PennyMac Mortgage Investment Trust
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
View on SEC.govAbout this filing
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.
Jun 30, 2024 · Filed Aug 1, 2024
PMT$7.87-1.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Income
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
| Quarter ended June 30, | Six months ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (in thousands, except per common share amounts) | ||||
| Net investment income | ||||
| Net loan servicing fees: | ||||
| From nonaffiliates | ||||
| Contractually specified | $162,127 | $165,499 | $322,484 | $329,713 |
| Other | 2,815 | 6,826 | 5,826 | 10,769 |
| 164,942 | 172,325 | 328,310 | 340,482 | |
| Change in fair value of mortgage servicing rights | (50,556) | (87,997) | (78,758) | (225,441) |
| Mortgage servicing rights hedging results | (18,365) | 23,996 | (108,179) | (30,895) |
| 96,021 | 108,324 | 141,373 | 84,146 | |
| From PennyMac Financial Services, Inc. | 473 | 509 | 826 | 994 |
| 96,494 | 108,833 | 142,199 | 85,140 | |
| Net gains on loans acquired for sale: | ||||
| From nonaffiliates | 10,110 | 2,614 | 23,023 | 7,759 |
| From PennyMac Financial Services, Inc. | 2,050 | 1,832 | 3,655 | 3,160 |
| 12,160 | 4,446 | 26,678 | 10,919 | |
| Loan origination fees | 2,451 | 4,295 | 4,459 | 12,001 |
| Net (losses) gains on investments and financings | (19,743) | (2,499) | 20,010 | 123,305 |
| Net interest expense: | ||||
| Interest income | 151,835 | 162,684 | 295,394 | 315,703 |
| Interest expense | 171,841 | 187,390 | 343,368 | 366,527 |
| Net interest expense | (20,006) | (24,706) | (47,974) | (50,824) |
| Results of real estate acquired in settlement of loans | (224) | (56) | (90) | — |
| Other | 66 | 139 | 121 | 277 |
| Net investment income | 71,198 | 90,452 | 145,403 | 180,818 |
| Expenses | ||||
| Earned by PennyMac Financial Services, Inc.: | ||||
| Loan servicing fees | 20,264 | 20,317 | 40,526 | 40,766 |
| Management fees | 7,133 | 7,078 | 14,321 | 14,335 |
| Loan fulfillment fees | 4,427 | 5,441 | 8,443 | 17,364 |
| Professional services | 2,366 | 1,881 | 4,124 | 3,404 |
| Compensation | 1,369 | 1,279 | 3,285 | 2,818 |
| Loan collection and liquidation | 671 | 909 | 2,040 | 1,488 |
| Safekeeping | 961 | 1,124 | 1,893 | 2,240 |
| Loan origination | 533 | 897 | 1,006 | 3,075 |
| Other | 4,865 | 4,673 | 8,775 | 9,674 |
| Total expenses | 42,589 | 43,599 | 84,413 | 95,164 |
| Income before provision for (benefit from) income taxes | 28,609 | 46,853 | 60,990 | 85,654 |
| Provision for (benefit from) income taxes | 3,175 | 22,229 | (12,052) | 333 |
| Net income | 25,434 | 24,624 | 73,042 | 85,321 |
| Dividends on preferred shares | 10,454 | 10,454 | 20,909 | 20,909 |
| Net income attributable to common shareholders | $14,980 | $14,170 | $52,133 | $64,412 |
| Earnings per common share | ||||
| Basic | $0.17 | $0.16 | $0.60 | $0.73 |
| Diluted | $0.17 | $0.16 | $0.60 | $0.68 |
| Weighted average common shares outstanding | ||||
| Basic | 86,849 | 87,269 | 86,769 | 88,046 |
| Diluted | 86,849 | 87,269 | 86,769 | 112,374 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.