Text on screen: PIMCO
Footer Overlay: PIMCO provides services only to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized.
Text on screen: Mortgage-related investments
Images on screen: Residential neighborhoods
Text on screen: Absolute and relative return
DAN: In, today's environment where mortgage related investments offer significant absolute return and relative return versus other credit alternatives, and we think there's a place for this type of risk across a variety of portfolios
Text on screen: Daniel J. Ivascyn, Group Chief Investment Officer
high quality opportunities that are going to be resilient even during periods of economic stress, as well as alternative strategies or higher return strategies where you can take a bit more risk.
Text on screen: $14T U.S. residential mortgage market, $20T ABF fast-growing universe
NARRATOR: The $14T U.S. residential mortgage market is the cornerstone of the fast-growing, $20T asset-based finance universe.
Images on screen: College campus, grocery store, auto dealership
Asset-based investments, including those backed by mortgages, student loans, , and other forms of consumer lending, provide crucial funding across the economy, and can offer investors resilient returns and diversification to traditional forms of private credit.
Text on screen: Jason Steiner, Portfolio Manager, Residential Credit
JASON: if you don't have a good grasp on you know, the housing market being that the house is typically the largest asset that most consumers have on their balance sheet, and you don't have a good grasp on the mortgage market, which is obviously the largest liability that many borrowers have on their balance sheet.
You know, you can't invest in the mortgage market, you can't invest in consumer credit.
Images on screen: Residential neighborhoods, signing a loan
DAN: If you know that a household has tremendous equity in their home, you're willing to give them a consumer loan, you're willing to give them a parent cosign student loans.
When you're focusing on mortgages, when you underwrite that risk well,
Then there's a lot of strongly related investments that offer, you know, good yield and diversification opportunities for investors as well.
Text on screen: 70s & 80s One of the earliest investors in mortgage-backed securities, LATE 90s Dan Ivascyn joins PIMCO and leads build-out of asset-backed securities team, 2005 Launch housing project to demystify activities in housing, $300B+ RMBS AUM, 2006 Applied deep expertise with securitized lending to invest in private ABF opportunities, 200+ Securitizations, 2008 Capitalized on distress in RMBS/CMBS/ABS markets, 2010-2012 Pivoted platform to step in where banks retreated
NARRATOR: PIMCO is one of the world’s largest investors in the mortgage market, first investing in residential mortgage-backed securities in 1975 and now managing over $300B in RMBS AUM.
Also a leading investor in private residential loans and sponsor or participant in over 200 securitizations, PIMCO is a trusted partner to mortgage lenders and strategically positioned to bring the best risk-adjusted opportunities in this sector to our clients.
Images on screen: Financial Chart with Market Data, 1970 residential neighborhood, foreclosure sign outside of a house
Text on screen: 54 years in business, pioneer in mortgage market
JASON: PIMCO has been a leader and a pioneer in the mortgage market, really going back to the 1970s, right? Early investing in agency mortgage backed securities through the financial crisis where we're investing in distressed, you know, distressed legacy non-agency mortgage back securities.
And then the rebuilding of the mortgage market post-financial crisis, where we've been a leading investor
Images on screen: PIMCO trade floor
Text on screen: 1: Distinct Vantage Point, 2. Data-Driven Intelligence, 3. Engineered for Advantage
NARRATOR: Our advantage comes down to three qualities – our distinct vantage point across public and private markets, our intelligence based on decades of data, and how we put our experience and ecosystem to work for our clients.
Images on screen: Sunset over the mountains through camera lens, PIMCO trade floor
Text on screen: 1: Distinct Vantage Point, Dual-market lens
Our dual-market lens allows us to see relative value that others may not. Combined with the access born through our scale and reach, we can be selective across opportunities.
JASON: the flexibility of capital that we have at PIMCO has given us a real unique edge in terms of relative value.
There's opportunities that at the top of the capital structure, investment grade portions of securitizations, there's opportunities in investing in more illiquid parts of the mortgage market in mortgage loans and mortgage servicing rights and in mortgage platforms.
And having the ability and the flexibility to navigate across different forms of investments also makes you a better investor over time as well.
