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 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.

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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 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.

25-4957534

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 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.

25-4898933

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 may not be altered, reproduced or distributed without Barings’ consent.

25-4868307

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’ consent.

25-4716609

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 or distributed without Barings’ consent.

25-4697058

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

Head of Consumer ABF, Yulia Alekseeva, sheds light on the fast-growing area of asset-backed finance. She provides an overview of the types of assets that comprise the ABF universe and the attributes – such as income and diversification – that are driving growth in the space.

Episode Segments:

(01:24)–Yulia’s background

(04:22)–Defining ABF

(07:32)–The assets that comprise the investible universe

(12:59)–Why ABF is garnering so much attention 

(16:27)–The blurring lines between public & private credit

(26:57)–Opportunities in ABF

(31:12)–Mitigating risks in the asset class

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.

25-4418233

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.

Episode Segments:

(03:02) – The early days of the CLO market

(09:33) – How CLOs fared in the 2008 period

(16:14) – The distinction between investing in 3rd party CLO tranches and originating CLOs

(18:21) – A broadening investor base

(23:22) – How the competitive landscape has evolved

(25:18) – What’s next: Private credit, infra & real estate CLOs

(28:39) – The opportunity in CLOs today

(30:16) – Lessons Adrienne has learned in 25+ years in CLO 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.

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.

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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

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