Streaming Income - A Podcast from Barings

In this episode of the Streaming Income podcast, Barings Chairman & CEO Mike Freno shares how long-term partnerships, innovative thinking, and deep global relationships are reshaping the asset management landscape. Key Themes: Long Term Partnership Mindset Freno explains how Barings’ ownership model enables true long term thinking and an alignment of interests with clients and partners — creating a foundation for durable, multi decade relationships. Innovative Client Partnerships Across the industry, partnerships are shifting away from transactional engagements to deeply aligned, long term strategic relationships. These collaborations — spanning sovereign wealth funds, insurance companies, pensions, and wealth investors — are driven by shared vision, innovative thinking, and mutually beneficial outcomes. Partnerships Unlocking Global Opportunities A global presence and an extensive network of relationships are crucial to identifying the best relative value opportunities for clients across regions and asset classes. These partnerships also form the foundation for originating unique, differentiated assets in areas like global real estate, direct lending, asset based finance, and more. Episode Segments: (02:18) – Who is Barings today? (05:04) – How Barings’ ownership model allows for a long-term focus and alignment of interests (10:15) – Growth in the Middle East and partnering with like-minded sovereign wealth investors (13:28) – Innovative multi-asset partnerships with pension funds globally (16:34) – Where alts manager / insurance partnerships go next (23:29) – Increasing access to Barings’ capabilities to the wealth channel globally (27:06) – Insight into a global real estate platform built to identify value and source unique assets (31:34) – Assessing the health of the direct lending market and the global opportunity for investors (36:06) – The growth in asset-based finance (ABF) and why origination is so critical (40:34) – Solving problems for investors and borrowers in portfolio finance (41:58) – What sets Barings apart (Hint: think culture & team) Make sure to follow our LinkedIn newsletter, Where Credit is Due to stay up-to-date on our latest public & private credit market insights. IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any...

Where are global real estate markets headed in 2026? Watch our 2026 Global Real Estate Outlook panel to find out. With expert guests, including: Nasir AlamgirAlex GilbertNick PinkMike Flynn Moderated by Co-Head of Global Investments, David Mihalick Episode Segments: (01:00) – Introductions (03:30) – The fundamental backdrop for RE debt (08:55) – The European landscape (11:40) – Opportunities in US equity (15:20) – How APAC real estate stacks up today (20:42) – Why 2026 may be a “stock pickers” market (24:47) – Zooming in on the office sector (29:16) – Demographics as a structural driver (32:35) – Areas of opportunity in APAC (35:24) – Opportunities across sectors & risk profiles (40:49) – Affordability & the cost of development (43:30) – Bold predictions for 2026 Make sure to follow our LinkedIn newsletter, Where Credit is Due to stay up-to-date on our latest public & private credit market insights. IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own...

Recently, Barings held its flagship private markets conference in Boston. This episode gives listeners and viewers a window into the conversations that Barings' clients, investment teams and industry thought leaders engaged in during the event. Episode Segments: (01:20) - Barings Chairman & CEO Mike Freno on opportunities and risks in private markets (07:48) - Author & Podcaster, Malcolm Gladwell on AI, private markets, tipping points and storytelling (18:54) - Co-Head of Global Investments, David Mihalick on growth in private markets, private IG, & more (27:38) - Head of Real Estate Client Portfolio Management, Greg Eudicone on RE debt vs. RE equity, and why 2026 may be a 'stock pickers' market Make sure to follow our LinkedIn newsletter, Where Credit is Due to stay up-to-date on our latest public & private credit market insights. IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’...

In this 2026 Outlook discussion, our experts across Direct Lending, Asset-Based Finance and Portfolio Finance cover: - Where they see value and how they’re assessing risks - What trends are shaping the landscape in the year ahead - Their personal “bold predictions” for 2026 Panelists: Orla Walsh – Head of Europe Private Credit Portfolio Management Jim Moore – Head of Asset-Based Finance Dadong Yan – Head of Portfolio Finance Episode Segments: (01:47) – 3 trends shaping the landscape for private credit (05:30) – Assessing risks in private credit today (07:57) – Deal pricing and structuring dynamics (10:12) – Private credit’s runway for growth (12:41) – Regional divergences & the impact of tariffs (19:29) – Defining private asset-based finance (23:22) – How macroeconomic trends & divergences are shaping the landscape (29:53) – Jim’s bold prediction for ABF in 2026 (34:02) – Defining portfolio finance and why it’s gaining traction (40:40) – Key risks facing the market (44:17) – Misconceptions around the market (47:39) – Dadong’s bold prediction for portfolio finance in 2026 Make sure to follow our LinkedIn newsletter, Where Credit is Due to stay up-to-date on our latest public & private credit market insights. IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding...

