Exhibit 99.1
PennyMac Mortgage Investment Trust
Condensed Consolidating Balance Sheet
December 31, 2012
| | PennyMac
Mortgage
Investment
Trust
Guarantor | | PennyMac
Corp.
Issuer | | Non-Guarantor
Subsidiaries | | Eliminations | | Consolidated | |
| | (in thousands) | |
Cash and short-term investments | | $ | 3,399 | | $ | 45,187 | | $ | 24,187 | | $ | — | | $ | 72,773 | |
Mortgage-backed securities | | — | | — | | 39,967 | | (39,967 | ) | — | |
Mortgage loans held for sale | | — | | 975,184 | | — | | — | | 975,184 | |
Mortgage loans at fair value | | — | | 505,072 | | 684,899 | | — | | 1,189,971 | |
Real estate acquired in settlement of loans | | — | | 87,536 | | 582 | | (40 | ) | 88,078 | |
Principal and interest collections receivable | | — | | 12,400 | | 16,804 | | — | | 29,204 | |
Mortgage servicing rights | | — | | 126,776 | | — | | — | | 126,776 | |
Investment in subsidiaries | | 1,207,471 | | — | | 705,321 | | (1,912,792 | ) | — | |
Other assets | | 205 | | 96,124 | | 531,283 | | (549,935 | ) | 77,677 | |
Total assets | | $ | 1,211,075 | | $ | 1,848,279 | | $ | 2,003,043 | | $ | (2,502,734 | ) | $ | 2,559,663 | |
| | | | | | | | | | | |
Accounts payable and accrued liabilities | | $ | 524 | | $ | 39,309 | | $ | 2,569 | | $ | — | | $ | 42,402 | |
Assets sold under agreements to repurchase | | — | | 1,042,946 | | 213,156 | | — | | 1,256,102 | |
Intercompany borrowings | | — | | 117,904 | | — | | (117,904 | ) | — | |
Other liabilities | | 8,903 | | 322,178 | | 203,333 | | (474,591 | ) | 59,823 | |
Total liabilities | | 9,427 | | 1,522,337 | | 419,058 | | (592,495 | ) | 1,358,327 | |
| | | | | | | | | | | |
Shareholders’ equity | | 1,201,648 | | 325,942 | | 1,583,985 | | (1,910,239 | ) | 1,201,336 | |
| | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,211,075 | | $ | 1,848,279 | | $ | 2,003,043 | | $ | (2,502,734 | ) | $ | 2,559,663 | |
PennyMac Mortgage Investment Trust
Condensed Consolidating Balance Sheet
December 31, 2011
| | PennyMac
Mortgage
Investment
Trust
Guarantor | | PennyMac
Corp.
Issuer | | Non-Guarantor
Subsidiaries | | Eliminations | | Consolidated | |
| | (in thousands) | |
Assets | | | | | | | | | | | |
Cash and short-term investments | | $ | 11,547 | | $ | 12,832 | | $ | 20,529 | | $ | — | | $ | 44,908 | |
US Treasury Security | | — | | — | | 50,000 | | — | | 50,000 | |
Mortgage-backed securities | | — | | — | | 139,424 | | (66,611 | ) | 72,813 | |
Mortgage loans held for sale | | — | | 232,016 | | — | | — | | 232,016 | |
Mortgage loans at fair value | | — | | 441,510 | | 384,066 | | — | | 825,576 | |
Real estate acquired in settlement of loans | | — | | 104,883 | | 419 | | (1,753 | ) | 103,549 | |
Principal and interest collections receivable | | — | | 8,840 | | 5,123 | | — | | 13,963 | |
Mortgage servicing rights | | — | | 6,031 | | — | | — | | 6,031 | |
