• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
PublishGo to AppAI Helper
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees for your businessNEW
    Legal
    Terms of usePrivacy policyCookie policy

    PennyMac Mortgage Investment Trust filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits

    8/16/23 4:15:33 PM ET
    $PMT
    Real Estate Investment Trusts
    Real Estate
    Get the next $PMT alert in real time by email
    8-K
    false 0001464423 0001464423 2023-08-10 2023-08-10 0001464423 us-gaap:CommonStockMember 2023-08-10 2023-08-10 0001464423 us-gaap:SeriesAPreferredStockMember 2023-08-10 2023-08-10 0001464423 us-gaap:SeriesBPreferredStockMember 2023-08-10 2023-08-10 0001464423 us-gaap:SeriesCPreferredStockMember 2023-08-10 2023-08-10

     

     

    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549

     

     

    FORM 8-K

     

     

    CURRENT REPORT

    Pursuant to Section 13 or 15(d)

    of the Securities Exchange Act of 1934

    Date of Report (Date of earliest event reported): August 10, 2023

     

     

    PennyMac Mortgage Investment Trust

    (Exact name of registrant as specified in its charter)

     

     

     

    Maryland   001-34416   27-0186273

    (State or other jurisdiction

    of incorporation)

     

    (Commission

    File Number)

     

    (IRS Employer

    Identification No.)

     

    3043 Townsgate Road, Westlake Village, California   91361
    (Address of principal executive offices)   (Zip Code)

    (818) 224-7442

    (Registrant’s telephone number, including area code)

    Not Applicable

    (Former name or former address, if changed since last report)

     

     

    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

     

    ☐

    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     

    ☐

    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     

    ☐

    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     

    ☐

    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

    Securities registered pursuant to Section 12(b) of the Act:

     

    Title of each class

     

    Trading

    Symbol(s)

     

    Name of each exchange

    on which registered

    Common Shares of Beneficial Interest, $0.01 par value   PMT   New York Stock Exchange
    8.125% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value   PMT/PA   New York Stock Exchange
    8.00% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value   PMT/PB   New York Stock Exchange
    6.75% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value   PMT/PC   New York Stock Exchange

    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

    Emerging growth company  ☐

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

     

     

     


    Item 1.01.

    Entry into a Material Definitive Agreement.

    On August 10, 2023, PennyMac Mortgage Investment Trust (the “Company”), through three of its indirect, wholly owned subsidiaries, PMT ISSUER TRUST - FHLMC SAF (“Issuer Trust”), PMT SAF Funding, LLC (“Depositor”) and PennyMac Corp. (“PMC”), entered into a structured finance transaction that PMC will use to finance Freddie Mac servicing advance receivables. The Company entered into (i) an Indenture by and among Issuer Trust, as issuer, PMC, as administrator and servicer, Citibank, N.A., as indenture trustee (“Citibank”), calculation agent, paying agent, custodian and securities intermediary, and Barclays Bank PLC, as administrative agent (“Barclays”), dated August 10, 2023 (“Indenture”), (ii) a Series 2023-VF1 Indenture Supplement by and among Issuer Trust, as issuer, PMC, as administrator and as servicer, Citibank, as indenture trustee, and Barclays, as administrative agent, dated August 10, 2023 (“Indenture Supplement”), (iii) Receivables Sale Agreement by and between PMC and Depositor, dated August 10, 2023 (“Sale Agreement”), (iv) a Receivables Pooling Agreement by and between Depositor and Issuer Trust, dated August 10, 2023 (“Pooling Agreement”), and (v) a Variable Funding Note Purchase Agreement by and among Issuer Trust, Sheffield Receivables Company LLC, as conduit purchaser, Barclays, as committed purchaser, Citibank, as indenture trustee, PMC, as servicer and administrator, and Depositor, dated August 10, 2023 (“VFN Purchase Agreement”). The stated maturity date of the related Series 2023-VF1, Class A-VF1 Variable Funding Note (“Series 2023-VF1 Note”) issued pursuant to the Indenture Supplement is August 9, 2025. The initial maximum principal amount of the Series 2023-VF1 Note is $150,000,000, which is fully committed.

