PennyMac Mortgage Investment Trust
For the period ended Sep 30, 2024. Filed Oct 30, 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.
Sep 30, 2024 · Filed Oct 30, 2024
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Balance Sheet Analysis
Following is a summary of key balance sheet items as of the dates presented:
| September 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| (in thousands) | ||
| Assets | ||
| Cash and short-term investments | $447,145 | $409,423 |
| Mortgage-backed securities at fair value | 4,182,382 | 4,836,292 |
| Loans acquired for sale at fair value | 1,665,796 | 669,018 |
| Loans at fair value | 1,429,525 | 1,433,820 |
| Derivative assets | 81,844 | 177,984 |
| Deposits securing credit risk transfer arrangements | 1,135,447 | 1,209,498 |
| Mortgage servicing rights | 3,809,047 | 3,919,107 |
| 12,751,186 | 12,655,142 | |
| Other | 304,468 | 458,745 |
| Total assets | $13,055,654 | $13,113,887 |
| Liabilities | ||
| Debt: | ||
| Short-term | $5,777,251 | $5,624,558 |
| Long-term | 5,014,918 | 4,880,461 |
| 10,792,169 | 10,505,019 | |
| Other | 326,698 | 651,778 |
| Total liabilities | 11,118,867 | 11,156,797 |
| Shareholders’ equity | 1,936,787 | 1,957,090 |
| Total liabilities and shareholders’ equity | $13,055,654 | $13,113,887 |
Total assets decreased by approximately $58.2 million during the period from December 31, 2023 through September 30, 2024, primarily due to a $653.9 million reduction in Mortgage-backed securities at fair value and a $110.1 million decrease in MSR fair value partially offset by an increase of $996.8 million in Loans acquired for sale at fair value.
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