PennyMac Mortgage Investment Trust primarily invests in residential mortgage-related assets in the United States through its subsidiary. It operates through three segments: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, and Correspondent Production. The company has elected to be taxed as a real estate investment trust (REIT) and is not subject to U.S. federal income tax on the REIT taxable income it distributes to shareholders. It was incorporated in 2009 and is headquartered in Westlake Village, California.