-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GDnU8cOoDHMP3NlbZi4D8gIM6/DfoutRVA9tk4AJBn+/GgyNkXI92WxuOSRyXHA9 yN40KiNdkF2Qe7uh7GTwKw== 0000894189-10-001139.txt : 20100311 0000894189-10-001139.hdr.sgml : 20100311 20100311165043 ACCESSION NUMBER: 0000894189-10-001139 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20091231 FILED AS OF DATE: 20100311 DATE AS OF CHANGE: 20100311 EFFECTIVENESS DATE: 20100311 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PNMAC Mortgage Opportunity Fund LP CENTRAL INDEX KEY: 0001438246 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-22228 FILM NUMBER: 10674568 BUSINESS ADDRESS: STREET 1: 27001 AGOURA ROAD, SUITE 350 CITY: CALABASAS STATE: CA ZIP: 91301 BUSINESS PHONE: 818 224-74001 MAIL ADDRESS: STREET 1: 27001 AGOURA ROAD, SUITE 350 CITY: CALABASAS STATE: CA ZIP: 91301 N-CSR 1 pnmac-lp_ncsr.htm ANNUAL CERTIFIED SHAREHOLDER REPORT pnmac-lp_ncsr.htm
As filed with the Securities and Exchange Commission on March 11, 2010
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number  811-22228


PNMAC Mortgage Opportunity Fund, LP

 

27001 Agoura Rd. Suite 350
Calabasas, California 91301


Jeff Grogin, Secretary
PNMAC MORTGAGE OPPORTUNITY FUND, LP
27001 Agoura Rd, Suite 350  Calabasas, California 91301


Copies to:
 
Richard T. Prins, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, New York 10036


(818) 224-7050


Date of fiscal year end: December 31
 

Date of reporting period:  December 31, 2009
 
 
 
Item 1. Reports to Stockholders.
 

 
Logo
 
 
PNMAC Mortgage Opportunity Fund, LP


Annual Report
as of December 31, 2009 and 2008 and for the
year ended December 31, 2009 and period from August 11, 2008
(commencement of operations) to December 31, 2008

 

 
 

 
 
PNMAC Mortgage Opportunity Fund, LP







 

 
PNMAC Mortgage Opportunity Fund, LP
December 31, 2009 and 2008
 
   
2009
    
2008
Assets:
          
           
 Investments, at fair value (cost  ­­2009 - $308,801,479; 2008 -  $149,908,075)
$
293,530,428
  
$
143,086,535
 Interest receivable
  
668,319
    
-
 Other assets
  
675
    
137,609
 Dividends receivable
  
749
    
2,473
       Total assets
  
294,200,171
    
143,226,617
           
Liabilities:
          
           
Securities sold under agreements to repurchase
  
54,337,400
    
-
 Distributions payable
  
6,639,892
    
-
 Payable to investment manager
  
1,445,755
    
2,462,500
 Payable to affiliate
  
30,956
    
405,858
 Interest payable
  
17,239
    
-
 Accrued expenses and other liabilities
  
731,937
    
41,555
 Total liabilities
  
63,203,179
    
2,909,913
           
Partners’ Capital
$
230,996,992
  
$
140,316,704
           
Partners’ Capital Consists of:
          
General partner
$
1,096
  
$
985
Limited partner
  
230,995,896
    
140,315,719
Total partners’ capital
$
230,996,992
  
$
140,316,704
           
           


The accompanying notes are an integral part of these financial statements.
 

PNMAC Mortgage Opportunity Fund, LP
December 31, 2009
 
 
 
Description
  
Shares or Principal Amount
  
 
 
Fair Value
  
           
INVESTMENTS – 127.1%*
          
Mortgage Investments – 56.3%*
          
PNMAC Mortgage Co., LLC
$
119,956,594
$
97,555,856
  
PNMAC Mortgage Co (FI), LLC
  
29,617,341
  
32,607,396
  
Total Mortgage Investments  (Cost $149,573,935)
  
149,573,935
  
130,163,252
  
           
Mortgage-Backed Securities  – 68.2%*
          
American General Mortgage Loan Trust, Class A2, Series 2009-1, 5.75%, due 9/25/48**
$
124,444,824
$
95,822,515
  
Countrywide Asset Backed Certificates, CWL 2005-11 AF6, 5.05%, due 2/25/36
  
2,853,542
  
2,339,904
  
Countrywide Asset Backed Certificates, CWL 2006-SD2 1A1, 0.58%, due 5/25/46
  
8,839,520
  
5,303,712
  
Ellington Loan Acquisition Trust, ELAT 2007-1 A2A1, 1.23%, due 5/26/37
  
1,466,283
  
1,261,003
  
Vericrest Opportunity Loan Transferee, VOLT 2009-PL1A A, 6.00%, due 8/25/50**
  
59,240,933
  
52,724,431
  
Total Mortgage –Backed Securities  (Cost $153,311,933)
  
196,845,102
  
157,451,565
  
           
Short-Term Investments – 2.5%*
          
BlackRock Liquidity Funds:  TempFund Institutional Shares
  
5,915,611
  
5,915,611
  
Total Short-Term Investments  (Cost $5,915,611)
  
5,915,611
  
5,915,611
  
           
TOTAL INVESTMENTS (Cost $352,334,648)
      
293,530,428
  
           
LIABILITIES – (23.5%)*
          
Securities Sold Under Agreements to Repurchase – (23.5%)*
          
Agreement with Credit Suisse, 1.825% (Eligible assets are pledged as collateral – see Note 6)
      
(16,286,400
)
           
Agreement with Bank of America, Libor +1.50% (Eligible assets are pledged as collateral – see Note 6)
      
(38,051,000
)
Total Securities Sold Under Agreements to Repurchase
      
(54,337,400)
  
           
Liabilities in excess of other assets – (3.5%)*
      
(8,196,106
)
TOTAL PARTNERS’ CAPITAL –100.0%*
    
$
230,996,992
  
           
*   Percentages are stated as a percent of partners’ capital
          
** All or a portion of these securities are pledged under repurchase agreements (See Note 6)
          
     All investments are in the United States of America
          


 
 
The accompanying notes are an integral part of these financial statements.
 
 
PNMAC Mortgage Opportunity Fund, LP
Schedule of Investments
December 31, 2008
 
Description
  
Shares or Principal Amount
  
Fair Value
         
INVESTMENTS – 102.0%*
        
Mortgage Investments – 101.4%*
        
PNMAC Mortgage Co., LLC
$
119,956,594
$
113,022,783
PNMAC Mortgage Co (FI), LLC
  
29,147,705
  
29,259,976
Total Mortgage Investments  (Cost $149,104,299)
  
149,104,299
  
142,282,759
         
Short-Term Investments – 0.6%*
        
BlackRock Liquidity Funds:  TempFund Institutional Shares
  
803,776
  
803,776
Total Short-Term Investments  (Cost $803,776)
  
803,776
  
803,776
         
TOTAL INVESTMENTS (Cost $149,908,075)
      
143,086,535
Liabilities in excess of other assets – (2.0%)*
      
   (2,769,831)
TOTAL PARTNERS’ CAPITAL – 100%*
    
$
140,316,704
         
* Percentages are stated as a percent of partners’ capital All investments are in the United States of America
        

 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
 
PNMAC Mortgage Opportunity Fund, LP
For the Year Ended December 31, 2009 and the Period from August 11, 2008
   (commencement of operations) to December 31, 2008
 
   
2009
    
2008
  
Investment income
            
  Dividend income
$
25,057,465
  
$
6,071,535
  
  Interest income
  
6,409,893
    
-
  
       Total investment income
  
31,467,358
    
6,071,535
  
Expenses:
            
  Investment advisory fees
  
6,068,401
    
2,462,500
  
  Professional expenses
  
631,911
    
311,609
  
  Administration and other expenses
  
378,213
    
294,440
  
  Directors’ fees and expenses
  
312,012
    
249,202
  
  Insurance expense
  
377,237
    
175,452
  
  Interest expense
  
87,029
    
-
  
  Custody fees
  
7,107
    
2,012
  
        Total expenses
  
7,861,910
    
3,495,215
  
             
        Net investment income
  
23,605,448
    
2,576,320
  
             
Net realized and unrealized gain (loss) on investments
            
  Net unrealized loss on investments
  
(8,449,511
)
  
 (6,821,540
)
  Net loss on investments
  
(8,449,511
)
  
 (6,821,540
)
       Net increase/(decrease) in partners’ capital resulting from operations
$
15,155,937
  
$
(4,245,220
)
 
 
 
The accompanying notes are an integral part of these financial statements.
 
 
PNMAC Mortgage Opportunity Fund, LP
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
   
General
Partner
    
Limited
Partner
    
Total
  
                   
Partners’ capital, August 11, 2008
$
-
  
$
-
  
$
-
  
                   
  Contributions
  
1,000
    
146,563,548
    
146,564,548
  
  Distributions
  
-
    
(2,002,624
)
  
(2,002,624
)
                   
  Increase (decrease) in partners’ capital  from operations:
                  
         Net investment income
  
43
    
2,576,277
    
2,576,320
  
         Net change in unrealized depreciation on investments
  
(58
 
)
  
(6,821,482
 
)
  
(6,821,540
)
                   
  Net decrease in partners’ capital from operations
  
(15
)
  
(4,245,205
)
  
(4,245,220
)
                   
Partners’ capital, December 31, 2008
  
985
    
140,315,719
    
140,316,704
  
                   
  Contributions
  
-
    
98,639,331
    
98,639,331
  
  Distributions
  
-
    
(23,114,980
)
  
(23,114,980
)
                   
   Increase (decrease) in partners’ capital from operations:
                  
  Net investment income
  
170
    
23,605,278
    
23,605,448
  
        Net unrealized loss on investments
  
(59
)
  
(8,449,452
)
  
(8,449,511
)
                   
   Net increase in partners’ capital from operations
  
111
    
15,155,826
    
15,155,937
  
                   
Partners’ capital, December 31, 2009
$
1,096
  
$
230,995,896
  
$
230,996,992
  
                   
 
 
 
The accompanying notes are an integral part of these financial statements.
 
