, the founder of Hayman Advisors, purchased 3,570,000 shares of PennyMac Mortgage Investment Trust (PMT
) on Sept. 27, 2013, as reported by GuruFocus Real Time Picks
. The transaction would be valued at around $80.8 million at a closing price of $22.64 the previous day, and give Hayman a 5.2% stake in the company.
PennyMac is a mortgage investment trust structured as a real estate investment trust (REIT), with a $1.63 billion market capitalization. The company buys distressed mortgage loans and seeks to keep mortgage holders in their homes through value-adding loan modification programs, special servicing and other activities. In the lending aspect of its business, it purchases newly originated prime-quality mortgage loans, investing in and retaining the mortgage servicing rights. Continue Reading »