    During the revolving term of the Series 2023-VF1 Note, PMC is required to repay the purchasers monthly for accrued interest (at a rate reflective of the current market based on a spread above the one-month term Secured Overnight Financing Rate).

    The Indenture and VFN Purchase Agreement require that PMC and the Issuer Trust make certain representations, warranties and covenants customary for this type of transaction. The Indenture Supplement also contains certain advance rate reduction events, early amortization events, and scheduled principal payment events (subject to certain triggers) that would require the Issuer Trust to make early payments of principal on the Series 2023-VF1 Note. In addition, the Indenture contains events of default (subject to certain materiality thresholds and grace periods) that apply to the Series 2023-VF1 Note, including payment defaults, breaches of covenants and/or certain representations and warranties, cross-defaults, bankruptcy or insolvency proceedings and other events of default customary for this type of transaction. The remedies for such events of default include the acceleration of the principal amount outstanding under the Series 2023-VF1 Note.

    PMC has the obligation to make advances of delinquent principal and interest, advances of taxes and insurance and all other advances including foreclosure and liquidation and related expenses required to be made by a servicer under the Freddie Mac Single-Family Seller/Servicer Guide and the right to collect the related receivables. Pursuant to the Sale Agreement, PMC sells all right, title and interest, whether now owned or subsequently acquired, in the Freddie Mac servicing advance receivables to the Depositor. In accordance with the Pooling Agreement, Depositor sells and/or contributes, assigns, transfers and conveys to the Issuer Trust, all of the Depositor’s right, title and interest, whether now owned or subsequently acquired, in the Freddie Mac servicing advance receivables.

    The foregoing descriptions do not purport to be complete and are qualified in their entirety by reference to the other descriptions and the full text of the agreements and amendments in the following: (i) the Indenture, Indenture Supplement, Sale Agreement, Pooling Agreement, and VFN Purchase Agreement, which have been filed with this Current Report on Form 8-K as Exhibits 10.1 to 10.5, respectively, and (ii) the full text of all other amendments to the foregoing filed hereafter with the SEC.

     

    Item 2.03

    Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

    The information set forth under Item 1.01 of this report is incorporated herein by reference.

     


    Item 9.01

    Financial Statements and Exhibits.

    (d) Exhibits.

     

    Exhibit
    No.

      

    Description

    10.1    Indenture by and among PMT ISSUER TRUST - FHLMC SAF, PennyMac Corp., Citibank, N.A., Barclays Bank PLC, dated August 10, 2023
    10.2^    Series 2023-VF1 Indenture Supplement by and among PMT ISSUER TRUST - FHLMC SAF, PennyMac Corp., Citibank, N.A., Barclays Bank PLC, dated August 10, 2023
    10.3    Receivables Sale Agreement by and between PennyMac Corp. and PMT SAF Funding, LLC, dated August 10, 2023
    10.4    Receivables Pooling Agreement by and between PMT SAF Funding, LLC and PMT ISSUER TRUST - FHLMC SAF, dated August 10, 2023
    10.5^    Variable Funding Note Purchase Agreement by and among PMT ISSUER TRUST – FHLMC SAF, Sheffield Receivables Company LLC, Barclays Bank PLC, Citibank, N.A., PennyMac Corp., and PMT SAF Funding, LLC, dated August 10, 2023
    104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

     

    ^

    Portions of the exhibit have been redacted.

     


    SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

     

          PENNYMAC MORTGAGE INVESTMENT TRUST
    Dated: August 16, 2023      

    /s/ Daniel S. Perotti

         

    Daniel S. Perotti

    Senior Managing Director and Chief Financial Officer

    Get the next $PMT alert in real time by email

    Crush Q3 2025 with the Best AI Executive Assistant

    Stay ahead of the competition with Tailforce.ai - your AI-powered business intelligence partner.