 
PNMAC Mortgage Opportunity Fund, LP
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
     
2009
    
2008
  
Cash flows from operating activities:
              
               
  Net increase (decrease) in partners’ capital resulting from operations
  
$
15,155,937
  
$
(4,245,220
)
               
  Adjustments to reconcile net increase (decrease)  in partners’ capital resulting from operations to net cash used in operating activities:
              
               
Purchases of Mortgage Investments
    
(469,637
)
  
(149,104,299
)
Purchase of mortgage-backed securities
    
(153,321,717
)
  
-
  
Proceeds from repayment of mortgage-backed securities
    
2,964,019
    
-
  
Net change in short-term investments
    
(5,111,835
)
  
(803,776
)
Accretion of discounts on mortgage-backed securities
    
(2,954,234
)
  
-
  
Net change in unrealized depreciation on investments
    
8,449,511
    
6,821,540
  
Increase in interest receivable
    
(668,319
)
  
-
  
(Increase) decrease in other assets
    
136,934
    
(137,609
)
(Increase) decrease in dividends receivable
    
1,724
    
(2,473
)
Increase (decrease) in payable to investment manager
    
(1,016,745
)
  
2,462,500
  
Increase in interest payable
    
17,239
    
-
  
Increase (decrease) in payable to affiliate
    
(374,902
)
  
405,858
  
Increase in accrued expenses and other liabilities
    
690,382
    
41,555
  
               
 
Net cash used in operating activities
    
(136,501,643
)
  
(144,561,924
)
               
Cash flows from financing activities:
              
    Sale of securities under agreements to repurchase
    
54,695,400
    
-
  
    Repayments of securities sold under agreements to repurchase
    
(358,000
)
  
-
  
    Capital contributions
    
98,639,331
    
146,564,548
  
    Capital distributions
    
(16,475,088
)
  
(2,002,624
)
               
 
Net cash provided by financing activities
    
136,501,643
    
144,561,924
  
 
              
Net increase in cash
    
-
    
-
  
               
Cash at beginning of period
    
-
    
-
  
Cash at end of period
  
$
-
  
$
-
  
               
Non-cash financing activity
              
Declaration of distribution to partners
  
$
6,639,892
  
$
-
  
               
Supplemental cash flow information
Interest paid during the period
  
$
69,790
  
$
-
  

 
The accompanying notes are an integral part of these financial statements.
 
 
PNMAC Mortgage Opportunity Fund, LP
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
For the year ended December 31, 2009
            
             
SUPPLEMENTAL DATA AND RATIOS
  
Total
  
General Partner(1)
  
Limited Partner
             
 
Total return (2)
  
7.35%
  
11.25%
  
 
7.35%
Internal rate of return (3)
  
4.88%
  
6.82%
  
4.88%
Ratio of net investment income to weighted average partners’ capital
  
12.63%
  
16.51%
  
12.63%
Ratio of expenses to weighted average partners’ capital
  
4.21%
  
1.03%
  
4.21%
Partners’ capital, end of year
  
$230,996,992
  
$   1,096
  
$230,995,896
Portfolio turnover rate
  
0.00%
        
             

 

For the period from August 11, 2008 (commencement of operations) to December 31, 2008
             
SUPPLEMENTAL DATA AND RATIOS
  
Total
  
General Partner(1)
  
Limited Partner
             
Total return (2) (4)
  
(3.53%)
  
(1.46%)
  
(3.53%)
Internal rate of return (3)
  
(9.68%)
  
(3.70%)
  
(9.68%)
Ratio of net investment income to weighted average partners’ capital (5)
  
5.07%
  
10.40%
  
5.07%
Ratio of expenses to weighted average partners’ capital (5)
  
6.88%
  
2.10%
  
6.88%
Partners’ capital, end of period
  
$140,316,704
  
$ 985
  
$ 140,315,719
Portfolio turnover rate (4)
  
0.00%
        
 
 
(1)    In accordance with the Partnership Agreement, not all expenses are allocated to the General Partner (see Note 8).
(2)   Total return is calculated for each partner class taken as a whole.  An investor’s return may vary from these returns based on different fee arrangements (as applicable) and the timing of capital transactions.
(3)   Internal rate of return for the period from August 11, 2008 to December 31, 2008 and the year ended December 31, 2009 were computed based on the actual dates of the cash inflows (capital contributions), outflows (distributions) and partners’ capital accounts on a life-to date basis.
(4)   Amounts for the period from August 11, 2008 (commencement of operations) to December 31, 2009 are not annualized.
(5)   Annualized.
 
 
 
The accompanying notes are an integral part of these financial statements.
 

PNMAC Mortgage Opportunity Fund, LP
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
Note 1—Organization
PNMAC Mortgage Opportunity Fund, LP (the “Master Fund”) is a limited liability partnership organized under the laws of the state of Delaware.  The Master Fund is registered under the Investment Company Act of 1940, as amended.  Interests in the Master Fund are issued solely in private placement transactions that do not involve any “public offering” within the meaning of Section 4(2) of the Securities Act of 1933, as amended.  The investment objective of the Master Fund is to achieve attractive total returns by capitalizing on dislocations in the mortgage market through opportunistic investments primarily in U.S. residential mortgages and related assets, instruments, and entities.

The Master Fund is managed by PNMAC Capital Management, LLC (the “Investment Manager”).  The Investment Manager is a registered investment adviser with the Securities and Exchange Commission (“SEC”).  The general partner of the Master Fund is PNMAC Opportunity Fund Associates, LLC (the “General Partner”), a Delaware limited liability company.  Both the Investment Manager and General Partner are controlled subsidiaries of Private National Mortgage Acceptance Company, LLC.

The Master Fund operates as a master fund in a master-feeder fund structure.  The Master Fund acts as a central investment mechanism for (i) PNMAC Mortgage Opportunity Fund, LLC (the “Fund” or “Limited Partner”) and (ii) the General Partner.  The Fund owned 99.99% of the Master Fund at December 31, 2009 and 2008 and is the sole limited partner.  The General Partner has the exclusive right to conduct the operations of the Master Fund.

The Master Fund conducts its operations through investments in mortgage-backed securities, PNMAC Mortgage Co., LLC and PNMAC Mortgage Co (FI), LLC (collectively, the “Mortgage Investments”).

·  
PNMAC Mortgage Co., LLC is a wholly owned limited liability company.  PNMAC Mortgage Co., LLC acquires, holds and works-out distressed U.S. residential mortgages.
·  
PNMAC Mortgage Co (FI), LLC is an investment company that was formed to pool investor capital and take an interest in the proceeds of FNBN I, LLC (“FNBN”).  FNBN is a limited liability company formed to own a pool of residential loans in partnership with the Federal Deposit Insurance Corporation (the “FDIC”).  The pool of residential loans had an unpaid principal balance totaling $558 million at the inception of FNBN.  The FDIC owns a substantial participation interest in the proceeds of the loans held by FNBN that depends on the amount of proceeds collected; the remaining share is owned by PNMAC Mortgage Co (FI), LLC.

As mortgages owned by PNMAC Mortgage Co., LLC become performing, PNMAC Mortgage Co., LLC may transfer them to the Master Fund to be securitized for financing purposes or sale.  The Master Fund may hold interests in pools of such securities mortgages and invests directly in other mortgage-related investment securities.

At December 31, 2009 and 2008, the Master Fund owned ­­­­100% and 100% of PNMAC Mortgage Co., LLC and 68.4% and 67.4% of PNMAC Mortgage Co (FI), LLC respectively.

The Master Fund began operations on August 11, 2008 and will continue in existence through December 31, 2016, subject to three one-year extensions by the Investment Manager at its discretion, in accordance with the terms of the Limited Partnership Agreement governing the Master Fund.

Note 2—Significant Accounting Policies
The Master Fund prepares its financial statements in accordance with accounting principles generally accepted in The United States of America (“U.S. GAAP”).  The Master Fund reports its investments in the Mortgage Investments in accordance with the Special Rules of General Application to Registered Investment Companies topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification and the AICPA Audit and Accounting Guide: Investment Companies.  These rules do not permit the Master Fund to consolidate its ownership interest in such investments.  Following are the significant accounting policies adopted by the Master Fund:
 
 
 
PNMAC Mortgage Opportunity Fund, LP
Notes to Financial Statements
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in The United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, recognition of distribution income and disclosure of contingent assets and liabilities at the date of the financial statements.  Actual results could differ from those estimates.

Investment Valuation
The Master Fund carries its investments at their estimated fair values.  Most of the Fund’s assets are not actively traded and are considered illiquid.  As a result, estimating the assets’ fair values is subject to uncertainties regarding the assumptions market participants would use to value the assets.  Due to the inherent uncertainty of estimating fair values for assets that are not actively traded, the estimated fair value of the Fund’s investments may differ significantly from the value that may be realized if the Fund is liquidated and this difference could be material.  Fair value considerations are further discussed in Note 3 – Fair Value of Investments.
 
 
Mortgage-Backed Securities
The Master Fund records investment and contractual transactions on the trade/contract date of the investment purchase or sale.  The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes.

Interest Income
Interest income is accrued as earned.  Unamortized premiums and unaccreted discounts are amortized and accrued to interest income as an adjustment of the instruments’ yields using the interest method.  Yields are estimated using market prepayment expectations for similar securities.

Dividend Income
Dividend income is recorded on the ex-dividend date or, using reasonable diligence, when known to the Master Fund.

Expenses
The Master Fund is charged for those expenses that are directly attributable to it, such as, but not limited to, advisory and custody fees.  Expenses that are not directly attributable to the Master Fund are generally allocated among the entities in proportion to their respective capital commitments.  All general and administrative expenses are recognized on an accrual basis of accounting.

Income Taxes
The Master Fund has elected to be treated as a partnership for federal income tax purposes.  Each partner is responsible for the tax liability or benefit relating to such partner’s distributive share of taxable income or loss.  Accordingly, no provision for federal income taxes is reflected in the accompanying financial statements.
 
