PennyMac Mortgage Investment Trust (NYSE: PMT) today reported a
net loss attributable to common shareholders of $5.8 million, or
$(0.07) per common share on a diluted basis for the fourth quarter
of 2022, on net investment income of $49.4 million. PMT previously
announced a cash dividend for the fourth quarter of 2022 of $0.40
per common share of beneficial interest, which was declared on
December 7, 2022 and paid on January 27, 2023 to common
shareholders of record as of December 30, 2022.
Fourth Quarter 2022 Highlights
Financial results:
- Net loss attributable to common shareholders of $5.8 million,
compared to net income of $1.5 million in the prior quarter
- Solid income excluding the impacts of market-driven fair value
changes was more than offset by fair value declines in PMT’s
interest rate and credit sensitive strategies
- Repurchased 1.2 million common shares of PMT at an average
price of $11.80 per share for a cost of $14.2 million; also
repurchased an additional 22 thousand shares through January 31 at
an average price of $12.63 per share for a cost of $0.3
million
- Book value per common share decreased to $15.78 at December 31,
2022 from $16.18 at September 30, 2022
Other investment highlights:
- Investment activity driven by correspondent production volumes
- Conventional correspondent loan production volumes for PMT’s
account totaled $6.8 billion in unpaid principal balance (UPB),
down 34% from 3Q22 as a result of the sale of certain conventional
loans to PFSI and down 61% from 4Q21
- Resulted in the creation of $127 million in new MSRs
Notable activity after quarter end
- PMT exercised its option to extend the maturity for the CRT
term notes originally due in March 2023 for two years
Full-Year 2022 Highlights
Financial Results:
- Net loss of $73.3 million, versus net income of $56.9 million
in 2021
- Net loss attributable to common shareholders of $115.1 million,
versus net income attributable to common shareholders of $26.0
million in 2021; diluted earnings per common share of $(1.26)
versus $0.26 in 2021
- Dividends of $1.81 per common share
- Net investment income of $303.8 million, down from $420.3
million in 2021
- Return on average common equity of (7.2)%1
1Return on average common equity is
calculated based on net income attributable to common shareholders
as a percentage of monthly average common equity during the
year
“PMT reported a net loss in the fourth quarter as solid
performance excluding the impacts of fair value changes was offset
by fair value declines in its interest rate and credit sensitive
strategies,” said Chairman and CEO David Spector. “While
performance in recent periods has not met our expectations,
relative performance over the long-term remains strong as PMT’s
shareholder returns remain well-above comparable indices and its
peer group. Additionally, we have seen a material improvement in
credit markets in early 2023 as well as increased interest rate
stability. With PMT’s current portfolio of seasoned investments in
credit risk transfer and hedged mortgage servicing rights, we
remain confident in its ability to deliver attractive returns to
its shareholders over the long term.”
The following table presents the contributions of PMT’s
segments, consisting of Credit Sensitive Strategies, Interest Rate
Sensitive Strategies, Correspondent Production, and Corporate:
Quarter ended December 31, 2022 Credit
sensitivestrategies Interest ratesensitive strategies
Correspondentproduction Corporate Consolidated
(in thousands) Net investment income
(loss): Net gains on investments and financings CRT investments
$
8,482
$
-
$
-
$
-
$
8,482
Distressed loans
182
-
-
-
182
Loans held by variable interest entity net of asset-backed secured
financing
1,888
-
-
-
1,888
Mortgage-backed securities
655
43,087
-
-
43,742
11,207
43,087
-
-
54,294
Net gains on loans acquired for sale
-
-
9,755
-
9,755
Net loan servicing fees
-
(2,064
)
-
-
(2,064
)
Net interest expense: Interest income
18,419
80,369
32,629
958
132,375
Interest expense
17,731
107,682
28,552
711
154,676
688
(27,313
)
4,077
247
(22,301
)
Other
(699
)
-
9,835
547
9,683
11,196
13,710
23,667
794
49,367
Expenses: Loan fulfillment and servicing fees payable to
PennyMac Financial Services, Inc.
52
20,193
12,184
-
32,429
Management fees payable to PennyMac Financial Services, Inc.
-
-
-
7,307
7,307
Other
333
2,803
4,354
7,623
15,113
$
385
$
22,996
$
16,538
$
14,930
$
54,849
Pretax income (loss)
$
10,811
$
(9,286
)
$
7,129
$
(14,136
)
$
(5,482
)
Credit Sensitive Strategies Segment
The Credit Sensitive Strategies segment primarily includes
results from PMT’s organically-created government sponsored
enterprise (GSE) credit risk transfer (CRT) investments,
investments in non-agency subordinate bonds from private-label
securitizations of PMT’s production, opportunistic investments in
GSE CRT and legacy investments. Pretax income for the segment was
$10.8 million on net investment income of $11.2 million, compared
to a pretax loss of $3.7 million on net investment losses of $2.9
million in the prior quarter.