Investment in subsidiaries | | 507,459 | | — | | 432,235 | | (939,694 | ) | — | |
Other assets | | 40,124 | | 25,499 | | 107,936 | | (136,353 | ) | 37,206 | |
Total assets | | $ | 559,130 | | $ | 831,611 | | $ | 1,139,732 | | $ | (1,144,411 | ) | $ | 1,386,062 | |
| | | | | | | | | | | |
Liabilities and shareholders’ equity | | | | | | | | | | | |
Accounts payable and accrued liabilities | | $ | — | | $ | 8,554 | | $ | 644 | | $ | — | | $ | 9,198 | |
Assets sold under agreements to repurchase | | — | | 344,793 | | 286,520 | | — | | 631,313 | |
Notes payable | | — | | 28,617 | | — | | — | | 28,617 | |
Borrowings under forward purchase agreements | | — | | 108,273 | | 44,154 | | — | | 152,427 | |
Intercompany borrowings | | 36 | | 81,867 | | 2,443 | | (84,346 | ) | — | |
Other liabilities | | 11,324 | | 97,449 | | 28,335 | | (118,618 | ) | 18,490 | |
Total liabilities | | 11,360 | | 669,553 | | 362,096 | | (202,964 | ) | 840,045 | |
| | | | | | | | | | | |
Shareholders’ equity | | 547,770 | | 162,058 | | 777,636 | | (941,447 | ) | 546,017 | |
| | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 559,130 | | $ | 831,611 | | $ | 1,139,732 | | $ | (1,144,411 | ) | $ | 1,386,062 | |
PennyMac Mortgage Investment Trust
Condensed Consolidating Income Statement
Year Ended December 31, 2012
| | PennyMac
Mortgage
Investment
Trust
Guarantor | | PennyMac
Corp.
Issuer | | Non-Guarantor
Subsidiaries | | Eliminations | | Consolidated | |
| | (in thousands) | |
Net investment income | | | | | | | | | | | |
Net gain on mortgage loans acquired for sale | | $ | — | | $ | 147,675 | | $ | — | | $ | — | | $ | 147,675 | |
Net gains on investments | | — | | 59,160 | | 44,489 | | — | | 103,649 | |
Interest | | 2,317 | | 37,708 | | 52,044 | | (19,628 | ) | 72,441 | |
Equity in earnings of subsidiaries | | 135,980 | | — | | 120,019 | | (255,999 | ) | — | |
Other | | — | | 9,357 | | 334 | | 1,712 | | 11,403 | |
Net investment income | | 138,297 | | 253,900 | | 216,886 | | (273,915 | ) | 335,168 | |
| | | | | | | | | | | |
Expenses | | | | | | | | | | | |
Compensation | | 276 | | 5,921 | | 947 | | — | | 7,144 | |
Management fees | | — | | 10,835 | | 1,601 | | — | | 12,436 | |
Fulfillment fees | | — | | 62,906 | | — | | — | | 62,906 | |
Interest | | 167 | | 40,001 | | 15,576 | | (24,102 | ) | 31,642 | |
Other | | 1,044 | | 23,332 | | 9,842 | | — | | 34,218 | |
| | 1,487 | | 142,995 | | 27,966 | | (24,102 | ) | 148,346 | |
Pre-tax income | | 136,810 | | 110,905 | | 188,920 | | (249,813 | ) | 186,822 | |
Provision for income taxes | | — | | 46,618 | | 74 | | 1,881 | | 48,573 | |
Net income | | $ | 136,810 | | $ | 64,287 | | $ | 188,846 | | $ | (251,694 | ) | $ | 138,249 | |
PennyMac Mortgage Investment Trust
Condensed Consolidating Income Statement
Year Ended December 31, 2011
| | PennyMac
Mortgage
Investment
Trust
Guarantor | | PennyMac
Corp.
