Comparing PennyMac Pfd C And Its New Note

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Introduction

REITs and especially mREITs, should do well if the US can return to a normal up-sloping yield curve without the economy slipping into a recession which would increase late or skipped payments from mortgagees. Investors who believe the first will occur

Factor Note PFD C PFD A PFD B
Call Date 9/30/25 8/24/26 3/15/24 6/15/24
Coupon 8.50% 6.75% 8.125% 8.00%
Price $25.23 $19.50 $23.64 $23.78
Yield 8.4% 8.7% 8.6% 8.4%
YTC 7.9% 17.3% 37.2% 19.5%

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