Business: PennyMac Mortgage Investment Trust 8.50% Senior Notes due 2028 guaranteed by PennyMac Corp (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee) redeemable at the issuer's option on or after 09/30/2025 at $25 per note plus accrued and unpaid interest, and maturing 09/30/2028. <p> Interest distributions of 8.50% per annum ($2.125 per annum or $0.53125 per quarter) will be paid quarterly on 3/30, 6/30, 9/30 & 12/30 to holders of record on the record date that will be 3/15, 6/15, 9/15 & 12/15 (NOTE: the ex-dividend date is the record date). <p> Distributions paid by these debt securities are interest and as such 5are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. <p> This security was not rated by Moody’s or S&P at the time of its IPO. This security was rated as BBB+ by Egan-Jones Ratings Co. at the date of its IPO. The Notes are unsecured and unsubordinated obligations of the company and will rank equally with all existing and future unsecured and unsubordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.