PennyMac Mortgage Investment Trust (PMT) Balance Sheet
PMT balance sheet, 2025
December 31, 2025 · U.S. dollars$21.35B assets = $19.46B liabilities + $1.89B equity
Both columns are drawn to the same scale: what PMT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PMT financial health
Descriptive bands, not a rating. Fiscal 2025.
PMT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $6.36B2016 | $21.35B2025 | +14.4%/yr | |
| Total liabilities | $5.01B2016 | $19.46B2025 | +16.3%/yr | |
| Shareholders’ equity | $1.35B2016 | $1.89B2025 | +3.8%/yr | |
| Cash & short-term investments | $192.0M2016 | $462.5M2025 | +10.3%/yr | |
| Total debt | $1.18B2016 | $19.09B2025 | +36.3%/yr | |
| Net cash (debt) | −$984.1M2016 | −$18.63B2025 | −$17.6B | |
| Working capital | −$136.7M2016 | −$7.75B2025 | −$7.6B | |
| Book value per share | $17.522016 | $21.702025 | +2.4%/yr | |
| Current ratio | 0.532016 | 0.032025 | −0.50 | |
| Debt / equity | 0.872016 | 10.122025 | +9.25 | |
| Shares outstanding | 77.1M2016 | 87.0M2025 | +1.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PMT assets
PMT liabilities and equity
PMT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PMT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $462.5M | $1.55B | $1.62B | $364.1M | $1.93B | $2.98B | $2.16B | $134.7M | $284.1M | $192.0M |
| Cash & equivalents | $272.0M | $337.7M | $281.1M | $1.44B | $1.76B | $2.86B | $2.07B | $1.21B | $666.5M | $484.5M |
| Short-term investments | $190.5M | $103.2M | $128.3M | $252.3M | $168.0M | $127.3M | $90.8M | $74.8M | $18.4M | $122.1M |
| Receivables | $19.1M | $86.1M | $65.5M | $66.9M | $16.0M | $139.9M | $181.3M | $220.2M | $240.7M | $295.8M |
| Inventory | $0 | $0 | $4.5M | $7.7M | $14.4M | $28.7M | $65.6M | −$167.2M | −$113.9M | −$33.7M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $272.0M | $337.7M | $474.9M | $364.1M | $1.95B | $3.12B | $2.35B | $138.8M | $96.0M | $156.6M |
| Property, plant & equipment (net) | $0 | $0 | −$2.51B | −$5.19B | −$8.05B | −$7.40B | −$7.20B | −$7.81B | −$3.75B | −$4.71B |
| Goodwill & intangible assets | $3.64B | $3.87B | $3.92B | $4.01B | $2.89B | $1.76B | $1.54B | $1.16B | $844.8M | $656.6M |
| Long-term investments | $4.64B | $4.17B | $4.96B | $4.71B | $2.83B | $127.3M | $378.9M | $329.0M | $254.9M | $1.70B |
| Other non-current assets | $12.79B | $6.04B | $6.27B | $10.02B | $14.14B | $13.91B | $14.71B | $14.00B | $8.16B | $8.56B |
| Total assets | $21.35B | $14.41B | $13.11B | $13.92B | $13.77B | $11.52B | $11.77B | $7.81B | $5.60B | $6.36B |
| Liabilities | ||||||||||
| Accounts payable | $168.5M | $173.3M | $387.7M | $160.2M | $96.2M | $124.8M | $91.1M | $70.7M | $64.8M | $107.8M |
| Short-term debt | $8.02B | $3.54B | $3.51B | $2.80B | $2.47B | $1.92B | $7.01B | $5.08B | $3.22B | $275.1M |
| Deferred revenue | — | — | −$2.50B | — | −$2.38B | −$1.80B | −$6.91B | −$5.01B | −$554.6M | — |
| Total current liabilities | $8.02B | $6.90B | $6.25B | $2.96B | $96.2M | $124.8M | $91.1M | $70.7M | $27.3M | $293.3M |
| Long-term debt | $11.08B | $5.59B | $4.85B | $4.77B | $4.49B | $2.27B | $2.38B | $1.15B | $699.1M | $901.0M |
| Other long-term liabilities | $365.2M | $0 | $58.8M | $4.24B | $0 | $0 | $0 | $0 | $3.33B | $3.81B |
| Total liabilities | $19.46B | $12.47B | $11.16B | $11.96B | $11.41B | $9.22B | $9.32B | $6.25B | $4.06B | $5.01B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $870,000 | $869,000 | $866,000 | $889,000 | $949,000 | $979,000 | $1.0M | $610,000 | $613,000 | $667,000 |
| Retained earnings (deficit) | −$582.8M | −$528.9M | −$508.7M | −$526.8M | −$256.7M | −$100.7M | $22.3M | −$19.7M | −$46.7M | −$26.7M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | −$866,000 | $0 | $0 | $0 | $0 | $1.57B | $1.54B | $1.35B |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $1.89B | $1.94B | $1.96B | $1.96B | $2.37B | $2.30B | $2.45B | $1.57B | $1.54B | $1.35B |