 

PNMAC Mortgage Opportunity Fund, LP
Notes to Financial Statements
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
Management’s assessment of the requirement to provide for income taxes also includes an assessment of the liability arising from uncertain income tax positions.  Management has concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken on the tax return for the fiscal year ended December 31, 2008 or expected to be taken on the tax returns for the fiscal year ended December 31, 2009.  The Master Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.  In developing its conclusion, management of the Master Fund has analyzed all tax years that are open for examination by the relevant income taxing authority. As of December 31, 2009, open Federal and state income tax years include the tax year ended December 31, 2009 and 2008.  The Master Fund has no examination in progress.
 
If applicable, the Master Fund will recognize interest accrued related to unrecognized tax benefits in “interest expense” and penalties in “other expenses” on the statement of operations.

No distributions will be made by the Master Fund to cover any taxes due on Limited Partners’ investments in the Master Fund.  Investors may not redeem capital from the Master Fund, and they must have other sources of capital available to them in order to pay such taxes.

Partners’ Capital
Net profits or net losses of the Master Fund for each month are allocated to the capital accounts of partners as of the last day of each month in accordance with partners’ respective investment ownership percentages of the Master Fund.  Net profits or net losses are measured as the net change in the value of the partners’ capital of the Master Fund during the fiscal period, before giving effect to any repurchases of interest in the Master Fund, and excluding the amount of any items to be allocated to the capital accounts of the partners of the Master Fund, other than in accordance with the partners’ respective investment ownership percentages.

Capital Distributions and Carried Interest
Distributions are made in accordance with the following distribution priorities but may be recalled by the Master Fund for purposes of making new investments until December 31, 2011.  Following is a summary of capital distribution priorities:

1.  
First, 100% to such Limited Partner until such Limited Partner has received 100% of such Limited Partner’s capital contributions (irrespective of whether such capital contributions were used to make investment, pay management fees and expenses or any other purpose);
2.  
Second, 100% to such Limited Partner, until such Limited Partner has received a preferred return on the amounts described in (1) above calculated at a rate of 8%, compounded annually;
3.  
Third, 100% to the General Partner until the General Partner has received an amount equal to 20% of the profits distributed to the Limited Partner pursuant to (2) above; and
4.  
Thereafter, (i) 80% to such Limited Partner and (ii) 20% to the General Partner (the “Carried Interest”.

The Carried Interest will be allocated (and subsequently distributed) by the Master Fund to the General Partner as allocable shares of the Master Fund’s gains.  As of December 31, 2009, the Master Fund has not paid or accrued any carried interest to the General Partner.

Indemnifications
Under the Master Fund’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Master Fund.  In addition, in the normal course of business, the Master Fund may enter into contracts that provide general indemnification to other parties.  The Master Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Master Fund that have not yet occurred, and may not occur.  However, the Master Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
 
 
 
PNMAC Mortgage Opportunity Fund, LP
Notes to Financial Statements
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
Reclassifications
Certain reclassifications were made to conform prior year amounts to the current year presentation, which reported purchases and sales of short-term investments on separate lines on the statements of cash flows.
 
Recent Accounting Pronouncements
In June 2009, the FASB issued Statement of Financial Accounting Standards No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles—a replacement of FASB Statement No. 162 (“FASB 168”), which establishes the FASB Accounting Standards Codification ( the “Codification” ” or “ASC”) as the source of authoritative U.S. GAAP.  Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative U.S. GAAP for SEC registrants.  FASB 168 was incorporated within ASC 825, Generally Accepted Accounting Principles.  The Codification modified the U.S. GAAP to include only two levels of U.S. GAAP, authoritative and non-authoritative.  All of the Codification carries the same level of authority and the U.S. GAAP hierarchy is effective for financial statements issued for interim and annual periods ending after September 15, 2009.  The adoption of FASB 168 did not have a material effect on the Master Fund’s financial statements.

In April 2009, the FASB issued FASB Staff Position ("FSP") FAS 107-1 and APB 28-1, Interim Disclosures about Fair Value of Financial Instruments. This FSP amends FASB Statement No. 107, Disclosures about Fair Value of Financial Instruments (incorporated within ASC 825, Financial Instruments), to require disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. This FSP requires providing qualitative and quantitative information about fair value estimates for all those financial instruments not measured on the balance sheet at fair value.  This FSP is effective for financial statements issued for interim reporting periods ending after June 15, 2009.  The adoption of FSP FAS 107-1 and ARB 28-1 did not have a material impact on the Master Fund’s financial statements.

In April 2009, the FASB issued FSP FAS 157-4, Determining Fair Value When the Volume and Level of Activity of the Assets or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (incorporated within ASC 820, Fair Value Measurements and Disclosures ).  This FSP provides additional guidance for estimating fair value in accordance with FASB Statement No. 157, Fair Value Measurements. This FSP is effective for financial statements issued for fiscal years and interim reporting periods ending after June 15, 2009.  The adoption of FSP FAS 157-4 did not have a material impact on the Master Fund’s financial statements.

In June 2009, the FASB issued Statement of Financial Accounting Standards No. 166, Accounting for Transfers of Financial Assets—an amendment of FASB Statement No. 140 ("FASB 166"), and FASB Statement No. 167, Amendments to FASB Interpretation No. 46(R) ("FASB 167").

·  
FASB 166 revises Statement of Financial Accounting Standards No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, which establishes sale accounting criteria for transfers of financial assets.  FASB 166 was incorporated into ASC 860, Transfers and Servicing
 
 
 
PNMAC Mortgage Opportunity Fund, LP
Notes to Financial Statements
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
·  
FASB 167 amends FASB Interpretation 46(R), Consolidation of Variable Interest Entities—an interpretation of ARB No. 51 ("FIN 46R") by changing the criteria an enterprise must use to determine whether it must consolidate a Variable Interest Entity (“VIE”) and requiring the entity to update its assessment quarterly.  FIN 46R currently requires that a VIE be consolidated by the enterprise that will absorb a majority of the expected losses or expected residual returns created by the assets of the entity. FASB 167 amends FIN 46R to require that a VIE be consolidated by the enterprise that has both the power to direct the activities that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity.  In December of 2009, the FASB issued an exposure draft proposing an Accounting Standards Update, Amendments to Statement 167 for Certain Investment Funds.  The exposure draft proposes to indefinitely defer the application of FASB 167 for certain entities.  FASB 167 was incorporated into ASC 810, Consolidations.  Management of the Master Fund is assessing the potential effect of these changes, including the effect of the exposure draft on the Master Fund.

FASB 166 and 167 are effective for financial asset transfers occurring after the beginning of an entity's first fiscal year that begins after November 15, 2009 and early adoption is prohibited.  Management of the Master Fund is assessing the potential effect of these changes, including the effect of the exposure draft, on the Master Fund.

In January 2010, the FASB issued an Accounting Standards Update (“ASU”) ASU 2010-06 to the Fair Value Measurements and Disclosure topic of the Codification.  The update requires additional disclosures about the transfers of classifications among the fair value classification levels and the reasons for those changes and separate presentation of purchases, sales, issuances and settlements in the presentation of the roll forward of Level 3 assets and liabilities.  The ASU also clarifies disclosure requirements relating to the level of disaggregation of disclosures relating to classes of assets and liabilities and disclosures about inputs and valuation techniques used to measure fair value for both recurring and nonrecurring fair value estimates for Level 2 or Level 3 assets and liabilities.  The requirements of the ASU are effective for interim and annual disclosures for interim and annual reporting periods beginning after December 15, 2009, except for disclosures about purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value estimates.  Those disclosures are effective for interim and annual reporting periods for fiscal years beginning after December 15, 2010.  The adoption of this ASU is not expected to have a material effect on the Master Fund’s financial statements.

Note 3—Fair Value of Investments
The Master Fund carries its investments at fair value.  The Master Fund applies the hierarchy described in the Fair Value Measurements and Disclosures topic of the Codification, which prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active market for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable.  Each financial instrument’s level assignment within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement for that particular instrument.  The three levels of the hierarchy are described below:
 
Level 1 – Quoted prices in active market for identical securities.
 
Level 2 – Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayments speeds, credit risk and others.
 
Level 3 – Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Master Fund’s own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.
 
 
 
PNMAC Mortgage Opportunity Fund, LP
Notes to Financial Statements
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
Changes in valuation techniques may also result in transfer in or out of an investment’s assigned level within the hierarchy.  The level assigned to an asset valuation may not be an indication of the risk associated with investing in the asset in the accompanying financial statements.
 
 
Following is a summary of financial statement items that are measured at estimated fair value on a recurring basis as of the dates presented:

   
December 31, 2009
  
   
Total
    
Level 1
    
Level 2
    
Level 3
  
Assets
                        
   Short-term investments
   $ 5,915,611     $ 5,915,611     $ -     $ -  
   Mortgage-backed securities
     157,451,565       -       -       157,451,565  
   PNMAC Mortgage Co., LLC
     97,555,856       -       -       97,555,856  
   PNMAC Mortgage Co (FI), LLC
     32,607,396       -       -       32,607,396  
Total assets
   $ 293,530,428     $ 5,915,611     $  -     $ 287,614,817  
                                 
Liabilities
                                
   Securities sold under agreements to repurchase
   $ 54,337,400       -       -     $ 54,337,400  
    $ 54,337,400       -       -     $ 54,337,400  


   
December 31, 2008
  
Description
  
Total
    
Level 1
    
Level 2
    
Level 3
  
Short-term investments
   $ 803,776     $ 803,776     $ -     $ -  
PNMAC Mortgage Co., LLC
     113,022,783       -       -       113,022,783  
PNMAC Mortgage Co(FI), LLC
     29,259,976       -       -       29,259,976  
   Total investments
   $ 143,086,535     $ 803,776     $ -     $ 142,282,759  
 
 
 
 
PNMAC Mortgage Opportunity Fund, LP
Notes to Financial Statements
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
The following tables presents a roll forward of the assets for the periods presented for items which Level 3 inputs were used to determine value:

