PennyMac Mortgage Investment Trust: Series C Preferred Shares Offer Safety And Decent Upside

  • PennyMac Mortgage Investment Trust allocates equity across three principal investment strategies. In contrast to robust earnings since Q1 2023, Q1 2025 results were impacted by mark-to-market losses, resulting in poor preferred dividend coverage. Even so, the cumulative nature of preferred dividends and strong underlying profitability have allowed PennyMac to pay preferred dividends in full in recent years.