PennyMac Mortgage Investment Trust (NYSE: PMT) today reported a
net loss attributable to common shareholders of $600.9 million, or
$5.99 per common share for the first quarter of 2020, on net
investment losses of $506.5 million. PMT previously announced a
cash dividend for the first quarter of 2020 of $0.25 per common
share of beneficial interest, which was declared on March 25, 2020
and paid on April 30, 2020 to common shareholders of record as of
April 15, 2020.
First Quarter 2020 Highlights
Financial results:
- Net loss attributable to common shareholders of $600.9 million,
versus net income attributable to common shareholders of $52.4
million in the prior quarter
- Driven by non-cash fair value losses on government-sponsored
enterprise (GSE) credit risk transfer (CRT) investments related to
the COVID-19 crisis, partially offset by outsized results in the
interest rate sensitive strategies segment resulting from
substantial gains on interest rate hedge instruments and record
correspondent production results
- Book value per common share of $15.16 at March 31, 2019, down
from $21.37 at December 31, 2019
Other investment and financing highlights:
- Investment activity driven by strong correspondent production
volumes
- Conventional correspondent loan production totaled $18.0
billion in unpaid principal balance (UPB), down 20 percent from the
prior quarter and up 100 percent from the first quarter of
2019
- CRT deliveries totaled $14.7 billion in UPB, resulting in a
firm commitment to purchase $555 million of CRT securities
- Added $249 million of new mortgage servicing rights (MSR)
investments
- Raised $5.6 million in February through the “At-The-Market”
equity program, issuing 241,000 shares at a weighted average price
of $23.46; repurchased approximately 783,000 PMT common shares in
March at a weighted average price of $7.39, or a total cost of $5.8
million
Notable activity after quarter end:
- Retired the 5.375% senior exchangeable unsecured notes due May
1, 2020
- Repurchased $123.6 million in principal of the notes at a
weighted average price of 98.6 percent of par value, resulting in
total savings of approximately $2.2 million
- Repaid the remaining $126.4 million in principal of the notes
on the maturity date (May 1)
“PMT’s financial results in the first quarter reflected the
extreme market dislocations resulting from the COVID-19 crisis and
were driven by non-cash fair value losses on CRT investments
partially offset by outstanding performance from the interest rate
sensitive strategies and correspondent production,” said President
and CEO David Spector. “We believe that the fair value losses
recognized on our CRT investments in the first quarter are outsized
compared to the additional losses from borrower defaults that we
expect to incur over the life of these investments. Furthermore,
PFSI, PMT’s manager and subservicer, is well-positioned to
refinance qualifying borrowers and successfully manage forbearance
and other assistance programs to reduce the likelihood of borrower
default and ultimate credit losses.”
Mr. Spector continued, “We believe that PMT’s performance during
this crisis and the strength of PMT’s liquidity and capital
position are the direct result of our manager’s steadfast focus on
risk management, including interest rate, credit and operational
risk disciplines, throughout our more than 10-year history. Unlike
other market participants, PMT has not sold any assets to raise
liquidity; and as a result of the innovative term financing
structure we put in place, PMT has not been subject to margin calls
for its CRT investments. While we have curtailed new investments in
CRT, recent market dislocations have expanded the opportunity for
PMT as certain competitors have limited or reduced their
participation in what was already a capacity constrained industry.
Looking ahead, we expect improved financial performance and are
confident in the return potential of PMT’s investment
strategies.”
