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        • Infrastructure for the New Economy: Digitization and Sustainability
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        • New Frontiers: Finding the Untapped Opportunities in Alternatives
          • Direct Lending to the “True Middle Market”
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        • Be Careful What You Wish For: Strong Markets Have Set Up A Precarious Situation
        • Distress in china's real estate sector: whose default is it?
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        • China In Emerging Markets: Prix Fixe Or A La Carte?
        • PGIM Quantitative Solutions doubles down on talent, deepens investment and consultant relations teams
        • P&I Recognizes Linda Gibson as One of 2023 Influential Women in Institutional Investing
        • Is This Time Different? LEI and Yield Curve Inversion as Recession Predictors
        • The ABCs of Alpha, Beta and Changing Markets
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        • Emerging Markets, Emerging Solutions
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        • Investing In Tomorrow: Why Emerging Markets Today
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      • Fixed Income
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          • California Utilities: Too Big to Fail?
          • As ECB Policy Gradually Diverges, Impatience May Loom
          • Insights from Cutting Through Central Bank Narratives
          • Retiree Liability Immunization: An LDI Case Study
          • Assessing Inflation Through Five Commodity Price Themes
          • The Case for Going Global, in Pictures
          • U.S. Bank Update Amid an Economic Turn
          • Biofuel Producers: Pockets of Opportunity in Brazil
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        • Outlook
          • Second Quarter 2025 Market Outlook Highlights
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            • Insurance in an Inflationary Age
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            • Recent Global Elections-from the Ballot Box to Fiscal Policy
            • Credit Markets in Transition: Liability Driven Investing, A Multi-Sector Approach
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            • High Voltage: Exploring Developments Across the U.S. Electric Grid
            • China: Projections for 2025
            • Crude Realities: Analyzing the Outlook for Oil and Energy Markets
            • The Business of Bonds with PGIM Fixed Income's Co-CIO
            • Credit Markets in Transition: The Evolution of Liability Management
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            • Debt-for-Nature Swaps: Unlocking Capital for Conservation
            • Deciphering ESG in Emerging Markets: A Closer Look at Risk and Bias
            • The Elephant in the Room: Overcoming Biodiversity Data Challenges
            • A Growing Gap: Exploring Progress on Global Decarbonisation
            • Part 1: Navigating the Low Carbon Transition with Temperature Alignment
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            • Can It Be ESG? A Pragmatic Take on Defence
            • Behind the Seams: Unraveling Fast Fashion's ESG Challenges
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          • The Pendulum of Central Bank Policies: Discerning the Effects on Asset Prices
          • Moving Out of Cash: Opportunities in Today's Shifting Markets
          • Taking Stock of Commodities Markets as Inflation Risks Loom
          • Yield is Destiny; Bonds are Back.
          • On Tariffs with Tom Porcelli: Part 1-U.S. Credit Issuers
          • On Tariffs with Tom Porcelli: Part 2-European Reactions
          • On Tariffs with Tom Porcelli: Part 3-Emerging Markets on Watch
          • Where Climate Meets Corporates
          • The Case for Going Global
          • From Low Ranger to High Plains Drifter
          • The Bank Blowup: Implications and Opportunities
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          • Bank of England Holds Rates Amid Inflation Concerns
          • BoE Cuts, Signals Cautious Rate Cuts Ahead
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          • Rising Recession Risks: Fed Takes a Dovish Stance
          • U.S. Trade Policy at the Center of Global Economic Tensions
          • Wait-and-See from the Fed as Stagflation Risk Looms
          • Fed Holds Steady on Rates, Easing May Come Later in 2025
          • Balancing Act: Europe's Push for Self-Reliance in Defense
          • ECB Navigates Trade Uncertainty with Dovish Policy Statement
          • No Urgency from ECB Despite Weakening Eurozone Outlook
          • Cautious But Bold: Bank of Japan's Historic Rate Hike
          • Divided and Dovish: BoE Delivers a Cut
          • The U.S. in Focus: Key Takeaways from IMF Spring Meetings
          • Deepening U.S.-China Divide May Benefit Emerging Markets: IMF Spring Meetings Takeaways
          • ECB Cuts and Achieves Neutrality
          • Fed Holds Steady Despite Economic Uncertainty
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          • Beyond Resilience: Strategic Positioning for an Evolving Landscape
          • Higher Bond Yields and The Fed Model: Implications for Future Stock-Bond Relative Returns
          • Private vs. Public Investment Strategies: Reported and Real-World Performance
          • Is There a Need for a Chief Liquidity Officer?
