PennyMac Mortgage Investment

PennyMac Mortgage Investment Trust is a finance company, which invests primarily in residential mortgage loans and mortgage-related assets. It operates through following segments: Correspondent Production, Credit Sensitive Strategies, Interest Rate Sensitive Strategies, and Corporate Activities. The Correspondent Production segment deals with purchasing, pooling, and reselling newly originated prime credit quality mortgage loans either directly or in the form of mortgage-backed securities in capital markets. The Credit Sensitive Strategies segment includes investments in distressed mortgage loans, real estate acquired in settlement of mortgage loans, real estate held for investment, credit risk transfer agreements, non-agency subordinated bonds, and small balance commercial real estate mortgage loans. The Interest Rate Sensitive Strategies segment focuses on investments in mortgage servicing rights, excess servicing spread, agency and senior non-agency mortgage-backed securities, and the related interest rate hedging activities. The Corporate segment includes management fee and corporate expense amounts and certain interest income. The company was founded by Stanford L. Kurland on May 18, 2009 and is headquartered in Westlake Village, CA.

Earnings data Q1 2021

Earnings data Q2 2021

Earnings data Q3 2021

Earnings data Q4 2021

Earnings data Q1 2022

Earnings data Q2 2022

Earnings data Q3 2022

Earnings data Q4 2022

Earnings data Q1 2023

Earnings data Q2 2023

Earnings data Q3 2023

Earnings data Q4 2023

Earnings data Q1 2024

Earnings data Q2 2024

Earnings data Q3 2024

Earnings data Q4 2024

PennyMac Mortgage Investment faces challenges but eyes growth opportunities

PMT navigated challenges in Q4 2022 with a focus on strong risk management and strategic investments. Despite a net loss, the company's robust servicing capabilities and investment strategies position it for growth. Opportunities in market trends and portfolio performance offer avenues for future success.

PennyMac Mortgage Investment reports strong Q1 earnings and growth outlook

PMT's Q1 2023 performance showcased robust earnings and strategic investments. While facing challenges in interest rate-sensitive strategies, the company capitalized on market opportunities and maintained a positive outlook for the year. With a focus on capital deployment and share repurchases, PMT aims to leverage its strengths in correspondent production and MSR investments.

PennyMac Mortgage Investment Trust navigates challenges, emphasizes strategic diversification

PMT's Q2 2023 earnings call revealed a strategic shift towards increased transparency with its first live Q&A session. Despite challenges from pricing changes and declining production, PMT showcased strengths in credit-sensitive strategies and a balanced portfolio approach. The company is poised to capitalize on opportunities in new investments and portfolio expansion.

PennyMac Mortgage Investment (PMT) reports robust Q3 performance and strategic resilience

PennyMac Mortgage Investment (PMT) excelled in Q3, reporting strong financial results and demonstrating resilience in a challenging market environment.
With a focus on strategic investments and operational efficiency, PMT is well-positioned to navigate market uncertainties and capitalize on growth opportunities.
By proactively addressing challenges and leveraging its strengths, PMT is poised for continued success and value creation for its shareholders.

PMT reports strong Q4 earnings, eyes growth through strategic investments

PMT delivered robust financial results in Q4 2023, driven by strategic investments and shareholder-friendly initiatives. With a focus on stable cash flows from MSRs and proactive portfolio management, PMT is poised for sustained growth. Despite potential challenges, PMT's strong performance and prudent risk management position it well for future opportunities.

PMT reports solid Q1 earnings, eyes growth amid interest rate challenges

PMT delivered a strong Q1 performance with solid earnings and a stable portfolio. While facing challenges from interest rate trends and production segment dynamics, the company remains optimistic about future opportunities. Strategic capital actions and positive outlook on MSR investments position PMT for continued growth.

PennyMac Mortgage Investment reports stable Q2 earnings and growth opportunities

PMT's Q2 performance reflects steady income generation and strategic capital raising. The company's focus on MSR investments and correspondent production positions it well for stable cash flows and potential growth. While facing challenges in run rate potential and debt repayment, PMT has opportunities to leverage its strengths for future profitability.

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Ellington Financial

Ready Capital Corp

Arlington Asset Investment

We take a look at the action in preferreds and baby bonds through the third week of December and highlight some of the key themes we are watching. Preferreds rallied as Treasury yields fell, bringing year-to-date total return to around 9%. AAIC announced plans to delist and deregister its two baby bonds, citing compliance costs outweighing benefits.

Preferreds Weekly Review: AAIC Delists Its Bonds

PennyMac Mortgage Investment Trust offers investors three asset classes: common stock, preferred stock, and a new Note that matures in late 2028. PMT primarily invests in mortgage-related assets and aims to provide attractive risk-adjusted returns to shareholders. PMT has seen a small decrease in shareholder's equity but has been profitable recently. Along with reviewing PMTU, I compare its features with two Eagle Point Credit Notes that mature around the same time. Conclusion: Sell one and buy the other or PMTU.

