PennyMac Mortgage Investment Trust Announces Issuance of Term Notes Secured by Fannie Mae Mortgage Servicing Rights

PennyMac Mortgage Investment Trust (NYSE: PMT) announced today the pricing of a private offering of secured term notes (the “Notes”) in an aggregate principal amount of $355 million issued by the Company’s indirect subsidiary, PMT ISSUER TRUST – FMSR. The Notes mature on December 27, 2027, and were priced at SOFR + 2.75%. The majority of the Notes were placed with funds and accounts managed by PGIM Fixed Income, a Prudential Financial (NYSE: PRU) company. Proceeds are expected to be used to redeem $305 million of previously-issued term notes priced at SOFR + 4.19% due to mature on June 25, 2027.

“I am very pleased with the attractive terms and successful execution of this transaction, which highlights both our deep access to the secured financing markets and strong relationships with leading asset-based lenders like PGIM,” said Chairman and Chief Executive Officer David Spector. “PGIM, with their strength and experience in securitized products, has been a long-standing partner of Pennymac, and we are pleased to have them lead this transaction.”

“We are excited to be long-standing partners to Pennymac across a variety of mortgage financing solutions including MSR (Mortgage Servicing Rights) and private CRT (Credit Risk Transfer). Our flexible capital and extensive structuring capabilities provide creative solutions for our financing partners as well as differentiated asset-based finance investments for our clients,” said Gabe Rivera, Managing Director and co-head of securitized products at PGIM Fixed Income.

The Notes will not be registered under the Securities Act of 1933 (the “Securities Act”) or offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. PMT is externally managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI). Additional information about PennyMac Mortgage Investment Trust is available at

About PGIM Fixed Income

PGIM Fixed Income is a global asset manager offering active solutions across all fixed-income markets. The company has offices in Newark, NJ, London, Amsterdam, Paris, Sydney, Singapore, Munich, Zurich, Hong Kong, and Tokyo. As of March 31, 2024, PGIM Fixed Income has $821 billion of assets under management including $403 billion in institutional assets, $175 billion in retail assets, and $243 billion in proprietary assets. Over 1,000 institutional clients have entrusted PGIM Fixed Income with their assets.

About PGIM

PGIM is the global asset management business of Prudential Financial, Inc. (PFI). PFI has a history that dates back over 145 years and through more than 30 market cycles. With 41 offices in 19 different countries (as of March 31, 2024), our more than 1,450 investment professionals are located in key financial centers around the world.

Our firm comprises multi-managers that collaborate with each other and specialize in a particular asset class with a focused investment approach. This gives our clients diversified solutions with global depth and scale across public and private asset classes, including fixed income, equities, real estate, private credit, and other alternatives. As a leading global asset manager with $1.34 trillion in assets under management (as of March 31, 2024), PGIM is built on a foundation of strength, stability, and disciplined risk management.

For more information, visit

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, please visit

Forward-Looking Statements

This press release 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 results, future operations, business plans, and investment strategies, as well as industry and market conditions, all of which are subject to change. Forward-looking statements are generally identifiable by the use of forward-looking terminology like “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “continue,” “plan,” or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain financial and operating projections, or state other forward-looking information. Examples of forward-looking statements include: (i) projections of the Company’s revenues, income, earnings per share, capital structure, or other financial items; (ii) descriptions of the Company’s plans or objectives for future operations, products, or services; (iii) forecasts of the Company’s future economic performance, interest rates, profit margins, and the Company’s share of future markets; and (iv) descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of generating any revenues. The Company’s ability to predict results or the actual effect of future events, actions, plans, or strategies is inherently uncertain. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Company’s actual results and performance could differ materially from those set forth in the forward-looking statements. There are a number of factors, many of which are beyond the Company’s control, that could cause actual results to differ significantly from its expectations. Some of these factors are discussed below. Factors that could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: changes in interest rates and other macroeconomic conditions; the Company’s ability to comply with various federal, state, and local laws and regulations that govern the Company’s business; changes in the Company’s investment objectives or investment or operational strategies, including any new lines of business or new products and services that may subject it to additional risks; changes in real estate values, housing prices, and housing sales; the degree and nature of the Company’s competition; volatility in the Company’s industry, the debt or equity markets, the general economy or the real estate finance and real estate markets specifically, whether the result of market events or otherwise; events or circumstances which undermine confidence in the financial and housing markets or otherwise have a broad impact on financial and housing markets, such as the sudden instability or collapse of large depository institutions or other significant corporations, terrorist attacks, natural or man-made disasters, or threatened or actual armed conflicts; changes in general business, economic, market, employment and domestic and international political conditions, or in consumer confidence and spending habits from those expected; the availability of, and level of competition for, attractive risk-adjusted investment opportunities in loans and mortgage-related assets that satisfy the Company’s investment objectives; the inherent difficulty in winning bids to acquire loans, and the Company’s success in doing so; the concentration of credit risks to which the Company is exposed; the Company’s dependence on PFSI, PNMAC and PennyMac Loan Services, LLC (“PLS”), potential conflicts of interest with such entities and their affiliates, and the performance of such entities; changes in personnel and lack of availability of qualified personnel at PFSI, PNMAC and PLS, and their affiliates; the availability, terms and deployment of short-term and long-term capital; the adequacy of the Company’s cash reserves and working capital; the Company’s substantial amount of debt; the Company’s ability to maintain the desired relationship between its financing and the interest rates and maturities of its assets; the timing and amount of cash flows, if any, from the Company’s investments; the Company’s exposure to risks of loss and disruptions in operations resulting from adverse weather conditions, man-made or natural disasters, climate change, and pandemics such as the COVID-19 pandemic; unanticipated increases or volatility in financing and other costs, including a rise in interest rates; the performance, financial condition, and liquidity of borrowers; the ability of the Company’s servicer, which also provides the Company with fulfillment services, to approve and monitor correspondent sellers and underwrite loans to investor standards; incomplete or inaccurate information or documentation provided by customers or counterparties, or adverse changes in the financial condition of the Company’s customers and counterparties; the Company’s indemnification and repurchase obligations in connection with loans it purchases and later sells or securitizes; the quality and enforceability of the collateral documentation evidencing the Company’s ownership and rights in the assets in which it invests; increased rates of delinquency, default, and/or decreased recovery rates on the Company’s investments; the performance of loans underlying mortgage-backed securities in which the Company retains credit risk; the Company’s ability to foreclose on its investments in a timely manner or at all; the degree to which the Company’s hedging strategies may or may not protect it from interest rate volatility; the effect of the accuracy of or changes in the estimates the Company makes about uncertainties, contingencies, and asset and liability valuations when measuring and reporting upon the Company’s financial condition and income; the Company’s ability to maintain appropriate internal control over financial reporting; technology failures, cybersecurity risks and incidents, and the Company’s ability to mitigate cybersecurity risks and cyber intrusions; the Company’s ability to obtain and/or maintain licenses and other approvals in those jurisdictions where required to conduct its

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