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Mar 31, 2022
PennyMac Q1 2022 Earnings Report
Reported a net loss due to fair value declines in credit sensitive strategies and tax provisions.
Key Takeaways
PennyMac Mortgage Investment Trust reported a net loss attributable to common shareholders of $29.6 million, or $(0.32) per common share on a diluted basis for the first quarter of 2022, on net investment income of $81.8 million.
Net loss attributable to common shareholders was $29.6 million.
Book value per common share decreased to $17.87.
Conventional correspondent loan production volumes decreased to $9.8 billion in UPB.
Invested $86 million in floating-rate credit risk transfer bonds.
Revenue by Segment
Forward Guidance
Higher interest rates and wider credit spreads are presenting attractive opportunities for PMT to deploy capital.
Positive Outlook
- Continued to invest in subordinate tranches from the securitization of investor loans
- Opportunistically invested more than $140 million in securities with attractive expected returns from newly issued Agency CRT transactions and non-agency securitizations.
- Deep knowledge and expertise of the management team
- Ability to find and invest in assets with attractive, long-term risk-adjusted returns.
- Well-positioned to capitalize on opportunities in the evolving mortgage environment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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