0001564590-22-008863.txt : 20220307 0001564590-22-008863.hdr.sgml : 20220307 20220307083038 ACCESSION NUMBER: 0001564590-22-008863 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20220303 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220307 DATE AS OF CHANGE: 20220307 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PennyMac Mortgage Investment Trust CENTRAL INDEX KEY: 0001464423 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 270186273 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34416 FILM NUMBER: 22716360 BUSINESS ADDRESS: STREET 1: 3043 TOWNSGATE ROAD CITY: WESTLAKE VILLAGE STATE: CA ZIP: 91361 BUSINESS PHONE: (818) 224-7442 MAIL ADDRESS: STREET 1: 3043 TOWNSGATE ROAD CITY: WESTLAKE VILLAGE STATE: CA ZIP: 91361 8-K 1 pmt-8k_20220303.htm 8-K pmt-8k_20220303.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): March 3, 2022

 

PennyMac Mortgage Investment Trust

 (Exact name of registrant as specified in its charter)

 

 

 

 

 

 

 

Maryland

001-34416

27-0186273

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

 

 

 

 

3043 Townsgate Road, Westlake Village, California

91361

(Address of principal executive offices)

(Zip Code)

 

(818) 224‑7442

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares of Beneficial Interest, $0.01 par value

PMT

New York Stock Exchange

8.125% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value

PMT/PA

New York Stock Exchange

8.00% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value

PMT/PB

New York Stock Exchange

6.75% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value

PMT/PC

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

Item 5.02    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

(d)  Election of Trustee.  On March 3, 2022, the Board of Trustees (the “Board”) of PennyMac Mortgage Investment Trust (the “Company”) elected Catherine A. Lynch as an independent Class III Trustee effective as of April 1, 2022. Ms. Lynch will serve until the Company’s next annual meeting of shareholders in the year indicated for such trustee’s class and until her successor is duly elected and qualified or until her earlier death, resignation or removal. Ms. Lynch will also serve on the Audit and Related Party Matters Committees of the Company’s Board.

 

In consideration for her services as a trustee, Ms. Lynch will be entitled to receive compensation on the same terms and in the same amounts as the other independent trustees.  Accordingly, Ms. Lynch will receive an annual base retainer of $90,000, as well as additional annual committee retainers of $7,750 for serving on each of the Audit and the Related Party Matters Committees.  

 

In connection with her election to the Board, Ms. Lynch will receive on April 1, 2022 a one-time equity grant of $105,000 in restricted share units under the Company’s 2019 Equity Incentive Plan (the “Plan”) with such amount to be prorated based on days of service on the Board during the annual equity award cycle. The restricted share units shall vest annually on the first anniversary of the grant date, subject to continued service through such vesting date, and is entitled to dividend equivalents throughout the vesting period. In addition, Ms. Lynch will enter into an indemnification agreement with the Company in the same form that the Company has entered into with its other trustees.  There are no other arrangements or understandings pursuant to which Ms. Lynch was elected as a trustee, and there are no related party transactions between the Company and Ms. Lynch.

 

Item 8.01    Other Events.

 

On March 7, 2022, the Company also issued a press release announcing the election of Ms. Lynch as referenced in Item 5.02 above. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

 

Item 9.01    Financial Statements and Exhibits.

 

(d)  Exhibits.

 

Exhibit No.

Description

 

 

99.1

Press Release, dated March 7, 2022.

 

 

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 


 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

 

PENNYMAC MORTGAGE INVESTMENT TRUST

 

 

 

 

 

 

Dated:  March 7, 2022

/s/ Daniel S. Perotti

 

Daniel S. Perotti

Senior Managing Director and Chief Financial Officer

 

 

 

 

 EX-99.1 2 pmt-ex991_15.htm EX-99.1 pmt-ex991_15.htm

Exhibit 99.1

 

PennyMac Mortgage Investment Trust Announces

Catherine A. Lynch Has Joined Its Board of Trustees

 

WESTLAKE VILLAGE, Calif., March 7, 2022 – PennyMac Mortgage Investment Trust (NYSE: PMT) announced today that Catherine A. Lynch, retired CEO and Chief Investment Officer of the National Railroad Retirement Investment Trust, has joined its Board of Trustees.

“We are delighted to welcome Catherine’s passion and wide range of expertise to PMT’s Board of Trustees,” said Chairman and CEO David A. Spector.  “Her years of experience building and evaluating different investment strategies will add invaluable perspective and on behalf of my fellow trustees, I welcome her arrival with great enthusiasm.”

Joining the National Railroad Retirement Investment Trust as its third employee in 2003, Ms. Lynch developed investment strategies, devised procedures for investment due diligence to compliance and operations, and recruited a top-flight staff. Named CEO in January 2008, she de-risked the portfolio and built up commitments to private real estate and absolute return strategies. Previously, Ms. Lynch built out the first investment office for the George Washington University endowment, and increased its investment performance meaningfully from 1999 to 2002. She also played an integral role in rebuilding the endowment investment and financial management program at the national office of the Episcopal Church in New York City. Currently, Ms. Lynch is an independent director for the BlackRock fixed income mutual funds, serving as the chair of the board’s Audit Committee. She also serves pro bono as the Chair of the Investment Advisory Committee for the $280 billion New York State Common Retirement Fund.