The following table presents the contributions of PMT’s
segments, consisting of Credit Sensitive Strategies, Interest Rate
Sensitive Strategies, Correspondent Production, and Corporate:
Quarter ended March 31, 2020 Credit
sensitive strategies Interest
rate sensitive strategies Correspondent production Corporate Consolidated (in
thousands) Net investment (loss) income: Net (loss) gain
on investments: CRT investments
$
(979,805
)
$
-
$
-
$
-
$
(979,805
)
Loans at fair value
(1,142
)
-
-
-
(1,142
)
Loans held by variable interest entity net of asset-backed secured
financing
-
(941
)
-
-
(941
)
Mortgage-backed securities
(3,138
)
119,105
-
-
115,967
Hedging derivatives
64,976
(45
)
-
-
64,931
Excess servicing spread investments
-
(14,141
)
-
-
(14,141
)
(919,109
)
103,978
-
-
(815,131
)
Net loan servicing fees
-
244,572
-
-
244,572
Net gain on loans acquired for sale
(32,306
)
-
81,081
-
48,775
Net interest (expense) income: Interest income
6,556
33,241
31,407
919
72,123
Interest expense
(14,566
)
(41,608
)
(24,309
)
(585
)
(81,068
)
(8,010
)
(8,367
)
7,098
334
(8,945
)
Other income
166
-
23,988
58
24,212
(959,259
)
340,183
112,167
392
(506,517
)
Expenses: Loan fulfillment and servicing fees payable to
PennyMac Financial Services, Inc.
301
14,220
41,940
-
56,461
Management fees payable to PennyMac Financial Services, Inc.
-
-
-
9,055
9,055
Other
911
1,182
4,918
5,381
12,392
$
1,212
$
15,402
$
46,858
$
14,436
$
77,908
Pretax (loss) income
$
(960,471
)
$
324,781
$
65,309
$
(14,044
)
$
(584,425
)
Credit Sensitive Strategies Segment
The Credit Sensitive Strategies segment primarily includes
results from CRT, and also includes distressed loans and non-Agency
subordinated bonds. Pretax loss for the segment was $960.5 million
on net investment loss of $959.3 million, versus pretax income of
$38.9 million on net investment income of $40.0 million in the
prior quarter.
Net loss on investments in the segment was $919.1 million,
versus a net gain on investments of $33.7 million in the prior
quarter.
Net loss on CRT investments for the quarter was $979.8 million,
versus net gain of $36.9 million in the prior quarter, and included
$969.2 million in valuation-related losses which reflects
significant changes in the market’s discount rate and expectation
for credit losses resulting from the COVID-19 crisis. Net loss on
CRT investments also included $55.9 million in realized gains and
carry, up from $52.5 million in the prior quarter. Recognized
losses were $1.5 million, compared to $1.7 million in the prior
quarter.
The Company is curtailing new CRT investments as the Federal
Housing Finance Agency has instructed Fannie Mae and Freddie Mac to
gradually wind down front-end lender risk share transactions such
as PMT’s by the end of this year; while CRT deliveries totaled
$14.7 billion in UPB for the first quarter, future deliveries in
2020 are expected to total approximately $3 billion in UPB.
The net loss on CRT investments was partially offset by a $65.0
million net gain on hedging derivatives.
PMT’s distressed loan portfolio generated realized and
unrealized losses totaling $1.1 million, compared to losses of $1.0
million in the prior quarter.
The Credit Sensitive Strategies segment also recorded a net loss
on loans acquired for sale of $32.3 million versus a net gain of
$17.8 million in the prior quarter. These amounts represent the
recognition of the fair value of firm commitment to acquire CRT
securities for deliveries during the first quarter; a related $5.7
million in net gain was attributed to the Correspondent Production
segment, down from $15.6 million in the prior quarter.
Net interest expense for the segment totaled $8.0 million, down
from $11.5 million in the prior quarter. Interest income totaled
$6.6 million, down from $9.0 million in the prior quarter, and
interest expense totaled $14.6 million, down from $20.5 million in
the prior quarter, driven primarily by lower short-term interest
rates.
Segment expenses were $1.2 million, up from $1.0 million in the
prior quarter.
