Specialty Finance is a sector where PIMCO has carved a niche, being one of the earlier entrants into private asset-based finance markets post-GFC. Leveraging our fixed income DNA, detailed loan-level underwriting and robust data analytics, we have become one of the largest investors in the space, with over US$165 billion deployed across mortgage, consumer, and asset-backed sectors (as of 31 Dec 2023). As a prominent liquidity provider and strategic partner to global banks, we navigate complex regulatory environments and offer alternative credit solutions. Our size and scale enable us to secure better loan terms and access non-mark-to-market financing.