Boss George
Analyst, KBW
Replay available
PennyMac Mortgage Investment Trust (PMT) Q1 2025 Earnings Call
PennyMac Mortgage Investment Trust (NYSE: PMT) Q1 2025 earnings conference call, held 2025-04-22. Replay captured from the company's public earnings webcast.
Hosted by
Featured presenters
David Spector
Chairman and Chief Executive Officer, Petty Mac Mortgage Investment Trust
Doug Carter
Analyst, UBS
Dan Perotti
Chief Financial Officer, Petty Mac Mortgage Investment Trust
Strever Cranston
Analyst, Citizens JMP
Eric Hagen
Analyst, BTIG
Jason Riva
Analyst, Jones Trading
Investor webinar replay
Watch the replay and follow the connected company analysis, news, and investor updates for Pennymac Mortgage Investment Trust.
Replay transcript excerpt
WEBVTT 00:00:00.031 -- 00:00:05.198 risk identified on slide two of the earnings presentation that could cause 00:00:05.198 -- 00:00:10.446 the company's actual results to differ materially, as well as non-GAAP measures 00:00:10.446 -- 00:00:15.352 that have been reconciled to their GAAP equivalent in the earnings materials. 00:00:15.352 -- 00:00:20.359 Now, I'd like to introduce David Spector, Petty Mac Mortgage Investment Trust Chairman 00:00:20.359 -- 00:00:25.767 and Chief Executive Officer, and Dan Perotti, Petty Mac Mortgage Investment Trust's 00:00:25.767 -- 00:00:28.688 Chief Financial Officer. 00:00:29.782 -- 00:00:34.848 Thank you, operator. For the first quarter, PMT produced a net loss 00:00:34.848 -- 00:00:39.933 to common shareholders of $1 million, or diluted earnings per share 00:00:39.933 -- 00:00:42.256 of negative one cent. 00:00:42.256 -- 00:00:47.402 Strong levels of income excluding market-driven value changes were offset by net 00:00:47.402 -- 00:00:53.248 fair value declines due to interest rate volatility and credit spread widening. 00:00:53.248 -- 00:00:58.638 PMT declared a first quarter common dividend of 40 cents per share. 00:00:58.638 -- 00:01:03.721 Book value per share at March 31st was $15.43, down 00:01:04.083 -- 00:01:07.167 modestly from December 31st. 00:01:07.167 -- 00:01:10.710 Current third-party estimates for industry origination 00:01:10.710 -- 00:01:13.873 averaged $2 trillion in 2025, 00:01:13.873 -- 00:01:19.019 reflecting projections for growth in overall volumes with moderate contributions from 00:01:19.019 -- 00:01:22.322 both refinance and purchase. 00:01:22.322 -- 00:01:26.266 Interest rates have been extremely volatile in recent periods, creating a challenging 00:01:26.266 -- 00:01:32.481 environment for most mortga...