Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of PennyMac Financial Services, Inc. due to allegations of materially misleading business information issued to the investing public [1]. Group 1: Legal Action and Compensation - Shareholders who purchased PennyMac securities may be entitled to compensation through a class action lawsuit without any out-of-pocket fees, facilitated by a contingency fee arrangement [2]. - The Rosen Law Firm is preparing a class action to seek recovery of investor losses related to the misleading information [2]. Group 2: Financial Performance and Stock Impact - On January 29, 2026, PennyMac reported its fourth quarter and full-year 2025 financial results, revealing a pretax income of $37.3 million for its servicing segment, a significant decrease from $157.4 million in the prior quarter and $87.3 million in Q4 2024 [3]. - The report indicated that pretax income excluding valuation-related items was $47.8 million, down 70% from the previous quarter, primarily due to increased realization of mortgage servicing rights cash flows as lower mortgage rates led to higher prepayment activity [3]. - Following the financial report, PennyMac's stock price dropped by $49.78 per share, or 33.3%, closing at $99.92 per share on January 30, 2026 [3]. Group 3: Rosen Law Firm's Credentials - The Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions, highlighting its own achievements in recovering significant amounts for investors [4]. - The firm has been recognized for its performance in securities class action settlements, including being ranked No. 1 by ISS Securities Class Action Services in 2017 and securing over $438 million for investors in 2019 [4].

Full Year and Fourth Quarter 2025 Business Update February 12, 2026 © 2026 Onity Group Inc. All rights reserved. Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward- looking statements are ...

Financial Data and Key Metrics Changes - The company's book value increased to $11.13 per share at December 31, 2025, compared to $11.04 per share at September 30, 2025, resulting in a quarterly economic return of +3.9% [12] - Comprehensive income for the fourth quarter was $50.4 million or $0.48 per share, with net interest and servicing income decreasing due to MSR sales and lower float income [12][13] - The total economic return on book value for the full year 2025 was -12.6%, but excluding a litigation settlement expense, the return was +12.1% [7] Business Line Data and Key Metrics Changes - The company settled on the sale of an additional $10 billion UPB of MSR, increasing total third-party subservicing to $40 billion at year-end compared to $30 billion at the end of the third quarter [10] - The direct-to-consumer (DTC) platform funded $94 million in first and second liens, a 90% increase from the third quarter [10] - The MSR portfolio experienced a minor increase in prepayment rates to 6.4% from 6.0% CPR, with 60-plus-day delinquencies remaining low at under 1% [22] Market Data and Key Metrics Changes - The yield curve steepened, with two-year Treasury yields down 14 basis points to 3.47%, while 10-year Treasury yields rose by 2 basis points to 4.17% [9] - The nominal spread for current coupon RMBS tightened by 30 basis points to 114 basis points of the swap curve, indicating a positive response to the decline in interest rate volatility [16] - The share of 30-year loans eligible for refinance returned to nearly 20%, with refinanceable coupon speeds increasing [18] Company Strategy and Development Direction - The merger with United Wholesale Mortgage (UWM) is expected to double the size of the MSR portfolio to a pro forma $400 billion and create a powerful strategic alignment for accelerated growth [6] - The company aims to leverage UWM's expertise in capital markets and asset management while enhancing its own servicing capabilities [6] - The focus remains on maintaining a paired portfolio construction of MSR and Agency RMBS to generate attractive risk-adjusted returns [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the merger with UWM will bring significant benefits and position the company for accelerated growth [11] - The administration's commitment to lower mortgage rates is expected to stimulate increased mortgage and origination activity in 2026 [7] - Management noted that while no decisions have been made regarding the securities portfolio post-merger, they will be thoughtful about future actions [8] Other Important Information - The company ended the quarter with over $800 million in cash and repaid $261.9 million in convertible senior notes on their maturity date [14] - The economic debt to equity ratio was slightly lower at 7 times, with portfolio sensitivity to spread changes marginally increasing [15] Q&A Session Summary Question: How is the merger impacting portfolio construction? - Management confirmed that they are operating as an independent company and managing the portfolio as usual, with changes reflecting market assessments of risk and reward [28] Question: What is the current book value? - The book value is up about 1.5%-2% as of January 30, 2026 [29] Question: How is leverage being considered in the current market? - Management has become more defensive due to the current spread environment and has reduced leverage and mortgage risk [34] Question: What are the chances of an LLPA or guarantee fee reduction at the GSEs? - There is a reasonable chance for changes on the LLPA grid, but the market is still digesting the potential impacts [38] Question: How is the MSR market performing? - The interest in the MSR market remains strong, with no notable changes in bank activity [39] Question: What is the prospective return outlook? - Spreads have tightened since the end of December, which may marginally affect dividend levels [43]

