PennyMac Mortgage Investment Trust (PMT) 2026 年第三季法說會：股利重置與 MSR 出售

重點摘要

• PennyMac Mortgage Investment Trust (NYSE: PMT) 公布 2026 年第三季歸屬於普通股股東淨虧損為 3,600 萬美元，或稀釋後每股普通股虧損 0.41 美元，主要歸因於房貸利差擴大及利率波動。
• 若扣除市場驅動的價值變動，調整後淨利為 3,000 萬美元，或每股普通股 0.35 美元，相當於年化調整後股東權益報酬率為 9%。
• 每股帳面價值較上一季下滑 5% 至 14.03 美元。在 6,600 萬美元的市場驅動淨價值下降中，有 5,600 萬美元（即 85%）歸因於利差擴大。
• PMT 已出售或承諾出售未償本金餘額約 350 億美元的機構房貸服務權，交易價格均在或接近帳面價值。資金正重新轉向目標 ROE 為 10% 出頭至 15% 左右的私人標籤證券化投資。
• 管理層將未來四個季度的預估經常性收益潛力上調 15% 至每股普通股 0.38 美元，相當於預期平均年化普通股股東權益報酬率為 10.6%。
• 管理層預計第四季普通股股息將降至每股約 0.30 美元（尚需董事會批准），同時 PMT 可用的股票回購額度已增加至 2 億美元以上。

核心財務數據

業務與營運績效

PMT 的信用敏感策略產生 4,200 萬美元的稅前虧損。自建信用風險轉移投資貢獻了 600 萬美元的稅前收益，而私人標籤證券化保留的次級 MBS 則產生 4,800 萬美元虧損。其中包括不含市場波動的 600 萬美元收益，但被 5,400 萬美元的市場驅動估值下滑所抵銷。

利率敏感策略產生 3,600 萬美元稅前收益，年化 ROE 為 12%。不含市場驅動變動的收益從上一季的 2,000 萬美元升至 3,700 萬美元，主因利率上升減緩了提前還款並減少了 MSR 流失。

PMT 的對沖計畫大部分抵銷了直接的利率風險。MSR 公允價值增加 2.26 億美元，但被 MBS 及利率對沖產品（包含相關稅務效益）2.4 億美元的淨公允價值下滑所抵銷。

聚集與證券化部門產生 200 萬美元的稅前收益，低於上一季的 1,100 萬美元。管理層將此下滑歸因於聚集期間持有的巨額貸款（jumbo）與非合格抵押貸款（non-QM）利差擴大，以及業務量下降。

在第三季，PMT 完成了八筆私人標籤證券化交易，未償本金餘額總計 29 億美元，並保留了 1.67 億美元的高級及次級投資。這些保留資產的預期 ROE 介於 10% 出頭至 15% 左右。公司還合共新增了 1,700 萬美元的新 MSR 投資。

季度結束後，PMT 完成了另外兩筆證券化交易，並為其首筆 non-QM DSCR 證券化產品進行了定價。這些交易的未償本金餘額總計 11 億美元，預期將產生 1.19 億美元的保留投資。

截至季度末，保留的私人標籤證券化投資公允價值超過 10 億美元。該投資組合的加權平均發行 FICO 分數為 775 分，加權平均發行貸款成數 (LTV) 為 73%，且逾期率極低。

管理層指引

管理層預計未來四個季度的預估經常性每股盈餘將從先前的 0.33 美元升至 0.38 美元。預期的改善反映了預估 MSR 攤銷減少、資金重新配置以及自建信用投資回報率提高。

預計 MSR 投資組合在未來四個季度將產生 12.8% 的年化 ROE。從私人標籤證券化保留的新投資，目標 ROE 介於 10% 出頭至 15% 左右。

PMT 仍按進度將於 2026 年完成約 30 筆證券化交易。管理層預計全年將增加超過 6 億美元的保留投資。

公司預計將第四季普通股股息降低至每股約 0.30 美元，不過該金額仍需經董事會批准。管理層表示，擬議的股息水準旨在實現可持續性，且基於預估 0.38 美元的經常性收益，每季可保留約每股 0.08 美元用於帳面價值的成長。

