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Side-by-side financial comparison of PennyMac Mortgage Investment Trust (PMT) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
Safehold Inc. is the larger business by last-quarter revenue ($97.9M vs $93.6M, roughly 1.0× PennyMac Mortgage Investment Trust). PennyMac Mortgage Investment Trust runs the higher net margin — 56.0% vs 28.5%, a 27.5% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs -13.3%). Over the past eight quarters, PennyMac Mortgage Investment Trust's revenue compounded faster (12.3% CAGR vs 2.5%).
PennyMac Mortgage Investment Trust is a U.S.-headquartered real estate investment trust specializing in residential mortgage assets. It invests in performing and non-performing mortgage loans, mortgage-backed securities, and credit risk transfer instruments, operating across investment management and mortgage servicing segments in the U.S. housing market.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
PMT vs SAFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $93.6M | $97.9M |
| Net Profit | $52.4M | $27.9M |
| Gross Margin | — | 98.6% |
| Operating Margin | 38.6% | 27.4% |
| Net Margin | 56.0% | 28.5% |
| Revenue YoY | -13.3% | 6.5% |
| Net Profit YoY | 12.5% | 7.1% |
| EPS (diluted) | $0.49 | $0.38 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $93.6M | $97.9M | ||
| Q3 25 | $99.2M | $96.2M | ||
| Q2 25 | $70.2M | $93.8M | ||
| Q1 25 | $44.5M | $97.7M | ||
| Q4 24 | $107.9M | $91.9M | ||
| Q3 24 | $80.9M | $90.7M | ||
| Q2 24 | $71.2M | $89.9M | ||
| Q1 24 | $74.2M | $93.2M |
| Q4 25 | $52.4M | $27.9M | ||
| Q3 25 | $58.3M | $29.3M | ||
| Q2 25 | $7.5M | $27.9M | ||
| Q1 25 | $9.7M | $29.4M | ||
| Q4 24 | $46.5M | $26.0M | ||
| Q3 24 | $41.4M | $19.3M | ||
| Q2 24 | $25.4M | $29.7M | ||
| Q1 24 | $47.6M | $30.7M |
| Q4 25 | — | 98.6% | ||
| Q3 25 | — | 98.5% | ||
| Q2 25 | — | 99.1% | ||
| Q1 25 | — | 98.8% | ||
| Q4 24 | — | 98.8% | ||
| Q3 24 | — | 98.8% | ||
| Q2 24 | — | 98.8% | ||
| Q1 24 | — | 98.8% |
| Q4 25 | 38.6% | 27.4% | ||
| Q3 25 | 47.4% | 25.9% | ||
| Q2 25 | 24.2% | 25.5% | ||
| Q1 25 | -14.2% | 25.9% | ||
| Q4 24 | 51.1% | 24.6% | ||
| Q3 24 | 32.8% | 17.5% | ||
| Q2 24 | 40.2% | 26.7% | ||
| Q1 24 | 43.6% | 26.4% |
| Q4 25 | 56.0% | 28.5% | ||
| Q3 25 | 58.7% | 30.5% | ||
| Q2 25 | 10.7% | 29.8% | ||
| Q1 25 | 21.8% | 30.1% | ||
| Q4 24 | 43.1% | 28.3% | ||
| Q3 24 | 51.2% | 21.3% | ||
| Q2 24 | 35.7% | 33.0% | ||
| Q1 24 | 64.2% | 33.0% |
| Q4 25 | $0.49 | $0.38 | ||
| Q3 25 | $0.55 | $0.41 | ||
| Q2 25 | $-0.04 | $0.39 | ||
| Q1 25 | $-0.01 | $0.41 | ||
| Q4 24 | $0.45 | $0.36 | ||
| Q3 24 | $0.36 | $0.27 | ||
| Q2 24 | $0.17 | $0.42 | ||
| Q1 24 | $0.39 | $0.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $190.5M | $21.7M |
| Total DebtLower is stronger | $1.1B | $4.6B |
| Stockholders' EquityBook value | $1.9B | $2.4B |
| Total Assets | $21.3B | $7.2B |
| Debt / EquityLower = less leverage | 0.58× | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.5M | $21.7M | ||
| Q3 25 | $181.0M | $12.1M | ||
| Q2 25 | $108.6M | $13.9M | ||
| Q1 25 | $204.2M | $17.3M | ||
| Q4 24 | $103.2M | $8.3M | ||
| Q3 24 | $102.8M | $15.6M | ||
| Q2 24 | $336.3M | $13.4M | ||
| Q1 24 | $343.3M | $11.3M |
| Q4 25 | $1.1B | $4.6B | ||
| Q3 25 | $299.0M | $4.5B | ||
| Q2 25 | $1.2B | $4.4B | ||
| Q1 25 | $968.4M | $4.3B | ||
| Q4 24 | $1.0B | $4.3B | ||
| Q3 24 | $5.2B | $4.3B | ||
| Q2 24 | $5.4B | $4.2B | ||
| Q1 24 | $5.1B | $4.1B |
| Q4 25 | $1.9B | $2.4B | ||
| Q3 25 | $1.9B | $2.4B | ||
| Q2 25 | $1.9B | $2.4B | ||
| Q1 25 | $1.9B | $2.4B | ||
| Q4 24 | $1.9B | $2.3B | ||
| Q3 24 | $1.9B | $2.3B | ||
| Q2 24 | $1.9B | $2.3B | ||
| Q1 24 | $2.0B | $2.3B |
| Q4 25 | $21.3B | $7.2B | ||
| Q3 25 | $18.5B | $7.1B | ||
| Q2 25 | $16.8B | $7.1B | ||
| Q1 25 | $14.9B | $6.9B | ||
| Q4 24 | $14.4B | $6.9B | ||
| Q3 24 | $13.1B | $6.8B | ||
| Q2 24 | $12.1B | $6.8B | ||
| Q1 24 | $12.3B | $6.7B |
| Q4 25 | 0.58× | 1.90× | ||
| Q3 25 | 0.16× | 1.89× | ||
| Q2 25 | 0.65× | 1.87× | ||
| Q1 25 | 0.51× | 1.85× | ||
| Q4 24 | 0.52× | 1.84× | ||
| Q3 24 | 2.70× | 1.88× | ||
| Q2 24 | 2.76× | 1.81× | ||
| Q1 24 | 2.60× | 1.81× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-7.2B | $47.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | -137.76× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-7.2B | $47.8M | ||
| Q3 25 | $-1.3B | $-1.4M | ||
| Q2 25 | $-2.0B | $28.0M | ||
| Q1 25 | $-594.3M | $8.9M | ||
| Q4 24 | $-2.7B | $37.9M | ||
| Q3 24 | $-983.8M | $8.3M | ||
| Q2 24 | $243.8M | $24.8M | ||
| Q1 24 | $-342.4M | $-3.1M |
| Q4 25 | -137.76× | 1.72× | ||
| Q3 25 | -22.26× | -0.05× | ||
| Q2 25 | -267.53× | 1.00× | ||
| Q1 25 | -61.39× | 0.30× | ||
| Q4 24 | -58.08× | 1.45× | ||
| Q3 24 | -23.76× | 0.43× | ||
| Q2 24 | 9.59× | 0.83× | ||
| Q1 24 | -7.19× | -0.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PMT
| Other | $55.0M | 59% |
| Interest Rate Sensitive Strategies | $31.4M | 34% |
| Correspondent Production | $7.2M | 8% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
