Accessibility StatementSkip Navigation MONTRÉAL, Sept. 15, 2025 /PRNewswire/ - September 16, 2025 – Sydney, Australia Patriot Battery Metals Inc. (the "Company") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce that it has decided to change its name to PMET Resources Inc.  in English and «Â Ressources PMET Inc. » in French.  The Company will retain its existing trading symbols: "PMET" on the Toronto Stock Exchange and "PMT" on the Australian Securities Exchange. The name change ...

Core Insights - The company is experiencing margin expansion in its correspondent space, increasing from approximately 23 basis points to 30 basis points [1] - Although volumes have decreased slightly, there is an expectation for an increase in volumes in the correspondent and best efforts business due to recent market rallies [2] - The bulk business is not anticipated to see volume increases until Q4, but the company remains optimistic about overall performance [2]

Summary of PennyMac Mortgage Investment Trust FY Conference Call Company Overview - **Company**: PennyMac Mortgage Investment Trust (NYSE: PMT) - **Date of Conference**: September 08, 2025 - **Speakers**: David Spector (CEO), Dan Perotti (CFO) Key Points Industry and Market Dynamics - **Correspondent Space**: Margin expansion observed, increasing from 23 basis points to 30 basis points, with expectations for volume increases due to market rally [4][5] - **Non-QM Market**: Addressable market estimated at $70 to $80 billion, with potential production of $35 to $40 billion for non-QM loans [5][36] - **Broker Channel**: Market share has surpassed 5%, with a goal to reach 10% by the end of 2026 [6][30] - **Consumer Direct Activity**: Positive activity noted, with volumes increasing and revenues up despite slight margin declines [7][8] Financial Performance - **Servicing Profitability**: Low delinquency rates contributing to strong servicing performance, with servicing costs reduced by nearly 40% over five years [9][18][44] - **Return on Equity (ROE)**: Target ROE in a constrained origination market is set at 15% to 18%, with potential to exceed 20% in a higher origination environment [48] Strategic Initiatives - **Hedging Strategy**: Shift towards using futures and mortgage-backed security forwards to lower hedge costs, with expected costs moving closer to the lower end of the 1-2% range [12][15][16] - **Technology Investments**: Partnership with Vesta for loan origination system (LOS) technology, aiming for efficiency improvements and cost reductions [21][22][23] - **AI Tools**: Introduction of 35 AI tools expected to save approximately $25 million annually, enhancing efficiency across all business areas [38][39] Competitive Landscape - **Broker Channel Competition**: Dominated by United Wholesale Mortgage (UWM) with over 50% market share, while PennyMac aims to leverage its strengths to capture more market share [30][57] - **Subservicing Opportunities**: Anticipated growth in subservicing business as competitors may step back, allowing PennyMac to offer competitive products [19][20] Regulatory and Legislative Impact - **Trigger Leads Bill**: Potential positive impact on recapture rates as the bill aims to restrict the sale of trigger leads, which currently inundate borrowers with calls from multiple lenders [59][60] Future Outlook - **Growth in PMT**: PMT transitioning to more private label securitization, expected to become a top non-bank securitizer, enhancing profitability for PFSI [51][52] - **Market Positioning**: Continued focus on maintaining over 20% market share in correspondent lending while raising margins [34][33] Additional Insights - **Olympic Partnership**: Partnership with the U.S. Olympic & Paralympic Committee enhancing brand recognition and marketing effectiveness [27][28] - **Servicing Technology**: Ongoing improvements in servicing technology expected to drive further cost reductions and efficiency gains [44][46] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's performance, market positioning, and future initiatives.

