PennyMac Mortgage Investment Trust Files Q3 2024 10-Q

TL;DR

**PMT filed its Q3 2024 10-Q. Financials are in.**

AI Summary

PennyMac Mortgage Investment Trust (PMT) filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operations during the third quarter. Specific financial figures and operational highlights are presented within the report.

Why It Matters

This filing provides investors with a detailed look at PennyMac Mortgage Investment Trust's financial health and operational performance for the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a mortgage REIT, PMT is exposed to interest rate fluctuations and real estate market volatility, which can significantly impact its financial performance.

Key Numbers

• Q3 2024 — Quarterly Period (The reporting period for this 10-Q filing.)

Key Players & Entities

• PennyMac Mortgage Investment Trust (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241030 (date) — Filing date
• 3043 TOWNSGATE ROAD (address) — Company's business and mailing address
• WESTLAKE VILLAGE (city) — Company's business and mailing city
• CA (state) — Company's business and mailing state
• 91361 (zip_code) — Company's business and mailing zip code
• (818) 224-7442 (phone_number) — Company's business phone number

FAQ

Key Financial Figures

• $0.01 — Common Shares of Beneficial Interest, $0.01 Par Value PMT New York Stock Exchan

Filing Documents

• pmt-20240930.htm (10-Q) — 9440KB
• pmt-ex10_1.htm (EX-10.1) — 1024KB
• pmt-ex31_1.htm (EX-31.1) — 14KB
• pmt-ex31_2.htm (EX-31.2) — 14KB
• pmt-ex32_1.htm (EX-32.1) — 7KB
• pmt-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-118949.txt ( ) — 41295KB
• pmt-20240930.xsd (EX-101.SCH) — 3446KB
• pmt-20240930_htm.xml (XML) — 11705KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Balance Sheets 3 Consolidated Statements of Income 5 Consolidated Statements of Changes in Shareholders' Equity 6 Consolidated Statements of Cash Flows 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 57 Our Company 57 Results of Operations 60 Net Investment Income 62 Expenses 70 Balance Sheet Analysis 73 Asset Acquisitions 73 Investment Portfolio Composition 74 Cash Flows 76 Liquidity and Capital Resources 77 Off-Balance Sheet Arrangements and Aggregate Contractual Obligations 81 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 82 Item 4.

Controls and Procedures

Controls and Procedures 83

OTHER INFORMATION

PART II. OTHER INFORMATION 84 Item 1.

Legal Proceedings

Legal Proceedings 84 Item 1A

Risk Factors

Risk Factors 84 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 84 Item 3. Defaults Upon Senior Securities 84 Item 4. Mine Safety Disclosures 84 Item 5. Other Information 84 Item 6. Exhibits 85 SPECIAL NOTE REGARDING FO RWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "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, 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

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

Financ ial Statements

Item 1. Financ ial Statements PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30, December 31, 2024 2023 (in thousands, except share information) ASSETS Cash $ 344,358 $ 281,085 Short-term investments at fair value 102,787 128,338 Mortgage-backed securities at fair value pledged to creditors 4,182,382 4,836,292 Loans acquired for sale at fair value ($ 1,649,411 and $ 659,751 pledged to creditors, respectively) 1,665,796 669,018 Loans at fair value ($ 1,427,722 and $ 1,431,896 pledged to creditors, respectively) 1,429,525 1,433,820 Derivative assets ($ 29,690 and $ 16,160 pledged to creditors, respectively) 81,844 177,984 Deposits securing credit risk transfer arrangements pledged to creditors 1,135,447 1,209,498 Mortgage servicing rights at fair value ($ 3,756,894 and $ 3,871,249 pledged to creditors, respectively) 3,809,047 3,919,107 Servicing advances ($ 59,121 and $ 181,201 pledged to creditors, respectively) 71,124 206,151 Due from PennyMac Financial Services, Inc. 8,538 56 Other ($ 1,230 and $ 1,905 pledged to creditors, respectively) 224,806 252,538 Total assets $ 13,055,654 $ 13,113,887 LIABILITIES Assets sold under agreements to repurchase $ 5,748,461 $ 5,624,558 Mortgage loan participation purchase and sale agreements 28,790 — Notes payable secured by credit risk transfer and mortgage servicing assets 2,830,108 2,910,605 Unsecured senior notes 814,915 600,458 Asset-backed financings of variable interest entities at fair value 1,334,797 1,336,731 Interest-only security payable at fair value 35,098 32,667 Derivative and credit risk transfer strip liabilities at fair value 16,151 51,381 Accounts payable and accrued liabilities 114,085 354,989 Due to PennyMac Financial Services, Inc. 32,603 29,262 Income taxes payable 155,544 190,003 Liability for

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