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PennyMac Mortgage Investment Trust

For the period ended Dec 31, 2023. Filed Feb 22, 2024.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 22, 2024

PMT$7.87-1.6%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year ended December 31,
202320222021
(in thousands)
Cash flows from operating activities
Net income (loss)$199,654$(73,287)$56,854
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in fair value of mortgage servicing rights296,847(449,435)337,186
Mortgage servicing rights hedging results92,775204,879345,041
Net (gains) losses on investments and financings(178,099)658,787(304,079)
Net gains on loans acquired for sale(39,857)(25,692)(87,273)
Capitalization of interest and fees on loans at fair value——(251)
Accrual of interest on excess servicing spread purchased from PennyMac Financial Services, Inc.——(1,280)
Accrual of unearned discounts and amortization of purchase premiums on mortgage-backed securities, loans at fair value, and asset-backed financings(355)(9,815)9,803
Amortization of debt issuance costs15,14116,56327,156
Results of real estate acquired in settlement of loans186(496)(3,075)
Share-based compensation expense5,2054,3102,419
Purchase of loans acquired for sale at fair value from nonaffiliates(87,503,604)(87,844,404)(181,370,296)
Purchase of loans acquired for sale at fair value from PennyMac Financial Services, Inc.—(298,862)—
Sale to nonaffiliates and repayment of loans acquired for sale15,936,12439,077,156110,919,477
Sale of loans acquired for sale to PennyMac Financial Services, Inc.72,441,69950,575,61767,851,630
Repurchase of loans subject to representations and warranties(58,755)(92,294)(105,627)
(Increase) decrease in servicing advances(8,924)6,979(83,219)
Decrease (increase) in due from PennyMac Financial Services, Inc.3,50412,393(7,744)
Repurchase of real estate previously sold as loans acquired for sale(456)——
Increase in other assets(86,086)(189,551)(318,237)
Increase (decrease) in accounts payable and accrued liabilities194,05973,162(27,320)
Decrease in due to PennyMac Financial Services, Inc.(7,110)(3,719)(46,914)
Increase (decrease) in income taxes payable38,225142,180(13,965)
Net cash provided by (used in) operating activities1,340,1731,784,471(2,819,714)
Cash flows from investing activities
Net decrease (increase) in short-term investments123,933(84,272)(40,704)
Purchase of mortgage-backed securities at fair value(3,172,193)(3,718,093)(2,232,923)
Sale and repayment of mortgage-backed securities at fair value2,979,0191,358,1991,696,400
Purchase of subordinate mortgage pass-through security associated with consolidated variable interest entity——(28,815)
Repurchase of loans at fair value(119)——
Repayment of loans at fair value94,550159,647122,260
Settlement and repayment of excess servicing spread receivable from PennyMac Financial Services, Inc.——134,624
Net settlement of derivative financial instruments9,70025,4893,863
Distribution from credit risk transfer arrangements180,573478,3881,300,061
Purchase of mortgage servicing rights at fair value(14,632)——
Transfer of mortgage servicing rights relating to delinquent loans to Agency472(104)—
Sale of real estate acquired in settlement of loans4,6687,99917,096
(Increase) decrease in margin deposits(227,697)(94,727)121,151
Net cash (used in) provided by investing activities(21,726)(1,867,474)1,093,013

Statements continued on the next page

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Continued)

Year ended December 31,
202320222021
(in thousands)
Cash flows from financing activities
Sale of assets under agreements to repurchase120,565,014121,017,757193,729,139
Repurchase of assets sold under agreements to repurchase(121,555,845)(121,073,659)(193,372,527)
Issuance of mortgage loan participation purchase and sale agreements2,146,8213,742,8704,172,863
Repayment of mortgage loan participation purchase and sale agreements(2,146,821)(3,792,858)(4,139,725)
Issuance of notes payable secured by credit risk transfer and mortgage servicing assets780,000944,9992,022,127
Repayment of notes payable secured by credit risk transfer and mortgage servicing assets(675,032)(611,943)(1,472,508)
Issuance of unsecured senior notes53,500—345,000
Issuance of asset-backed financings at fair value—382,423690,550
Repayment of asset-backed financings at fair value(91,406)(155,654)(115,137)
Payment of debt issuance costs(13,967)(14,170)(21,007)
Repurchase of assets sold to PennyMac Financial Services, Inc. under agreement to repurchase——(80,862)
Payment of dividends to preferred shareholders(41,818)(41,819)(30,146)
Payment of dividends to common shareholders(140,617)(173,546)(183,973)
Payment of vested share-based compensation tax withholdings(567)(522)(730)
Issuance of preferred shares——250,000
Payment of issuance costs related to preferred shares——(8,225)
Payment of contingent underwriting fees payable related to common shares——(4)
Repurchase of common shares(28,490)(87,992)(56,855)
Net cash (used in) provided by financing activities(1,149,228)135,8861,727,980
Net increase in cash169,21952,8831,279
Cash at beginning of year111,86658,98357,704
Cash at end of year$281,085$111,866$58,983
Supplemental cash flow information
Payments (refunds), net:
Income taxes$6,517$(5,806)$1,771
Interest$718,362$368,671$298,862
Non cash investing activities:
Receipt of mortgage servicing rights as proceeds from sales of loans$292,527$670,343$1,484,629
Unsettled purchase of mortgage servicing rights$1,626$—$—
Exchange of mortgage servicing spread for interest-only stripped securities and interest receivable$105,096$—$—
Retention of subordinate mortgage-backed securities in loan securitizations$—$23,485$42,256
Recognition of loans at fair value resulting from initial consolidation of variable interest entities$—$405,908$1,542,333
Recombination of MSRs to loans at fair value resulting from initial consolidation of variable interest entity$—$—$9,824
Receipt of excess servicing spread pursuant to recapture agreement with PennyMac Financial Services, Inc.$—$—$557
Transfer of loans and advances to real estate acquired in settlement of loans$1,205$—$—
Non-cash financing activities:
Recognition of asset-backed financings resulting from initial consolidation of VIEs$—$382,423$1,471,262
Dividends declared, not paid$34,750$35,658$44,764
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.