In this 2026 Outlook discussion, our experts across High Yield, CLOs, Investment Grade and EM Debt cover: - Where they see value (against a backdrop of historically tight spreads) - How megatrends like AI proliferation are creating opportunities (and risks) - Their personal “bold predictions” for the year ahead Panelists: Brian Pacheco – Global High Yield Adrienne Butler – Global CLOs Charles Sanford – Investment Grade Credit Cem Karacadag – Sovereign Debt & Currencies Episode Segments: (01:01) – 3 macro trends shaping the landscape for fixed income (03:50) – The case for staying invested in high yield in 2026 (07:09 – Potential risks to high yield (13:35) – Megatrends shaping the high yield landscape (15:10) – Brian’s bold prediction on high yield (17:09) – Why CLOs are at the center of credit market innovation (21:51) – Who is investing in CLOs and how that’s changing (26:08) – How lower rates may impact CLOs (28:32) – The ebb and flow of broadly syndicated loans vs private credit (29:56) – Adrienne’s bold prediction for 2026 (31:49) – Is Microsoft paper higher quality than the US government? (35:22) – Risks of AI capex to investment grade companies (39:17) – Opportunities in less-trafficked areas of IG (41:28) – Sizing up the opportunity in IG credit in 2026 (43:40) – Charles’ bold prediction of IG credit for 2026 (45:49) – Analyzing value in EM debt and currency markets (49:06) – EM spreads are tight… so what? (51:20) – Two value opportunities in EM (53:57) – Cem’s bold prediction for EM for 2026 Make sure to follow our LinkedIn newsletter, Where Credit is Due to stay up-to-date on our latest public & private credit market insights. IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings...

Head of US & European Real Estate Debt, Nasir Alamgir, joins Streaming Income to discuss why investors - especially those focused on private credit - have been increasingly allocating to real estate debt, and how the opportunity set continues to evolve. Episode Segments: (02:39) – The trends shaping the real estate debt landscape – from rates to AI (05:04) – How & why private credit investors are diversifying into real estate debt (12:14) – Quantifying the maturity wall and its potential impact on valuations (17:37) – How rates (and questions on central bank independence) are playing a role (22:08) – Sector lightning round: Construction lending, Multi-family, Industrial, Office, Data Centers (33:05) – Looking at real estate debt through a global lens (37:17) – The importance of scale in real estate debt (due to loan sizes) (39:15) – Trends to watch in 2026 Make sure to follow our LinkedIn newsletter, Where Credit is Due to stay up-to-date on our latest public & private credit market insights. IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright in this...

Barings' Joe Mazzoli sheds light on the factors currently shaping the landscape for business development companies (BDCs) - from the interest rates to credit dynamics - and what may lie ahead for investors in the space. Episode Segments: (03:24) - Understanding the different types of BDCs (05:17) - What's driving growth in perpetual BDCs (07:45) - How lower rates may impact the space (10:30) - The impact of a two-speed economy (15:09) - Gauging credit risks and understanding fee structures (22:08) - What investors need to know about PIK (26:14) - How the M&A environment is shaping the outlook (31:33) - Sponsored vs. non-sponsored lending (33:52) - The intersection of asset-based finance and BDCs (35:44) - What next for BDCs - from regulatory change to AI Make sure to follow our LinkedIn newsletter, Where Credit is Due to stay up-to-date on our latest public & private credit market insights. IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but...

Orhan Sarayli, Head of North America for Barings' Global Infrastructure Debt group joins Streaming Income to discuss the evolving opportunity in infrastructure debt. Episode Segments: (02:11) – Background on Orhan & the infra debt team at Barings (03:10) – Defining the infrastructure debt universe (05:54) – The structural trends underpinning massive growth in infrastructure investment (09:24) – The role of institutional investors in financing infra growth (12:28) – Alternative managers & non-traditional approaches to funding growth (14:55) – Insurance, sovereign wealth, pensions… Who’s investing and why? (19:13) – Understanding the return profile across IG and HY infra debt (22:21) – Challenges from diversification and bucketing to transparency and benchmarking (25:40) – Infra CLOs and where innovation in the space goes next IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’...

Head of Global High Yield, Scott Roth joins the Streaming Income podcast to discuss how tariffs and quickly shifting macro-economic and political dynamics are impacting corporate fundamentals and the backdrop for high yield bonds and broadly syndicated loans today. Episode Segments: 01:55 – Scott’s role at Barings and the HY platform at Barings 03:01 – How the “Sell America” trade is impacting high yield markets 08:18 – The trillion-dollar question: When will the U.S. deficit start to bite? 10:06 – How the macro economy is impacting corporate fundamentals 15:58 – Are investors being fairly compensated for the risk they’re taking today? 20:15 – A look at the market techicals that are driving short-term price action 24:01 – Tangible impacts of ‘the blurring lines’ between public & private credit 28:42 – Managing a long-term allocation to below investment-grade credit IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced...

