PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests in residential mortgage loans and mortgage-related assets. The Company conducts all its operations, and makes investments, through PennyMac Operating Partnership, L.P. and its subsidiaries. Its segments include credit sensitive strategies, interest rate sensitive strategies, correspondent production, and corporate. The credit sensitive strategies segment represents its investments in credit risk transfer (CRT) arrangements, subordinate mortgage-backed securities (MBS), distressed loans and real estate. The interest rate sensitive strategies segment represents its investments in mortgage servicing rights (MSRs), excess servicing spread (ESS), agency and senior non-agency MBS and the related interest rate hedging activities. The Correspondent Production segment serves as an intermediary between lenders and the capital markets by purchasing, pooling and reselling credit quality loans.