PennyMac Mortgage Investment Trust - PMT STOCK NEWS

PennyMac Mortgage Investment Trust (PMT) has announced a $355 million private offering of secured term notes through its subsidiary PMT Issuer Trust - FMSR. The notes, priced at SOFR + 2.75%, will mature on December 27, 2027. The proceeds will be used to redeem $305 million of previously-issued notes maturing on June 25, 2027, which were priced at SOFR + 4.19%. The majority of these new notes were placed with PGIM Fixed Income, a Prudential Financial company. This transaction aims to leverage Pennymac's strong market relationships and secure more favorable financing terms.

PennyMac Mortgage Investment Trust (NYSE: PMT) has declared a cash dividend of $0.40 per common share for the second quarter of 2024. The dividend will be disbursed on July 26, 2024, to shareholders who are on record as of July 12, 2024.

PennyMac Mortgage Investment Trust (NYSE: PMT) has announced the appointment of SiSi Pouraghabagher to its Board of Trustees. Pouraghabagher brings a wealth of experience from her roles as a financial executive and board chair across various sectors, including banking, insurance, consulting, and higher education. She currently serves as an independent director and Audit Committee Chair for Private Bancorp of America, Point B, and Frontier Medicines. Her previous roles include Chief Administrative Officer for QBE North America and Chief Financial Officer and Chief Operations Officer at Balboa Insurance. She is also an adjunct professor at California Polytechnic State University, San Luis Obispo.

PennyMac Mortgage Investment Trust (PMT) announced the pricing of a private placement of $200 million of Exchangeable Senior Notes due 2029 by its subsidiary, PennyMac Corp. The initial purchasers have an option to buy an additional $30 million within 13 days. The Notes, bearing a 8.50% annual interest rate, are to be offered to qualified institutional buyers under Rule 144A of the Securities Act and will be guaranteed by PMT. The exchange rate is set at 63.3332 Common Shares per $1,000 principal, initially priced at $15.79 per share, a 15% premium over the May 21, 2024 closing price. Proceeds will fund business activities, including mortgage servicing rights, GSE credit risk transfer securities, and other mortgage-related securities.

PennyMac Mortgage Investment Trust (NYSE: PMT) announced a private offering of $200 million in Exchangeable Senior Notes due 2029 through its subsidiary, PennyMac Corp (PMC). Initial purchasers have a 13-day option to buy an additional $30 million in Notes.

The Notes are only available to qualified institutional buyers under Rule 144A of the Securities Act of 1933. These Notes will be guaranteed by PMT and can be exchanged for cash, PMT's common shares, or a combination thereof.

Net proceeds will fund PMT's business activities, including acquiring mortgage servicing rights, GSE credit risk transfer securities, and other mortgage-related securities, funding correspondent lending, and repaying existing debt.

PennyMac Financial Services (NYSE: PFSI) has announced the pricing of its private offering of $650 million in 7.125% Senior Notes due 2030. These notes will mature on November 15, 2030, with interest payable semi-annually starting November 15, 2024. The proceeds will be used to repay secured borrowings and for general corporate purposes. The offering is set to close on May 23, 2024, subject to customary conditions. The notes are guaranteed by PennyMac's wholly-owned domestic subsidiaries and were offered privately to institutional buyers and non-U.S. persons under Rule 144A and Regulation S. The notes are not registered under the Securities Act and cannot be sold in the U.S. without an exemption.

PennyMac Financial Services announced a proposed private offering of $650 million in senior notes due 2030. These notes will be guaranteed by its existing and future wholly-owned domestic subsidiaries, excluding certain subsidiaries. The raised funds will be used to repay borrowings under secured MSR facilities, other secured debt, and for general corporate purposes. The offering will be conducted privately to qualified institutional buyers under Rule 144A and to certain non-U.S. persons under Regulation S of the Securities Act of 1933. The notes will not be registered under the Securities Act or state securities laws and cannot be sold in the U.S. without an exemption.

PennyMac Mortgage Investment Trust (PMT) reported net income of $37.2 million for Q1 2024. The company declared a cash dividend of $0.40 per common share. PMT's book value per common share slightly decreased to $16.11. The company highlighted strong performance in credit sensitive strategies and correspondent production, offset by fair value declines in interest rate sensitive strategies.

PennyMac Financial Services, Inc. reported net income of $39.3 million for Q1 2024, with revenue of $305.7 million. Book value per share decreased to $70.13. The company declared a cash dividend of $0.20 per share. Pretax income was $43.9 million. Total loan acquisitions were $21.7 billion. Servicing segment pretax income was $4.9 million. Investment Management segment pretax income was $3.1 million. The company's long track record of profitability and strong capital structure positions it for future growth.