PennyMac Exposure Now Available To Note Investors

PMT claimed they would turn their fixed-to-floating shares into fixed-to-fixed shares. I believe they were woefully unprepared. CIM already came out supporting our interpretation of a very similar prospectus with CIM-B. TWO was keeping quiet, but eventually indicated they will follow our interpretation (use SOFR). There are three categories for LIBOR contracts under the rules from the Federal Reserve Board. We can tell where PMT should land, which tells us which rules apply to them.

PennyMac: Good Luck Fixing The Floating Rate (Rating Upgrade)

American Assets

Ares Commercial Real Estate

Ally Financial

Apollo Commercial Real Estate Finance

Axos Financial Inc.

Barings BDC Inc

Bain Capital Specialty Finance Inc

Brandywine Realty

Broadridge Financial

Chimera Investment

CION Investment Corp

Central Pacific Financial

Easterly Government Properties

Euronet Worldwide

Eagle Bancorp

Fidus Investment

First Interstate BancSystem

Shift4 Payments

GCM Grosvenor Inc

Green Dot

Highwoods Properties

Robinhood

Healthcare Realty Trust Inc

KeyCorp

Kimco Realty

KKR Real Estate Finance Trust

LTC Properties

Moelis

Medical Properties Trust

Marqeta

nCino, Inc.

Newtek Business Services

National Health Investors

Bank of N.T. Butterfield & Son

Nuvei Corp

NexPoint Residential Trust

New York Mortgage Trust

Orchid Island Capital

Patria Investments

Piedmont Office Realty Trust

Prudential Financial

Prospect Capital

Runway Growth Finance Corp

Stifel Financial

Solar Capital

Spirit Realty Capital

SS&C Technologies Hlds

STAG Industrial

TCP Capital

Toast

Tradeweb Markets

UMH Properties

Washington Trust Bancorp

W. P. Carey

Western Union

NEW YORK, Dec. 08, 2023 (GLOBE NEWSWIRE) -- Keefe, Bruyette & Woods, Inc., a leading specialist investment bank to the financial services and fintech sectors, and a wholly owned subsidiary of Stifel Financial Corp. (NYSE: SF), announces the upcoming index rebalancing for the fourth quarter of 2023.

KBW Announces Index Rebalancing for Fourth-Quarter 2023

AGNC Investment

Blackstone Mortgage Trust

Main Street Capital

Annaly Capital

Rithm Capital Corp

Interest rates have plunged since October 19th, 2023, which is significant for REITs. Some mortgage REITs have seen gains in book value due to a mix of interest rates and spreads. Blackstone Mortgage Trust was attacked by a bear.

Rates Plunge, REITs Rip, Bears Attack

PennyMac Mortgage Investment Trust has significant investments in Mortgage Servicing Rights but has a weak long-term track record in book value and recently cut its dividend. PMT may face another dividend cut in 2023 as it has paid out more in dividends than it has produced in income. With the potential for the central bank to change its interest rate policy next year, PMT is not an attractive investment for passive income investors.

PennyMac Mortgage Investment Trust: This 11% Yielding mREIT May Cut Its Dividend Soon

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--PennyMac Mortgage Investment Trust (NYSE: PMT) announced today that its Board of Trustees declared a cash dividend of $0.40 per common share of beneficial interest for the fourth quarter of 2023. This dividend will be paid on January 26, 2024, to common shareholders of record as of December 29, 2023. About PennyMac Mortgage Investment Trust PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in re.

PennyMac Mortgage Investment Trust Declares Fourth Quarter 2023 Dividend for Its Common Shares

MFA Financial

One of our investments finally rallied into our neutral range. Shares were a strong buy frequently in the last several months. One position resulted in a 26.7% return. We're highlighting an alternative share with a better risk/reward profile. I also closed out one of my preferred share positions, resulting in a 21% return for about six months.

Dropping A 12.6% Dividend Yielder

Dynex Capital

Ellington Residential Mortgage REIT

FS KKR Capital Corp

Gladstone Investment

Granite Point Mortgage Trust

Triplepoint Venture Growth BDC

Sixth Street Specialty Lending

Two Harbors Investment

Mortgage REITs and BDCs had varying performances in Q3 2023, with agency mortgage REITs performing the worst and BDCs performing the best. Originator/servicer mREITs and RC outperformed their peers in terms of book value changes. Investors should focus on BDCs and preferred shares for long-term positions, as they generally have fewer dividend cuts.

BDCs Vs. MREITs: High-Yield Rumble

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--PennyMac Mortgage Investment Trust (NYSE: PMT) announced today that its Board of Trustees has declared cash dividends for the fourth quarter of 2023 on its 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (NYSE: PMT PRA), its 8.000% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (NYSE: PMT PRB) and its 6.750% Series C Cumulative Redeemable Preferred Share.

