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PennyMac Mortgage Investment Trust Reports Fourth Quarter and Full-Year 2018 Results

February 7, 2019 4:30 PM

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- PennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income attributable to common shareholders of $35.4 million, or $0.55 per common share on a diluted basis for the fourth quarter of 2018, on net investment income of $83.9�million. PMT previously announced a cash dividend for the fourth quarter of 2018 of $0.47 per common share of beneficial interest, which was declared on December�21, 2018, and paid on January 28, 2019.

Fourth Quarter 2018 Highlights

Financial results:

Investment and operating highlights:

Full-Year 2018 Highlights

Financial results:

1 � Annualized return on average common equity is calculated based on annualized quarterly net income attributable to common shareholders as a percentage of monthly average common equity during the period.

“Our results reflect solid performance in a volatile market environment during the fourth quarter,” said President and CEO David Spector. “PMT’s unique credit risk transfer investments, while somewhat impacted by credit spread widening, continued to deliver solid results and the returns on our Interest Rate Sensitive strategies reflect our disciplined focus on hedging through this period. Our correspondent production activities delivered strong volume growth as a result of our unique execution capabilities, driving continued growth in our CRT and MSR investment strategies.”

The following table presents the contributions of PMT’s segments, consisting of Correspondent Production, Credit Sensitive Strategies, Interest Rate Sensitive Strategies and Corporate:

� Quarter ended December 31, 2018

Correspondent

production

�

Credit

sensitive

strategies

�

Interest rate

sensitive

strategies

� Corporate � Consolidated
(in thousands)
Net gain (loss) on investments:
Mortgage loans at fair value $ - $ 2,505 $ - $ - $ 2,505

Mortgage loans held by variable interest entity net of asset-backed secured financing

- - 445 - 445
Mortgage-backed securities - (120 ) 39,146 - 39,026
CRT investments - 9,814 - - 9,814
Hedging derivatives - - (5,181 ) - (5,181 )
Excess servicing spread investments � - � � - � � 107 � � - � � 107 �
- 12,199 34,517 - 46,716
Net gain on mortgage loans acquired for sale 3,635 13,971 - - 17,606
Net mortgage loan servicing fees - - (7,548 ) - (7,548 )
Net interest income (expense)
Interest income 23,611 10,152 32,944 417 67,124
Interest expense � (11,315 ) � (12,624 ) � (29,742 ) � - � � (53,681 )
12,296 (2,472 ) 3,202 417 13,443
Other income (loss) � 15,038 � � (1,353 ) � - � � - � � 13,685 �
30,969 22,345 30,171 417 83,902
Expenses:

Mortgage loan fulfillment and servicing fees payable to PennyMac Financial Services, Inc.

28,591 2,032 9,492 - 40,115
Management fees payable to PennyMac Financial Services, Inc. - - - 6,559 6,559
Other � 3,006 � � 2,382 � � 531 � � 5,107 � � 11,026 �
� 31,597 � � 4,414 � � 10,023 � � 11,666 � � 57,700 �
Pretax income (loss) $ (628 ) $ 17,931 � $ 20,148 � $ (11,249 ) $ 26,202 �

Credit Sensitive Strategies Segment

The Credit Sensitive Strategies segment primarily includes results from CRT, distressed mortgage loans and non-Agency subordinated bonds. Pretax income for the segment was $17.9�million on revenues of $22.3�million, compared to pretax income of $33.1�million on revenues of $40.0�million in the prior quarter.

During the quarter, PMT continued to deliver to Fannie Mae loans eligible for CRT investments under a new REMIC structure. The Company also settled its fourth CRT transaction with Fannie Mae in the quarter.

The Credit Sensitive Strategies segment recorded net gain on mortgage loans acquired for sale of $14.0 million, up from $12.3 million in the prior quarter, which represents the recognition of the fair value of firm commitments to acquire CRT securities under the REMIC structure. The quarter-over-quarter increase in net gain on mortgage loans acquired for sale was driven by the higher volume of loans delivered into CRT investments resulting from increased loan production activity.

Net gain on investments was $12.2�million, down 54�percent from the prior quarter.

