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
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 September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (in thousands, except earnings per common share) | ||||
| Net investment income | ||||
| Net gains (losses) on investments and financings | $146,695 | $(109,544) | $166,705 | $13,761 |
| Net gains on loans acquired for sale: | ||||
| From nonaffiliates | 18,065 | 11,704 | 41,088 | 19,463 |
| From PennyMac Financial Services, Inc. | 1,994 | 1,854 | 5,649 | 5,014 |
| 20,059 | 13,558 | 46,737 | 24,477 | |
| Loan origination fees | 6,640 | 3,226 | 11,099 | 15,227 |
| Net loan servicing fees: | ||||
| From nonaffiliates | ||||
| Contractually specified | 162,605 | 166,809 | 485,089 | 496,522 |
| Other | 4,012 | 3,752 | 9,838 | 14,521 |
| 166,617 | 170,561 | 494,927 | 511,043 | |
| Change in fair value of mortgage servicing rights | (184,918) | 160,926 | (263,676) | (64,515) |
| Mortgage servicing rights hedging results | (67,220) | (50,689) | (175,399) | (81,584) |
| (85,521) | 280,798 | 55,852 | 364,944 | |
| From PennyMac Financial Services, Inc. | 441 | 500 | 1,267 | 1,494 |
| (85,080) | 281,298 | 57,119 | 366,438 | |
| Net interest expense: | ||||
| Interest income | 176,734 | 158,926 | 472,128 | 474,629 |
| Interest expense | 184,171 | 183,918 | 527,539 | 550,445 |
| Net interest expense | (7,437) | (24,992) | (55,411) | (75,816) |
| Results of real estate acquired in settlement of loans | (65) | (251) | (155) | (251) |
| Other | 52 | 134 | 173 | 411 |
| Net investment income | 80,864 | 163,429 | 226,267 | 344,247 |
| Expenses | ||||
| Earned by PennyMac Financial Services, Inc.: | ||||
| Loan servicing fees | 22,240 | 20,257 | 62,766 | 61,023 |
| Management fees | 7,153 | 7,175 | 21,474 | 21,510 |
| Loan fulfillment fees | 11,492 | 5,531 | 19,935 | 22,895 |
| Professional services | 2,614 | 2,133 | 6,738 | 5,537 |
| Compensation | 1,326 | 1,961 | 4,611 | 4,779 |
| Loan collection and liquidation | 2,257 | 1,890 | 4,297 | 3,378 |
| Safekeeping | 1,174 | 467 | 3,067 | 2,707 |
| Loan origination | 1,408 | 710 | 2,414 | 3,785 |
| Other | 4,666 | 4,885 | 13,441 | 14,559 |
| Total expenses | 54,330 | 45,009 | 138,743 | 140,173 |
| Income before (benefit from) provision for income taxes | 26,534 | 118,420 | 87,524 | 204,074 |
| (Benefit from) provision for income taxes | (14,873) | 56,998 | (26,925) | 57,331 |
| Net income | 41,407 | 61,422 | 114,449 | 146,743 |
| Dividends on preferred shares | 10,455 | 10,455 | 31,364 | 31,364 |
| Net income attributable to common shareholders | $30,952 | $50,967 | $83,085 | $115,379 |
| Earnings per common share | ||||
| Basic | $0.36 | $0.59 | $0.95 | $1.31 |
| Diluted | $0.36 | $0.51 | $0.95 | $1.20 |
| Weighted average common shares outstanding | ||||
| Basic | 86,861 | 86,760 | 86,800 | 87,613 |
| Diluted | 86,861 | 111,088 | 86,800 | 111,941 |
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