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Mar 31, 2023
PennyMac Q1 2023 Earnings Report
PennyMac Mortgage Investment Trust reported strong earnings and growth in book value per share.
Key Takeaways
PennyMac Mortgage Investment Trust reported a net income attributable to common shareholders of $50.2 million, or $0.50 per common share, for the first quarter of 2023. The company's performance was driven by strong earnings in credit sensitive strategies, partially offset by fair value declines in interest rate sensitive strategies.
Net income attributable to common shareholders was $50.2 million.
Book value per common share increased to $15.96 at March 31, 2023.
Conventional correspondent loan production volumes for PMT's account totaled $6.6 billion in unpaid principal balance (UPB).
PMT exercised its option to extend the maturity for the Fannie Mae MSR term notes originally due in April 2023 for two years.
Revenue by Segment
Forward Guidance
PennyMac Mortgage Investment Trust anticipates continued strong financial performance in 2023, supported by its seasoned investment portfolio, solid underlying fundamentals, and strong balance sheet.
Positive Outlook
- Attractive opportunities to deploy capital into new investments.
- Potential for share repurchases well below book value.
- Seasoned investment portfolio with solid underlying fundamentals.
- Strong balance sheet.
- Further strengthened PMT’s balance sheet, extending for two years the maturity of $450 million in Fannie Mae MSR term notes originally due in April; and issuing $235 million of 2-year CRT notes
Historical Earnings Impact
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Avg. Return Before/After Earnings
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