Leaders across Barings Global Private Credit platform discuss the similarities and differences between the direct lending markets in North America, Europe and Asia Pacific, and the potential benefits of global strategies in this space. Episode Segments: (02:41) – North American market overview (10:48) – European market overview (21:51) – APAC market overview (28:01) – The development and benefits of global direct lending strategies (34:57) – Relative value, ramp speed and building global portfolios (41:15) – How relative has shifted over time (43:38) – The mechanics of relative value decisions (46:34) – The impact of macro and geopolitical volatility (50:23) – Factors to consider when allocating to global direct lending strategies IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent. 25-4494681

Barings' Head of Global CLOs, Adrienne Butler, retraces the history of the CLO asset class from its emergence in the late-1990s through the trials of the GFC and onto the most recent innovations including private credit and infrastructure debt CLOs. IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent. 25-4378005

How can investors make sense of the macro and geopolitical headlines that are coming fast and furious? Ricardo Adrogue and Cem Karacadag join the Streaming Income podcast to help parse signal from noise. Episode Segments (02:32) – Rates, tariffs, oil, growth & what history tells us (09:09) – Is the risk-free rate really risk free? (10:48) – U.S exceptionalism or decadence? (11:52) – How shifting global alliances are shaping the investment picture (18:20) – Quantifying EM countries’ exposures to Trump’s policies (21:05) – Did 2024’s “low quality” rally leave credit spreads too tight? (25:56) – Why EM default risk looks lower in 2025 (30:09) – The bull cases for EM sovereign & local debt (33:18) – The books & articles influencing Ricardo & Cem’s thinking Books and Articles Mentioned in the Conversation: Why Nations Fail (Acemoglu, Robinson)Hoover (Whyte)The Road to Character (Brooks)Forget the US – Europe has successfully put tariffs on itself (Draghi)The real threat to American prosperity (Acemoglu) IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright...

In the latest episode of Streaming Income, Head of Portfolio Finance, Dadong Yan helps to define and de-mystify the growing opportunity in Portfolio Finance. Episode Segments: (03:04) – Defining portfolio finance (04:23) – Where NAV lending fits in (06:11) – Core portfolio finance: Private credit, RE debt, secondaries & GP financing (12:45) – The risk-return spectrum of portfolio finance strategies (17:53) – How the portfolio finance asset class has developed over time (19:50) – Accessing portfolio finance (22:55) – Generating alpha & incremental yields vs. IG asset classes (28:41) – Where investors are bucketing portfolio finance (30:44) – How origination works in the asset class (33:37) – Understanding the competitive landscape in portfolio finance (38:24) – Final thoughts Viewpoints papers mentioned in the conversation: Surge of the Secondarieshttps://www.barings.com/guest/perspectives/viewpoints/surge-of-the-secondaries-financing-growth-in-an-undercapitalized-industryMissing a $100+ Billion Annual Opportunity?https://www.barings.com/guest/perspectives/viewpoints/portfolio-finance-missing-a-100-billion-annual-opportunity IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment...

This episode is part of our 2025 Outlook series. Here our experts in private credit – across the U.S., Europe, and Asia Pacific – discuss and debate the prospects for middle market direct lending in the year ahead. Episode Segments: (02:43) – Misconceptions about direct lending (04:30) – The impact of Trump’s victory on private credit markets (07:20) – The outlook for M&A activity across the globe (11:40) – The health of middle market issuers in a higher-for-longer environment (17:26) – Capital solutions opportunities outside of traditional middle market direct lending (18:50) – Private equity sponsor trends heading into 2025 (22:28) – What pricing, terms, structures and documentation look like today globally (26:30) – Understanding the competitive backdrop and the impact of new entrants (31:21) – A conservative approach to APAC private credit (33:06) – Predictions (or Non-Predictions?) for 2025 Certain statements about Barings LLC made by the participants herein may be deemed to be “testimonials” or “endorsements” as those terms are defined in rule 206(4)-1 under the Investment Advisers Act of 1940, as amended. Participants were not compensated in connection with their participation in this program, although in certain cases they are investors in Barings LLC sponsored vehicles. These investments subject such participants to potential conflicts of interest in making the statements herein. IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable....

