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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Balance Sheet Analysis
Following is a summary of key balance sheet items as of the dates presented:
| March 31, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| (in thousands) | ||
| Assets | ||
| Cash | $126,578 | $281,085 |
| Investments: | ||
| Short-term | 343,343 | 128,338 |
| Mortgage-backed securities at fair value | 3,949,678 | 4,836,292 |
| Loans acquired for sale at fair value | 911,602 | 669,018 |
| Loans at fair value | 1,408,610 | 1,433,820 |
| Derivative assets | 62,734 | 177,984 |
| Deposits securing credit risk transfer arrangements | 1,187,100 | 1,209,498 |
| Mortgage servicing rights | 3,951,737 | 3,919,107 |
| 11,814,804 | 12,374,057 | |
| Other | 352,318 | 458,745 |
| Total assets | $12,293,700 | $13,113,887 |
| Liabilities | ||
| Debt: | ||
| Short-term | $5,143,593 | $5,624,558 |
| Long-term | 4,822,305 | 4,880,461 |
| 9,965,898 | 10,505,019 | |
| Other | 368,889 | 651,778 |
| Total liabilities | 10,334,787 | 11,156,797 |
| Shareholders’ equity | 1,958,913 | 1,957,090 |
| Total liabilities and shareholders’ equity | $12,293,700 | $13,113,887 |
Total assets decreased by approximately $820.2 million, or 6%, during the period from December 31, 2023 through March 31, 2024, primarily due to an $886.6 million reduction in Mortgage-backed securities at fair value partially offset by an increase of $242.6 million in Loans acquired for sale at fair value and a $32.6 million increase in MSRs.
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