The following is a summary of the PennyMac Mortgage Investment Trust (PMT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• PennyMac Mortgage Investment Trust reported Q1 net income of $37 million, leading to diluted earnings per share of $0.39.

• PMT's annualized return on common equity was 10% and book value per share was $16.11.

• The company provided stability in book value per share, mainly due to its diversified portfolio and hedging strategy.

• In Q1, PMT sold $111 million of floating rate Government-Sponsored Enterprise Credit Risk Transfer (GSE CRT) bonds, realizing significant gains on these investments.

Business Progress:

• PMT has projected robust financial performance that signals the strength of the fundamentals underlying its long-term mortgage assets and shows the firm's skill in managing mortgage-related investments in challenging environments.

• During and after the quarter-end, the company issued more than $550 million and Credit Risk Transfer (CRT) term notes at attractive terms, refinancing similar notes with extended maturities and reduced spreads.

• Majority of PMT shareholders' equity, over two-thirds, is currently invested in Mortgage Servicing Rights (MSRs) and GSE lender risk-share transactions, indicating favorable future asset performance.

• With over half of PMT's deployed equity invested in MSR, stable cash flows over an extended period are anticipated.

More details: PennyMac Mortgage IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.