PennyMac Mortgage Investment Trust (PMT) earned a net income of $40.4 million, or 81 cents a share, for its third quarter on net investment income of $99.2 million.

This is a 37% increase from its second quarter with earnings per share up 3% from the second quarter. The investment trust met consensus earnings estimates from Zack’s Investment Research.

Return on average equity was 16%, which is down from 17% a quarter prior.

PennyMac issued more than $359 million in new equity capital, which brings shareholders’ equity total to $1.2 billion.

In regard to mortgage investment results, correspondent purchases of $6.3 billion in unpaid principal balance increased 87% from 2Q. The conventional purchases of $3.7 billion in UPB also increased 111% from the prior quarter.

Correspondent interest rate lock commitments of $8.5 billion is up 84% from 2Q. Conventional IRLCs of $5.5 billion also increased 105% from the prior quarter.

The results also showed $357 million in unpaid principal balances of distressed mortgage purchases.

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