UWM Holdings Corporation Q4 2025 Earnings Call Summary - Moby Strategic Performance and Operational Evolution Achieved fourth consecutive year as the top overall U.S. lender by focusing on the 100% broker model and scaling production to $163.4 billion in originations. Attributed net income performance to strong operational execution, which was partially offset by a $435 million MSR write-down for the full year. Positioned the pending Two Harbors acquisition as a strategic inflection point designed t ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a GAAP net loss of $1.56 per share and a distributable loss of $0.71 per share, with distributable earnings prior to realized gains and losses at $0.02 per share [10] - The held for investment loan portfolio decreased to $3.7 billion at December 31, down from $4.3 billion at September 30 and $6.1 billion at year-end 2024 [10] - The total CECL reserve on loans receivable held for investment increased from $308 million, or 6.8% of UPB at September 30, to $443 million, or 10.9% of UPB at year-end [19] Business Line Data and Key Metrics Changes - Office exposure decreased from $859 million to $589 million, and land exposure decreased from $489 million to $187 million [11] - The company resolved 11 watch list loans, representing an aggregate UPB of $1.3 billion, exceeding the $2 billion resolution target for 2025 by achieving $2.5 billion in total resolutions [4][14] Market Data and Key Metrics Changes - The company observed encouraging indicators in the property market, including a reduction in new supply, tightening credit spreads, and improving financing costs for new originations [7] - Increased demand for industrial space and significant investments in areas such as artificial intelligence and domestic manufacturing were noted as positive trends for the real estate market [8] Company Strategy and Development Direction - The company aims to position itself to evaluate new lending opportunities towards the end of 2026 while focusing on asset management and resolving watch list loans [9] - The financing agreement with HPS extends the maturity of corporate debt to 2030, providing flexibility to execute the business plan [6][22] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic but cautious about the macroeconomic backdrop, anticipating a gradual improvement in the real estate market rather than an overnight recovery [6] - The company is focused on cleaning up its portfolio to enhance transparency and facilitate better market evaluation [27] Other Important Information - The company retired the Term Loan B, which had a balance of $718 million, and replaced it with a new $500 million senior secured loan from HPS [5][22] - The company generated significant liquidity, increasing its liquidity position to $153 million, despite significant deleveraging [24] Q&A Session Summary Question: Opportunities to create shareholder value outside of resolving the portfolio - Management emphasized the need to clean up the book for better market evaluation before exploring other value creation opportunities [27] Question: Expectations for net interest income (NII) in Q1 2026 - Management indicated that NII is likely to remain lower in the first and second quarters due to ongoing portfolio transitions and resolutions [29][30] Question: Percentage of reserves that could translate into losses over the next 12 months - Management stated that they believe they are appropriately reserved based on past resolutions and current market conditions, but acknowledged the dynamic nature of the environment [32][33] Question: Liquidity levels in 2026 - Management expressed confidence in their liquidity position, indicating a significant cushion over minimum requirements and plans for further deleveraging [45] Question: Changes in expectations for the pace of sales from the REO portfolio - Management noted a more constructive environment for resolving assets but cautioned that transaction volumes are still lower than anticipated [48]

February 18, 2026 The properties above are not representative of all transactions. The information provided herein is as of December 31, 2025, unless otherwise noted. Fourth Quarter 2025 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) Fourth Quarter 2025 Highlights | |  | GAAP net loss of $219.2 million, or $1.56 per share; distributable loss of $101.7 million, or $0.71 per share; and distributable earnings prior | | --- | --- | --- | | | | to realized gains and losses of $2.9 million, or $0.02 per ...

Core Insights - BrightSpire Capital reported a fourth-quarter GAAP net loss of $14.4 million, or $0.12 per share, while adjusted distributable earnings were $19.3 million, or $0.15 per share, indicating a focus on portfolio rotation and new loan originations [5][6][3] Financial Performance - GAAP net book value decreased to $7.30 per share from $7.53 per share in the previous quarter, while undepreciated book value fell to $8.44 per share from $8.68 per share [1] - The company recorded a distributable earnings loss of $35.5 million for the quarter, with specific reserves of approximately $54.9 million and an impairment charge of about $8 million related to property sales [2][3] Asset Management - BrightSpire has reduced watchlist loans and REO exposure to approximately $66 million through accelerated sales and resolutions, with a focus on monetizing assets like the San Jose Hotel [4][7][12] - The company’s REO exposure stood at $315 million at year-end, increasing to about $360 million after a property moved into REO, with plans to market the majority of remaining REO assets [15][16] Loan Originations - Since restarting loan originations, BrightSpire closed 32 new loans totaling $941 million, growing the loan book to approximately $2.7 billion, with a target of $3.5 billion by year-end [8][10][11] - The company is modeling quarterly originations of roughly $300 million to $400 million going forward [11] Capital Markets and Liquidity - BrightSpire closed a $955 million CLO transaction, with liquidity totaling about $168 million, including $98 million in cash [18][19] - The company’s debt-to-assets ratio was reported at 66%, and debt-to-equity was 2.3 times [19] Future Priorities - Management outlined priorities for 2026, including growing the loan book to about $3.5 billion, resolving remaining watchlist and REO assets, and executing a fifth CLO [21] - The company aims to reestablish positive dividend coverage by year-end, with adjusted DE for the full year 2025 totaling $83.6 million, fully covering the annual dividend [20][21]

