PMT
PennyMac Mortgage Investment TrustReal Estate·REIT - Mortgage
$10.46
$912M market cap
Revenue
$1.5B
Free Cash Flow
$-9.1B
Rev Growth
+138.7%
FCF Margin
-605.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
PennyMac Mortgage Investment Trust, a specialty finance company, primarily invests in mortgage-related assets in the United States. The company's Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, distressed loans, real estate, and non-agency subordinated bonds. Its Interest Rate Sensitive Strategies segment engages in investing in mortgage servicing rights, excess servicing spreads, and agency and senior non-agency mortgage-backed securities (M
2-Year Price History
$10.50-4.8%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 451.3 | 306.6 | 367.9 | 24.6 | -2,529 | -2,529 | -0.0 | 1,371 | 20,285 | 87.1 | 7.1% | 1.1x | 15.5x |
| Act | 2025-Q4 | 425.9 | 290.8 | 290.8 | 52.4 | -3,306 | -3,306 | -0.0 | 462.5 | 19,094 | 87.0 | 6.0% | 1.1x | 15.2x |
| Act | 2025-Q3 | 489.5 | 391.8 | 391.8 | 58.3 | -1,298 | -1,298 | -0.0 | 444.5 | 9,961 | 87.0 | 15.3% | 1.7x | 9.2x |
| Act | 2025-Q2 | 145.3 | 297.3 | 95.0 | 7.5 | -2,016 | -2,016 | -0.0 | 1,536 | 10,082 | 87.0 | 3.3% | 1.4x | 8.4x |
| Act | 2025-Q1 | 189.1 | 320.4 | 141.3 | 9.7 | -594.3 | -594.3 | -0.0 | 1,540 | 9,885 | 86.9 | 4.9% | 1.8x | 8.5x |
| Act | 2024-Q4 | 14.7 | 149.0 | -33.3 | 46.5 | -1,621 | -1,622 | -1.3 | 1,552 | 9,123 | 86.8 | -1.4% | 0.8x | 8.6x |
| Act | 2024-Q3 | 265.8 | 395.6 | 216.1 | 41.4 | -983.8 | -985.3 | -1.5 | 1,583 | 8,654 | 86.9 | 8.9% | 2.1x | 6.2x |
| Act | 2024-Q2 | 121.8 | 251.0 | 83.5 | 25.4 | 243.8 | 243.8 | -0.0 | 1,630 | 9,782 | 86.9 | 3.2% | 1.5x | 8.7x |
| Act | 2024-Q1 | 102.4 | 232.1 | 64.5 | 47.6 | -342.4 | -368.9 | -26.5 | 469.9 | 9,934 | 111.0 | 1.9% | 1.4x | 9.3x |
| Act | 2023-Q4 | 317.1 | 460.2 | 275.1 | 52.9 | 533.0 | 533.0 | -0.0 | 409.4 | 13,416 | 111.0 | 7.6% | 2.5x | 11.0x |
| Act | 2023-Q3 | 2.5 | 141.4 | -37.6 | 61.4 | 63.6 | 63.6 | -0.0 | 386.5 | 10,914 | 111.1 | -1.3% | 0.8x | 11.4x |
| Act | 2023-Q2 | 178.5 | 322.2 | 139.5 | 24.6 | 2,020 | 2,020 | -0.0 | 480.8 | 11,336 | 87.3 | 4.0% | 1.7x | 11.7x |
| Act | 2023-Q1 | 227.8 | 355.4 | 181.3 | 60.7 | -1,276 | -1,276 | -0.0 | 410.8 | 15,646 | 113.4 | 4.0% | 2.0x | 27.1x |
| Act | 2022-Q4 | 104.4 | 206.5 | 53.1 | 4.7 | 509.0 | 509.0 | -0.0 | 364.1 | 14,186 | 89.1 | 1.2% | 1.3x | 564.0x |
| Act | 2022-Q3 | 84.1 | 137.5 | 27.8 | 11.9 | -402.1 | -402.1 | -0.0 | 411.3 | 13,086 | 90.6 | 0.5% | 1.2x | -- |
| Act | 2022-Q2 | -112.3 | -95.5 | -169.0 | -70.7 | -69.5 | -69.5 | -0.0 | 420.8 | 13,322 | 92.0 | -4.9% | -1.2x | -- |
| Act | 2022-Q1 | -221.9 | -222.2 | -281.7 | -19.1 | 1,747 | 1,747 | -0.0 | 424.4 | 12,176 | 94.2 | -8.7% | -3.5x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 8.61 | — | -18.1% | 26 | 564.0× | 8.3× | n/m | n/m |
| 2023 | 11.72 | -598.3% | 176.2% | 1,279 | 11.0× | 10.5× | 5.3× | 1.4× |
| 2024 | 11.08 | -30.5% | 203.7% | 1,028 | 8.6× | n/m | 7.7× | 2.5× |
| 2025 | 12.55 | +147.7% | 104.0% | 1,300 | 15.2× | n/m | 8.5× | 0.9× |
| TTM | 10.46 | +155.7% | 85.1% | 1,287 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$10.46
Market Cap$912M
Enterprise Value$19.8B
P/S Ratio0.6x
P/FCF--
EV/FCF--
FCF Margin (TTM)-605.0%
FCF Yield-1003.0%
Dividend Yield (TTM)19.1%
Annual Dilution0.2%
CurrencyUSD
TTM Financial Snapshot
Revenue$1.5B
Net Income$142.8M
Free Cash Flow$-9.1B
Revenue Growth (YoY)+138.7%