   
Year Ended December 31, 2009
  
   
Mortgage-backed securities
    
PNMAC Mortgage Co., LLC
    
PNMAC Mortgage Co (FI), LLC
    
Total
  
Assets
                        
Balance at December 31, 2008
   $ -     $ 113,022,783     $ 29,259,976     $ 142,282,759  
   Net purchases, sales and paydowns
     150,357,698       -       469,637       150,827,335  
   Accretion of discount
     2,954,234       -       -       2,954,234  
   Unrealized gains (losses)
     4,139,633       (15,466,927 )     2,877,783       (8,449,511 )
Balance at December 31, 2009
   $ 157,451,565     $ 97,555,856     $ 32,607,396     $ 287,614,817  


   
Securities Sold Under Agreements
to Repurchase
  
Liabilities
      
   Balance at December 31, 2008
   $ -  
   Net purchases, sales and paydowns
     54,337,400  
Balance at December 31, 2009
   $ 54,337,400  



   
Period from August 11, 2008
(commencement of operations) to December 31, 2008
  
   
PNMAC Mortgage Co., LLC
    
PNMAC Mortgage Co (FI), LLC
    
Total
  
Balance at August 11, 2008 (commencement of operations)
   $ -     $ -     $ -  
   Net purchases, sales and paydowns
     119,956,594       29,147,705       149,104,299  
   Unrealized gains (losses)
     (6,933,811 )     112,271       (6,821,540 )
Balance at December 31, 2008
   $ 113,022,783     $ 29,259,976     $ 142,282,759  

The information used in the above reconciliation represents activity for any investments identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.  Transfer in or out of Level 3 represents either the beginning value (for transfer in), or the ending value (for transfer out) of any investments where a change in the pricing level occurred from the beginning to the end of the period.
Short-term investments that represent money market funds are valued at the number of shares multiplied by the value per share published by the manager of the money market funds on the valuation date.  Fair value of such funds also include assessment of liquidity and credit risk, including lockout provisions, if any, related to these funds.
 
 

PNMAC Mortgage Opportunity Fund, LP
Notes to Financial Statements
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
Mortgage-backed securities have been valued using unadjusted broker indications of value.  The broker indications of value are reviewed and approved by the Investment Manager’s Capital Markets staff and Valuation Committee before being recorded on the Master Fund’s general ledger.

Mortgage Investments have been estimated by management in the absence of readily determinable fair values. These Mortgage Investments are valued based on the  proportionate share of the discounted cash-flow projections of the underlying assets and liabilities of FNBN I, LLC and PNMAC Mortgage Co., LLC (“Mortgage Companies”) given that the loans or loan participation interest held by the Mortgage Companies represent substantially all of the net asset value held by these entities.

PNMAC Mortgage Co (FI), LLC’s operating agreement with the FDIC governing its investment in FNBN limits PNMAC Mortgage Co (FI), LLC’s ability to transfer any of its rights or interests in FNBN.  PNMAC Mortgage Co (FI), LLC may only transfer all or any part of its interest or rights if (i) the transferee is a qualified transferee and (ii) it first obtains prior written consent of the FDIC.  The contract specifies that the consent shall not be unreasonably withheld, delayed or conditioned, if the transferee is a qualified transferee.

The Mortgage Companies value their investments in mortgage loans based on whether they are committed to be sold.  Mortgage loans that are not committed to be sold are recorded at their estimated fair value, which is approximated using a discounted cash flow valuation model.  Inputs to the model are classified into directly and non-directly observable inputs.  Directly observable inputs are inputs that can be taken directly from observable data or market sources such as current interest rates, loan amount, payment status and property type.  Non-directly observable inputs are inputs that cannot be taken directly from observable data or market sources such as forecasts of future interest rates, home prices, prepayment speeds, defaults and loss severities.  Loans which are committed to be sold are valued at their quoted market price or market price equivalent.  The estimates of value are evaluated by our Manager’s Capital Markets staff and are reviewed and approved by its senior management Valuation Committee.  Changes in the estimated fair value of mortgage loans are recognized in current period results of operations.  All changes in fair value, including changes arising from the passage of time, are recognized as a component of change in fair value of investments.

Further discussion of the nature of the mortgage loans and the loan participation interests held by the Mortgage Companies is discussed in Note 4–Mortgage Companies.

Securities sold under agreements to repurchase represent the discounted value of the borrowings using the rate required to finance such borrowings as of period end.
 
 
 
 

PNMAC Mortgage Opportunity Fund, LP
Notes to Financial Statements
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
Note 4—Mortgage Companies
Following is a summary of the condensed balance sheet of the Master Fund’s investments in PNMAC Mortgage Co., LLC and PNMAC Mortgage Co (FI), LLC as of the dates presented:

   
December 31, 2009
  
   
PNMAC
Mortgage Co, LLC
    
PNMAC
Mortgage Co (FI), LLC
  
Short-term investments, at fair value
   $ 8,488,993     $ 589  
Mortgage loans, at fair value
     85,280,765       43,654,724  
Real estate acquired in settlement of loans, at fair value
     2,602,732       3,988,971  
Other assets, less liabilities
     1,183,366       (13,022 )
Members' equity
   $ 97,555,856     $ 47,631,262  
                 
Master Fund's investment in Mortgage Investments at December 31, 2009
   $ 97,555,856     $ 32,607,396  


   
December 31, 2008
  
   
PNMAC
Mortgage Co, LLC
    
PNMAC
Mortgage Co (FI), LLC
  
Mortgage loans, at fair value
   $ 110,389,899     $ 43,403,757  
Other assets, less liabilities
     2,632,884       589  
Members' equity
   $ 113,022,783     $ 43,404,346  
                 
Master Fund's investment in Mortgage Investments at December 31, 2008
   $ 113,022,783     $ 29,259,976  

Following is a summary of distributions from the Mortgage Companies for the periods presented:

   
Year ended December 31, 2009
    
Period from August 11, 2008, (commencement of operations) to
December 31, 2008
  
PNMAC Mortgage Co., LLC
   $ 19,818,386     $ 6,069,052  
PNMAC Mortgage Co (FI), LLC
     5,223,495       -  
    $ 25,041,881     $ 6,069,052  

Concentrations of Credit Risk
The Mortgage Companies have assumed a concentration of credit risk in connection with their investments in mortgage-backed securities, mortgage loans and real estate acquired in settlement of loans.
 
 
 
PNMAC Mortgage Opportunity Fund, LP
Notes to Financial Statements
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
The following is a summary of the distribution of loans included in the Mortgage Companies’ portfolios as measured by fair value at the dates presented:
 
December 31, 2009
                  
Occupancy
  
Fair Value
    
% Partners’ Capital
    
Average
Note Rate
  
Owner occupied
   $ 83,724,215       36.24 %     6.69 %
Investment property
     23,164,618       10.03 %     7.88 %
Second property
     6,537,522       2.83 %     7.83 %
Total Portfolio
   $ 113,426,355       49.10 %     6.99 %
                         

Loan Type
  
Fair Value
    
% Partners’ Capital
    
Average
Note Rate
  
ARM/Hybrid1
   $ 67,962,220       29.42 %     7.29 %
Fixed
     37,288,047       16.14 %     6.94 %
Balloon
     2,739,238       1.19 %     10.68 %
Step-Rate
     5,436,850       2.35 %     3.18 %
Total Portfolio
   $ 113,426,355       49.10 %     6.99 %
                         

Lien Position
  
Fair Value
    
% Partners’ Capital
    
Average
Note Rate
  
1st lien
   $ 111,849,042       48.42 %     6.78 %
2nd lien
     1,577,313       0.68 %     8.83 %
Total Portfolio
   $ 113,426,355       49.10 %     6.99 %
                         

Loan Age2
  
Fair Value
    
% Partners’ Capital
    
Average
Note Rate
  
Less than 6 months
   $ 957,845       0.42 %     5.00 %
6 - 11 months
     210,681       0.09 %     2.78 %
12 - 17 months
     41,120       0.02 %     4.67 %
18 - 23 months
     17,982,455       7.78 %     6.94 %
24 months and greater
     94,234,254       40.79 %     7.01 %
Total Portfolio
   $ 113,426,355       49.10 %     6.99 %
                         
 
 
 
PNMAC Mortgage Opportunity Fund, LP
Notes to Financial Statements
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
Origination FICO Score
  
Fair Value
    
% Partners’ Capital
    
Average
Note Rate
  
Less than 600
   $ 13,216,623       5.72 %     7.27 %
600 – 649     15,172,773       6.57 %     7.00 %
650 – 699     31,435,627       13.61 %     6.97 %
700 – 749     28,132,523       12.18 %     6.80 %
750 or greater
     25,468,809       11.02 %     6.70 %
Total Portfolio
   $ 113,426,355       49.10 %     6.99 %

 
Current Loan-to-Value3
  
Fair Value
    
% Partners’ Capital
    
Average
Note Rate
  
Less than 80%
   $ 17,915,933       7.75 %     7.01 %
80% - 99.99%     24,931,178       10.79 %     7.09 %
100% - 119.99%     29,513,691       12.78 %     7.03 %
120% or greater
     41,065,553       17.78 %     6.96 %
Total Portfolio
   $ 113,426,355       49.10 %     6.99 %
 
Payment Status
  
Fair Value
    
% Partners’ Capital
    
Average Note Rate
  
Current4
   $ 85,505,204       37.01 %     6.43 %
30 days delinquent
     7,457,832       3.23 %     6.24 %
60 days delinquent
     3,183,073       1.38 %     6.32 %
90 days or more delinquent
     7,235,898       3.13 %     8.13 %
In foreclosure5
     10,044,348       4.35 %     8.03 %
Total Portfolio
   $ 113,426,355       49.10 %     6.99 %

1
Based on a percentage of loan count, ARMs/Hybrids had distribution of interest rate reset dates after December 31, 2009 as follows: 2.37% in 1-6 months, 1.39% in 7-12 months, 2.79% in 13-24 months, 75.03% in more than 24 months.
2
Loan Age reflects the age of the loan as of December 31, 2009.
3
Current Loan-to-Value measures the ratio of the current balance of the loan and all superior liens (“Loan”) to the estimate of the value of   the property securing the liens (“Value”) as of December 31, 2009.
4
Current loans include loans in and adhering to a forbearance plan as of December 31, 2009.
5
Loans “In Foreclosure” include loans for which foreclosure proceedings had begun, but for which ownership had not yet been transferred as of December 31, 2009.  This category does not include real estate acquired in settlement of loans.
 
