PennyMac Mortgage Investment Trust reported a net loss attributable to common shareholders of $0.8 million, or $(0.01) per common share on a diluted basis, for the first quarter of 2025. The company's net investment income for the quarter stood at $44.5 million. This outcome was primarily influenced by net fair value declines due to interest rate volatility and credit spread widening.
Despite the net loss, PMT executed three securitizations of investor loans totaling $1 billion in UPB, retaining investments of $94 million at attractive returns. The company also opportunistically issued $173 million in unsecured senior notes, strengthening its balance sheet and extending its debt maturity profile. These actions demonstrate PMT's continued access to capital markets and its focus on organic investment creation.
Segment performance showed varied results, with the Credit Sensitive Strategies segment reporting pretax income of $1.1 million, a decrease from $20.1 million in the prior quarter. The Interest Rate Sensitive Strategies segment recorded a pretax loss of $5.5 million, down from a pretax income of $25.5 million. The Correspondent Production segment generated pretax income of $10.1 million, a decrease from $22.5 million in the previous quarter. PMT acquired $2.8 billion in UPB of loans for its account, a 20 percent decrease from the prior quarter, but acquired $637 million in UPB of loans originated by PFSI for private label securitizations, an increase from $437 million. The company recorded a tax benefit of $16.0 million, driven by declines on MSRs held in its taxable REIT subsidiary. PennyMac Mortgage Investment Trust had previously declared a cash dividend of $0.40 per common share for the first quarter of 2025 on March 6, 2025.
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