Market Overview

PennyMac Mortgage Investment Trust Declares Third Quarter 2018 Dividends for Its Preferred Shares

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PennyMac Mortgage Investment Trust (NYSE:PMT) announced today that its
Board of Trustees has declared cash dividends for the third quarter of
2018 on its 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable
Preferred Shares of Beneficial Interest (the "Series A Preferred
Shares") (NYSE:PMT) and its 8.00% Series B Fixed-to-Floating Rate
Cumulative Redeemable Preferred Shares of Beneficial Interest (the
"Series B Preferred Shares") (NYSE:PMT).

In accordance with the terms for each preferred series, the dividend
information is as follows:

         
Annual
Series Ticker Dividend Rate   Dividend Per Share Record Date Payment Date
A PMT PrA 8.125% $0.507813 September 1, 2018 September 17, 2018
B PMT PrB 8.000% $0.500000 September 1, 2018 September 17, 2018
 

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 controlled 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
our investment objectives or investment or operational strategies,
including any new lines of business or new products and services that
may subject us to additional risks; volatility in our industry, the debt
or equity markets, the general economy or the real estate finance and
real estate markets specifically; events or circumstances which
undermine confidence in the financial markets or otherwise have a broad
impact on financial markets; changes in general business, economic,
market, employment and 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 mortgage loans and
mortgage-related assets that satisfy our investment objectives; the
inherent difficulty in winning bids to acquire mortgage loans, and our
success in doing so; the concentration of credit risks to which we are
exposed; the degree and nature of our competition; the availability,
terms and deployment of short-term and long-term capital; the adequacy
of our cash reserves and working capital; our ability to maintain the
desired relationship between our financing and the interest rates and
maturities of our assets; the timing and amount of cash flows, if any,
from our investments; unanticipated increases or volatility in financing
and other costs, including a rise in interest rates; the performance,
financial condition and liquidity of borrowers; incomplete or inaccurate
information or documentation provided by customers or counterparties, or
adverse changes in the financial condition of our customers and
counterparties; changes in the number of investor repurchases or
indemnifications and our ability to obtain indemnification or demand
repurchase from our correspondent sellers; increased rates of
delinquency, default and/or decreased recovery rates on our investments;
increased prepayments of the mortgages and other loans underlying our
mortgage-backed securities or relating to our mortgage servicing rights,
excess servicing spread and other investments; our exposure to market
risk and declines in credit quality and credit spreads; the degree to
which our hedging strategies may or may not protect us from interest
rate volatility; the effect of the accuracy of or changes in the
estimates we make about uncertainties, contingencies and asset and
liability valuations when measuring and reporting upon our financial
condition and results of operations; changes in regulations or the
occurrence of other events that impact the business, operation or
prospects of government sponsored enterprises; changes in government
support of homeownership; changes in governmental regulations,
accounting treatment, tax rates and similar matters; our ability to
mitigate cybersecurity risks and cyber incidents; our exposure to risks
of loss with real estate investments resulting from adverse weather
conditions and man-made or natural disasters; our ability to satisfy
complex rules in order to qualify as a REIT for U.S. federal income tax
purposes; our ability to make distributions to our shareholders in the
future; and our organizational structure and certain requirements in our
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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