\nPennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income attributable to common shareholders of $1.5 million, or $0.01 per common share on a diluted basis for the third quarter of 2022, on net investment income of $151.1 million. PMT previously announced a cash dividend for the third quarter of 2022 of $0.47 per common share of beneficial interest, which was declared on September 21, 2022 and paid on October 28, 2022 to common shareholders of record as of October 14, 2022.\n<\/p>\n
\nPMT\u2019s Board of Trustees also approved an increase to its share repurchase authorization from $400 million to $500 million of outstanding common shares.\n<\/p>\n
Third Quarter 2022 Highlights<\/b><\/p>\n
\nFinancial results:\n<\/p>\n
- \n
- \nNet income attributable to common shareholders of $1.5 million, compared to a net loss of $81.2 million in the prior quarter<\/p>\n
- \n
- \nStrong performance from interest rate sensitive strategies and income excluding the impact of market-driven value changes<\/p>\n
- \n
- \nLargely offset by the impact of market credit spread widening on PMT\u2019s credit sensitive strategies and $78.5 million of tax provisions in PMT\u2019s taxable REIT subsidiary\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n
- \nRepurchased 1.0 million PMT common shares at an average price of $13.66 per share for a cost of $13.5 million; also repurchased an additional 1.1 million shares through October 26th<\/sup> at an average price of $11.74 per share for a cost of $13.2 million\n<\/li>\n
- \nBook value per common share decreased to $16.18 at September 30, 2022 from $16.59 at June 30, 2022\n<\/li>\n<\/ul>\n
\nOther investment highlights:\n<\/p>\n
- \n
- \nInvestment activity driven by correspondent production volumes<\/p>\n
- \n
- \nConventional correspondent loan production volumes of $10.2 billion in unpaid principal balance (UPB)<\/p>\n
- \n
- \nResulted in $178 million in new mortgage servicing rights (MSRs)\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n
- \nInvested $59 million in floating-rate CRT bonds recently issued by Fannie Mae and Freddie Mac\n<\/li>\n<\/ul>\n
\n\u201cPMT was profitable in what was a challenging environment in the third quarter as strong performance from its interest rate sensitive strategies and overall income excluding the impacts of market-driven fair value changes was sufficient to offset the impact of continued credit spread widening and an increased provision for tax expense,\u201d said Chairman and CEO David Spector. \u201cAlthough returns in PMT\u2019s credit sensitive strategies were impacted by wider market credit spreads, our lender risk share investments consist of seasoned loans with an average current loan to value of 62 percent. As a result, we expect that this non-cash valuation adjustment will result in improved CRT returns over time. In addition, higher interest rates have resulted in improved performance in our interest rate sensitive strategies as prepayments have declined meaningfully. I remain confident in the ability of our seasoned and experienced management team to navigate successfully through this evolving mortgage environment and that PMT will provide attractive risk-adjusted returns for its shareholders over the long term.\u201d\n<\/p>\n
\nThe following table presents the pretax income contributions of PMT\u2019s segments:\n<\/p>\n
\n
\n \n \n Quarter ended September 30, 2022<\/b><\/td>\n<\/tr>\n \n \n \n \n Credit sensitive<\/span><\/b><\/p>\n
strategies<\/span><\/b><\/p>\n<\/td>\n
\n \n Interest rate<\/span><\/b><\/p>\n
sensitive strategies<\/span><\/b><\/p>\n<\/td>\n
\n \n Correspondent<\/span><\/b><\/p>\n
production<\/span><\/b><\/p>\n<\/td>\n
\n \n Corporate<\/span><\/b><\/p>\n<\/td>\n
\n \n Consolidated<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n (in thousands)<\/b><\/td>\n<\/tr>\n \n Net investment income:<\/b><\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Net losses on investments and financings:<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n CRT investments<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n4,359\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n4,359\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Loans at fair value<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n56\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n56\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Loans held by variable interest entity net of asset-backed secured financing<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(6,274\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(6,274\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Mortgage-backed securities<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(371\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(251,106\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(251,477\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(2,230\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(251,106\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(253,336\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Net gains on loans acquired for sale<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,313\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,313\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Net loan servicing fees<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n390,124\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n390,124\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Net interest (expense) income:<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Interest income<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n12,415\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n68,152\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n27,862\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,229\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n109,658\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Interest expense<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n14,097\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n80,782\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n18,322\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n879\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n114,080\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(1,682\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(12,630\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n9,540\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n350\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(4,422\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Other income<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n978\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n13,408\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n14,386\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n$\n<\/p>\n<\/td>\n
\n \n(2,934\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n126,388\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n27,261\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n350\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n151,065\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Expenses:<\/b><\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Loan fulfillment and servicing fees payable to PennyMac Financial Services, Inc.<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n57\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n20,190\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n18,407\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n38,654\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Management fees payable to PennyMac Financial Services, Inc.<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n7,731\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n7,731\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Other<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n708\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,688\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,789\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n8,116\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n14,301\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n$\n<\/p>\n<\/td>\n