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 www.PennyMac-REIT.com

1

 

 

Media

   Investors

Kristyn Clark

   Kevin Chamberlain

kristyn.clark@pennymac.com

   Isaac Garden          

(805) 395-9943

   investorrelations@pennymac.com

 

   (818) 224-7028

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, PennyMac Mortgage Investment Trust’s (“Company”) financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like “believe,” “expect,” “anticipate,” “promise,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: our exposure to risks of loss and disruptions in operations resulting from adverse weather conditions, manmade or natural disasters, climate change and pandemics such as COVID-19; the impact to our CRT agreements of increased borrower requests for forbearance under the CARES Act; changes in interest rates; 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; volatility in the Company’s industry, the debt or equity markets, the general economy or the real estate finance and real estate markets; 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 manmade 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; declines in real estate or significant changes in U.S. housing prices or activity in the U.S. housing market; the availability of, and level of competition for, attractive risk-adjusted investment opportunities in mortgage loans and mortgagerelated assets that satisfy the Company’s investment objectives; the inherent difficulty in winning bids to acquire mortgage loans, and the Company’s success in doing so; the concentration of credit risks to which the Company is exposed; the degree and nature of the Company’s competition; the Company’s dependence on its manager and servicer, 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 its manager, servicer or 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 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; our substantial amount of indebtedness; 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 mortgage 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 mortgage 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; increased prepayments of the mortgages and

2

 

other loans underlying the Company’s mortgage-backed securities or relating to the Company’s mortgage servicing rights and other investments; 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 results of operations; the Company’s ability to maintain appropriate internal control over financial reporting; technologies for loans and the Company’s ability to mitigate security 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 business; the Company’s ability to detect misconduct and fraud; the Company’s ability to comply with various federal, state and local laws and regulations that govern its business; developments in the secondary markets for the Company’s mortgage loan products; legislative and regulatory changes that impact the mortgage loan industry or housing market; changes in regulations or the occurrence of other events that impact the business, operations or prospects of government agencies such as the Government National Mortgage Association, the Federal Housing Administration or the Veterans Affairs, the U.S. Department of Agriculture, or government-sponsored entities such as the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, or such changes that increase the cost of doing business with such entities; legislative and regulatory changes that impact the business, operations or governance of mortgage lenders and/or publicly-traded companies; the Consumer Financial Protection Bureau and its issued and future rules and the enforcement thereof; changes in government support of homeownership; changes in government or government-sponsored home affordability programs; limitations imposed on the Company’s business and its ability to satisfy complex rules for it to qualify as a REIT for U.S. federal income tax purposes and qualify for an exclusion from the Investment Company Act of 1940 and the ability of certain of the Company’s subsidiaries to qualify as REITs or as taxable REIT subsidiaries for U.S. federal income tax purposes, as applicable, and the Company’s ability and the ability of its subsidiaries to operate effectively within the limitations imposed by these rules; changes in governmental regulations, accounting treatment, tax rates and similar matters; the Company’s ability to make distributions to its shareholders in the future; the Company’s failure to deal appropriately with issues that may give rise to reputational risk; and the Company’s organizational structure and certain requirements in its charter documents. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.

3

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Document and Entity Information
Mar. 03, 2022
Document Information [Line Items]  
Entity Registrant Name PennyMac Mortgage Investment Trust
Document Type 8-K
Amendment Flag false
Entity Central Index Key 0001464423
Document Period End Date Mar. 03, 2022
Entity Emerging Growth Company false
Entity File Number 001-34416
Entity Incorporation, State or Country Code MD
Entity Tax Identification Number 27-0186273
Entity Address, Address Line One 3043 Townsgate Road
Entity Address, City or Town Westlake Village
Entity Address, State or Province CA
Entity Address, Postal Zip Code 91361
City Area Code 818
Local Phone Number 224‑7442
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Common Stock [Member]  
Document Information [Line Items]  
Security 12b Title Common Shares of Beneficial Interest, $0.01 par value
Trading Symbol PMT
Security Exchange Name NYSE
8.125% Series A Preferred Stock [Member]  
Document Information [Line Items]  
Security 12b Title 8.125% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value
Trading Symbol PMT/PA
Security Exchange Name NYSE
8.00% Series B Preferred Stock [Member]  
Document Information [Line Items]  
Security 12b Title 8.00% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value
Trading Symbol PMT/PB
Security Exchange Name NYSE
6.75% Series C Preferred Stock [Member]  
Document Information [Line Items]  
Security 12b Title 6.75% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value
Trading Symbol PMT/PC
Security Exchange Name NYSE

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