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NEW YORK - PennyMac Mortgage Investment Trust (NYSE:PMT) reported disappointing first quarter results that fell short of analyst expectations, sending shares down 2.4% in after-hours trading.
The real estate investment trust posted a net loss of $0.01 per share for Q1 2025, missing the consensus estimate of $0.39 earnings per share. Net investment income came in at $44.47 million, well below analysts’ projections of $93.71 million.
PennyMac’s results were impacted by fair value declines due to interest rate volatility and credit spread widening. The company reported a net loss attributable to common shareholders of $0.8 million for the quarter.
"PMT produced strong levels of income excluding market-driven value changes in the first quarter," said Chairman and CEO David Spector. "This strong core performance was offset by net fair value declines due to interest rate volatility and credit spread widening."
The company’s book value per common share decreased to $15.43 at March 31, 2025, from $15.87 at the end of the previous quarter.
PennyMac’s correspondent loan production volumes for its own account totaled $2.8 billion in unpaid principal balance, down 20% from the prior quarter. The company also acquired $637 million in loans originated by PennyMac Financial Services, Inc. (NYSE:PFSI).
Despite the earnings miss, PennyMac maintained its quarterly dividend of $0.40 per share, which will be paid on April 25, 2025 to shareholders of record as of April 11, 2025.
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