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Jun 30, 2021
PennyMac Q2 2021 Earnings Report
PennyMac reported net income attributable to common shareholders of $31.9 million for the second quarter of 2021.
Key Takeaways
PennyMac Mortgage Investment Trust reported net income attributable to common shareholders of $31.9 million, or $0.32 per common share on a diluted basis, for the second quarter of 2021, on net investment income of $121.6 million.
Net income attributable to common shareholders was $31.9 million, down from $65.4 million in the prior quarter.
Correspondent segment results and performance of government-sponsored enterprise (GSE) credit risk transfer (CRT) investments were strong.
Mortgage servicing rights (MSR) fair value declines were partially offset by fair value gains on interest rate hedges and Agency mortgage-backed securities (MBS).
Book value per common share decreased to $20.77 at June 30, 2021 from $20.90 at March 31, 2021.
Revenue by Segment
Forward Guidance
While the recent decline in interest rates combined with FHFA’s elimination of the Adverse Market Refinance Fee is expected to have a mark-to-market impact on PMT’s MSR value, these factors have meaningfully increased the population of loans that would benefit from a refinance. The continuation of this vibrant origination market combined with PMT’s high-quality interest rate sensitive and credit investments support PMT’s ability to continue delivering strong risk-adjusted returns to its shareholders.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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