PennyMac Mortgage Investment Trust Reports Third Quarter 2024 Results
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.
PennyMac Mortgage Investment Trust (NYSE: PMT) ha riportato un reddito netto di 31,0 milioni di dollari, ovvero 0,36 dollari per azione diluita, per il terzo trimestre del 2024. La società ha annunciato un dividendo in contante di 0,40 dollari per azione. I punti salienti includono:
- Rendimento annualizzato sul capitale azionario medio del 9%
- Il valore contabile per azione è leggermente diminuito a 15,85 dollari
- I volumi di produzione di prestiti convenzionali per conto di PMT hanno raggiunto un totale di 5,9 miliardi di dollari in UPB, in aumento del 167% rispetto al secondo trimestre
- Creazione di 88 milioni di dollari in nuovi diritti di servicing ipotecario (MSRs)
- Riscatto di 305 milioni di dollari di note a termine MSR e emissione di 159 milioni di dollari di nuove note a termine CRT
Il CEO di PMT, David Spector, ha sottolineato il focus della società sulla gestione del bilancio e il suo vantaggio competitivo attraverso la relazione con PFSI. L'azienda è ben posizionata per partecipare a cartolarizzazioni private e creare investimenti organici dalla sua produzione.
PennyMac Mortgage Investment Trust (NYSE: PMT) reportó un ingreso neto de 31,0 millones de dólares, o 0,36 dólares por acción diluida, para el tercer trimestre de 2024. La compañía anunció un dividendo en efectivo de 0,40 dólares por acción. Los puntos destacados incluyen:
- Rendimiento anualizado sobre el capital común promedio del 9%
- El valor contable por acción disminuyó ligeramente a 15,85 dólares
- Los volúmenes de producción de préstamos convencionales para la cuenta de PMT totalizaron 5,9 mil millones de dólares en UPB, un aumento del 167% con respecto al segundo trimestre
- Se crearon 88 millones de dólares en nuevos derechos de servicio hipotecario (MSRs)
- Se redimieron 305 millones de dólares en notas a plazo de MSR y se emitieron 159 millones de dólares en nuevas notas a plazo de CRT
El CEO de PMT, David Spector, señaló el enfoque de la empresa en la gestión del balance y su ventaja competitiva a través de su relación con PFSI. La compañía está bien posicionada para participar en titulizaciones de marca privada y crear inversiones orgánicas a partir de su producción.
PennyMac Mortgage Investment Trust (NYSE: PMT)는 2024년 3분기에 순이익이 3,100만 달러, 즉 희석주당 0.36달러라고 보고했습니다. 이 회사는 주당 0.40달러의 현금 배당금을 발표했습니다. 주요 하이라이트는 다음과 같습니다:
- 평균 보통주 자본에 대한 연환산 수익률 9%
- 주당 장부 가치가 15.85달러로 약간 감소
- PMT의 계좌에 대한 일반 대출 생산량은 UPB로 59억 달러로, 2분기 대비 167% 증가
- 8,800만 달러의 새로운 모기지 서비스 권리 (MSR) 생성
- 3억 500만 달러의 MSR 만기 노트를 상환하고 1억 5,900만 달러의 새로운 CRT 만기 노트를 발행
PMT의 CEO인 David Spector는 회사가 재무 관리에 집중하고 있으며 PFSI와의 관계를 통해 경쟁 우위를 보유하고 있다고 언급했습니다. 이 회사는 사모 명칭 증권화에 참여하고 자신의 생산에서 유기적 투자를 창출할 수 있는 좋은 위치에 있습니다.
PennyMac Mortgage Investment Trust (NYSE: PMT) a déclaré un revenu net de 31,0 millions de dollars, soit 0,36 dollar par action diluée, pour le troisième trimestre 2024. La société a annoncé un dividende en espèces de 0,40 dollar par action. Les points saillants comprennent :
- Rendement annualisé sur les capitaux propres ordinaires moyens de 9%
- La valeur comptable par action a légèrement diminué à 15,85 dollars
- Les volumes de production de prêts conventionnels pour le compte de PMT ont totalisé 5,9 milliards de dollars en UPB, en hausse de 167% par rapport au deuxième trimestre
- Création de 88 millions de dollars en nouveaux droits de service hypothécaire (MSRs)
- Rachat de 305 millions de dollars de billets à terme MSR et émission de 159 millions de dollars de nouveaux billets à terme CRT
Le PDG de PMT, David Spector, a noté que la société se concentre sur la gestion de son bilan et qu'elle bénéficie d'un avantage concurrentiel grâce à sa relation avec PFSI. L'entreprise est bien positionnée pour participer à des titrisations de marque privée et créer des investissements organiques à partir de sa production.
