PennyMac Mortgage Investment Trust Reports Fourth Quarter and Full-Year 2024 Results

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PMT delivered a robust Q4 2024 performance that demonstrates the strength of its diversified investment strategy. The 10% annualized ROE marks a significant improvement, driven by three key factors:

1. Strong operational execution in credit sensitive strategies, generating $20.1 million pretax income with notable performance in GSE CRT investments.

2. Excellent performance in interest rate sensitive strategies, producing $25.5 million pretax income, benefiting from $183.9 million in MSR fair value gains.

3. Strategic pivot in correspondent production, with $22.5 million pretax income despite lower volumes for PMT's account.

The company's renewed focus on private label securitization market presents a compelling growth vector. The completion of two Agency-eligible loan securitizations and $52 million in new subordinate bond investments signals a strategic shift that could enhance returns in 2025. The dividend coverage appears solid with quarterly EPS of $0.41 comfortably covering the $0.40 dividend.

Looking ahead, three factors support a positive outlook:

Growing pipeline for private label securitization with strong investor demand
Renewed management agreement with PFSI ensuring operational continuity
Strategic flexibility to acquire up to 100% of non-government correspondent production post July 2025

PMT's strategic evolution reflects an astute adaptation to market dynamics, particularly evident in three key areas:

1. Capital Allocation Optimization: The planned 15-25% retention rate for conventional conforming production in Q1 2025 represents a calculated approach to balance growth with risk management. This strategic flexibility allows PMT to capitalize on private label securitization opportunities while maintaining MSR investment flow.

2. Revenue Diversification: The successful execution of $822 million in Agency-eligible loan securitizations, combined with $52 million in new subordinate bond investments, demonstrates PMT's ability to generate multiple revenue streams. This diversification helps mitigate market cycle impacts and enhances return stability.

3. Operational Efficiency: The renewed PFSI agreement streamlines operations while maintaining investment optionality. The 18 basis point fulfillment fee rate reflects operational efficiency in correspondent production.

The company's positioning in the private label securitization market, coupled with its established MSR portfolio, creates a robust foundation for sustained performance through market cycles.

01/30/2025 - 04:15 PM

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- PennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income attributable to common shareholders of $36.1 million, or $0.41 per common share on a diluted basis for the fourth quarter of 2024, on net investment income of $107.9 million. PMT previously announced a cash dividend for the fourth quarter of 2024 of $0.40 per common share of beneficial interest, which was declared on December 13, 2024, and paid on January 24, 2025, to common shareholders of record as of December 27, 2024.

Fourth Quarter 2024 Highlights

Financial results:

Net income attributable to common shareholders of $36.1 million; annualized return on average common equity of 10%¹
- Results driven by strong levels of income excluding market driven value changes
Book value per common share increased to $15.87 at December 31, 2024, from $15.85 at September 30, 2024

Other investment highlights:

Investment activity driven by correspondent production volumes
- Correspondent loan production volumes for PMT’s account totaled $3.5 billion in unpaid principal balance (UPB), down 41 percent from the prior quarter as a result of the sale of a large percentage of conventional loans to PennyMac Financial Services, Inc. (NYSE: PFSI), and up 41 percent from the fourth quarter of 2023 as a result of higher overall volumes
  - Resulted in the creation of $60 million in new mortgage servicing rights (MSRs)
- Closed two Agency-eligible investor loan securitizations with combined UPB of $822 million
  - Generated $52 million of net new investments in non-Agency subordinate bonds

¹ Return on average common equity is calculated based on net income attributable to common shareholders as a percentage of monthly average common equity during the quarter

Other highlights:

Renewed management and services agreement with PFSI for five years

Notable activity after quarter end

Closed an additional Agency eligible investor loan securitization with UPB of $341 million
- Generated $21 million of net new investments in non-Agency subordinate bonds

Full-Year 2024 Highlights

Financial results:

