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Sep 30, 2024
PennyMac Q3 2024 Earnings Report
Reported net income attributable to common shareholders of $31.0 million.
Key Takeaways
PennyMac Mortgage Investment Trust reported a net income attributable to common shareholders of $31.0 million, or $0.36 per common share, for Q3 2024. The results reflect solid levels of income excluding market-driven value changes, bolstered by fair value changes including associated tax benefits. Conventional correspondent loan production volumes for PMT's account totaled $5.9 billion in unpaid principal balance (UPB), up 167 percent from the prior quarter.
Net income attributable to common shareholders was $31.0 million, with an annualized return on average common equity of 9%.
Book value per common share decreased slightly to $15.85 at September 30, 2024.
Conventional correspondent loan production volumes for PMT’s account totaled $5.9 billion in unpaid principal balance (UPB), up 167 percent from the prior quarter.
The company created $88 million in new mortgage servicing rights (MSRs), up from $41 million in the prior quarter.
Forward Guidance
The percentage of total conventional correspondent loan production retained by PMT is expected to be 15 to 25 percent in the fourth quarter in order to optimize PMT’s capital allocation.
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Avg. Return Before/After Earnings
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