Welcome to our dedicated page for Pennymac Mortg news (Ticker: PMT), a resource for investors and traders seeking the latest updates and insights on Pennymac Mortg stock.
PennyMac Mortgage Investment Trust (PMT) is a specialty finance company that invests primarily in mortgage-related assets in the United States. The company operates through three core segments: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, and Correspondent Production.
Within the Credit Sensitive Strategies segment, PMT focuses on investing in credit risk transfer (CRT) agreements, which include firm commitments to purchase CRT securities, distressed loans, real estate, and non-agency subordinated bonds. This segment aims to generate income through strategic investments in assets with varying credit risks.
The Interest Rate Sensitive Strategies segment primarily engages in investing in mortgage servicing rights, excess servicing spreads, and both agency and senior non-agency mortgage-backed securities (MBS). It also involves related interest rate hedging activities to manage exposure to interest rate fluctuations, thereby stabilizing returns.
The Correspondent Production segment entails purchasing, pooling, and reselling newly originated prime credit residential loans. These activities often result in the creation of mortgage-backed securities (MBS), which are then sold to investors. This segment is crucial for ensuring a steady flow of high-credit-quality residential loans, which underpins the company's strong performance in the mortgage market.
Managed by PNMAC Capital Management, LLC, PennyMac Mortgage Investment Trust qualifies as a real estate investment trust (REIT). This status allows the company to benefit from certain tax advantages, thereby enhancing its ability to generate and distribute income to shareholders.
In recent times, PMT has made significant strides in expanding its investment portfolio and optimizing its asset management strategies. The company’s financial condition remains robust, backed by a diversified investment approach and effective risk management practices. PMT continues to forge strategic partnerships and adapt to market dynamics, further solidifying its reputation as a key player in the mortgage finance industry.
PennyMac Mortgage Investment Trust (NYSE: PMT) has announced the pricing of a $150 million public offering of 9.00% Senior Notes due 2030. The notes will be guaranteed by PennyMac Corp. (PMC) and issued in denominations of $25.00. The company has granted underwriters a 30-day over-allotment option for an additional $22.5 million.
The proceeds will fund various business activities, including investments in subordinated bonds from private-label securitization, mortgage-related securities, mortgage servicing rights acquisition, correspondent lending business, and potential repayment of PMC's 5.50% exchangeable senior notes due 2026.
The offering is expected to close on February 11, 2025. PMT plans to list the Notes on the NYSE under the symbol 'PMTV', with trading expected to commence within 30 days of closing.
PennyMac Financial Services (NYSE: PFSI) has announced the pricing of its upsized private offering of $850 million Senior Notes due 2033, increased from the previously announced $650 million. The Notes will carry a 6.875% interest rate, payable semi-annually starting August 15, 2025, and will mature on February 15, 2033.
The Notes will be guaranteed by PFSI's existing and future wholly owned domestic subsidiaries. The proceeds will be used to repay certain indebtedness, including secured MSR facilities and potential repurchase of 5.375% senior notes due October 2025. The offering, expected to close on February 6, 2025, is exclusively available to qualified institutional buyers under Rule 144A and certain non-U.S. persons under Regulation S of the Securities Act.
PennyMac Mortgage Investment Trust (NYSE: PMT) has announced an underwritten public offering of senior notes due 2030. The notes will be guaranteed by PennyMac Corp. (PMC), the company's indirect wholly-owned subsidiary. The net proceeds will fund various business activities, including:
- Investment in subordinated bonds from private-label securitization activities
- Acquisition of mortgage servicing rights
- Funding correspondent lending business
- Repayment of other indebtedness
- General business purposes
The company plans to list the Notes on the NYSE under the symbol 'PMTV'. Multiple financial institutions, including Morgan Stanley, Goldman Sachs, RBC Capital Markets, and others, are serving as joint book-running managers for the offering.
PennyMac Financial Services (NYSE: PFSI) has announced plans to offer $650 million in Senior Notes due 2033. The Notes will be guaranteed on an unsecured senior basis by the company's existing and future wholly owned domestic subsidiaries, with certain exclusions.
