PennyMac Mortgage Investment Trust Files 2023 Annual Report

TL;DR

<b>PennyMac Mortgage Investment Trust has filed its 2023 10-K annual report.</b>

AI Summary

PennyMac Mortgage Investment Trust (PMT-PC) filed a Annual Report (10-K) with the SEC on February 22, 2024. Filed 10-K for the fiscal year ending December 31, 2023. Company is PennyMac Mortgage Investment Trust, a Real Estate Investment Trust. Incorporated in Maryland with fiscal year end on December 31. Business and mailing address at 3043 Townsgate Road, Westlake Village, CA 91361. Phone number is (818) 224-7442.

Why It Matters

For investors and stakeholders tracking PennyMac Mortgage Investment Trust, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and operations for the fiscal year 2023. Investors and analysts can use this report to assess the REIT's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: medium — PennyMac Mortgage Investment Trust shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report, but specific financial details and risk factors within the full document would determine the precise risk level.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management's discussion and analysis to understand PMT's 2023 performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-22 — Filing Date (Filed as of date)
• 6798 — Standard Industrial Classification (SIC code for Real Estate Investment Trusts)
• 001-34416 — SEC File Number (SEC file number)

Key Players & Entities

• PennyMac Mortgage Investment Trust (company) — Filer name
• 3043 Townsgate Road (location) — Business address
• Westlake Village (location) — Business address city
• CA (location) — Business address state
• 91361 (location) — Business address zip
• MD (location) — State of incorporation

FAQ

Industry Context

PennyMac Mortgage Investment Trust operates within the Real Estate Investment Trusts (REITs) sector, focusing on mortgage-related assets and operations.

Regulatory Implications

As a publicly traded company, PMT is subject to SEC regulations, including the requirement to file annual reports (10-K) detailing its financial condition and business operations.

What Investors Should Do

1. Analyze the full 10-K for detailed financial statements and segment performance.
2. Review the 'Risk Factors' section for potential challenges and uncertainties.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into business strategy and performance drivers.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-22: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document for understanding a company's annual financial health and operations.)

REIT

Real Estate Investment Trust, a company that owns, operates, or finances income-generating real estate. (Indicates the business sector and regulatory framework PMT operates within.)

Year-Over-Year Comparison

This is the initial filing information for the 2023 10-K; comparison to prior filings would require access to those documents.

Key Financial Figures

• $0.01 — ferred Shares of Beneficial Interest, $0.01 Par Value PMT/PRA New York Stock Ex

Filing Documents

• pmt-20231231.htm (10-K) — 10564KB
• pmt-ex4_1.htm (EX-4.1) — 465KB
• pmt-ex10_26.htm (EX-10.26) — 86KB
• pmt-ex21_1.htm (EX-21.1) — 13KB
• pmt-ex23_1.htm (EX-23.1) — 3KB
• pmt-ex31_1.htm (EX-31.1) — 13KB
• pmt-ex31_2.htm (EX-31.2) — 13KB
• pmt-ex32_1.htm (EX-32.1) — 6KB
• pmt-ex32_2.htm (EX-32.2) — 6KB
• pmt-ex97.htm (EX-97) — 42KB
• 0000950170-24-018760.txt (&nbsp;) — 42709KB
• pmt-20231231.xsd (EX-101.SCH) — 3811KB
• pmt-20231231_htm.xml (XML) — 11422KB

Business

Business 6 Item 1A

Risk Factors

Risk Factors 18 Item 1B Unresolved Staff Comments 50 Item 1C Cybersecurity 50 Item 2

Properties

Properties 51 Item 3

Legal Proceedings

Legal Proceedings 51 Item 4 Mine Safety Disclosures 51 PART II 52 Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 52 Item 6 Reserved 52 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 53 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 84 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 87 Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 87 Item 9A

Controls and Procedures

Controls and Procedures 87 Item 9B Other Information 90 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 90 PART III 91 Item 10 Directors, Executive Officers and Corporate Governance 91 Item 11

Executive Compensation

Executive Compensation 91 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 91 Item 13 Certain Relationships and Related Transactions, and Director Independence 91 Item 14 Principal Accounting Fees and Services 91 PART IV 92 Item 15 Exhibits and Financial Statement Schedules 92 Item 16 Form 10-K Summary 97

Signatures

Signatures 2 SPECIAL NOTE REGARDING FO RWARD-LOOKING STATEMENTS This Annual Report on Form 10-K ("Report") contains certain forward-looking statements that are subject to various risks and uncertainties. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," "continue," "plan" or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain financial and operating projections or state other forward-looking information. Examples of forward-looking statements include the following: projections of our revenues, income, earnings per share, capital structure or other financial items; descriptions of our plans or objectives for future operations, products or services; forecasts of our future economic performance, interest rates, profit margins and our share of future markets; and descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of generating any revenues. Our ability to predict results or the actual effect of future events, actions, plans or strategies is inherently uncertain. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements. There are a number of factors, many of which are beyond our control that could cause actual results to differ significantly from management's expectations. Some of these factors are discussed below. You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties discussed elsewhere in

Bu siness

Item 1. Bu siness The following description of our business should be read in conjunction with the information included elsewhere in this Report. This description contains forward-looking statements that involve risks and uncertainties. Actual results could differ significantly from the projections and results discussed in the forward-looking statements due to the factors described under the caption "Risk Factors" and elsewhere in this Report. References in this Report to "we," "our," "us," "PMT," or the "Company" refer to PennyMac Mortgage Investment Trust and its consolidated subsidiaries, unless otherwise indicated. Our Company We are a specialty finance company that invests primarily in mortgage-related assets. We conduct substantially all of our operations, and make substantially all of our investments, through our subsidiary, PennyMac Operating Partnership, L.P. (our "Operating Partnership") and its subsidiaries. A wholly-owned subsidiary of ours is the sole general partner, and we are the sole limited partner, of our Operating Partnership. Certain of the activities conducted or investments made by us that are described below are conducted or made through a wholly-owned subsidiary that is a taxable REIT subsidiary ("TRS") or through other subsidiaries of our Operating Partnership. The management of our business and execution of our operations are performed on our behalf by subsidiaries of PennyMac Financial Services, Inc. ("PFSI"). PFSI is a specialty financial services firm separately listed on the New York Stock Exchange focused on the production and servicing of loans and the management of investments related to the U.S. mortgage market. Specifically: We are managed by PNMAC Capital Management, LLC ("PCM" or our "Manager"), a wholly-owned subsidiary of PFSI and an investment adviser registered with the United States Securities and Exchange Commission ("SEC") that specializes in, and focuses on, U.S. mortgage assets. Our loan production and servi

View Full Filing

View this 10-K filing on SEC EDGAR