    AI-Powered Inbox
    Context-aware email replies
    Strategic Decision Support
    Get Started with Tailforce.ai

    Recent Analyst Ratings for
    $PMT

    DatePrice TargetRatingAnalyst
    7/10/2024$15.00 → $15.50Mkt Perform → Outperform
    Keefe Bruyette
    1/10/2024Hold
    Deutsche Bank
    12/6/2023$13.50Neutral
    UBS
    2/17/2023Buy → Neutral
    BTIG Research
    2/7/2023$16.00 → $15.00Overweight → Neutral
    Piper Sandler
    1/7/2022$20.50Buy
    JonesTrading
    1/7/2022$18.50Neutral → Buy
    BTIG Research
    11/9/2021$21.00 → $19.75Outperform → Mkt Perform
    Keefe Bruyette
    More analyst ratings

    $PMT
    SEC Filings

    See more
    • PennyMac Mortgage Investment Trust filed SEC Form 8-K: Results of Operations and Financial Condition

      8-K - PennyMac Mortgage Investment Trust (0001464423) (Filer)

      2/1/24 5:01:11 PM ET
      $PMT
      Real Estate Investment Trusts
      Real Estate
    • SEC Form 10-Q filed by PennyMac Mortgage Investment Trust

      10-Q - PennyMac Mortgage Investment Trust (0001464423) (Filer)

      11/1/23 4:13:12 PM ET
      $PMT
      Real Estate Investment Trusts
      Real Estate
    • SEC Form CERT filed by PennyMac Mortgage Investment Trust

      CERT - PennyMac Mortgage Investment Trust (0001464423) (Filer)

      9/22/23 1:29:31 PM ET
      $PMT
      Real Estate Investment Trusts
      Real Estate

    $PMT
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • PennyMac Mortgage Investment Trust Declares Second Quarter 2025 Dividend for Its Common Shares

      PennyMac Mortgage Investment Trust (NYSE:PMT) announced today that its Board of Trustees declared a cash dividend of $0.40 per common share of beneficial interest for the second quarter of 2025. This dividend will be paid on July 25, 2025, to common shareholders of record as of July 11, 2025. 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

      6/25/25 8:00:00 AM ET
      $PFSI
      $PMT
      Finance: Consumer Services
      Finance
      Real Estate Investment Trusts
      Real Estate
    • PennyMac Mortgage Investment Trust Announces Pricing of Public Offering of Senior Notes

      PennyMac Mortgage Investment Trust (NYSE:PMT) (the "Company" or "PMT") today announced that it has priced an underwritten public offering of $100,000,000 aggregate principal amount of its 9.00% Senior Notes due 2030 (the "Notes"). The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by PennyMac Corp. ("PMC"), an indirect wholly-owned subsidiary of the Company. The Notes will be issued in minimum denominations and integral multiples of $25.00. The Company has granted to the underwriters a 30-day over-allotment option to purchase up to an additional $15,000,000 aggregate principal amount of the Notes at the public offering price, less the underwriting discount. T

      6/3/25 4:11:00 PM ET
      $PFSI
      $PMT
      Finance: Consumer Services
      Finance
      Real Estate Investment Trusts
      Real Estate
    • PennyMac Mortgage Investment Trust Announces Public Offering of Senior Notes

      PennyMac Mortgage Investment Trust (NYSE:PMT) (the "Company" or "PMT") today announced that it is commencing an underwritten public offering of senior notes due 2030 (the "Notes"). The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by PennyMac Corp. ("PMC"), an indirect wholly-owned subsidiary of the Company. The Company intends to use the net proceeds from the offering to fund its business and investment activities, which may include: the investment in subordinated bonds from its private-label securitization activities and other mortgage-related securities; the acquisition of mortgage servicing rights; funding the Company's correspondent lending business, in

      6/3/25 8:59:00 AM ET
      $PFSI
      $PMT
      Finance: Consumer Services
      Finance
      Real Estate Investment Trusts
      Real Estate

    $PMT
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • PennyMac Mortgage upgraded by Keefe Bruyette with a new price target

      Keefe Bruyette upgraded PennyMac Mortgage from Mkt Perform to Outperform and set a new price target of $15.50 from $15.00 previously

      7/10/24 8:03:51 AM ET
      $PMT
      Real Estate Investment Trusts
      Real Estate
    • Deutsche Bank initiated coverage on PennyMac Mortgage

