PennyMac Mortgage Investment Trust (NYSE: PMT) is a specialty
finance company that invests primarily in residential mortgage loans and mortgage-related
assets. As a real estate investment trust (REIT), our objective is to provide attractive
risk-adjusted returns to our shareholders over the long-term, primarily through dividends and
secondarily through capital appreciation.
Our investment focus is on mortgage-related assets that we create through our
industry-leading correspondent production activities, including mortgage servicing rights
(MSRs). In correspondent production, we acquire, pool and securitize or sell newly originated
prime credit quality loans. Our interest rate sensitive investments include the MSRs,
mortgage-backed securities and related hedge instruments. Our credit sensitive investments
primarily consist of credit risk transfer investments related to loans sourced through our
correspondent production that were delivered to Fannie Mae.
PMT is managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary of
PennyMac Financial Services, Inc. (NYSE: PFSI), and an investment adviser registered with the
Securities and Exchange Commission that specializes in mortgage assets. Our correspondent
production operations are conducted on a fee-for-service basis by another PennyMac Financial
subsidiary, PennyMac Loan Services, LLC, which also services most of the loans in our investment
portfolio and the loans for which we retain the obligation to service.
PennyMac Mortgage Investment Trust has elected to be taxed as a real estate investment
trust (REIT) for U.S. federal income tax purposes. The company's stock trades on
the New York Stock Exchange under the ticker symbol PMT.
2020 Annual Report
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