortgage Banking Officer
Doug Jones has been Trustee, President and Chief Mortgage Banking Officer of PennyMac Mortgage Investment Trust since March 2023 and March 2021, respectively. He has held key executive positions at PennyMac and its affiliates since 2011/2012, including Senior Managing Director and Chief Mortgage Banking Officer. Mr. Jones is responsible for all business activities related to mortgage banking operations. Before joining PennyMac, he worked in various executive roles at Countrywide Financial Corporation (and Bank of America Corporation, its successor) from 1997 to 2011, and was previously chief executive officer of California United Bank's Mortgage Division.
Mark Elbaum, Senior Managing Director and Chief Capital Markets Officer
Mark Elbaum is the Senior Managing Director and Chief Capital Markets Officer for PennyMac Mortgage Investment Trust. He joined Pennymac in April 2023 as Managing Director, Strategic Initiatives and took on the interim role of Chief Capital Markets Officer in October 2024. In his current role, Mr. Elbaum oversees all capital markets activities, including the development and execution of investment strategies, secondary marketing, servicing asset valuation, hedging activities, and capital markets execution strategies.
Abbie Tidmore, Senior Managing Director and Chief Revenue Officer
Abbie Tidmore has served as Senior Managing Director and Chief Revenue Officer of PennyMac Mortgage Investment Trust since October 2022. She previously held the role of Senior Managing Director, PennyMac Correspondent Group Sales from January 2021 to October 2022. Ms. Tidmore has held various similar executive positions at PFSI and its affiliates since 2011 and has been instrumental in building and leading the correspondent lending division.
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Here are the key risks to the business of PennyMac Mortgage Investment Trust (PMT):1. Volatile Interest Rate Environment
As a mortgage real estate investment trust (REIT), PennyMac Mortgage Investment Trust faces a core challenge in a volatile interest rate environment. This volatility directly impacts the fair value of the company's Mortgage Servicing Rights (MSRs) and other interest-rate-sensitive assets, as well as its funding costs and hedging results. High interest rates can also create a challenging environment for mortgage origination.
2. High Leverage
PennyMac Mortgage Investment Trust's financing strategy relies heavily on debt to amplify returns on its mortgage-related assets, which simultaneously magnifies risk. The company's debt-to-equity ratio has been noted as significantly higher than the industry average, which can lead to increased volatility in book value, especially during periods of interest rate shifts or widening credit spreads. Elevated leverage can put substantial pressure on earnings, particularly if short-term interest rates increase.
3. Credit Risk and Housing Market Downturn
PennyMac Mortgage Investment Trust is exposed to significant credit risk through its investments in credit risk transfer agreements, distressed loans, and other mortgage-related assets. This includes the risk of increased delinquencies, defaults, and lower recovery rates on investments. A general downturn in the housing market could lead to higher delinquencies, negatively affect net interest income, create servicer obligations, and potentially result in write-downs of mortgage-backed securities values and contractual obligations under credit risk transfer investments. Furthermore, a downside surprise in U.S. GDP growth could also impact strategies that bear credit risk.
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PennyMac Mortgage Investment Trust (PMT) operates within several significant addressable markets in the United States, primarily focused on mortgage-related assets. Here are the estimated market sizes for PMT's main products and services in the U.S. region:- Credit Risk Transfer (CRT) Agreements and Securities: The U.S. credit risk transfer market has grown to over US$50 billion, referencing approximately US$2 trillion of single-family mortgage loans within the broader US$13 trillion mortgage market as of April 2024. Global bank issuance of CRTs is projected to reach US$30 billion by the end of 2024.
- Distressed Loans: While a precise U.S. distressed loan market size is dynamic and can be a component of broader private credit, globally, nearly US$650 billion of bonds and loans were in distressed territory as of December 2022. The private credit market in the United States, which includes distressed debt, is estimated to be between US$1.5 trillion and US$2.1 trillion as of April 2024. Furthermore, the addressable market for private credit in the United States alone is estimated at a staggering US$30 trillion as of April 2025.