Net income of $161.0 million, versus $199.7 million in 2023
Net income attributable to common shareholders of $119.2 million, versus $157.8 million in 2023; diluted earnings per share of $1.37 versus $1.63 in 2023
Dividends of $1.60 per common share
Book value per share decreased slightly from $16.13 to $15.87
Net investment income of $334.2 million, down from $429.0 million in 2023
Return on average common equity of 8%²
Issued $1.3 billion in term debt to address or refinance upcoming maturities

² Return on average common equity is calculated based on net income attributable to common shareholders as a percentage of monthly average common equity during the year

“PMT produced strong results in the fourth quarter with a 10 percent annualized return on equity primarily driven by strong levels of income excluding market driven value changes and excellent performance across all three investment strategies,” said Chairman and CEO David Spector. “Importantly, the fourth quarter marked a return to organic creation of credit investments as we leveraged the strength of our correspondent production and securitization expertise to complete two securitizations of Agency-eligible investor loans and retained $52 million of net new credit subordinate bond investments. With a growing pipeline of loans available for private label securitization and strong investor demand, we expect similar levels of activity well into 2025, with the potential for increased activity and securitizations of other loan products as the origination market grows.”

Mr. Spector concluded, “While I am pleased with PMT’s performance in 2024, I am even more excited by the opportunity ahead. Given our expectations for PMT to be a consistent issuer and investor in private label securitizations alongside its seasoned portfolio of MSRs and CRT with strong underlying fundamentals, I am confident the company will continue to deliver attractive risk-adjusted returns in 2025 and beyond.”

The following table presents the contributions of PMT’s operating segments, consisting of Credit Sensitive Strategies, Interest Rate Sensitive Strategies, and Correspondent Production, as well as non-segment activities in our corporate operations:

	Credit sensitive strategies			Interest rate sensitive strategies			Correspondent production		Reportable segment total			Corporate			Total
Quarter ended December 31, 2024	Credit sensitive strategies			Interest rate sensitive strategies			Correspondent production		Reportable segment total			Corporate			Total
	(in thousands)
Net investment income:
Net loan servicing fees	$	—		$	207,421		$	—	$	207,421		$	—		$	207,421
Net gains on loans acquired for sale		—			—			26,387		26,387			—			26,387
Net gains (losses) on investments and financings
Mortgage-backed securities		(292	)		(130,856	)		—		(131,148	)		—			(131,148	)
Loans at fair value		(4,016	)		4,957			—		941			—			941
CRT investments		24,552			—			—		24,552			—			24,552
		20,244			(125,899	)		—		(105,655	)		—			(105,655	)
Net interest income:
Interest income		21,114			106,117			32,478		159,709			3,426			163,135
Interest expense		20,679			135,733			29,531		185,943			1,177			187,120
		435			(29,616	)		2,947		(26,234	)		2,249			(23,985	)
Other		(282	)		—			4,041		3,759			—			3,759
		20,397			51,906			33,375		105,678			2,249			107,927
Expenses:
Earned by PennyMac Financial Services, Inc.:
Loan servicing fees		19			20,467			—		20,486			—			20,486
Management fees		—			—			—		—			7,149			7,149
Loan fulfillment fees		—			—			6,356		6,356			—			6,356
Professional Services		—			—			3,508		3,508			2,533			6,041
Loan Collection and Liquidation		281			2,256			—		2,537			—			2,537
Compensation		—			—			—		—			997			997
Safekeeping		—			1,252			84		1,336			—			1,336
Mortgage Loan Origination Fees		—			—			914		914			—			914
Other Expenses		—			2,464			—		2,464			4,523			6,987
		300			26,439			10,862		37,601			15,202			52,803
Pretax income (loss)	$	20,097		$	25,467		$	22,513	$	68,077		$	(12,953	)	$	55,124

Credit Sensitive Strategies Segment

The Credit Sensitive Strategies segment primarily includes results from PMT’s organically-created GSE CRT investments, opportunistic investments in other GSE CRT, investments in non-agency subordinate bonds from private-label securitizations of PMT’s production and legacy investments. Pretax income for the segment was $20.1 million on net investment income of $20.4 million, compared to pretax income of $26.4 million on net investment income of $26.5 million in the prior quarter.