 
 
PNMAC Mortgage Opportunity Fund, LP
Notes to Financial Statements
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
Following is a summary of the distribution of real estate acquired in settlement of loans:

Geographic Distribution
  
Fair Value
    
% Partners’ Capital
  
California
   $ 1,309,560       0.57 %
Arizona
     457,400       0.20 %
Maryland
     361,300       0.15 %
Nevada
     347,275       0.15 %
Texas
     325,000       0.14 %
Other
     2,612,858       1.13 %
Total Portfolio
   $ 5,413,393       2.34 %

Property Type
  
Fair Value
    
% Partners’ Capital
  
Single dwelling unit
   $ 2,812,013       1.22 %
Multiple dwelling units
     702,300       0.30 %
Condominium
     486,300       0.21 %
Planned unit development
     1,331,980       0.58 %
Other
     80,800       0.03 %
Total Portfolio
   $ 5,413,393       2.34 %



December 31, 2008
                  
                   
Occupancy
  
Fair Value
    
% Partners’ Capital
    
Average
Note Rate
  
Owner occupied
   $ 101,585,321       72.40 %     7.77 %
Investment property
     30,215,996       21.53 %     8.20 %
Second property
     7,636,243       5.44 %     8.28 %
Total Portfolio
   $ 139,437,560       99.37 %     7.89 %
                         
 
 
Loan Type
  
Fair Value
    
% Partners’ Capital
    
Average
Note Rate
  
ARM/Hybrid1
   $ 92,841,605       66.16 %     7.61 %
Fixed
     42,755,453       30.47 %     7.66 %
Balloon
     3,840,502       2.74 %     10.95 %
Total Portfolio
   $ 139,437,560       99.37 %     7.89 %
                         
 
 
Lien Position
  
Fair Value
    
% Partners’ Capital
    
Average
Note Rate
  
1st lien
   $ 138,994,560       99.05 %     7.61 %
2nd lien
     443,000       0.32 %     10.65 %
Total Portfolio
   $ 139,437,560       99.37 %     7.89 %
                         
 
 
 
PNMAC Mortgage Opportunity Fund, LP
Notes to Financial Statements
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
Loan Age2
  
Fair Value
    
% Partners’ Capital
    
Average
Note Rate
  
Less than 6 months
   $ 88,920       0.06 %     4.78 %
6 - 11 months
     23,491,596       16.74 %     7.13 %
12 - 17 months
     52,792,115       37.62 %     7.80 %
18 - 23 months
     47,548,547       33.89 %     8.03 %
24 months and greater
     15,516,382       11.06 %     7.94 %
Total Portfolio
   $ 139,437,560       99.37 %     7.89 %
                         
 
 
Origination FICO Score
  
Fair Value
    
% Partners’ Capital
    
Average
Note Rate
  
Less than 600
   $ 15,616,034       11.13 %     8.44 %
600 – 649     18,002,719       12.83 %     8.00 %
650 – 699     37,722,460       26.88 %     7.90 %
700 – 749     34,864,406       24.85 %     7.52 %
750 or Greater
     33,231,939       23.68 %     7.14 %
Total Portfolio
   $ 139,437,560       99.37 %     7.89 %
 
 
Current Loan-to-Value3
  
Fair Value
    
% Partners’ Capital
    
Average
Note Rate
  
Less than 80%
   $ 24,327,683       17.34 %     7.37 %
80% - 99.99%     45,273,140       32.26 %     7.41 %
100% - 119.99%     34,968,047       24.92 %     7.56 %
120% or Greater
     34,868,690       24.85 %     8.23 %
Total Portfolio
   $ 139,437,560       99.37 %     7.89 %

Geographic Distribution
  
Fair Value
    
% Partners’ Capital
    
Average
Note Rate
  
California
   $ 41,767,249       29.77 %     7.28 %
Florida
     10,923,433       7.78 %     8.32 %
New York
     8,467,685       6.03 %     8.08 %
Arizona
     7,577,346       5.40 %     7.74 %
New Jersey
     4,141,296       2.95 %     8.08 %
Illinois
     6,805,423       4.85 %     7.89 %
Other
     59,755,128       42.59 %     7.98 %
Total Portfolio
   $ 139,437,560       99.37 %     7.89 %
 
 
 
PNMAC Mortgage Opportunity Fund, LP
Notes to Financial Statements
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008

Payment Status
  
Fair Value
    
% Partners’ Capital
    
Average Note Rate
  
Current4
   $ 116,049,135       82.71 %     7.52 %
30 days delinquent
     7,350,021       5.22 %     7.95 %
60 days delinquent
     4,360,307       3.11 %     7.93 %
90 days or more delinquent
     5,679,244       4.05 %     8.99 %
In Foreclosure5
     5,998,853       4.28 %     8.43 %
Total Portfolio
   $ 139,437,560       99.37 %     7.89 %

1
Based on a percentage of loan count, ARMs/Hybrids had a distribution of interest rate reset dates after December 31, 2008 as follows: 7.73% in 1-6 months, 10.64% in 7-12 months, 4.12% in 13-24 months, 77.51% in more than 24 months.

2
Loan Age reflects the age of the loan as of December 31, 2008.

3
Current Loan-to-Value measures the ratio of the current balance of the loan and all superior liens (“Loan”) to the estimate of the value of   the property securing the liens (“Value”) as of December 31, 2008.

4
Current loans include loans in and adhering to a forbearance plan as of December 31, 2008.

5
Loans “In Foreclosure” includes loans for which foreclosure proceedings had begun, but for which ownership had not yet been transferred as of December 31, 2008.  This category does not include Real Estate Owned (“REO”).
 
Through their mortgage servicing agreements with PennyMac Loan Services, LLC, the Mortgage Companies proactively work with borrowers to perform loss mitigation activities in order to minimize credit losses.  Such activities include the development of loan modification programs and workout options that have the highest probability of successful resolution for both borrowers and the Mortgage Companies.

Note 5 – Mortgage-Backed Securities
Following is a summary of mortgage-backed securities held by the Master Fund:

         
Credit Rating
        
   
Total
       A    
BB+
       B+       B    
Unrated
    
% Partners’ Capital
  
                   
Security collateral type:
                                                
Non-Agency Alt-A
   $ 148,546,946     $ 52,724,431     $ -     $ -     $ -     $ 95,822,515       64.31 %
Non-Agency Prime Jumbo
     8,904,619       -       2,339,904       1,261,003       5,303,712       -       3.85 %
    $ 157,451,565     $ 52,724,431     $ 2,339,904     $ 1,261,003     $ 5,303,712     $ 95,822,515       68.16 %

At December 31, 2009, mortgage-backed securities with a fair value of $81,753,000 were pledged as collateral to secure securities sold under agreements to repurchase.

Note 6 – Securities Sold Under Agreements to Repurchase
During the year ended December 31, 2009, the Master Fund entered into short-term financing arrangements to sell certain of its investment securities under agreements to repurchase (“repurchase agreements”).  The repurchase agreements are collateralized by certain of the Master Fund’s mortgage-backed securities.  All securities underlying repurchase agreements are delivered to the counterparty during the period they are outstanding.  All agreements are to repurchase the same or substantially identical securities.
 
 
 
PNMAC Mortgage Opportunity Fund, LP
Notes to Financial Statements
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
Scheduled maturities of securities sold under agreements to repurchase were as follows:
 
   
December 31, 2009
  
   
Amount
    
Interest Rate
  
Due within 30 days
   $ --        
After 30 days but within 90 days
     16,286,400      1.83%  
After 90 days but within 180 days
     -        
After 180 days but within one year
     38,051,000      1.74%  
Total securities sold under agreements to repurchase
   $ 54,337,400    
1.74% to 1.83%
  
 
Interest expense relating to securities sold under agreements to repurchase totaled $87,029 for the year ended December 31, 2009.  The Master Fund had pledged mortgage-backed securities with a fair value of totaling $81,753,000 to secure advances made under securities sold under agreements to repurchase at December 31, 2009.
 
Note 7—Investment Transactions
For the period from August 11, 2008 (commencement of operations) to December 31, 2008, the Master Fund purchased investments for $149,104,299.  For the year-end December 31, 2009, the Master Fund purchased investments in the amount of $153,791,354, comprised of $153,321,717 of mortgage-backed securities and $469,637 of additional contributions to PNMAC Mortgage Co (FI), LLC.

Note 8—Investment Advisory, Administration and Custodian Fees
The Master Fund entered into an Investment Management Agreement with PNMAC Capital Management, LLC.  Under the terms of the agreement, the Master Fund will pay the Investment Manager a fee equal to an annual rate of 1.5% on capital commitments until December 31, 2011, and thereafter a fee equal to an annual rate of 1.5% of the Master Fund’s net asset value so long as the fee does not exceed 1.5% of the aggregate capital contributions to the Master Fund.  The General Partner is not charged a management fee.  The only expenses charged to the Genreal Partner are those specifically relating to it.
 
Investment advisory fees for the year ended December 31, 2009 and for the period from August 11, 2008 (commencement of operations) to December 31, 2008 were $6,068,401 and $2,462,500, respectively.  Of this amount, $1,445,755 and $2,462,500 was payable to the Investment Manager as of December 31, 2009 and 2008.
 
The Master Fund has engaged U.S. Bancorp Fund Services, LLC to serve as the Master Fund's administrator, fund accountant, transfer agent, and dividend paying agent. The Master Fund pays the administrator a monthly fee computed at an annual rate of 0.04% of the first $1,000,000,000 of the Master Fund's total monthly net assets, 0.03% on the next $1,000,000,000 of the Master Fund's total monthly net assets, and 0.02% on the balance of the Master Fund's total monthly net assets subject to an annual minimum fee of $180,000.  The administration expense for the year ended December 31, 2009 was $183,257 and for period from August 11, 2008 (commencement of operations) to December 31, 2008 was $85,984.

