Disruptive Forces in Investing

Credit index spreads have been largely unchanged this year — but the calm surface belies a more complex picture underneath. Rising dispersion, AI-driven disruption fears, widening BDC spreads, and the military conflict in the Middle East are reshaping the risk landscape for fixed income investors — without much additional compensation showing up at the credit index level. On this episode of Disruptive Forces, host Anu Rajakumar sits down with Ashok Bhatia, Neuberger's Chief Investment Officer and Global Head of Fixed Income, to unpack what's really going on beneath the surface in credit markets. Together, they discuss the growing pressure on BDCs and their software loan exposures, why a crude oil price spike historically favors Fed easing over hiking, how AI disruption is forcing a repricing of software company capital structures, labor market risks that could unlock additional Fed cuts, and where Neuberger's fixed income team is selectively finding opportunity across emerging markets, repriced technology names, and more. This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. Use of Artificial Intelligence Tools. Neuberger Berman may utilize AI tools in its business operations to improve operational efficiency and for assistance in research and analyzing data among other uses. AI tools are dependent on historical data, consequently, if the content or analyses that AI applications assist Neuberger in producing are or are alleged to be deficient, inaccurate, or biased, a client account may be adversely affected. Additionally, AI tools used by Neuberger may produce inaccurate, misleading or incomplete responses that could lead to errors in Neuberger's and its employees' judgement, decision-making, investment research or other business activities, which could have a negative impact on the performance of a client account. The application of AI in investment processes, research, or analysis is evolving and subject to limitations, including data quality, algorithmic biases, and interpretive errors. AI outputs should not be relied upon as the sole basis for investment decisions. No assurance is given regarding the accuracy, completeness, or timeliness of information generated by AI. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2026 Neuberger Berman Group LLC. All rights reserved. WF2921150

Global bond markets are starting to diverge again. After years of moving in near lockstep, correlations are breaking down as political and fiscal paths split across regions. The balance for investors is pursuing income, diversification, and flexibility without making an all-or-nothing "sell the U.S." call. On this episode of Disruptive Forces, host Anu Rajakumar speaks with Paul Grainger, Senior Portfolio, Multi-Sector, about what this new regime means for fixed income investors. They discuss where relative value is emerging across Europe, Japan, and emerging markets, how to think about credit in a tight-spread environment, and why a global approach can help investors stay nimble. This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. Use of Artificial Intelligence Tools. Neuberger Berman may utilize AI tools in its business operations to improve operational efficiency and for assistance in research and analyzing data among other uses. AI tools are dependent on historical data, consequently, if the content or analyses that AI applications assist Neuberger in producing are or are alleged to be deficient, inaccurate, or biased, a client account may be adversely affected. Additionally, AI tools used by Neuberger may produce inaccurate, misleading or incomplete responses that could lead to errors in Neuberger's and its employees' judgement, decision-making, investment research or other business activities, which could have a negative impact on the performance of a client account. The application of AI in investment processes, research, or analysis is evolving and subject to limitations, including data quality, algorithmic biases, and interpretive errors. AI outputs should not be relied upon as the sole basis for investment decisions. No assurance is given regarding the accuracy, completeness, or timeliness of information generated by AI. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2026 Neuberger Berman Group LLC. All rights reserved. WF2861750

Real estate has gone through a painful reset—higher rates, lower values, and slower deal activity have pressured fundraising, distributions, and exit timelines. But for investors who provide flexible, platform-level capital, dislocation can create attractive entry points. Meanwhile, AI and data centers are reshaping demand, housing affordability remains a structural challenge, and the office segment is still under strain. On this episode of Disruptive Forces, host Anu Rajakumar speaks with David Haltiner, Managing Director at Neuberger's Almanac Realty Investors, which is marking 30 years of company-level real estate investing. They discuss how platform recapitalizations work, where the team is leaning in across sectors, and what investors may be overlooking in today's market. This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. Use of Artificial Intelligence Tools. Neuberger Berman may utilize AI tools in its business operations to improve operational efficiency and for assistance in research and analyzing data among other uses. AI tools are dependent on historical data, consequently, if the content or analyses that AI applications assist Neuberger in producing are or are alleged to be deficient, inaccurate, or biased, a client account may be adversely affected. Additionally, AI tools used by Neuberger may produce inaccurate, misleading or incomplete responses that could lead to errors in Neuberger's and its employees' judgement, decision-making, investment research or other business activities, which could have a negative impact on the performance of a client account. The application of AI in investment processes, research, or analysis is evolving and subject to limitations, including data quality, algorithmic biases, and interpretive errors. AI outputs should not be relied upon as the sole basis for investment decisions. No assurance is given regarding the accuracy, completeness, or timeliness of information generated by AI. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2026 Neuberger Berman Group LLC. All rights reserved. WF2861750