| Key figures | ||||||||||
| Total debt | $19.09B | $12.13B | $10.47B | $7.57B | $6.97B | $4.20B | $9.39B | $6.24B | $3.92B | $1.18B |
| Net cash (debt) | −$18.63B | −$10.58B | −$8.85B | −$7.21B | −$5.03B | −$1.21B | −$7.22B | −$6.10B | −$3.64B | −$984.1M |
| Working capital | −$7.75B | −$6.56B | −$5.78B | −$2.59B | $1.85B | $3.00B | $2.25B | $68.1M | $68.7M | −$136.7M |
| Tangible book value | −$1.76B | −$1.93B | −$1.96B | −$2.05B | −$525.3M | $541.6M | $915.2M | $403.8M | $699.8M | $694.5M |
| Book value per share | $21.70 | $22.33 | $17.52 | $21.47 | $24.31 | $23.11 | $27.94 | $22.58 | $20.70 | $17.52 |
| Shares outstanding | 87.0M | 86.8M | 111.7M | 91.4M | 97.4M | 99.4M | 87.7M | 69.4M | 74.6M | 77.1M |
| Current ratio | 0.03 | 0.05 | 0.08 | 0.12 | 20.26 | 25.03 | 25.74 | 1.96 | 3.52 | 0.53 |
| Quick ratio | 0.06 | 0.24 | 0.27 | 0.15 | 20.26 | 25.03 | 25.74 | 5.02 | 19.21 | 1.66 |
| Debt / equity | 10.12 | 6.26 | 5.35 | 3.86 | 2.94 | 1.83 | 3.83 | 3.98 | 2.54 | 0.87 |
| Equity / assets | 8.8% | 13.5% | 14.9% | 14.1% | 17.2% | 19.9% | 20.8% | 20.0% | 27.6% | 21.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $421.0M | $1.37B | $462.5M | $1.48B | $1.54B | $1.54B | $1.55B | $1.58B | $1.63B | $469.9M | $409.4M | $386.5M |
| Cash & equivalents | $225.0M | $1.18B | $272.0M | $1.30B | $1.43B | $1.34B | $337.7M | $344.4M | $130.7M | $126.6M | $281.1M | $1.47B |
| Short-term investments | $196.0M | $187.7M | $190.5M | $181.0M | $108.6M | $204.2M | $103.2M | $102.8M | $336.3M | $343.3M | $128.3M | $150.1M |
| Receivables | $12.46B | $85.6M | $8.53B | $75.0M | $64.5M | $69.0M | $86.1M | $82.1M | $66.1M | $64.9M | $65.5M | $2.3M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$62.7M | $4.5M | $5.3M |
| Other current assets | $0 | $0 | $0 | $61.6M | $70.5M | $84.7M | $0 | $0 | $0 | $3.35B | $0 | $0 |
| Total current assets | $421.0M | $541.5M | $272.0M | $1.61B | $1.67B | $1.69B | $337.7M | $529.2M | $467.0M | $3.82B | $474.9M | $386.5M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $3.58B | $3.62B | $3.64B | $3.67B | $3.74B | $3.77B | $3.87B | $3.81B | $3.94B | $3.95B | $3.92B | $4.11B |
| Long-term investments | $4.27B | $3.95B | $4.64B | $4.79B | $4.08B | $4.24B | $4.17B | $4.29B | $4.40B | $4.29B | $4.96B | $4.82B |
| Other non-current assets | $16.83B | $14.38B | $12.79B | $8.45B | $7.32B | $5.17B | $6.04B | $4.43B | $3.27B | $226.3M | $3.76B | $3.91B |
| Total assets | $25.09B | $22.50B | $21.35B | $18.53B | $16.80B | $14.88B | $14.41B | $13.06B | $12.08B | $12.29B | $13.11B | $13.22B |
| Liabilities | ||||||||||||
| Accounts payable | $170.0M | $171.3M | $168.5M | $172.1M | $178.3M | $141.4M | $173.3M | $149.2M | $159.0M | $157.3M | $387.7M | $120.9M |
| Short-term debt | $8.39B | $7.30B | $8.02B | $7.71B | $6.83B | $6.20B | $3.54B | $3.65B | $4.73B | $5.12B | $8.54B | $2.83B |
| Deferred revenue | — | — | — | — | — | — | — | — | −$159.0M | $44.0M | −$2.50B | −$120.9M |
| Total current liabilities | $8.39B | $7.62B | $8.02B | $8.06B | $7.19B | $6.52B | $6.90B | $6.10B | $5.06B | $5.49B | $6.25B | $3.03B |
| Long-term debt | $14.53B | $12.98B | $11.08B | $8.56B | $7.73B | $6.43B | $5.59B | $5.01B | $5.05B | $4.82B | $4.85B | $4.73B |
| Other long-term liabilities | $285.0M | $32.4M | $365.2M | $17.3M | $18.5M | $23.9M | $0 | $14.6M | $32.3M | $26.5M | $58.8M | $3.52B |
| Total liabilities | $23.20B | $20.64B | $19.46B | $16.65B | $14.94B | $12.97B | $12.47B | $11.12B | $10.14B | $10.33B | $11.16B | $11.27B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.0M | $872,000 | $870,000 | $870,000 | $870,000 | $870,000 | $869,000 | $869,000 | $869,000 | $868,000 | $866,000 | $868,000 |
