PennyMac Mortgage Investment Trust (PMT) is a mortgage REIT that invests in mortgage-related assets, primarily mortgage servicing rights (MSRs) and credit-sensitive instruments like credit risk transfer (CRT) arrangements and non-agency subordinate MBS. PMT has no employees and relies entirely on PennyMac Financial Services (PFSI) for management, loan origination, and servicing under contractual agreements — PFSI's subsidiary services approximately $227B in unpaid principal balance on PMT's behalf. PMT earns income through servicing cash flows and MSR fair value changes, credit spread income on CRT and subordinate MBS positions, and gain-on-sale spreads from its correspondent production operations. MSRs represent the largest single investment at roughly 46% of shareholders' equity. PMT operates as an intermediary in the mortgage market, acquiring loans through PFSI's correspondent channel, then selling or securitizing them while retaining selected interests. A growing priority is creating new credit investments through private label securitizations of jumbo and non-owner-occupied loans — PMT completed 19 securitizations totaling $6.7B in FY2025, retaining $528M in subordinate bonds. PMT is scaling this program toward roughly 30 securitizations in 2026, targeting low-to-mid-teens returns on equity. As a REIT, PMT must distribute at least 90% of taxable income and relies heavily on external financing; recourse debt-to-equity stood at approximately 6:1 at year-end 2025.