PennyMac Mortgage (PMT) Misses Q4 Revenue, Beats EPS; TBVPS Trends Weak

PennyMac Mortgage Investment Trust (NYSE:PMT) reported Q4 CY2025 revenue of $87.1M, down 19.3% YoY and below analyst expectations, though GAAP EPS of $0.48 beat estimates by 20.7%. The stock fell 1.1% post-earnings to $13.36. Revenue has declined at a 16.2% annualized rate over the past two years, reflecting persistent demand weakness. Net interest income contributed negatively (-1.1%) to five-year revenue, signaling reliance on non-core income streams. Tangible book value per share (TBVPS) dropped 3.4% annually over two years to $15.25 and is projected flat at $15.16 over the next 12 months. CEO David Spector highlighted the quarter’s 13% annualized return on common equity. Analysts view the results as mixed: earnings beat offset by top-line miss and deteriorating fundamental metrics.