adminPennyMac Mortgage Investment Trust (NYSE:PMT) Barclays 23rd Annual Global Financial Services Conference September 8, 2025 2:45 PM EDT
Company Participants
David Spector – CEO & Chairman
Daniel Perotti – Senior MD & CFO
Conference Call Participants
Terry Ma – Barclays Bank PLC, Research Division
Presentation
Terry Ma
Research Analyst
All right. I think we’ll get started. So good afternoon. Thank you, everybody, for joining. My name is Terry Ma. I cover mortgage finance at Barclays. Pleased to have with me on stage PennyMac Financial. We have David Spector, CEO; and Dan Perotti, CFO. So welcome, gentlemen.
David Spector
CEO & Chairman
Thank you, Terry. Thanks for hosting us today, and thank you all for joining us today.
Question-and-Answer Session
Terry Ma
Barclays Bank PLC, Research Division
Yes. Great. So I think we’ll jump right into it. So maybe let’s start with the mark-to-market. You released an update this morning with volumes and margins quarter-to-date. Can you maybe just talk about what you’re seeing across your business and also the competitive landscape?
David Spector
CEO & Chairman
Yes. So I’m — as indicated by our release this morning, we’re very pleased with what we’re seeing after the first 2 months of the quarter. In our correspondent space, we’re seeing some nice margin expansion taking place. We’ve been coming off a low of around 23 basis points, making our way to 30 basis points and we’re pleased with the margin increase.
Volumes are off a little bit, but with the rally here in the market over the last — since the beginning of the month, I expect volumes to start increasing in our correspondent and are definitely in our best efforts business.
On the bulk business, we probably will not see the increase really until Q4. But suffice it to say, we’re pleased with what we’re
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