Net gains on investments in the segment were $11.2 million,
compared to net losses on investments of $2.2 million in the prior
quarter and included $8.5 million in net gains on PMT’s
organically-created GSE CRT investments, $1.9 million in net gains
from investments in non-agency subordinate bonds from PMT’s
production, $0.7 million in net gains on other acquired subordinate
CRT mortgage-backed securities (MBS), and $0.2 million in gains on
distressed loans.
Net gains on PMT’s organically-created CRT investments for the
quarter were $8.5 million, compared to $4.4 million in the prior
quarter, and included $8.1 million in valuation-related losses,
which reflected the impact of continued credit spread widening. The
prior quarter included $14.2 million of such losses. Net gains on
PMT’s organically-created CRT investments also included $17.8
million in realized gains and carry, compared to $18.8 million in
the prior quarter. Realized losses during the quarter were $1.2
million, compared to $0.2 million in the prior quarter.
Net interest income for the segment totaled $0.7 million,
compared to net interest expense of $1.7 million in the prior
quarter. Interest income totaled $18.4 million, up from $12.4
million in the prior quarter primarily due to higher earnings rates
on deposits securing CRT arrangements. Interest expense totaled
$17.7 million, up from $14.1 million in the prior quarter due to
increases in short-term interest rates.
Segment expenses were $0.4 million, down from $0.8 million in
the prior quarter.
Interest Rate Sensitive Strategies Segment
The Interest Rate Sensitive Strategies segment includes results
from investments in MSRs, Agency MBS, non-Agency senior MBS and
interest rate hedges. Pretax loss for the segment was $9.3 million
on net investment income of $13.7 million, compared to pretax
income of $103.5 million on net investment income of $126.4 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 are expected to increase in fair value whereas Agency
pass-through and non-Agency senior MBS are expected to decrease in
fair 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 gains on investments for the segment were $43.1 million and
consisted of gains on MBS due to tighter mortgage spreads.
Net loan servicing fees were $(2.1) million, compared to $390.1
million in the prior quarter. Net loan servicing fees included
servicing fees of $164.2 million and $5.5 million in other fees,
reduced by $99.0 million in realization of MSR cash flows, which
was up from the prior quarter due to higher average MSR balances.
Net loan servicing fees also included $43.9 million in fair value
increases of MSRs, $117.2 million in hedging losses primarily
driven by hedge costs and higher interest rates, and $0.5 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 and MBS.
The following schedule details net loan servicing fees:
Quarter ended December 31, 2022 September 30,
2022 December 31, 2021 (in thousands) From
non-affiliates: Contractually specified
$
164,189
$
162,987
$
148,135
Other fees
5,502
4,246
13,994
Effect of MSRs: Carried at fair value—change in fair value
Realization of cashflows
(98,974
)
(95,756
)
(87,734
)
Due to changes in valuation inputs used in valuation model
43,935
162,730
(83,995
)
(55,039
)
66,974
(171,729
)
(Losses) gains on hedging derivatives
(117,228
)
154,269
9,087
(172,267
)
221,243
(162,642
)
(2,576
)
388,476
(513
)
From PFSI—MSR recapture income
512
1,648
12,701
Net loan servicing fees
$
(2,064
)
$
390,124
$
12,188
MSR fair value increased by $43.9 million in the quarter as
realized prepayment speeds were lower than expected and due to
expectations for lower prepayment activity in the future.
Net interest expense for the segment was $27.3 million, versus
net interest expense of $12.6 million in the prior quarter.
Interest income totaled $80.4 million, up from $68.2 million in the
prior quarter primarily due to higher average MBS balances and
increased placement fee income on custodial balances. Interest
expense totaled $107.7 million, up from $80.8 million in the prior
quarter primarily due to higher financing costs on larger average
MSR and MBS balances driven by higher short-term interest
rates.
Segment expenses were $23.0 million, essentially unchanged from
the prior quarter.
Correspondent Production Segment
PMT acquires newly originated loans from correspondent sellers
and typically sells or securitizes the loans, resulting in
current-period income and additions to its investments in MSRs
related to a portion of its production. PMT’s Correspondent
Production segment generated pretax income of $7.1 million, up from
$6.1 million in the prior quarter.
