Research Feed
Post-Earnings Overreaction: Strategic Inflection Executing, Market Punishing Transition Costs
PennyMac Mortgage Investment Trust (PMT) is executing a strategic pivot from legacy low-return assets to organic prime non-Agency securitization. The market is punishing visible transition costs (run rate down $0.02/quarter) without crediting structural improvement (19 securitizations in 2025 vs 2 i