Mortgage REIT PennyMac Investment Trust has inked a deal to sell $100 million of stock through Cantor Fitzgerald when it needs to raise equity.
A spokesman for the company noted that its intention to sell stock — disclosed in a new SEC filing — does not represent an additional offering of equity, but is part of a $500 million shelf registration filed a few months back. (To date, it has not tapped any of the shelf.)
The stock sale, if it occurs, will be done "at the market," a sale process in which Cantor has a large market share, said the spokesman.
The Calabasas, Calif.-based PennyMac is a publicly traded REIT that invests in subperforming and nonperforming loans. It also has affiliates that originate mortgages and services them.
In its SEC filing, the company notes that it has no obligation to sell any shares under its agreement with Cantor and at "any time" can suspend solicitations and offerings.