Core Viewpoint - Patriot Battery Metals Inc. has filed a technical report on the Shaakichiuwaanaan Project, highlighting significant mineral resource estimates and updates, particularly regarding caesium and lithium resources [1][2][4]. Group 1: Technical Report and Updates - The technical report, prepared by BBA Inc. and Primero Group Americas Inc., complies with NI 43-101 standards and is available on SEDAR+ [2]. - The report includes updates on the mineral resource estimates (MRE) for the CV5 and CV13 spodumene pegmatites, with significant upgrades disclosed in previous press releases [3][4]. - The first update on May 12, 2025, indicated a resource upgrade from inferred to indicated categories but was deemed not to constitute a material change under Canadian securities law [3]. - The July 20, 2025 update revealed a maiden caesium resource at the Rigel and Vega zones, recognized as the world's largest known pollucite-hosted caesium pegmatite mineral resource, necessitating the filing of the technical report [4]. Group 2: Mineral Resource Estimates - The Shaakichiuwaanaan Project hosts the world's largest pollucite-hosted caesium pegmatite mineral resource, with 0.69 million tonnes at 4.40% Cs2O indicated and 1.70 million tonnes at 2.40% Cs2O inferred [5]. - The consolidated mineral resource totals 108.0 million tonnes at 1.40% Li2O, 0.11% Cs2O, 166 ppm Ta2O5, and 66 ppm Ga indicated, and 33.4 million tonnes at 1.33% Li2O, 0.21% Cs2O, 155 ppm Ta2O5, and 65 ppm Ga inferred, ranking it as the largest lithium pegmatite resource in the Americas and among the top ten globally [5].

Core Viewpoint - PennyMac Mortgage Trust (PMT) experienced an underperforming quarter, with results slightly below expectations, primarily due to higher borrowing costs impacting profits. The company remains slightly undervalued, and the dividend remains unchanged [1][11]. Performance Summary - PMT recorded a minor book value (BV) decrease compared to projections, which anticipated a relatively unchanged BV. The accuracy of BV projections is challenging due to the complexity of PMT's business model and sector volatility [2][10]. - Correspondent loan acquisitions increased significantly in Q2 2025, with a volume of $29.8 billion, representing a 30% increase from Q1 2025, surpassing the expected 25% increase. However, this growth came with a decline in gross origination spread margins [3][10]. - The company's Credit Risk Transfer (CRT) sub-portfolio showed stable net valuation fluctuations, with delinquencies remaining under 1.5%, indicating subdued credit risk [4][10]. - The Mortgage Servicing Rights (MSR) sub-portfolio slightly underperformed expectations due to higher prepayment speeds, with actual amortization of $98 million compared to the projected $90 million [5][10]. - PMT's agency mortgage-backed securities (MBS) and residential whole loans sub-portfolios slightly underperformed expectations, primarily due to a reduction in the fixed-rate agency MBS sub-portfolio size by $115 million [6][10]. - The hedging and derivative instruments sub-portfolio also slightly underperformed expectations, with no notable surprises in underlying changes during Q2 2025 [7][10]. - The income tax provision recorded a larger-than-anticipated variance due to a non-recurring tax expense of $14 million, which was difficult to project [8][10]. Financial Metrics - PMT reported a minor increase in interest income but also a modest increase in interest expense, leading to a slight worsening in net interest spreads, which underperformed expectations by $0.03 per common share [9][10]. - The actual BV at the end of Q2 2025 was $15.00, reflecting a 2.6% miss compared to projections [14][10]. - PMT's forward guidance indicates adjusted diluted earnings of $0.38 per common share, a $0.03 increase from Q1 2025, suggesting potential for improved returns in the future [18][10]. Valuation and Recommendations - PMT is currently deemed slightly undervalued, with a dividend range for Q3 2025 expected to remain unchanged at $0.35 - $0.40 per common share [19][10]. - The risk/performance rating for PMT remains at 3.5, indicating a stable outlook in the current environment [12][16].