Net gains on investments in the segment were $20.2 million, compared to $27.1 million in the prior quarter. These net gains include $24.6 million of gains on PMT’s organically-created GSE CRT investments, $0.3 million in losses on other acquired subordinate CRT mortgage-backed securities (MBS), and $4.0 million of losses on investments from non-agency subordinate bonds from PMT’s production.

Net gains on PMT’s organically-created CRT investments for the quarter were $24.6 million, compared to $20.8 million in the prior quarter. These net gains include $10.2 million in valuation-related gains, which reflected the impact of credit spread tightening in the fourth quarter. The prior quarter included $6.6 million of such gains. Net gains on PMT’s organically-created CRT investments also included $14.8 million in realized gains and carry, compared to $15.0 million in the prior quarter. Realized losses during the quarter were $0.5 million.

Net interest income for the segment totaled $0.4 million, compared to $0.5 million of net interest expense in the prior quarter. Interest income totaled $21.1 million, down slightly from $21.4 million in the prior quarter. Interest expense totaled $20.7 million, down from $21.9 million in the prior quarter.

Interest Rate Sensitive Strategies Segment

The Interest Rate Sensitive Strategies segment includes results from investments in MSRs, Agency MBS, non-Agency senior MBS and interest rate hedges. Pretax income for the segment was $25.5 million on net investment income of $51.9 million, compared to pretax income of $0.5 million on net investment income of $26.1 million in the prior quarter. The segment includes investments that typically have offsetting fair value exposures to changes in interest rates. For example, in a period with increasing interest rates, MSRs are expected to increase in fair value, whereas Agency pass-through and non-Agency senior MBS are expected to decrease in fair value.

The results in the Interest Rate Sensitive Strategies segment consist of net gains and losses on investments, net interest income and net loan servicing fees, as well as associated expenses.

Income from net loan servicing fees was $207.4 million, compared to losses of $85.1 million in the prior quarter. Net loan servicing fees included contractually specified servicing fees of $159.6 million and $4.9 million in other fees, reduced by $90.6 million in realization of MSR cash flows, which was down from $100.6 million in the prior quarter due to higher interest rates during the quarter. Net loan servicing fees also included $183.9 million in fair value gains on MSRs due to higher interest rates, $51.2 million in hedging losses, and $0.9 million of MSR recapture income. PMT’s hedging activities are intended to manage its net exposure across all interest rate sensitive strategies, which include MSRs, MBS and related tax impacts.

Net losses on investments for the segment were $125.9 million, which primarily consisted of losses on MBS due to higher interest rates.

The following schedule details net loan servicing fees:

	Quarter ended
	December 31, 2024			September 30, 2024			December 31, 2023
	(in thousands)
From non-affiliates:
Contractually specified	$	159,553		$	162,605		$	162,916
Other fees		4,884			4,012			2,487
Effect of MSRs:
Change in fair value
Realization of cashflows		(90,612	)		(100,612	)		(87,729	)
Market changes		183,879			(84,306	)		(144,603	)
		93,267			(184,918	)		(232,332	)
Hedging results		(51,209	)		(67,220	)		(11,191	)
		42,058			(252,138	)		(243,523	)
Net servicing fees from non-affiliates		206,495			(85,521	)		(78,120	)
From PFSI—MSR recapture income		926			441			290
Net loan servicing fees	$	207,421		$	(85,080	)	$	(77,830	)

Net interest expense for the segment was $29.6 million versus $8.4 million in the prior quarter. Interest income totaled $106.1 million, down from $128.5 million in the prior quarter primarily due to lower interest income on MBS and earnings on custodial balances. Interest expense totaled $135.7 million, down slightly from $136.9 million in the prior quarter.

Segment expenses were $26.4 million, up slightly from $25.6 million in the prior quarter.

