Financial Data and Key Metrics Changes - The company reported a net income of $42 million for Q4 2025, translating to a 13% annualized return on common equity, with diluted earnings per share at $0.48, exceeding the quarterly dividend of $0.40 per share [2][10] - Book value per share increased to $15.25 at year-end from $15.16 on September 30 [2] - The total debt-to-equity ratio rose to approximately 10-to-1 from 9-to-1 at the end of Q3 2025, reflecting growth in non-recourse debt associated with securitizations [15] Business Line Data and Key Metrics Changes - The company completed 19 securitizations in 2025, totaling $6.7 billion in UPB, a significant increase from 2 securitizations in 2024 [3] - Retained investments from securitizations grew to $528 million, up nearly tenfold from $54 million in 2024 [3] - The correspondent production segment reported a pre-tax loss of $1 million due to spread widening on jumbo loans and lower overall channel margins [12] Market Data and Key Metrics Changes - Approximately 60% of shareholders' equity is deployed to seasoned investments in MSRs and GSE credit risk transfer investments, with MSRs accounting for 46% of shareholders' equity [5] - The weighted average coupon of the loans underlying the MSR investment is 3.9%, providing stable cash flows [5] - The UPB of loans acquired from PFSI's correspondent production totaled $3.7 billion, with $2.9 billion being conventional conforming volume [12] Company Strategy and Development Direction - The company aims to optimize returns by recycling capital into higher-yielding assets, targeting ROEs in the 13%-15% range [8] - The relationship with PFSI is highlighted as a competitive advantage, providing a consistent pipeline of loans for investment [4] - The company expects to complete approximately 30 securitizations in 2026, with targeted returns on equity for retained investments in the low to mid-teens [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate earnings that support dividends and drive long-term shareholder value [9] - The company anticipates that prepayment speeds will remain elevated but expects to offset declines in profitability through additional recapture [17][18] - Management noted that the market for securitizations remains robust, with stable to tightening spreads in the non-agency space [43] Other Important Information - The company raised $150 million of new unsecured financing during the quarter [14] - The MSR asset at year-end was valued at $3.6 billion, slightly down from the prior quarter due to higher levels of runoff [11] Q&A Session Summary Question: Return expectations for the interest rate strategy - Management indicated that prepayments are expected to remain elevated, but they plan to offset profitability declines through additional recapture from PFSI [17][18] Question: Competition in the non-agency space - Management noted healthy competition from companies like Rocket Mortgage and UWM, but stated that they have been outperforming in terms of originations [23][24] Question: Financing costs for securitization - Management described the financing market as competitive, with a focus on risk management through facilities that minimize mark-to-market risk [30][31] Question: MSR sales for risk management - Management is open to considering MSR sales if higher returning assets are available, highlighting their agility in managing the portfolio [37][38] Question: Spread behavior in the non-agency market - Management reported stable to tightening spreads in the non-agency space, supporting continued securitization activity [43]

OceanFirst Financial Corp. 4Q 2025 Earnings Release Supplement(1) January 2026 (1) The 4Q 2025 Earnings Release Supplement should be read in conjunction with the Earnings Release furnished as Exhibit 99.1 to the Form 8-K filed with the SEC on January 22, 2026. OCEANFIRST BANK | January 22, 2026 Exhibit 99.2 . . . 1 OceanFirst Bank Legal Disclaimer . . . FORWARD LOOKING STATEMENTS. In addition to historical information, this presentation contains certain forward-looking statements within the meaning of the P ...

Core Insights - Freddie Mac published the NAIC 2025 filing year designations for certain STACR Notes, indicating a strong performance in credit risk transfer [1][2] Group 1: STACR Notes Designation - Out of 213 reviewed STACR Notes, 207 achieved NAIC 1 Designation, while 6 received NAIC 2 Designation [2] - One of the STACR Notes with NAIC 2 Designation, STACR 2024-DNA2 M2B, was previously assigned NAIC 1 [2] - The related MACR Note, STACR 2024-DNA2 M2, maintained its NAIC 1 Designation for year-end 2025 [2] Group 2: Credit Risk Transfer Programs - Freddie Mac's CRT programs transfer credit risk from U.S. taxpayers to global private capital, enhancing stability and affordability in the housing market [3] - The Single-Family CRT market was established with the issuance of the first STACR notes in July 2013, followed by the introduction of ACIS in November 2013 [3] - These programs attract institutional investors and (re)insurance companies globally, showcasing their industry leadership [3] Group 3: Company Mission and Impact - Freddie Mac's mission is to make homeownership possible for families across the nation, promoting liquidity and stability in the housing market [4] - Since its inception in 1970, Freddie Mac has assisted millions of families in buying, renting, or retaining their homes [4]

Core Insights - Freddie Mac's Single-Family credit risk transfer (CRT) issuance reached nearly $5.1 billion in 2025, including five STACR and six ACIS transactions, providing credit protection on $163 billion of unpaid principal balance of single-family mortgages [1][2] Group 1: 2025 Performance - The company executed three tender offers for approximately $3.0 billion aggregate original principal amount of STACR notes and call options on five STACR transactions valued at approximately $0.5 billion, along with 18 ACIS transactions with a risk in force of approximately $1.5 billion [2] - As of September 30, 2025, approximately 62 percent of the Freddie Mac Single-Family mortgage portfolio was covered by credit enhancement [3] - Since its inception, the Single-Family CRT program has transferred approximately $118 billion of credit risk on more than $3.6 trillion of single-family mortgages through over 200 STACR and ACIS transactions [4] Group 2: Future Plans - For 2026, the company plans to issue one to two STACR and ACIS transactions per quarter and continue the tender offer program while evaluating calls when eligible [5] - The Single-Family CRT programs aim to transfer credit risk to global private capital via securities and (re)insurance policies, enhancing stability, liquidity, and affordability in the U.S. housing market [6]