[PART I. FINANCIAL INFORMATION](index=7&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the unaudited consolidated financial statements for PennyMac Mortgage Investment Trust as of June 30, 2025, and for the three and six-month periods then ended [Item 1. Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) This section presents the unaudited consolidated financial statements for PennyMac Mortgage Investment Trust as of June 30, 2025, and for the three and six-month periods then ended, including Balance Sheets, Statements of Operations, Statements of Changes in Shareholders' Equity, Statements of Cash Flows, and accompanying Notes [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to $16.80 billion as of June 30, 2025, from $14.41 billion at December 31, 2024, primarily driven by a significant increase in Loans held for investment, while total liabilities also rose to $14.94 billion from $12.47 billion, and total shareholders' equity decreased slightly to $1.87 billion from $1.94 billion over the same period Consolidated Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$16,801,119** | **$14,408,706** | | Cash | $362,900 | $337,694 | | Loans acquired for sale at fair value | $2,616,251 | $2,116,318 | | Loans held for investment at fair value | $4,566,532 | $2,193,575 | | Mortgage servicing rights at fair value | $3,739,106 | $3,867,394 | | **Total Liabilities** | **$14,935,474** | **$12,470,206** | | Assets sold under agreements to repurchase | $6,826,855 | $6,500,938 | | Unsecured senior notes | $875,225 | $605,860 | | Asset-backed financings of VIEs at fair value | $4,176,128 | $2,040,375 | | **Total Shareholders' Equity** | **$1,865,645** | **$1,938,500** | [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) For the quarter ended June 30, 2025, the company reported net income of $7.5 million, a decrease from $25.4 million in the same period of 2024, resulting in a net loss attributable to common shareholders of $2.9 million, or ($0.04) per share, primarily due to a significant negative change in the fair value of mortgage servicing rights and higher expenses Consolidated Statements of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Investment Income | $70,201 | $71,198 | $114,666 | $145,403 | | Total Expenses | $53,195 | $42,589 | $103,959 | $84,413 | | Net Income | $7,534 | $25,434 | $17,214 | $73,042 | | Net (Loss) Income Attributable to Common Shareholders | $(2,921) | $14,980 | $(3,696) | $52,133 | | Basic (Loss) Earnings Per Share | $(0.04) | $0.17 | $(0.05) | $0.60 | | Diluted (Loss) Earnings Per Share | $(0.04) | $0.17 | $(0.05) | $0.60 | [Consolidated Statements of Changes in Shareholders' Equity](index=10&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Total shareholders' equity decreased from $1.94 billion at the end of 2024 to $1.87 billion at June 30, 2025, primarily due to dividends paid on common ($69.8 million) and preferred shares ($20.9 million), which exceeded the net income of $17.2 million for the six-month period - For the six months ended June 30, 2025, total shareholders' equity decreased by **$72.9 million**, from **$1,938.5 million** to **$1,865.6 million**[31](index=31&type=chunk) - Dividends declared for common shares were **$0.40 per share** for the quarter and **$0.80 per share** for the six months ended June 30, 2025, totaling **$35.0 million** and **$69.8 million**, respectively[29](index=29&type=chunk)[31](index=31&type=chunk) [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, the company experienced a net cash outflow from operating activities of $2.61 billion, primarily due to the purchase and sale of loans, while a significant net cash inflow of $2.32 billion from financing activities resulted in a net increase in cash of $25.2 million for the period Summary of Cash Flows (in thousands) | Cash Flow Category | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(2,609,863) | $(98,571) | | Net cash provided by investing activities | $313,144 | $763,481 | | Net cash provided by (used in) financing activities | $2,321,925 | $(815,261) | | **Net increase (decrease) in cash** | **$25,206** | **$(150,351)** | | Cash at beginning of period | $337,694 | $281,085 | | **Cash at end of period** | **$362,900** | **$130,734** | [Notes to Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details the company's accounting policies and financial statement items, including