- Mortgage Servicing Rights (MSRs): The U.S. mortgage servicing rights market saw robust trading volumes approaching the US$1 trillion mark in 2024, a trend anticipated to continue into 2025.
- Agency Mortgage-Backed Securities (MBS): Agency MBS represent the second-largest segment of the U.S. bond market, comprising 27% of the Bloomberg Aggregate Index. As of December 2022, agency mortgage-backed securities outstanding in the U.S. were valued at US$9 trillion. Annual gross issuance for agency MBS averaged US$1.6 trillion from 2008 to 2023.
- Non-Agency Mortgage-Backed Securities (MBS) and Non-Agency Subordinated Bonds: The non-agency residential mortgage-backed securities (RMBS) market in the U.S. is substantial, with over US$1.7 trillion in outstanding securities as of December 31, 2025. Total non-agency MBS issuance reached US$185.85 billion in 2025, marking a 39.5% increase from 2024. Issuance in 2024 was US$32.58 billion, up from US$11.43 billion in 2023. As of December 2022, non-agency MBS were valued at US$0.7 trillion. The broader U.S. corporate bond market, which would encompass non-agency subordinated bonds, had US$11.5 trillion outstanding as of Q3 2025.
- Correspondent Production (Residential Mortgage Origination): U.S. single-family mortgage originations are projected to increase to US$2.2 trillion in 2026, up from an estimated US$2.0 trillion in 2025. Other forecasts also indicate U.S. mortgage originations reaching US$2.27 trillion in 2026. In the fourth quarter of 2025, U.S. mortgage originations increased to US$524.42 billion.
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Expected Drivers of Future Revenue Growth for PennyMac Mortgage Investment Trust (PMT)
Over the next 2-3 years, PennyMac Mortgage Investment Trust (PMT) is expected to drive future revenue growth through several key strategies and market dynamics:
- Continued Growth in Credit Sensitive Strategies: PMT anticipates increased returns from its Credit Sensitive Strategies segment, which includes investments in credit risk transfer (CRT) securities and subordinate mortgage bonds. This growth is expected to be supported by accretive investments, particularly those stemming from private label securitizations.
- Expansion of Organic Private Label Securitization Activities: The company has significantly scaled up its organic investment creation activities through private label securitizations, having completed 19 securitizations totaling $6.7 billion in unpaid principal balance (UPB) in 2025, a substantial increase from 2024. PMT has established itself as a top-three issuer of prime non-Agency mortgage-backed securities (MBS), and this increased activity is expected to continue driving revenue.
- Positive Momentum in Correspondent Production: Despite a recent pretax loss, PMT's Correspondent Production segment has shown positive momentum. The company expects improved execution and an overall increase in the segment's return potential, driven by activities such as gains on non-owner occupied and jumbo loans.
- Optimized Performance from Interest Rate Sensitive Strategies: PMT's Interest Rate Sensitive Strategies, which include mortgage servicing rights (MSRs) and agency mortgage-backed securities, are poised for enhanced performance. Management commentary suggests that a further steepening of the yield curve could lead to higher overall run rates and yields within these strategies.
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Share Repurchases
- PennyMac Mortgage Investment Trust (PMT) returned $28 million to shareholders through its share repurchase program in 2023.
- The Board of Trustees authorized an increase in its share repurchase program from $400 million to $500 million, before transaction fees.
- The company repurchased 2.411 million common shares in 2023, 6.094 million in 2022, and 3.099 million in 2021.
Share Issuance
- In 2025, PMT raised $150 million through opportunistic reopenings of exchangeable senior notes due June 2029.
- An additional $75 million in 8.500% Exchangeable Senior Notes due 2029 were issued in December 2025, with net proceeds of approximately $75.6 million primarily intended to repay borrowings and for general business purposes.
