Retired CEO Appointed to PennyMac Mortgage Investment Trust's Board of Trustees

PennyMac Mortgage Investment Trust, a publicly traded real estate investment trust (NYSE: PMT) that buys and sells mortgages, appointed Catherine A. Lynch, the retired chief executive officer and chief investment officer of the National Railroad Retirement Trust, to its board of trustees.

“We are delighted to welcome Catherine’s passion and wide range of expertise to PMT’s board of trustees,” said PennyMac Mortgage Investment Trust Chairman and Chief Executive Officer David A. Spector.

The National Railroad Retirement Trust, according to documents the organization filed, serves more than 500,000 retired employees and their survivors with its investments, valued at nearly $30 billion in 2021.

According to PennyMac Mortgage Investment Trust’s news release, Lynch developed a number of investment strategies for the National Railroad Retirement Investment Trust. She was named the Trust’s chief executive officer in 2008 and stepped down from the position in 2016.

PennyMac Mortgage Investment Trust reported net investment income of $420 million in 2021, down from $469 million in 2020. Net income was $56.9 million in 2021, up from $52.4 million. The PennyMac Mortgage Investment Trust is a wholly-owned subsidiary of PennyMac Financial Services. 

Diluted earnings per share were 26 cents, down from 27 cents in the prior year.

PennyMac’s stock was trading today at around $15.67, down from its 52-week high of $21.53.