organization and business segments, related party transactions, variable interest entities, fair value measurements, debt facilities, and segment reporting - The company operates in three reportable segments: credit sensitive strategies (CRT, subordinate MBS), interest rate sensitive strategies (MSRs, Agency MBS), and correspondent production (loan acquisition and resale)[40](index=40&type=chunk)[46](index=46&type=chunk) - The company has extensive related-party transactions with subsidiaries of PennyMac Financial Services, Inc. (PFSI) for services including loan servicing (PLS), MSR recapture (PLS), correspondent fulfillment (PLS), and investment management (PCM)[57](index=57&type=chunk) - A significant portion of assets and liabilities are measured at fair value, with many classified as Level 3, requiring management judgment, including Mortgage Servicing Rights (MSRs), Credit Risk Transfer (CRT) arrangements, and Interest Rate Lock Commitments (IRLCs)[106](index=106&type=chunk)[131](index=131&type=chunk) - The company utilizes various VIEs for its Credit Risk Transfer (CRT) arrangements and for financing transactions involving Mortgage Servicing Rights (MSRs) and other mortgage-backed securities, consolidating those where it is the primary beneficiary[90](index=90&type=chunk)[101](index=101&type=chunk)[103](index=103&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=80&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, business trends, and financial condition, noting a significant decrease in Q2 2025 net income due to fair value losses on MSRs, offset by gains in correspondent production and credit sensitive segments, while highlighting its strategy of creating mortgage-related assets and managing risks - The company's objective is to provide attractive risk-adjusted returns through dividends and capital appreciation by investing in mortgage-related assets, a significant portion of which are created through its correspondent production activities[269](index=269&type=chunk) - Management attributes the **$17.9 million decrease** in net income for Q2 2025 compared to Q2 2024 to increased fair value losses on MSRs, which were partially offset by gains on MBS and CRT investments[295](index=295&type=chunk) - Business trends indicate that elevated interest rates have constrained the mortgage origination market, but recent interest rate volatility has increased refinancing opportunities, which may drive higher production and prepayment speeds[289](index=289&type=chunk)[290](index=290&type=chunk) - Beginning in July 2025, the correspondent production operating model will change, with **PLS** becoming the initial purchaser of loans and **PMT** retaining the right to purchase up to **100%** of the non-government production from **PLS**[283](index=283&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=88&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the company's exposure to various market risks, primarily real estate risk, credit risk, interest rate risk, and prepayment risk, providing sensitivity analyses for key assets like MBS and MSRs to hypothetical changes in interest rates and other valuation inputs MBS Fair Value Sensitivity to Interest Rate Changes (as of June 30, 2025) | Interest Rate Shift (bps) | Change in Fair Value (in thousands) | | :--- | :--- | | -75 | $143,569 | | -50 | $102,056 | | +50 | $(117,232) | | +75 | $(178,717) | MSR Fair Value Sensitivity to Key Inputs (as of June 30, 2025) | Change in Fair Value Attributable to Shift in: | -10% | +10% | | :--- | :--- | :--- | | Pricing Spread | $97,044 | $(92,450) | | Prepayment Speed | $114,525 | $(107,260) | | Annual Per-Loan Cost of Servicing | $32,710 | $(32,710) | CRT Arrangements Fair Value Sensitivity to Pricing Spread (as of June 30, 2025) | Pricing Spread Shift (bps) | Change in Fair Value (in thousands) | | :--- | :--- | | -50 | $18,069 | | -25 | $8,970 | | +25 | $(8,847) | | +50 | $(17,569) | [Item 4. Controls and Procedures](index=89&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[398](index=398&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[399](index=399&type=chunk) [PART II. OTHER INFORMATION](index=90&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section provides additional information including legal proceedings, risk factors, equity sales, and exhibits [Item 1. Legal Proceedings](index=90&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in