PennyMac Mortgage Investment Trust Announces Pricing of Public Offering of Common Shares

PennyMac Mortgage Investment Trust (NYSE: PMT) announced today the pricing of an underwritten public offering of 8,000,000 common shares of beneficial interest (“shares”) for total estimated gross proceeds of approximately $177 million (or approximately $203 million if the option to purchase additional common shares is exercised in full). The underwriters have a 30-day option from the date of the offering to purchase up to an additional 1,200,000 shares from the Company. Settlement of the offering is subject to customary closing conditions and is expected to occur on December 13, 2019. All of the shares were offered by the Company and will be issued under the Company’s currently effective shelf registration statement filed with the Securities and Exchange Commission.

The Company intends to use the net proceeds from the offering for general corporate purposes, including funding its investment activity, which may include investments in credit risk transfer securities, mortgage servicing rights, mortgage-backed securities and new products such as home equity lines of credit or prime, non-qualified mortgage loans, as well as the repayment of indebtedness and working capital.

Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, BofA Securities, J.P. Morgan Securities LLC and Barclays Capital Inc. are acting as joint book-running managers and as representatives of the underwriters for the offering. Nomura Securities International, Inc. and Piper Jaffray & Co. are acting as co-managers for the offering.

The offering of these common shares may be made only by means of a prospectus and a related prospectus supplement, a copy of which may be obtained by contacting: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, Eleven Madison Avenue, 3rd floor, New York, New York 10010, or by telephone at [phone], or by email at [e-mail]; BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, or by email at [e-mail]; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at [phone] or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at [phone], or by email at [e-mail].