Core Insights - Enact Holdings, Inc. has secured approximately $170 million in excess of loss reinsurance coverage from a panel of third-party reinsurance providers, effective January 1, 2027, for new insurance written in the 2027 book year [1] - The reinsurance coverage is part of the company's credit risk transfer strategy, which aims to manage risk effectively while delivering value to stakeholders [2] - Enact operates primarily through its subsidiary, Enact Mortgage Insurance Corporation, and is committed to supporting homeownership in the U.S. through private mortgage insurance [3] Company Overview - Enact Holdings, Inc. is a leading provider of private mortgage insurance in the U.S., operating since 1981 [3] - The company focuses on partnering with lenders to provide superior service, underwriting expertise, and risk management [3] - Enact is headquartered in Raleigh, North Carolina, and aims to positively impact communities by helping more people achieve homeownership [3]

Financial Performance - Essent Group Ltd reported net income of $195.3 million for 2Q25, compared to $175.4 million in 1Q25[5] - The annualized Return on Equity (ROE) increased to 13.8% in 2Q25 from 12.5% in 1Q25[5] - The combined ratio for the U S Mortgage Insurance portfolio improved to 22.1% in 2Q25 from 31.8% in 1Q25[5] - The book value per share has grown at an annualized rate of 18.2% since December 31, 2013, reaching $56.98 as of June 2025[9] Portfolio and Risk Management - The U S Mortgage Insurance In Force (IIF) reached $246.8 billion in 2Q25, up from $244.7 billion in 1Q25[5] - New Insurance Written (NIW) increased to $12.5 billion in 2Q25 from $9.9 billion in 1Q25[5] - The portfolio default rate decreased slightly to 2.12% in 2Q25 from 2.19% in 1Q25[5] - 97% of the Insurance In Force (IIF) is subject to reinsurance protection as of June 30, 2025[5,30,33] Capital and Liquidity - Shareholders' equity remained stable at $5.7 billion in both 1Q25 and 2Q25[5] - The company has ample liquidity, with $1.0 billion in cash and investments available for sale at the holding companies[32] - The PMIERs sufficiency ratio was 176% in 2Q25, compared to 172% in 1Q25[5]

Financial Data and Key Metrics Changes - For Q2 2025, the company reported a net loss to common shareholders of $3 million, translating to a loss per share of $0.04, primarily due to fair value declines and a non-recurring tax adjustment of $14 million [2][11] - The book value per share as of June 30 was $15, a slight decrease from March 31 [2] - The company declared a common dividend of $0.40 per share for the second quarter [2] Business Line Data and Key Metrics Changes - The Credit Sensitive Strategies contributed $22 million to pretax income, while interest rate sensitive strategies reported a pretax loss of $5 million [11] - Gains from organically created Credit Risk Transfer (CRT) investments were $17 million, with $9 million from realized gains and $8 million from market-driven value changes [11] - The company completed three securitizations totaling $1.1 billion in UPB, retaining $71 million in new investments [4] Market Data and Key Metrics Changes - Total correspondent loan acquisition volume was $30 billion in Q2, up 30% from the previous quarter [12] - PMT retained 17% of total conventional correspondent production in Q2, down from 21% in Q1 [13] - The weighted average coupon of mortgages underlying MSRs was 3.9%, indicating borrowers have little incentive to refinance [6] Company Strategy and Development Direction - The company aims to execute one securitization of agency eligible non-owner occupied loans per month and one jumbo loan securitization per quarter, focusing on leveraging organic investment creation abilities [5] - PMT's structure allows efficient capital deployment into long-term mortgage assets without the operational burdens of origination and servicing [3] - The company is positioned to continue growing its private label securitization market presence, having been a top three issuer of prime non-agency MBS [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a volatile market by leveraging competitive advantages, including a diversified investment portfolio and strong risk management practices [10] - The company expects to maintain a stable dividend level of $0.40, supported by projected taxable income and investment strategies [40] - Management noted that realized losses are expected to remain limited due to the overall credit strength of consumers and substantial home equity accumulation [8] Other Important Information - The fair value of PMT's MSR asset at the end of the quarter was $3.8 billion, slightly down from March 31 [12] - Delinquency rates for the MSR portfolio remain low, attributed to strong consumer credit and home price appreciation [8] - The company issued $105 million in unsecured senior notes due in February 2030 [15] Q&A Session Summary Question: Discussion on non-agency securitization opportunity and returns - Management noted that non-agency subordinate MBS experienced credit spread tightening despite rate volatility, with expected returns in the mid to low teens [18][19] Question: Retained interest on jumbo loans - The company retained a senior mezzanine tranche on the jumbo securitization, indicating a likely trend of retaining a greater portion of interest in future securitizations based on capital deployment [21][22] Question: Sustainability of the $0.40 dividend level - Management remains comfortable with the $0.40 dividend level, citing stability in taxable income and expected returns from investments [40]