PennyMac Mortgage Investment Trust (NYSE: “PMT”) is a mortgage REIT that conducts operations through PennyMac Operating Partnership, L.P. and its primary subsidiaries: PennyMac Holdings, LLC (“PMH”) and PennyMac Corp. (“PMC”), a taxable REIT subsidiary (TRS). PMT is externally managed by PennyMac Financial Services, Inc. (NYSE: “PFSI”). PMT operates three business segments: correspondent residential loan production, interest rate strategies, and credit sensitive strategies.
Correspondent production entails the purchase, sale, or re-pool of newly originated prime loans. Loans are sold with servicing retained (and sub-serviced by PFSI). Interest rate strategies include investments in MSRs, agency RMBS, structured products (RMBS IO and PO), floating-rate CMBS, and senior non-agency RMBS, as well as interest rate risk hedging activities. Credit strategies entail investments in credit risk transfer (CRT) agreements from correspondent production and…
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