mashabuba/E+ via Getty Images PennyMac Mortgage Investment Trust (PMT) is a mortgage real estate investment trust, or mREIT. They own some mortgage-backed securities and some mortgage servicing rights. Preferred Shares We are discussing PennyMac today because of the preferred shares. There are three preferred shares from PennyMac. They are PMT-A (PMT.PR.A), PMT-B (NYSE:PMT.PR.B), and PMT-C (PMT.PR.C). The most interesting shares are PMT-A and PMT-B. However, I will also touch on PMT-C briefly. PMT-C is a fi ...

VANCOUVER, BC, Aug. 21, 2024 /PRNewswire/ - August 22, 2024 – Sydney, Australia Patriot Battery Metals Inc. (the "Company" or "Patriot") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) advises that Ken Brinsden, the Company's President, CEO and Managing Director, will host a live investor webinar today, to present the findings of the Preliminary Economic Assessment on the Shaakichiuwaanaan Project, reported in the announcement dated 21 August, "PEA Highlights Shaakichiuwaanaan Project as a Potential North ...

Core Insights - The article discusses mortgage options available for borrowers with bad credit, highlighting various lenders and their offerings for September 2025 [1] Group 1: Best Mortgage Lenders for Bad Credit - PNC Bank is noted as the best for FHA loans for bad-credit borrowers, offering a minimum credit score of 600 and grants for closing costs ranging from $10,000 to $15,000 [2][7] - Pennymac is highlighted as the best for military-connected borrowers, with a low credit score requirement of 600 for FHA, VA, and USDA loans, and a 1% buydown option for the first year [5][10][15] - Rate (previously Guaranteed Rate) allows a higher debt-to-income ratio, making it suitable for modest-income households [11][16] - Guild Mortgage accepts alternative credit forms, allowing borrowers without a credit score to qualify based on payment histories [13][14] - Rocket Mortgage's RentRewards program offers financial incentives for renters looking to buy, with a minimum credit score of 540 for various loan types [18][23] - New American Funding caters to borrowers with foreclosures or bankruptcies, offering non-qualified mortgages [24][31] Group 2: Loan Types and Requirements - FHA loans are available for borrowers with credit scores as low as 500 with a 10% down payment, or 580 with a 3.5% down payment [27][34] - VA loans do not have a minimum credit score set by the VA, but lenders like Pennymac have low requirements [15][29] - USDA loans are aimed at low- and moderate-income households, with lenient credit score minimums [32] Group 3: Customer Satisfaction and Market Position - PNC ranks well for customer satisfaction according to J.D. Power, while Pennymac has a below-average rating [7][10] - Rate has a below-average score for customer satisfaction, despite offering flexibility in debt-to-income ratios [16] - Guild Mortgage also has a below-average rating in customer satisfaction, with higher loan costs compared to market averages [14][26]

PennyMac Mortgage Investment Trust (NYSE:PMT) Q2 2024 Earnings Conference Call July 23, 2024 6:00 PM ET Company Participants David Spector - Chairman and CEO Dan Perotti - CFO Conference Call Participants Jason Weaver - Jones Trading Doug Harter - UBS Crispin Love - Piper Sandler Bose George - KBW Matthew Howlett - B. Riley Financial Michael Kaye - Wells Fargo Operator Good afternoon, and welcome to PennyMac Mortgage Investment Trust Second Quarter Earnings Call. Additional materials, including the presenta ...

PennyMac Mortgage shares have lost about 3% since the beginning of the year versus the S&P 500's gain of 16.7%. PennyMac Mortgage, which belongs to the Zacks Real Estate - Operations industry, posted revenues of $71.2 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 21.12%. This compares to year-ago revenues of $90.45 million. The company has topped consensus revenue estimates just once over the last four quarters. This quarterly report represents an earnings surprise of -50% ...

The Company has no immediate plans to issue securities under the base shelf prospectus, and may never issue any securities under this prospectus. The terms of any security offer will be made subject to applicable securities laws and depending on the final structure and size of any security offer, the Company may require shareholder approval under the ASX Listing Rules. A copy of the final short form base shelf prospectus is available on SEDAR+ at www.sedarplus.ca and ASX at www.asx.com.au. As previously ann ...