Correspondent Production Segment

PMT acquires newly originated loans from correspondent sellers and typically sells or securitizes the loans, resulting in current-period income and additions to its investments in MSRs related to a portion of its production. PMT’s Correspondent Production segment generated pretax income of $22.5 million in the fourth quarter, up from $13.2 million in the prior quarter.

Through its correspondent production activities in the fourth quarter, PMT acquired a total of $28.1 billion in UPB of loans, up 9 percent from the prior quarter and 19 percent from the fourth quarter of 2023. Of total correspondent acquisitions, government-insured or guaranteed acquisitions totaled $11.0 billion, down 7 percent from the prior quarter, while conventional conforming and jumbo acquisitions totaled $17.1 billion, up 22 percent from the prior quarter. $3.5 billion of conventional conforming and jumbo volume was for PMT’s account, down 41 percent from the prior quarter due to PMT retaining a smaller percentage of conventional conforming correspondent loan production. PMT is expected to retain all jumbo production and 15 to 25 percent of total conventional conforming correspondent production in the first quarter of 2025, compared to 19 percent in the fourth quarter of 2024, as PMT continues to pursue investment opportunities in the private label securitization market. Interest rate lock commitments on conventional conforming and jumbo loans for PMT’s account totaled $3.2 billion, down 58 percent from the prior quarter.

Segment revenues were $33.4 million and included net gains on loans acquired for sale of $26.4 million, other income of $4.0 million, which primarily consists of volume-based origination fees, and net interest income of $2.9 million. Net gains on loans acquired for sale increased $6.3 million from the prior quarter, primarily due to increased demand for private label securitization and whole loan execution for investor loans during the quarter. Interest income was $32.5 million, up from $23.9 million in the prior quarter, and interest expense was $29.5 million, up from $24.3 million in the prior quarter, both due to higher inventory of loans held for sale at fair value.

Segment expenses were $10.9 million, down from $13.1 million in the prior quarter. The weighted average fulfillment fee rate in the fourth quarter was 18 basis points, down from 19 basis points in the prior quarter.

Under a renewed mortgage banking services agreement with PFSI, effective July 1, 2025, correspondent production volumes will initially be acquired by PFSI. PMT will retain the right to purchase up to 100 percent of non-government correspondent loan production.

Corporate

Corporate includes interest income from cash and short-term investments, management fees, and corporate expenses.

Corporate revenues were $2.3 million, up from $1.9 million in the prior quarter. Management fees were $7.1 million, and other expenses were $4.5 million.

Taxes

PMT recorded a provision for tax expense of $8.6 million, driven by income from correspondent production and gains on MSRs held in PMT’s taxable REIT subsidiary.

Management’s slide presentation and accompanying materials will be available in the Investor Relations section of the Company’s website at pmt.pennymac.com after the market closes on Thursday, January 30, 2025. Management will also host a conference call and live audio webcast at 6:00 p.m. Eastern Time to review the Company’s financial results. The webcast can be accessed at pmt.pennymac.com, and a replay will be available shortly after its conclusion.

Individuals who are unable to access the website but would like to receive a copy of the materials should contact the Company’s Investor Relations department at 818.224.7028.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. PMT is externally managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI). Additional information about PennyMac Mortgage Investment Trust is available at pmt.pennymac.com.