AI-related bond issuance is surging, reshaping the opportunity set for fixed-income investors. In addition to robust U.S. growth, constrained inflation, and an attractive opportunities beyond the U.S., investors must also navigate greater tail risks, more complex financing structures, and rising political uncertainty around AI and energy use. On this episode of Disruptive Forces, host Anu Rajakumar sits down with Ashok Bhatia, Neuberger's Chief Investment Officer and Global Head of Fixed Income, to unpack the AI financing boom and its implications for bond markets. Together, they discuss the surge in hyperscaler issuance, evolving structures, and how Neuberger's own investment teams are using AI to enhance research, portfolio construction, and day-to-day decision-making. This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. Use of Artificial Intelligence Tools. Neuberger Berman may utilize AI tools in its business operations to improve operational efficiency and for assistance in research and analyzing data among other uses. AI tools are dependent on historical data, consequently, if the content or analyses that AI applications assist Neuberger in producing are or are alleged to be deficient, inaccurate, or biased, a client account may be adversely affected. Additionally, AI tools used by Neuberger may produce inaccurate, misleading or incomplete responses that could lead to errors in Neuberger's and its employees' judgement, decision-making, investment research or other business activities, which could have a negative impact on the performance of a client account. The application of AI in investment processes, research, or analysis is evolving and subject to limitations, including data quality, algorithmic biases, and interpretive errors. AI outputs should not be relied upon as the sole basis for investment decisions. No assurance is given regarding the accuracy, completeness, or timeliness of information generated by AI. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2026 Neuberger Berman Group LLC. All rights reserved. WF2830800

Amid policy crosscurrents and accelerating AI adoption, investors face a backdrop where productivity tailwinds and easing biases in some regions contrast with tougher conditions elsewhere. So how should investors lean into duration, balance AI enablers versus adopters, and pursue compelling private markets opportunities? On this episode of Disruptive Forces, host Anu Rajakumar sits down with Shannon Saccocia, CIO for Wealth, and Maya Bhandari, CIO for Multi-Asset EMEA, to unpack Neuberger's Solving for 2026 market outlook. Together, they cover AI's next phase, multi-sector fixed income positioning, and the role of secondaries and co-investments—while outlining risks from policy missteps to power constraints and credit. This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2025 Neuberger Berman Group LLC. All rights reserved.

Tax-managed equity has evolved beyond the traditional long-only playbook. By adding selective shorts and leverage, 130/30 active extension strategies aim to unlock higher alpha while maintaining market-level beta—plus potentially meaningful after-tax benefits through disciplined loss harvesting. Where can this approach fit in portfolios today? On this episode of Disruptive Forces, host Anu Rajakumar speaks with Ray Carroll, CIO of Neuberger Berman's Breton Hill quantitative investing team, and Jacob Greene, Head Strategist for Custom Direct Investing, to demystify 130/30 tax-managed portfolios and where they work best—from diversifying single-stock concentrations to preparing for large taxable events, with global considerations beyond the U.S. This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2025 Neuberger Berman Group LLC. All rights reserved.

Emerging market debt has weathered a long stretch of tight financial conditions—marked by a strong US dollar, higher global rates, and uneven post-pandemic recoveries. With the dollar softening and policy rates beginning to ease, investors are warming up to hard currency EM debt as a potentially attractive source of diversification and carry. On this episode of Disruptive Forces, host Anu Rajakumar speaks with Global Co-Head of Emerging Markets Debt Gorky Urquieta to hear what's been driving hard currency EM debt and what role it plays in today's fixed income landscape. Together, they unpack the differences between hard and local currency exposures, explore how dollar dynamics and the Fed's easing cycle can influence performance for EM sovereigns. This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2025 Neuberger Berman Group LLC. All rights reserved.

