Saxon Capital, Inc. Announces Second Quarter 2006 Dividend and Payment Information
23 Juin 2006 - 12:19AM
Business Wire
Saxon Capital, Inc. ("Saxon" or the "Company") (NYSE:SAX), a
residential mortgage lending and servicing real estate investment
trust (REIT), today announced that its Board of Directors has
declared a quarterly cash dividend of $0.50 per share for the
quarter ended June 30, 2006, payable on July 13, 2006 to
shareholders of record at the close of business on July 3, 2006.
From time to time, special dividends may be distributed in order to
remain in compliance with REIT requirements. For 2006, the Company
expects to estimate its taxable income and declare any such
dividend in the last month of each quarter. This schedule is
subject to change, and specific record and payable dates will be
announced each time dividends are declared by the Board of
Directors. Certain shareholders may be required to report a portion
of Saxon's dividend to taxing authorities as "Excess Inclusion
Income." Below are some potential tax consequences to certain
shareholders as a result of the characterization of a portion of
our dividends as excess inclusion income. The Company strongly
urges you to consult your tax advisor regarding the tax
consequences of your ownership of shares of the Company's common
stock. -- Tax-exempt shareholders will be subject to unrelated
business taxable income (commonly referred to as UBTI) with respect
to such excess inclusion income; -- Non-U.S. shareholders will be
subject to the 30 percent U.S. federal withholding tax on this
income without reduction under any otherwise applicable income tax
treaty; and -- U.S. shareholders, including taxpaying entities,
will not be able to offset such excess inclusion income with net
operating losses or otherwise allowable deductions. Tax Disclaimer
The information contained above should not be construed as tax
advice and is not a substitute for careful tax planning. You should
consult your own tax advisor regarding the specific federal, state,
local, foreign and other tax consequences to you regarding your
ownership of shares of the Company's common stock. About Saxon
Saxon is a residential mortgage lender and servicer that manages a
portfolio of mortgage assets. Saxon purchases, securitizes, and
services real property secured mortgages and elects to be treated
as a real estate investment trust (REIT) for federal tax purposes.
The Company is headquartered in Glen Allen, Virginia and has
additional primary facilities in Fort Worth, Texas and Foothill
Ranch, California. Saxon's mortgage loan production subsidiary,
Saxon Mortgage, Inc., originates and purchases loans through
indirect and direct lending channels using a network of brokers,
correspondents, and its retail lending centers. As of March 31,
2006, Saxon's servicing subsidiary, Saxon Mortgage Services, Inc.,
serviced a mortgage loan portfolio of $26.8 billion. For more
information, visit www.saxonmortgage.com. Information Regarding
Forward Looking Statements Statements in this news release other
than statements of historical fact, are "forward-looking
statements" that are based on current expectations and assumptions.
These expectations and assumptions are subject to risks and
uncertainty, which could affect Saxon's future plans. Saxon's
actual results and the timing and occurrence of expected events
could differ materially from its plans and expectations due to a
number of factors, such as (i) changes in overall economic
conditions and interest rates, (ii) Saxon's ability to successfully
implement its growth strategy, (iii) Saxon's ability to sustain
loan origination growth at levels sufficient to absorb costs of
production and operational costs, (iv) continued availability of
credit facilities and access to the securitization markets or other
funding sources, (v) deterioration in the credit quality of Saxon's
loan portfolio, (vi) lack of access to the capital markets for
additional funding, (vii) challenges in successfully expanding
Saxon's servicing platform and technological capabilities, (viii)
Saxon's ability to remain in compliance with federal tax
requirements applicable to REITs, (ix) Saxon's ability and the
ability of its subsidiaries to operate effectively within the
limitations imposed on REITs by federal tax rules, (x) changes in
federal income tax laws and regulations applicable to REITs, (xi)
unfavorable changes in capital market conditions, (xii) future
litigation developments, (xiii) competitive conditions applicable
to Saxon's industry, and (xiv) changes in the applicable legal and
regulatory environment. You should also be aware that all
information in this news release is as of June 22, 2006. Saxon
undertakes no duty to update any forward-looking statement to
conform the statement to actual results or changes in the Company's
expectations.
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