PennyMac Mortgage Investment Trust
For the period ended Sep 30, 2024. Filed Oct 30, 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.
Sep 30, 2024 · Filed Oct 30, 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 Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| Nine months ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| (in thousands) | ||
| Cash flows from operating activities | ||
| Net income | $114,449 | $146,743 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
| Net gains on investments and financings | (166,705) | (13,761) |
| Net gains on loans acquired for sale | (46,737) | (24,477) |
| Change in fair value of mortgage servicing rights | 263,676 | 64,515 |
| Mortgage servicing rights hedging results | 175,399 | 81,584 |
| Accrual of unearned discounts and amortization of purchase premiums on mortgage-backed securities, loans at fair value, and asset-backed financings | (25,967) | 8,050 |
| Amortization of debt issuance costs | 16,742 | 11,147 |
| Results of real estate acquired in settlement of loans | 155 | 251 |
| Share-based compensation expense | 3,008 | 3,421 |
| Purchase of loans acquired for sale from nonaffiliates | (67,670,193) | (63,699,477) |
| Purchase of loans acquired for sale from PennyMac Financial Services, Inc. | (191,250) | — |
| Sale to nonaffiliates and repayment of loans acquired for sale | 9,340,802 | 13,576,673 |
| Sale of loans acquired for sale to PennyMac Financial Services, Inc. | 57,502,461 | 50,812,386 |
| Repurchase of loans subject to representations and warranties | (25,318) | (50,537) |
| Decrease in servicing advances | 134,885 | 103,636 |
| (Increase) decrease in due from PennyMac Financial Services, Inc. | (8,482) | 1,308 |
| Repurchase of real estate previously sold as loans acquired for sale | — | (456) |
| Increase in other assets | (225,737) | (187,922) |
| Decrease in accounts payable and accrued liabilities | (242,451) | (68,352) |
| Increase (decrease) in due to PennyMac Financial Services, Inc. | 3,341 | (8,759) |
| (Decrease) increase in income taxes payable | (34,459) | 51,189 |
| Net cash (used in) provided by operating activities | (1,082,381) | 807,162 |
| Cash flows from investing activities | ||
| Net decrease in short-term investments | 25,551 | 102,212 |
| Purchase of mortgage-backed securities | (479,960) | (3,108,701) |
| Sale and repayment of mortgage-backed securities | 1,245,129 | 2,880,273 |
| Repurchase of loans at fair value | — | (119) |
| Repayment of loans at fair value | 75,113 | 72,925 |
| Net settlement of derivative financial instruments | (1,346) | (56,025) |
| Distribution from credit risk transfer arrangements | 118,668 | 136,033 |
| Purchase of mortgage servicing rights | (27,981) | (14,637) |
| Transfer of mortgage servicing rights relating to delinquent loans to Agency | (341) | 653 |
| Sale of real estate acquired in settlement of loans | 1,127 | 3,803 |
| Decrease in margin deposits | 122,389 | 44,065 |
| Net cash provided by investing activities | 1,078,349 | 60,482 |
Statements continued on the next page
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Continued)
| Nine months ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| (in thousands) | ||
| Cash flows from financing activities | ||
| Sale of assets under agreements to repurchase | 91,889,781 | 92,891,387 |
| Repurchase of assets sold under agreements to repurchase | (91,766,070) | (93,488,136) |
| Issuance of mortgage loan participation purchase and sale agreements | 1,771,100 | 1,739,456 |
| Repayment of mortgage loan participation purchase and sale agreements | (1,742,221) | (1,715,465) |
| Issuance of notes payable secured by credit risk transfer and mortgage servicing assets | 1,306,500 | 615,000 |
| Repayment of notes payable secured by credit risk transfer and mortgage servicing assets | (1,384,419) | (595,303) |
| Issuance of asset-backed financing of variable interest entities | 8,137 | — |
| Repayment of asset-backed financings of variable interest entities | (73,083) | (70,455) |
| Issuance of unsecured senior notes | 216,500 | 53,500 |
| Payment of debt issuance costs | (21,260) | (8,344) |
| Payment of dividends to preferred shareholders | (31,364) | (31,364) |
| Payment of dividends to common shareholders | (104,450) | (105,812) |
| Payment of vested share-based compensation tax withholdings | (1,846) | (567) |
| Repurchase of common shares of beneficial interest | — | (27,011) |
| Net cash provided by (used in) financing activities | 67,305 | (743,114) |
| Net increase in cash | 63,273 | 124,530 |
| Cash at beginning of period | 281,085 | 111,866 |
| Cash at end of period | $344,358 | $236,396 |
| Supplemental cash flow information | ||
| Payments, net: | ||
| Income taxes | $7,534 | $6,142 |
| Interest | $564,417 | $562,109 |
| Non cash investing activities: | ||
| Receipt of mortgage servicing rights as proceeds from sales of loans | $159,456 | $249,925 |
| Unsettled purchase of mortgage servicing rights | $1,447 | $1,626 |
| Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities and interest receivable | $35,609 | $105,096 |
| Transfer of loans and advances to real estate acquired in settlement of loans | $— | $1,182 |
| Non-cash financing activities: | ||
| Dividends declared, not paid | $34,850 | $34,805 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.