Through its correspondent production activities, PMT acquired
$20.8 billion in UPB of loans, down 7 percent from the prior
quarter and 37 percent from the fourth quarter of 2021. Of total
correspondent acquisitions, conventional conforming acquisitions
totaled $10.7 billion, up 4 percent from the prior quarter and
government-insured or guaranteed acquisitions totaled $10.1
billion, down 17 percent from the prior quarter. $6.8 billion of
conventional correspondent production was for PMT’s own account and
$3.9 billion was for PFSI’s account. Interest rate lock commitments
on conventional loans for PMT’s account totaled $7.5 billion, down
from $10.6 billion in the prior quarter primarily due to the sale
of certain conventional loans to PFSI.
Segment revenues were $23.7 million, a 13 percent decrease from
the prior quarter and included net gains on loans acquired for sale
of $9.8 million, other income of $9.8 million, which primarily
consists of volume-based origination fees, and net interest income
of $4.1 million. Net gains on loans acquired for sale in the
quarter increased by $5.4 million from the prior quarter as a
result of higher margins on the loans held for PMT’s own account.
Interest income was $32.6 million, up from $27.9 million in the
prior quarter, and interest expense was $28.6 million, up from
$18.3 million in the prior quarter, both due to higher interest
rates.
Segment expenses were $16.5 million, down from $21.2 million in
the prior quarter driven by the decrease in acquisition volumes.
The weighted average fulfillment fee rate in the fourth quarter was
18 basis points, unchanged from the prior quarter.
Corporate Segment
The Corporate segment includes interest income from cash and
short-term investments, management fees, and corporate
expenses.
Segment revenues were $0.8 million, up from $0.4 million in the
prior quarter. Management fees were $7.3 million, down from $7.7
million in the prior quarter. Other segment expenses were $7.6
million, down from $8.1 million in the prior quarter.
Taxes
PMT recorded a tax benefit of $10.1 million driven by fair value
declines on PMT interest rate hedges held in PMT’s taxable
subsidiary.
Management’s slide presentation will be available in the
Investor Relations section of the Company’s website at
pmt.pennymac.com beginning after the market closes on Thursday,
February 2, 2023.
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 pmt.pennymac.com.
Forward-Looking Statements
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 interest rates; the Company’s ability to
comply with various federal, state and local laws and regulations
that govern its business; changes in the Company’s investment
objectives or investment or operational strategies, including any
new lines of business or new products and services that may subject
it to additional risks; volatility in the Company’s industry, the
debt or equity markets, the general economy or the real estate
finance and real estate markets; events or circumstances which
undermine confidence in the financial and housing markets or
otherwise have a broad impact on financial and housing markets;
changes in general business, economic, market, employment and
domestic and international political conditions, or in consumer
confidence and spending habits from those expected; the degree and
nature of the Company’s competition; 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 the Company’s investment
objectives; the inherent difficulty in winning bids to acquire
mortgage loans, and the Company’s success in doing so; the
concentration of credit risks to which the Company is exposed; the
Company’s dependence on its manager and servicer, potential
conflicts of interest with such entities and their affiliates, and
the performance of such entities; changes in personnel and lack of
availability of qualified personnel at its manager, servicer or
their affiliates; the availability, terms and deployment of
short-term and long-term capital; the adequacy of the Company’s
cash reserves and working capital; the Company’s ability to
maintain the desired relationship between its financing and the
interest rates and maturities of its assets; the timing and amount
of cash flows, if any, from the Company’s investments; our
substantial amount of indebtedness; the performance, financial
condition and liquidity of borrowers; our exposure to risks of loss
and disruptions in operations resulting from adverse weather
conditions, man-made or natural disasters, climate change and
pandemics such as COVID-19; the ability of the Company’s servicer,
which also provides the Company with fulfillment services, to
approve and monitor correspondent sellers and underwrite loans to
investor standards; incomplete or inaccurate information or
documentation provided by customers or counterparties, or adverse
changes in the financial condition of the Company’s customers and
counterparties; the Company’s indemnification and repurchase
obligations in connection with mortgage loans it purchases and
later sells or securitizes; the quality and enforceability of the
collateral documentation evidencing the Company’s ownership and
rights in the assets in which it invests; increased rates of
delinquency, defaults and forbearances and/or decreased recovery
rates on the Company’s investments; the performance of mortgage
loans underlying mortgage-backed securities in which the Company
retains credit risk; the Company’s ability to foreclose on its
