Pennymac Mortgage Investment Trust's Series A Preferred Shares Cross 9% Yield Mark

PMT.PRA (Pennymac Mortgage Investment Trust 8.125% Series A fixed-to-floating preferred) traded Monday yielding above 9% based on its quarterly dividend annualized to $2.0313. The security's 8.125% coupon and the >9% market yield reflect pricing in the mortgage REIT preferreds space; this is a security-/sector-specific pricing note with limited broader-market implications.

Analysis

PMT.PRA (Pennymac Mortgage Investment Trust 8.125% Series A fixed-to-floating preferred) traded Monday yielding above 9% based on its quarterly dividend annualized to $2.0313. The security's 8.125% coupon and the >9% market yield reflect pricing in the mortgage REIT preferreds space; this is a security-/sector-specific pricing note with limited broader-market implications.