PennyMac Mortgage Investment Trust (NYSE:PMT) Files An 8-K Other Events

PennyMac Mortgage Investment Trust (NYSE:PMT) Files An 8-K Other Events
Item 9.01 OtherEvents.

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On March14, 2019, PennyMac Mortgage Investment Trust (the Company), PennyMac Operating Partnership, L.P. and PNMAC Capital Management, LLC entered into separate Equity Distribution Agreements (each an Equity Distribution Agreement) with Barclays Capital Inc., Credit Suisse Securities (USA) LLC and JMP Securities LLC (each an Agent and collectively, the Agents) to sell from time to time, through an at the market equity offering program under which the Agents will act as sales agent and/or principal, the Companys common shares of beneficial interest, par value $0.01 per share, having an aggregate offering price of up to $200,000,000 (the Shares).

Subject to the terms and conditions of each Equity Distribution Agreement, the applicable Agent will use its commercially reasonable efforts consistent with its normal sales and trading practices to sell the Shares as directed by the Company. The sales, if any, of the Shares made under the Equity Distribution Agreement may be made by any method permitted by law deemed to be an at the market offering as defined in Rule 415 under the Securities Act of 1933, including sales made directly on the New York Stock Exchange, sales made by means of ordinary brokers transactions, or sales made to or through a market maker other than on an exchange or through an electronic communications network. In addition, the Companys common shares may be offered and sold by such other methods, including block transactions and privately negotiated transactions, as the Company and the Agents may agree.

The Equity Distribution Agreements provide that each Agent will be entitled to compensation that will not exceed, but may be lower than, 2.0% of the gross sales price per share for any Shares sold through it as sales agent under the applicable Equity Distribution Agreement.Under the terms of the Equity Distribution Agreements, the Company may also sell Shares to the Agents as principals at prices agreed upon at the time of sale. The Company has no obligation to sell any of the Shares under the Equity Distribution Agreements, and may at any time suspend solicitation and offers under the Equity Distribution Agreements.

The Company filed a prospectus supplement, dated March14, 2019, to the prospectus, dated June14, 2018 (File No.333-225647), with the Securities and Exchange Commission in connection with the offer and sale of the Shares.

The foregoing description of the Equity Distribution Agreements is qualified in its entirety by reference to the form Equity Distribution Agreement filed as Exhibit 1.1 to this Current Report on Form8-K, and is incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Consent of Venable LLP (included in Exhibit5.1)

PennyMac Mortgage Investment Trust Exhibit
EX-1.1 2 d716105dex11.htm EX-1.1 EX-1.1 Exhibit 1.1 PENNYMAC MORTGAGE INVESTMENT TRUST $200,…
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About PennyMac Mortgage Investment Trust (NYSE:PMT)

PennyMac Mortgage Investment Trust is a specialty finance company that invests primarily in residential mortgage loans and mortgage-related assets. The Company conducts all of its operations, and makes all of its investments, through PennyMac Operating Partnership, L.P. and its subsidiaries. It operates through two segments: correspondent production and investment activities. The correspondent production segment represents its operations aimed at serving as an intermediary between mortgage lenders and the capital markets by purchasing, pooling and reselling newly originated prime credit quality mortgage loans either directly or in the form of mortgage-backed securities (MBS), using the services of PNMAC Capital Management and PennyMac Loan Services, LLC. The investment activities segment represents its investments in mortgage-related assets, which include distressed mortgage loans, real estate acquired in settlement of loans, MBS, mortgage servicing rights and excess servicing spread.

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