PennyMac Mortgage Investment Trust (PMT) Earnings Call Transcript & Summary

Good morning. My name is David Spector, and I'm the President and Chief Executive Officer of PennyMac Mortgage Investment Trust. At this time, I would like to call the meeting to order. I will chair today's Annual Meeting of Shareholders for PennyMac Mortgage Investment Trust. And Derek Stark, our Chief Legal Officer will act as Secretary. I would now like to turn the meeting over to Mr. Stark.

Thank you, David. Our transfer agent has provided an affidavit confirming that the notice of this meeting, proxy statement, proxy card, return envelope and annual report were mailed on April 3, 2020, to all shareholders of record as of the close of business on March 16, 2020. A copy of this affidavit and copies of the material mailed will be placed with the records of this meeting. In addition, on April 28, 2020, we filed supplemental proxy materials informing our shareholders that today's annual meeting will be held in a virtual-only meeting format. Isaac Garden, our Head of Investor Relations, has been appointed to serve as the Inspector of Elections for the meeting and has previously taken his oath as Inspector of Elections. A list of the company's shareholders of record on March 16, 2020, is available for inspection by any shareholder during the annual meeting at our virtual meeting website. In addition, Mr. Garden has informed me that at least a majority of the company's issued and outstanding shares entitled to vote is represented in person or by proxy at today's meeting. Since a majority of the company's shares is represented here today, a quorum is present. The 3 items for consideration today are: one, the election of 3 Class II trustees, Preston DuFauchard, Nancy McAllister and Stacey D. Stewart, each for a term expiring at the 2023 Annual Meeting of Shareholders; two, the ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2020; and three, the approval by nonbinding vote of our executive compensation. The Board recommends a vote for the election of each of the 3 trustees, for the ratification of Deloitte & Touche LLP as our independent registered public accounting firm and for our executive compensation. Any shareholder participating online may vote your shares during the annual meeting up until the closing of the polls on our virtual meeting website. At this point, I'll allow about 30 seconds for anyone else to get their votes [Audio Gap] [Voting]

The voting polls for all items of business to be conducted at this meeting are now closed. The votes will now be tabulated. As it pertain to the results, the preliminary report indicates that the election of the 3 trustees was approved, the ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2020, was approved, the executive compensation by nonbinding vote was approved. A written report of the final vote count will be included in the minutes. David?

We have not received any questions related to the items of business set forth on the agenda. That concludes our formal 2020 Annual Meeting of Shareholders. I hereby declare this meeting adjourned. Thank you very much.

Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time and have a great day.