investments in a timely manner or at all; increased prepayments of
the mortgages and other loans underlying the Company’s
mortgage-backed securities or relating to the Company’s mortgage
servicing rights and other investments; the degree to which the
Company’s hedging strategies may or may not protect it from
interest rate volatility; the effect of the accuracy of or changes
in the estimates the Company makes about uncertainties,
contingencies and asset and liability valuations when measuring and
reporting upon the Company’s financial condition and results of
operations; the Company’s ability to maintain appropriate internal
control over financial reporting; technologies for loans and the
Company’s ability to mitigate security risks and cyber intrusions;
the Company’s ability to obtain and/or maintain licenses and other
approvals in those jurisdictions where required to conduct its
business; the Company’s ability to detect misconduct and fraud;
developments in the secondary markets for the Company’s mortgage
loan products; legislative and regulatory changes that impact the
mortgage loan industry or housing market; changes in regulations or
the occurrence of other events that impact the business, operations
or prospects of government agencies such as the Government National
Mortgage Association, the Federal Housing Administration or the
Veterans Administration, the U.S. Department of Agriculture, or
government-sponsored entities such as the Federal National Mortgage
Association or the Federal Home Loan Mortgage Corporation, or such
changes that increase the cost of doing business with such
entities; legislative and regulatory changes that impact the
business, operations or governance of mortgage lenders and/or
publicly-traded companies; the Consumer Financial Protection Bureau
and its issued and future rules and the enforcement thereof;
changes in government support of homeownership; changes in
government or government-sponsored home affordability programs;
limitations imposed on the Company’s business and its ability to
satisfy complex rules for it to qualify as a REIT for U.S. federal
income tax purposes and qualify for an exclusion from the
Investment Company Act of 1940 and the ability of certain of the
Company’s subsidiaries to qualify as REITs or as taxable REIT
subsidiaries for U.S. federal income tax purposes, as applicable,
and the Company’s ability and the ability of its subsidiaries to
operate effectively within the limitations imposed by these rules;
changes in governmental regulations, accounting treatment, tax
rates and similar matters; the Company’s ability to make
distributions to its shareholders in the future; the Company’s
failure to deal appropriately with issues that may give rise to
reputational risk; and the Company’s organizational structure and
certain requirements in its 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, 2022 September 30, 2022
December 31, 2021 (in thousands except share amounts)
ASSETS Cash
$
111,866
$
58,931
$
58,983
Short-term investments at fair value
252,271
352,343
167,999
Mortgage-backed securities at fair value
4,462,601
3,880,288
2,666,768
Loans acquired for sale at fair value
1,821,933
2,259,645
4,171,025
Loans at fair value
1,513,399
1,522,934
1,568,726
Derivative assets
84,940
74,659
34,238
Deposits securing credit risk transfer arrangements
1,325,294
1,369,236
1,704,911
Mortgage servicing rights at fair value
4,012,737
3,940,584
2,892,855
Servicing advances
197,972
81,399
204,951
Due from PennyMac Financial Services, Inc.
3,560
3,560
15,953
Other
134,991
402,361
286,299
Total assets
$
13,921,564
$
13,945,940
$
13,772,708
LIABILITIES Assets sold under agreements to repurchase
$
6,616,528
$
6,409,796
$
6,671,890
Mortgage loan participation and sale agreements
-
16,999
49,988
Notes payable secured by credit risk transfer and mortgage
servicing assets
2,804,028
2,829,160
2,471,961
Exchangeable senior notes
546,254
545,521
502,459
Asset-backed financing of variable interest entities at fair value
1,414,955
1,424,473
1,469,999
Interest-only security payable at fair value
21,925
21,186
10,593
Derivative and credit risk transfer strip liabilities at fair value
167,226
351,383
42,206
Accounts payable and accrued liabilities
160,212
98,170
96,156
Due to PennyMac Financial Services, Inc.
36,372
32,306
40,091
Income taxes payable
151,778
160,117
9,598
Liability for losses under representations and warranties
39,471
39,498
40,249
Total liabilities
11,958,749
11,928,609
11,405,190
SHAREHOLDERS' EQUITY Preferred shares of beneficial interest
541,482
541,482
541,482
Common shares of beneficial interest—authorized, 500,000,000 common
shares of $0.01 par value; issued and outstanding 88,888,889,
90,094,066 and 94,897,255 common shares, respectively
889
901
949
Additional paid-in capital
1,947,266
1,960,320
2,081,757
Accumulated deficit
(526,822
)
(485,372
)
(256,670
)
Total shareholders' equity
1,962,815
2,017,331
2,367,518
Total liabilities and shareholders' equity
$
13,921,564
$
13,945,940
$
13,772,708
PENNYMAC MORTGAGE INVESTMENT
TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)
For the Quarterly Periods Ended December 31,
2022 September 30, 2022 December 31, 2021 (in
thousands, except per share amounts) Investment Income
Net loan servicing fees: From nonaffiliates Servicing fees
$
169,691
$
167,233
$
162,129
Change in fair value of mortgage servicing rights
(55,039
)
66,974
(171,729
)
Hedging results
(117,228
)
154,269
9,087
(2,576
)
388,476
(513
)
From PennyMac Financial Services, Inc.
