secwatch.observer — SEC 8-K summary
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Issuer:     PennyMac Mortgage Investment Trust (PMT)
CIK:        0001464423
Form:       8-K
Filed at:   2024-12-19T23:59:59+00:00
Accession:  0001193125-24-282092
Event type: other_material
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

PMT extends key related-party agreements to Dec 2029; modifies management fees and servicing rates
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- Management Agreement extended to Dec 31, 2029; base fee tiers: 1.5% on equity up to $2B, 1.375% on $2-5B, 1.25% above $5B.
- Performance incentive fee now payable annually; tiers: 10% on 8-12% ROE, 15% on 12-16%, 20% above 16% ROE adjusted for high watermark.
- Flow Servicing Agreement extended; base servicing fee: $7.50/month fixed-rate, $8.50/month adjustable-rate loans.
- MSR Recapture Agreement extended; recapture fee: 70% of fair market value for first 30% recapture rate, 40% for excess up to 50%.
- MBS Agreement extended; fulfillment fees capped at $585/commitment up to 16,500/quarter, then $355; plus $315/purchased loan up to 16,500, then $195.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1464423/000119312524282092/0001193125-24-282092-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1464423/000119312524282092/d916203d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-282092

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