WESTLAKE VILLAGE, Calif.–(BUSINESS WIRE)–PennyMac Mortgage Investment Trust (NYSE: PMT) announced today the
pricing of an underwritten public offering of 8,000,000 common shares of
beneficial interest (“shares”) for total estimated gross proceeds of
approximately $169 million (or approximately $195 million if the option
to purchase additional common shares is exercised in full). The
underwriters have a 30-day option from the date of the offering to
purchase up to an additional 1,200,000 shares from the Company.
Settlement of the offering is subject to customary closing conditions
and is expected to occur on May 9, 2019. All of the shares were offered
by the Company and will be issued under the Company’s currently
effective shelf registration statement filed with the Securities and
Exchange Commission.

The Company intends to use the net proceeds from the offering for
general corporate purposes, including funding its investment activity,
which may include investments in credit risk transfer securities,
mortgage servicing rights, mortgage-backed securities and new products
such as home equity lines of credit or prime, non-qualified mortgage
loans, as well as the repayment of indebtedness and working capital.

Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Credit Suisse
Securities (USA) LLC, J.P. Morgan Securities LLC and Barclays Capital
Inc. are acting as the underwriters for the offering.

The offering of these common shares may be made only by means of a
prospectus and a related prospectus supplement, a copy of which may be
obtained by contacting: Morgan Stanley, Attention: Prospectus
Department, 180 Varick Street, 2nd Floor, New York, New York 10014;
Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717, or by telephone at (800)
831-9146; Credit Suisse Securities (USA) LLC, Attention: Prospectus
Department, Eleven Madison Avenue, 3rd floor, New York, New York 10010,
or by telephone at (800) 221-1037, or by email at [email protected];
J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717, or by telephone at (866)
803-9204; Barclays Capital Inc., c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (888)
603-5847, or by email at [email protected].

This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities
laws of any state.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust is a mortgage real estate investment
trust (REIT) that invests primarily in residential mortgage loans and
mortgage-related assets. PMT is externally managed by PNMAC Capital
Management, LLC, a wholly-owned subsidiary of PennyMac Financial
Services, Inc. (NYSE: PFSI).

