Pennymac Mortgage Investment Trust · NYSE:PMT
Pennymac Mortgage Investment Trust — Q2 2010 Earnings Presentation
16 slides from Pennymac Mortgage Investment Trust's earnings presentation, Aug 4, 2010
Slide 1: Second Quarter 2010 Earnings Report
PennyMac Mortgage Investment Trust Second Quarter 2010 Earnings Report August 4, 2010 (knnyMac’
Slide 2: Forward-Looking Statements
Forward-Looking Statements This prosentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as. amended, regarding management's beliefs, estimates, projections and assumptions with respect to, among other things, the Company's financial
Slide 3: Second Quarter Highlights
Second Quarter H + Consolidated quarterly net income of $8.2 million or $0.48 per share + Net Investment Income: $13.3 million + Annualized return on equity of 10.2% + Declared quarterly dividend of $0.35 per share + Represents an annualized yield of 8.5% based on closing stock price on July 30% + I
Slide 4: Continued Active Investment During the Quarter
Cc ued Active Investment During the Quarter + Inthe second quarter, PMT invested $97 million in residential nonperforming whole loans and $36 million in short-duration MBS + Through June 30, PMT has invested approximately $354 million $224 million in whole loans and $130 million in short-duration MB
Slide 5: Third Quarter Investments To Date
Third Quarter Investments To Date + PMT completed a $35 million investment in Alt-A nonperforming loans on July 15*" + These loans are expected to board the PennyMac Loan Services (PLS) servicing platform in August + PMT has also entered into two additional investments of nonperforming residential w
Slide 6: PMT's Investment Holdings are Well Positioned
PMT’s Investment Holdings are Well Positioned + Three whole loan portfolios acquired during the second quarter, two of which were completed in the last half of the quarter + These acquisitions, along with our early third quarter acquisitions, put PMT ina position to generate increasing net investmen
Slide 7: Capacity to Fund Additional Investments
Capacity to Fund Ad Investments PMT has invested substantially all of its available capital + PMT believes it will continue to see a large volume of attractive distressed investment opportunities and believes that there is opportunity for PMT to expand into the correspondent origination market + PMT
Slide 8: Investment Portfolio
Investment Portfolio (knnyMac’
Slide 9: Distressed Legacy Loan Market
Distressed Legacy Loan Market + PMT’s investment manager, PCM, saw $7.9 billion of loans available for purchase in the second quarter + 95% of these loans were non-performing + PCM reviewed $7.2 billion of these loans Loans Reviewed by Our Manager (Sin billions) 65 s2eaorees CPennyMac’ :
Slide 10: Investment Portfolio as of June 30
Investment Portfolio as of June 30, 201 Portfolio Composition Fair Value of Portfolio* , (Sin millions) Distressed Asset Investments enone Troubled Loans $49.6 Loans” Nonperforming Loans"? 153.4 MBS 103.2 Cash and Short-Term Investments” 49 TOTAL PORTFOLIO 83444 Troubled Whole Loans “Ai fours are pr
Slide 11: Mortgage Loan Portfolio as of June 30, 2010
Mortgage Loan Portfolio as of June 30, 2010 Mortgage Whole Loans June 30,2010 December 31,2009 Fair % ~~ Average “Fair, = % Average Loan Type value _total__noterate___value__total__note rate Gollarsin thousands) Held for sale $289 438% $— 0% NA Held for investment Nonperforming loans....... $147,646
Slide 12: Mortgage-Backed Securities Portfolio as of June 30, 2010
Mortgage-Backed Securities Portfolio as of June 30, 2010 Mortgage-Backed Securities {As of June 20, 2010 Fair Value ipal___(inYears)_Coupon ‘Security Collateral Type (dolar amounts in thousands) Non-Agency Subprime 8 67407 S$ 69971 O70 0.44% 8.56% Non-Agenoy AltA 21,412 22,389 130 522% 887% Non-Agen
Slide 13: Financials
Financials (knnyMac’
Slide 14: Income Statement
Income Statem PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES (CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Cnaudited) Quarter ended six mont nd Sane sn2010- Jane 3,2 Investment Income Tnterest income: Mortgage loans S112 $3163 Mortgage backed securities 1267 2351 Sho
Slide 15: Balance Sheet
Balance Sheet PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS, (In thousands, except share data) (Unaudited) sae 30,2010, ASSETS Cash $22,514 ss4 Short-term investment 18.197 213,628 ‘Mortgage-backed securities at fair value 103,164 83,771 Mortgage loans at fair value
Slide 16: Second Quarter 2010 Earnings Report
PennyMac Mortgage Investment Trust Second Quarter 2010 Earnings Report August 4, 2010 (knnyMac’
PennyMac Mortgage Investment Trust — Q2 2010 Earnings Presentation on 6ix