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Thursday, Mar 28, 2024
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PennyMac reports third quarter revenue

Calabasas-based PennyMac Mortgage Investment Trust earned $20.5 million in the third quarter, a 166 percent jump from the same period last year and a 24 percent increase from the previous quarter, the company reported Thursday. Investment income was $42 million up from $30.2 million last quarter, an increase driven by the return on the firm’s investment in distressed mortgages. Earnings per share stood at $0.73, which beat analysts’ expectations, and was a 24 percent increase from the second quarter. “We continue to build our portfolio of distressed assets,” CEO Stanford L. Kurland, who was once president of the controversial Countrywide Financial Corp., said in a statement. “The opportunity to continue to acquire legacy mortgage assets should continue for the next couple of years.” At the end of the third quarter, the value of PennyMac’s portfolio of residential mortgage whole loans and REOs jumped 33 percent from the second quarter to $938 million. The company’s Board of Trustees also declared a cash dividend Thursday of $0.50 per common share of beneficial interest to stockholders as of November 16.

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