Issuer | | Non-Guarantor
Subsidiaries | | Eliminations | | Consolidated | |
| | (in thousands) | |
Net investment income | | | | | | | | | | | |
Net gain on mortgage loans acquired for sale | | $ | — | | $ | 7,633 | | $ | — | | $ | — | | $ | 7,633 | |
Net gains on investments | | — | | 48,473 | | 34,170 | | — | | 82,643 | |
Interest | | 4,258 | | 17,087 | | 35,723 | | (20,920 | ) | 36,148 | |
Equity in earnings of subsidiaries | | 62,709 | | — | | 63,680 | | (126,389 | ) | — | |
Other | | — | | (1,415 | ) | 5,357 | | (1,752 | ) | 2,190 | |
Net investment income | | 66,967 | | 71,778 | | 138,930 | | (149,061 | ) | 128,614 | |
| | | | | | | | | | | |
Expenses | | | | | | | | | | | |
Compensation | | 413 | | 3,901 | | 847 | | — | | 5,161 | |
Management fees | | — | | 5,554 | | 1,186 | | — | | 6,740 | |
Fulfillment fees | | — | | 1,747 | | — | | — | | 1,747 | |
Interest | | 259 | | 24,328 | | 13,279 | | (20,920 | ) | 16,946 | |
Other | | 13 | | 17,951 | | 7,561 | | — | | 25,525 | |
| | 685 | | 53,481 | | 22,873 | | (20,920 | ) | 56,119 | |
Pre-tax income | | 66,282 | | 18,297 | | 116,057 | | (128,141 | ) | 72,495 | |
Provision for income taxes | | 90 | | 7,701 | | 265 | | — | | 8,056 | |
Net income | | $ | 66,192 | | $ | 10,596 | | $ | 115,792 | | $ | (128,141 | ) | $ | 64,439 | |
PennyMac Mortgage Investment Trust
Condensed Consolidating Income Statement
Year Ended December 31, 2010
| | PennyMac
Mortgage
Investment
Trust
Guarantor | | PennyMac
Corp.
Issuer | | Non-Guarantor
Subsidiaries | | Eliminations | | Consolidated | |
| | (in thousands) | |
Net investment income | | | | | | | | | | | |
Net gain on mortgage loans acquired for sale | | $ | — | | $ | 18 | | $ | — | | $ | — | | $ | 18 | |
Net gains on investments | | — | | 20,146 | | 7,282 | | — | | 27,428 | |
Interest | | — | | 5,757 | | 17,398 | | (8,581 | ) | 14,574 | |
Equity in earnings of subsidiaries | | 24,855 | | — | | 24,478 | | (49,333 | ) | — | |
Other | | — | | 2,037 | | (3 | ) | — | | 2,034 | |
Net investment income | | 24,855 | | 27,958 | | 49,155 | | (57,914 | ) | 44,054 | |
| | | | | | | | | | | |
Expenses | | | | | | | | | | | |
Compensation | | 339 | | 1,960 | | 328 | | — | | 2,627 | |
Management fees | | — | | 4,180 | | 698 | | — | | 4,878 | |
Interest | | — | | 8,652 | | 754 | | (8,580 | ) | 826 | |
Other | | 33 | | 7,166 | | 1,498 | | — | | 8,697 | |
| | 372 | | 21,958 | | 3,278 | | (8,580 | ) | 17,028 | |
Pre-tax income | | 24,483 | | 6,000 | | 45,877 | | (49,334 | ) | 27,026 | |
Provision for income taxes | | — | | 2,445 | | 98 | | — | | 2,543 | |
Net income | | $ | 24,483 | | $ | 3,555 | | $ | 45,779 | | $ | (49,334 | ) | $ | 24,483 | |
PennyMac Mortgage Investment Trust
Condensed Consolidating Cash Flows
Year Ended December 31, 2012
| | PennyMac
Mortgage
Investment
Trust
Guarantor | | PennyMac
Corp.
