- PennyMac Mortgage Investment Trust (PMT, Financial) reported a net loss of $0.8 million in the first quarter of 2025, translating to a loss of $(0.01) per share.
- The book value per share decreased from $15.87 at the end of 2024 to $15.43 at the close of the first quarter in 2025.
- A $0.40 per share cash dividend for Q1 2025 was declared, payable on April 25, 2025.
PennyMac Mortgage Investment Trust (PMT) announced its financial results for the first quarter of 2025, reporting a net loss attributable to common shareholders of $0.8 million, equating to a loss of $(0.01) per diluted share. This was on the back of a net investment income of $44.5 million. Despite the net loss, PMT has declared a cash dividend of $0.40 per common share, to be distributed on April 25, 2025, to shareholders of record as of April 11, 2025.
PMT's book value per common share decreased to $15.43 by the end of March 2025, down from $15.87 at the close of the previous quarter. The decline is attributed to fair value reductions amidst interest rate volatility, though these were largely offset by strong income levels excluding market-driven value changes.
Investment activities within the quarter included correspondent loan production volumes totaling $2.8 billion in unpaid principal balance (UPB), reflecting a 20% decrease from the prior quarter. PMT also acquired $637 million in UPB of loans from PennyMac Financial Services, Inc. (PFSI), facilitating the creation of $47 million in new mortgage servicing rights (MSRs).
The trust issued $173 million in senior unsecured notes due to mature in 2030, further strengthening its balance sheet, while retiring $45 million in credit risk transfer term notes. PMT also undertook three new Agency-eligible investor loan securitizations worth $1.0 billion in combined UPB, retaining $94 million at attractive returns.
PennyMac's strategic capabilities in risk management and unique financing arrangements enabled effective navigation of fluctuating interest rates, anchoring the company amidst challenging market conditions. The collaboration with PFSI provides consistent access to quality loan pipelines, positioning PMT to adapt to changing regulatory landscapes.
