I ventured into investing in high school in 2011, mainly in REITs, preferred stocks, and high-yield bonds, starting a fascination with markets and the economy that has not faded despite the years. More recently I have been combining long stock positions with covered calls and cash secured puts. I approach investing purely from a fundamental long-term point of view. On Seeking Alpha I mostly cover REITs and financials, with occasional articles on ETFs and other stocks driven by a macro trade idea.Analyst’s D ...

Group 1 - The article discusses the author's journey into investing, starting in high school in 2011, focusing on REITs, preferred stocks, and high-yield bonds, indicating a long-standing interest in markets and the economy [1] - The author has recently adopted a strategy that combines long stock positions with covered calls and cash secured puts, emphasizing a fundamental long-term investment approach [1] - The author primarily covers REITs and financials on Seeking Alpha, with occasional articles on ETFs and other stocks influenced by macro trade ideas [1]

Core Insights - Zealand Pharma is exploring a direct-to-patient sales model for its experimental weight-loss drug, in addition to traditional sales through insurers [1] - The CEO highlighted a shift in the market dynamics that may support this new sales approach [1] Company Strategy - The company is considering a dual-channel strategy that includes both direct-to-patient sales and traditional insurer channels [1] - This strategy aims to enhance accessibility and potentially increase the market reach of the weight-loss drug [1] Market Dynamics - The CEO's comments reflect a broader trend in the pharmaceutical industry towards more direct engagement with patients [1] - The shift in market dynamics may be influenced by changing consumer preferences and the increasing importance of patient-centric models [1]

Core Viewpoint - Patriot Battery Metals Inc. is rebranding to PMET Resources Inc. to reflect its evolution into a diversified global critical minerals company, focusing on supplying critical minerals to North American and European markets [2][3][4]. Company Name Change - The company will change its name to PMET Resources Inc. in English and « Ressources PMET Inc. » in French, while retaining existing trading symbols on the Toronto Stock Exchange and Australian Securities Exchange [1][4]. Project Development - The Shaakichiuwaanaan Project in Canada is advancing with the imminent completion of the Feasibility Study and ongoing progress in permitting and stakeholder engagement [2][4]. Brand Evolution - The new tagline will shift from "North America's lithium powerhouse" to "North America's critical-mineral powerhouse," highlighting the project's broader mineral resources, including tantalum, caesium, and gallium [3][4]. Mineral Resource Details - 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 project also has 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) [5]. Leadership Statement - The President and CEO, Ken Brinsden, emphasized the timing of the rebranding and the new logo, which symbolizes the mineral components and the collaboration of the three cultures involved in the project [4]. Trading and Compliance - The name change will take effect on September 18, 2025, on the Toronto Stock Exchange and September 19, 2025, on the Australian Securities Exchange, with no consolidation of share capital required from shareholders [4].

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].