PennyMac Mortgage Investment Trust Declares Third Quarter 2019 Dividend for Its Common Shares
September 24 2019 - 8:30AM
Business Wire
PennyMac Mortgage Investment Trust (NYSE: PMT) announced today
that its Board of Trustees declared a cash dividend of $0.47 per
common share of beneficial interest for the third quarter of 2019.
This dividend will be paid on October 30, 2019, to common
shareholders of record as of October 14, 2019.
About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust is a mortgage real estate
investment trust (REIT) that invests primarily in residential
mortgage loans and mortgage-related assets. PMT is externally
managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary
of PennyMac Financial Services, Inc. (NYSE: PFSI). Additional
information about PennyMac Mortgage Investment Trust is available
at www.PennyMac-REIT.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, regarding management’s beliefs, estimates, projections
and assumptions with respect to, among other things, the Company’s
financial results, future operations, business plans and investment
strategies, as well as industry and market conditions, all of which
are subject to change. Words like “believe,” “expect,”
“anticipate,” “promise,” “plan,” and other expressions or words of
similar meanings, as well as future or conditional verbs such as
“will,” “would,” “should,” “could,” or “may” are generally intended
to identify forward-looking statements. Actual results and
operations for any future period may vary materially from those
projected herein and from past results discussed herein. Factors
which could cause actual results to differ materially from
historical results or those anticipated include, but are not
limited to: changes in the Company’s investment objectives or
investment or operational strategies, including any new lines of
business or new products and services that may subject it to
additional risks; the occurrence of natural disasters or other
events or circumstances that could impact the Company’s operations;
volatility in the Company’s industry, the debt or equity markets,
the general economy or the real estate finance and real estate
markets specifically, whether the result of market events or
otherwise; events or circumstances which undermine confidence in
the financial and housing markets or otherwise have a broad impact
on financial and housing markets, such as the sudden instability or
collapse of large depository institutions or other significant
corporations, terrorist attacks, natural or man-made disasters, or
threatened or actual armed conflicts; changes in general business,
economic, market, employment and domestic and international
political conditions, or in consumer confidence and spending habits
from those expected; declines in real estate or significant changes
in U.S. housing prices or activity in the U.S. housing market; the
availability of, and level of competition for, attractive
risk-adjusted investment opportunities in loans and
mortgage-related assets that satisfy the Company’s investment
objectives; the inherent difficulty in winning bids to acquire
loans, and the Company’s success in doing so; the concentration of
credit risks to which the Company is exposed; the degree and nature
of the Company’s competition; the Company’s dependence on its
manager and servicer, potential conflicts of interest with such
entities and their affiliates, and the performance of such
entities; changes in personnel and lack of availability of
qualified personnel at its manager, servicer or their affiliates;
the availability, terms and deployment of short-term and long-term
capital; the adequacy of the Company’s cash reserves and working
capital; the Company’s ability to maintain the desired relationship
between its financing and the interest rates and maturities of its
assets; the timing and amount of cash flows, if any, from the
Company’s investments; unanticipated increases or volatility in
financing and other costs, including a rise in interest rates; the
performance, financial condition and liquidity of borrowers; the
ability of the Company’s servicer, which also provides the Company
with fulfillment services, to approve and monitor correspondent
sellers and underwrite loans to investor standards; incomplete or
inaccurate information or documentation provided by customers or
counterparties, or adverse changes in the financial condition of
the Company’s customers and counterparties; the Company’s
indemnification and repurchase obligations in connection with loans
it purchases and later sells or securitizes; the quality and
enforceability of the collateral documentation evidencing the
Company’s ownership and rights in the assets in which it invests;
increased rates of delinquency, default and/or decreased recovery
rates on the Company’s investments; the performance of loans
underlying mortgage-backed securities in which the Company retains
credit risk; the Company’s ability to foreclose on its investments
in a timely manner or at all; increased prepayments of the
mortgages and other loans underlying the Company’s mortgage-backed
securities or relating to the Company’s mortgage servicing rights,
excess servicing spread and other investments; the degree to which
the Company’s hedging strategies may or may not protect it from
interest rate volatility; the effect of the accuracy of or changes
in the estimates the Company makes about uncertainties,
contingencies and asset and liability valuations when measuring and
reporting upon the Company’s financial condition and results of
operations; the Company’s ability to maintain appropriate internal
control over financial reporting; the Company’s exposure to risks
of loss and disruptions in operations resulting from adverse
weather conditions and man-made or natural disasters; technologies
for loans and the Company’s ability to mitigate security risks and
cyber intrusions; the Company’s ability to obtain and/or maintain
licenses and other approvals in those jurisdictions where required
to conduct its business; the Company’s ability to detect misconduct
and fraud; the Company’s ability to comply with various federal,
state and local laws and regulations that govern its business;
developments in the secondary markets for the Company’s mortgage
loan products; legislative and regulatory changes that impact the
mortgage loan industry or housing market; changes in regulations or
the occurrence of other events that impact the business, operations
or prospects of government agencies such as the Government National
Mortgage Association, the Federal Housing Administration or the
Veterans Administration, the U.S. Department of Agriculture, or
government-sponsored entities such as the Federal National Mortgage
Association or the Federal Home Loan Mortgage Corporation, or such
changes that increase the cost of doing business with such
entities; the Dodd-Frank Wall Street Reform and Consumer Protection
Act and its implementing regulations and regulatory agencies, and
any other legislative and regulatory changes that impact the
business, operations or governance of mortgage lenders and/or
publicly-traded companies; the Consumer Financial Protection Bureau
and its issued and future rules and the enforcement thereof;
changes in government support of homeownership; changes in
government or government-sponsored home affordability programs;
limitations imposed on the Company’s business and its ability to
satisfy complex rules for it to qualify as a REIT for U.S. federal
income tax purposes and qualify for an exclusion from the
Investment Company Act of 1940 and the ability of certain of the
Company’s subsidiaries to qualify as REITs or as taxable REIT
subsidiaries for U.S. federal income tax purposes, as applicable,
and the Company’s ability and the ability of its subsidiaries to
operate effectively within the limitations imposed by these rules;
changes in governmental regulations, accounting treatment, tax
rates and similar matters (including changes to laws governing the
taxation of REITs, or the exclusions from registration as an
investment company); the Company’s ability to make distributions to
its shareholders in the future; the Company’s failure to deal
appropriately with issues that may give rise to reputational risk;
and the Company’s organizational structure and certain requirements
in its charter documents. You should not place undue reliance on
any forward-looking statement and should consider all of the
uncertainties and risks described above, as well as those more
fully discussed in reports and other documents filed by the Company
with the Securities and Exchange Commission from time to time. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements or any other information contained
herein, and the statements made in this press release are current
as of the date of this release only.
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version on businesswire.com: https://www.businesswire.com/news/home/20190924005404/en/
Media Janis Allen (805) 330-4899
Investors Isaac Garden (818) 224-7028
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