EBITDA Margin85.1%
Net Margin9.4%
FCF Margin-605.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.2%
ROIC7.9%
WC Change % Rev2.3%
Interest Coverage1.3x
Forward Outlook & Risk
Short Interest
Short % of Float5.2%
Short Shares4.5M
Days to Cover4.4
Change (vs Prior)+7.0%
Short % Float History
5.20%+0.40pp
Options
Call IV (ATM)27%
Put IV (ATM)36%
ATM Spread3.3%
Call $OI (near money)$531K
Put $OI (near money)$816K
ATM ExpiryJuly 17, 2026 (56D)
ATM Strike$10.0
Major Expirations4
Near-money chain · July 17, 2026
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $2.50 | $7.30/$8.80 | 16 | --/$0.75 | 0 |
| $5.00 | $4.90/$6.30 | 48 | --/$0.05 | 4,657 |
| $7.50 | $2.50/$3.70 | 101 | --/$0.10 | 2,242 |
| $10.00 | $0.60/$0.95 | 12 | $0.10/$0.55 | 2,489 |
| $12.50 | --/$0.05 | 888 | $1.75/$2.90 | 753 |
| $15.00 | --/$0.15 | 237 | $4.20/$5.40 | 6 |
| $17.50 | --/$0.75 | 1 | $6.50/$8.00 | 2 |
| $20.00 | --/$1.05 | 2 | $9.00/$10.50 | 0 |
Snapshot: 2026-05-22
Employees
Headcount7
Revenue / Employee$216,000,571
Gross Profit / Employee$196,189,143
2022: 1 → 2023: 7 → 2024: 7 → 2025: 1 (0% CAGR)
Cash Runway
1.8months
CRITICAL
Institutional Ownership
Headline & net flow
NET BUYING
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 5.4% of float, sold 3.0%.
Net flow · Q1 2026still filing
+2.4% of float (net)
Bought 5.4% · Sold 3.0%
223 filers reported (last quarter: 224)
Ownership composition
Active
35.1%(-11.2% YoY)
202 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
37.7%(-11.3% YoY)
10 filers
Vanguard, iShares, SPDR
Market makers
0.3%(-0.3% YoY)
5 filers
Citadel, Susquehanna
Insiders
1.7%
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $162M | $11.83 | −$3.2M | −$9.8M | -0.2% | $5.69T |
| T. Rowe Price Investment Management, Inc. | $63.2M | $8.07 | −$1.0M | −$5.6M | -1.3% | $145.22B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $57.7M | $11.27 | +$55.8M | +$57.7M | — | $1.91T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $44.5M | $11.27 | +$43.0M | +$44.5M | — | $4.04T |
| STATE STREET CORPPassive | $39.4M | $10.93 | +$751K | +$510K | -0.2% | $2.89T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $25.8M | $10.69 | +$1.1M | +$1.7M | +2.3% | $1.61T |
| Invesco Ltd. | $25.6M | $10.79 | +$925K | +$1.3M | -0.2% | $652.04B |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $19.3M | $11.85 | +$753K | +$3.8M | +1.7% | $73.71B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $17.0M | $10.24 | +$253K | −$826K | +0.7% | $645.81B |
| Boston Partners | $16.8M | $12.45 | +$2.9M | +$4.7M | +0.5% | $95.40B |
| MORGAN STANLEY | $12.9M | $10.42 | +$484K | −$1.5M | -0.3% | $1.65T |
| NORTHERN TRUST CORPPassive | $10.8M | $11.00 | +$393K | −$2.2M | -0.2% | $755.34B |
| CITADEL ADVISORS LLC | $10.2M | $11.50 | +$4.3M | −$868K | -0.4% | $138.22B |
| JPMORGAN CHASE & CO | $9.8M | $9.88 | −$97K | +$5.0M | -0.2% | $1.47T |
| VAN ECK ASSOCIATES CORP | $8.8M | $11.01 | +$261K | +$1.7M | +0.8% | $133.17B |
| ROYAL BANK OF CANADA | $7.5M | $11.31 | +$6.8M | +$6.7M | -0.2% | $526.36B |
| Bank of New York Mellon Corp | $6.9M | $10.96 | −$223K | −$1.1M | -0.2% | $543.21B |
| Dana Investment Advisors, Inc. | $6.8M | $11.40 | +$651K | +$1.1M | -0.1% | $3.35B |
| Allianz Asset Management GmbH | $6.5M | $10.72 | +$2K | +$7K | -0.2% | $86.14B |
| VANGUARD FIDUCIARY TRUST COPassive | $6.5M | $11.27 | +$6.3M | +$6.5M | — | $395.83B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.11%
avg per quarter