No opportunities are too small for us. No opportunities are too large for us. It's all about sourcing the right risk at the right price.
Images on screen: Line grid, pulsating circles
Text on screen: 2. Data-Driven Intelligence, Proprietary MODELS, BILLIONS of data points
NARRATOR: We ground this perspective in proprietary models built on billions of data points, gathered over decades of investing in residential mortgages and private credit.
DAN: When you have databases spanning multiple decades consumer credit other forms of household credit and mortgage credit new technology, AI and other tools allows you to merge data sets like you've never been able to do before.
Images on screen: Residential neighborhoods, PIMCO trade floor
Get a very, very precise understanding of not only mortgages, how much equities within that respective property, but the overall household's credit profile.
Images on screen: PIMCO trade floor
Text on screen: Our ecosystem, relationships & resources
NARRATOR: This all then comes to life through our people and our ecosystem. Forged across market cycles, we’ve built the relationships and resources needed to access favorable lending terms, execute on opportunities and adeptly navigate even the most challenging market moments.
DAN: Myself, you many other members of the PIMCO team had been involved in these mortgage markets through multiple cycles.
Text on screen: 3. Engineered for Advantage
We've seen excess develop, we've seen the need and the importance of doing very, very granular analysis with a sense of paranoia around what could even happen from a servicing or a policy perspective. And again, it's embedded in our culture.
Images on screen: PIMCO trade floor
Text on screen: a leader,
A lot of history and experience in markets, a lot of deep technology, data analysis and historical data from being involved to being a leader in this space, we think leads to a very strong client value proposition.
Text on screen: PIMCO
Disclosure
The investment strategies discussed herein are speculative and involve a high degree of risk, including a loss of some or all capital. Investments in any asset classes described herein may be volatile, and investors should have the financial ability and be willing to accept such risks.
All investments contain risk and may lose value. Investments in asset-based lending and asset-backed instruments are subject to a variety of risks that may adversely affect the performance and value of the investment. These risks include, but are not limited to, credit risk, liquidity risk, interest rate risk, operational risk, structural risk, sponsor risk, monoline wrapper risk, and other legal risks. Asset-backed securities across various asset classes may not achieve business objectives or generate returns, and their performance can be significantly impacted by fluctuations in interest rates. Investments in residential and commercial mortgage loans, as well as commercial real estate debt, are subject to risks that include prepayment, delinquency, foreclosure, risks of loss, servicing risks, and adverse regulatory developments. These risks may be heightened in the case of non-performing loans. Investments in mortgage and asset-backed securities are highly complex instruments that may be sensitive to changes in interest rates and are subject to early repayment risk. Structured products, such as collateralized debt obligations, are also highly complex instruments that typically involve a high degree of risk; the use of these instruments may involve derivative instruments that could result in losses exceeding the principal amount invested. Private credit involves investments in non-publicly traded securities, which may be subject to illiquidity risk. Portfolios that invest in private credit may be leveraged and may engage in speculative investment practices that increase the risk of investment loss. Additionally, investments in private credit may be subject to real estate-related risks, which include new regulatory or legislative developments, the attractiveness and location of properties, the financial condition of tenants, potential liability under environmental and other laws, as well as natural disasters and other factors beyond a manager’s control. Investing in banks and related entities is a highly complex field subject to extensive regulation, and investments in such entities may give rise to control person liability and other risks. Investing in distressed loans and bankrupt companies is speculative, and the repayment of default obligations contains significant uncertainties. High-yield, lower-rated securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Collateralized Loan Obligations (CLOs) may involve a high degree of risk and are intended for sale to qualified investors only. Investors may lose some or all of their investment, and there may be periods during which no cash flow distributions are received. These investments are exposed to risks such as credit, default, liquidity, management, volatility, interest rate, and credit risk.
Statements concerning financial market trends or portfolio strategies are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.
Certain information contained herein concerning economic trends and/or data is based on or derived from information provided by independent third-party sources. PIMCO believes that the sources from which such information has been obtained are reliable; however, it cannot guarantee the accuracy of such information and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based.
This material contains the opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed.
PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. | Pacific Investment Management Company LLC, 650 Newport Center Drive, Newport Beach, CA 92660 is regulated by the United States Securities and Exchange Commission. | PIMCO Europe Ltd (Company No. 2604517, 11 Baker Street, London W1U 3AH, United Kingdom) is authorised and regulated by the Financial Conduct Authority (FCA) (12 Endeavour Square, London E20 1JN) in the UK. The services provided by PIMCO Europe Ltd are not available to retail investors, who should not rely on this communication but contact their financial adviser. Since PIMCO Europe Ltd services and products are provided exclusively to professional clients, the appropriateness of such is always affirmed. | PIMCO Europe GmbH (Company No. 192083, Seidlstr. 24-24a, 80335 Munich, Germany) is authorized and regulated by the German Federal Financial Supervisory Authority (BaFin) (Marie- Curie-Str. 24-28, 60439 Frankfurt am Main) in Germany in accordance with Section 15 of the German Securities Institutions Act (WpIG). PIMCO Europe GmbH Italian Branch (Company No. 10005170963, Via Turati nn. 25/27 (angolo via Cavalieri n. 4) 20121 Milano, Italy), PIMCO Europe GmbH Irish Branch (Company No. 909462, 57B Harcourt Street Dublin D02 F721, Ireland), PIMCO Europe GmbH UK Branch (Company No. FC037712, 11 Baker Street, London W1U 3AH, UK), PIMCO Europe GmbH Spanish Branch (N.I.F. W2765338E, Paseo de la Castellana 43, Oficina 05-111, 28046 Madrid, Spain), PIMCO Europe GmbH French Branch (Company No. 918745621 R.C.S. Paris, 50–52 Boulevard Haussmann, 75009 Paris, France) and PIMCO Europe GmbH (DIFC Branch) (Company No. 9613, Index Tower Floor 10, unit 1001 Dubai International Financial Centre, Dubai, United Arab Emirates) are additionally supervised by: (1) Italian Branch: the Commissione Nazionale per le Società e la Borsa (CONSOB) (Giovanni Battista Martini, 3 - 00198 Rome) in accordance with Article 27 of the Italian Consolidated Financial Act; (2) Irish Branch: the Central Bank of Ireland (New Wapping Street, North Wall Quay, Dublin 1 D01 F7X3) in accordance with Regulation 43 of the European Union (Markets in Financial Instruments) Regulations 2017, as amended; (3) UK Branch: the Financial Conduct Authority (FCA) (12 Endeavour Square, London E20 1JN); (4) Spanish Branch: the Comisión Nacional del Mercado de Valores (CNMV) (Edison, 4, 28006 Madrid) in accordance with obligations stipulated in articles 168 and 203 to 224, as well as obligations contained in Title V, Section I of the Law on the Securities Market (LSM) and in articles 111, 114 and 117 of Royal Decree 217/2008, respectively, (5) French Branch: ACPR/Banque de France (4 Place de Budapest, CS 92459, 75436 Paris Cedex 09) in accordance with Art. 35 of Directive 2014/65/EU on markets in financial instruments and under the surveillance of ACPR and AMF and (6) DIFC Branch: Regulated by the Dubai Financial Services Authority ("DFSA") (Level 13, West Wing, The Gate, DIFC) in accordance with Art. 48 of the Regulatory Law 2004. The services provided by PIMCO Europe GmbH are available only to professional clients as defined in Section 67 para. 2 German Securities Trading Act (WpHG). They are not available to individual investors, who should not rely on this communication. According to Art. 56 of Regulation (EU) 565/2017, an investment company is entitled to assume that professional clients possess the necessary knowledge and experience to understand the risks associated with the relevant investment services or transactions. Since PIMCO Europe GMBH services and products are provided exclusively to professional clients, the appropriateness of such is always affirmed. | PIMCO (Schweiz) GmbH (registered in Switzerland, Company No. CH-020.4.038.582-2, Brandschenkestrasse 41 Zurich 8002, Switzerland). According to the Swiss Collective Investment Schemes Act of 23 June 2006 (“CISA”), an investment company is entitled to assume that professional clients possess the necessary knowledge and experience to understand the risks associated with the relevant investment services or transactions. Since PIMCO (Schweiz) GmbH services and products are provided exclusively to professional clients, the appropriateness of such is always affirmed. The services provided by PIMCO (Schweiz) GmbH are not available to retail investors, who should not rely on this communication but contact their financial