Investing in Private Credit

Residential real estate lending Newly-originated residential loan acquisition Theme: Continued Pullback in Capital Availability Investment background PIMCO has been active acquiring newly originated non-Qualified mortgage loans with strict criteria to prime borrowers with conservative LTVs PIMCO has also been active in other more idiosyncratic forms of new issue residential lending such as bridge loans or 2nd charge mortgage loans The U.S. non-QM market is poised for growth driven by strong fundamentals and regulatory / policy changes • PIMCO has partnered with a variety of originators since 2014 for purchases of non-QM loans Valuations today supported by rising homeowner equity over the last decade and improved consumer credit profiles ● ● ● Seattle Wa National geo-score profiling Highest Geo Scores Lowest Geo Scores OH Staros perputh csom VA 26 Jense Beach Investment strategy / illustrative transaction Partner with bank and non-bank originators to source forward flow agreement of newly originated residential loans ● . . Non-QM residential loans generally require a certain amount of seasoning before securitization. Certain PIMCO private funds have the flexibility to hold them in whole loan form on a warehouse line. Illustrative Transaction: PIMCO recently sourced $84mm of newly issued Non-QM loans with an average FICO of 725, weighted average coupon of 6.21% and a Loan to Value (BPO) of 66%. Due to its high FICO scores and low LTVs, we believe these types of positions offer resilient returns across a range of economic scenarios. As of 30 June 2021. Source: PIMCO. The investment(s) above represents investments made by PIMCO private funds. There can be no guarantee that the investment identified above will achieve positive results. The investment shown above is presented for illustrative purposes only, as a general example of the types of investments that may be acquired by PIF, as well as PIMCO's capabilities in sourcing, modeling and managing such investments. PIF may invest significantly in asset types not referred to in the above. There can be no guarantee that PIF will continue to have access to comparable investments, or that PIMCO will continue to utilize similar strategies or techniques in connection with PIF investments. The information presented herein is as of a specific date, may have changed since such time and is subject to future change. Refer to Appendix for additional investment strategy and investment summary information. PIMCO 10

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