PennyMac Mortgage Investment Trust
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
PMT$8.00+1.9%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations
| Year ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (in thousands, except per common share amounts) | |||
| Net investment income | |||
| Net loan servicing fees: | |||
| From nonaffiliates | |||
| Contractually specified | $659,438 | $625,210 | $526,245 |
| Other | 17,008 | 26,041 | 69,101 |
| 676,446 | 651,251 | 595,346 | |
| Change in fair value of mortgage servicing rights | (296,847) | 449,435 | (337,186) |
| Mortgage servicing rights hedging results | (92,775) | (204,879) | (345,041) |
| 286,824 | 895,807 | (86,881) | |
| From PennyMac Financial Services, Inc. | 1,784 | 13,744 | 50,859 |
| 288,608 | 909,551 | (36,022) | |
| Net gains (losses) on investments and financings: | |||
| From nonaffiliates | 178,099 | (658,787) | 302,428 |
| From PennyMac Financial Services, Inc. | — | — | 1,651 |
| 178,099 | (658,787) | 304,079 | |
| Net gains on loans acquired for sale: | |||
| From nonaffiliates | 32,695 | 20,724 | 80,801 |
| From PennyMac Financial Services, Inc. | 7,162 | 4,968 | 6,472 |
| 39,857 | 25,692 | 87,273 | |
| Loan origination fees | 18,231 | 52,085 | 170,672 |
| Net interest expense: | |||
| Interest income: | |||
| From nonaffiliates | 639,907 | 383,794 | 193,959 |
| From PennyMac Financial Services, Inc. | — | — | 1,280 |
| 639,907 | 383,794 | 195,239 | |
| Interest expense: | |||
| To nonaffiliates | 735,968 | 410,420 | 304,350 |
| To PennyMac Financial Services, Inc. | — | — | 387 |
| 735,968 | 410,420 | 304,737 | |
| Net interest expense | (96,061) | (26,626) | (109,498) |
| Results of real estate acquired in settlement of loans | (186) | 496 | 3,075 |
| Other | 472 | 1,360 | 718 |
| Net investment income | 429,020 | 303,771 | 420,297 |
| Expenses | |||
| Earned by PennyMac Financial Services, Inc.: | |||
| Loan servicing fees | 81,347 | 81,915 | 80,658 |
| Management fees | 28,762 | 31,065 | 37,801 |
| Loan fulfillment fees | 27,826 | 67,991 | 178,927 |
| Professional services | 7,621 | 9,569 | 11,148 |
| Compensation | 7,106 | 5,941 | 4,000 |
| Loan origination | 4,602 | 12,036 | 28,792 |
| Loan collection and liquidation | 4,562 | 5,396 | 11,279 |
| Safekeeping | 3,766 | 8,201 | 9,087 |
| Other | 19,033 | 18,570 | 13,944 |
| Total expenses | 184,625 | 240,684 | 375,636 |
| Income before provision for (benefit from) income taxes | 244,395 | 63,087 | 44,661 |
| Provision for (benefit from) income taxes | 44,741 | 136,374 | (12,193) |
| Net income (loss) | 199,654 | (73,287) | 56,854 |
| Dividends on preferred shares | 41,819 | 41,819 | 30,891 |
| Net income (loss) attributable to common shareholders | $157,835 | $(115,106) | $25,963 |
| Earnings (loss) per common share | |||
| Basic | $1.80 | $(1.26) | $0.26 |
| Diluted | $1.63 | $(1.26) | $0.26 |
| Weighted average common shares outstanding | |||
| Basic | 87,372 | 91,434 | 97,402 |
| Diluted | 111,700 | 91,434 | 97,402 |
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