The proceeds will be allocated to repay various forms of debt, including borrowings under secured MSR facilities and other secured indebtedness, as well as potentially repaying a portion of the company's 5.375% senior notes due October 2025. Additional funds will be used for general corporate purposes.
The offering will be conducted through private placement to qualified institutional buyers under Rule 144A and to certain non-U.S. persons under Regulation S of the Securities Act. The Notes will not be registered under the Securities Act or state securities laws.
PennyMac Mortgage Investment Trust (PMT) reported Q4 2024 net income of $36.1 million ($0.41 per share) on net investment income of $107.9 million. The company declared a Q4 cash dividend of $0.40 per share. Key highlights include:
- Book value per share increased to $15.87 from $15.85 in Q3 2024
- Correspondent loan production volumes totaled $3.5 billion, down 41% from Q3 but up 41% from Q4 2023
- Created $60 million in new mortgage servicing rights
- Closed two Agency-eligible investor loan securitizations totaling $822 million
- Generated $52 million in non-Agency subordinate bond investments
Full-year 2024 results showed net income of $161.0 million (versus $199.7 million in 2023), with net income attributable to common shareholders of $119.2 million ($1.37 per share). Annual dividends totaled $1.60 per share, while net investment income decreased to $334.2 million from $429.0 million in 2023.
PennyMac Financial Services (PFSI) reported Q4 2024 net income of $104.5 million ($1.95 per diluted share) on revenue of $470.1 million. Book value per share increased to $74.54 from $72.95 in Q3 2024.
Key Q4 highlights include: pretax income of $129.4 million, total loan acquisitions of $35.7 billion, and servicing portfolio growth to $665.8 billion. The company declared a quarterly dividend of $0.30 per share.
Full-year 2024 performance showed net income of $311.4 million, up from $144.7 million in 2023, with total loan production of $116.3 billion. The company issued $650 million in 6-year unsecured senior notes and increased its quarterly dividend by 50% from $0.20 previously.
PennyMac Mortgage Investment Trust (NYSE: PMT) has announced it will release its fourth quarter and full-year 2024 financial results after market close on Thursday, January 30, 2025. The company will host a conference call and live audio webcast at 6:00 p.m. Eastern Time to discuss the results.
The earnings release, webcast, and related materials will be accessible on pmt.pennymac.com. A replay of the webcast will be made available after the event. Investors unable to access the website can request materials through the Investor Relations department at 818.224.7028.
PennyMac Mortgage Investment Trust (NYSE: PMT) has announced a quarterly dividend declaration of $0.40 per common share for the fourth quarter of 2024. The dividend will be paid on January 24, 2025, to shareholders of record as of December 27, 2024.
PennyMac Financial Services, Inc. (NYSE: PFSI) reported net income of $69.4 million for Q3 2024, or $1.30 per share on a diluted basis, with revenue of $411.8 million. Key highlights include:
- Book value per share increased to $72.95 from $71.76 in Q2 2024
- Declared a Q3 cash dividend of $0.30 per share
- Pretax income was $93.9 million, down from previous quarters
- Production segment pretax income increased to $107.9 million
- Total loan acquisitions and originations reached $31.7 billion in UPB
- Servicing portfolio grew to $648.1 billion in UPB
- Investment Management segment pretax income was $0.7 million
The company reported strong performance in its production segment, with consumer direct and broker direct channels showing significant growth. However, the servicing segment experienced a pretax loss of $14.6 million due to MSR fair value declines.
PennyMac Mortgage Investment Trust (NYSE: PMT) reported net income of $31.0 million, or $0.36 per diluted share, for Q3 2024. The company announced a cash dividend of $0.40 per share. Key highlights include:
- Annualized return on average common equity of 9%
- Book value per share slightly decreased to $15.85
- Conventional correspondent loan production volumes for PMT's account totaled $5.9 billion in UPB, up 167% from Q2
- Created $88 million in new mortgage servicing rights (MSRs)
- Redeemed $305 million of MSR term notes and issued $159 million of new CRT term notes
PMT's CEO David Spector noted the company's focus on balance sheet management and its competitive advantage through its relationship with PFSI. The company is well-positioned to participate in private label securitizations and create organic investments from its production.
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