CALABASAS HILLS, Calif., July 30 /PRNewswire-FirstCall/ -- PennyMac Mortgage Investment Trust (NYSE:PMT), a newly-formed mortgage real estate investment trust, today announced the pricing of the initial public offering of 16,000,000 common shares at $20.00 per share. PennyMac Mortgage Investment Trust has also granted the underwriters a 30-day option to purchase up to an additional 15% of the common shares sold in the underwritten offering to cover overallotments, if any. Concurrently with the completion of the initial public offering, PennyMac Mortgage Investment Trust intends to complete a private placement of 5% of the common shares sold in the underwritten offering at the same $20.00 per share. The gross proceeds of the initial public offering and the private placement, before deducting the underwriting discount and expenses related to the offering, are expected to be approximately $335 million (assuming the underwriters' overallotment option is not exercised). PennyMac Mortgage Investment Trust intends to use the net proceeds from the offerings to purchase residential mortgage loans and mortgage-related assets, a substantial portion of which may be distressed. The shares of PennyMac Mortgage Investment Trust are expected to be listed on the New York Stock Exchange under the ticker symbol "PMT." Merrill Lynch & Co., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities are the joint book-running managers for the offering. JMP Securities and Stifel Nicolaus are acting as co-managers. A copy of the final prospectus can be obtained, when available, by contacting Merrill Lynch & Co., Attention: Prospectus Department, 4 World Financial Center, New York, New York 10080, or by calling 1-212-449-1000, Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010-3629, or by calling 1-800-221-1037, or Deutsche Bank Securities, Attention: Prospectus Department, 100 Plaza One, Jersey City, New Jersey 07311, or by calling 1-800-503-4611. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. 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 or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is being made solely by means of a prospectus. About PennyMac Mortgage Investment Trust PennyMac Mortgage Investment Trust is a newly-formed mortgage real estate investment trust (REIT) that will invest primarily in residential mortgage loans and mortgage-related assets. PennyMac Mortgage Investment Trust will trade on the New York Stock Exchange under the symbol "PMT" and is externally managed by PNMAC Capital Management, LLC, a wholly owned subsidiary of Private National Mortgage Acceptance Company, LLC. Additional information about PennyMac Mortgage Investment Trust is available at http://www.pennymacmortgageinvestmenttrust.com/. WARNING REGARDING FORWARD-LOOKING STATEMENTS This release may include "forward-looking statements." Forward-looking statements are generally identifiable by use of terminology such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," "continue," "plan" or other similar words or expressions. PennyMac Mortgage Investment Trust's ability to predict results or the actual effect of future events, actions, plans or strategies is inherently uncertain. Although PennyMac Mortgage Investment Trust believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, PennyMac Mortgage Investment Trust's actual results and performance could differ materially from those set forth in the forward-looking statements. Factors that could have a material adverse effect on PennyMac Mortgage Investment Trust's business, financial condition, cash flows, liquidity, results of operations and prospects include, but are not limited to expectations regarding the timing of generating any revenues, changes in investment objective or investment or operational strategy, volatility in the industry, interest rates and spreads, the debt or equity markets, the general economy or the residential finance and real estate markets specifically, the availability of attractive risk-adjusted investment opportunities in residential mortgage loans and mortgage-related assets, actions and initiatives of the U.S. Government and changes to U.S. Government policies, the ability to match the interest rates and maturities of assets with financing, the timing of cash flows, if any, from investments, the ability to obtain financing, unanticipated increases in financing and other costs, increased rates of default and/or decreased recovery rates on investments, increased prepayments of the mortgage and other loans underlying investments, estimates relating to the ability to make distributions to shareholders in the future, accounting treatment, tax rates and similar matters, legislative and regulatory changes, and the ability to maintain REIT qualification, the ability to remain exempt from registration under the Investment Company Act of 1940, as amended. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in PennyMac Mortgage Investment Trust's registration statement on Form S-11 filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect PennyMac Mortgage Investment Trust's views as of the date of this prospectus. The matters summarized in PennyMac Mortgage Investment Trust's registration statement on Form S-11 filed with the Securities and Exchange Commission could cause actual results and performance to differ significantly from those contained in forward-looking statements. Accordingly, PennyMac Mortgage Investment Trust cannot guarantee future results or performance. DATASOURCE: PennyMac Mortgage Investment Trust CONTACT: Aratha M. Johnson, Chief Communications Officer, +1-818-224-7028 Web Site: http://www.pennymacmortgageinvestmenttrust.com/

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