adviser. | PIMCO Asia Pte Ltd (8 Marina View, #30-01, Asia Square Tower 1, Singapore 018960, Registration No. 199804652K) is regulated by the Monetary Authority of Singapore as a holder of a capital markets services licence and an exempt financial adviser. The asset management services and investment products are not available to persons where provision of such services and products is unauthorised. | PIMCO Asia Limited (Suite 2201, 22nd Floor, Two International Finance Centre, No. 8 Finance Street, Central, Hong Kong) is licensed by the Securities and Futures Commission for Types 1, 4 and 9 regulated activities under the Securities and Futures Ordinance. PIMCO Asia Limited is registered as a cross-border discretionary investment manager with the Financial Supervisory Commission of Korea (Registration No. 08-02-307). The asset management services and investment products are not available to persons where provision of such services and products is unauthorised. | PIMCO Investment Management (Shanghai) Limited. Office address: Suite 7204, Shanghai Tower, 479 Lujiazui Ring Road, Pudong, Shanghai 200120, China (Unified social credit code: 91310115MA1K41MU72) is registered with Asset Management Association of China as Private Fund Manager (Registration No. P1071502, Type: Other). | PIMCO Australia Pty Ltd ABN 54 084 280 508, AFSL 246862. This publication has been prepared without taking into account the objectives, financial situation or needs of investors. Before making an investment decision, investors should obtain professional advice and consider whether the information contained herein is appropriate having regard to their objectives, financial situation and needs. To the extent it involves Pacific Investment Management Co LLC (PIMCO LLC) providing financial services to wholesale clients, PIMCO LLC is exempt from the requirement to hold an Australian financial services licence in respect of financial services provided to wholesale clients in Australia. PIMCO LLC is regulated by the Securities and Exchange Commission under US laws, which differ from Australian laws. | PIMCO Japan Ltd, Financial Instruments Business Registration Number is Director of Kanto Local Finance Bureau (Financial Instruments Firm) No. 382. PIMCO Japan Ltd is a member of Japan Investment Advisers Association, The Investment Trusts Association, Japan and Type II Financial Instruments Firms Association. All investments contain risk. There is no guarantee that the principal amount of the investment will be preserved, or that a certain return will be realized; the investment could suffer a loss. All profits and losses incur to the investor. The amounts, maximum amounts and calculation methodologies of each type of fee and expense and their total amounts will vary depending on the investment strategy, the status of investment performance, period of management and outstanding balance of assets and thus such fees and expenses cannot be set forth herein. | PIMCO Taiwan Limited is an independently operated and managed company. The reference number of business license of the company approved by the competent authority is (112) Jin Guan Tou Gu Xin Zi No. 015 . The registered address of the company is 40F., No.68, Sec. 5, Zhongxiao East Rd., Xinyi District, Taipei City 110, Taiwan (R.O.C.), and the telephone number is +886 2 8729-5500. | PIMCO Canada Corp. (199 Bay Street, Suite 2050, Commerce Court Station, P.O. Box 363, Toronto, ON, M5L 1G2) services and products may only be available in certain provinces or territories of Canada and only through dealers authorized for that purpose. | Note to Readers in Colombia: This document is provided through the representative office of Pacific Investment Management Company LLC located at Carrera 7 No. 71-52 TB Piso 9, Bogota D.C. (Promoción y oferta de los negocios y servicios del mercado de valores por parte de Pacific Investment Management Company LLC, representada en Colombia.). | Note to Readers in Brazil: PIMCO Latin America Administradora de Carteiras Ltda.Av. Brg. Faria Lima, 3477 Itaim Bibi, São Paulo - SP 04538-132 Brazil. | Note to Readers in Argentina: This document may be provided through the representative office of PIMCO Global Advisors LLC AVENIDA CORRIENTES, 299, Buenos Aires, Argentina. | No part of this publication may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. ©2026, PIMCO.
CMR2026-0422-5359144