Outbound Investments
- In 2025, PennyMac Mortgage Investment Trust acquired $5.5 billion in unpaid principal balance of loans, including $3.7 billion in conventional conforming and non-Agency loan volume from PennyMac Financial Services, Inc. (PFSI), and $1.8 billion in UPB of loans from PFSI's production for private label securitizations.
- PMT generated $717.9 million in new mortgage servicing rights (MSR) and securitization-related investments in 2025.
- The company purchased $876 million of agency floating rate mortgage-backed securities (MBS) and sold $195 million in Government-sponsored enterprise (GSE)-issued Credit Risk Transfer (CRT) investments in 2025, reallocating capital to higher-returning assets.
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 11.46 |
| Mkt Cap | 6.0 |
| Rev LTM | 1,313 |
| Op Inc LTM | - |
| FCF LTM | -119 |
| FCF 3Y Avg | 121 |
| CFO LTM | 371 |
| CFO 3Y Avg | 209 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -9.9% |
| Rev Chg 3Y Avg | 36.7% |
| Rev Chg Q | 8.6% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 33.7% |
| CFO/Rev 3Y Avg | -0.6% |
| FCF/Rev LTM | -11.5% |
| FCF/Rev 3Y Avg | -0.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 6.0 |
| P/S | 6.7 |
| P/EBIT | - |
| P/E | 7.8 |
| P/CFO | 9.8 |
| Total Yield | 13.9% |
| Dividend Yield | 5.2% |
| FCF Yield 3Y Avg | 2.1% |
| D/E | 2.1 |
| Net D/E | 1.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 5.2% |
| 3M Rtn | -5.6% |
| 6M Rtn | 10.3% |
| 12M Rtn | 14.8% |
| 3Y Rtn | 52.9% |
| 1M Excs Rtn | 2.1% |
| 3M Excs Rtn | -0.9% |
| 6M Excs Rtn | 6.5% |
| 12M Excs Rtn | -22.3% |
| 3Y Excs Rtn | -13.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Credit sensitive strategies | 124 | 233 | -107 | 323 | -305 |
| Interest rate sensitive strategies | 112 | 133 | 298 | -205 | 175 |
| Correspondent production | 90 | 56 | 111 | 299 | 597 |
| Corporate | 8 | 7 | 2 | 3 | 3 |
| Total | 334 | 429 | 304 | 420 | 469 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Interest rate sensitive strategies | 10,322 | 10,282 | 9,992 | 7,364 | 4,593 |
| Correspondent production | 2,171 | 789 | 1,937 | 4,326 | 3,781 |
| Credit sensitive strategies | 1,475 | 1,632 | 1,615 | 1,848 | 2,921 |
| Corporate | 441 | 411 | 378 | 235 | 197 |
| Total | 14,409 | 13,114 | 13,922 | 13,773 | 11,492 |
Price Behavior
| Market Price | $11.89 | |
| Market Cap ($ Bil) | 1.0 | |
| First Trading Date | 07/30/2009 | |
| Distance from 52W High | -10.9% | |
| 50 Days | 200 Days | |
| DMA Price | $11.61 | $11.58 |
| DMA Trend | indeterminate | down |
| Distance from DMA | 2.4% | 2.7% |
| 3M | 1YR | |
| Volatility | 34.4% | 26.6% |
| Downside Capture | 0.25 | 0.27 |
| Upside Capture | 27.43 | 50.51 |
| Correlation (SPY) | 23.6% | 23.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.89 | 0.48 | 0.62 | 0.48 | 0.59 | 0.71 |
| Up Beta | 0.52 | -0.05 | -0.37 | 0.28 | 0.47 | 0.60 |
| Down Beta | 1.26 | 0.36 | 1.08 | 0.62 | 0.72 | 0.81 |
| Up Capture | 34% | 7% | 40% | 43% | 37% | 44% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 9 | 17 | 30 | 64 | 126 | 388 |
