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PennyMac Mortgage Investment Trust

For the period ended Dec 31, 2024. Filed Feb 20, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

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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Contents

Item 8. Consolidated Statements of Cash Flows

Year ended December 31,
202420232022
(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 rights170,409296,847(449,435)
Mortgage servicing rights hedging results226,60892,775204,879
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 costs23,09515,14116,563
Results of real estate acquired in settlement of loans437186(496)
Share-based compensation expense3,4795,2054,310
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 sale12,414,39115,936,12439,077,156
Sale of loans acquired for sale to PennyMac Financial Services, Inc.81,997,77372,441,69950,575,617
Repurchase of loans subject to representations and warranties(35,428)(58,755)(92,294)
Decrease (increase) in servicing advances100,884(8,924)6,979
(Increase) decrease in due from PennyMac Financial Services, Inc.(15,959)3,50412,393
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)194,05973,162
Increase (decrease) in due to PennyMac Financial Services, Inc.944(7,110)(3,719)
(Decrease) increase in income taxes payable(26,142)38,225142,180
Net cash (used in) provided by operating activities(2,702,883)1,340,1731,784,471
Cash flows from investing activities
Net decrease (increase) in short-term investments25,140123,933(84,272)
Purchase of mortgage-backed securities(638,155)(3,172,193)(3,718,093)
Sale and repayment of mortgage-backed securities1,488,9712,979,0191,358,199
Repurchase of loans at fair value—(119)—
Repayment of loans at fair value101,65194,550159,647
Net settlement of derivative financial instruments(11,086)9,70025,489
Distribution from credit risk transfer arrangements157,854180,573478,388
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 loans1,8704,6687,999
Decrease (increase) in margin deposits263,975(227,697)(94,727)
Net cash provided by (used in) investing activities1,360,396(21,726)(1,867,474)

Statements continued on the next page

(Continued)

Year ended December 31,
202420232022
(in thousands)
Cash flows from financing activities
Sale of assets under agreements to repurchase121,850,449120,565,014121,017,757
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 agreements2,246,1332,146,8213,742,870
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 assets1,474,986780,000944,999
Repayment of notes payable secured by credit risk transfer and mortgage servicing assets(1,453,833)(675,032)(611,943)
Issuance of unsecured senior notes216,50053,500—
Repayment of unsecured senior notes(210,000)——
Issuance of asset-backed financing of variable interest entities791,582—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 activities1,399,096(1,149,228)135,886
Net increase in cash56,609169,21952,883
Cash at beginning of year281,085111,86658,983
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
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