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PennyMac Mortgage Investment Trust, 8.125% Series A Fix/Float Cumul Red Pfd Shrs
Ticker Symbol: PMT-A     CUSIP: 70931T301     Exchange: NYSE
Security Type:   Traditional Preferred Stock

QUANTUMONLINE.COM SECURITY DESCRIPTION:  PennyMac Mortgage Investment Trust, 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25 per share, redeemable at the issuer's option on or after 3/15/2024 at $25 per share plus accrued and unpaid dividends, and with no stated maturity.

Cumulative distributions at a fixed rate equal to 8.125% per annum ($2.03125 per annum or $0.5078125 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date that will be the first day of the calendar month in which the payment date falls (NOTE: the ex-dividend date is one business day prior to the record date). From 3/15/2024 dividends will be paid at a floating rate equal to three-month LIBOR plus 5.831% per annum.

Dividends paid by preferreds issued by REITs are 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.

Upon the occurrence of a change of control the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details).

This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock
Exchange
Cpn Rate
Ann Amt
LiqPref
CallPrice
Call Date
Matur Date
Moodys/S&P
Dated
Distribution Dates 15%
Tax Rate
NYSE
Chart
8.13%
$2.03
$25.00
$25.00
3/15/2024
None
NR NF
5/21/2023
3/15, 6/15, 9/150 & 12/15
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
No

Go to Parent Company's Record (PMT)

Notes:  August 25, 2023 -- In March 2021, the U.K.'s Financial Conduct Authority announced that after June 30, 2023, the USD LIBOR for a three-month tenor would cease publication or no longer be representative. In connection with the cessation of representative USD LIBOR, in March 2022, the U.S. Congress enacted the Adjustable Interest Rate (LIBOR) Act (the "LIBOR Act”), and in December 2022 the Board of Governors of the Federal Reserve System (the "Federal Reserve") issued a final rule thereunder (the "LIBOR Rule”). The LIBOR Rule provides with respect to any reference in the terms of a security requiring a poll or inquiries for quotes or information related to USD LIBOR (“Polling Provisions”) contained in so called “fallback provisions” applicable in the event USD LIBOR is not published, such Polling Provisions shall be disregarded and deemed null and void and without any force or effect. In accordance with the Articles Supplementary for each of the Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Series A Preferred Shares”) and the Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Series B Preferred Shares”), and disregarding the Polling Provisions contained therein, the applicable dividend rate for dividend periods from and after March 15, 2024, in the case of the Series A Preferred Shares, or June 15, 2024, in the case of the Series B Preferred Shares, shall be calculated at the dividend rate in effect for the immediately preceding dividend period. As a result, the Series A Preferred Shares and Series B Preferred Shares will continue to accumulate dividends from and after March 15, 2024, in the case of the Series A Preferred Shares, or June 15, 2024, in the case of the Series B Preferred Shares, at their current annual fixed rate and will not transition to a floating reference rate.

IPO - 3/9/2017 - 4.60 Million Shares @ $25.00 /share.    Link to IPO Prospectus
Previous Ticker Symbol: PNNYP    Changed: 3/13/2017
Market Value $ Million

Company's Online Information Links
HOME PAGE:     https://pennymacmortgageinvestmenttrust.com
Company's Investor Relations Information Go to Investor Relations Information
Company's Online News Releases Go to News Releases
Online Company Profile Go to Online Profile

Company's Online SEC EDGAR Filings
Company's SEC EDGAR Filings Go to SEC Filings

Company's Email Address Links
Email Address InvestorRelations@pnmac.com
Email Request Form on Website Go to Email Form

Address and Phone Numbers
Address:   3043 Townsgate Road, Westlake Village, CA 91361
Main Phone Number 818-224-7442
Fax Number Not Available
Investor Relations   Kevin Chamberlain 818-224-7028
CEO - David A. Spector CFO - Daniel S. Perotti


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