Interest Rate Sensitive Strategies Segment
The Interest Rate Sensitive Strategies segment includes results
from investments in MSRs, excess servicing spread (ESS), Agency
mortgage-backed securities (MBS), non-Agency senior MBS and
interest rate hedges. Pretax income for the segment was $324.8
million on revenues of $340.2 million, compared to pretax income of
$12.3 million on revenues of $26.6 million in the prior quarter.
The segment includes investments that typically have offsetting
fair value exposures to changes in interest rates. For example, in
a period with decreasing interest rates, MSRs and ESS typically
decrease in fair value whereas Agency MBS typically increase in
fair value.
The results in the Interest Rate Sensitive Strategies segment
consist of net gains and losses on investments, net interest income
and net loan servicing fees, as well as associated expenses.
Net gain on investments for the segment was $104.0 million, and
consisted of $119.1 million of gains on MBS, partially offset by
$14.1 million of losses in the fair value of ESS investments, and
$1.0 million of losses on loans held by variable interest entity
net of asset-backed secured financing and in the fair value of
hedging derivatives.
Net loan servicing fees were $244.6 million, up from $20.6
million in the prior quarter. Net loan servicing fees included
increased servicing fees of $94.5 million primarily driven by a
larger portfolio, and $7.2 million in other fees, reduced by $64.0
million in realization of MSR cash flows, which was up 8 percent
from the prior quarter. Net loan servicing fees also included a
$563.2 million decrease in the fair value of MSRs, more than offset
by $767.2 million in related hedging gains and $2.9 million of MSR
recapture income. PMT’s hedging activities are intended to manage
the Company’s net exposure across all interest rate sensitive
strategies, which include MSRs, ESS and MBS.
The following schedule details net loan servicing fees:
Quarter ended March 31, 2020 December 31, 2019
March 31, 2019 (in thousands) From non-affiliates:
Servicing fees (1)
$
94,469
$
90,822
$
61,272
Other fees
7,191
7,489
3,208
Effect of MSRs: Carried at fair value—change in fair value
Realization of cashflows
(63,955
)
(59,248
)
(40,821
)
Other
(563,246
)
129,292
(96,508
)
(627,201
)
70,044
(137,329
)
Gains (losses) on hedging derivatives
767,186
(149,970
)
41,135
139,985
(79,680
)
(96,194
)
241,645
18,385
(31,714
)
From PFSI—MSR recapture income
2,927
2,207
634
Net loan servicing fees
$
244,572
$
20,592
$
(31,080
)
(1) Includes contractually specified servicing fees
MSR and ESS valuation losses were primarily driven by
expectations for increased prepayment activity in the future
related to lower interest rates and increased discount rates
demanded by market participants. PMT benefited from higher
recapture income from PFSI for elevated prepayment activity during
the quarter. PMT generally benefits from recapture income when the
prepayment of a loan underlying PMT’s MSR or ESS results from
refinancing by PFSI.
Net interest expense for the segment was $8.4 million, compared
to net interest income of $5.1 million in the prior quarter.
Interest income totaled $33.2 million, down from $43.7 million in
the prior quarter, primarily driven by decreased income from
custodial deposits due to lower earnings rates. Interest expense
totaled $41.6 million, up from $38.7 million in the prior quarter,
primarily driven by increased financing expenses related to a
larger MBS portfolio.
Segment expenses were $15.4 million, up slightly from the prior
quarter.
Correspondent Production Segment
PMT acquires newly originated loans from correspondent sellers
and typically sells or securitizes the loans, resulting in
current-period income and additions to its investments in MSRs and
CRT related to a portion of its production. PMT’s Correspondent
Production segment generated pretax income of $65.3 million, up
from $23.0 million in the prior quarter.
