PennyMac Mortgage Investment Trust extends management pact to 2029
On December 16, 2024, PennyMac Mortgage Investment Trust and its subsidiaries entered into five amended and restated agreements with affiliates, including a management agreement with PNMAC Capital Management and servicing agreements with PennyMac Loan Services. The agreements were approved by the board's independent Related Party Matters Committee and were amended mainly to extend terms beyond the originally scheduled June 30, 2025 expiration and to modify certain fees, which changes the cost structure shareholders pay for management and servicing.
Key points
- Management and 5th A&R servicing agreements now expire December 31, 2029, with automatic 18-month renewals unless terminated.
- Base management fee is 1.5% per year on shareholders' equity up to $2 billion, 1.375% on the portion from $2 billion to $5 billion, and 1.25% above $5 billion, paid in cash.
- Performance incentive fee is now payable annually and in arrears, rather than quarterly, and may be paid in cash or in common shares up to 50%.
- Termination fee equals three times the average annual base management fee and performance incentive fee over the prior 24 months, in certain circumstances.
The filing
Written by AI on Nov 8, 2026, 2:07 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 19, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.