風險與關注焦點

本季中長期基準國債殖利率上升了 50 至 80 個基點。基準 MBS 利差擴大超過 20 個基點，季末收在 116 個基點，對資產價值及證券化經濟效益構成壓力。

管理層表示，未來的資本配置將兼顧投資報酬率、股票回購與槓桿比率。儘管 PMT 認為以遠低於帳面價值的折價進行回購極具吸引力，但並不打算將權益基礎大幅削減至影響規模的程度。

較高的利率減緩了 MSR 投資組合的提前還款壓力，但管理層承認房貸發放量已經下降。儘管如此，PMT 預計合作機構非機構貸款收購以及來自 PennyMac Financial Services 的貸款來源，將能支持其計畫中的證券化業務。

分析師問答亮點

• 股息政策：管理層表示，季股息可能降至約 0.30 美元，尚待董事會批准。未來的股息決策將更多考量應課稅收益預估與可持續營運盈餘，而非主要依賴 GAAP 盈餘。
• 股票回購：PMT 將把回購報酬率與住宅房貸資產的機會進行比較。管理層認為回購折價股票的當前報酬機會相當吸引人，但表示槓桿比率與營運規模仍將是限制因素。
• MSR 出售與資金配置：公司預計將 MSR 出售所得資金快速重新投入具流動性的機構投資、私人標籤證券化資產及股票回購。第三季 130 億美元的 MSR 出售及後續交易均按帳面價值完成。
• 證券化需求：管理層表示，儘管利差略有擴大，非機構投資者的需求依然強勁。PMT 作為發行人的頻率與一致性被認為有助於支撐定價與交易認購。
• 大宗 MSR 市場：管理層認為買方深度仍足以支持繼續進行機會性出售，特別是針對 PMT 低票面利率的 MSR，管理層形容其出價意願相當踴躍。

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管理層陳述

Operator

Good afternoon, and welcome to PennyMac Mortgage Investment Trust's Third Quarter 2026 Earnings Call. Additional earnings materials, including the presentation slides that will be referred to in the call as well as an Excel file with supplemental information are available on PennyMac Mortgage Investment Trust website at pmt.pennymac.com.

Before we begin, let me remind you that this call may contain forward-looking statements that are subject to certain risks identified on Slide 2 of the earnings presentation that could cause the company's actual results to differ materially as well as non-GAAP measures that have been reconciled to their GAAP equivalent in the earnings materials.

Now I'd like to introduce David Spector, PennyMac Mortgage Investment Trust's Chairman and Chief Executive Officer. Please go ahead.

David Spector

Thank you, operator. Good afternoon, and thank you to everyone for participating in our third quarter 2026 earnings call. Before discussing our financial results, I want to take a few moments to address the important leadership transitions we announced earlier today.

First, after a storied career in the mortgage banking industry spanning several decades, including more than 15 years of exceptional leadership at PennyMac, Doug Jones, our President and Chief Mortgage Banking Officer, has made the decision to retire in June 30, 2027. Doug has been an integral partner to me and a cornerstone of PennyMac since its early days. Over the next several months, Doug's roles and responsibilities will transition smoothly to other senior leaders across our organization.

Second, effective January 1, 2027, Kevin Ryan, currently, our Chief Strategy Officer, will assume the role of Chief Financial Officer. Dan Perotti, our current CFO, will remain in his current role through the end of this year, and we'll continue supporting the company in an advisory role through the first quarter of 2027. Kevin will continue to lead our strategy and business development teams alongside his financial leadership responsibilities.

I want to express my extraordinary gratitude to both Doug and Dan for their long service to PennyMac. The relentless dedication and their enduring passion for our business. Both served in critical leadership positions, guiding PennyMac through dynamic market cycles and helping transform our organization to the premier mortgage company it is today. Their countless contributions have shaped our foundation and they will be greatly missed.

