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PMT $XX.X common with XX%. to begin on average attributable equity Slide $X.XX three. an return reported representing or share, million, net income annualized Let’s of of shareholders common per
with segments: pretax pretax $XX.X year Sensitive Book at increased Corporate, drew Strategies, share a the of $XX loss $XX.X million; contributed per Credit common which of million. Correspondent up from million Strategies, a contributed XXth, income; share Sensitive and million; contributed PMT to dividend $X.XX $XX.XX which at four paid reports $XX in PMT value results quarter. for and $XX.XX Interest per September Rate Production, end which
the volatility. Interest by hedge Strategies segment, improved driven strong elevated continued Our contribution investments, our increased GSE Production results from costs interest credit and performance from transfer continued our an despite Rate rate this from reflect risk income performance Sensitive a quarter Correspondent
billion $XX.X $XXX to capital investment $XX.X PMT continued by million CRT‐eligible UPB totaling securities. CRT which record firm resulted principal quarter, this conventional commitment to purchase in a in strong loans Mae, unpaid balance. of volumes delivered in Fannie acquisition pace We billion driven its of of
MSR expanded onto of $XXX quarter for the of million. November, in at senior PMT capital investments million its in of with notes the exchangeable support Continuing terms. New attractive $XXX placement growth totaled structure private Slide four, continued
PMT’s addition, we underwritten drove proceeds. successful investment in XXX,XXX offering, sold X.X new providing additional million the in of issuance for for outlook shares in opportunities and continued common net an strong equity equity through “At‐The‐Market” And, million $XX common In program, offering performance an common shares, $XXXmillion our equity.
also in equity to opportunities. For later. related by the investment full million committed year, note X‐year expand of and that which to after end, strong Fartaj quarter increased Vandy $XXX I transaction, raised pleased am driven new our of notes common fifth will $XXX CRT price term to performance upon PMT share remainder million issue the we
discuss five the turn and to Now market environment. Slide let’s current
strong economy X% continues Looking and its maintain interest to for with The expects it low monitor it between has as objectives. ahead, the U.S. Federal the maximum target target Funds the rate rates. that Federal balance inflation employment Reserve remains the to indicated current
increased yield XX points. In basis the bond quarter, fourth Treasury the XX‐year
same However, refinance elevated increased for fixed recently, basis time have XX‐year over volumes. rates the points More support continued again average the mortgage providing XX declined rate mortgage period.
at continued forecasts those a in‐line pace forecasts months, increased drive and pace. have a Home at more XXXX, appreciate, recent albeit XXXX low growth. to higher. wage forecast economists home Most price continue generally their to appreciation rates In economists slower origination with have believe major will through but we continued these prices
from September of the was XXst, X.XX% a of Low mortgage December end unemployment to continue strong XXth down U.S. at X.XX% XXXX. economy at and The rate X.X% support historically low levels U.S. total delinquencies. of as delinquency and
CRT quarter underlying recent lower securities related spreads, a more spreads credit saw note at with widened result CRT tightened on of note rates results this originations whereas prepayment seasoned with higher on we CRT speeds higher Spreads rate mixed Looking modestly. to as investments.
activity Let’s six turn driven create of unique to investment slide during each quarter. its us investment MSR PMT’s by to and which slide six strategies has the and correspondent discuss for investment PMT activities. the CRT detail allows production, investment quarter’s we opportunities, new conventional organically On investments.
volumes deployment assets. strong acquisition capital record these PMT’s driven have to
for led As CRT I in noted securities. earlier, purchase $XXX Net a CRT to totaled million of million. firm new $XXX new eligible investments to CRT the deliveries quarter runoff, commitment
and PMT’s $XX substantial REO. million to fair September million The distressed $XX year majority is in from value XXth. of owned the further real declined loan at value end portfolio fair estate at
of New of of MBS MSR mitigate securitization of as Agency UPB were billion million in conventional and comprehensive ESS runoff the are net $XXX totaled sensitivity the strategy and PMT million. by part to investments $XX.X rate held the sourced $XXX assets. and a of designed ESS interest production from MSR
total, position In grew $XXX by in new long‐term In this fourth $X.X billion. and consistent the as XXst assets were we billion, MBS December increased strategy. of Agency the with million, our fourth $X.X net mortgage quarter to investments quarter, net
run‐rate Now PMT’s strategies. of to investment return seven let’s Slide turn and quarterly review the potential
return Our investment of XX% which on common in would PMT’s diluted a result for per an strategies expectation EPS is equity $X.XX run‐rate quarter, annualized of
returns expectation the potential next for over quarters. reflects run‐rate PMT’s several our
driven by correspondent activities. results continued organically MSRs, potential our and growth CRT from income production of Our
of Credit run‐rate Strategies related a equity return is potential equity Sensitive annualized PMT’s expected average to to XX%. with on allocation XX%,
that investments CRT, that potential tightened. spreads Our of Credit consist return primarily Strategies in a our with have reflects credit Sensitive
and We to moderate rate volatility equity annualized Equity in Interest are allocated with expected to aggregate, of as interest and return primarily used returns. MSR Rate to hedge the impact this ESS is on results Strategies MBS positions Sensitive segment of an from on XX%. consider the XX%, average
driven Our by from expectations elevated the and outlook are driven our contributions MSR volatility. for hedge costs primarily earnings the growing market asset by
XX%, the of of reflects equity normalization the pending expected investment allocated elevated and segment equity average to in long‐term to the from allocated segment a return to approximately Equity which Production annualized additional an assets. impact recently with on Correspondent is XX%, results
review This Investment Chief Officer, I’d the Vandy turn who Fartaj, investment presentation now and PMT’s concludes like our will discussion activities. my mortgage to to over
