Two Funds Buy Stakes in PennyMac

Published September 17, 2009, 1:48 p.m. EDT

1 Min Read

Two different funds have bought stakes in PennyMac, Calabasas, Calif., the publicly traded real estate investment trust that invests in and services distressed mortgage assets.

According to recent filings with the Securities and Exchange Commission, Legg Mason Capital Management now owns 7.14% of the company and Highbridge International of the Cayman Islands, 4.74%.

Since going public this summer, PennyMac's shares have been thinly traded on the New York Stock Exchange.

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The company was founded more than two years ago by former Countrywide Financial Corp. president Stanford Kurland. Kurland owns 207,290 shares in the company.

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