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PennyMac agrees to sell $115M of nonperforming, reperforming loans

PennyMac Mortgage Investment Trust agreed to sell roughly $115 million in unpaid principal balance of nonperforming and reperforming loans from its distressed portfolio.

The company expects to have $18 million in unpaid principal balance of distressed loans after the sale. In addition, it completed the sale of $42 million of nonperforming loans from its portfolio in the second quarter.

PennyMac reported second-quarter net income attributable to common shareholders of $38.0 million, or 50 cents per share, an increase from $30.2 million, or 47 cents per share, in the year-ago period. Net investment income increased on a year-over-year basis to $96.4 million from $83.0 million.