PennyMac Mortgage Investment Trust is a specialty finance company that invests primarily in residential mortgage loans and mortgage-related assets. The company’s operations include activities such as production and servicing of financial securities based on residential loans and pooling and reselling of high-credit-quality mortgages. The company operates through four segments: correspondent production, credit-sensitive strategies, interest-rate-sensitive strategies, and corporate activities. The correspondent production segment, which generates income via purchasing, pooling, and reselling of loans or mortgage-backed securities accounts for roughly half of the company’s income.