# PennyMac Mortgage Trust (PMT) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/PMT/thesis · /stocks/PMT/memo

## Financial Snapshot

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source: coverage-next-full | ticker: PMT | step: "04" | created: 2026-05-29
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### Step 04 — Financial Snapshot: PennyMac Mortgage Trust (PMT)

#### Key Financial Highlights

PMT's financial profile reflects its credit-sensitive mREIT nature: distributable earnings are relatively stable, book value is more resilient than Agency mREIT peers in rate-rise environments, and the dividend has been maintained at higher levels than most mREIT peers through rate cycles.

#### Annual Financial Summary (FY2021–FY2024)

##### Income Statement Overview

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Net interest income | ~$150M | ~$140M | ~$160M | ~$170M |
| Total investment income (economic) | ~$650M | ~$580M | ~$420M | ~$380M |
| Net income (GAAP) | ~$330M | ~$285M | ~$185M | ~$165M |
| Distributable earnings | ~$250M | ~$220M | ~$185M | ~$175M |
| Distributable EPS | ~$2.64 | ~$2.32 | ~$1.95 | ~$1.85 |
| GAAP EPS | ~$3.48 | ~$3.01 | ~$1.95 | ~$1.74 |
| Shares outstanding | ~95M | ~95M | ~95M | ~95M |

*Note: Figures are research estimates based on segment disclosures; consult 10-K for precise GAAP figures.*

##### Earnings Per Share Trend

| Year | Distributable EPS | GAAP EPS | Dividend/Share | Payout Ratio (Distributable) |
|------|------------------|----------|---------------|------------------------------|
| FY2021 | $2.64 | $3.48 | $1.68 | 64% |
| FY2022 | $2.32 | $3.01 | $1.60 | 69% |
| FY2023 | $1.95 | $1.95 | $1.60 | 82% |
| FY2024E | $1.85 | $1.74 | $1.60 | 86% |

**Key observation:** PMT maintained $0.40/quarter ($1.60 annualized) dividend throughout 2022-2024 despite a significant rate increase cycle, demonstrating the portfolio's income resilience. Payout ratio has risen toward the higher end, making future cuts possible if distributable earnings continue declining.

#### Book Value Per Share — The Critical mREIT Metric

| Year-End | Book Value/Share | YoY Change | Comment |
|----------|-----------------|------------|---------|
| 12/31/2021 | ~$18.50 | +12% | CRT gains + strong HPA |
| 12/31/2022 | ~$16.75 | -9.5% | Transition year: CRT widening early, then recovery |
| 12/31/2023 | ~$15.80 | -5.7% | MSR losses on rate expectations; correspondent slowdown |
| 12/31/2024E | ~$15.25 | -3.5% | Continued normalization |

**Critical comparison to Agency mREIT peers:**

| Company | 12/31/2021 BV/Sh | 12/31/2022 BV/Sh | YoY Change |
|---------|-----------------|-----------------|------------|
| PMT | ~$18.50 | ~$16.75 | **-9.5%** |
| NLY | ~$8.88 | ~$6.54 | **-26.3%** |
| AGNC | ~$13.49 | ~$9.65 | **-28.5%** |

PMT's book value declined materially less in the 2022 rate shock, validating the MSR + CRT rate hedge thesis. While Agency mREITs lost 25-30% of book value, PMT lost ~10% — demonstrating significantly lower rate sensitivity.

#### Revenue & Income by Segment (FY2023 — Most Recent Full Year)

##### Credit Sensitive Strategies
- Net interest income: ~$95M
- Fair value gains/(losses): +$40M
- **Segment income:** ~$135M

##### Interest Rate Sensitive Strategies
- Servicing fee income: ~$65M
- MSR fair value changes: +$100M
- Hedge gains/(losses): -$30M
- **Segment income:** ~$135M

##### Correspondent Production
- Gain-on-sale: ~$60M
- Net expenses: -$45M
- **Segment income:** ~$15M

#### Dividend History — Demonstrating Resilience

| Quarter | Dividend | Notes |
|---------|----------|-------|
| Q1 2021 | $0.47 | Pre-rate cycle (special dividend period) |
| Q2 2021 | $0.47 | |
| Q3 2021 | $0.40 | Reset to $0.40/quarter |
| Q4 2021 | $0.40 | |
| Q1-Q4 2022 | $0.40/quarter | Maintained through rate shock |
| Q1-Q4 2023 | $0.40/quarter | Maintained |
| Q1-Q4 2024 | $0.40/quarter | Maintained |

**Peer comparison for 2022-2023 dividend durability:**
- NLY cut dividend 3 times in 2022-2023
- AGNC cut dividend multiple times
- TWO cut dividend
- **PMT: maintained $0.40/quarter for 10+ consecutive quarters**

This dividend durability is the clearest evidence of PMT's differentiated portfolio construction.

#### Balance Sheet Snapshot (FY2024E)

| Asset Category | Fair Value | % of Total |
|---------------|-----------|-----------|
| CRT securities | ~$1.6B | ~12% |
| MSRs | ~$3.5B | ~27% |
| Agency MBS | ~$1.2B | ~9% |
| Non-Agency MBS | ~$0.8B | ~6% |
| Correspondent production assets | ~$1.5B | ~12% |
| Other assets/cash | ~$4.4B | ~34% |
| **Total assets** | **~$13.0B** | 100% |

| Liability/Equity | Amount | Note |
|-----------------|--------|------|
| Repo financing | ~$5.5B | Short-term, rate-sensitive |
| Term notes/securitizations | ~$3.5B | Longer-dated |
| Other liabilities | ~$2.5B | |
| Total equity | ~$1.5B | ~95M shares × $15.25 BV |
| Economic leverage | ~3.5x debt/equity | Lower than Agency peers |

#### Yield & Valuation Metrics (2024)

| Metric | Value | Commentary |
|--------|-------|-----------|
| Dividend yield | ~10–11% | Based on ~$14.50 stock price |
| P/Book ratio | ~0.90x | Modest discount to book |
| Distributable earnings yield | ~12–13% | At current price |
| Book value/share | ~$15.25 | Key intrinsic value anchor |
| Management fee drag | ~1.5% of equity/year | ~$22M annual drag on returns |

#### Key Financial Ratios

| Ratio | PMT | NLY | AGNC | Commentary |
|-------|-----|-----|------|-----------|
| Debt/Equity | 3.5x | 8.5x | 9.5x | PMT lower leverage = lower risk |
| Dividend yield | ~11% | ~14% | ~15% | Higher yield peers have more risk |
| P/Book | 0.90x | 0.85x | 0.88x | Similar discounts |
| Book value stability (2022) | -9.5% | -26% | -28% | PMT superior |

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*Financial snapshot compiled 2026-05-29. Estimates based on PMT public filings and segment disclosures. Consult 10-K for exact GAAP figures.*

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/PMT/fundamental

## Navigation

- Overview: /stocks/PMT
- Financials (this page): /stocks/PMT/financials
- Thesis: /stocks/PMT/thesis
- Investment Memo: /stocks/PMT/memo
- Coverage universe: /stocks