PennyMac Mortgage Investment Trust reports developments as a mortgage REIT that invests primarily in residential mortgage loans and mortgage-related assets. Its news commonly covers quarterly and annual results, common-share dividends, net investment income, return on common equity and segment performance across aggregation and securitization, credit-sensitive strategies and interest-rate-sensitive strategies.
Company updates also discuss mortgage servicing rights, organically created GSE credit risk transfer investments, non-Agency subordinate bonds and investment activity generated through the Pennymac production and servicing platform. Announcements may include investor-call timing, shareholder distributions and joint Pennymac initiatives conducted with PennyMac Financial Services.
PennyMac Mortgage Investment Trust (NYSE: PMT) reported a net loss of $43.9 million, or $(0.45) per share, for Q3 2021, marking a decline from a net income of $31.9 million in the previous quarter. Financial performance was impacted by the FHFA’s removal of the Adverse Market Refinance Fee, leading to a drop in fair value of mortgage servicing rights (MSRs). Although PMT raised $250 million from a public equity offering, book value per common share decreased to $19.79. The credit-sensitive strategies segment performed well, but the interest rate-sensitive strategies segment faced significant losses.
PennyMac Financial Services reported a net income of $249.3 million for Q3 2021, translating to $3.80 per share, with total revenue of $786.6 million. Book value per share rose to $58.00. The company experienced a 21% increase in pretax income from Q2, though it was down 53% year-over-year. A cash dividend of $0.20 per share was declared, payable on November 24, 2021. Notable achievements include a record $16.3 billion in consumer direct interest rate lock commitments and a growth in servicing portfolio to $495.4 billion in UPB.
PennyMac Mortgage Investment Trust (NYSE: PMT) will release its financial results for the quarter ending September 30, 2021, on November 4, 2021, after market close. A recorded presentation and slides will be available online concurrently with the news release. Interested parties can obtain a copy by contacting the Investor Relations department. PMT primarily invests in residential mortgage loans and is externally managed by PNMAC Capital Management, a subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI).
PennyMac Financial Services (NYSE: PFSI) and PennyMac Mortgage Investment Trust (NYSE: PMT) have announced an increase in their conforming loan limits to at least $625,000 across all states and counties. This change, which raises the limit for certain markets by over $75,000, aims to assist borrowers affected by rising home prices by providing access to conforming loans instead of Jumbo financing. This adjustment supports home purchases and equity access amid low interest rates.
PennyMac Mortgage Investment Trust (NYSE: PMT) has declared a cash dividend of $0.47 per common share for the third quarter of 2021. This dividend is scheduled for payment on October 28, 2021, to shareholders on record as of October 15, 2021. PMT primarily invests in residential mortgage loans and mortgage-related assets, managed by PNMAC Capital Management, a subsidiary of PennyMac Financial Services (NYSE: PFSI).
PennyMac Financial Services, Inc. (NYSE: PFSI) announced the pricing of a $500 million offering of 5.750% Senior Notes due September 15, 2031. The Notes will bear interest at 5.750% per annum and are guaranteed on an unsecured senior basis by the Company’s wholly owned subsidiaries. Proceeds will be used for general corporate purposes, potentially including repayment of existing secured warehouse borrowings. The offering is expected to close on September 16, 2021. The Notes are offered via private placement and are not registered under the Securities Act.
PennyMac Financial Services, Inc. (NYSE: PFSI) announced its plan to offer $500 million in Senior Notes due 2031. These Notes will be guaranteed by the Company's wholly owned subsidiaries and are intended for general corporate purposes, including possible repayments of existing secured borrowings. The offering will occur via private placements under Rule 144A and Regulation S, subject to market conditions. The Notes will not be registered under the Securities Act, limiting their sale to specific buyers.
PennyMac Mortgage Investment Trust (NYSE: PMT) has announced that its Chairman and CEO, David A. Spector, along with CFO Daniel S. Perotti, will participate in a fireside chat at the Barclays Global Financial Services Conference. This event is scheduled for 12:00 p.m. Eastern Time on Wednesday, September 15, 2021. An audio webcast link will be available on their Investor Relations website, with a replay set to be archived for a limited time.
PennyMac Mortgage Investment Trust primarily invests in residential mortgage loans and related assets and is externally managed by PNMAC Capital Management.
PennyMac Mortgage Investment Trust (NYSE: PMT) has declared cash dividends for Q3 2021 on its Series A and B Preferred Shares. The Series A Preferred Shares will have an annual dividend rate of 8.125% with a payout of $0.507813 per share, while the Series B Preferred Shares will offer an 8.00% rate and a $0.500000 dividend per share. Both dividends are set for payment on September 15, 2021, with a record date of September 1, 2021.
PennyMac Mortgage Investment Trust (NYSE: PMT) announced the pricing of its public offering of 10,000,000 Series C Cumulative Redeemable Preferred Shares, raising $250 million. The shares are offered at a liquidation preference of $25.00 each, with expected closing on August 24, 2021. An additional 1,500,000 shares may be purchased by underwriters for overallotments. Proceeds will fund general business purposes, including correspondent production, investment activities, and debt repayment. The shares will be listed under the symbol “PMT PrC” on the NYSE.