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Dec 31, 2024
PennyMac Q4 2024 Earnings Report
PennyMac Mortgage Investment Trust reported strong fourth-quarter results, driven by income excluding market-driven value changes and performance across investment strategies.
Key Takeaways
PennyMac Mortgage Investment Trust reported a net income attributable to common shareholders of $36.1 million, or $0.41 per common share, for Q4 2024. The results were driven by strong levels of income excluding market driven value changes and excellent performance across all three investment strategies.
Net income attributable to common shareholders was $36.1 million, with an annualized return on average common equity of 10%.
Book value per common share increased to $15.87 at December 31, 2024, from $15.85 at September 30, 2024.
Correspondent loan production volumes for PMT’s account totaled $3.5 billion, up 41 percent from Q4 2023.
The company closed two Agency-eligible investor loan securitizations with combined UPB of $822 million and generated $52 million of net new investments in non-Agency subordinate bonds.
Forward Guidance
PMT expects to be a consistent issuer and investor in private label securitizations alongside its seasoned portfolio of MSRs and CRT, confident in delivering attractive risk-adjusted returns in 2025 and beyond.
Positive Outlook
- Growing pipeline of loans available for private label securitization
- Strong investor demand
- Expect similar levels of activity well into 2025
- Potential for increased activity
- Potential securitizations of other loan products as the origination market grows
Historical Earnings Impact
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Avg. Return Before/After Earnings
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