Having said that, we have an exceptional leadership team and a deep bench of talent that is fully prepared to lead PMT into its next chapter. I have absolute confidence in this management team's ability to carry our strategy forward seamlessly while driving long-term value for our shareholders.

Turning to our third quarter results on Slide 3. PMT reported a third quarter net loss attributable to common shareholders of $36 million or a loss of $0.41 per common share. These results were primarily impacted by market-driven value declines driven by mortgage spread widening and rate volatility. Excluding market-driven value changes, our investment strategies generated adjusted net income attributable to common shareholders of $30 million or $0.35 per common share, representing an annualized adjusted return on equity of 9%. PMT paid a quarterly dividend of $0.40 per share and book value per share at September 30 was $14.03, down 5% from the end of the prior quarter. Finally, PMT's Board of Trustees approved a $130 million increase to our share repurchase authorization, bringing our total available capacity to over $200 million currently.

On Slide 4, we summarize our 3 key capital allocation priorities. In recent periods, we have sold or committed to sell approximately $35 billion in UPB of Agency MSRs, including a meaningful amount of higher note-rate MSRs, and we will continue to evaluate additional sales opportunities to free up capital for redeployment into higher-yielding investments.

Next, PMT's upcoming fourth quarter common dividend is expected to be reduced in order to maximize the potential for book value accretion and support the ongoing rotation of capital into higher returning assets. And finally, PMT's common shares continue to trade at a substantial discount to book value per share. In response, we are opportunistically looking to repurchase outstanding common shares where these repurchases meet our return hurdles, driving long-term value for our shareholders.

Now turning to Slide 5. As I mentioned earlier, the third quarter was characterized by sharply higher interest rates and significant mortgage spread wide. Benchmark treasury yields increased 50 to 80 basis points across intermediate and long tenors. At the same time, benchmark MBS spreads to treasuries widened by more than 20 basis points, expanding aggressively in September to end the quarter at 116 basis points. This wider mortgage basis drove asset price declines and sector-wide headwinds related to hedging and pipeline management.

Turning to Slide 6. We highlight why PMT is differentiated from peers and why our diversified model helped insulate us from these sector-wide headwinds. First, prepayment risk on our MSR asset remains very low with the portfolio carrying a weighted average coupon of 3.9%. Meanwhile, Agency MBS and credit-sensitive investments provide a natural hedge to our MSR portfolio, with residual exposure actively managed through interest rate derivatives.

Second, as discussed last quarter, PMT's correspondent acquisitions are now limited to non-agency loans. And finally, PMT's synergistic relationship with its manager, PennyMac Financial Services, Inc., gives it unique access to PFSI's capacity to organically create investments in the residential mortgage market. Further, PFSI's best-in-class servicing platform ensures proactive delinquency management loss mitigation, which is expected to enhance the long-term performance of our investments.

To discuss our portfolio sensitivity, the execution of our MSR sales and private label securitizations and our updated run rate return potential, I am pleased to introduce Marshall Sebring, PMT's Chief Investment Officer.

Marshall Sebring

Thank you, David. On Slide 7, you can see how PMT carries significantly less sensitivity to both interest rate and spread changes compared to other mortgage REITs. Entering the third quarter, our modeled book value sensitivity to instantaneous 50 basis point parallel rate shock was just 0.7%, less than 1/4 of the 3.6% average across the peer group of publicly traded mortgage REITs. Similarly, under a 10 basis point spread widening shock, PMT's modeled book value loss was 1.3%, compared to 4.4% for the peer group. This lower sensitivity is a direct result of our portfolio diversification.

Because fair value changes on our MSRs are naturally offset by our investments in agency MBS and credit assets, PMT's duration and spread exposures are partially mitigated before hedging activities. While mortgage spreads widened aggressively across the market, 85% or $56 million of our $66 million in net market-driven value declines was attributable to spread widening. At the same time, excluding market-driven value changes, our strategy has generated stable cash flows with our credit-sensitive and interest rate-sensitive strategies producing $12 million and $37 million of pretax income, respectively.

