Do not add the underlying APR to the implied yield

You hold a PT to maturity. Which of these do you receive?

• The discount plus the underlying's yield until maturity
• The discount only, paid as one accounting unit per PT at maturity, if redemption works
• The underlying's yield only

Pendle's underlying APY is written as interest APY plus reward APR. Does that plus sign let you add the underlying APY to the implied APY?

• Yes, Pendle adds rates in its own formula
• No: that sum describes what the underlying token earns, and it stays on the underlying's line
• Only if both rates are on a 7-day window