\n \n765\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n22,878\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n21,196\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n15,847\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n60,686\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Pretax (loss) income<\/b><\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n(3,699\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n103,510\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n6,065\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n(15,497\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n90,379\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
Credit Sensitive Strategies Segment<\/b><\/p>\n
\nThe Credit Sensitive Strategies segment primarily includes results from PMT\u2019s organically-created government sponsored enterprise (GSE) credit risk transfer (CRT) investments, investments in non-agency subordinate bonds from private-label securitizations of PMT\u2019s production, opportunistic investments in GSE CRT and other legacy investments. Pretax loss for the segment was $3.7 million on net investment losses of $2.9 million, compared to pretax loss of $63.7 million on net investment losses of $62.3 million in the prior quarter.\n<\/p>\n
\nNet losses on investments in the segment were $2.2 million, compared to net losses on investments of $57.8 million in the prior quarter and included $4.4 million in net gains on PMT\u2019s organically-created GSE CRT investments, $6.3 million in net losses from investments in non-agency subordinate bonds from PMT\u2019s production and $0.4 million in net losses on other acquired subordinate CRT mortgage-backed securities (MBS).\n<\/p>\n
\nNet gains on PMT\u2019s organically-created CRT investments for the quarter were $4.4 million, compared to net losses of $42.4 million in the prior quarter, and included $14.2 million in valuation-related losses, which reflected the impact of continued credit spread widening. The prior quarter included $67.0 million in valuation-related losses. Net losses on PMT\u2019s organically-created CRT investments also included $18.8 million in realized gains and carry, compared to $20.2 million in the prior quarter. Realized losses during the quarter were $0.2 million, compared to $4.5 million in net realized losses reversed in the prior quarter primarily related to L Street Securities 2017-PM1.\n<\/p>\n
\nDuring the quarter, PMT invested $59 million in floating-rate CRT bonds recently issued by Fannie Mae and Freddie Mac.\n<\/p>\n
\nNet interest expense for the segment totaled $1.7 million, compared to $4.5 million in the prior quarter. Interest income totaled $12.4 million, up from $5.9 million in the prior quarter primarily due to higher earnings rates on deposits securing CRT arrangements. Interest expense totaled $14.1 million, up from $10.4 million in the prior quarter due to increased financing of new investments and increases in interest rates.\n<\/p>\n
\nSegment expenses were $0.8 million, down from $1.4 million in the prior quarter.\n<\/p>\n
Interest Rate Sensitive Strategies Segment<\/b><\/p>\n
\nThe 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 $103.5 million on net investment income of $126.4 million, compared to a pretax income of $29.4 million on net investment income of $50.2 million in the prior quarter. The segment includes investments that typically have offsetting fair value exposures to changes in interest rates. For example, in a period with increasing interest rates, MSRs are expected to increase in fair value whereas Agency pass through and non-Agency senior MBS are expected to decrease in fair value.\n<\/p>\n
\nThe 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.\n<\/p>\n
\nNet losses on investments for the segment were $251.1 million and consisted of losses on MBS due to higher interest rates.\n<\/p>\n
\nNet loan servicing fees were $390.1 million, compared to $217.3 million in the prior quarter. Net loan servicing fees included servicing fees of $163.0 million, up from $151.1 million in the prior quarter primarily due to portfolio growth, and $4.2 million in other fees, reduced by $95.8 million in realization of MSR cash flows, which was up from the prior quarter due to higher average MSR balances during the quarter. Net loan servicing fees also included $162.7 million in fair value increases of MSRs, $154.3 million in hedging gains, and $1.6 million of MSR recapture income. PMT\u2019s hedging activities are intended to manage the Company\u2019s net exposure across all interest rate sensitive strategies, which include MSRs and MBS.\n<\/p>\n
\nThe following schedule details net loan servicing fees:\n<\/p>\n
\n
\n \n Quarter ended<\/b><\/td>\n<\/tr>\n \n \n September 30, 2022<\/b><\/td>\n \n June 30, 2022<\/b><\/td>\n \n September 30, 2021<\/b><\/td>\n<\/tr>\n \n \n (in thousands)<\/b><\/td>\n<\/tr>\n \n From non-affiliates:<\/td>\n \n \n \n \n <\/tr>\n \n Contractually specified(1)<\/sup><\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n162,987\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n151,149\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n137,804\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Other fees<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,246\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n7,179\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n13,960\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Effect of MSRs:<\/td>\n \n \n \n \n <\/tr>\n \n Carried at fair value\u2014change in fair value<\/td>\n \n \n \n \n <\/tr>\n \n Realization of cashflows<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(95,756\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(86,643\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(81,398\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Market changes<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n162,730\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n220,422\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(62,843\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n66,974\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n133,779\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(144,241\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Hedging results<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n154,269\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(78,118\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(73,841\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n221,243\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n55,661\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(218,082\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Net servicing fees from non-affiliates<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n388,476\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n213,989\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(66,318\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n From PFSI\u2014MSR recapture income<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,648\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,324\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n12,975\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Net loan servicing fees<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n390,124\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n217,313\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n(53,343\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n (1)<\/sup> Includes contractually specified servicing fees, net of guarantee fees.<\/td>\n<\/tr>\n<\/table>\n \nThe fair value of the MSR increased by $162.7 million in the quarter, driven by higher mortgage rates which resulted in expectations for lower prepayment activity in the future.\n<\/p>\n