Looking ahead, our strategic road map is clear. We are actively rotating capital away from certain lower-yielding MSR assets and reinvesting into accretive, organically created credit investments with expected ROEs in the low to mid-teens. This deliberate rotation expands our run rate earnings power, reinforces our book value stability and positions PMT to deliver attractive, sustainable total returns to shareholders.

Moving now to Slide 8. We continue to actively rotate equity away from lower-yielding MSR investments and redeploy that capital into higher returning organically created credit investments from our private label securitization activity. During the third quarter, we sold $13 billion in UPB of Agency MSRs and entered into an agreement to sell an additional $10 billion in UPB. After quarter end, we entered into an agreement to sell another $12 billion in UPB, bringing our total closed and committed MSR sales to approximately $35 billion.

Importantly, these transactions were executed at prices at or near fair value. And we will continue to evaluate additional sales opportunities as they arise in order to optimize our return on capital and create a more balanced weighting between credit and interest rates and strategies.

In our private label securitization business, we completed 8 transactions in the third quarter across nonowner occupied, jumbo and owner-occupied collateral, retaining $167 million of accretive investments with expected ROEs in the mid-teens.

As shown on Slide 9, this ongoing capital rotation, combined with the current rate environment, has increased our projected run rate return potential over the next 4 quarters to $0.38 per common share, up 15% from $0.33 in the prior quarter. This translates to an expected average annualized return on common equity of 10.6%. This expansion in our forward-looking returns is driven by 2 key dynamics. First, higher interest rates as well as recent sales of MSRs have driven prepayment expectations lower which substantially reduces our projections for amortization. As a result, our MSR asset is projected to deliver an annualized return on equity of 12.8% over the next 4 quarters. And as discussed previously, we are accelerating the deployment of capital release from MSR sales into organically created investments from our private label securitization. These investments carry targeted ROEs in the low to mid-teens, which compares favorably to run rate returns and certain MSRs.

Overall, we expect improved performance across all 3 of our primary investment strategies. As David highlighted earlier, we will continue actively monitoring our equity allocation with PMT's upcoming fourth quarter dividend expected to be adjusted to maximize book value accretion while also considering projections of taxable income.

Now I'd like to introduce our current Chief Strategy Officer and incoming CFO, Kevin Ryan.

Kevin Ryan

Thank you, Marshall. I am honored and excited to assume the CFO role of PMT and I want to thank David and the Board for their trust and confidence. I also want to express my sincere gratitude to Dan. Over his years of leadership and has built an exceptional world-class finance organization and established a remarkably resilient balance sheet. He and I will be working closely together over the coming months to ensure continuity and a seamless operational handoff.

As CFO, my commitment is to ensure this unique platform translates into superior risk-adjusted returns and long-term total value for our shareholders. I look forward to engaging directly with our shareholders and the broader investment community in the months ahead.

And with that, I will now turn the call over to Dan, who will review the drivers of PMT's third quarter financial performance.

Daniel Perotti

Thank you, Kevin. On Slide 11, net loss to common shareholders was $36 million or $0.41 per diluted common share in the third quarter. Our credit-sensitive strategies contributed $42 million to pretax loss. Organically created CRT contributed $6 million of pretax income, primarily consisting of realized gains in carry.

Investments in subordinate MBS from our private label securitizations generated losses of $48 million as $6 million of income, excluding market-driven value changes was more than offset by a $54 million decline in market-driven value declines from the impact of increasing interest rates which are managed as a part of our global hedge program. The interest rate sensitive strategies contributed pretax income of $36 million for an annualized ROE of 12%.

Income, excluding market-driven value changes for this segment was $37 million, up from $20 million in the prior quarter as decreased prepayment speeds during the quarter drove slower runoff of our MSR assets. During the quarter, we purchased $548 million of Agency floating rate MBS and the fair value of our MBS portfolio increased to $4.3 billion at September 30, up from $4.1 billion at June 30.

