PMT Q2 net income $20M ($0.23/diluted); shifts from MSRs to credit investments

PennyMac Mortgage Investment Trust

Net income attributable to common shareholders of $20M, or $0.23 per diluted share; net investment income $73M.
Book value per share $14.83, down 1% Q/Q; dividend maintained at $0.40 per common share.
Agreed to sell $13B UPB of low-coupon Agency MSRs; stopped acquiring Agency-eligible conventional loans in June.
Closed six securitizations totaling $2.2B UPB, generating $120M net new non-Agency subordinate bond investments.
Credit Sensitive Strategies segment ROE 11%; Interest Rate Sensitive ROE 3%; Aggregation & Securitization ROE 21%.

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