\nNet interest expense for the segment was $12.6 million, versus net interest income of $5.7 million in the prior quarter. Interest income totaled $68.2 million, up from $60.9 million in the prior quarter primarily due to higher average MBS balances and increased placement fee income on custodial balances as a result of higher short-term interest rates. Interest expense totaled $80.8 million, up from $55.2 million in the prior quarter primarily due to the impact of higher financing costs on larger average MSR and MBS balances.\n<\/p>\n
\nSegment expenses were $22.9 million, up from $20.8 million in the prior quarter.\n<\/p>\n
Correspondent Production Segment<\/b><\/p>\n
\nPMT 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 most of its production. PMT\u2019s Correspondent Production segment generated pretax income of $6.1 million, down from $9.8 million in the prior quarter.\n<\/p>\n
\nThrough its correspondent production activities, PMT acquired $22.4 billion in UPB of loans, up 7 percent from the prior quarter. Of total correspondent acquisitions, conventional conforming acquisitions totaled $10.2 billion, and government-insured or guaranteed acquisitions totaled $12.2 billion, down from $10.3 billion and up from $10.6 billion, respectively, in the prior quarter. Interest rate lock commitments on conventional loans totaled $10.6 billion, down from $11.1 billion in the prior quarter.\n<\/p>\n
\nSegment revenues were $27.3 million, down from $33.6 million in the prior quarter and included other income of $13.4 million, which primarily consists of volume-based origination fees, net interest income of $9.5 million, and net gains on loans acquired for sale of $4.3 million. Net gain on loans acquired for sale in the quarter decreased from the prior quarter primarily as a result of lower gain on sale margins. Interest income was $27.9 million, up from $23.4 million in the prior quarter, and interest expense was $18.3 million, up from $12.1 million in the prior quarter, both due to higher interest rates.\n<\/p>\n
\nSegment expenses were $21.2 million, down from $23.8 million in the prior quarter driven primarily by a decrease in loan fulfillment fees. The weighted average fulfillment fee rate in the third quarter was 18 basis points, down from 20 basis points in the prior quarter.\n<\/p>\n
Corporate Segment<\/b><\/p>\n
\nThe Corporate segment includes interest income from cash and short-term investments, management fees, and corporate expenses.\n<\/p>\n
\nSegment revenues were $350,000, up from $24,000 in the prior quarter. Management fees were $7.7 million, down from $7.9 million in the prior quarter. Other segment expenses were $8.1 million, up from $7.4 million in the prior quarter.\n<\/p>\n
Taxes<\/b><\/p>\n
\nPMT recorded a provision for tax expense of $78.5 million primarily driven by fair value increases in MSRs and hedge instruments held in PMT\u2019s taxable subsidiary.\n<\/p>\n
\nManagement\u2019s slide presentation will be available in the Investor Relations section of the Company\u2019s website at www.pennymac-reit.com<\/a> beginning after the market closes on Thursday, October 27, 2022.\n<\/p>\n
About PennyMac Mortgage Investment Trust<\/b><\/p>\n
\n
\n \n PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES<\/b><\/p>\n
CONSOLIDATED BALANCE SHEETS (UNAUDITED)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n September 30, 2022<\/b><\/td>\n \n June 30, 2022<\/b><\/td>\n \n September 30, 2021<\/b><\/td>\n<\/tr>\n \n \n (in thousands except share amounts)<\/b><\/td>\n<\/tr>\n \n ASSETS<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Cash<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n58,931\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n332,009\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n131,741\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Short-term investments at fair value<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n352,343\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n88,818\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n116,130\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Mortgage-backed securities at fair value<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,880,288\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,853,076\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,471,033\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Loans acquired for sale at fair value<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,259,645\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,793,665\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,979,256\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Loans at fair value<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,522,934\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,654,483\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n895,880\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Derivative assets<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n74,659\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n17,372\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n97,688\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Deposits securing credit risk transfer arrangements<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,369,236\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,430,759\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,962,800\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Mortgage servicing rights at fair value<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,940,584\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,695,609\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,825,501\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Servicing advances<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n81,399\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n90,716\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n115,961\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Due from PennyMac Financial Services, Inc.