PMT - PennyMac Mortgage Investment stock falls over 4% postmarket on unexpected Q4 loss

• PennyMac Mortgage Investment Trust ( NYSE: PMT ) stock slid as much as 4.8% postmarket after the REIT unexpectedly posted a loss in Q4 , hurt by lower fair value in its interest rate and credit sensitive strategies.
• Q4 EPS was -$0.07. vs. -$0.28 in Q4 2021. Consensus estimate is $0.36.
• Revenue dipped 0.2% Y/Y to $49.37M, well below $103.77M consensus. Net investment income was marginally lower Y/Y at $49.4M.
• Pretax income from the credit sensitive strategies segment was $11M, from interest rate sensitive strategies segment was -$9M, and from correspondent production segment $7M.
• "While performance in recent periods has not met our expectations, relative performance over the long-term remains strong as PMT's shareholder returns remain well-above comparable indices and its peer group," said CEO David Spector.
• "Additionally, we have seen a material improvement in credit markets in early 2023 as well as increased interest rate stability," he said.
• Book value per common share decreased to $15.78 as of December 31 from $16.18 at September 30.
• Earlier, the mortgage REIT cut its quarterly dividend by 14.9% to $0.40/share .

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