      Deutsche Bank initiated coverage of PennyMac Mortgage with a rating of Hold

      1/10/24 8:11:18 AM ET
      $PMT
      Real Estate Investment Trusts
      Real Estate
    • UBS initiated coverage on PennyMac Mortgage with a new price target

      UBS initiated coverage of PennyMac Mortgage with a rating of Neutral and set a new price target of $13.50

      12/6/23 8:15:24 AM ET
      $PMT
      Real Estate Investment Trusts
      Real Estate

    $PMT
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Lynch Catherine A. bought $6,782 worth of Common Shares of Beneficial Interest (451 units at $15.03), increasing direct ownership by 2% to 25,540 units (SEC Form 4)

      4 - PennyMac Mortgage Investment Trust (0001464423) (Issuer)

      1/30/24 5:16:16 PM ET
      $PMT
      Real Estate Investment Trusts
      Real Estate
    • Carnahan Scott W. transferred by will 4,937 units of Common Shares of Beneficial Interest), sold $539,000 worth of Common Shares of Beneficial Interest (35,000 units at $15.40) and transferred by will 141 units of Series A Preferred Stock), increasing direct ownership by 17% to 11,562 units (SEC Form 4)

      4 - PennyMac Mortgage Investment Trust (0001464423) (Issuer)

      12/18/23 6:09:13 PM ET
      $PMT
      Real Estate Investment Trusts
      Real Estate
    • Lynch Catherine A. bought $6,638 worth of Common Shares of Beneficial Interest (533 units at $12.45), increasing direct ownership by 2% to 25,089 units (SEC Form 4)

      4 - PennyMac Mortgage Investment Trust (0001464423) (Issuer)

      10/31/23 7:26:18 PM ET
      $PMT
      Real Estate Investment Trusts
      Real Estate

    $PMT
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Lynch Catherine A. bought $6,782 worth of Common Shares of Beneficial Interest (451 units at $15.03), increasing direct ownership by 2% to 25,540 units (SEC Form 4)

      4 - PennyMac Mortgage Investment Trust (0001464423) (Issuer)

      1/30/24 5:16:16 PM ET
      $PMT
      Real Estate Investment Trusts
      Real Estate
    • Lynch Catherine A. bought $6,638 worth of Common Shares of Beneficial Interest (533 units at $12.45), increasing direct ownership by 2% to 25,089 units (SEC Form 4)

      4 - PennyMac Mortgage Investment Trust (0001464423) (Issuer)

      10/31/23 7:26:18 PM ET
      $PMT
      Real Estate Investment Trusts
      Real Estate
    • Lynch Catherine A. bought $12,078 worth of Common Shares of Beneficial Interest (1,001 units at $12.07), increasing direct ownership by 4% to 24,556 units (SEC Form 4)

      4 - PennyMac Mortgage Investment Trust (0001464423) (Issuer)

      9/28/23 5:39:24 PM ET
      $PMT
      Real Estate Investment Trusts
      Real Estate

    $PMT
    Leadership Updates

    Live Leadership Updates

    See more
    • PennyMac Mortgage Investment Trust Announces Appointment of President and Chief Mortgage Banking Officer

      WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--PennyMac Mortgage Investment Trust (NYSE: PMT) today announced the appointment of Doug Jones as President and Chief Mortgage Banking Officer, in conjunction with a similar announcement today by PennyMac Financial Services, Inc. (NYSE: PFSI), PMT’s manager and service provider. Mr. Jones had previously served as PMT’s Senior Managing Director and Chief Mortgage Banking Officer. In his new role, Mr. Jones continues to be responsible for all activities relating to the Company’s loan production and loan servicing businesses. “I am pleased to announce this promotion for Doug, which reflects the Company’s continued focus on succession planning,”

      3/3/21 4:30:00 PM ET
      $PMT
      $PFSI
      Real Estate Investment Trusts
      Real Estate
      Finance: Consumer Services
      Finance
    • PennyMac Mortgage Investment Trust Announces Appointment of Chairman

      WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--PennyMac Mortgage Investment Trust (NYSE: PMT) today announced the appointment of David A. Spector as Chairman of the Board. Mr. Spector will continue to serve as Chief Executive Officer. “I am honored that the Board has entrusted me with this additional responsibility, and I am excited to continue leading this great company forward,” said PMT Chairman and CEO David A. Spector. “I would also like to take this opportunity to thank the Board and its Independent Lead Trustee, Preston DuFauchard, for their continued leadership, especially through the unique challenges of the past year.” About PennyMac Mortgage Investment Trust PennyMac Mortg

      2/24/21 4:30:00 PM ET
      $PFSI
      $PMT
      Finance: Consumer Services
      Finance
      Real Estate Investment Trusts
      Real Estate

    $PMT
    Financials

    Live finance-specific insights

    See more
    • PennyMac Mortgage Investment Trust Declares Second Quarter 2025 Dividend for Its Common Shares

      PennyMac Mortgage Investment Trust (NYSE:PMT) announced today that its Board of Trustees declared a cash dividend of $0.40 per common share of beneficial interest for the second quarter of 2025. This dividend will be paid on July 25, 2025, to common shareholders of record as of July 11, 2025. 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

      6/25/25 8:00:00 AM ET
      $PFSI
      $PMT
      Finance: Consumer Services
      Finance
      Real Estate Investment Trusts
      Real Estate
    • PennyMac Mortgage Investment Trust Declares Second Quarter 2025 Dividends for Its Preferred Shares

      PennyMac Mortgage Investment Trust (NYSE:PMT) announced today that its Board of Trustees has declared cash dividends for the second quarter of 2025 on its 8.125% Series A Preferred Shares (NYSE:PMT), its 8.000% Series B Preferred Shares (NYSE:PMT) and its 6.750% Series C Preferred Shares (NYSE:PMT). In accordance with the terms for each preferred series, the dividend information is as follows: Series Ticker Annual Dividend Rate   Dividend Per Share   Record Date   Payment Date A PMT PRA 8.125%   $0.507813   June 1, 2025*   June 16, 2025 B PMT PRB 8.000%   $0.500000   June 1, 2025*   June 16, 2025 C PMT PRC 6

      5/15/25 8:00:00 AM ET
      $PFSI
      $PMT
      Finance: Consumer Services
      Finance
      Real Estate Investment Trusts
      Real Estate
    • PennyMac Financial Services, Inc. Announces Upsizing and Pricing of Private Offering of $850 Million of Senior Notes

      PennyMac Financial Services, Inc. (NYSE:PFSI) and its subsidiaries (the "Company") today announced the pricing of its previously announced offering of $850 million aggregate principal amount of 6.875% Senior Notes due 2032 (the "Notes"). The offering size was increased from the previously announced offering size of $650 million aggregate principal amount of Notes. The Notes will bear interest at 6.875% per annum and will mature on May 15, 2032. Interest on the Notes will be payable semi-annually on May 15 and November 15 of each year, beginning on November 15, 2025. The Notes will be fully and unconditionally guaranteed on an unsecured senior basis by the Company's existing and future wholl

      5/1/25 5:56:00 PM ET
      $PFSI
      $PMT
      Finance: Consumer Services
      Finance
      Real Estate Investment Trusts
      Real Estate

    $PMT
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G filed by PennyMac Mortgage Investment Trust

      SC 13G - PennyMac Mortgage Investment Trust (0001464423) (Subject)

      2/14/24 10:04:37 AM ET
      $PMT
      Real Estate Investment Trusts
      Real Estate
    • SEC Form SC 13G/A filed by PennyMac Mortgage Investment Trust (Amendment)

      SC 13G/A - PennyMac Mortgage Investment Trust (0001464423) (Subject)

      2/13/24 5:12:08 PM ET
      $PMT
      Real Estate Investment Trusts
      Real Estate
    • SEC Form SC 13G/A filed by PennyMac Mortgage Investment Trust (Amendment)

      SC 13G/A - PennyMac Mortgage Investment Trust (0001464423) (Subject)

      1/22/24 2:03:13 PM ET
      $PMT
      Real Estate Investment Trusts
      Real Estate