PennyMac Mortgage Investment Trust
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
PMT$7.87-1.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (in thousands) | |||
| Cash flows from operating activities | |||
| Net income (loss) | $160,984 | $199,654 | $(73,287) |
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||
| Change in fair value of mortgage servicing rights | 170,409 | 296,847 | (449,435) |
| Mortgage servicing rights hedging results | 226,608 | 92,775 | 204,879 |
| Net gains on loans acquired for sale | (73,124) | (39,857) | (25,692) |
| Net (gains) losses on investments and financings | (61,050) | (178,099) | 658,787 |
| Accrual of unearned discounts and amortization of purchase premiums on mortgage-backed securities, loans at fair value, and asset-backed financings | (23,312) | (355) | (9,815) |
| Amortization of debt issuance costs | 23,095 | 15,141 | 16,563 |
| Results of real estate acquired in settlement of loans | 437 | 186 | (496) |
| Share-based compensation expense | 3,479 | 5,205 | 4,310 |
| Purchase of loans acquired for sale from nonaffiliates | (96,091,114) | (87,503,604) | (87,844,404) |
| Purchase of loans acquired for sale from PennyMac Financial Services, Inc. | (662,952) | — | (298,862) |
| Sale to nonaffiliates and repayment of loans acquired for sale | 12,414,391 | 15,936,124 | 39,077,156 |
| Sale of loans acquired for sale to PennyMac Financial Services, Inc. | 81,997,773 | 72,441,699 | 50,575,617 |
| Repurchase of loans subject to representations and warranties | (35,428) | (58,755) | (92,294) |
| Decrease (increase) in servicing advances | 100,884 | (8,924) | 6,979 |
| (Increase) decrease in due from PennyMac Financial Services, Inc. | (15,959) | 3,504 | 12,393 |
| Repurchase of real estate previously sold as loans acquired for sale | — | (456) | — |
| Increase in other assets | (596,687) | (86,086) | (189,551) |
| (Decrease) increase in accounts payable and accrued liabilities | (216,119) | 194,059 | 73,162 |
| Increase (decrease) in due to PennyMac Financial Services, Inc. | 944 | (7,110) | (3,719) |
| (Decrease) increase in income taxes payable | (26,142) | 38,225 | 142,180 |
| Net cash (used in) provided by operating activities | (2,702,883) | 1,340,173 | 1,784,471 |
| Cash flows from investing activities | |||
| Net decrease (increase) in short-term investments | 25,140 | 123,933 | (84,272) |
| Purchase of mortgage-backed securities | (638,155) | (3,172,193) | (3,718,093) |
| Sale and repayment of mortgage-backed securities | 1,488,971 | 2,979,019 | 1,358,199 |
| Repurchase of loans at fair value | — | (119) | — |
| Repayment of loans at fair value | 101,651 | 94,550 | 159,647 |
| Net settlement of derivative financial instruments | (11,086) | 9,700 | 25,489 |
| Distribution from credit risk transfer arrangements | 157,854 | 180,573 | 478,388 |
| Purchase of mortgage servicing rights | (29,263) | (14,632) | — |
| Transfer of mortgage servicing rights relating to delinquent loans to Agency | (561) | 472 | (104) |
| Sale of real estate acquired in settlement of loans | 1,870 | 4,668 | 7,999 |
| Decrease (increase) in margin deposits | 263,975 | (227,697) | (94,727) |
| Net cash provided by (used in) investing activities | 1,360,396 | (21,726) | (1,867,474) |
Statements continued on the next page
(Continued)
| Year ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (in thousands) | |||
| Cash flows from financing activities | |||
| Sale of assets under agreements to repurchase | 121,850,449 | 120,565,014 | 121,017,757 |
| Repurchase of assets sold under agreements to repurchase | (120,968,841) | (121,555,845) | (121,073,659) |
| Issuance of mortgage loan participation purchase and sale agreements | 2,246,133 | 2,146,821 | 3,742,870 |
| Repayment of mortgage loan participation purchase and sale agreements | (2,234,482) | (2,146,821) | (3,792,858) |
| Issuance of notes payable secured by credit risk transfer and mortgage servicing assets | 1,474,986 | 780,000 | 944,999 |
| Repayment of notes payable secured by credit risk transfer and mortgage servicing assets | (1,453,833) | (675,032) | (611,943) |
| Issuance of unsecured senior notes | 216,500 | 53,500 | — |
| Repayment of unsecured senior notes | (210,000) | — | — |
| Issuance of asset-backed financing of variable interest entities | 791,582 | — | 382,423 |
| Repayment of asset-backed financings of variable interest entities | (98,986) | (91,406) | (155,654) |
| Payment of debt issuance costs | (31,447) | (13,967) | (14,170) |
| Payment of dividends to preferred shareholders | (41,819) | (41,818) | (41,819) |
| Payment of dividends to common shareholders | (139,300) | (140,617) | (173,546) |
| Payment of vested share-based compensation tax withholdings | (1,846) | (567) | (522) |
| Repurchase of common shares of beneficial interest | — | (28,490) | (87,992) |
| Net cash provided by (used in) financing activities | 1,399,096 | (1,149,228) | 135,886 |
| Net increase in cash | 56,609 | 169,219 | 52,883 |
| Cash at beginning of year | 281,085 | 111,866 | 58,983 |
| Cash at end of year | $337,694 | $281,085 | $111,866 |
| Supplemental cash flow information | |||
| Payments (refunds), net: | |||
| Income taxes | $7,806 | $6,517 | $(5,806) |
| Interest | $711,694 | $718,362 | $368,671 |
| Non cash investing activities: | |||
| Retention of subordinate mortgage-backed securities in loan securitizations | $64,253 | $— | $23,485 |
| Recognition of loans at fair value resulting from initial consolidation of variable interest entities | $847,698 | $— | $405,908 |
| Transfer of loans and servicing advances to real estate acquired in settlement of loans | $— | $1,205 | $— |
| Receipt of mortgage servicing rights as proceeds from sales of loans | $219,001 | $292,527 | $670,343 |
| Unsettled purchase of mortgage servicing rights | $166 | $1,626 | $— |
| Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities and interest receivable | $130,295 | $105,096 | $— |
| Non-cash financing activities: | |||
| Recognition of asset-backed financings resulting from initial consolidation of VIEs | $783,445 | $— | $382,423 |
| Dividends declared, not paid | $34,838 | $34,750 | $35,658 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.