PennyMac Mortgage Investment Trust, a specialty finance company, invests primarily in residential mortgage loans and mortgage-related assets in the United States. The company operates through two segments, Correspondent Production and Investment Activities. The Correspondent Production segment engages in purchasing, pooling, and reselling newly originated prime credit mortgage loans directly or in the form of mortgage-backed securities. The Investment Activities segment invests in mortgage-related assets, which include distressed mortgage loans, real estate acquired in settlement of loans, mortgage-backed securities, mortgage servicing rights, and excess servicing spreads. PNMAC Capital Management, LLC acts as the manager of PennyMac Mortgage Investment Trust. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. PennyMac Mortgage Investment Trust was founded in 2009 and is based in Moorpark, California.