Isaac Garden | executive |
David Spector | executive |
Vandad Fartaj | executive |
Daniel Perotti | executive |
Good afternoon and welcome to the third quarter earnings discussion for PennyMac Mortgage Investment Trust. The slides that accompany this discussion are available on PennyMac Mortgage Investment Trust's website at www.pennymac-reit.com.
Before we begin, let me remind you that our discussion contains forward-looking statements that are subject to the risks identified on Slide 2 that could cause our actual results to differ materially.
Now I'd like to introduce David Spector, PMT's Chairman and Chief Executive Officer, who will discuss the company's third quarter 2022 results.
Thank you, Isaac. In what was a challenging market for most mortgage REITs in the third quarter, PMT reported net income of $1.5 million or $0.01 per common share. Strong performance from PMT's interest rate-sensitive strategies and overall income, excluding market-driven fair value changes, was sufficient to offset the impact of continued credit spread widening and an increased provision for tax expense.