PennyMac Mortgage Investment Trust
PMT on NYSE. Real estate investment trusts. Market value $686m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 8.4 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 5 cents a year. Above 10 is good.
Quality score: 57 of 100. Price score: 83 of 100. Our list needs 70 on quality and 60 on price.
$8.03 a share, 5% above its 1-year low
Over the past year the price has ranged from $7.64 to $13.81.
Dividend: 19.9% a year
Paid every year for at least 5 years
Yields this high often come before a cut. Check the company's latest news.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $420m | $304m | $429m | $334m | $307m |
| Operating margin | |||||
| Operating margin | 83.1% | 155.9% | 228.5% | 66.4% | 36.9% |
| Debt to equity | |||||
| Debt to equity | 1.90 | 2.58 | 2.63 | 0.52 | 0.58 |
| Shares outstanding | |||||
| Shares outstanding | 0.09bn | 0.09bn | 0.09bn | 0.09bn | 0.09bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)2 of 7 checks we could run
- Profit backed by cash (accruals)No
- Debt0.58× equity
- Revenue growth, five yearsShrinking, 8.1% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $73 million last quarter, up 4% on a year ago.
- Profit: $31 million, up 310% on a year ago.
- About the same number of shares as a year ago.
- Debt is $495 million more than cash, down from $848 million a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $81m |
| December 2024 | $108m |
| March 2025 | $44m |
| June 2025 | $70m |
| September 2025 | $99m |
| December 2025 | $94m |
| March 2026 | $82m |
| June 2026 | $73m |
| Quarter to | Amount |
|---|---|
| September 2024 | $41m |
| December 2024 | $47m |
| March 2025 | $10m |
| June 2025 | $8m |
| September 2025 | $58m |
| December 2025 | $52m |
| March 2026 | $25m |
| June 2026 | $31m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 212 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $897,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $15m | <0.1% | Cut |
| LSV Asset ManagementJosef Lakonishok | $897,000 | <0.1% |
Largest holders overall
- BlackRock$164mAdded
- T. Rowe Price Investment Management$72mAdded
- Vanguard Portfolio Management$57m
- Vanguard Capital Management$43m
- State Street$40mAdded
- Invesco$35mAdded
- Geode Capital Management$26mAdded
- Mirae Asset Global Etfs Holdings$19mAdded
- Citadel Advisors$19mAdded
- Charles Schwab Investment Management$17m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor16.4%Since 31 March 2025
- Vanguard Portfolio ManagementPassive investor5.7%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 16.4% | 31 March 2025 | |
Vanguard Portfolio Management Passive investor | 5.7% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $161,830 of shares on the open market. 1 sold $64,766, $64,766 of it under preset trading plans.
- Hendry Gregory LChief Accounting OfficerSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 2,444
- Price
- $7.86
- Value
- $19,210
- Hendry Gregory LChief Accounting OfficerSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 2,444
- Price
- $9.27
- Value
- $22,656
- Hendry Gregory LChief Accounting OfficerSoldunder a preset trading plan
- Date
- 3 August 2026
- Shares
- 2,444
- Price
- $9.37
- Value
- $22,900
- Lynch Catherine A.DirectorBought
- Date
- 23 January 2026
- Shares
- 1,451
- Price
- $13.24
- Value
- $19,207
- SPECTOR DAVIDChairman and CEO, DirectorBought
- Date
- 17 November 2025
- Shares
- 10,000
- Price
- $12.40
- Value
- $124,000
- Lynch Catherine A.DirectorBought
- Date
- 24 October 2025
- Shares
- 1,470
- Price
- $12.67
- Value
- $18,623
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | Hendry Gregory L Chief Accounting Officer | Sold under a preset trading plan | 2,444 | $7.86 | $19,210 |
| 1 September 2026 | Hendry Gregory L Chief Accounting Officer | Sold under a preset trading plan | 2,444 | $9.27 | $22,656 |
| 3 August 2026 | Hendry Gregory L Chief Accounting Officer | Sold under a preset trading plan | 2,444 | $9.37 | $22,900 |
| 23 January 2026 | Lynch Catherine A. Director | Bought | 1,451 | $13.24 | $19,207 |
| 17 November 2025 | SPECTOR DAVID Chairman and CEO, Director | Bought | 10,000 | $12.40 | $124,000 |
| 24 October 2025 | Lynch Catherine A. Director | Bought | 1,470 | $12.67 | $18,623 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 3 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 8.1% a year.
- Profits run ahead of cash.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.