Regarding market-driven fair value changes. Our hedging activities during the quarter effectively mitigated our interest rate risk exposure as the $226 million MSR fair value increase was offset by $240 million of net declines in fair value of MBS and interest rate hedges, including the related tax benefits. The aggregation and securitization segment reported a pretax income of $2 million, down from $11 million in the prior quarter. Net gains on loans acquired for sale declined from the prior quarter, primarily due to the impact of spread widening on jumbo and non-QM loans during aggregation for securitization and lower volumes.

In total, PMT reported $0.35 in adjusted earnings per share or a 9% adjusted ROE, up from $0.25 or a 6% adjusted ROE in the prior quarter primarily due to an increased contribution from the interest rate-sensitive strategies, partially offset by a lower contribution from the aggregation and securitization segment.

Slide 13 highlights the continued success of our organic investment creation engine. During the quarter, we completed 8 private label securitizations totaling $2.9 billion in UPB. This activity resulted in the retention of $167 million of new senior and subordinated investments. We also generated $17 million of new MSR investments. Our momentum has continued after quarter end. We completed 2 additional securitizations and priced PMT's inaugural non-QM DSCR securitization for a total of $1.1 billion in UPB with $119 million of expected retained investments. We remain on pace to complete approximately 30 securitizations in 2026. In total, through 2026, we expect we will have added more than $600 million of retained investments building a substantial foundation of investments with returns on equity in the low to mid-teens to support future earnings.

On Slide 14, we have provided a snapshot of the high-quality investments we are creating through our private label securitization program. At quarter end, the fair value of retained investments from this program was over $1 billion. 58% of this portfolio is comprised of investments from nonowner-occupied loan securitizations. 20% is comprised of jumbo loan securitizations with the remainder from owner-occupied loan securitizations.

As you can see, these investments feature exceptional credit characteristics, including a weighted average FICO at origination of 775, weighted average LTV at origination of 73% and negligible delinquencies. Credit quality of these organically created assets underscores our ability to produce attractive, high-yielding investments in the current market.

Turning to Slide 16. We highlight the flexible and sophisticated financing structures PMT has in place to support its diversified portfolio of investments with only $50 million in maturities of unsecured financing prior to 2029.

And finally, on Slide 17, our core debt-to-equity metric, debt-to-equity, excluding nonrecourse debt increased to 6.5x at quarter end from 6.2x at the prior quarter end within the range of our expectations. The increase in our total debt-to-equity ratio reflects growth in nonrecourse debt associated with these transactions, where all securitized loans are required to be consolidated on our balance sheet for accounting purposes.

As a reminder, the source of repayment for this debt is limited to the cash flows from the associated loans in each private label securitization, mitigating any additional exposure to PMT. We expect the divergence between these 2 metrics to continue increasing as our securitization program continues to grow.

On a more personal note, I want to take a moment to express my sincere gratitude to David, our Board of Directors, and my colleagues for their trust, partnership and shared dedication throughout my time at PennyMac. I'm extraordinarily proud of what we've accomplished in my 18 years with the company, my 6 years in the CFO role, and in particular, I'm proud of the world-class finance organization and the resilient balance sheet we've built. Having worked alongside Kevin for the past year, I have the utmost confidence in his leadership and vision to steer our financial and strategic execution going forward as he assumes the CFO role.

And finally, to our shareholders and the investment community, thank you for your thoughtful engagement, rigorous questions and constructive partnership over the years. It has been a privilege working with you.

And now we'll open it up for questions. Operator?

Operator

[Operator Instructions]. I would like to remind everyone, we will only take questions related to PennyMac Mortgage Investment Trust, or PMT. [Operator Instructions].

Your first question is from the line of Doug Harter from BTIG. Please go ahead.

分析師問答

Douglas Harter

I was hoping, as you talk about kind of potentially reducing the dividend, kind of what are the key factors you're going to be thinking about as you look to size capital return between dividend and share repurchase?

David Spector

Well, look, I think that as we've talked about in our opening remarks, the dividend is likely going to be reduced in the fourth quarter. And really, my focus is to maximize the potential for book value accretion with consideration given to the taxable income projections.