Holders (ex-self)
-0.11%
excl. this stock
Buyers (this Q)
+0.32%
71 buyers · $0.15B in
Sellers (this Q)
-0.41%
83 sellers · $0.06B out
alpha coverage: 84% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-26.8%
how holders react when this stock falls
On quiet Qs
+0.5%
−10% to +10% baseline
On rallies (+10%+)
-21.7%
how they react when this stock rises
Holders' portfolio flow this Q
+1.2%
inflows — adds are organic
Sellers' portfolio flow this Q
+7.1%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-4.0%
Holder mid (any stock)
-2.3%
Holder rally (any stock)
-5.3%
Biggest decreases this quarter
MARSHALL WACE, LLPexited−$6.4MNuveen, LLC−$4.6Mα+0.0BlackRock, Inc.−$3.2Mα-0.2Kestra Advisory Services, LLCexited−$1.9MExodusPoint Capital Management, LPexited−$1.3MT. Rowe Price Investment Management, Inc.−$1.0Mα-1.3DARK FOREST CAPITAL MANAGEMENT LPexited−$1.0MJANE STREET GROUP, LLCexited−$570KVerition Fund Management LLCexited−$558KBank of New York Mellon Corp−$223Kα-0.2
New buyers this quarter
Top-5 holders · 54.4%
BlackRock, Inc.--
T. Rowe Price Investment Management, Inc.--
VANGUARD PORTFOLIO MANAGEMENT LLC--
VANGUARD CAPITAL MANAGEMENT LLC--
STATE STREET CORP--
Put / call ratio: 26.56 (+2076.9% QoQ) — net bearish options
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
GOLDMAN SACHS GROUP INC243KT. Rowe Price Investment Management, Inc.5.4MPRICE T ROWE ASSOCIATES INC /MD/113KPAR CAPITAL MANAGEMENT INC—Invesco Ltd.2.2MNOMURA HOLDINGS INC—JPMORGAN CHASE & CO865KMirae Asset Global Investments Co., Ltd.—LSV ASSET MANAGEMENT80KINTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC27K
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$12.001470.0%
Last Year (2 analysts)$12.752190.0%
Current Price$10.46
Analyst Ratings
12
14
Buy: 12Hold: 14Consensus: Hold
Consensus Estimates
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2026 Q3 | 100M | 57M | 32M | $0.36 | $0.34 – $0.39 | 2 |
| 2026 Q4 | 103M | 58M | 35M | $0.40 | $0.40 – $0.41 | 1 |
| 2027 Q1 | 94M | 53M | 29M | $0.33 | $0.33 – $0.34 | 1 |
| 2027 Q2 | 102M | 57M | 35M | $0.40 | $0.39 – $0.40 | 1 |
| 2027 Q3 | 103M | 58M | 35M | $0.41 | $0.40 – $0.41 | 1 |
| 2027 Q4 | 105M | 59M | 39M | $0.44 | $0.44 – $0.45 | 1 |
| 2028 Q1 | 102M | 58M | 33M | $0.38 | $0.37 – $0.38 | 1 |
| 2028 Q2 | 106M | 60M | 36M | $0.41 | $0.41 – $0.42 | 1 |
| 2028 Q3 | 105M | 59M | 33M | $0.38 | $0.38 – $0.39 | 1 |
| 2028 Q4 | 104M | 59M | 33M | $0.37 | $0.37 – $0.38 | 1 |
Corporate
Executive Compensation (2023-2025)
Direct Pay$7.7M
Incentive & Other$0.0M
Total Compensation$7.7M
% of Revenue0.3%
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$213K
5 txns · 2 insiders · 17,109 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-01-23 | BUY | Lynch Catherine A. | director | 1,451 | $13.24 | $19K | $763K |
| 2025-11-17 | BUY | SPECTOR DAVID | director, officer: Chairman and CEO | 10,000 | $12.40 | $124K | $4.44M |
| 2025-10-24 | BUY | Lynch Catherine A. | director | 1,470 | $12.67 | $19K | $712K |
| 2025-09-22 | BUY | Lynch Catherine A. | director | 2,823 | $12.02 | $34K | $658K |
| 2025-07-25 | BUY | Lynch Catherine A. | director | 1,366 | $12.41 | $17K | $644K |
Order Flow (FINRA, ~3w lag)
24.5%retail+3.6pp
17.2%dark+0.3pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Revenue Breakdown
Revenue Segments
By Product (2026-Q1)
| Interest Rate Sensitive Strategies | $31.5M | +60% |
| Credit Sensitive Strategies | $16.6M | +1227% |