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Jun 30, 2020
PennyMac Q2 2020 Earnings Report
PennyMac reported net income for Q2 2020, driven by record Correspondent Production segment results and partial recovery in the fair value of GSE credit risk transfer investments.
Key Takeaways
PennyMac Mortgage Investment Trust reported a net income attributable to common shareholders of $458.4 million, or $4.51 per common share on a diluted basis, for the second quarter of 2020. This was driven by record Correspondent Production segment results and a partial recovery in the fair value of government-sponsored enterprise (GSE) credit risk transfer (CRT) investments.
Net income attributable to common shareholders was $458.4 million, a significant increase from the prior quarter's net loss of $600.9 million.
Book value per common share was $19.39 at June 30, 2020, up from $15.16 at March 31, 2020.
Conventional correspondent loan production totaled $18.9 billion in unpaid principal balance (UPB), up 17 percent from the prior quarter and up 76 percent from the second quarter of 2019.
CRT deliveries totaled $1.8 billion in UPB, resulting in a firm commitment to purchase $48 million of new CRT securities.
Revenue by Segment
Forward Guidance
Looking ahead, we project book value growth as we expect the earnings potential of PMT’s investment strategies to exceed the current dividend level.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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