So if you look at the run rate of $0.30, that kind of kicks out a dividend of about $0.30 a share and implies $0.08 per quarter of growth in book value per share. Now as it pertains to stock buybacks that we're going to look at vis-a-vis other alternative investments. And I think that's going to look to deploy capital into other residential mortgage assets, of which then we will look at that versus the stock buyback.

Douglas Harter

Got it. And how do you weigh in kind of determining stock buyback, wanting to kind of retain as much capital as possible at PMT to be able to help with the scale of growing and scaling the business and helping with efficiencies over time versus kind of the near-term financial benefit of accretion of buying back stock at these levels?

David Spector

I think where we are today, I think that the scale issue, which is one that's always on my mind. I think that's a secondary issue to the fact that we believe that there's real value within the company that's not being recognized or reflected in the stock price and you look at the return of buying back stock versus other alternative investments. It's a pretty compelling case to make in terms of buying a stock. And as evidenced by the fact that we sold MSRs at the mark and the fact that we have a very mark-to-market asset composition, I go very strongly in the value. And so I do think that at these levels, I think looking at this from a return standpoint, what this means to our shareholders is really our primary objective. Obviously, as things change, we don't want to buy back to the point that we lose the scale of the equity base so that we become too small in REIT, but it's just too compelling right now to even factor into our thinking.

Operator

The next question is from Bose George with KBW.

Bose George

So just to follow up on the dividend. So I guess you said the dividend is probably going to be around $0.30. And so compare that, your operating EPS is likely to continue in the high 30s. And so the dividend looks well covered by that? Is that kind of a fair way to think about it?

David Spector

Exactly. Exactly. We want -- dividend stability is very, very important to us. I think that we've -- we have historically tied it to GAAP earnings. And I think as Dan pointed out, we're giving more consideration to taxable income projections. And so I do think that the $0.30 amount, it has to be approved at the next Board meeting, but I don't foresee it not. And I think that we believe that the $0.30 rate is one that's sustainable that really factors into future operating earnings of the REIT, and it's something that, at the same time will allow us to grow book value per share for the remaining $0.08.

Bose George

Okay. Great. And then actually, as you guys sell the MSR, does that capital get redeployed quickly enough? Or is there any drag on the EPS?

Marshall Sebring

Bose, it's Marshall. No, we look to redeploy that capital quickly rather than allowed to sit on the balance sheet in an investment. And you can see that what we've -- the strategy we've taken over the past few quarters. Obviously, over time, we're investing into the subordinate tranches but we bought over $500 million of CMO floaters during the quarter. Our agency investments in the interest rate sensitive strategies are obviously very liquid, and that's a place where we can deploy capital quickly upon sales of the MSRs in addition to, as David mentioned, repurchasing stock.

Operator

The next question is from the line of Jason Weaver with JonesTrading.

Jason Weaver

First of all, I want to dovetail off of Doug's second question there regarding the buyback. Look, I realized how attractive this is given the discount in the marketplace right now versus deploying into other investments. But help us understand how you think about sizing that relative to your overall leverage level. given the amount of capital that you could build up within the course of 4 quarters or so, would that be a limitation for you to push leverage higher by virtue of just repurchasing the stock?

David Spector

Look, any activity we do as it pertains to asset investing or stock buyback, we're going to factor in the effect it's going to have on leverage, okay? So it's not going to be repurchased at any leverage level. I think we are very mindful. We've got a history of it of really focusing on leverage and, in particular, the nonrecourse debt to equity leverage. And I think it's just something that as we sell MSRs, we're going to look to -- we're obviously going to look to continue to invest, but there's a portion of those sales that's going to go into buying back stock. And that's how we've historically done it. It's not an all or none decisioning, and it's not one that we take lightly. But I do think that it's something that running an investment vehicle, if you just look at the return, when you look at the returns of the investments you can't ignore return opportunity that our investors are looking at in the stock buyback.