The Master Fund and an affiliated fund have engaged U.S. Bank, N.A. to provide mortgage loan accounting to the investments held in the mortgage subsidiary.  The Master Fund and an affiliated fund pay U.S. Bank, N.A. a monthly fee computed at an annual rate of 0.9% of assets subject to an annual minimum fee of $20,000. The loan accounting fee allocated to the Master Fund for the year ended December 31, 2009 was $13,489 and period from August 11, 2008 (commencement of operations) to December 31, 2008 was $ 6,667.
 
 
 
PNMAC Mortgage Opportunity Fund, LP
Notes to Financial Statements
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
U.S. Bank, N.A. serves as the Master Fund's custodian. The Master Fund pays the custodian a monthly fee computed at an annual rate of 0.01% on the Master Fund's average daily market value subject to an annual minimum fee of $4,800.

Note 9—Directors and Officers
The Master Fund’s board of directors has overall responsibility for monitoring and overseeing the investment program of the Master Fund and its management and operations.  The Fund and Master Fund share the same board of directors.  All directors’ fees and expenses are paid by the Master Fund.  The independent directors are each paid an annual retainer of $60,000 and a fee per meeting of the board of directors of $2,000 for each regular meeting and $1,000 for each telephonic meeting, subject to a cap of $15,000 per year for all telephonic meetings, plus reasonable out-of-pocket expenses.  Directors are reimbursed by the Master Fund for their travel expenses related to board meetings.  The total directors fees and expenses incurred for the year ended December 31, 2009 and for the period from August 11, 2008 to December 31, 2008 was $312,012 and $249,202, respectively.  Of this amount, $75,015 and $10,515 was payable as of December 31, 2009 and 2008.
 
One of the directors is an officer of the advisor and the Master Fund and receives no compensation from the Master Fund for serving as a Director.

Certain officers of the Master Fund are affiliated with the Investment Manager.  Such officers receive no compensation from the Master Fund for serving in their respective roles.

Note 10—Transactions with Affiliates
As of December 31, 2009 and 2008, the payable to affiliate of $30,956 and $405,858, respectively, represents funds owed to Private National Mortgage Acceptance Company, LLC for offering and organization expenses paid on the Master Fund’s behalf.  The Investment Manager is a wholly owned subsidiary of Private National Mortgage Acceptance Company, LLC.

PennyMac Loan Services, LLC acts as the principal mortgage servicer for all mortgages owned by the Mortgage Companies.  PennyMac Loan Services, LLC is a controlled subsidiary of Private National Mortgage Acceptance Company, LLC.

The Master Fund’s short-term investment, the BlackRock Liquidity Funds: TempFund Institutional Shares, is managed by BlackRock Institutional Management Corporation which is a wholly owned subsidiary of BlackRock, Inc.  BlackRock Inc. is an affiliate of the Master Fund.

Note 11—Risk Factors
The Master Fund’s investment activities expose it to the various types of risk, which are associated with the financial instruments and markets in which it invests.

Investments in mortgage-backed securities and mortgage loans have exposure to certain degrees of risk, including interest rate, market risk, and the potential non-payment of principal and interest, including default or bankruptcy of the issuer or the intermediary in the case of a participation.  Mortgage loans are subject to prepayment risk, which will affect the maturity of such investments.

Investments in real estate acquired in settlement of loans are subject to various risk factors.  Generally, real estate investments could be adversely affected by a recession or general economic downturn where the properties are located as well as the availability of similar properties in the immediate area.  Real estate investment performance is also subject to the success that a particular property manager has in managing the property.
 
 
 
PNMAC Mortgage Opportunity Fund, LP
Notes to Financial Statements
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
The Master Fund is indirectly subject to interest rate risk.  Interest rate risk is the risk that investment in loans held by the Mortgage Investments will decline in value because of changes in market interest rates.  Investments in mortgage loans with long-term maturities may experience significant price declines if long-term interest rates increase.

Market risk represents the potential loss in value of financial instruments caused by movements in market factors including, but not limited to, market liquidity, investor sentiment, interest and foreign exchange rates.  The Master Fund’s portfolio includes certain investments that are generally illiquid and have a greater amount of market risk than more liquid investments.  These investments may trade in limited markets or have restrictions on resale or transfer and may not be able to be liquidated on demand if needed.  The value assigned to these investments may differ significantly from the values that would have been used had a ready market existed and such differences could be material to the financial statements.

Adverse changes in economic conditions are more likely to lead to a weakened capacity of borrowers to make principal payments and interest payments.  An economic downturn could severely affect the ability of highly leveraged borrowers to service their debt obligations or to repay their obligations.  Under adverse market or economic conditions, the secondary market could contract further as well, increasing the illiquid nature of the loans.  As a result, the Mortgage Investments could find it more difficult to sell loans or may be able to sell only at prices lower than if such investments were widely traded.

An investment in the Master Fund is subject to investment risk, including the possible loss of the entire principal invested.  An investment in the Master Fund represents an indirect investment in the loans held by the Mortgage Companies.  The value, like other market investments, may move up or down, sometimes rapidly and unpredictably.  An investment in the Master Fund at any point in time may be worth less than the original investment.  Investment values can fluctuate for several reasons including the general condition of the mortgage market or when political or economic events affecting the issuers occur.

As part of its investment strategy, the Master Fund may utilize borrowings.  Master Fund investments may also use borrowings in the ordinary course of their operations.  The use of borrowings may materially affect the operations of the Master Fund or its investment and thus its ultimate value.  Financing may not always be available on acceptable terms, in the necessary amounts, or for the period needed.  This could have a material negative impact on the performance of the Master Fund.

The Master Fund clears substantially all of its investment purchases and sales and maintains substantially all of its investments and cash positions at U.S. Bank, N.A.  Credit risk is measured by the loss the Master Fund would record if U.S. Bank, N.A. failed to perform pursuant to terms of their obligations.

Due to the nature of the master fund/feeder fund structure, the Master Fund could be materially affected by subscription or redemption activity.

In light of financial market events that occurred in 2009 and 2008 and the United States government’s involvement in supporting the financial markets, it is reasonably possible that the investment management industry will be subject to future regulation.  The impact of potential regulation may have a negative impact on the ability to unwind the investments of the Master Fund and Mortgage Investments, but such impact is not quantifiable.
 
 
 
PNMAC Mortgage Opportunity Fund, LP
Notes to Financial Statements
For the Year Ended December 31, 2009 and the Period from August 11, 2008
(commencement of operations) to December 31, 2008
 
Note 12—Subsequent Events
Management has evaluated all events or transactions through March 1, 2010, the date the Company issued these financial statements. During this period, the Master Fund did not have any material subsequent events that affected its financial statements.


******
 
 
 
 
 

 
 

To the Shareholders and Board of Directors of
PNMAC Mortgage Opportunity Fund, LP:
 
We have audited the accompanying statement of assets and liabilities of PNMAC Mortgage Opportunity Fund, LP (the “Master Fund”), including the schedule of investments, as of December 31, 2009 and 2008, and the related statements of operations, changes in partners’ capital, cash flows, and financial highlights for the year ended December 31, 2009, and for the period from August 11, 2008 (commencement of operations) to December 31, 2008. These financial statements and financial highlights are the responsibility of the Master Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Master Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Master Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of investments owned as of December 31, 2009 and 2008, by correspondence with the custodian and other parties; where replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of PNMAC Mortgage Opportunity Fund, LP as of December 31, 2009 and 2008, the results of its operations, changes in its partners’ capital, cash flows, and financial highlights for the  year ended December 31, 2009, and for the period from August 11, 2008 (commencement of operations) to December 31, 2008 in conformity with accounting principles generally accepted in the United States of America.
 
As discussed in Note 3 to the financial statements, the financial statements include investments in mortgage backed-securities, an investment in PNMAC Mortgage Co (FI), LLC and an investment in PNMAC Mortgage Co, LLC valued at $287,614,817 (98% of total assets) and $142,282,759 (99% of total assets) as of December 31, 2009 and 2008, respectively, whose fair values have been estimated by management in the absence of readily determinable fair values.
 
Signature
March 1, 2010
Los Angeles, California
 
 
 
 
PNMAC Mortgage Opportunity Fund, LP
(Unaudited)
 
Form N-Q
The Master Fund files its complete schedule of portfolio holdings for the first, second and third quarters of each fiscal year with the SEC on Form N-Q.  The Master Fund’s Form N-Q is available without charge by visiting the SEC’s Web site at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C.  You may obtain information on the operation of the Public Reference Room by calling (800) SEC-0330.

Proxy Voting
A description of the policies and procedures that the Master Fund uses to determine how to vote proxies relating to portfolio securities owned by the Master Fund and information regarding how the Master Fund voted proxies relating to the portfolio of securities are available to stockholders (i) without charge, upon request by calling the Master Fund collect at (818) 224-7442; and (ii) on the SEC’s Web site at www.sec.gov.

Board of Directors
The Master Fund’s Form N-2 includes additional information about the Master Fund’s directors and is available upon request without charge by calling the Master Fund collect at (818) 224-7442 or by visiting the SEC’s Web site at www.sec.gov.

Forward-Looking Statements
This report contains “forward-looking statements,'' which are based on current management expectations. Actual future results, however, may prove to be different from expectations. You can identify forward-looking statements by words such as “may,'' “will,'' “believe,'' “attempt,'' “seem,'' “think,'' “ought,'' “try,'' and other similar terms. The Master Fund cannot promise future returns. Management’s opinions are a reflection of its best judgment at the time this report is compiled, and it disclaims any obligation to update or alter forward-looking statements as a result of new information, future events, or otherwise.
 
 
 
 
 
 
 
PNMAC Mortgage Opportunity Fund, LLC
(Unaudited)
 
Name, Age, and Address
  
Position(s) Held
with Master Fund
  
 
Term of Office
and Length of
Time Served
  
Principal Occupation(s)
During Past Five Years
  
Number of Portfolios in Master Fund Complex Overseen
by Director and Officers
  
Other Directorships/
Trusteeships Held
                     
Independent Directors
                    
Heather Campion (52)
c/o PNMAC Capital Management, LLC, 27001 Agoura Road, Suite 350, Calabasas, California 91301
 
  
Director; Audit Committee Member
  
Indefinite Term. Served since May 29, 2008.
  