Through its correspondent production activities, PMT acquired
$29.8 billion in UPB of loans originated by nonaffiliates, down 20
percent from the prior quarter and up 100 percent from the first
quarter of 2019. Of total correspondent acquisitions, conventional
conforming and jumbo acquisitions from nonaffiliates totaled $16.2
billion, and government-insured or guaranteed acquisitions totaled
$13.6 billion, down from $20.5 billion and $16.7 billion,
respectively, in the prior quarter. PMT also acquired $1.9 billion
of conventional loans originated by PennyMac Financial; PMT does
not expect to purchase conventional loans originated by PFSI in
upcoming quarters. Interest rate lock commitments on conventional
loans totaled $19.1 billion, down from $19.7 billion in the prior
quarter and up from $9.0 billion in the first quarter of 2019.
Segment revenues were $112.2 million, a 28 percent increase from
the prior quarter and included net gain on loans acquired for sale
of $81.1 million, other income of $24.0 million, which primarily
consists of volume-based origination fees, and net interest income
of $7.1 million. Net gain on loans acquired for sale in the quarter
increased by $33.7 million from the prior quarter, driven by
significantly higher margins. Interest income was $31.4 million,
down from $41.6 million in the prior quarter from lower rates and
interest expense was $24.3 million, down from $33.4 million in the
prior quarter driven by lower conventional acquisition volumes.
Segment expenses were $46.9 million, down from $64.5 million in
the prior quarter driven by the decrease in production volumes as
well as a decrease in the weighted average fulfillment fee during
the quarter. The weighted average fulfillment fee rate in the first
quarter was 26 basis points, down from 28 basis points in the prior
quarter.
Corporate Segment
The Corporate segment includes interest income from cash and
short-term investments, management fees, and corporate
expenses.
Segment net investment income was $0.4 million, versus net
investment income of $0.9 million in the prior quarter.
Management fees were $9.1 million, down 12 percent from the
prior quarter primarily driven by decreased incentive fees paid to
PFSI based on PMT’s financial performance.
Other segment expenses were $5.4 million, down from $5.6 million
in the prior quarter.
Taxes
PMT recorded income tax expense of $10.2 million compared to
$0.7 million in the prior quarter as a result of recording
additional valuation allowance against PMT’s net operating loss
carryforwards.
***
Management’s slide presentation will be available in the
Investor Relations section of the Company’s website at
www.pennymac-REIT.com beginning at 1:30 p.m. (Pacific Time) on
Thursday, May 7, 2020.
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: our exposure to risks of loss and disruptions in
operations resulting from adverse weather conditions, man-made or
natural disasters, climate change and pandemics such as COVID-19;
the impact to our CRT agreements of increased borrower requests for
forbearance under the CARES Act; 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; 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 manmade 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 mortgage loans and
mortgage-related assets that satisfy the Company’s investment
objectives; the inherent difficulty in winning bids to acquire
mortgage 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
mortgage 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 mortgage 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; 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.
PENNYMAC MORTGAGE INVESTMENT
TRUST AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
March 31, 2020 December 31, 2019 March 31,
2019 (in thousands except share amounts) ASSETS
Cash
$
1,099,380
$
104,056
$
68,538
Short-term investments
137,960
90,836
29,751
Mortgage-backed securities at fair value
3,947,420
2,839,633
2,589,106
Loans acquired for sale at fair value
2,856,042
4,148,425
1,435,071
Loans at fair value
251,423
270,793
398,664
Excess servicing spread received from PennyMac Financial Services,
Inc.
157,109
178,586
205,081
Derivative and credit risk transfer strip assets
173,310
202,318
188,710
Firm commitment to purchase credit risk transfer securities at fair
value
-
109,513
79,784
Real estate acquired in settlement of loans
50,838
65,583
72,175
Real estate held for investment
-
-
42,346
Deposits securing credit risk transfer arrangements
1,855,936
1,969,784
1,137,283
Mortgage servicing rights
1,157,326
1,535,705
1,156,908
Servicing advances
39,030
48,971
37,392
Due from PennyMac Financial Services, Inc.