Net gain on CRT investments was $9.8 million, compared to $29.5�million in the prior quarter. Net gain on CRT investments included $19.6 million in valuation-related losses, driven by declines in fair value from credit spread widening and increased market volatility. Net gain on CRT investments also included $30.1 million in realized gains and carry on CRT investments, up from $27.0 million in the prior quarter, as well as losses recognized during the quarter of $0.7 million, up from $0.4 million in the prior quarter, reflecting portfolio seasoning and in line with expectations.

PMT’s distressed mortgage loan portfolio generated realized and unrealized gains totaling $2.5�million, compared to a loss of $3.1 million in the prior quarter. Fair value gains on performing loans in the distressed portfolio were $7.7�million, while fair value losses on nonperforming loans were $4.0 million.

Net interest expense for the segment totaled $2.5�million, compared to $0.1 million in the prior quarter. Interest income totaled $10.2�million, a 17 percent increase from the prior quarter, driven by an increase in deposits securing CRT agreements resulting from the settlement of our fourth CRT transaction during the quarter. Interest expense totaled $12.7�million, up from $8.8�million in the prior quarter, resulting from the growth in CRT investments subject to financing arrangements.

Other investment losses were $1.4�million, compared to a gain of $1.5�million in the prior quarter, driven by costs related to ongoing reduction of the real estate acquired in the settlement of loans (REO) portfolio. At quarter end, PMT’s inventory of REO properties totaled $85.7 million, down from $95.6�million at September 30, 2018.

Segment expenses were $4.4 million, down 36�percent from the prior quarter driven by servicing advance recoveries and lower professional services expense.

Interest Rate Sensitive Strategies Segment

The Interest Rate Sensitive Strategies segment includes results from investments in MSRs, ESS, Agency mortgage-backed securities (MBS), non-Agency senior MBS and interest rate hedges. Pretax income for the segment was $20.1�million on revenues of $30.2�million, compared to pretax income of $24.1�million on revenues of $33.2�million in the prior quarter. The segment includes investments that typically have offsetting fair value exposures to changes in interest rates. For example, in a period with increasing interest rates, MSRs and ESS typically increase in fair value whereas Agency MBS typically decrease in value.

The results in the Interest Rate Sensitive Strategies segment consist of net gains and losses on investments, net interest income and net loan servicing fees, as well as associated expenses.

Net gain on investments for the segment totaled $34.5�million, primarily consisting of $39.1�million of gains on MBS, partially offset by a $5.2 million loss in the value of hedging derivatives.

Net interest income for the segment was $3.2�million compared to $5.5 million in the prior quarter. Interest income totaled $32.9�million, up from $30.6 million in the prior quarter primarily driven by growth in the MBS portfolio. Interest expense totaled $29.7�million, up from $25.1�million in the prior quarter, driven by increased financing costs from higher short-term interest rates and a larger MSR asset.

Net mortgage loan servicing fees resulted in a loss of $7.5�million, compared to a gain of $44.4�million in the prior quarter. Net mortgage loan servicing fees included $57.4�million in servicing fees and $1.4 million in ancillary and other fees, reduced by $34.9 million in realization of MSR cash flows. Net mortgage loan servicing fees also included a $40.9�million decrease in the fair value of MSRs, $8.8�million of related hedging gains and $0.6�million of MSR recapture income. PMT’s hedging activities are intended to manage the Company’s net exposure across all interest rate-sensitive strategies, which include MSRs, ESS and MBS.