Jason Weaver

Got it. And then to follow up, the sales during -- the $13 billion in sales during the quarter as well as the ones you've executed in October. Can you talk about what sort of valuation levels you were able to move those at and how that compared with your carrying value?

Marshall Sebring

Yes. Without getting into the actual levels at which they traded, I can tell you that we sold them at our carrying values. And this is a mix of both high note-rate and low note-rate MSR holdings. So hopefully, that answers your question.

Operator

The next question is from the line of Crispin Love with Piper Sandler.

Crispin Love

Adjusted EPS improved in the quarter and also in your run rate potential on Slide 9 did as well, I think you're looking at ROEs of nearly 11% now. Can you just discuss some of the puts and takes there, the major drivers for the improved outlook even with a more challenging rate environment, rate backdrop? Is it really the diversification, the strategic shift here, but I'm just curious on some of the puts and takes.

Kevin Ryan

It's a combination of the diversification and the rotation of the capital out of MSR into some of the higher returning investments, as Marshall talked about, as well as the higher interest rate environment for PMT is not actually, necessarily a more challenging environment. Some of the challenges on -- for PMT over the past few quarters have been the speeds on the MSR portfolio that obviously is mitigated with interest rates at higher levels. And so the combination of those 2 factors are really primary drivers between driving the run rate higher through the next 4 quarters compared to last quarter.

Crispin Love

Great. And then just 1 follow-up on securitization demand today. I think on Slide 13, you're still saying, expect approximately 30 securitizations in 2026. Just curious if you -- just how demand is today, if you've seen any differences kind of recently or -- and just how is that trending?

Marshall Sebring

Yes. This is Marshall. I would say that demand continues to be strong. Certainly, if there was, I think, some amount of modest repricing wider within the non-Agency space, I would say, modest compared to the amount of spread widening that we saw in the agency MBS. We were able to already price 2 deals so far this quarter. And yes, so I think that demand continues to remain strong. I think the frequency by which we are in the market and a consistent issuer also allows us to price favorably compared to competitors, and I think that helps us in terms of overall subscription as well.

Operator

The next question is from the line of Trevor Cranston from Citizens JPM (sic) [ Citizens JMP ]. Trevor Cranston, your line is open. Please go ahead.

Trevor Cranston

Okay. Can you guys talk about how you're thinking about the impact of higher rates on your pace of loan acquisition and securitization activity, I guess, in particular, I'm thinking about some of the more rate-sensitive products like the prime jumbo loans?

Marshall Sebring

Sure. I think based off of PMT's, not only taking in the correspondent non-Agency origination but also the ability and its practice of acquiring loans from PFSI despite the fact that we've seen, obviously, a drop-off in origination volumes, relative to the size of the monthly deals that we're doing kind of by collateral type. We still see sufficient originations to support those efforts.

Trevor Cranston

Got it. Okay. Then on the bulk MSR market, I mean, you guys have obviously announced some transactions. We've heard from some peers the intent to sell some MSRs in 4Q. Can you maybe provide some color on kind of how much supply you guys are seeing come to market on the bulk MSR side? And if you think there's enough depth in the buyer base to kind of support continued opportunistic sales there in the near term?

Marshall Sebring

Yes. I think the short answer is that we do think that there's a depth to support at least what has kind of been indicated in terms of prospective sales, there is 1 servicer that was out talking about selling upwards of $80 billion. We understand that a large amount of that has already transacted. So our thinking is that certainly, it depends on the type of MSR asset. PMT has a large amount of low note-rate MSR. That part of the market is particularly well bid. So I think that overall, we don't really see depth currently at -- especially given the higher for longer, I think, outlook for rates. We think that the depth of the market certainly is supportive of continued MSR sales.

Trevor Cranston

Okay. That's helpful. Thank you.

Operator

There are no further questions at this time. I will now turn the call back to David Spector for closing remarks.

David Spector

Thank you, operator, and thank you all for joining us at this late hour. We really appreciate it. If you have any additional questions, please reach out to our Investor Relations team. And again, have a good evening, and thank you.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.