Financial Data and Key Metrics Changes - The company's book value increased to $11.13 per share at December 31, 2025, compared to $11.04 per share at September 30, 2025, resulting in a quarterly economic return of +3.9% [13] - Comprehensive income for the quarter was $50.4 million or $0.48 per share, with net interest and servicing income decreasing due to MSR sales and lower float income [13][14] - The total economic return on book value for the full year 2025 was -12.6%, but excluding a litigation settlement expense, the return was +12.1% [8] Business Line Data and Key Metrics Changes - The company settled on the sale of an additional $10 billion UPB of MSR, increasing total third-party subservicing to $40 billion at year-end compared to $30 billion at the end of the third quarter [11] - The direct-to-consumer (DTC) platform funded $94 million in first and second liens, a 90% increase from the third quarter [11] Market Data and Key Metrics Changes - The mortgage finance landscape shifted in 2025, emphasizing the need for scale in origination efforts [5][6] - The nominal spread for current coupon RMBS tightened by 30 basis points to 114 basis points of the swap curve, indicating a positive response to declining interest rate volatility [18] Company Strategy and Development Direction - The merger with United Wholesale Mortgage (UWM) is expected to double the size of the MSR portfolio to a pro forma $400 billion, positioning the combined company for accelerated growth [6][12] - The company aims to leverage UWM's expertise in capital markets and asset management while enhancing servicing capabilities through RoundPoint [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the merger with UWM will yield significant benefits and enhance competitive positioning in the market [12] - The administration's commitment to lower mortgage rates is anticipated to stimulate increased mortgage and origination activity in 2026 [8] Other Important Information - The company ended the quarter with over $800 million in cash and repaid $261.9 million of convertible senior notes on their maturity date [15] - The portfolio at December 31, 2025, was valued at $13.2 billion, with $9 billion in settled positions and $4.2 billion in TBAs [17] Q&A Session Summary Question: How is the merger affecting portfolio construction? - Management confirmed that they are operating as an independent company and managing the portfolio as usual, with changes driven by market assessments [30] Question: What is the current book value? - The book value is up about 1.5%-2% as of January 30, 2026 [31] Question: How is leverage being managed in the current market? - The company has become more defensive and reduced leverage slightly due to current market conditions and spread movements [36] Question: What are the chances of an LLPA or guarantee fee reduction at the GSEs? - There is a reasonable chance for changes in the LLPA grid, but the market is still digesting the potential impacts [39] Question: How is the MSR market performing? - The interest in the MSR market remains strong, with no notable changes in bank activity observed [40] Question: What is the prospective return outlook? - Spreads have tightened since the end of December, which may marginally affect return potential [44]

