PennyMac Mortgage Investment Trust reported net income attributable to common shareholders of $36.1 million, or $0.41 per common share on a diluted basis, for the fourth quarter of 2024. The company achieved net investment income of $107.9 million for the quarter, contributing to a 10 percent annualized return on equity. For the full year 2024, PMT delivered strong results across its investment strategies.
The fourth quarter marked a return to organic creation of credit investments, with PMT completing two securitizations of Agency-eligible investor loans and retaining $52 million of net new credit subordinate bond investments. The Interest Rate Sensitive Strategies segment saw a significant improvement, reporting pretax income of $25.5 million, up from $0.5 million in the prior quarter. The Correspondent Production segment also increased its pretax income to $22.5 million from $13.2 million.
PMT acquired a total of $28.1 billion in UPB of loans through its correspondent production activities, an increase of 9 percent from the prior quarter. The company recorded a provision for tax expense of $8.6 million, driven by income from correspondent production and gains on MSRs. PennyMac Mortgage Investment Trust had previously declared a cash dividend of $0.40 per common share for the fourth quarter of 2024 on December 13, 2024.
Looking ahead, PMT expects similar levels of private label securitization activity well into 2025, with potential for increased activity and securitizations of other loan products as the origination market grows. A renewed mortgage banking services agreement with PFSI, effective July 1, 2025, grants PMT the right to purchase up to 100 percent of non-government correspondent loan production.
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