PennyMac Mortgage Investment Trust this week filed a shelf registration statement with the Securities and Exchange Commission to sell up to $500 million worth of securities, be it common or preferred shares or warrants.
The publicly traded REIT, which posted an $8 million profit in the second quarter, currently has a market capitalization of $291 million. At June 30 it boasted $370 million of assets, the largest chunk consisting of whole loans and MBS. The company's specialty is buying nonperforming loans.
Even though PennyMac is filing to sell additional shares to the public it gave no indication when it might come to market. In a statement company founder and CEO Stanford Kurland said PennyMac will raise additional equity "at times and in amounts we deem appropriate."
Besides buying troubled mortgages, the firm operates a conduit and table funds mortgages through loan brokers. PennyMac is based in Calabasas, Calif.