a putative class action lawsuit (Verthelyi Action) alleging unlawful replacement of the LIBOR dividend rate for its Series A and B Preferred Shares with a fixed rate, which the company believes is without merit - A class action lawsuit, Verthelyi v. PennyMac Mortgage Investment Trust, was filed on June 14, 2024, alleging the company improperly replaced the LIBOR dividend rate for its Series A and B Preferred Shares with a fixed rate[221](index=221&type=chunk) - The company's Motion to Dismiss was denied, but it was granted an interlocutory appeal to the Ninth Circuit, and the matter remains pending, with the company believing the claims are without merit[222](index=222&type=chunk)[223](index=223&type=chunk) [Item 1A. Risk Factors](index=90&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes from the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2024, were reported[403](index=403&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=90&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not sell any unregistered equity securities or repurchase common shares during the quarter ended June 30, 2025, with approximately $73.4 million remaining available for future repurchases under its program - No unregistered sales of equity securities occurred during the quarter ended June 30, 2025[404](index=404&type=chunk) Common Share Repurchase Activity (Q2 2025) | Period | Total Shares Purchased | Average Price Paid | Amount Available for Future Repurchase | | :--- | :--- | :--- | :--- | | April 2025 | 0 | $0.00 | $73,353,000 | | May 2025 | 0 | $0.00 | $73,353,000 | | June 2025 | 0 | $0.00 | $73,353,000 | [Item 5. Other Information](index=90&type=section&id=Item%205.%20Other%20Information) During the quarter ended June 30, 2025, none of the company's trustees or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No trustees or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement during the quarter[405](index=405&type=chunk) [Item 6. Exhibits](index=91&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including amendments to management and mortgage banking services agreements, certifications by the CEO and CFO, and interactive data files (XBRL) - Key exhibits filed include amendments to the Management Agreement and the Mortgage Banking Services Agreement, both dated **June 23, 2025**[406](index=406&type=chunk) - Certifications from the CEO (David A. Spector) and CFO (Daniel S. Perotti) pursuant to Sections **302** and **906** of the Sarbanes-Oxley Act of **2002** are included as exhibits[406](index=406&type=chunk)

Core Viewpoint - Patriot Battery Metals Inc. has appointed Mrs. Aline Côté as an independent director, enhancing the board's expertise in the mining sector and aligning with the growing importance of Québec in the critical minerals value chain [1][3]. Company Overview - Patriot Battery Metals Inc. is focused on hard-rock lithium exploration, particularly advancing its 100%-owned Shaakichiuwaanaan Property in the Eeyou Istchee James Bay region of Quebec, Canada [4]. - The Shaakichiuwaanaan Property is notable for hosting the world's largest pollucite-hosted caesium pegmatite mineral resource, with 0.69 million tonnes at 4.40% Cs2O (Indicated) and 1.70 million tonnes at 2.40% Cs2O (Inferred) [4]. - The project also includes a consolidated mineral resource totaling 108.0 million tonnes at 1.40% Li2O, 0.11% Cs2O, 166 ppm Ta2O5, and 66 ppm Ga (Indicated), and 33.4 million tonnes at 1.33% Li2O, 0.21% Cs2O, 155 ppm Ta2O5, and 65 ppm Ga (Inferred), making it the largest lithium pegmatite resource in the Americas and the 8th largest globally [4]. Leadership and Expertise - Mrs. Aline Côté brings over 27 years of international mining experience, having held senior roles at Noranda Inc., Xstrata plc, and Glencore International AG, including her position as Head of Zinc Mining Technical Services at Glencore [1][2]. - Her appointment is expected to strengthen the board's industry credibility and operational leadership, given her extensive background in managing large-scale, capital-intensive mining operations [3][2]. Project Potential - A Preliminary Economic Assessment (PEA) for the CV5 Pegmatite was announced on August 21, 2024, indicating its potential as a significant North American lithium raw materials source, targeting up to approximately 800,000 tonnes per annum of spodumene concentrate [5].