Group Executive Vice President and Director of Corporate Affairs of Citizens Financial Group until 2007.
  
2
  
Institute of Politics at Harvard University, the John F. Kennedy Presidential Library Foundation, AAA of Southern New England, and the Isabella Stewart Gardner Museum
                     
Thomas P. Gybel (42)
c/o PNMAC Capital Management, LLC, 27001 Agoura Road, Suite 350, Calabasas, California 91301
 
  
Director; Audit Committee Member
  
Indefinite Term. Served since May 29, 2008.
  
Managing Director of White Mountains Capital Inc. since March 2008, Managing Director of Global Corporate Finance for Deutsche Bank Securities Inc. from July 2004 to May 2007.
  
2
  
None
                     
Peter W. McClean (65)
c/o PNMAC Capital Management, LLC, 27001 Agoura Road, Suite 350, Calabasas, California 91301
 
  
Director; Audit Committee Chairman
  
Indefinite Term. Served since May 29, 2008.
  
Managing Director of Gulfstream Advisors LLC since 2004 and President and Chief Executive Officer of Measurisk LLC from 2001 through 2003.
 
  
2
  
Member of Board of Directors of Cyrus Reinsurance, Family Health International, Allianz Variable Insurance Products Trust, and Allianz Variable Products Fund of Funds Trust
                     
Richard A. Victor, J.D., Ph.D. (59)
c/o PNMAC Capital Management, LLC, 27001 Agoura Road, Suite 350, Calabasas, California 91301
  
Director; Audit Committee Member
  
Indefinite Term. Served since May 29, 2008.
  
Executive Director of the Workers Compensation Institute since 1983.
  
2
  
None
 
 
 
PNMAC Mortgage Opportunity Fund, LLC
Approval of Investment Management Agreement
(Unaudited)
 
Name, Age and Address
  
Position(s) Held
with Master Fund
  
Term of Office
and Length of
Time Served
  
Principal Occupation(s)
During Past Five Years
  
Number of Portfolios in Master Fund Complex Overseen
by Director
  
Other Directorships/
Trusteeships Held
                     
Interested Directors
                    
David A. Spector (46)
c/o PNMAC Capital Management, LLC, 27001 Agoura Road, Suite 350, Calabasas, California 91301
 
  
Director, President, Chief Financial Officer, Authorized Person
 
  
Indefinite Term.
Served since May 29,  2008.
 
  
Chief Investment Officer of the Investment Adviser; formerly, Co-Head of Global Residential Mortgages for Morgan Stanley and Senior Managing Director, Secondary Markets for Countrywide Financial Corporation.
  
2
  
None
                     
Officers
                    
                     
Stanford L. Kurland (57)
c/o PNMAC Capital Management, LLC, 27001 Agoura Road, Suite 350, Calabasas, California 91301
 
  
Chief Executive Officer, Authorized Person
  
Indefinite Term.
Served since May 29,  2008.
 
  
Founder, Chairman and Chief Executive Officer of the Investment Adviser; formerly, Chief Financial Officer and Chief Operating Officer of Countrywide Financial Corporation.
  
2
  
None
 
 
 
 
 
PNMAC Mortgage Opportunity Fund, LLC
Approval of Investment Management Agreement
(Unaudited)
 
Name, Age and Address
  
Position(s) Held
with Master Fund
  
Term of Office
and Length of
Time Served
  
Principal Occupation(s)
During Past Five Years
  
Number of Portfolios in Master Fund Complex Overseen
by Director
  
Other Directorships/
Trusteeships Held
                     
Michael L. Muir (44)
c/o PNMAC Capital Management, LLC, 27001 Agoura Road, Suite 350, Calabasas, California 91301
 
  
Chief Capital Markets Officer
  
Indefinite Term.
Served since May 29,  2008.
In February of 2010, Mr. Muir tendered his resignation, effective March, 2010.
 
  
Chief Capital Markets Officer of the Investment Adviser; formerly, Chief Financial Officer, Treasurer and Chief Investment Officer for Countrywide Bank, N.A. and Senior Vice President of Countrywide Home Loans.
  
2
  
None
                     
David M. Walker (54)
c/o PNMAC Capital Management, LLC, 27001 Agoura Road, Suite 350, Calabasas, California 91301
 
  
Chief Credit Officer
  
Indefinite Term.
Served since May 29,  2008.
 
  
Chief Credit Officer of the Investment Adviser; formerly, Chief Lending Officer, Chief Credit Officer and Executive Vice President of Secondary Marketing for Countrywide Bank, N.A.
  
2
  
None
                     
Anne D. McCallion (55)
c/o PNMAC Capital Management, LLC, 27001 Agoura Road, Suite 350, Calabasas, California 91301
 
  
Chief Financial Officer
  
Indefinite Term.
Served since April 27,  2009.
 
  
Chief Financial Officer of the Investment Advisor; formerly Senior Managing Director and Deputy Chief Financial Officer for Countrywide Financial Corporation
  
2
  
None
 
 
 
PNMAC Mortgage Opportunity Fund, LLC
Approval of Investment Management Agreement
(Unaudited)
 
Name, Age and Address
  
Position(s) Held
with Master Fund
  
Term of Office
and Length of
Time Served
  
Principal Occupation(s) During Past Five Years
  
Number of Portfolios in Master Fund Complex Overseen
by Director
  
Other Directorships/
Trusteeships Held
                     
Jeff Grogin (49)
c/o PNMAC Capital Management, LLC, 27001 Agoura Road, Suite 350, Calabasas, California 91301
 
  
Secretary, Authorized person
  
Indefinite Term.
Served since May 29,  2008.
 
  
Independent Counsel
 
  
2
  
None
Julianne Fries (47)
c/o PNMAC Capital Management, LLC, 27001 Agoura Road, Suite 350, Calabasas, California 91301
 
  
Chief Compliance Officer
  
Indefinite Term.
Served from May 29,  2008 to January 16, 2010 .
 
 
  
Chief Compliance Officer of the Investment Advisor; formerly, Managing Director, Chief Compliance Officer of Countrywide Capital Markets.
 
  
2
  
None
 
 
 
 
 
 
 
PNMAC Mortgage Opportunity Fund, LLC
(Unaudited)
 
On May 29, 2008, the board of directors of the Master Fund and the Fund (collectively, the “Funds”), including the “non-interested” Directors (the “Independent Directors”), voted to approve the Investment Management Agreements for an initial two-year term.
 
In considering whether to recommend approval of the Management Agreements, the Independent Directors reviewed materials provided by the Investment Advisor, fund counsel, and independent counsel. The Directors also met with senior personnel of the Investment Advisor and discussed a number of topics affecting their determination, including the following.
 
(i) The nature, extent, and quality of services expected to be provided by the Investment Advisor. The Independent Directors reviewed the services that the Investment Advisor is expected to provide to the Funds. In addition, the Independent Directors considered the size, education, background, and experience of the Investment Advisor’s staff. Lastly, the Independent Directors reviewed the Investment Advisor’s ability to attract and retain quality and experienced personnel. The Independent Directors concluded that the scope of services expected to be provided by the Investment Advisor to the Funds and the experience and expertise of the personnel performing such services was consistent with the nature, extent, and quality expected of an Investment Advisor of investment vehicles such as the Funds.
 
(ii) Cost of the services to be provided and profits to be realized by the Investment Advisor and its affiliates from the relationship with the Funds. The Independent Directors considered the estimated cost of the services provided by the Investment Advisor. As part of their analysis, the Independent Directors gave substantial consideration to the compensation payable to the Investment Advisor, the terms of which are summarized in the footnotes to the financial statements included in this report. In reviewing the management compensation, the Independent Directors considered the management fees and operating expense ratios of other registered and non-registered funds managed by other advisors that had somewhat comparable investment programs.
 
The Independent Directors concluded that the proposed management fee and carried interest for the Investment Advisor were reasonable.
 
In view of the absence of any historical operations by the Funds or the Investment Advisor, the Independent Directors considered the mortgage finance and capital markets experience of the Advisor’s senior management team. However, no single factor was determinative to the decision of the Directors. Rather, after weighing all of the reasons discussed above, the Independent Directors unanimously recommended approval of each of the Management Agreements.
 

 
 
 
Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer.  The registrant has not made any amendments to its code of ethics during the period covered by this report.  The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when they call the registrant at 1-818-224-7442.

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee.  Mr. Peter W. McClean is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years.  “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.  “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit.  “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

 
FYE  12/31/2009
FYE  12/31/2008
Audit Fees
$200,000
$210,367
Audit-Related Fees
$ 41,367
$ 77,147
Tax Fees
$ 13,580
$0
All Other Fees
$0
$0

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

The percentage of fees billed by Deloitte & Touche LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

 
FYE  12/31/2009
  
FYE  12/31/2008
Audit-Related Fees
0%
  
0%
Tax Fees
0%
  
0%
All Other Fees
0%
  
0%
 
 
 
All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.  (If more than 50 percent of the accountant’s hours were spent to audit the registrant's financial statements for the most recent fiscal year, state how many hours were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.)
The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.  The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

Non-Audit Related Fees
  
FYE  12/31/2009
FYE  12/31/2008
Registrant
  
None
None
Registrant’s Investment Adviser
  
None
None
 
Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a)  
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
(b)  
Not applicable.
 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

(a) (1) The five persons with the most significant responsibility for the day-to-day management of the Registrant’s portfolio are Stanford L. Kurland, David A. Spector, Michael L. Muir, David M. Walker, and Andy S. Chang. The titles, business experience, and length of service of Messrs. Kurland, Spector, Muir, Walker, and Chang are included in the following table:

Name
Title
Length of Service
Business Experience
During Past 5 Years
Role of Portfolio Manager
Stanford L. Kurland (57)
c/o PNMAC Capital Management, LLC, 27001 Agoura Road, Suite 350, Calabasas, California 91301
Founder, Chairman and Chief Executive Officer of the Investment Adviser
Served since May 29, 2008
Formerly, Chief Financial Officer and Chief Operating Officer of Countrywide Financial Corporation.
Chairman and Chief Executive Officer of the Investment Adviser
David A. Spector (46)
c/o PNMAC Capital Management, LLC, 27001 Agoura Road, Suite 350, Calabasas, California 91301
 
