PennyMac Mortgage Investment Trust (PMT) reported its financial results for the quarter ending March 31, 2025, revealing a net income of $9.7 million, a significant decrease from $47.6 million in the same period last year. The company’s revenue from net investment income was $44.5 million, down from $74.2 million year-over-year. The decline in profitability was attributed to increased fair value losses from mortgage servicing rights (MSRs) and credit risk transfer (CRT) investments, which were partially offset by gains from mortgage-backed securities (MBS).
Total assets increased to $14.9 billion as of March 31, 2025, compared to $14.4 billion at the end of 2024. This growth was primarily driven by a rise in loans at fair value, which reached $3.2 billion, up from $2.2 billion in the previous quarter. However, loans acquired for sale at fair value decreased to $2.0 billion from $2.1 billion. The company’s liabilities also rose, totaling $13.0 billion, up from $12.5 billion, largely due to an increase in asset-backed financing.
In terms of operational metrics, PMT's loan production for the quarter was approximately $24.0 billion, a notable increase from $18.4 billion in the same quarter of 2024. The company reported net gains on loans acquired for sale of $12.3 million, down from $14.5 million a year earlier. The average unpaid principal balance of loans serviced was $225.5 billion, slightly lower than the previous year’s $230.6 billion. The company’s employee headcount remained stable, supporting its operational activities.
Strategically, PMT continues to focus on its correspondent production segment, which serves as a key source of its investments in MSRs and CRT arrangements. The company has also entered into a management agreement with PNMAC Capital Management, LLC, which is expected to enhance its operational efficiency. Looking ahead, PMT anticipates that ongoing economic conditions, including interest rate fluctuations and housing market dynamics, will influence its performance. The company remains committed to maintaining its REIT status, which requires distributing at least 90% of its taxable income to shareholders.
About PennyMac Mortgage Investment Trust
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