The following schedule details net mortgage loan servicing fees:

� Quarter ended
December 31, 2018 � September 30, 2018 � December 31, 2017
(in thousands)
From non-affiliates:
Servicing fees(1) $ 57,400 $ 49,864 $ 45,553
Ancillary and other fees 1,388 3,111 1,877
Effect of MSRs:
Carried at fair value—change in fair value
Realization of cashflows (34,863 ) (30,053 ) (2,806 )
Other � (40,927 ) � 33,004 � � (959 )
(75,790 ) 2,951 (3,765 )
(Loss) gain on sale - - 660
Carried at lower of amortized cost or fair value:
Amortization - - (22,609 )
Additions to impairment valuation allowance - - (1,589 )
Gains (losses) on hedging derivatives � 8,830 � � (12,093 ) � (782 )
� (66,960 ) � (9,142 ) � (28,085 )
(8,172 ) 43,833 19,345
From PFSI—MSR recapture income � 624 � � 561 � � 570 �
Net mortgage loan servicing fees $ (7,548 ) $ 44,394 � $ 19,915 �
(1) Includes contractually specified servicing fees

Before January 1, 2018, PMT carried the majority of its MSRs at the lower of amortized cost or fair value. Beginning January 1, 2018, and prospectively, the Company accounts for all MSRs at fair value.

MSR valuation losses were primarily driven by a decrease in mortgage rates at quarter end, resulting in expectations for higher prepayment activity in the future. ESS investments also declined in value from a decrease in mortgage rates; however, the valuation losses were more than offset by higher recapture income from PFSI for prepayment activity during the quarter. PMT generally benefits from recapture income when the prepayment of a loan underlying PMT’s ESS results from refinancing by PFSI.

Segment expenses were $10.0�million, a 10�percent increase from the prior quarter, primarily driven by higher servicing expenses on a growing MSR portfolio.

Correspondent Production Segment

PMT acquires newly originated mortgage loans from correspondent sellers and typically sells or securitizes the loans, resulting in current-period income and ongoing investments in MSRs and CRT related to a portion of its production. PMT’s Correspondent Production segment generated a pretax loss of $0.6�million, compared to a profit of $6.0�million in the prior quarter.

Through its correspondent production activities, PMT acquired $18.1�billion in UPB of loans and issued interest rate lock commitments totaling $19.1�billion in the fourth quarter, compared to $16.6�billion and $17.9�billion, respectively, in the third quarter. Of the correspondent acquisitions, conventional conforming and jumbo acquisitions from nonaffiliates totaled $9.1�billion and government-insured or guaranteed acquisitions totaled $8.9�billion, compared to $7.5�billion and $9.0�billion, respectively, in the prior quarter.

Segment revenues were $31.0�million, an 11�percent decrease from the prior quarter and included a net gain on mortgage loans of $3.6 million, other income of $15.0 million, which primarily consists of volume-based origination fees, and net interest income of $12.3 million. Net gain on mortgage loans acquired for sale in the quarter decreased by $8.9�million from the prior quarter, driven by heightened competition for conventional loans during the quarter. Net interest income increased $2.5 million from the prior quarter, primarily driven by production volume growth and the corresponding recognition of incentives the Company is currently entitled to receive under one of its master repurchase agreements to finance mortgage loans that satisfy certain consumer relief characteristics. These incentives totaled $8.7 million, up from $5.0 million in the third quarter. The Company expects that it will cease to accrue incentives under this repurchase agreement beginning in the second quarter of 2019. While there can be no assurance, the Company expects that the loss of any such incentives could be partially offset by an improvement in pricing margins.

Segment expenses were $31.6�million, up 10�percent from the prior quarter from increased production activity, partially offset by a reduction in the weighted average fulfillment fee during the quarter. The weighted average fulfillment fee rate in the fourth quarter was 32�basis points, down from 35 basis points in the prior quarter, reflecting discretionary reductions made by PFSI to facilitate successful loan acquisitions by PMT.

Corporate Segment

The Corporate segment includes interest income from cash and short-term investments, management fees and corporate expenses.

Segment revenues were $417,000, down from $611,000 in the prior quarter.

Management fees were $6.6�million, up 1�percent from the prior quarter primarily driven by a 10 percent increase in incentive fees paid to PFSI in the fourth quarter based on PMT’s profitability.

Other segment expenses were $5.1�million, down from $5.6�million in the prior quarter.

Taxes

PMT recorded an income tax benefit of $15.4�million compared to a $5.1�million expense in the prior quarter, resulting from net losses driven by fair value declines in PMT’s taxable subsidiary.