PennyMac Mortgage Investment Trust (NYSE: PMT) meldete ein Nettoeinkommen von 31,0 Millionen Dollar, oder 0,36 Dollar pro verwässerter Aktie, für das dritte Quartal 2024. Das Unternehmen gab eine Bardividende von 0,40 Dollar pro Aktie bekannt. Zu den wichtigsten Höhepunkten gehören:
- Annualisierte Rendite auf das durchschnittliche Eigenkapital von 9%
- Buchwert pro Aktie ist leicht auf 15,85 Dollar gesunken
- Die Produktionsvolumina von herkömmlichen Korrespondenzdarlehen für das Konto von PMT betrugen insgesamt 5,9 Milliarden Dollar in UPB, was einem Anstieg von 167% im Vergleich zum zweiten Quartal entspricht
- 88 Millionen Dollar an neuen Hypothekendienstrechten (MSRs) geschaffen
- Rückzahlung von 305 Millionen Dollar an MSR-Terminnoten und Ausstellung von 159 Millionen Dollar an neuen CRT-Terminnoten
Der CEO von PMT, David Spector, bemerkte, dass sich das Unternehmen auf die Bilanzverwaltung konzentriert und durch seine Beziehung zu PFSI einen Wettbewerbsvorteil hat. Das Unternehmen ist gut positioniert, um an privaten Label-Verbriefungen teilzunehmen und organische Investitionen aus seiner Produktion zu schaffen.
- Net income of $31.0 million, or $0.36 per diluted share
- Annualized return on average common equity of 9%
- Cash dividend of $0.40 per share declared
- Conventional correspondent loan production volumes increased 167% to $5.9 billion
- Created $88 million in new mortgage servicing rights, up from $41 million in Q2
- Redeemed $305 million of MSR term notes with new notes at a lower spread
- Issued $159 million of new CRT term notes to refinance maturing notes
- Book value per share slightly decreased from $15.89 to $15.85
- Net loan servicing fees showed a loss of $85.1 million
- Fair value declines of $84.3 million on MSRs due to lower interest rates
- Hedging declines of $67.2 million
Insights
PennyMac Mortgage Investment Trust (PMT) reported mixed results for Q3 2024. Net income attributable to common shareholders was
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 increased significantly to
$5.9 billion UPB, up167% from the previous quarter - Creation of
$88 million in new mortgage servicing rights (MSRs), up from$41 million in Q2 - Redemption of
$305 million of MSR term notes and issuance of$159 million of new CRT term notes
The company's performance was bolstered by fair value changes and associated tax benefits, despite challenging market conditions. PMT's strategic relationship with its manager, PFSI, provides flexibility in different rate environments, positioning the company well for potential private label securitizations and organic investment opportunities.
PMT's Q3 results reflect the company's adaptability in a challenging mortgage market. The significant increase in conventional correspondent loan production volumes for PMT's account (
The company's focus on balance sheet management is evident in its refinancing activities. By redeeming
However, the slight decrease in book value per share and the
Third Quarter 2024 Highlights
Financial results:
-
Net income attributable to common shareholders of
$31.0 million 9% 1- Solid levels of income excluding market-driven fair value changes bolstered by fair value changes including associated tax benefits
-
Book value per common share decreased slightly to
$15.85 $15.89
Other investment highlights:
-
Investment activity driven by correspondent production volumes
-
Conventional correspondent loan production volumes for PMT’s account totaled
$5.9 billion -
Resulted in the creation of
$88 million $41 million
-
Resulted in the creation of
-
Conventional correspondent loan production volumes for PMT’s account totaled
-
Redeemed
$305 million -
Issued
$159 million $152 million
1Return 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 |
“PMT’s third quarter financial results reflect solid levels of income excluding market driven value changes bolstered by fair value changes including associated tax benefits,” said Chairman and CEO David Spector. “We increased the amount of conventional mortgage production retained this quarter, which drove strong results in the segment as well as the creation of nearly
Mr. Spector continued, “PMT’s synergistic relationship with its manager and services provider, PFSI, has proven to be a competitive advantage, allowing for significant flexibility across different rate environments. Pennymac has become a top producer of mortgage loans with recent growth in originations of loan products that have strong demand from investors outside of the Agencies. Combined with our capital markets expertise and long-standing relationships with banks, asset managers and institutional investors, I believe PMT is well-positioned to participate meaningfully in private label securitizations and the creation of organic investments from its own production as the landscape evolves.”