Financial Performance - Net income attributable to common shareholders was $15.0 million, with an annualized return on average common equity of 4%[1] - Net income attributable to common shareholders for Q2 2024 was $15.0 million, or $0.17 per diluted share, on net investment income of $71.2 million[29] - For the quarter ended June 30, 2024, net income attributable to common shareholders was $14.98 million, a decrease of 59.7% from $37.15 million in the prior quarter[42] - Net investment income for the quarter was $71.20 million, compared to $74.21 million in the prior quarter, reflecting a decrease of 4.1%[42] Debt Issuance and Management - Issued $217 million of 5-year exchangeable senior notes due June 2029, reflecting improved credit market conditions[2] - The company issued $355 million of new, 3.5-year MSR term notes at attractive rates, expecting to deploy more capital to conventional correspondent production in Q3[31] - The company issued $247 million of new, 3-year CRT term notes, refinancing $213 million of notes due to mature in 2025[45] - The company redeemed $305 million of MSR term notes due in 2027, indicating active management of its liabilities[45] Loan Servicing and Production - Net loan servicing fees amounted to $96.5 million, up from $45.7 million in the prior quarter, driven by contractually specified servicing fees of $162.1 million[16] - The company created $41 million in new mortgage servicing rights (MSRs) during the quarter[12] - Total correspondent acquisitions reached $22.5 billion in UPB of loans, up 24% from the prior quarter and 6% from Q2 2023[36] - Conventional correspondent loan production volumes for PMT's account totaled $2.2 billion in unpaid principal balance (UPB), up 26% from the prior quarter but down 26% from the second quarter of 2023[44] - Interest rate lock commitments on conventional and jumbo loans for PMT's account totaled $2.7 billion, up 8% from the prior quarter[49] Segment Performance - The Credit Sensitive Strategies segment reported pretax income of $15.7 million on net investment income of $15.8 million, a decrease from $60.8 million in the prior quarter[14] - Interest income for the credit-sensitive strategies segment totaled $22.9 million, down from $24.2 million in the prior quarter[33] - Net losses on investments for the credit-sensitive strategies segment were $37.2 million, primarily due to losses on MBS from higher interest rates[34] - Segment revenues were $14.6 million, including net gains on loans acquired for sale of $12.2 million[37] - Management fees for the segment were $7.1 million, with other segment expenses totaling $8.1 million[24] - Interest expense for the credit-sensitive strategies segment totaled $24.3 million, up from $23.0 million in the prior quarter[33] - The Interest Rate Sensitive Strategies segment reported pretax income of $16.9 million on net investment income of $39.1 million, a significant recovery from a pretax loss of $27.2 million in the prior quarter[47] Expenses and Financial Metrics - Total expenses for the quarter were $42.59 million, slightly up from $41.82 million in the prior quarter[42] - Segment expenses were $22.2 million, essentially unchanged from the prior quarter[17] - The weighted average fulfillment fee rate decreased to 20 basis points from 23 basis points in the prior quarter[19] - The company recorded a provision for tax expense of $3.2 million, primarily due to earnings on assets held in its taxable subsidiary[20] - Book value per common share decreased to $15.89 at June 30, 2024, down from $16.11 at March 31, 2024[30] Investment Gains and Losses - Net gains on organically-created CRT investments were $16.6 million, down from $51.7 million in the previous quarter[4] - The net (losses) gains on investments and financings were $(19.74) million, a significant decline from $39.75 million in the prior quarter[42] - Interest income for the quarter was $151.84 million, an increase of 5.4% from $143.56 million in the prior quarter[42] Dividends - The company declared a cash dividend of $0.40 per common share for Q2 2024, payable on July 26, 2024[29]