512
1,648
12,701
(2,064
)
390,124
12,188
Net gains (losses) on investments and financings
54,294
(253,336
)
35,177
Net gains (losses) on loans acquired for sale
9,755
4,313
(9,661
)
Loan origination fees
9,668
13,215
27,867
Interest income
132,375
109,658
55,680
Interest expense
154,676
114,080
73,738
Net interest expense
(22,301
)
(4,422
)
(18,058
)
Other
15
1,171
1,967
Net investment income
49,367
151,065
49,480
Expenses Earned by PennyMac Financial Services, Inc.: Loan
servicing fees
20,245
20,247
20,847
Loan fulfillment fees
12,184
18,407
20,150
Management fees
7,307
7,731
8,919
Loan origination
3,982
2,430
4,904
Professional services
1,898
2,394
6,078
Safekeeping
1,799
2,986
2,248
Loan collection and liquidation
278
690
1,321
Compensation
1,587
1,368
870
Other
5,569
4,433
3,652
Total expenses
54,849
60,686
68,989
(Loss) income before (benefit from) provision for income taxes
(5,482
)
90,379
(19,509
)
(Benefit from) provision for income taxes
(10,145
)
78,466
(2,622
)
Net income (loss)
4,663
11,913
(16,887
)
Dividends on preferred shares
10,456
10,455
10,454
Net (loss) income attributable to common shareholders
$
(5,793
)
$
1,458
$
(27,341
)
(Loss) earnings per common share Basic
$
(0.07
)
$
0.01
$
(0.28
)
Diluted
$
(0.07
)
$
0.01
$
(0.28
)
Weighted average shares outstanding Basic
89,096
90,594
96,306
Diluted
89,096
90,594
96,306
PENNYMAC MORTGAGE INVESTMENT
TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
INCOME (UNAUDITED)
Year ended December 31,
2022
2021
2020
(in thousands, except per share amounts) Net investment
income Net loan servicing fees: From nonaffiliates Servicing
fees
$
651,251
$
595,346
$
462,517
Change in fair value of mortgage servicing rights
449,435
(337,186
)
(938,937
)
Hedging results
(204,879
)
(345,041
)
601,743
895,807
(86,881
)
125,323
From PennyMac Financial Services, Inc.
13,744
50,859
28,373
909,551
(36,022
)
153,696
Net (losses) gains on investments and financings
(658,787
)
304,079
(170,885
)
Net gains on loans acquired for sale
25,692
87,273
379,922
Loan origination fees
52,085
170,672
147,272
Interest income
383,794
195,239
222,135
Interest expense
410,420
304,737
270,770
Net interest expense
(26,626
)
(109,498
)
(48,635
)
Other
1,856
3,793
7,981
Net investment income
303,771
420,297
469,351
Expenses Earned by PennyMac Financial Services, Inc.: Loan
servicing fees
81,915
80,658
67,181
Loan fulfillment fees
67,991
178,927
222,200
Management fees
31,065
37,801
34,538
Loan origination
12,036
28,792
26,437
Professional services
9,569
11,148
6,405
Safekeeping
8,201
9,087
7,090
Loan collection and liquidation
5,396
11,279
10,363
Compensation
5,941
4,000
3,890
Other
18,570
13,944
11,517
Total expenses
240,684
375,636
389,621
Income before provision for (benefit from) income taxes
63,087
44,661
79,730
Provision for (benefit from) income taxes
136,374
(12,193
)
27,357
Net (loss) income
(73,287
)
56,854
52,373
Dividends on preferred shares
41,819
30,891
24,938
Net (loss) income attributable to common shareholders
$
(115,106
)
$
25,963
$
27,435
(Loss) earnings per common share Basic
$
(1.26
)
$
0.26
$
0.27
Diluted
$
(1.26
)
$
0.26
$
0.27
Weighted average common shares outstanding Basic
91,434
97,402
99,373
Diluted
91,434
97,402
99,373
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230202005787/en/
Media Kristyn Clark kristyn.clark@pennymac.com (805)
395-9943
Investors Kevin Chamberlain Isaac Garden
investorrelations@pennymac.com (818) 224-7028
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