PMTPennyMac Mortgage Investment Trust
Real Estate Investment Trusts
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $651M
- Employees
- —
- Net debt / EBITDA
- —
- $1.5B net debt
- AI in 10-K
- 1.7
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes3 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$1000K medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes-84× net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo-2% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo1.7 per 10K words · 50th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$651M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$78K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Net income | $26M | −$115M | $158M | $119M | $86M | 28% |
| Operating cash flow | −$2.8B | $1.8B | $1.3B | −$2.7B | −$7.2B | 167% |
| Stock-based comp | $2M | $4M | $5M | $3M | $4M | 11% |
| Buybacks | $57M | $88M | $28M | $0 | $0 | |
| Dividends | $184M | $174M | $141M | $139M | $139M | 0.0% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $143K · 3
- Open-market sells, 12 mo
- $65K · 3
- Net
- $78K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $1M | $2M | 130 | 140 |
| FY2024 | $1000K | $754K | 114 | 111 |
| FY2023 | $1000K | $2M | 121 | 105 |
| FY2022 | $1000K | $650K | 89 | 90 |
| FY2021 | $1000K | $158K | 109 | 113 |