PMT - PennyMac Mortgage Investment Trust (PMT) Q1 2024 Earnings Call Transcript
2024-04-24 21:19:04 ET
PennyMac Mortgage Investment Trust (PMT)
Q1 2024 Earnings Conference Call
April 24, 2024, 18:00 ET
Company Participants
David Spector - Chairman & CEO
Dan Perotti - CFO
Conference Call Participants
Jason Weaver - Jones Trading
George Bose - KBW
Matt Howlett - B. Riley Securities
Eric Hagen - BTIG
Douglas Harter - UBS
Presentation
Operator
Good afternoon, and welcome to PennyMac Mortgage Investment Trust first-quarter earnings call. Additional earnings materials, including the presentation slides, that will be referred into the call, are available on PennyMac Mortgage Investment Trust's website at pmt.pennymac.com. Before we begin, let me remind you that this call may contain forward-looking statements that are subject to certain risks identified on slide 2 of the earnings presentation that could cause the company's actual results to differ materially, as well as non-GAAP measures that have been reconciled to bear GAAP equivalent in the earnings materials. Now, I'd like to introduce David Spector, PennyMac Mortgage Investment Trust's Chairman and Chief Executive Officer; and Dan Perotti, PennyMac Mortgage Investment Trust's Chief Financial Officer.
David Spector
Thank you, operator. PMT produce solid results in the first quarter, with strong contributions from the Credit Sensitive Strategies in its correspondent production business. These results were partially offset by net fair value declines in the Interest Rate Sensitive Strategies. Net income of common shareholder was $37 million, or diluted earnings per share of $0.39. PMT's annualized return on common equity was 10% and book value per share was $16.11 at March 31, essentially unchanged from the end of the prior quarter....
PennyMac Mortgage Investment Trust (PMT) Q1 2024 Earnings Call Transcript