PennyMac Mortgage Investment Trust
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended March 31,2024
Or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from to
Commission file number:001-34416
PennyMac Mortgage Investment Trust
(Exact name of registrant as specified in its charter)
| Maryland | 27-0186273 |
|---|---|
| (State or other jurisdiction ofincorporation or organization) | (IRS EmployerIdentification No.) |
| 3043 Townsgate Road, Westlake Village, California | 91361 |
| (Address of principal executive offices) | (Zip Code) |
(818)224-7442
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol (s) | Name of Each Exchange on Which Registered |
|---|---|---|
| Common Shares of Beneficial Interest, $0.01 Par Value | PMT | New York Stock Exchange |
| 8.125% Series A Cumulative Redeemable PreferredShares of Beneficial Interest, $0.01 Par Value | PMT/PRA | New York Stock Exchange |
| 8.00% Series B Cumulative Redeemable PreferredShares of Beneficial Interest, $0.01 Par Value6.75% Series C Cumulative Redeemable PreferredShares of Beneficial Interest, $0.01 Par Value | PMT/PRB PMT/PRC | New York Stock Exchange New York Stock Exchange |
| 8.50% Senior Note Due 2028 | PMTU | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes☐ No☒
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
| Class | Outstanding at April 30, 2024 |
|---|---|
| Common Shares of Beneficial Interest, $0.01 par value | 86,845,447 |
PENNYMAC MORTGAGE INVESTMENT TRUST
FORM 10-Q
March 31, 2024
TABLE OF CONTENTS
| Page | ||
|---|---|---|
| Special Note Regarding Forward-Looking Statements | 1 | |
| PART I. FINANCIAL INFORMATION | 4 | |
| Item 1. | Financial Statements (Unaudited) | 4 |
| Consolidated Balance Sheets | 4 | |
| Consolidated Statements of Income | 6 | |
| Consolidated Statements of Changes in Shareholders’ Equity | 7 | |
| Consolidated Statements of Cash Flows | 8 | |
| Notes to Consolidated Financial Statements | 10 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 53 |
| Our Company | 53 | |
| Results of Operations | 56 | |
| Net Investment Income | 57 | |
| Expenses | 65 | |
| Balance Sheet Analysis | 68 | |
| Asset Acquisitions | 68 | |
| Investment Portfolio Composition | 69 | |
| Cash Flows | 72 | |
| Liquidity and Capital Resources | 72 | |
| Off-Balance Sheet Arrangements and Aggregate Contractual Obligations | 76 | |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 77 |
| Item 4. | Controls and Procedures | 78 |
| PART II. OTHER INFORMATION | 79 | |
| Item 1. | Legal Proceedings | 79 |
| Item 1A | Risk Factors | 79 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 79 |
| Item 3. | Defaults Upon Senior Securities | 79 |
| Item 4. | Mine Safety Disclosures | 79 |
| Item 5. | Other Information | 79 |
| Item 6. | Exhibits | 80 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.