Amid shifting global market currents, investors are reassessing where the most compelling opportunities lie beyond the US. Shifts in earnings trajectories, valuation dispersion, and evolving policy signals are reshaping the risk-reward across regions and asset classes, prompting a fresh look at how to balance exposures. On this episode of Disruptive Forces, Anu Rajakumar sits down with Maya Bhandari, CIO, Multi-Asset, EMEA and co-chair of Neuberger Berman's Asset Allocation Committee, to explore how these dynamics could be expressed in diversified, multi-asset portfolios. This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. Philanthropic Services are provided as a courtesy and are for informational and discussion purposes only. Neuberger Berman is not acting in a fiduciary capacity or recommending any specific philanthropic or charitable activities and recipients of Philanthropic Services should consult their own tax or legal advisors before implementing any such activities. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2025 Neuberger Berman Group LLC. All rights reserved.

Generational wealth transfer is set to transform the financial landscape over the next two decades. An estimated $124 trillion is expected to change hands at a time when attitudes toward money, investing, and legacy are evolving. This is reshaping how families and institutions approach wealth management. As Gen X, Millennials, and Gen Z step into stewardship roles, the focus is shifting from traditional investment strategies to new innovations and technologies, values-driven planning, and holistic advice that reflect a new era of priorities. On this episode of Disruptive Forces, host Anu Rajakumar sits with Stephanie Luedke, Head of Private Wealth at Neuberger Berman, to demystify the changing dynamics of generational wealth transfer and its growing impact on families, advisors, and the broader market. Together, they discuss the drivers of this historic shift, explore trends in family governance and investment behavior, and share practical perspectives for those looking to sustain their legacy in a rapidly evolving world. This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. Philanthropic Services are provided as a courtesy and are for informational and discussion purposes only. Neuberger Berman is not acting in a fiduciary capacity or recommending any specific philanthropic or charitable activities and recipients of Philanthropic Services should consult their own tax or legal advisors before implementing any such activities. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2025 Neuberger Berman Group LLC. All rights reserved.

Asset-based credit is reshaping the private credit landscape, offering investors new ways to diversify portfolios with the potential to capture higher yields amid market volatility. As banks pull back from certain lending markets and consumer behaviors evolve, asset-based credit stands out for its short duration, high yield, and low correlation to corporate credit. But what does this asset class really entail, and how can investors navigate its complexities? On this episode of Disruptive Forces, host Anu Rajakumar welcomes Sachin Patel, Managing Director on the Specialty Finance team, to demystify asset-based credit and its expanding role in portfolios. Together, they explore the differences between alpha and beta strategies, discuss the impact of technology and consumer trends, and share practical insights for investors looking to access this dynamic and defensive asset class. This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2025 Neuberger Berman Group LLC. All rights reserved.

Municipal bonds have been one of the more active corners of the fixed income market this year. Near-record levels of new issuance have outpaced demand amid uncertainties stemming from shifts in the policy landscape. While institutional investors have long turned to munis for tax-advantaged yields and portfolio diversification benefits, the surge in supply puts the onus on buyers to be selective. Government initiatives and infrastructure funding needs are fueling supply growth, creating opportunities across some sectors and highlighting how the resilient credit quality of muni bonds can add to their appeal to global investors. On this episode of Disruptive Forces, host Anu Rajakumar sits with Jamie Iselin, Head of Municipal Fixed Income, to demystify the contrasting dynamics of the municipal bond market and its expanding role in portfolios. Together, they unpack new policy developments, trends in public-private partnerships, and practical perspectives for investors seeking access to this dynamic asset class. This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2025 Neuberger Berman Group LLC. All rights reserved.

The space economy is quickly moving from science fiction to investable reality, reshaping industries far beyond rockets and satellites. But with hype and misconceptions clouding the landscape, how can investors separate signal from noise and identify the true drivers of value in this rapidly expanding market? On this episode of Disruptive Forces, host Anu Rajakumar sits down with Dan Hanson, Senior Portfolio Manager and Head of the US Quality Equity Team, and Evelyn Chow, Portfolio Manager for Climate Innovation and Next Generation Space Economy Strategies. Together, they discuss how investors can navigate risks, debunk myths, and access a universe of opportunities well beyond Earth's atmosphere. This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2025 Neuberger Berman Group LLC. All rights reserved.

With 2025 marked by heightened uncertainty, shifting fiscal policies, and volatile market swings, investors are eager to understand which trends have held up—and which have not. As we cross the year's midpoint, Neuberger Berman's senior investment leaders reconvene to assess the predictions made in our annual "Solving for 2025" outlook. On this episode of Disruptive Forces, host Anu Rajakumar is joined by Shannon Saccocia, Chief Investment Officer, Wealth, and Jeff Blazek, Co-Chief Investment Officer of Multi-Asset, to explore how forecasts have evolved—and what these insights mean for positioning portfolios in the second half of the year. This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2025 Neuberger Berman Group LLC. All rights reserved.