The following table presents the contributions of PMT’s segments, consisting of Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production, and Corporate:
| Credit sensitive strategies |
Interest rate sensitive strategies |
Correspondent production |
Corporate | Total | ||||||||||||||||
| Quarter ended Sep 30, 2024 | ||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Net investment income: | ||||||||||||||||||||
| Net gains (losses) on investments and financings | ||||||||||||||||||||
| Mortgage-backed securities | $ |
559 |
|
$ |
122,874 |
|
$ |
— |
|
$ |
— |
|
$ |
123,433 |
|
|||||
| Loans at fair value | ||||||||||||||||||||
| Held by VIEs |
|
5,730 |
|
|
(3,292 |
) |
|
— |
|
|
— |
|
|
2,438 |
|
|||||
| Distressed |
|
(10 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(10 |
) |
|||||
| CRT investments |
|
20,834 |
|
|
— |
|
|
— |
|
|
— |
|
|
20,834 |
|
|||||
|
27,113 |
|
|
119,582 |
|
|
— |
|
|
— |
|
|
146,695 |
|
||||||
| Net gains on loans acquired for sale |
|
— |
|
|
— |
|
|
20,059 |
|
|
— |
|
|
20,059 |
|
|||||
| Net loan servicing fees |
|
— |
|
|
(85,080 |
) |
|
— |
|
|
— |
|
|
(85,080 |
) |
|||||
| Net interest expense: | ||||||||||||||||||||
| Interest income |
|
21,389 |
|
|
128,458 |
|
|
23,853 |
|
|
3,034 |
|
|
176,734 |
|
|||||
| Interest expense |
|
21,921 |
|
|
136,873 |
|
|
24,273 |
|
|
1,104 |
|
|
184,171 |
|
|||||
|
(532 |
) |
|
(8,415 |
) |
|
(420 |
) |
|
1,930 |
|
|
(7,437 |
) |
||||||
| Other |
|
(65 |
) |
|
— |
|
|
6,692 |
|
|
— |
|
|
6,627 |
|
|||||
|
26,516 |
|
|
26,087 |
|
|
26,331 |
|
|
1,930 |
|
|
80,864 |
|
||||||
| Expenses: | ||||||||||||||||||||
| Loan fulfillment and servicing fees payable to PennyMac Financial Services, Inc. |
|
20 |
|
|
22,220 |
|
|
11,492 |
|
|
— |
|
|
33,732 |
|
|||||
| Management fees payable to PennyMac Financial Services, Inc. |
|
— |
|
|
— |
|
|
— |
|
|
7,153 |
|
|
7,153 |
|
|||||
| Other |
|
47 |
|
|
3,376 |
|
|
1,590 |
|
|
8,432 |
|
|
13,445 |
|
|||||
$ |
67 |
|
$ |
25,596 |
|
$ |
13,082 |
|
$ |
15,585 |
|
$ |
54,330 |
|
||||||
| Pretax income (loss) | $ |
26,449 |
|
$ |
491 |
|
$ |
13,249 |
|
$ |
(13,655 |
) |
$ |
26,534 |
|
|||||
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
Net gains on investments in the segment were
Net gains on PMT’s organically-created CRT investments for the quarter were
Net interest expense for the segment was
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
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.
Net gains on investments for the segment were
Losses from net loan servicing fees were
The following schedule details net loan servicing fees:
| Quarter ended | |||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||
| (in thousands) | |||||||||
| From non-affiliates: | |||||||||
| Contractually specified | $ |
162,605 |
|
$ |
162,127 |
|
$ |
166,809 |
|
| Other fees |
|
4,012 |
|
|
2,815 |
|
|
3,752 |
|
| Effect of MSRs: | |||||||||
| Change in fair value | |||||||||
| Realization of cashflows |
|
(100,612 |
) |
|
(96,595 |
) |
|
(102,213 |
) |
| Market changes |
|
(84,306 |
) |
|
46,039 |
|
|
263,139 |
|
|
(184,918 |
) |
|
(50,556 |
) |
|
160,926 |
|
|
| Hedging results |
|
(67,220 |
) |
|
(18,365 |
) |
|
(50,689 |
) |
|
(252,138 |
) |
|
(68,921 |
) |
|
110,237 |
|
|
| Net servicing fees from non-affiliates |
|
(85,521 |
) |
|
96,021 |
|
|
280,798 |
|
| From PFSI—MSR recapture income |
|
441 |
|
|
473 |
|
|
500 |
|
| Net loan servicing fees | $ |
(85,080 |
) |
$ |
96,494 |
|
$ |
281,298 |
|
Net interest expense for the segment was
Segment expenses were
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
Through its correspondent production activities, PMT acquired a total of
Segment revenues were
Segment expenses were
Corporate Segment
The Corporate segment includes interest income from cash and short-term investments, management fees, and corporate expenses.
