• Patrick Harden
    PMT Q4 earnings. Still using fair value adjustments on loans to prop up net investment income. I'd like to see their taxable income.
    Reply (2)
    • Bryce Istvan: Look at fair value adjustments vs realized sell prices (slide 8 from Q4 pres). Almost no variance meaning fair value appears to be correct.
    • Patrick Harden: True, but I can't be sure that PMT isn't cherry picking its best NPLs to sell and marking up the real scratch and dent stuff.