The Board of Trustees of PennyMac Mortgage Investment Trust (PMT) declared a cash dividend of $0.47 per common share of beneficial interest for the third quarter of 2015. This dividend will be paid on October 29, 2015 to common shareholders of record as of October 15, 2015.
“PMT's objective is to distribute its income through quarterly dividends that reflect the earnings per share we expect from the present investment portfolio,” said Stanford L. Kurland, PMT's Chairman and Chief Executive Officer. “PMT is well positioned to continue investing in unique mortgage-related investments with differing interest rate sensitivities, such as mortgage servicing rights, front-end credit risk transfers and other mortgage-related securities. Our portfolio is transitioning to these types of investments as opportunities for investing in distressed mortgage loans are diminished. This investment strategy transition is a primary driver in the revision of our dividend level. We believe that our ability to manage investments across this diverse set of strategies distinguishes PMT from other mortgage REITs and should drive increased shareholder value over time.”