Segment revenues were
Taxes
PMT recorded a tax benefit of
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 Tuesday, October 22, 2024. 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 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; 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
PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES |
|||||||||||
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||||
| (in thousands except share amounts) | |||||||||||
| ASSETS | |||||||||||
| Cash | $ |
344,358 |
|
$ |
130,734 |
|
$ |
236,396 |
|
||
| Short-term investments at fair value |
|
102,787 |
|
|
336,296 |
|
|
150,059 |
|
||
| Mortgage-backed securities at fair value |
|
4,182,382 |
|
|
4,068,337 |
|
|
4,665,970 |
|
||
| Loans acquired for sale at fair value |
|
1,665,796 |
|
|
694,391 |
|
|
1,025,730 |
|
||
| Loans at fair value |
|
1,429,525 |
|
|
1,377,836 |
|
|
1,372,118 |
|
||
| Derivative assets |
|
81,844 |
|
|
90,753 |
|
|
29,750 |
|
||
| Deposits securing credit risk transfer arrangements |
|
1,135,447 |
|
|
1,163,268 |
|
|
1,237,294 |
|
||
| Mortgage servicing rights at fair value |
|
3,809,047 |
|
|
3,941,861 |
|
|
4,108,661 |
|
||
| Servicing advances |
|
71,124 |
|
|
98,989 |
|
|
93,614 |
|
||
| Due from PennyMac Financial Services, Inc. |
|
8,538 |
|
|
1 |
|
|
2,252 |
|
||
| Other |
|
224,806 |
|
|
178,484 |
|
|
301,492 |
|
||
| Total assets | $ |
13,055,654 |
|
$ |
12,080,950 |
|
$ |
13,223,336 |
|
||
| LIABILITIES | |||||||||||
| Assets sold under agreements to repurchase | $ |
5,748,461 |
|
$ |
4,700,225 |
|
$ |
6,020,716 |
|
||
| Mortgage loan participation and sale agreements |
|
28,790 |
|
|
13,582 |
|
|
23,991 |
|
||
| Notes payable secured by credit risk transfer and mortgage servicing assets |
|
2,830,108 |
|
|
2,933,845 |
|
|
2,825,591 |
|
||
| Unsecured senior notes |
|
814,915 |
|
|
813,838 |
|
|
599,754 |
|
||
| Asset-backed financing of variable interest entities at fair value |
|
1,334,797 |
|
|
1,288,180 |
|
|
1,279,059 |
|
||
| Interest-only security payable at fair value |
|
35,098 |
|
|
32,708 |
|
|
28,288 |
|
||
| Derivative and credit risk transfer strip liabilities at fair value |
|
16,151 |
|
|
18,892 |
|
|
140,494 |
|
||
| Accounts payable and accrued liabilities |
|
114,085 |
|
|
126,314 |
|
|
92,633 |
|
||
| Due to PennyMac Financial Services, Inc. |
|
32,603 |
|
|
29,413 |
|
|
27,613 |
|
||
| Income taxes payable |
|
155,544 |
|
|
170,901 |
|
|
202,967 |
|
||
| Liability for losses under representations and warranties |
|
8,315 |
|
|
13,183 |
|
|
33,152 |
|
||
| Total liabilities |
|
11,118,867 |
|
|
10,141,081 |
|
|
11,274,258 |
|
||
| 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 |
|
869 |
|
|
869 |
|
|
868 |
|
||
| Additional paid-in capital |
|
1,924,596 |
|
|
1,923,780 |
|
|
1,923,130 |
|
||
| Accumulated deficit |
|
(530,160 |
) |
|
(526,262 |
) |
|
(516,402 |
) |
||
| Total shareholders' equity |
|
1,936,787 |
|
|
1,939,869 |
|
|
1,949,078 |
|
||
| Total liabilities and shareholders' equity | $ |
13,055,654 |
|
$ |
12,080,950 |
|
$ |
13,223,336 |
|
||
PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES |
|||||||||||