Core Insights - The company achieved record annual production of $23 billion across its Sequoia, CoreVest, and Aspire platforms, driven by increased market share and expanded originator networks [1] - Capital allocation has successfully transitioned, with over 80% now invested in core mortgage banking and operating activities, up from 57% in 2024 [1] - The company accelerated the wind-down of its legacy investment portfolio, reducing the bridge portfolio principal by nearly 40% in Q4 to unlock capital for higher-return segments [1] Market Position - The company leveraged a competitive moat in the jumbo market to capture approximately 7% market share, benefiting from regional banks choosing distribution over balance sheet retention [1] Operational Efficiency - AI and automation were implemented to reduce document review times by 75% and eliminate 3,000 manual hours, significantly enhancing operating leverage [1] - Gain on sale margins expanded to 127 basis points in the Sequoia segment, reflecting strong execution and the benefits of scaling volumes [1] - The company maintained a capital-efficient 'originate-to-distribute' model with high capital velocity, averaging just 35 days for loans to remain on the balance sheet [1]

Core Insights - Eika Boligkreditt AS has released its interim report for the fourth quarter of 2025, which is accessible online [1] Group 1 - The report provides detailed financial performance metrics for Eika Boligkreditt AS during the fourth quarter of 2025 [1]

Core Viewpoint - NFM Lending is undergoing a strategic leadership transition with Bob Tyson becoming CEO and LaTasha Waddy being appointed as President, while David Silverman remains involved in the organization to focus on long-term strategic vision and technology development [1][2][3]. Group 1: Leadership Transition - Bob Tyson has transitioned from President to Chief Executive Officer effective January 1, 2026 [1]. - LaTasha Waddy has been named President, previously serving as Chief Legal Counsel and Executive Vice President [1]. - David Silverman, the former Founder/CEO, will continue to support the organization while focusing on strategic vision and technology [1][3]. Group 2: Company Commitment - NFM Lending emphasizes that the leadership change will be seamless for business partners, clients, and employees, maintaining a commitment to exceptional service and innovative mortgage solutions [2]. - The company is dedicated to driving innovation in the mortgage industry and thanks its partners, clients, and employees for their ongoing support [3]. Group 3: Company Background - NFM Lending is a national mortgage lending company licensed in 49 states and the District of Columbia, founded in 1998 in Baltimore, Maryland [4]. - The company is recognized for its exceptional service and diverse loan offerings, aiming to help families achieve homeownership [4]. - NFM Lending's success is attributed to its commitment to customers and the community, with a family of companies that includes Main Street Home Loans, Bluprint Home Loans, Element Home Loans, Homespire Home Loans, and Creator Collective [4].