This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, regarding management’s beliefs, estimates, projections and
assumptions with respect to, among other things, the Company’s financial
results, future operations, business plans and investment strategies, as
well as industry and market conditions, all of which are subject to
change. Words like “believe,” “expect,” “anticipate,” “promise,” “plan,”
and other expressions or words of similar meanings, as well as future or
conditional verbs such as “will,” “would,” “should,” “could,” or “may”
are generally intended to identify forward-looking statements. Actual
results and operations for any future period may vary materially from
those projected herein and from past results discussed herein. Factors
which could cause actual results to differ materially from historical
results or those anticipated include, but are not limited to: changes in
the Company’s investment objectives or investment or operational
strategies, including any new lines of business or new products and
services that may subject it to additional risks; the occurrence of
natural disasters or other events or circumstances that could impact the
Company’s operations; volatility in the Company’s industry, the debt or
equity markets, the general economy or the real estate finance and real
estate markets specifically, whether the result of market events or
otherwise; events or circumstances which undermine confidence in the
financial and housing markets or otherwise have a broad impact on
financial and housing markets, such as the sudden instability or
collapse of large depository institutions or other significant
corporations, terrorist attacks, natural or man-made disasters, or
threatened or actual armed conflicts; changes in general business,
economic, market, employment and domestic and international political
conditions, or in consumer confidence and spending habits from those
expected; declines in real estate or significant changes in U.S. housing
prices or activity in the U.S. housing market; the availability of, and
level of competition for, attractive risk-adjusted investment
opportunities in mortgage loans and mortgage-related assets that satisfy
the Company’s investment objectives; the inherent difficulty in winning
bids to acquire mortgage loans, and the Company’s success in doing so;
the concentration of credit risks to which the Company is exposed; the
degree and nature of the Company’s competition; the Company’s dependence
on its manager and servicer, potential conflicts of interest with such
entities and their affiliates, and the performance of such entities;
changes in personnel and lack of availability of qualified personnel at
its manager, servicer or their affiliates; the availability, terms and
deployment of short-term and long-term capital; the adequacy of the
Company’s cash reserves and working capital; the Company’s ability to
maintain the desired relationship between its financing and the interest
rates and maturities of its assets; the timing and amount of cash flows,
if any, from the Company’s investments; unanticipated increases or
volatility in financing and other costs, including a rise in interest
rates; the performance, financial condition and liquidity of borrowers;
the ability of the Company’s servicer, which also provides the Company
with fulfillment services, to approve and monitor correspondent sellers
and underwrite loans to investor standards; incomplete or inaccurate
information or documentation provided by customers or counterparties, or
adverse changes in the financial condition of the Company’s customers
and counterparties; the Company’s indemnification and repurchase
obligations in connection with mortgage loans it purchases and later
sells or securitizes; the quality and enforceability of the collateral
documentation evidencing the Company’s ownership and rights in the
assets in which it invests; increased rates of delinquency, default
and/or decreased recovery rates on the Company’s investments; the
performance of mortgage loans underlying mortgage-backed securities in
which the Company retains credit risk; the Company’s ability to
foreclose on its investments in a timely manner or at all; increased
prepayments of the mortgages and other loans underlying the Company’s
mortgage-backed securities or relating to the Company’s mortgage
servicing rights, excess servicing spread and other investments; the
degree to which the Company’s hedging strategies may or may not protect
it from interest rate volatility; the effect of the accuracy of or
changes in the estimates the Company makes about uncertainties,
contingencies and asset and liability valuations when measuring and
reporting upon the Company’s financial condition and results of
operations; the Company’s ability to maintain appropriate internal
control over financial reporting; the Company’s exposure to risks of
loss and disruptions in operations resulting from adverse weather
conditions and man-made or natural disasters; technologies for loans and
the Company’s ability to mitigate security risks and cyber intrusions;
the Company’s ability to obtain and/or maintain licenses and other
approvals in those jurisdictions where required to conduct its business;
the Company’s ability to detect misconduct and fraud; the Company’s
ability to comply with various federal, state and local laws and
regulations that govern its business; developments in the secondary
markets for the Company’s mortgage loan products; legislative and
regulatory changes that impact the mortgage loan industry or housing
market; changes in regulations or the occurrence of other events that
impact the business, operations or prospects of government agencies such
as the Government National Mortgage Association, the Federal Housing
Administration or the Veterans Administration, the U.S. Department of
Agriculture, or government-sponsored entities such as the Federal
National Mortgage Association or the Federal Home Loan Mortgage
Corporation, or such changes that increase the cost of doing business
with such entities; the Dodd-Frank Wall Street Reform and Consumer
Protection Act and its implementing regulations and regulatory agencies,
and any other legislative and regulatory changes that impact the
business, operations or governance of mortgage lenders and/or
publicly-traded companies; the Consumer Financial Protection Bureau and
its issued and future rules and the enforcement thereof; changes in
government support of homeownership; changes in government or
government-sponsored home affordability programs; limitations imposed on
the Company’s business and its ability to satisfy complex rules for it
to qualify as a REIT for U.S. federal income tax purposes and qualify
for an exclusion from the Investment Company Act of 1940 and the ability
of certain of the Company’s subsidiaries to qualify as REITs or as
taxable REIT subsidiaries for U.S. federal income tax purposes, as
applicable, and the Company’s ability and the ability of its
subsidiaries to operate effectively within the limitations imposed by
these rules; changes in governmental regulations, accounting treatment,
tax rates and similar matters (including changes to laws governing the
taxation of REITs, or the exclusions from registration as an investment
company); the Company’s ability to make distributions to its
shareholders in the future; the Company’s failure to deal appropriately
with issues that may give rise to reputational risk; and the Company’s
organizational structure and certain requirements in its charter
documents. You should not place undue reliance on any forward-looking
statement and should consider all of the uncertainties and risks
described above, as well as those more fully discussed in reports and
other documents filed by the Company with the Securities and Exchange
Commission from time to time. The Company undertakes no obligation to
publicly update or revise any forward-looking statements or any other
information contained herein, and the statements made in this press
release are current as of the date of this release only.


Janis Allen
(805) 330-4899

Christopher Oltmann
(818) 224-7028