PGIM

Our new Conviction in Action series explores how PGIM’s high-conviction themes shape our real estate investments. In this first edition, we examine the forces reshaping the global living sector and how local expertise and disciplined execution create investment opportunities. Read our roundtable discussion and watch investment spotlights on housing solutions across global markets. https://on.pru/3RvJUBX

Chokepoints like the Strait of Hormuz raise geopolitical risks for the global energy sector. As the digital infrastructure buildout races ahead, how will power grids meet rising demand? In the latest episode of The Outthinking Investor podcast, Daleep Singh gets an inside look at commercial-grade fusion power with Commonwealth Fusion Systems CEO Bob Mumgaard. Access the full episode here: https://on.pru/4pyGkU8

🎉 Celebrating over 15 years of offering European real estate debt to our investors. What began in 2010 with a focus on the UK and Germany has grown into one of Europe's most recognized debt platforms, with more than $7 billion deployed across 120 investments and a track record built through multiple market cycles. This milestone reflects the trust our clients place in us and our ongoing commitment to delivering long-term value. Explore our strategy: https://on.pru/4wlbDES  *All data are as of June 30, 2026.

Global securitised credit spans multiple regions, asset classes and underlying exposures, creating a diverse investment universe across the US, EU, UK and Australia. Explore key characteristics of the market, including regional dynamics, relative value considerations, portfolio applications and evolving regulatory frameworks. Read more: https://on.pru/4fkCauG

As interest rates stay elevated and capital remains selective, the multifamily market continues to evolve. New housing legislation questions arise, adding another factor for borrowers to weigh. Join PGIM on Thursday, July 23 for our Heard on the Hill and on the Street Multifamily Webcast. Register here: https://on.pru/4gxFzIJ

We were delighted to welcome the NYU Stern School of Business at NYU Abu Dhabi MBA Class to our New York office. Together with colleagues from across PGIM and Prudential Financial, students explored topics ranging from private credit and emerging markets to retirement investing and career development, while connecting with professionals from across our businesses. Thank you to everyone who contributed to a successful and engaging day. We look forward to continuing our relationship with NYU Abu Dhabi.

In Q2 2026, we continued to deploy capital across sectors and markets where we see enduring demand drivers and long-term opportunity from logistics financing in the Netherlands and Australia to industrial leasing activity in Mexico. The latest Deal Watch highlights how disciplined execution, local market insight and strategic conviction are helping us identify opportunities across regions and strategies as the market moves into its next cycle. Explore: https://on.pru/3SUv5td

After a sharp correction, U.S. real estate values are beginning to recover, signaling the early stages of a new cycle. Scroll through to explore what's shaping the cycle ahead. Read our 2026 Regional Real Estate Views for a deeper dive: https://on.pru/4eUzPHK

Under Kevin Warsh, the message has been unmistakable: This is just the opening act for a changing Fed. Jim Bullard (James Bullard) and Daleep Singh analyze macro and market implications on The Outthinking Investor podcast. Access the episode here: https://on.pru/44g5LQT

What will separate winners from the rest in the next phase of the real estate cycle? Catherine Marcus joins the Insightful Investor podcast to discuss how decades of investing through multiple market cycles have shaped her perspective on risk, leadership, and investment discipline. She discusses why a return to fundamentals is changing how investors evaluate opportunities and why success in today's market will increasingly come down to identifying the right opportunities rather than relying on sector trends alone. Listen here: https://on.pru/4prNKsF *For informational purposes only. Views expressed are those of the speaker and may not reflect PGIM's. Past performance is not a guarantee of future results.