Abbie Tidmore
About Abbie Tidmore
Abbie Tidmore, 60, is Senior Managing Director and Chief Revenue Officer at PennyMac Mortgage Investment Trust (PMT) since October 2022; she previously led PennyMac Correspondent Group Sales (Jan 2021–Oct 2022), has served in executive roles at PFSI affiliates since 2011, and earlier was VP & Sales Manager at Bank of America (1999–2011). She holds a B.A. from The University of Texas at Austin and is credited with building and leading PMT’s correspondent lending division and co-founding wEMRG, a women’s empowerment program at PFSI . During her CRO tenure, PMT’s shareholder returns were +36.2% in 2023 and −5.4% in 2024; PSU metrics tied to company performance recorded ROE of 8.4% for the FY2024 performance period used in payouts .
Company TSR (%):
| Metric | 2023 | 2024 |
|---|---|---|
| Total Shareholder Return (%) | 36.2% | -5.4% |
Company results (USD thousands):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Investment Income ($USD Thousands) | $303,771 | $429,020 | $334,194 |
| Pretax Income ($USD Thousands) | $63,087 | $244,395 | $142,648 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PennyMac Mortgage Investment Trust | Senior Managing Director & Chief Revenue Officer | Oct 2022–present | Leads revenue with pivotal role scaling correspondent lending |
| PMT/PFSI & affiliates | Various executive positions | 2011–present | Helped build and lead correspondent production capabilities |
| PMT | Senior Managing Director, Correspondent Group Sales | Jan 2021–Oct 2022 | Drove correspondent channel sales growth |
| Bank of America | Vice President & Sales Manager | 1999–2011 | Managed sales in mortgage banking |
| PFSI (culture/DEI) | Co‑founder, wEMRG program | n/a (ongoing) | Women’s empowerment and leadership development |
Fixed Compensation
- PMT generally does not pay base salaries or cash bonuses to its executive officers; compensation is delivered in equity awards (RSUs/PSUs) under the 2019 Plan, while executives are primarily compensated by PFSI and affiliates .
- No pension or nonqualified deferred compensation plans are provided by PMT to executive officers .
Performance Compensation
PSU design (Fiscal 2024 grants; three performance periods FY2024–FY2026):
| Metric | Threshold | Target | Maximum | Weighting | Payout Scale |
|---|---|---|---|---|---|
| Return on Equity (ROE) | 6.0% → 50% payout | 8.0% → 100% payout | 12.0% → 200% payout | 50% | Linear between endpoints; annual and cumulative mechanics |
| Relative TSR (vs peer group) | 20–40th pct → 50% payout | 40–60th pct → 100% payout | 80–100th pct → 200% payout | 50% | Annual measurement; cumulative up to 200% |
2024 actual PSU performance (for awards granted in 2022–2024):
| PSU Cohort | 2024 Target | 2024 Actual | Payout |
|---|---|---|---|
| 2022 PSU (FY2022–FY2024) | ROE=8%; TSR=<50% | ROE=8.4%; TSR=33.3% | 110.2% |
| 2023 PSU (FY2023–FY2025) | ROE=8%; TSR=40–60% | ROE=8.4%; TSR=33.3% | 80.1% |
| 2024 PSU (FY2024–FY2026) | ROE=8%; TSR=40–60% | ROE=8.4%; TSR=33.3% | 80.1% |
Vesting and terms:
- RSUs generally vest ratably over 3 years (annual installments) with dividend equivalents; minimum vesting ≥1 year on 95% of grants .
- Double‑trigger acceleration on change‑of‑control (termination other than for cause); if PMT ceases to be publicly traded in a change‑of‑control, unvested RSUs fully vest irrespective of termination .
- Retirement: RSUs outstanding >9 months may continue to vest pro rata per original schedule; termination other than for cause/death/disability or termination of the management agreement not for cause leads to full vesting of RSUs/PSUs .