Forward-Looking Statements

Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like “believe,” “expect,” “anticipate,” “promise,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: changes in interest rates; the Company’s ability to comply with various federal, state and local laws and regulations that govern its business; volatility in the Company’s industry, the debt or equity markets, the general economy or the real estate finance and real estate markets; events or circumstances which undermine confidence in the financial and housing markets or otherwise have a broad impact on financial and housing markets; changes in real estate values, housing prices and housing sales; changes in macroeconomic, consumer and real estate market conditions; the degree and nature of the Company’s competition; the availability of, and level of competition for, attractive risk-adjusted investment opportunities in mortgage loans and mortgage-related assets that satisfy the Company’s investment objectives; the inherent difficulty in winning bids to acquire mortgage loans, and the Company’s success in doing so; the concentration of credit risks to which the Company is exposed; the Company’s dependence on its manager and servicer, potential conflicts of interest with such entities and their affiliates, and the performance of such entities; changes in personnel and lack of availability of qualified personnel at its manager, servicer or their affiliates; our ability to mitigate cybersecurity risks, cybersecurity incidents and technology disruptions; the development of artificial intelligence; the availability, terms and deployment of short-term and long-term capital; the adequacy of the Company’s cash reserves and working capital; the Company’s ability to maintain the desired relationship between its financing and the interest rates and maturities of its assets; the timing and amount of cash flows, if any, from the Company’s investments; our substantial amount of indebtedness; the performance, financial condition and liquidity of borrowers; our exposure to risks of loss and disruptions in operations resulting from severe weather events, man-made or other natural conditions, including climate change and pandemics; the ability of the Company’s servicer, which also provides the Company with fulfillment services, to approve and monitor correspondent sellers and underwrite loans to investor standards; incomplete or inaccurate information or documentation provided by customers or counterparties, or adverse changes in the financial condition of the Company’s customers and counterparties; the Company’s indemnification and repurchase obligations in connection with mortgage loans it purchases and later sells or securitizes; the quality and enforceability of the collateral documentation evidencing the Company’s ownership and rights in the assets in which it invests; increased rates of delinquency, defaults and forbearances and/or decreased recovery rates on the Company’s investments; the performance of mortgage loans underlying mortgage-backed securities in which the Company retains credit risk; the Company’s ability to foreclose on its investments in a timely manner or at all; increased prepayments of the mortgages and other loans underlying the Company’s mortgage-backed securities or relating to the Company’s mortgage servicing rights and other investments; risks associated with the discontinuation of LIBOR; the degree to which the Company’s hedging strategies may or may not protect it from interest rate volatility; the effect of the accuracy of or changes in the estimates the Company makes about uncertainties, contingencies and asset and liability valuations when measuring and reporting upon the Company’s financial condition and results of operations; the Company’s ability to maintain appropriate internal control over financial reporting; the Company’s ability to detect misconduct and fraud; developments in the secondary markets for the Company’s mortgage loan products; legislative and regulatory changes that impact the mortgage loan industry or housing market; regulatory or other changes that impact government agencies or government-sponsored entities, or such changes that increase the cost of doing business with such agencies or entities; the Consumer Financial Protection Bureau and its issued and future rules and the enforcement thereof; changes in government support of homeownership; changes in government or government-sponsored home affordability programs; changes in the Company’s investment objectives or investment or operational strategies, including any new lines of business or new products and services that may subject it to additional risks; limitations imposed on the Company’s business and its ability to satisfy complex rules for it to qualify as a REIT for U.S. federal income tax purposes and qualify for an exclusion from the Investment Company Act of 1940 and the ability of certain of the Company’s subsidiaries to qualify as REITs or as taxable REIT subsidiaries for U.S. federal income tax purposes; changes in governmental regulations, accounting treatment, tax rates and similar matters; the Company’s ability to make distributions to its shareholders in the future; the Company’s failure to deal appropriately with issues that may give rise to reputational risk; and the Company’s organizational structure and certain requirements in its charter documents. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.

PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	December 31, 2024			September 30, 2024			December 31, 2023
	(in thousands except share amounts)
ASSETS
Cash	$	337,694		$	344,358		$	281,085
Short-term investments at fair value		103,198			102,787			128,338
Mortgage-backed securities at fair value		4,063,706			4,182,382			4,836,292
Loans acquired for sale at fair value		2,116,318			1,665,796			669,018
Loans at fair value		2,193,575			1,429,525			1,433,820
Derivative assets		56,840			81,844			177,984
Deposits securing credit risk transfer arrangements		1,110,708			1,135,447			1,209,498
Mortgage servicing rights at fair value		3,867,394			3,809,047			3,919,107
Servicing advances		105,037			71,124			206,151
Due from PennyMac Financial Services, Inc.		16,015			8,538			56
Other		438,221			224,806			252,538
Total assets	$	14,408,706		$	13,055,654		$	13,113,887
LIABILITIES
Assets sold under agreements to repurchase	$	6,500,938		$	5,748,461		$	5,624,558
Mortgage loan participation and sale agreements		11,593			28,790			—
Notes payable secured by credit risk transfer and mortgage servicing assets		2,929,790			2,830,108			2,910,605
Unsecured senior notes		605,860			814,915			600,458
Asset-backed financing of variable interest entities at fair value		2,040,375			1,334,797			1,336,731
Interest-only security payable at fair value		34,222			35,098			32,667
Derivative and credit risk transfer strip liabilities at fair value		7,351			16,151			51,381
Accounts payable and accrued liabilities		139,124			114,085			354,989
Due to PennyMac Financial Services, Inc.		30,206			32,603			29,262
Income taxes payable		163,861			155,544			190,003
Liability for losses under representations and warranties		6,886			8,315			26,143
Total liabilities		12,470,206			11,118,867			11,156,797
SHAREHOLDERS' EQUITY
Preferred shares of beneficial interest		541,482			541,482			541,482
Common shares of beneficial interest—authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding 86,860,960, 86,860,960 and 86,760,408 common shares, respectively		869			869			866
Additional paid-in capital		1,925,067			1,924,596			1,923,437
Accumulated deficit		(528,918	)		(530,160	)		(508,695	)
Total shareholders' equity		1,938,500			1,936,787			1,957,090
Total liabilities and shareholders' equity	$	14,408,706		$	13,055,654		$	13,113,887

PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	For the Quarterly Periods Ended
	December 31, 2024			September 30, 2024			December 31, 2023

Investment Income
Net loan servicing fees:
From nonaffiliates
Servicing fees	$	164,437		$	166,617		$	165,403
Change in fair value of mortgage servicing rights		93,267			(184,918	)		(232,332	)
Hedging results		(51,209	)		(67,220	)		(11,191	)
		206,495			(85,521	)		(78,120	)
From PennyMac Financial Services, Inc.		926			441			290
		207,421			(85,080	)		(77,830	)
Net gains on loans acquired for sale		26,387			20,059			15,380
Loan origination fees		3,986			6,640			3,004
Net (losses) gains on investments and financings		(105,655	)		146,695			164,338
Interest income		163,135			176,734			165,278
Interest expense		187,120			184,171			185,523
Net interest expense		(23,985	)		(7,437	)		(20,245	)
Other		(227	)		(13	)		127
Net investment income		107,927			80,864			84,774
Expenses
Earned by PennyMac Financial Services, Inc.:
Loan servicing fees		20,486			22,240			20,324
Management fees		7,149			7,153			7,252
Loan fulfillment fees		6,356			11,492			4,931
Professional services		6,041			2,614			2,084
Loan collection and liquidation		2,537			2,257			1,184
Safekeeping		1,336			1,174			1,059
Compensation		997			1,326			2,327
Loan origination		914			1,408			817
Other		6,987			4,666			4,476
Total expenses		52,803			54,330			44,454
Income before provision for (benefit from) income taxes		55,124			26,534			40,320
Provision for (benefit from) income taxes		8,589			(14,873	)		(12,590	)
Net income		46,535			41,407			52,910
Dividends on preferred shares		10,455			10,455			10,455
Net income attributable to common shareholders	$	36,080		$	30,952		$	42,455
Earnings per common share
Basic	$	0.41		$	0.36		$	0.49
Diluted	$	0.41		$	0.36		$	0.44
Weighted average shares outstanding
Basic		86,861			86,861			86,659
Diluted		86,861			86,861			110,987

PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Year ended December 31,
		2024			2023			2022
	(in thousands, except earnings per common share)
Net investment income
Net loan servicing fees:
From nonaffiliates
Contractually specified	$	644,642		$	659,438		$	625,210
Other		14,722			17,008			26,041
		659,364			676,446			651,251
Change in fair value of mortgage servicing rights		(170,409	)		(296,847	)		449,435
Mortgage servicing rights hedging results		(226,608	)		(92,775	)		(204,879	)
		262,347			286,824			895,807
From PennyMac Financial Services, Inc.		2,193			1,784			13,744
		264,540			288,608			909,551
Net gains on loans acquired for sale:
From nonaffiliates		65,055			32,695			20,724
From PennyMac Financial Services, Inc.		8,069			7,162			4,968
		73,124			39,857			25,692
Loan origination fees		15,085			18,231			52,085
Net gains (losses) on investments and financings		61,050			178,099			(658,787	)
Net interest expense:
Interest income		635,263			639,907			383,794
Interest expense		714,659			735,968			410,420
Net interest expense		(79,396	)		(96,061	)		(26,626	)
Results of real estate acquired in settlement of loans		(437	)		(186	)		496
Other		228			472			1,360
Net investment income		334,194			429,020			303,771
Expenses
Earned by PennyMac Financial Services, Inc.:
Loan servicing fees		83,252			81,347			81,915
Management fees		28,623			28,762			31,065
Loan fulfillment fees		26,291			27,826			67,991
Professional services		12,779			7,621			9,569
Loan collection and liquidation		6,834			4,562			5,396
Compensation		5,608			7,106			5,941
Safekeeping		4,403			3,766			8,201
Loan origination		3,328			4,602			12,036
Other		20,428			19,033			18,570
Total expenses		191,546			184,625			240,684
Income before (benefit from) provision for income taxes		142,648			244,395			63,087
(Benefit from) provision for income taxes		(18,336	)		44,741			136,374
Net income (loss)		160,984			199,654			(73,287	)
Dividends on preferred shares		41,819			41,819			41,819
Net income (loss) attributable to common shareholders	$	119,165		$	157,835		$	(115,106	)
Earnings (losses) per common share
Basic	$	1.37		$	1.80		$	(1.26	)
Diluted	$	1.37		$	1.63		$	(1.26	)
Weighted average common shares outstanding
Basic		86,815			87,372			91,434
Diluted		86,815			111,700			91,434

View source version on businesswire.com: https://www.businesswire.com/news/home/20250130176336/en/

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805.225.8224

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818.224.7028

Source: PennyMac Mortgage Investment Trust

FAQ

What was PMT's Q4 2024 earnings per share?

PMT reported earnings of $0.41 per share for Q4 2024.

How much did PMT's book value per share change in Q4 2024?

PMT's book value per share increased to $15.87 from $15.85 in Q4 2024.

What was PMT's dividend payment for Q4 2024?

PMT declared a cash dividend of $0.40 per share for Q4 2024.

How did PMT's full-year 2024 net income compare to 2023?

PMT's full-year net income decreased to $161.0 million in 2024 from $199.7 million in 2023.

What was PMT's correspondent loan production volume in Q4 2024?

PMT's correspondent loan production volume was $3.5 billion in Q4 2024, down 41% from Q3 but up 41% from Q4 2023.

PennyMac Mortgage Investment Trust Reports Fourth Quarter and Full-Year 2024 Results

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What was PMT's Q4 2024 earnings per share?

How much did PMT's book value per share change in Q4 2024?

What was PMT's dividend payment for Q4 2024?

How did PMT's full-year 2024 net income compare to 2023?

What was PMT's correspondent loan production volume in Q4 2024?

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PennyMac Mortgage Investment Trust Reports Fourth Quarter and Full-Year 2024 Results

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FAQ

What was PMT's Q4 2024 earnings per share?

How much did PMT's book value per share change in Q4 2024?

What was PMT's dividend payment for Q4 2024?

How did PMT's full-year 2024 net income compare to 2023?

What was PMT's correspondent loan production volume in Q4 2024?

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