| Down Capture | 91% | 104% | 78% | 51% | 82% | 91% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 12 | 24 | 31 | 55 | 116 | 339 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PMT | |
|---|---|---|---|---|
| PMT | 10.1% | 27.8% | 0.34 | - |
| Sector ETF (XLF) | 16.9% | 17.3% | 0.74 | 35.1% |
| Equity (SPY) | 31.2% | 17.3% | 1.47 | 36.3% |
| Gold (GLD) | 60.1% | 27.8% | 1.69 | 18.6% |
| Commodities (DBC) | 29.8% | 16.6% | 1.58 | 13.4% |
| Real Estate (VNQ) | 21.3% | 15.2% | 1.07 | 49.8% |
| Bitcoin (BTCUSD) | -4.3% | 43.7% | 0.02 | 12.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PMT | |
|---|---|---|---|---|
| PMT | 2.1% | 29.3% | 0.10 | - |
| Sector ETF (XLF) | 9.7% | 18.7% | 0.40 | 47.1% |
| Equity (SPY) | 11.1% | 17.0% | 0.50 | 49.0% |
| Gold (GLD) | 22.1% | 17.8% | 1.02 | 15.0% |
| Commodities (DBC) | 11.8% | 18.8% | 0.52 | 15.3% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 54.8% |
| Bitcoin (BTCUSD) | 4.3% | 56.5% | 0.30 | 20.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PMT | |
|---|---|---|---|---|
| PMT | 10.6% | 45.0% | 0.37 | - |
| Sector ETF (XLF) | 12.7% | 22.2% | 0.53 | 40.8% |
| Equity (SPY) | 13.8% | 17.9% | 0.66 | 38.2% |
| Gold (GLD) | 14.2% | 15.9% | 0.74 | 4.5% |
| Commodities (DBC) | 8.6% | 17.6% | 0.41 | 17.9% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.22 | 47.8% |
| Bitcoin (BTCUSD) | 67.6% | 66.9% | 1.07 | 11.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/29/2026 | -12.4% | -9.3% | -9.8% |
| 10/21/2025 | 8.4% | 7.7% | 5.6% |
| 7/22/2025 | 1.6% | -3.4% | -4.1% |
| 4/22/2025 | -7.0% | -2.8% | -6.1% |
| 1/30/2025 | 5.5% | 5.7% | 13.2% |
| 10/22/2024 | -1.1% | 0.4% | -3.8% |
| 7/23/2024 | -7.9% | -5.1% | -4.8% |
| 4/24/2024 | 3.1% | 4.4% | -2.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 7 | 9 |
| # Negative | 15 | 17 | 15 |
| Median Positive | 5.5% | 5.7% | 9.2% |
| Median Negative | -3.5% | -5.1% | -4.8% |
| Max Positive | 14.6% | 25.1% | 57.5% |
| Max Negative | -12.4% | -13.2% | -15.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Conventional Conforming Correspondent Production Acquisition | 0.15 | 0.2 | 0.25 | 0.0% | 0.0% | Affirmed | Guidance: 0.2 for Q4 2025 |
Prior: Q3 2025 Earnings Reported 10/21/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Jumbo Correspondent Production Acquisition | 1 | 0.0% | Affirmed | Guidance: 1 for Q3 2025 | |||
| Q4 2025 Conventional Conforming Correspondent Production Acquisition | 0.15 | 0.2 | 0.25 | 0.0% | Affirmed | Guidance: 0.2 for Q3 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Spector, David | Chairman and CEO | Direct | Buy | 11182025 | 12.40 | 10,000 | 124,000 | 4,436,646 | Form |
| 2 | Lynch, Catherine A | Direct | Buy | 10282025 | 12.67 | 1,470 | 18,623 | 712,002 | Form | |
| 3 | Lynch, Catherine A | Direct | Buy | 9242025 | 12.02 | 2,823 | 33,932 | 657,625 | Form | |
| 4 | Lynch, Catherine A | Direct | Buy | 7282025 | 12.41 | 1,366 | 16,954 | 644,081 | Form | |
| 5 | Lynch, Catherine A | Direct | Buy | 4282025 | 12.15 | 2,878 | 34,968 | 598,436 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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