PennyMac Mortgage Investment Trust Q1 net income falls, book value declines

PennyMac Mortgage Investment Trust

05/05/2026 21:36

Overview

U.S. mortgage REIT's Q1 net income fell to $14.2 mln, EPS at $0.16

Book value per share declined to $14.98 from $15.25 in prior quarter

Lower interest rate sensitive strategy contribution drove results, offset by improved aggregation and securitization

Outlook

Company expects to complete about 30 securitizations in 2026

Company anticipates low-to-mid teens returns on equity from private label securitizations

Company says strategy and diversified portfolio expected to support dividend and long-term value

Result Drivers

INTEREST RATE SENSITIVE STRATEGIES - Co said lower contribution from interest rate sensitive strategies, mainly due to increased MSR runoff on higher coupon loans, weighed on results

AGGREGATION AND SECURITIZATION - Improved results in the aggregation and securitization segment partially offset weaker interest rate sensitive strategies

PRIVATE LABEL SECURITIZATION - Expansion of private label securitization program drove organic investment creation and retention of new credit assets

Company press release: ID:nBwbcS21qa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
$0.16
Q1 Net Income
$14.20 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the specialized reits peer group is "buy."

Wall Street's median 12-month price target for PennyMac Mortgage Investment Trust is $13.00, about 7.3% above its May 4 closing price of $12.11

The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 7 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)