Chief Investment Officer
Served since May 29, 2008
Formerly, Co-Head of Global Residential Mortgages for Morgan Stanley and Senior Managing Director, Secondary Markets for Countrywide Financial Corporation.
As Chief Investment Officer, is responsible for oversight of all activities pertaining to investments, and directs the activities of portfolio management, capital markets, and credit as each relates to mortgage credit and company credit risk
Michael L. Muir (44)
c/o PNMAC Capital Management, LLC, 27001 Agoura Road, Suite 350, Calabasas, California 91301
 
Chief Capital Markets Officer
Served since May 29, 2008. In February 2010, Mr. Muir tendered his resignation effective March 2010.
Formerly, Chief Financial Officer, Treasurer and Chief Investment Officer for Countrywide Bank, N.A. and Senior Vice President of Countrywide Home Loans.
As Chief Capital Markets Officer, is responsible for maintaining loan pricing systems, distressed asset pricing models, overseeing trading systems, managing pooling, securitization activities, and market surveillance, as well as executing hedge transactions
David M. Walker (54)
c/o PNMAC Capital Management, LLC, 27001 Agoura Road, Suite 350, Calabasas, California 91301
 
Chief Credit Officer
Served since May 29, 2008
Formerly, Chief Lending Officer, Chief Credit Officer and Executive Vice President of Secondary Marketing for Countrywide Bank, N.A.
As Chief Credit Officer, is responsible for developing and maintaining the loan grading system, default curves, the loan loss severity matrix, new loan underwriting and modification standards, overseeing representation and warranty claims, and evaluating and determining the adequacy of reserves and valuation model loss assumptions.
Andy S. Chang (32)
c/o PNMAC Capital Management, LLC, 27001 Agoura Road, Suite 350, Calabasas, California 91301
 
Chief Development Officer
Served since May 29, 2008
Formerly, Director at Blackrock and leader of its Advisory Services practice.
As Chief Development Officer, is responsible for establishing relationships with sellers, negotiating purchase/sales agreements, and coordinating transaction details.
 
 
(2) The following table provides information about the other accounts managed on a day-to-day basis by each of the portfolio managers as of December 31, 2009:

Name of Manager
Total Number of Accounts Managed
Total Assets in
Accounts Managed
Number of Accounts for Which Advisory Fee is Based on Performance
Assets in Accounts for Which Advisory Fee is Based on Performance
Stanford L. Kurland
        
Registered investment companies
2
$238,233,226
2
$238,233,226
Other pooled investment vehicles
2
$454,130,109
2
$454,130,109
Other accounts
      
$0
David A. Spector
        
Registered investment companies
2
$238,233,226
2
$238,233,226
Other pooled investment vehicles
2
$454,130,109
2
$454,130,109
Other accounts
      
$0
Michael L. Muir
        
Registered investment companies
2
$238,233,226
2
$238,233,226
Other pooled investment vehicles
2
$454,130,109
2
$454,130,109
Other accounts
      
$0
David M. Walker
        
Registered investment companies
2
$238,233,226
2
$238,233,226
Other pooled investment vehicles
2
$454,130,109
2
$454,130,109
Other accounts
      
$0
Andy S. Chang
        
Registered investment companies
2
$238,233,226
2
$238,233,226
Other pooled investment vehicles
2
$454,130,109
2
$454,130,109
Other accounts
      
$0
         
 
(3) Potential Material Conflicts of Interests:

The Investment Adviser and its respective affiliates, members and employees may manage or advise other clients, including other investment vehicles and entities ("Other Accounts"). While it is the general intention of the Investment Adviser that investment opportunities will be apportioned among the Fund and Other Accounts on a fair and reasonable basis, there is no assurance that the Fund will be offered any specific investment opportunities that come to the attention of the Investment Adviser or that the Fund will be permitted to invest the full amount it desires to invest in any such opportunity that is made available.

(4) Compensation:

Messrs. Kurland, Spector, Muir, Walker, and Chang receive a fixed salary from Private National Mortgage Acceptance Company, LLC (“PennyMac”), the parent company of the Investment Adviser. Additionally, each of the managers will receive pro rata distributions of the profits of PennyMac based on his equity interest therein. None of Messrs. Kurland, Spector, Muir, Walker, and Chang receives any direct compensation from the Registrant or any other of the managed accounts reflected in the table above.

(5) The following table provides information about the dollar range of equity securities in the registrant beneficially owned by each of the portfolio managers as of June 30, 2009:
 
Name of Manager
Aggregate Dollar Range of Holdings in the Registrant
  
Stanford L. Kurland
None
  
David A. Spector
None
  
Michael L. Muir
None
  
David M. Walker
None
  
Andy S. Chang
None
  
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.
 
 
Item 10. Submission of Matters to a Vote of Security Holders.

The registrant’s nominating committee charter does not contain any procedures by which shareholders may recommend nominees to the registrant’s board of directors/trustees.
 
Item 11. Controls and Procedures.

(a)  
The Registrant’s Chief Executive Officer and Chief Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.  Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)  
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)  
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.  Not applicable to open-end investment companies.

(b)  
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  Furnished herewith.
 
 
 
 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


PNMAC Mortgage Opportunity Fund, LP                                                                                                                                                                     

By  /s/Stanford L. Kurland                                                                                     
                                        Stanford L. Kurland, CEO

Date 3/11/2010                                          
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By  /s/Stanford L. Kurland                                                                                     
                                                      Stanford L. Kurland, CEO

Date 3/11/2010                                                                                                          


By  /s/Anne McCallion                                                                                           
                                                      Anne McCallion, CFO

Date 3/11/2010                                                                                                          
 
 
 
 EX-99.CERT 2 certs.htm OFFICER CERTIFICATIONS certs.htm
EX.99.CERT
CERTIFICATIONS

I, Anne McCallion, certify that:
 
1.  
I have reviewed this report on Form N-CSR of PNMAC Mortgage Opportunity Fund, LP;
 
2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
 
4.  
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
 
(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c)  
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
 
(d)  
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5.  
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
 
(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 3/11/2010                
 
/s/Anne McCallion                 
Anne McCallion
Chief Financial Officer
 
 
EX.99.CERT
CERTIFICATIONS

I, Stanford L. Kurland, certify that:
 
1.  
I have reviewed this report on Form N-CSR of PNMAC Mortgage Opportunity Fund, LP;
 
2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
 
4.  
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
 
(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c)  
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
 
(d)  
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5.  
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
 
(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 3/11/2010                
 
/s/Stanford L. Kurland            
Stanford L. Kurland
Chief Executive Officer
 
 EX-99.906 CERT 3 certs_906.htm SARBANES-OXLEY CERTIFICATION certs_906.htm
EX.99.906CERT
 
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the PNMAC Mortgage Opportunity Fund, LP, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of the PNMAC Mortgage Opportunity Fund, LP for the year ended December 31, 2009 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the PNMAC Mortgage Opportunity Fund, LP for the stated period.


/s/Stanford L. Kurland                 
Stanford L. Kurland
CEO, PNMAC Mortgage Opportunity Fund, LP
 
/s/Anne McCallion                   
Anne McCallion
CFO, PNMAC Mortgage Opportunity Fund, LP
 
Dated: 3/11/2010             
 


This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by the PNMAC Mortgage Opportunity Fund, LP for purposes of Section 18 of the Securities Exchange Act of 1934.
 
 
 
EX-99.CODE ETH 4 coe.htm CODE OF ETHICS coe.htm
 
PNMAC CAPITAL MANAGEMENT, LP


CODE OF ETHICS
FOR
CEO AND SENIOR FINANCIAL OFFICERS



PNMAC Mortgage Opportunity Fund LP (“Company”) has a Code of Ethics applicable to all officers and employees of the Company. The Chief Executive Officer and all senior financial officers, including the Chief Financial Officer and chief accounting officer, are bound by the provisions set forth therein relating to ethical conduct, conflicts of interest and compliance with law. In addition to the Code of Ethics, the Chief Executive Officer and senior financial officers are subject to the following additional specific policies:

1. The Chief Executive Officer and all senior financial officers are responsible for full, fair, accurate, timely and understandable disclosure in the periodic reports required to be filed by the Company with the SEC. Accordingly, it is the responsibility of the Chief Executive Officer and each senior financial officer promptly to bring to the attention of the Board of Directors any material information of which he or she may become aware that affects the disclosures made by the Company in its public filings or otherwise assists the Board of Directors in fulfilling its responsibilities.

2. The Chief Executive Officer and each senior financial officer shall promptly bring to the attention of the Board of Directors any information he or she may have concerning significant deficiencies in the design or operation of internal controls which could adversely affect the Company’s ability to record, process, summarize and report financial data or (b) any fraud, whether or not material, that involves management or other officers and employees who have a significant role in the Company’s financial reporting, disclosures or internal controls.

3. The Chief Executive Officer and each senior financial officer shall promptly bring to the attention of the General Counsel or the Chief Compliance Officer and to the Audit Committee any information he or she may have concerning any violation of the Company’s Code of Ethics, including any actual or apparent conflicts of interest between personal and professional relationships, involving any management or other officers and employees who have a significant role in the Company’s financial reporting, disclosures or internal controls.

 
 
 
 
Page 1
 
4. The Chief Executive Officer and each senior financial officer shall promptly bring to the attention of the Board of Directors any information he or she may have concerning
evidence of a material violation of the securities or other laws, rules or regulations applicable to the Company and the operation of its business, by the Company or any agent thereof, or of a violation of the Code of  Ethics or any additional procedures.

5. The Board of Directors shall determine, or designate appropriate persons to determine, appropriate actions to be taken in the event of violations of the Code of  Ethics or of these additional procedures by the Chief Executive Officer and the Company’s senior financial officers. Such actions shall be reasonably designed to deter wrongdoing and to promote accountability for adherence to the Code of Ethics and to these additional procedures, and shall include written notices.
 
 
 
 
 
 
 
 
Page 2
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