PennyMac Mortgage Investment Trust reported net income attributable to common shareholders of $31.0 million, or $0.36 per common share on a diluted basis, for the third quarter of 2024. The company achieved net investment income of $80.9 million during this period. These results reflect the company's financial performance amidst prevailing market conditions.
The Credit Sensitive Strategies segment contributed $26.4 million to pretax income, marking an increase from $15.7 million in the prior quarter. The Correspondent Production segment also saw growth, generating $13.2 million in pretax income, up from $9.6 million in the previous quarter. PMT acquired a total of $25.8 billion in UPB of loans, representing a 15 percent increase from the prior quarter.
PMT significantly increased its retention of conventional mortgage production, with $5.9 billion of conventional conforming volume retained for its account, a 167 percent rise from the prior quarter. The company recorded a tax benefit of $14.9 million, primarily driven by fair value declines on MSRs and interest rate hedges held in its taxable subsidiary. PennyMac Mortgage Investment Trust had previously declared a cash dividend of $0.40 per common share for the third quarter of 2024 on September 19, 2024.
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