<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,560\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,582\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n19,162\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Other<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n402,361\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n257,190\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n253,448\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Total assets<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n13,945,940\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n13,217,279\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n13,868,600\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n LIABILITIES<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Assets sold under agreements to repurchase<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n6,409,796\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n5,646,402\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n7,025,147\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Mortgage loan participation purchase and sale agreements<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n16,999\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n79,269\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n45,044\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Notes payable secured by credit risk transfer and mortgage servicing assets<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,829,160\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,741,750\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,633,228\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Exchangeable senior notes<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n545,521\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n544,803\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n499,612\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Asset-backed financing of variable interest entities at fair value<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,424,473\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,548,636\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n843,163\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Interest-only security payable at fair value<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n21,186\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n19,485\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n12,000\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Derivative and credit risk transfer strip liabilities at fair value<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n351,383\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n278,499\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n68,185\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Accounts payable and accrued liabilities<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n98,170\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n123,459\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n160,112\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Due to PennyMac Financial Services, Inc.<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n32,306\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n43,234\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n49,993\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Income taxes payable<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n160,117\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n81,661\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n11,880\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Liability for losses under representations and warranties<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n39,498\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n39,441\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n40,909\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Total liabilities<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n11,928,609\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n11,146,639\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n11,389,273\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n SHAREHOLDERS’ EQUITY<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Preferred shares of beneficial interest<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n541,482\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n541,482\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n541,482\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Common shares of beneficial interest\u2014authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding 90,094,066, 91,081,067, and 97,006,694 common shares, respectively<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n901\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n911\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n970\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Additional paid-in capital<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,960,320\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,972,849\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,120,457\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Accumulated deficit<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(485,372\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(444,602\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(183,582\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Total shareholders’ equity<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,017,331\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,070,640\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,479,327\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Total liabilities and shareholders’ equity<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n13,945,940\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n13,217,279\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n13,868,600\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES<\/b><\/p>\n
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \u00a0<\/td>\n<\/tr>\n \n \n For the Quarterly Periods Ended<\/b><\/td>\n<\/tr>\n \n \n September 30, 2022<\/b><\/td>\n \n June 30, 2022<\/b><\/td>\n \n September 30, 2021<\/b><\/td>\n<\/tr>\n \n \n (in thousands, except per share amounts)<\/b><\/td>\n<\/tr>\n \n Investment Income<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Net loan servicing fees:<\/td>\n \n \n \n \n <\/tr>\n \n From nonaffiliates<\/td>\n \n \n \n \n <\/tr>\n \n Servicing fees<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n167,233\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n158,328\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n151,764\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Change in fair value of mortgage servicing rights<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n66,974\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n133,779\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(144,241\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Hedging results<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n154,269\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(78,118\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(73,841\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n388,476\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n213,989\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(66,318\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n From PennyMac Financial Services, Inc.