PennyMac Mortgage Investment Trust is a holding company. Through its subsidiaries, Co. is a finance company that invests primarily in mortgage-related assets. Co. conducts substantially all of its operations, and makes substantially all of its investments, through PennyMac Operating Partnership, L.P. and its subsidiaries. Co.'s business includes three segments: credit sensitive strategies, which includes Co.'s investments in credit risk transfer; interest rate sensitive strategies, which includes Co.'s investments in mortgage servicing rights; and correspondent production, which represents Co.'s operations aimed at serving as an intermediary between lenders and the capital markets.
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