PennyMac Mortgage Investment Trust, Calabasas, Calif., a vulture fund that invests in troubled loans, declared a cash dividend of 42 cents a share for the fourth quarter.
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The dividend announcement comes as the REIT's share price approaches its 52-week high of $18.40. (At press time the stock was trading at $18.22.)
Recently, PennyMac agreed to buy a $441 million package of nonperforming mortgages from Citigroup for an undisclosed price.
Around the same time the deal was struck, PennyMac entered into a $125 million repurchase agreement with Citibank, N.A.
Founded by former Countrywide Financial president, Stanford Kurland, PennyMac went public in 2009. The company has affiliates that service and originate loans.
