Before we get into details, let’s review PMT’s second quarter highlights. Net income was $29.6 million in the second quarter, up 55% from the first quarter on revenues with $64.4 million. Diluted earnings per share reach an all time high at $0.79, a 22% increase from the first quarter. Return on equity was 17% for the quarter.We believe this is particular with multiple keeps (indiscernible) at least raised over $200 million in new equity in the quarter, roughly a third of our market capitalization at that time demonstrating our ability to quickly and efficiently deploy capital. The new capital allowed for the purchase of four distressed whole loan pools provided more continued growth in our Correspondent business and facilitated the pay down of our borrowings under the forward purchase agreements. All of these activities contributed to PMT’s strong quarterly results.
PennyMac Mortgage Investment Trust's CEO Discusses Q2 2012 Results - Earnings Call Transcript
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