Issuer | | Non-Guarantor
Subsidiaries | | Eliminations | | Consolidated | |
| | (in thousands) | |
Cash flows from operating activities | | $ | 123,408 | | $ | (880,285 | ) | $ | (286,489 | ) | $ | 222,966 | | $ | (820,400 | ) |
Cash flows from investing activities: | | | | | | | | | | | |
Purchases of mortgage loans at fair value and real estate acquired in settlement of loans | | — | | (223,363 | ) | (318,380 | ) | (1 | ) | (541,744 | ) |
Sales and repayments of mortgage loans at fair value and real estate acquired in settlement of loans | | — | | 219,389 | | 124,841 | | (23,652 | ) | 320,578 | |
Intercompany purchases of assets under agreements to resell | | — | | — | | (587,332 | ) | 587,332 | | — | |
Intercompany sales of assets purchased under agreements to resell | | — | | — | | 524,652 | | (524,652 | ) | — | |
Purchases of investment securities | | 8,148 | | (13,148 | ) | (115,910 | ) | — | | (120,910 | ) |
Sales and repayments of investment securities | | — | | — | | 238,092 | | 1,075 | | 239,167 | |
Purchases and sales of MSRs, net | | — | | 84 | | — | | — | | 84 | |
Other investment activites | | — | | (2,904 | ) | (190 | ) | (5,523 | ) | (8,617 | ) |
Cash flows from investing activities | | 8,148 | | (19,942 | ) | (134,227 | ) | 34,579 | | (111,442 | ) |
| | | | | | | | | | | |
Cash flows from financing activities: | | | | | | | | | | | |
Proceeds from sale of assets under agreements to repurchase | | — | | 20,861,455 | | 119,478 | | — | | 20,980,933 | |
Repayments of assets under agreements to repurchase | | — | | (20,303,995 | ) | (237,931 | ) | — | | (20,541,926 | ) |
Proceeds from borrowings from affiliated entities | | — | | 511,222 | | 76,110 | | (587,332 | ) | — | |
Repayment of borrowings from affiliated entities | | — | | (472,966 | ) | (76,110 | ) | 549,076 | | — | |
Issuance of stock | | 606,823 | | — | | — | | — | | 606,823 | |
Investment by parent | | — | | 49,597 | | 689,834 | | (739,431 | ) | — | |
Dividends paid | | (94,821 | ) | — | | (146,711 | ) | 146,711 | | (94,821 | ) |
Change in intercompany advances | | — | | 274,122 | | 165,149 | | (439,271 | ) | — | |
Cash flows from financing activities | | 512,002 | | 919,435 | | 589,819 | | (1,070,247 | ) | 951,009 | |
Net change in cash and cash equivalents | | 643,558 | | 19,208 | | 169,103 | | (812,702 | ) | 19,167 | |
Cash at beginning of period | | — | | 12,832 | | 1,757 | | — | | 14,589 | |
Cash at end of period | | $ | 643,558 | | $ | 32,040 | | $ | 170,860 | | $ | (812,702 | ) | $ | 33,756 | |
PennyMac Mortgage Investment Trust
Condensed Consolidating Cash Flows
Year Ended December 31, 2011
| | PennyMac
Mortgage
Investment
Trust
Guarantor | | PennyMac
Corp.
Issuer | | Non-Guarantor
Subsidiaries | | Eliminations | | Consolidated | |
| | (in thousands) | |
Cash flows from operating activities | | $ | (39,550 | ) | (165,653 | ) | (78,734 | ) | 8,806 | | $ | (275,131 | ) |
Cash flows from investing activities: | | | | | | | | | | | |
Purchases of mortgage loans at fair value and real estate acquired in settlement of loans | | — | | (248,077 | ) | (123,856 | ) | (82,901 | ) | (454,834 | ) |
Sales and repayments of mortgage loans at fair value and real estate acquired in settlement of loans | | — | | 169,386 | | 104,132 | | (61,765 | ) | 211,753 | |
Intercompany purchases of assets under agreements to resell | | — | | — | | (254,816 | ) | 254,816 | | — | |
Intercompany sales of assets purchased under agreements to resell | | — | | — | | 251,379 | | (251,379 | ) | — | |
Purchases, sales and repayments of investment securities | | (11,547 | ) | — | | (22,533 | ) | — | | (34,080 | ) |
Investment in subsidiaries | | (106,900 | ) | — | | (67,638 | ) | 174,538 | | — | |
Other investment activites | | — | | 3,455 | | 677 | | (4,764 | ) | (632 | ) |
Cash flows from investing activities | | (118,447 | ) | (75,236 | ) | (112,655 | ) | 28,545 | | (277,793 | ) |
| | | | | | | | | | | |
Cash flows from financing activities: | | | | | | | | | | | |
Proceeds from sale of assets under agreements to repurchase | | — | | 1,488,451 | | 1,537,883 | | — | | 3,026,334 | |
Repayments of assets under agreements to repurchase | | — | | (1,206,283 | ) | (1,455,975 | ) | 62 | | (2,662,196 | ) |
Proceeds from borrowings from other PennyMac Mortgage Investment Trust companies | | — | | 254,816 | | — | | (254,816 | ) | — | |
Repayment of borrowings from other PennyMac Mortgage Investment Trust companies | | — | | (299,049 | ) | — | | 299,049 | | — | |
Issuance of stock | | 197,475 | | — | | — | | — | | 197,475 | |
Dividends paid | | (39,547 | ) | — | | (27,874 | ) | 27,874 | | (39,547 | ) |
Cash investment from parent | | — | | 7,638 | | 106,638 | | (114,276 | ) | — | |
Cash flows from financing activities | | 157,928 | | 245,573 | | 160,672 | | (42,107 | ) | 522,066 | |
Net change in cash and cash equivalents | | (69 | ) | 4,684 | | (30,717 | ) | (4,756 | ) | (30,858 | ) |
Cash at beginning of period | | 69 | | 8,148 | | 37,230 | | — | | 45,447 | |
Cash at end of period | | $ | — | | $ | 12,832 | | $ | 6,513 | | $ | (4,756 | ) | $ | 14,589 | |
| | | | | | | | | | | | | | | | |
Condensed Consolidating Cash Flows
Year Ended December 31, 2010
| | PennyMac
Mortgage
Investment
Trust
Guarantor | | PennyMac
Corp.
