Kyle Bass' Hayman Capital Discloses PennyMac Mortgage Investment Trust Stake ~ market folly

Monday, September 30, 2013

Kyle Bass' Hayman Capital Discloses PennyMac Mortgage Investment Trust Stake

Kyle Bass' hedge fund firm Hayman Capital has filed a 13G on shares of PennyMac Mortgage Investment Trust (PMT).  Per the filing, Hayman has disclosed a 5.1% ownership stake in with 3,570,000 shares.

The filing was required due to activity on September 27th and marks a new disclosure.  Earlier this summer, we noted that Omega Advisors and Bridger Capital took stakes in PennyMac Financial Services, the company whose subsidiary manages PennyMac Mortgage Investment Trust.

Per Google Finance, PennyMac Mortgage Investment Trust is "a specialty finance company that invests primarily in residential mortgage loans and mortgage-related assets. The Company is a real estate investment trust (REIT). The Company operates in two segments: investment activities and correspondent lending. The correspondent lending segment focuses on the purchase for resale of newly originated mortgage loans. The investment activities segment focuses on mortgage assets that are acquired and held for investment purposes. The Company’s primary investment objective is to maximize the value of the mortgage loans that it acquires, a substantial portion of which may be distressed and acquired at discounts to their unpaid principal balances, either through loan modification programs, special servicing and other initiatives focused on keeping borrowers in their homes, or, when necessary, through timely acquisition and liquidation of the property securing the loan."

For more on Hayman, we recently posted up Kyle Bass' macro discussion at the Alpha Hedge West conference.

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