The past year has been extremely difficult for companies in the mortgage industry. As the Federal Reserve hiked the Fed funds rate at the most aggressive pace in decades, mortgage originators struggled with ever-declining volumes. That led to mortgage real estate investment trusts (mortgage REITs) being beset by interest rate volatility.

PennyMac Mortgage Investment Trust (NYSE: PMT) is an originator and mortgage REIT, and it would seem a likely candidate to get hit as well. And yet it reported an increase in book value in the first quarter of 2023. What is this REIT doing right?

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Source Fool.com