Financial Data and Key Metrics Changes - The book value increased to $11.13 per share at December 31, 2025, compared to $11.04 per share at September 30, 2025, resulting in a quarterly economic return of +3.9% [13] - The company generated comprehensive income of $50.4 million or $0.48 per share, with net interest and servicing income decreasing due to MSR sales and lower float income [13][14] - For the full calendar year 2025, the total economic return on book value was -12.6%, but excluding a litigation settlement expense, the return was +12.1% [6][7] Business Line Data and Key Metrics Changes - The company settled on the sale of an additional $10 billion UPB of MSR, increasing total third-party subservicing to $40 billion at year-end compared to $30 billion at the end of Q3 [11] - The direct-to-consumer (DTC) platform funded $94 million in first and second liens, a 90% increase from Q3, with an additional $38 million in the pipeline [11] - The MSR portfolio experienced a minor 0.4 percentage point pickup in prepayment rates to 6.4%, remaining below projections for most of the portfolio [23][24] Market Data and Key Metrics Changes - The yield curve steepened, with two-year Treasury yields down 14 basis points to 3.47%, while 10-year Treasury yields rose by 2 basis points to 4.17% [10] - The nominal spread for current coupon RMBS tightened by 30 basis points to 114 basis points of the swap curve, indicating a positive response to lower interest rate volatility [18][19] - The share of 30-year loans eligible for refinance returned to nearly 20%, with refinanceable coupon speeds increasing [20] Company Strategy and Development Direction - The merger with United Wholesale Mortgage (UWM) is expected to double the size of the MSR portfolio to a pro forma $400 billion, enhancing competitive positioning and growth potential [6][12] - The company aims to leverage UWM's expertise in capital markets and asset management while benefiting from RoundPoint's servicing capabilities [6] - The strategic focus is on maintaining a paired portfolio construction of MSR and Agency RMBS to mitigate exposure to fluctuations in mortgage spreads [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the merger with UWM will yield significant benefits and position the company for accelerated growth [12] - The administration's commitment to lower mortgage rates is anticipated to stimulate increased mortgage and origination activity in 2026 [7] - Management noted that while no decisions have been made regarding the securities portfolio post-merger, they will be thoughtful about future actions [9] Other Important Information - The company ended the quarter with over $800 million in cash and repaid $261.9 million in convertible senior notes on their maturity date [14][15] - The economic debt to equity ratio was slightly lower at 7 times, with portfolio sensitivity to spread changes marginally increasing [17] Q&A Session Summary Question: How is the merger impacting portfolio construction? - Management confirmed that they are operating as an independent company and managing the portfolio as usual, with changes reflecting market assessments [30] Question: What is the current book value? - The book value is up about 1.5%-2% as of January 30, 2026 [32] Question: How is leverage being considered in the current market? - Management has become more defensive due to market conditions and has reduced leverage and mortgage risk slightly [36] Question: What are the chances of an LLPA or guarantee fee reduction at the GSEs? - There is a reasonable chance for changes on the LLPA grid, but the market is still digesting the potential impacts [40] Question: How are prospective returns affected by recent spread tightening? - Spreads are tighter since the end of December, which may marginally affect return potential [45] Question: What is the impact of GSE activity on MSR valuations? - Management noted that the MSR market remains strong, and they have not seen notable changes in bank interest or activity [41][62]

An MSR-Focused REIT Fourth Quarter Earnings Call Presentation February 3, 2026 Safe Harbor Statement FORWARD-LOOKING STATEMENTS This presentation of Two Harbors Investment Corp., or TWO, includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of ...

Group 1 - The core issue being investigated is whether PennyMac Financial Services, Inc. complied with federal securities laws following a significant drop in pretax income [1] - For the fourth quarter and full-year 2025, PennyMac reported a 70 percent decrease in pretax income excluding valuation-related items compared to the prior quarter [1] - The decline in income was attributed to increased realization of mortgage servicing rights cash flows, driven by lower mortgage rates leading to higher prepayment activity [1] Group 2 - Following the announcement of the financial results, the stock price of PennyMac experienced a decline [1]

