PennyMac Mortgage Investment Trust Prices $115 Million Offering of Shares of Beneficial Interest

March 2, 2017

PennyMac Mortgage Investment Trust (PMT) priced an offering of 4,600,000 shares of its 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference of $25.00 per share, for gross proceeds of approximately $115 million. PMT has granted the underwriters a 30-day option to purchase up to an additional 690,000 shares to cover over-allotments, if any.

PMT is a specialty finance company that invests primarily in residential mortgage loans and mortgage-related assets. S&C represented Morgan Stanley & Co. LLC, Keefe, Bruyette & Woods, Inc. and RBC Capital Markets, LLC as joint bookrunning managers in connection with the offering.

The S&C team was led by Patrick Brown, along with Ann Chen, Katherine Baudistel and Kelly Meric. Jeffrey Hochberg advised on tax matters.