Company Performance - PennyMac Mortgage reported a quarterly loss of $0.04 per share, significantly missing the Zacks Consensus Estimate of $0.35, and down from earnings of $0.17 per share a year ago, representing an earnings surprise of -111.43% [1] - The company posted revenues of $70.2 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 24.22%, and down from $71.2 million in the same quarter last year [2] - Over the last four quarters, PennyMac Mortgage has surpassed consensus EPS estimates only once [2] Market Comparison - PennyMac Mortgage shares have declined approximately 0.9% since the beginning of the year, while the S&P 500 has gained 7.2% [3] - The current consensus EPS estimate for the upcoming quarter is $0.35 on revenues of $92.43 million, and for the current fiscal year, it is $1.06 on revenues of $321.53 million [7] Industry Outlook - The REIT and Equity Trust industry, to which PennyMac Mortgage belongs, is currently ranked in the top 38% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact PennyMac Mortgage's stock performance [5][6]

Financial Data and Key Metrics Changes - For Q2 2025, the company reported a net loss to common shareholders of $3 million, translating to a loss per share of $0.04, primarily due to fair value declines and a non-recurring tax adjustment of $14 million [2][11] - The book value per share as of June 30 was $15, a slight decrease from March 31 [2] - The company declared a common dividend of $0.40 per share for the second quarter [2] Business Line Data and Key Metrics Changes - The Credit Sensitive Strategies contributed $22 million to pretax income, while interest rate sensitive strategies reported a pretax loss of $5 million [11] - Gains from organically created Credit Risk Transfer (CRT) investments were $17 million, with $9 million from realized gains and $8 million from market-driven value changes [11] - The company completed three securitizations totaling $1.1 billion in UPB, retaining $71 million in new investments [4] Market Data and Key Metrics Changes - Total correspondent loan acquisition volume was $30 billion in Q2, up 30% from the previous quarter [12] - PMT retained 17% of total conventional correspondent production in Q2, down from 21% in Q1 [13] - The weighted average coupon of mortgages underlying MSRs was 3.9%, indicating borrowers have little incentive to refinance [6] Company Strategy and Development Direction - The company aims to execute one securitization of agency eligible non-owner occupied loans per month and one jumbo loan securitization per quarter, focusing on leveraging organic investment creation abilities [5] - PMT's structure allows efficient capital deployment into long-term mortgage assets without the operational burdens of origination and servicing [3] - The company is positioned to continue growing its private label securitization market presence, having been a top three issuer of prime non-agency MBS [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a volatile market by leveraging competitive advantages, including a diversified investment portfolio and strong risk management practices [10] - The company expects to maintain a stable dividend level of $0.40, supported by projected taxable income and investment strategies [40] - Management noted that realized losses are expected to remain limited due to the overall credit strength of consumers and substantial home equity accumulation [8] Other Important Information - The fair value of PMT's MSR asset at the end of the quarter was $3.8 billion, slightly down from March 31 [12] - Delinquency rates for the MSR portfolio remain low, attributed to strong consumer credit and home price appreciation [8] - The company issued $105 million in unsecured senior notes due in February 2030 [15] Q&A Session Summary Question: Discussion on non-agency securitization opportunity and returns - Management noted that non-agency subordinate MBS experienced credit spread tightening despite rate volatility, with expected returns in the mid to low teens [18][19] Question: Retained interest on jumbo loans - The company retained a senior mezzanine tranche on the jumbo securitization, indicating a likely trend of retaining a greater portion of interest in future securitizations based on capital deployment [21][22] Question: Sustainability of the $0.40 dividend level - Management remains comfortable with the $0.40 dividend level, citing stability in taxable income and expected returns from investments [40]

Financial Performance - PennyMac Mortgage Investment Trust (PMT) reported a net loss attributable to common shareholders of $3 million, resulting in a diluted EPS of $(004)[5] - The company declared a dividend per common share of $040[5] - Return on average common equity was (1)%[5] - Book value per share was $1500[5] Investment Strategies & Results - Credit sensitive strategies generated a pretax loss of $5 million, but pretax income excluding market driven value changes was $24 million[5] - Interest rate sensitive strategies generated a pretax income of $14 million, but pretax income excluding market driven value changes was $31 billion[5] - Correspondent production generated a pretax income of $22 million[5] - New investments in MSR totaled $44 million, with a fair value of MSR investments at $37 billion[5] - Net new investments in senior bonds from PMT securitizations were $66 million[5] - Net new investments in credit sub-bonds from PMT securitizations were $87 million, with a fair value of organically-created CRT investments at $10 billion[5]