Financial Data and Key Metrics Changes - PennyMac Financial Services Inc. reported a net income of $107 million, or $1.97 per share, for Q4 2025, resulting in a 10% annualized return on equity (ROE) [2][12] - For the full year 2025, pretax income increased by 38%, and net income rose by 61% compared to 2024, with a 12% return on equity and an 11% growth in book value per share [4][12] - The company generated a 10% annualized return on equity in Q4, down from an 18% annualized return in Q3 due to competitive dynamics affecting production margins [2][3] Business Segment Data and Key Metrics Changes - In the production segment, total volumes increased by 25%, leading to a 19% increase in pretax income [4] - The servicing segment saw a 10% growth in the total unpaid principal balance (UPB) of its portfolio, contributing to a 58% increase in pretax income from the previous year [4] - Total acquisition and origination volumes in Q4 were $42 billion in UPB, up 16% from the prior quarter, with total lock volumes at $47 billion, an 8% increase [12][13] Market Data and Key Metrics Changes - The company serviced a combined $312 billion in UPB of loans with note rates above 5%, indicating significant refinancing opportunities as mortgage rates decline [6] - The correspondent channel margins decreased to 25 basis points from 30 basis points in the previous quarter due to increased competition [13] - The number of brokers approved to do business with PennyMac grew to nearly 5,300, reflecting a 17% increase from year-end 2024 [15] Company Strategy and Development Direction - The company is focusing on enhancing its consumer direct channel and leveraging technology investments, particularly in AI, to improve recapture rates and operational efficiency [6][10] - The transition to the Vesta loan origination system is expected to be completed in Q1 2026, which will enhance operational efficiency and scalability [8][10] - PennyMac aims to achieve mid to high teens ROEs later in the year by improving production income and maintaining a disciplined approach to market share [11][28] Management's Comments on Operating Environment and Future Outlook - Management noted that competitive dynamics in the origination market limited expected production margin increases, despite a favorable interest rate environment [3][25] - The company anticipates that the realization of cash flows will remain consistent with Q4 levels, with expectations for continued efficiency gains in servicing [29][65] - Management expressed confidence in the company's ability to adapt to market conditions and capitalize on refinancing opportunities as rates decline [26][52] Other Important Information - The company declared a fourth-quarter common share dividend of $0.30 per share [12] - Total debt to equity at year-end was 3.6 times, with non-funding debt to equity at 1.5 times, both within targeted levels [20] - The company ended the quarter with $4.6 billion in total liquidity, providing significant resources for opportunistic deployment [20] Q&A Session Summary Question: Discussion on increasing capacity in Consumer Direct - Management acknowledged that while they had anticipated increased capacity, the competitive environment was stronger than expected, impacting margins [24][25] Question: Insights on prepayment speeds and market response - Management noted that prepayment speeds were higher than forecasted, driven by competitive dynamics across various loan types [32][35] Question: Structural changes in the industry regarding runoff and originations - Management did not declare a structural change but noted that increased capacity across the industry has affected margins [40][41] Question: Impact of G-fees and loan-level pricing on mortgage rates - Management indicated that while G-fees may not decrease significantly, they are prepared to manage various outcomes and maintain capacity [55][56] Question: First-quarter activity and near-term ROEs - Management reported a good production month in January, with expectations for recapture rates to improve as the year progresses [60][63] Question: FHA delinquencies and their impact - Management explained that the increase in FHA delinquencies was primarily due to policy changes and expected to be a temporary lag [70][72] Question: Buyback authorization status - Management confirmed that there is over $200 million available for buybacks, which they consider as part of their capital allocation strategy [92]

Core Insights - PennyMac Financial Services, Inc. (PFSI) reported a net income of $106.8 million for Q4 2025, translating to $1.97 per diluted share, with total net revenues of $538.0 million. The book value per share increased to $82.77 from $81.12 as of September 30, 2025 [1][4]. Q4 2025 Highlights - Pretax income was $134.4 million, down from $236.4 million in the prior quarter but up from $129.4 million in Q4 2024 [4]. - Total loan acquisitions and originations reached $42.2 billion in unpaid principal balance (UPB), marking a 16% increase from the prior quarter and an 18% increase from Q4 2024 [4]. - The servicing portfolio grew to $733.6 billion in UPB, up 2% from September 30, 2025, and up 10% from December 31, 2024 [15][4]. Full-Year 2025 Highlights - Net income for the full year was $501.1 million, up from $311.4 million in 2024, representing a return on equity of 12% [4]. - Total net revenue for 2025 was $2.0 billion, an increase from $1.6 billion in 2024 [4]. - Total loan production for the year was $145.5 billion in UPB, a 25% increase from 2024 [4]. Production Segment - The production segment's pretax income was $127.3 million, up from $122.9 million in the prior quarter and $78.0 million in Q4 2024 [4][9]. - Production segment net revenues totaled $371.0 million, reflecting a 3% increase from the prior quarter and a 42% increase from Q4 2024 [9]. - Total locks, including those for PennyMac Mortgage Investment Trust (PMT), were $46.8 billion in UPB, up 8% from the prior quarter and 29% from Q4 2024 [4]. Servicing Segment - Servicing segment pretax income was $37.3 million, down from $157.4 million in the prior quarter and $87.3 million in Q4 2024 [15]. - Net loan servicing fees totaled $149.8 million, down from $241.2 million in the prior quarter and $189.3 million in Q4 2024 [17]. - The servicing segment's expenses totaled $116.6 million, up from $102.1 million in the prior quarter, primarily due to increased provisions for losses on active loans [20]. Corporate and Other - The pretax loss for Corporate and Other was $30.2 million, down from $43.9 million in the prior quarter and $35.9 million in Q4 2024 [21]. - Corporate and Other net revenues totaled $13.1 million, consisting of $6.9 million in management fees and $6.0 million in other revenue [22]. - Total expenses for Corporate and Other were $43.4 million, down from $55.5 million in the prior quarter [23].

CAUTIONARY STATEMENTS This presentation contains "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, certain statements may be contained in Colony Bankcorp, Inc.'s (the "Company" or "Colony") future filings with the Securities and Exchange Commission (the "SEC"), in press releases, and in oral and written statements made by or with the app ...