PennyMac Mortgage Investment Trust Declares Fourth Quarter 2023 Dividends for Its Preferred Shares

AG Mortgage Investment Trust

REITs experienced significant gains, outperforming other sectors. Investors are hesitant to own REITs during rising interest rates but don't want to miss out when rates fall. There's no time between rates falling and REITs rising. Lower interest rates can lead to higher profits and dividend growth for equity REITs, making them more attractive to income-seeking investors.

REITs To The Moon

AvalonBay Communities

Tanger Factory Outlet Centers

PennyMac (PMT), Tanger (SKT) and AvalonBay (AVB) are three real estate stocks to look into as mortgage rates fall on the Fed's interest rate hold.

3 Real Estate Stocks to Buy on Fed's Interest Rate Hold

PennyMac Mortgage Investment Trust (NYSE:PMT ) Q3 2023 Earnings Conference Call October 26, 2023 6:00 PM ET Company Participants David Spector - Chairman and Chief Executive Officer Daniel Perotti - Senior Managing Director and Chief Financial Officer Conference Call Participants Bose George - Keefe, Bruyette, & Woods, Inc. Kevin Barker - Piper Sandler & Co. Eric Hagen - BTIG Matthew Erdner - JonesTrading Institutional Services, LLC Operator Good afternoon, and welcome to PennyMac Mortgage Investment Trust Third Quarter 2023 Earnings Call. Additional earning material including the presentation slides that will be referred to in the call are available on PennyMac Mortgage Investment Trust website at pmt.pennymac.com.

PennyMac Mortgage Investment Trust (PMT) Q3 2023 Earnings Call Transcript

PennyMac Mortgage (PMT) came out with quarterly earnings of $0.51 per share, beating the Zacks Consensus Estimate of $0.28 per share. This compares to earnings of $0.01 per share a year ago.

PennyMac Mortgage (PMT) Q3 Earnings and Revenues Surpass Estimates

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--PennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income attributable to common shareholders of $51.0 million, or $0.51 per common share on a diluted basis for the third quarter of 2023, on net investment income of $163.4 million. PMT previously announced a cash dividend for the third quarter of 2023 of $0.40 per common share of beneficial interest, which was declared on August 31, 2023, and will be paid on October 27, 2023, to common s.

PennyMac Mortgage Investment Trust Reports Third Quarter 2023 Results

PennyMac Mortgage (PMT) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

PennyMac Mortgage (PMT) Earnings Expected to Grow: Should You Buy?

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--PennyMac Mortgage Investment Trust (NYSE: PMT) will announce results for the quarter ended September 30, 2023, in a news release to be issued after the market close on Thursday, October 26, 2023. Management will host a conference call and live audio webcast at 6:00 p.m. Eastern Time to review the results. The release, webcast, and accompanying materials will be available online at pmt.pennymac.com. A replay of the webcast will be available shortly afte.

PennyMac Mortgage Investment Trust Announces Date for Release of Third Quarter 2023 Results

ARMOUR Residential REIT

Cherry Hill Mortgage

Invesco Mortgage Capital

Volatility in Treasuries is causing issues for analysts as it affects share prices and fundamentals. The market forecast for inflation has not changed significantly in the last six months, indicating belief that inflation is under control. Mortgage REITs are experiencing declines in book values, particularly agency mortgage REITs, due to interest rate risk.

Mortgage REIT Chaos

Apollo Global Management

Belden

September saw no new preferred stock offerings, but three ETD offerings began trading with dividend yields ranging from 7.625% to 8.5%. CDx3 preferreds ranked 10 out of 10 are selling at an average discount to par of about 8.5% and offer an average current yield of 6.43%. Past preferred stock IPOs are now trading below par, with a surge in the "Bargain Table" count reaching near all-time highs.

New Exchange-Traded Debt IPOs, September 2023

Morgan Stanley

We take a look at the action in preferreds and baby bonds through the fourth week of September and highlight some of the key themes we are watching. Preferreds finished lower, under pressure from the higher-for-longer Fed message. Morgan Stanley is keeping its fixed-for-life 7.125% Series E outstanding which now looks attractive.

Preferreds Weekly Review: Morgan Stanley Is Keeping Its Fixed-For-Life Preferreds

Capital Southwest

MidCap Financial Investment Corp

Rising interest rates pose challenges for many REITs by impacting debt rollovers and investor alternatives. Higher rates will add around $2 billion to the national debt over the next decade. Even more if they create a recession. Apartment construction is declining, affecting rental unit supply and potentially leading to increased rental rates. Pretty obvious when you think about it.

Big Dividend Yields Going Higher, Dumb Debt, And Snark

News for PennyMac Mortgage Investment Stock (PMT)