Issuer | | Non-
Guarantor
Subsidiaries | | Eliminations | | Consolidated | |
| | (in thousands) | |
Cash flows from operating activities | | $ | 21,666 | | $ | 230,370 | | $ | (68,097 | ) | $ | (206,728 | ) | $ | (22,789 | ) |
Cash flows from investing activities: | | | | | | | | | | | |
Purchases of mortgage loans at fair value and real estate acquired in settlement of loans | | — | | (393,274 | ) | (25,178 | ) | — | | (418,452 | ) |
Sales and repayments of mortgage loans at fair value and real estate acquired in settlement of loans | | — | | 77,025 | | 6,603 | | (4,630 | ) | 78,998 | |
Intercompany purchases of assets under agreements to resell | | — | | — | | (160,649 | ) | 160,649 | | — | |
Intercompany sales of assets purchased under agreements to resell | | — | | — | | 148,830 | | (148,830 | ) | — | |
Purchases and repayments of investment securities | | — | | — | | 122,900 | | — | | 122,900 | |
Sales and repayments of investment securities | | — | | — | | 49,659 | | 9,321 | | 58,980 | |
Investment in subsidiaries | | — | | — | | (23,000 | ) | 23,000 | | — | |
Other investment activites | | (1,471 | ) | (5,000 | ) | (304,883 | ) | 301,596 | | (9,758 | ) |
Cash flows from investing activities | | (1,471 | ) | (321,249 | ) | (185,718 | ) | 341,106 | | (167,332 | ) |
| | | | | | | | | | | |
Cash flows from financing activities: | | | | | | | | | | | |
Proceeds from sale of assets under agreements to repurchase | | — | | 91,838 | | 867,986 | | (299,261 | ) | 660,563 | |
Repayments of assets under agreements to repurchase | | — | | — | | (596,416 | ) | 184,477 | | (411,939 | ) |
Proceeds from borrowings from affiliated entities | | — | | 160,649 | | — | | (160,649 | ) | — | |
Repayment of borrowings from affiliated entities | | — | | (153,460 | ) | (31,582 | ) | 185,042 | | — | |
Issuance of stock | | (150 | ) | — | | (150 | ) | 150 | | (150 | ) |
Dividends paid | | (20,030 | ) | — | | — | | 7,070 | | (12,960 | ) |
Cash investment from parent | | — | | — | | 51,057 | | (51,057 | ) | — | |
Capital distribution | | — | | — | | (23,000 | ) | 23,000 | | — | |
Cash flows from financing activities | | (20,180 | ) | 99,027 | | 267,895 | | (111,228 | ) | 235,514 | |
Net change in cash and cash equivalents | | 15 | | 8,148 | | 14,080 | | 23,150 | | 45,393 | |
Cash at beginning of period | | — | | — | | 54 | | — | | 54 | |
Cash at end of period | | $ | 15 | | $ | 8,148 | | $ | 14,134 | | $ | 23,150 | | $ | 45,447 | |
