PennyMac Mortgage Investment cuts dividend by 14.9%

PennyMac Mortgage Investment Trust (NYSE: PMT) announced today that its Board of Trustees declared a cash dividend of $0.40 per common share of beneficial interest for the fourth quarter of 2022. This dividend will be paid on January 27, 2023, to common shareholders of record as of December 30, 2022.

“PMT’s objective is to distribute its income through quarterly dividends that reflect the earnings per share we expect from our current investment strategies,” said Chairman and CEO David Spector. “While the dividend was reduced as a result of current projections for PMT’s earnings and taxable income, we believe a quarterly dividend of $0.40 per common share remains an attractive component of PMT’s total return potential. Additionally, we remain confident in our ability to continue successfully managing investments across a diverse set of mortgage-related strategies to drive increased shareholder value over the longer-term.”