Equity Ownership & Alignment
Beneficial ownership (as of March 5, 2025):
| Metric | Amount | Notes |
|---|---|---|
| Common Shares of Beneficial Interest | 17,171 | Direct ownership |
| RSUs | 10,295 | Settled 1:1 into shares upon vesting |
| Total Beneficial Ownership | 27,466 | Form 3 initial statement |
| PMT Shares Outstanding (as of Feb 17, 2025) | 86,860,960 | For context on ownership percentage |
Policies and guidelines:
| Topic | Disclosure |
|---|---|
| Ownership Guidelines | CEO: $2,000,000; Other Executive Officers: $500,000; 5‑year compliance window; RSUs count; annually reviewed using average closing price . |
| Hedging/Pledging/Margin/Options | Prohibited for officers, trustees, employees; short sales and trading on margin restricted; 10b5‑1 trading plans require pre‑approval and can only be entered during open windows with preclearance . |
| Clawbacks | SEC‑mandated clawback (adopted Sept 2023): recover erroneously awarded incentive‑based compensation for current/former Section 16 officers over 3 prior completed fiscal years in event of restatement; separate 2018 policy extends recoupment to Senior Managing Directors . |
Employment Terms
| Term | PMT Disclosure |
|---|---|
| Employment Agreements | PMT has not entered into employment agreements with executive officers . |
| Severance | PMT does not provide cash severance; named executive officers have no right to severance payments . |
| Change‑of‑Control | Equity awards use double‑trigger accelerated vesting upon termination other than for cause; if common shares cease to be publicly traded in a change‑of‑control, unvested RSUs fully vest . |
| Retirement Treatment | RSUs outstanding >9 months may continue to vest pro rata post‑retirement per original schedule . |
| Minimum Vesting | At least 1 year on 95% of equity awards; typical 3‑year ratable vesting . |
| Perquisites/Excise Tax Gross‑Ups | Not provided to executive officers . |
| Option Repricing | Prohibited under equity incentive plan . |
| Anti‑Risk Structure | Compensation designed to minimize excessive risk taking; equity‑only mix (PSUs/RSUs); committee oversight and independent consultant . |
Compensation Structure Analysis
- Equity‑only compensation from PMT (no salary/bonus) concentrates incentives in long‑term value creation via PSUs (ROE, Relative TSR) and RSUs, aligning pay with shareholder outcomes .
- PSU framework tightened in 2024 (maximum raised to 200%, ROE maximum threshold increased from 10% to 12%) to encourage outperformance in a challenging rate environment, raising the performance bar rather than easing targets .
- Stringent clawbacks and prohibitions on hedging/pledging reduce misalignment and mitigate governance risk; share ownership guidelines require meaningful “skin in the game” ($500k for non‑CEO executive officers) .
Investment Implications
- Alignment: PSUs tied equally to ROE and Relative TSR against a defined mortgage REIT peer set (e.g., Starwood Property Trust, Blackstone Mortgage Trust, Rithm Capital, Redwood Trust, Two Harbors) should keep incentives correlated with economic profitability and market‑relative performance .
- Retention and selling pressure: RSUs vest over three years and retirement‑eligible RSUs (>9 months outstanding) continue vesting pro rata, modestly reducing near‑term forced selling pressure; anti‑pledging/hedging rules further temper adverse trading signals .
- Change‑of‑control economics: Double‑trigger acceleration mitigates windfall risk while ensuring protection if displaced; if PMT goes private in a transaction, RSUs fully vest—worth monitoring as a potential event‑driven catalyst .
- Ownership: As of March 5, 2025, Tidmore reported 27,466 total beneficial shares/RSUs; with 86.86M shares outstanding, her stake is small, but PMT’s ownership guidelines and continued vesting support ongoing accumulation and alignment over time .
- Program quality and governance: High say‑on‑pay support (~98% in 2022–2024), independent consultant involvement, and clawbacks indicate robust governance—reducing headline risk around executive pay .
Notes:
- Biographical, role, and education disclosures: .
- Ownership: Form 3 holdings as of 03/05/2025: ; shares outstanding as of 02/17/2025: .
- PSU/RSU design, vesting, and payout mechanics: .
- Governance policies and clawbacks: .
- Company performance metrics: TSR ; NII and pretax income .