UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Election of Trustee. On April 19, 2023, the Board of Trustees (the “Board”) of PennyMac Mortgage Investment Trust (the “Company”) elected Donna Corley as an independent Class I Trustee effective as of June 1, 2023. Ms. Corley will serve until the Company’s next annual meeting of shareholders in the year indicated for such trustee’s class and until her successor is duly elected and qualified or until her earlier death, resignation or removal. Ms. Corley will also serve as the chair of the Finance Committee and as a member of the Risk Committee.
In consideration for her services as a trustee, Ms. Corley will be entitled to receive compensation on the same terms and in the same amounts as the other independent trustees. Accordingly, Ms. Corley will receive an annual base retainer of $90,000, annual committee retainers of $7,750 for serving on each of the Finance and the Risk Committees, and $10,750 for serving as the chair of the Finance Committee.
In connection with her election to the Board, Ms. Corley will receive on June 1, 2023 a one-time equity grant of $105,000 in restricted share units under the Company’s 2019 Equity Incentive Plan with such amount to be prorated based on days of service on the Board during the annual equity award cycle. The restricted share units shall vest annually on the first anniversary of the grant date, subject to continued service through such vesting date, and is entitled to dividend equivalents throughout the vesting period. In addition, Ms. Corley will enter into an indemnification agreement with the Company in the same form that the Company has entered into with its other trustees. There are no other arrangements or understandings pursuant to which Ms. Corley was elected as a trustee, and there are no related party transactions between the Company and Ms. Corley.
Departure of Trustee. On April 17, 2023, Marianne Sullivan notified the Company that she was stepping down from the Company’s Board effective June 1, 2023. She is stepping down due to her other professional commitments and demands on her time, and not due to any disagreement with the Company on any matter related to the Company's operations, policies or practices.
Item 8.01 Other Events.
On April 20, 2023, the Company also issued a press release announcing the election of Ms. Corley as referenced in Item 5.02 above. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
Description |
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99.1 |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PENNYMAC MORTGAGE INVESTMENT TRUST |
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Dated: April 20, 2023 |
/s/ Daniel S. Perotti |
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Daniel S. Perotti Senior Managing Director and Chief Financial Officer |
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Exhibit 99.1
PennyMac Mortgage Investment Trust Announces
Changes to Its Board of Trustees
Westlake Village, CA, April 20, 2023 – PennyMac Mortgage Investment Trust (NYSE: PMT) announced today that Donna Corley, former Executive Vice President and Head of Single-Family Business at Freddie Mac, will join its Board of Trustees and that Marianne Sullivan will step down from its Board of Trustees, both effective June 1, 2023.
“I am excited to announce Donna Corley’s election to our Board of Trustees,” said Chairman and Chief Executive Officer David Spector. “Her expertise in single-family housing, including in capital markets and mortgage credit, combined with her considerable experience working alongside regulators and other industry participants will undoubtedly provide a unique and invaluable perspective. We welcome her arrival with great enthusiasm and look forward to her many future contributions.”
Mr. Spector continued, “I am immensely grateful for Marianne’s faithful service and the numerous contributions she has made since joining PMT’s Board of Trustees back in 2017. Her insight and expertise will be missed, and on behalf of the Board, I wish her nothing but the best in her future endeavors.”
Ms. Corley spent her nearly 30-year career at Freddie Mac. From 2019 to 2022, she served as Executive Vice President and Head of Single-Family Business, responsible for managing a portfolio of mortgage assets totaling nearly $3 trillion. Her responsibilities included managing client relationships, optimizing asset acquisitions and pricing, establishing credit and servicing policies, and ensuring sound practices in managing credit, counterparty, compliance and operational risks. Ms. Corley previously served as Chief Risk Officer for the Single-Family Business from 2014 to 2019, and Senior Vice President of Credit Pricing, Risk Transfer and Securitization from 2011 to 2014, along with other roles. Ms. Corley has served as a board member of Bite Me Cancer since 2018, where she is co-chair of the Operations Committee. Ms.
Exhibit 99.1
Corley holds a B.S. in business administration from The American University and earned a Chartered Financial Analyst designation.
About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. PMT is externally managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI). Additional information about PennyMac Mortgage Investment Trust is available at pmt.pennymac.com.
Media Investors
Kristyn Clark Kevin Chamberlain
kristyn.clark@pennymac.com Isaac Garden
805.395.9943 investorrelations@pennymac.com
818.224.7028
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