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|||||||||||
| For the Quarterly Periods Ended | |||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||||
| Investment Income | |||||||||||
| Net gains (losses) on investments and financings | $ |
146,695 |
|
$ |
(19,743 |
) |
$ |
(109,544 |
) |
||
| Net gains on loans acquired for sale |
|
20,059 |
|
|
12,160 |
|
|
13,558 |
|
||
| Loan origination fees |
|
6,640 |
|
|
2,451 |
|
|
3,226 |
|
||
| Net loan servicing fees: | |||||||||||
| From nonaffiliates | |||||||||||
| Servicing fees |
|
166,617 |
|
|
164,942 |
|
|
170,561 |
|
||
| Change in fair value of mortgage servicing rights |
|
(184,918 |
) |
|
(50,556 |
) |
|
160,926 |
|
||
| Hedging results |
|
(67,220 |
) |
|
(18,365 |
) |
|
(50,689 |
) |
||
|
(85,521 |
) |
|
96,021 |
|
|
280,798 |
|
|||
| From PennyMac Financial Services, Inc. |
|
441 |
|
|
473 |
|
|
500 |
|
||
|
(85,080 |
) |
|
96,494 |
|
|
281,298 |
|
|||
| Interest income |
|
176,734 |
|
|
151,835 |
|
|
158,926 |
|
||
| Interest expense |
|
184,171 |
|
|
171,841 |
|
|
183,918 |
|
||
| Net interest expense |
|
(7,437 |
) |
|
(20,006 |
) |
|
(24,992 |
) |
||
| Other |
|
(13 |
) |
|
(158 |
) |
|
(117 |
) |
||
| Net investment income |
|
80,864 |
|
|
71,198 |
|
|
163,429 |
|
||
| Expenses | |||||||||||
| Earned by PennyMac Financial Services, Inc.: | |||||||||||
| Loan servicing fees |
|
22,240 |
|
|
20,264 |
|
|
20,257 |
|
||
| Management fees |
|
7,153 |
|
|
7,133 |
|
|
7,175 |
|
||
| Loan fulfillment fees |
|
11,492 |
|
|
4,427 |
|
|
5,531 |
|
||
| Professional services |
|
2,614 |
|
|
2,366 |
|
|
2,133 |
|
||
| Compensation |
|
1,326 |
|
|
1,369 |
|
|
1,961 |
|
||
| Loan collection and liquidation |
|
2,257 |
|
|
671 |
|
|
1,890 |
|
||
| Safekeeping |
|
1,174 |
|
|
961 |
|
|
467 |
|
||
| Loan origination |
|
1,408 |
|
|
533 |
|
|
710 |
|
||
| Other |
|
4,666 |
|
|
4,865 |
|
|
4,885 |
|
||
| Total expenses |
|
54,330 |
|
|
42,589 |
|
|
45,009 |
|
||
| Income before (benefit from) provision for income taxes |
|
26,534 |
|
|
28,609 |
|
|
118,420 |
|
||
| (Benefit from) provision for income taxes |
|
(14,873 |
) |
|
3,175 |
|
|
56,998 |
|
||
| Net income |
|
41,407 |
|
|
25,434 |
|
|
61,422 |
|
||
| Dividends on preferred shares |
|
10,455 |
|
|
10,454 |
|
|
10,455 |
|
||
| Net income attributable to common shareholders | $ |
30,952 |
|
$ |
14,980 |
|
$ |
50,967 |
|
||
| Earnings per common share | |||||||||||
| Basic | $ |
0.36 |
|
$ |
0.17 |
|
$ |
0.59 |
|
||
| Diluted | $ |
0.36 |
|
$ |
0.17 |
|
$ |
0.51 |
|
||
| Weighted average shares outstanding | |||||||||||
| Basic |
|
86,861 |
|
|
86,849 |
|
|
86,760 |
|
||
| Diluted |
|
86,861 |
|
|
86,849 |
|
|
111,088 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241022373180/en/
Media
Kristyn Clark
mediarelations@pennymac.com
805.225.8224
Investors
Kevin Chamberlain
Isaac Garden
investorrelations@pennymac.com
818.224.7028
Source: PennyMac Mortgage Investment Trust
FAQ
What was PMT's net income for Q3 2024?
How much was PMT's cash dividend for Q3 2024?
What was PMT's conventional correspondent loan production volume in Q3 2024?
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What was PMT's return on average common equity for Q3 2024?