3,512
2,760
3,345
Other
189,202
204,388
111,833
Total assets
$
11,918,488
$
11,771,351
$
7,555,987
LIABILITIES Assets sold under agreements to repurchase
$
6,348,192
$
6,648,890
$
4,179,829
Mortgage loan participation and sale agreements
-
-
73,142
Exchangeable senior notes
444,525
443,506
248,652
Notes payable secured by credit risk transfer and mortgage
servicing assets
1,967,526
1,696,295
739,224
Asset-backed financing of a variable interest entity at fair value
232,565
243,360
275,509
Interest-only security payable at fair value
14,134
25,709
32,564
Assets sold to PennyMac Financial Services, Inc. under agreement to
repurchase
99,766
107,512
125,929
Derivative and credit risk transfer strip liabilities
462,639
6,423
8,750
Firm commitment to purchase credit risk transfer securities at fair
value
409,649
-
-
Accounts payable and accrued liabilities
40,534
91,149
74,294
Due to PennyMac Financial Services, Inc.
56,223
48,159
29,951
Income taxes payable
12,067
1,819
32,866
Liability for losses under representations and warranties
7,300
7,614
7,688
Total liabilities
10,095,120
9,320,436
5,828,398
SHAREHOLDERS' EQUITY Preferred shares of beneficial interest
299,707
299,707
299,707
Common shares of beneficial interest—authorized, 500,000,000 common
shares of $0.01 par value; issued and outstanding 99,941,390,
100,182,227 and 68,412,435 common shares, respectively
998
1,002
684
Additional paid-in capital
2,126,264
2,127,889
1,431,887
(Accumulated deficit) retained earnings
(603,601
)
22,317
(4,689
)
Total shareholders' equity
1,823,368
2,450,915
1,727,589
Total liabilities and shareholders' equity
$
11,918,488
$
11,771,351
$
7,555,987
PENNYMAC MORTGAGE INVESTMENT
TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)
For the Quarterly Periods Ended March 31, 2020
December 31, 2019 March 31, 2019 (in thousands,
except per share amounts) Investment (Loss) Income Net
(loss) gain on investments:
$
(815,131
)
$
34,682
$
95,093
Net loan servicing fees: Servicing fees
104,587
98,311
64,480
Change in fair value of mortgage servicing rights
139,985
(79,926
)
(96,194
)
244,572
18,385
(31,714
)
Net gain on loans acquired for sale:
48,775
65,337
21,323
Loan origination fees
23,928
31,959
12,938
Interest income
72,123
95,210
63,081
Interest expense
81,068
92,582
54,739
Net interest (expense) income
(8,945
)
2,628
8,342
Results of real estate acquired in settlement of loans
32
(526
)
(1,480
)
Other
252
364
1,482
Net investment (loss) income
(506,517
)
152,829
105,984
Expenses Earned by PennyMac Financial Services, Inc.: Loan
fulfillment fees
41,940
58,297
27,574
Loan servicing fees
14,521
13,695
10,570
Management fees
9,055
10,314
7,248
Loan origination
4,249
5,382
2,277
Safekeeping
1,658
1,729
736
Professional services
1,496
1,066
1,327
Loan collection and liquidation
750
218
1,584
Compensation
519
1,513
1,969
Other
3,720
3,551
3,466
Total expenses
77,908
95,765
56,751
(Loss) income before provision for (benefit from) income taxes
(584,425
)
59,271
49,233
Provision for (benefit from) income taxes
10,248
674
(3,660
)
Net (loss) income
(594,673
)
58,597
52,893
Dividends on preferred shares
6,234
6,235
6,234
Net (loss) income attributable to common shareholders
$
(600,907
)
$
52,362
$
46,659
Earnings per share Basic
$
(5.99
)
$
0.56
$
0.73
Diluted
$
(5.99
)
$
0.55
$
0.68
Weighted average shares outstanding Basic
100,245
93,169
64,629
Diluted
100,245
101,865
73,371
Dividends declared per common share
$
0.25
$
0.47
$
0.47
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200507006125/en/
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