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Pennymac Mortgage Investment Trust | 8.00% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (PMT.PRB)

Prospectus excerpt:  We are offering to the public 7,000,000 of our 8.00% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share, which we refer to in this prospectus supplement as the Series B Preferred Shares. This is an original issuance of the Series B Preferred Shares. From, and including, the date of original issuance to, but not including, June 15, 2024, we will pay cumulative dividends on the Series B Preferred Shares at a fixed rate of 8.00% per annum based on the $25.00 per share liquidation preference, or $2.00 per share. From, and including, June 15, 2024 and thereafter, we will pay cumulative dividends on the Series B Preferred Shares at a floating rate equal to three-month LIBOR (as defined herein) as calculated on each applicable dividend determination date (as defined herein) plus a spread of 5.99% per annum based on the $25.00 per share liquidation preference. We will pay quarterly cumulative dividends on the Series B Preferred Shares, in arrears, on the 15th day of each March, June, September and December, commencing on September 15, 2017 (provided that if any dividend payment date is not a business day, then the dividend that would otherwise have been payable on that dividend payment date may be paid on the next succeeding business day).

Full Prospectus PDF », Secondary Prospectus PDF », PMT Page »

Series:B
Alternate symbology:PMT-B, PMT-PB, PMTprB
Redeemable?:Yes
Call Date:6/15/2024
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:7,000,000
Overallotment:1,050,000
Liquidation Preference:$25.00
Recent Market Price:$22.74
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-2.26 (-9.04%)
Annualized Dividend:2
Recent Ex-Date:2/29/2024
Current Yield:8.80%
Original Coupon:8.00%
Pay Period:Quarterly
Pay Dates:15-Mar, 15-Jun, 15-Sep, 15-Dec
CDx3 Compliance Rating: Learn PMT.PRB's Rating
PennyMac Mortgage Investment Trust is a holding company. Through its subsidiaries, Co. is a finance company that invests primarily in mortgage-related assets. Co. conducts substantially all of its operations, and makes substantially all of its investments, through PennyMac Operating Partnership, L.P. and its subsidiaries. Co.'s business includes three segments: credit sensitive strategies, which includes Co.'s investments in credit risk transfer; interest rate sensitive strategies, which includes Co.'s investments in mortgage servicing rights; and correspondent production, which represents Co.'s operations aimed at serving as an intermediary between lenders and the capital markets.

Preferreds: PMT.PRA, PMT.PRB, PMT.PRC


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Name: 
Pennymac Mortgage Investment Trust
Website: 
www.pennymacmortgageinvestmenttrust.com
Sector: 
REITs
Number of ETFs Holding PMT: 
46 (see which ones)
Total Market Value Held by ETFs: 
$322,855,656.08
Total Market Capitalization: 
$1,186,000,000
% of Market Cap. Held by ETFs: 
27.22%

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