
PennyMac Mortgage Investment Trust Series A Preferred offers a compelling risk-reward at current levels, trading at $20.02—well below its $25 call value. PMT-A delivers a current yield of approximately 10.15%, with potential for significant price appreciation if the dividend floats in the future. I assign a risk rating of 3, acknowledging unique circumstances and higher risk relative to safer preferreds, but see the upside as justifying additional exposure.










