PennyMac Mortgage Investment Trust Q4 Results: Revenue Down, Earnings Up

PennyMac Mortgage Investment Trust (PMT) reported Q4 2025 net income of $52.36 million and earnings of $0.48 per share, alongside a year-over-year revenue decline. Despite a 12.21% 90-day share price return and 19.06% 1-year total shareholder return, the company is slightly above the most followed fair value estimate of $13.43. The narrative leans on efficiency, mix shift, and a different profit multiple by 2028. However, there is still the risk that higher interest rate or credit spread volatility erodes book value or that dividends remain above earnings and pressure confidence.