Liquidity challenges are reshaping the private equity landscape, pushing investors to explore innovative solutions for managing their portfolios. With reduced exit activity, constrained distributions, and a tougher fundraising environment, how can secondaries provide a liquidity lifeline? And what role do GP-led transactions play in driving opportunities for both sponsors and investors? On this episode of Disruptive Forces, host Anu Rajakumar is joined by Philipp Patschkowski, a Managing Director on Neuberger Berman's Private Equity Secondaries team, to discuss the evolving role of secondaries in private equity. Together, they delve into the rise of GP-led transactions, pricing dynamics, and how secondaries are becoming a core part of the private equity ecosystem. This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2025 Neuberger Berman Group LLC. All rights reserved.

Volatility and uncertainty are rewriting the rules of investing, challenging investors to think differently about managing risks and seizing opportunities. With heightened risks from rapidly evolving policies and concentrated market sectors, how can long/short strategies empower investors to navigate these dynamics? And what role does active management play in capturing opportunities and mitigating risks? On this episode of Disruptive Forces, host Anu Rajakumar is joined by Marc Regenbaum, Managing Director and Portfolio Manager for the Neuberger Berman Long/Short Fund, to discuss how long/short strategies can be used as powerful tools for diversification and risk management. Together, they explore the importance of aligning strategies with long-term goals, offering insights on thriving in unpredictable times. This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2025 Neuberger Berman Group LLC. All rights reserved.

The Private Equity market continues to evolve as investors navigate economic uncertainty, limited liquidity, and trade policy shifts. With challenges from tariffs and moderating distributions, investors are seeking ways to manage risks while uncovering opportunities for growth. But how can private equity firms leverage their agility to capitalize on these dynamics? And what innovations are reshaping access to this asset class? On this episode of Disruptive Forces, host Anu Rajakumar is joined by David Stonberg, Deputy Head of NB Alternatives and Global Co-Head of Private Equity Co-Investments, to discuss how private equity firms are responding to market pressures. Together, they explore the impact of tariffs, the role of liquidity solutions, and innovations like evergreen funds that are making private equity accessible to retail investors. Check out our recently published Private Markets Outlook, Private Equity: Capitalizing in the Current Climate to read more about why we believe private equity can help shield investors from negative tariff impacts while delivering long-term portfolio diversification. This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2025 Neuberger Berman Group LLC. All rights reserved.

The credit market is transforming, and investors are looking ahead to seize the best opportunities in non-investment grade credit. With wider spreads, tariff-induced inflation, and moderating growth, opportunities in high-yield bonds, loans, and CLOs are reshaping fixed income strategies. But how can investors uncover value amid uncertainty? And what role does bottom-up research play in assessing risks and rewards? On this episode of Disruptive Forces, host Anu Rajakumar is joined by Joseph Lynch, Global Head of Non-Investment Grade Credit, and Rachel Young, Director of Non-Investment Grade Credit Research, to discuss the shifting dynamics in non-investment grade credit. Together, they explore the drivers behind current trends, sector-specific opportunities, and strategies for positioning effectively in today's volatile market. This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2025 Neuberger Berman Group LLC. All rights reserved.

As new administration policies send shock waves throughout the market, navigating the stormy sea has become the central challenge for investors. With rapid shifts in the economic environment and heightened uncertainty, diversification and resilience are more critical than ever. But what strategies can investors adopt to navigate turbulence? And how can tools like dynamic diversification help strengthen portfolios? On this episode of Disruptive Forces, host Anu Rajakumar is joined by Robert Surgent, Senior Portfolio Manager and Head of Fundamental Tactical Asset Allocation, and Maarten Nederlof, Head of Portfolio Solutions. Together, they explore market volatility, the role of true diversifiers, and actionable insights for preparing portfolios to withstand uncertainty. Discover how to position your portfolio for success in even the most unpredictable environments. This communication is provided for informational and educational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. This communication is not directed at any investor or category of investors and should not be regarded as investment advice or a suggestion to engage in or refrain from any investment-related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. The firm, its employees and advisory accounts may hold positions of any companies discussed. This material may include estimates, outlooks, projections and other "forward-looking statements." Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Investing entails risks, including possible loss of principal. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2025 Neuberger Berman Group LLC. All rights reserved.