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Strategies & Market Trends : Value Investing
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To: Elroy who wrote (53655)3/28/2014 1:38:01 AM
From: Spekulatius   of 78748
 
Re PFSI - I was wrong with regards to P/B. I think it's about 2, but P/B is largely irrelevant. PFSI is the GP and does not need any equity fundamentally, this is what PMT (the LP is supposed to do). PFSI simply get's a cut of PMT assets and earnings (I think it's 1.5% of the assets and 20% of the earnings above the 8% hurdle rats). So PFSI is highly incentivized to grow PMT.

FWIW, the structure is similar to MN, where the bulk of shares are nontradeable units. I think there is the equivalent of ~75M shares out there. PE currently is ~12x.
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