PennyMac Mortgage Investment Trust (PMT) Prices $50M Notes Offering

PennyMac Mortgage Investment Trust (NYSE: PMT) (the “Company”) today announced that it has priced an underwritten public offering of $50,000,000 aggregate principal amount of its 8.50% Senior Notes due 2028 (the “Notes”). The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by PennyMac Corp., an indirect wholly-owned subsidiary of the Company. The Notes will be issued in minimum denominations and integral multiples of $25.00. The Company has granted to the underwriters a 30-day over-allotment option to purchase up to an additional $7,500,000 aggregate principal amount of the Notes at the public offering price, less the underwriting discount. The Company intends to use the net proceeds from the offering to fund its business and investment activities, which may include: the acquisition of mortgage servicing rights, government-sponsored entity credit risk transfer securities and other mortgage-related securities; funding the Company’s correspondent lending business, including the purchase of Agency-eligible residential mortgage loans; repayment of other indebtedness, which may include the repurchase or repayment of a portion of PennyMac Corp.’s 5.50% exchangeable notes due 2024 or secured financing; and for other general business purposes. Piper Sandler & Co., Janney Montgomery Scott LLC and Ladenburg Thalmann & Co. Inc. are serving as joint book-running managers for the offering. A.G.P. / Alliance Global Partners and William Blair & Company, L.L.C. are serving as co-managers for the offering.

The offering is expected to close on September 21, 2023 and is subject to customary closing conditions. The Company intends to apply to list the Notes on the New York Stock Exchange under the symbol “PMTU” and, if the application is approved, trading is expected to commence within 30 days of the closing of the offering.

The offering is being made pursuant to an effective shelf registration statement and prospectus and related prospectus supplement, a copy of which, when available, may be obtained free of charge at the SEC’s website at www.sec.gov or from the underwriters by contacting: Piper Sandler & Co. at 1251 Avenue of the Americas, 6th Floor, New York, NY 10020, or by contacting Piper Sandler & Co. by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any sale of the Company’s securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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