| Retained earnings (deficit) | −$618.0M | −$603.6M | −$582.8M | −$589.6M | −$602.4M | −$564.5M | −$528.9M | −$530.2M | −$526.3M | −$506.4M | −$508.7M | −$516.4M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | −$541.5M | −$541.5M | $0 | −$866,000 | −$541.5M |
| Total shareholders' equity | $1.85B | $1.87B | $1.89B | $1.88B | $1.87B | $1.90B | $1.94B | $1.94B | $1.94B | $1.96B | $1.96B | $1.95B |
| Key figures | ||||||||||||
| Total debt | $22.92B | $20.29B | $19.09B | $16.27B | $14.55B | $12.63B | $12.13B | $10.81B | $9.75B | $9.93B | $10.47B | $7.55B |
| Net cash (debt) | −$22.50B | −$18.91B | −$18.63B | −$14.80B | −$13.02B | −$11.09B | −$10.58B | −$9.23B | −$8.12B | −$9.46B | −$10.06B | −$7.17B |
| Working capital | −$7.97B | −$7.08B | −$7.75B | −$6.45B | −$5.52B | −$4.83B | −$6.56B | −$5.57B | −$4.59B | −$1.67B | −$5.78B | −$2.64B |
| Tangible book value | −$1.72B | −$1.76B | −$1.76B | −$1.79B | −$1.87B | −$1.87B | −$1.93B | −$1.87B | −$2.00B | −$1.99B | −$1.96B | −$2.16B |
| Book value per share | $21.25 | $21.43 | $21.69 | $21.60 | $21.44 | $21.89 | $22.33 | $22.30 | $22.34 | $17.65 | $17.63 | $17.55 |
| Shares outstanding | 87.2M | 87.1M | 87.0M | 87.0M | 87.0M | 86.9M | 86.8M | 86.9M | 86.8M | 111.0M | 111.0M | 111.1M |
| Current ratio | 0.05 | 0.07 | 0.03 | 0.20 | 0.23 | 0.26 | 0.05 | 0.09 | 0.09 | 0.70 | 0.08 | 0.13 |
| Quick ratio | 1.53 | 0.19 | 1.12 | 0.19 | 0.22 | 0.25 | 0.24 | 0.27 | 0.34 | 0.10 | 0.08 | 0.13 |
| Debt / equity | 12.37 | 10.87 | 10.12 | 8.66 | 7.80 | 6.64 | 6.26 | 5.58 | 5.03 | 5.07 | 5.35 | 3.88 |
| Equity / assets | 7.4% | 8.3% | 8.8% | 10.1% | 11.1% | 12.8% | 13.5% | 14.8% | 16.1% | 15.9% | 14.9% | 14.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 18, 2026); data from EODHD.
PMT financial position
At the end of fiscal 2025 (December 31, 2025), PennyMac Mortgage Investment had total assets of $21.3 billion (up 48.2% from a year earlier), total liabilities of $19.5 billion and shareholders' equity of $1.9 billion. It held $462.5 million in cash and short-term investments against $19.1 billion of debt, net debt of $18.6 billion. Its current ratio was 0.03. In the latest quarter (ended June 30, 2026) total assets were $25.1 billion and equity $1.9 billion.
Related: PMT income statement, PMT cash flow statement, PMT key metrics. See the PMT stock overview for the latest quote and news.
PMT balance sheet FAQ
What are PennyMac Mortgage Investment's total assets?
PennyMac Mortgage Investment reported total assets of $21.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $14.4 billion a year earlier.
How much debt does PennyMac Mortgage Investment have?
PennyMac Mortgage Investment had $19.1 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 10.12.
How much cash does PennyMac Mortgage Investment have?
PennyMac Mortgage Investment held $462.5 million in cash and short-term investments at the end of fiscal 2025; with $19.1 billion of debt that is net debt of $18.6 billion.
What is PennyMac Mortgage Investment's book value?
PennyMac Mortgage Investment's shareholders' equity (book value) was $1.9 billion at the end of fiscal 2025, or $21.70 per share.
What is PennyMac Mortgage Investment's current ratio?
PennyMac Mortgage Investment had current assets of $272.0 million and current liabilities of $8.0 billion, a current ratio of 0.03 (current liabilities exceed current assets).
How much goodwill does PennyMac Mortgage Investment have?
PennyMac Mortgage Investment carried $3.6 billion of goodwill and intangible assets, 17.1% of total assets, at the end of fiscal 2025.