Executive Chairman Stanford L. Kurland concluded, “PMT’s partnership with PFSI and exclusive access to unique investments in GSE CRT and MSRs from its own conventional correspondent production have delivered strong results, placing PMT among the top performing residential mortgage REIT stocks in 2018. We remain focused on prudently growing PMT’s core investments in CRT and MSRs while continuing to seek attractive new opportunities in the dynamic U.S. mortgage market. The recent launch of HELOC and prime non-QM loan products by our manager and service provider, PennyMac Financial, is expected to leverage PMT’s ability to securitize and retain credit risk investments from securitizations while further diversifying its investment portfolio.”

Management’s slide presentation will be available in the Investor Relations section of the Company’s website at www.pennymac-REIT.com beginning at 1:30 p.m. (Pacific Standard Time) on Thursday, February�7, 2019.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. PMT is externally managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI). Additional information about PennyMac Mortgage Investment Trust is available at www.PennyMac-REIT.com.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like “believe,” “expect,” “anticipate,” “promise,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: changes in our investment objectives or investment or operational strategies, including any new lines of business or new products and services that may subject us to additional risks; volatility in our industry, the debt or equity markets, the general economy or the real estate finance and real estate markets specifically; events or circumstances which undermine confidence in the financial markets or otherwise have a broad impact on financial markets; changes in general business, economic, market, employment and political conditions, or in consumer confidence and spending habits from those expected; declines in real estate or significant changes in U.S. housing prices or activity in the U.S. housing market; the availability of, and level of competition for, attractive risk-adjusted investment opportunities in mortgage loans and mortgage-related assets that satisfy our investment objectives; the inherent difficulty in winning bids to acquire mortgage loans, and our success in doing so; the concentration of credit risks to which we are exposed; the degree and nature of our competition; the availability, terms and deployment of short-term and long-term capital; the adequacy of our cash reserves and working capital; our ability to maintain the desired relationship between our financing and the interest rates and maturities of our assets; the timing and amount of cash flows, if any, from our investments; unanticipated increases or volatility in financing and other costs, including a rise in interest rates; the performance, financial condition and liquidity of borrowers; incomplete or inaccurate information or documentation provided by customers or counterparties, or adverse changes in the financial condition of our customers and counterparties; changes in the number of investor repurchases or indemnifications and our ability to obtain indemnification or demand repurchase from our correspondent sellers; increased rates of delinquency, default and/or decreased recovery rates on our investments; increased prepayments of the mortgages and other loans underlying our mortgage-backed securities or relating to our mortgage servicing rights, excess servicing spread and other investments; our exposure to market risk and declines in credit quality and credit spreads; the degree to which our hedging strategies may or may not protect us from interest rate volatility; the effect of the accuracy of or changes in the estimates we make about uncertainties, contingencies and asset and liability valuations when measuring and reporting upon our financial condition and results of operations; changes in regulations or the occurrence of other events that impact the business, operation or prospects of government sponsored enterprises; changes in government support of homeownership; changes in governmental regulations, accounting treatment, tax rates and similar matters; our ability to mitigate cybersecurity risks and cyber incidents; our exposure to risks of loss with real estate investments resulting from adverse weather conditions and man-made or natural disasters; our ability to satisfy complex rules in order to qualify as a REIT for U.S. federal income tax purposes; our ability to make distributions to our shareholders in the future; and our organizational structure and certain requirements in our charter documents. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.

PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
�
� December 31, 2018 � September 30, 2018 � December 31, 2017
(in thousands except share amounts)
ASSETS
Cash $ 59,845 $ 88,929 $ 77,647
Short-term investments 74,850 26,736 18,398
Mortgage-backed securities at fair value 2,610,422 2,126,507 989,461
Mortgage loans acquired for sale at fair value 1,643,957 1,949,432 1,269,515
Mortgage loans at fair value 408,305 633,168 1,089,473
Excess servicing spread purchased from PennyMac Financial Services, Inc. 216,110 223,275 236,534
Firm commitment to purchase credit risk transfer security at fair value 37,994 18,749 -
Derivative assets 167,165 143,577 113,881
Real estate acquired in settlement of loans 85,681 95,605 162,865
Real estate held for investment 43,110 45,971 44,224
Mortgage servicing rights 1,162,369 1,109,741 844,781
Servicing advances 67,666 48,056 77,158
Deposits securing credit risk transfer agreements 1,146,501 662,624 588,867
Due from PennyMac Financial Services, Inc. 4,077 2,351 4,154
Other assets � 85,309 � � 92,857 � � 87,975 �
Total assets $ 7,813,361 � $ 7,267,578 � $ 5,604,933 �
LIABILITIES
Assets sold under agreements to repurchase $ 4,777,027 $ 4,394,500 $ 3,180,886
Mortgage loan participation and sale agreements 178,639 31,578 44,488
Notes payable 445,573 445,318 -
Asset-backed financing of a variable interest entity at fair value 276,499 278,113 307,419
Exchangeable senior notes 248,350 248,053 247,186
Assets sold to PennyMac Financial Services, Inc. under agreement to repurchase 131,025 133,128 144,128
Interest-only security payable at fair value 36,011 8,821 7,070
Derivative liabilities 5,914 11,880 1,306
Accounts payable and accrued liabilities 70,687 70,362 64,751
Due to PennyMac Financial Services, Inc. 33,464 27,467 27,119
Income taxes payable 36,526 52,382 27,317
Liability for losses under representations and warranties � 7,514 � � 7,413 � � 8,678 �
Total liabilities � 6,247,229 � � 5,709,015 � � 4,060,348 �
SHAREHOLDERS' EQUITY
Preferred shares of beneficial interest 299,707 299,707 299,707

Common shares of beneficial interest—authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding 60,951,444, 60,951,444, and 61,334,087 common shares, respectively

610 610 613
Additional paid-in capital 1,285,533 1,284,537 1,290,931
Accumulated deficit � (19,718 ) � (26,291 ) � (46,666 )
Total shareholders' equity � 1,566,132 � � 1,558,563 � � 1,544,585 �
Total liabilities and shareholders' equity $ 7,813,361 � $ 7,267,578 � $ 5,604,933 �
�
PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
�
� For the Quarterly Periods ended
December 31, 2018 � September 30, 2018 � December 31, 2017
(in thousands, expect per share amounts)
Investment Income
Net mortgage loan servicing fees:
From nonaffiliates $ (8,172 ) $ 43,833 $ 19,345
From PennyMac Financial Services, Inc. � 624 � � 561 � � 570 �
(7,548 ) 44,394 19,915
Net gain on mortgage loans acquired for sale:
From nonaffiliates 14,902 22,121 17,488
From PennyMac Financial Services, Inc. � 2,704 � � 2,689 � � 2,744 �
17,606 24,810 20,232
Mortgage loan origination fees 15,010 12,424 9,683
Net gain (loss) on investments:
From nonaffiliates 46,609 7,977 41,847
From PennyMac Financial Services, Inc. � 107 � � 1,706 � � (3,610 )
46,716 9,683 38,237
Interest income:
From nonaffiliates 63,570 58,584 39,173
From PennyMac Financial Services, Inc. � 3,554 � � 3,740 � � 3,940 �
67,124 62,324 43,113
Interest expense:
To nonaffiliates 51,905 44,797 33,397
To PennyMac Financial Services, Inc. � 1,776 � � 1,812 � � 2,092 �
� 53,681 � � 46,609 � � 35,489 �
Net interest income 13,443 15,715 7,624
Results of real estate acquired in settlement of loans (2,953 ) (310 ) (4,101 )
Other � 1,628 � � 1,785 � � 2,113 �
Net investment income � 83,902 � � 108,501 � � 93,703 �
Expenses
Earned by PennyMac Financial Services, Inc.:
Mortgage loan fulfillment fees 28,591 26,256 19,175
Mortgage loan servicing fees (1) 11,524 10,071 11,077
Management fees 6,559 6,482 5,900
Mortgage loan collection and liquidation 953 2,747 1,507
Compensation 1,369 1,924 1,404
Mortgage loan origination 2,582 2,136 1,786
Professional services 688 2,616 1,374
Real estate held for investment 1,799 1,713 2,037
Other � 3,635 � � 2,894 � � 3,496 �
Total expenses � 57,700 � � 56,839 � � 47,756 �

