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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Cash Flows
Our cash flows for the periods ended September 30, 2024 and 2023 are summarized below:
| Nine months ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| (in thousands) | ||
| Operating activities | $(1,082,381) | $807,162 |
| Investing activities | 1,078,349 | 60,482 |
| Financing activities | 67,305 | (743,114) |
| Net cash flows | $63,273 | $124,530 |
Our cash flows resulted in a net increase in cash of $63.3 million during the nine months ended September 30, 2024, as discussed below.
Operating activities
Cash used in operating activities totaled $1.1 billion during the nine months ended September 30, 2024, as compared to cash provided by our operating activities of $807.2 million during the nine months ended September 30, 2023. Cash flows from operating activities are influenced by cash flows from loans acquired for sale as shown below:
| Nine months ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| (in thousands) | ||
| Operating cash flows from: | ||
| Loans acquired for sale | $(1,043,498) | $639,045 |
| Other | (38,883) | 168,117 |
| $(1,082,381) | $807,162 | |
Cash flows from loans acquired for sale primarily reflect changes in the level of inventory from the beginning to end of the periods presented. Our inventory of loans held for sale increased during the nine months ended September 30, 2024, as compared to a decrease during the same period in 2023.
Investing activities
Net cash provided by our investing activities was $1.1 billion for the nine months ended September 30, 2024, as compared to net cash provided by our investing activities of $60.5 million for the nine months ended September 30, 2023, primarily due to our net sale of MBS.
Financing activities
Net cash provided by our financing activities was $67.3 million for the nine months ended September 30, 2024, as compared to net cash used in our financing activities of $743.1 million for the nine months ended September 30, 2023. This change primarily reflects relative stability in the size of our balance sheet during the nine months ended September 30, 2024.
As discussed below in Liquidity and Capital Resources, our Manager continually evaluates and pursues additional sources of financing to provide us with future investing capacity. We do not raise equity or enter into borrowings for the purpose of financing the payment of dividends. We believe that our cash earnings are adequate to fund our operating expenses and dividend payment requirements. However, we manage our liquidity in the aggregate and are reinvesting our cash flows in new investments as well as using such cash to fund our dividend requirements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.