<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,648\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,324\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n12,975\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n390,124\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n217,313\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(53,343\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Net (losses) gains on investments and financings<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(253,336\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(230,650\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n57,306\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Net gains on loans acquired for sale<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,313\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n7,671\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n16,196\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Loan origination fees<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n13,215\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n14,428\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n44,189\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Interest income<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n109,658\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n90,698\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n58,284\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Interest expense<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n114,080\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n78,150\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n75,489\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Net interest (expense) income<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(4,422\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n12,548\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(17,205\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Other<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,171\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n190\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n711\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Net investment income<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n151,065\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n21,500\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n47,854\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Expenses<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Earned by PennyMac Financial Services, Inc.:<\/td>\n \n \n \n \n <\/tr>\n \n Loan servicing fees<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n20,247\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n20,335\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n20,703\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Loan fulfillment fees<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n18,407\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n20,646\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n43,922\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Management fees<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n7,731\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n7,910\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n8,520\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Loan origination<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,430\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,782\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n6,594\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Professional services<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,394\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,252\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n949\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Loan collection and liquidation<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n690\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,251\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,126\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Safekeeping<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,986\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,021\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,306\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Compensation<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,368\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,549\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(383\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Other<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,433\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,622\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,773\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Total expenses<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n60,686\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n61,368\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n88,510\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Income (loss) before provision for (benefit from) income taxes<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n90,379\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(39,868\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(40,656\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Provision for (benefit from) income taxes<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n78,466\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n30,866\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(4,701\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Net income (loss)<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n11,913\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(70,734\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(35,955\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Dividends on preferred shares<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n10,455\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n10,455\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n7,969\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Net income (loss) attributable to common shareholders<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n1,458\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n(81,189\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n(43,924\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n (Loss) earnings per share<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n0.01\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n(0.88\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n(0.45\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Diluted<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n0.01\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n(0.88\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n(0.45\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Weighted average shares outstanding<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n90,594\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n91,963\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n97,501\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Diluted<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n90,594\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n91,963\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n97,501\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n\u00a0\n<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20221027005914\/en\/<\/a><\/span><\/p>\n
Media
\n<\/b>
Kristyn Clark
\n
kristyn.clark@pennymac.com
\n<\/a>
(805) 395-9943\n<\/p>\nInvestors
\n<\/b>
Kevin Chamberlain
\n
Isaac Garden
\n
investorrelations@pennymac.com
\n<\/a>
(818) 224-7028\n<\/p>\nKEYWORDS:<\/b> United States North America California<\/p>\n
INDUSTRY KEYWORDS:<\/b> Construction & Property Professional Services REIT Finance<\/p>\n
- \nConventional correspondent loan production volumes of $10.2 billion in unpaid principal balance (UPB)<\/p>\n
- \nBook value per common share decreased to $16.18 at September 30, 2022 from $16.59 at June 30, 2022\n<\/li>\n<\/ul>\n
- \nStrong performance from interest rate sensitive strategies and income excluding the impact of market-driven value changes<\/p>\n
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<\/td>\n<\/tr>\n