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of PennyMac Financial Services, Inc. due to allegations of materially misleading business information issued by the company [1]. Group 1: Financial Performance - On January 29, 2026, PennyMac reported its fourth quarter and full-year 2025 financial results, revealing a pretax income of $37.3 million for its servicing segment, a significant decrease from $157.4 million in the prior quarter and $87.3 million in the fourth quarter of 2024 [3]. - The report indicated that pretax income excluding valuation-related items was $47.8 million, down 70% from the prior quarter, primarily due to increased realization of mortgage servicing rights cash flows as lower mortgage rates led to higher prepayment activity [3]. - Following the financial report, PennyMac's stock price dropped by $49.78 per share, or 33.3%, closing at $99.92 per share on January 30, 2026 [3]. Group 2: Legal Action and Investor Rights - Investors who purchased PennyMac securities may be entitled to compensation through a class action lawsuit being prepared by Rosen Law Firm, which operates on a contingency fee basis, meaning no out-of-pocket costs for investors [2]. - To participate in the class action, investors can submit their information through the Rosen Law Firm's website or contact them directly for more details [2]. Group 3: Rosen Law Firm's Credentials - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a proven track record in securities class actions, highlighting its own success in recovering hundreds of millions of dollars for investors [4]. - The firm has been recognized for its achievements, including being ranked No. 1 for securities class action settlements in 2017 and securing over $438 million for investors in 2019 [4].

Financial Data and Key Metrics Changes - PennyMac Financial Services reported a net income of $107 million, or $1.97 per share, for Q4 2025, with an annualized return on equity (ROE) of 10% [3][14] - 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 [5][6] - The company generated a 10% annualized return on equity in Q4, down from 18% in Q3 due to competitive dynamics affecting production margins [4][14] Business Line Data and Key Metrics Changes - In the production segment, total volumes increased by 25%, leading to a 19% increase in pretax income, while servicing segment pretax income grew by 58% year-over-year [5][6] - Total acquisition and origination volumes in Q4 were $42 billion, up 16% from the prior quarter, with total lock volumes at $47 billion, an 8% increase [14][15] - The servicing portfolio grew to $734 billion in unpaid principal balance, with a pretax income of $37 million in the servicing segment [18][19] Market Data and Key Metrics Changes - The company serviced a combined $312 billion in loans with note rates above 5%, indicating significant refinancing opportunities as mortgage rates decline [8] - The correspondent channel margins decreased to 25 basis points from 30 basis points due to increased competition [15] Company Strategy and Development Direction - PennyMac is focusing on enhancing its consumer direct channel and investing in AI technologies to improve recapture rates and operational efficiencies [8][12] - The transition to the Vesta loan origination system is expected to be completed in Q1 2026, which will enhance operational efficiency and scalability [9][10] - The company aims to achieve mid to high teens ROEs later in the year, driven by improved production income and operational efficiencies [12][30] Management's Comments on Operating Environment and Future Outlook - Management noted that the competitive environment for refinances was stronger than historically seen during interest rate declines, impacting expected margin increases [4][27] - The company anticipates continued growth in origination volumes and recapture rates, with a focus on maintaining pricing discipline amid competitive pressures [33][34] - Management expressed confidence in the company's ability to adapt and capitalize on market opportunities, particularly with the deployment of new technologies [29][60] Other Important Information - The company declared a fourth-quarter common share dividend of $0.30 per share [14] - The hedge ratio increased to near 100%, providing greater protection against interest rate fluctuations [21][62] - The company ended the quarter with $4.6 billion in total liquidity, ensuring significant resources for opportunistic deployment [22] 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 unexpectedly strong, leading to higher amortization rates [26][27] Question: Clarification on ROE guidance - Management expects origination market growth between $2.3 trillion and $2.4 trillion, with potential for margin expansion if conditions improve [32][34] Question: Insights on prepayment speeds - Management noted that prepayment speeds were higher than expected, driven by competitive dynamics across various loan types [39][44] Question: Impact of FHA delinquencies - Management explained that the increase in FHA delinquencies was seasonal and related to policy changes, expecting a return to previous levels [80][82] Question: Discussion on unsecured debt and balance sheet management - Management indicated that they are open to issuing additional unsecured debt as they continue to build equity and MSR assets [90][92]

4Q25 EARNINGS REPORT PennyMac Mortgage Investment Trust January 2026 FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management's beliefs, estimates, projections and assumptions with respect to, among other things, the Company's financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to cha ...