Barings Chairman & CEO, Mike Freno joined Ted Seides, Host of Capital Allocators, on-stage at Barings 360 for a wide-ranging conversation on the evolving asset management landscape and how Mike and the Barings team are positioning for growth ahead. Episode Segments: (01:16) – The benefits of being owned by a 175-year-old mutual insurance company (04:47) – Distinguishing between alternative asset manager business models (07:56) – How the Barings team has built a portfolio of capabilities to best serve its clients (11:28) – How Mike and team have integrated multiple acquisitions (14:21) – Overcoming the challenges of managing a global business (16:46) – The macro environment, structural shifts in asset management & the role of banks (19:58) – How changing interest rates impact the opportunity set (21:29) – Opportunities across public & private fixed income, real assets & capital solutions (24:20) – Why having a broad presence across public and private markets is critical (26:53) – How private credit will perform through the next cycle (29:15) – The outlook for commercial real estate (32:21) – Innovating in credit markets and incubating new strategies (35:02) – Confident humility and understanding where you can be great (37:16) – Where Mike & team are steering Barings for the next 5+ years (39:31) – Strategies and asset classes that Mike is currently excited about IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is...

This episode is part of our 2025 Outlook series. Here, our experts across real estate debt and equity markets discuss and debate the prospects for global commercial real estate investments in the year ahead. Episode segments: (01:59) – What is the market wrong about? (03:39) – Revisiting last year’s predictions (06:20) – How Trump 2.0 may impact global real estate markets (13:40) – What 2025 may hold for real estate debt (17:00) – The outlook for European real estate markets (20:28) – The cyclical & structural factors driving real estate in 2025 (22:52) – Where the Barings team sees the most attractive opportunities globally (28:34) – Bold predictions for 2025 IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent. 24-4045901

This episode is part of our 2025 Outlook series. Here, our experts across high yield, emerging markets debt, and investment grade credit share how they are navigating today's shifting landscape and where they expect opportunities and risks to emerge in the year ahead. Episode Segments: (2:50)—What does a Trump victory mean for fixed income? (8:04)—Do current prices reflect the uncertainty in the market? (14:09)—Are the U.S. and Europe headed in different directions, and what are the implications of that? (18:17)—How big of a risk are high yield maturity walls? (20:08)—Is now a good time for EM debt? (28:26)—What feels different about this cycle compared to past cycles? (33:52)—What are your best ideas for 2025? IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent. 24-4019315

Mina Pacheco Nazemi, Head of Diversified Alternative Equity, joins the podcast to explain how she and her team are finding attractive opportunities to “build to core” in assets like battery storage and data centers. Episode Segments: (01:58) – Mina’s role at Barings (02:43) – The common attractions of infra equity asset types (06:12) – Why “infrastructure 2.0” offers the potential for higher returns (11:24) – The opportunity from the concentrated capital raising in infrastructure (18:28) – The case for building smaller, modular, distributed assets (26:43) – The “buy vs. build” multiple arbitrage (28:25) – Sourcing deals in the lower and middle part of the market (32:33) – Misconceptions & where investor demand is coming from IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent. 24-4009754

Barings' David Mihalick and Martin Horne discuss the blurring lines between public and private credit markets and the implications for asset managers, borrowers and investors. Episode Segments: (03:17) – What’s driving the blurring of lines between public & private credit? (09:47) – The ebb and flow between the public and private loan markets (14:22) – What happens when we hit an economic cycle? (19:17) – The benefits of investing across public & private markets (23:42) – Why Barings combined its public & private asset-backed groups (26:10) – How borrowers choose which market to issue into (33:22) – Thinking about the interplay between public & private markets (36:30) – How asset managers need to evolve alongside investors and markets IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent. 24-3908137

Michael Searles, Head of North America – Capital Solutions, explains why capital solutions strategies are garnering increased interest from institutional investors looking to diversify their private credit allocations and gain access to potentially uncorrelated returns. Episode Segments: (05:42) – How Barings defines Capital Solutions strategies (08:50) – Targeting a premium over direct lending through customization (12:14) – The evolution from Special Situations to Capital Solutions (20:32) – The opportunity in the insurance segment today (24:54) – The attraction of structured asset-backed finance (27:50) – Sourcing assets: From marinas to litigation finance & beyond (32:41) – Questions to ask managers about Capital Solutions strategies Certain statements about Barings LLC made by the participants herein may be deemed to be “testimonials” or “endorsements” as those terms are defined in rule 206(4)-1 under the Investment Advisers Act of 1940, as amended. Participants were not compensated in connection with their participation in this program, although in certain cases they are investors in Barings LLC sponsored vehicles. These investments subject such participants to potential conflicts of interest in making the statements herein. IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or...