Income before (benefit from) provision for income taxes

26,202 51,662 45,947
(Benefit from) provision for income taxes � (15,423 ) � 5,100 � � 5,109 �
Net income 41,625 46,562 40,838
Dividends on preferred shares � 6,235 � � 6,235 � � 6,235 �
Net income attributable to common shareholders $ 35,390 � $ 40,327 � $ 34,603 �
Earnings per share
Basic $ 0.58 $ 0.66 $ 0.53
Diluted $ 0.55 $ 0.62 $ 0.50
Weighted average shares outstanding
Basic 60,951 60,950 64,485
Diluted 69,418 69,417 72,952
Dividends declared per common share $ 0.47 $ 0.47 $ 0.47
1 � Mortgage loan servicing fees expense includes both special servicing for PMT’s distressed portfolio and subservicing for its mortgage servicing rights
�
PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
�
� Year ended December 31,
� 2018 � � � 2017 � � � 2016 �
(in thousands, except per share amounts)
Net investment income
Net mortgage loan servicing fees:
From nonaffiliates $ 118,395 $ 67,812 $ 53,216
From PennyMac Financial Services, Inc. � 2,192 � � 1,428 � � 1,573 �
120,587 69,240 54,789
Net gain on mortgage loans acquired for sale:
From nonaffiliates 48,260 62,432 97,218
From PennyMac Financial Services, Inc. � 10,925 � � 12,084 � � 9,224 �
59,185 74,516 106,442
Mortgage loan origination fees 43,321 40,184 41,993
Net gain (loss) on investments:
From nonaffiliates 70,842 110,914 24,569
From PennyMac Financial Services, Inc. � 11,084 � � (14,530 ) � (17,394 )
81,926 96,384 7,175
Interest income:
From nonaffiliates 207,634 178,225 199,521
From PennyMac Financial Services, Inc. � 15,138 � � 16,951 � � 22,601 �
� 222,772 � � 195,176 � � 222,122 �
Interest expense:
To nonaffiliates 167,709 143,333 141,938
To PennyMac Financial Services, Inc. � 7,462 � � 8,038 � � 7,830 �
� 175,171 � � 151,371 � � 149,768 �
Net interest income 47,601 43,805 72,354
Results of real estate acquired in settlement of loans (8,786 ) (14,955 ) (19,118 )
Other � 7,233 � � 8,766 � � 8,453 �
Net investment income � 351,067 � � 317,940 � � 272,088 �
Expenses
Earned by PennyMac Financial Services, Inc.:
Mortgage loan fulfillment fees 81,350 80,359 86,465
Mortgage loan servicing fees 42,045 43,064 50,615
Management fees 24,465 22,584 20,657
Mortgage loan collection and liquidation 7,852 6,063 13,436
Compensation 6,781 6,322 7,000
Mortgage loan origination 6,562 7,521 7,108
Professional services 6,380 6,905 6,819
Real estate held for investment 6,251 6,376 3,213
Other � 11,393 � � 14,200 � � 15,012 �
Total expenses � 193,079 � � 193,394 � � 210,325 �

Income before provision for (benefit from) income taxes

157,988 124,546 61,763
Provision for (benefit from) income taxes � 5,190 � � 6,797 � � (14,047 )
Net income 152,798 117,749 75,810
Dividends on preferred stock � 24,938 � � 15,267 � � — �
Net income attributable to common shareholders $ 127,860 � $ 102,482 � $ 75,810 �
Earnings per share
Basic $ 2.09 $ 1.53 $ 1.09
Diluted $ 1.99 $ 1.48 $ 1.08
Weighted average shares outstanding
Basic 60,898 66,144 68,642
Diluted 69,365 74,611 77,109
Dividends declared per share $ 1.88 $ 1.88 $ 1.88

Media

Stephen Hagey

(805) 530-5817

Investors

Christopher Oltmann

(818) 224-7028

Source: PennyMac Mortgage Investment Trust

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