Core Viewpoint - Patriot Battery Metals Inc. has filed a preliminary short form base shelf prospectus to enhance financial flexibility and align share issuance processes between TSX and ASX, following a successful C$75 million financing in May 2024 [1][19][20]. Financial Position - The company is well-funded through the current cycle, supported by a strong balance sheet, which enables a multi-pronged exploration and development strategy [1]. - The base shelf prospectus allows for the potential offering of securities up to an aggregate price of C$250 million over a 25-month period [20]. Exploration and Development Plans - The company plans to deliver a Summer-Fall work program in 2024, an impending resource update in August, a Preliminary Economic Assessment (PEA) in September, and a Feasibility Study by the September quarter of 2025 [1]. - The Corvette Property, which is 100% owned by the company, hosts the CV5 Spodumene Pegmatite with a maiden Mineral Resource Estimate of 109.2 million tonnes at 1.42% Li2O, making it the largest lithium pegmatite resource in the Americas [13][21]. Regulatory Context - The filing of the base shelf prospectus is a customary practice in Canada, allowing the company to undergo the necessary regulatory review before any securities offering [12]. - Securities issued under this prospectus are not subject to a four-month mandatory hold period in Canada, facilitating quicker access to capital [12].

Core Viewpoint - Patriot Battery Metals Inc. announces the retirement of Chief Operating Officer Blair Way, effective June 30, 2024, while he will continue to serve as a Non-Executive Director and provide advisory services during the transition period [1][2]. Company Leadership Changes - Blair Way has played a significant role in the company's growth, leading it from a market cap of under $10 million in late 2020 to a leading position in lithium raw materials development globally [2]. - Ken Brinsden, President and CEO, expressed gratitude for Way's contributions and leadership during challenging times [2][3]. - John Drapack has been appointed as Director of Studies, bringing over 30 years of experience in mining and mineral processing, while Cathryn Moffett has been appointed as Director of Environment, with over 15 years of experience in Environmental and Social Impact Assessments [3]. Project Development - The CV Lithium Trend, discovered in 2017, spans over 50 kilometers across the Corvette Property, with the CV5 Spodumene Pegmatite hosting a maiden Mineral Resource estimate of 109.2 million tonnes at 1.42% Li2O Inferred [4][9]. - Eight distinct clusters of lithium pegmatite have been identified on the Corvette Property, indicating potential for larger subsurface deposits [5]. Resource Estimates - The CV5 Mineral Resource Estimate is reported at a cut-off grade of 0.40% Li2O, with an effective date of June 25, 2023, and is noted as the largest lithium pegmatite resource in the Americas based on contained lithium carbonate equivalent [10].

Core Viewpoint - PennyMac is strategically shifting its focus towards mortgage servicing while divesting from its loan holdings, aiming to stabilize its operations and profitability amidst challenging market conditions [3][6][12]. Financial Performance - In the first quarter, PennyMac reduced its mortgage-backed security position by $900 million, reallocating funds to reduce liabilities and increase short-term investments, while maintaining stable shareholder equity at $1.96 billion [3]. - The company reported a net interest income of negative $28 million, slightly worse than the negative $26 million from the same quarter last year, indicating that the cost of financing exceeds the interest income from its mortgage portfolio [7]. - Despite a decline in net income to $47 million, PennyMac generated sufficient profitability to cover preferred share dividends by more than four times [7]. Mortgage Servicing Operations - PennyMac services over $230 billion in unpaid principal mortgages, with 98% insured by Fannie Mae or Freddie Mac, and maintains a low delinquency rate [4][12]. - The company generated $163 million in servicing revenues in the first quarter, contributing to a net investment income of $74 million, which is $16 million lower than the previous year [7]. Preferred Shares - The Series C preferred shares offer an attractive entry cost with an 8.8% dividend yield, while the common shares yield 11.5% [6][15]. - The Series A and Series B preferred shares have floating requirements, but the company opted to keep the dividend rates fixed, which may lead to short-term volatility in pricing if holders push back [19]. Market Conditions - PennyMac faces headwinds from higher interest rates affecting its mortgage-backed securities, but a shift towards mortgage servicing is expected to stabilize net income [6][12]. - The company has hedged liquidity risks with multiple counterparties, including major banks, which mitigates some concerns related to macroeconomic conditions [13].