          • To Roll or Not to Roll (Forward): LP NAV Estimation for Private Equity and Real Estate
          • What to Expect When Expecting a Recession: A CIO's guide to interpreting the probability of recession
          • What to Expect When Expecting a Recession Lessons from Europe and the UK
          • In Conversation with Portfolio Research: Dr. Christoph Jí¤ckel and Aili Chen
          • In Conversation with Portfolio Research: Michelle Teng and Lee Menifee
          • In Conversation with Portfolio Research: Tony Coletta and Junying Shen
          • Market Dynamics and Multi-Asset: Playing Defence and Offence
          • The Tradeoff Between Liquidity and Performance - Mandarin
          • Slower Private Asset Distributions: What Does It Mean for a CIO?
          • Uncovering the Unobservable: Have Private Assets Outperformed Public Assets?
          • Negative Correlation Is Dead! Long Live The 60/40 Portfolio!
          • CUTTING THE GORDIAN KNOT: A LOOK AT PORTFOLIO OPTIMIZATION TECHNIQUES FOR INSURERS
          • The Hidden Cost of Early Access to Retirement Assets
          • Tailoring Insurance Investments: Yield Enhancement in a Capital-Constrained Environment
          • Real Assets, Inflation & Portfolio Performance
          • Styles of Responsible Investing: Attributes and performance of different RI fund varieties
          • Collective Defined Contribution (CDC) Schemes: Assessing Capacity for Alternative Investments
          • Positive Stock-Bond Correlation: Prospects & Portfolio Construction Implications
          • PRT Ready? Private Commitment Pacing in a World of Higher Funding Ratios
          • The Scale Effect: How Size Shapes Investment Governance and Allocation
          • Using Cape to Estimate Future Stock Returns
          • Tailoring Insurance Investments: Managing IG Private Placements Risk & Optimizing Value
          • Tailoring Insurance Investments: The Hidden Value in IG Private Placement Structures
          • Investing Amidst Macro Uncertainty & Sentiment-Driven Volatility
          • Tailoring Insurance Investments: The IG Private Placements Proposition
          • Navigating the Nexus Part II: The Intersection of Insurance and Asset Management
          • Income Returns of Infrastructure: Model Specification & Estimation
          • Direct Infrastructure Equity: Performance, Return Attribution, & Inflation Resilience
          • Dr. Christoph Jäckel and Aili Chen
          • Rethinking Diversification: Learnings from a Total Portfolio Approach
          • do not publish
            • Harnessing the Potential of Private Assets
            • Harnessing the Potential of Private Assets: A Framework For Institutional Portfolio Construction
            • Building Portfolios with Infrastructure: Performance, Cash Flows & Portfolio Allocation
            • The Rebalancing Conundrum: PE valuations & Market Dislocations
          • The Global Nature of Stock-Bond Correlation: Implications for Portfolio Risk
        • Quantitative Solutions
          • 2023 Q1 Capital Market Assumptions
          • 2023 Q2 Capital Market Assumptions
          • 2023 Q2 Outlook
          • 2023 Q3 Capital Market Assumptions
          • 2023 Q4 Capital Market Assumptions
          • 2023 Q4 Outlook
          • 2024 Outlook
          • 2024 Q1 Capital Market Assumptions
          • 2024 Q2 Capital Market Assumptions
          • 2024 Q2 Outlook
          • 2024 Q3 Capital Market Assumptions
          • 2024 Q3 Outlook
          • 2024 Q4 Capital Market Assumptions
          • 2024 Q4 Outlook
          • 2025 Outlook
          • 2025 Q1 Capital Market Assumptions
          • 2025 Q2 Multi-Asset Outlook
          • Absolute Return Overlay Solutions: The Best Hope?
          • Absolute Return Overlays: The Power Of Diversification On Returns
          • Beyond The Earnings Headlines: Keep Your Eye On Sentiment
          • Beyond Long-Only Equities: Options Strategies to Align with Portfolio Goals
          • Building and Evaluating Better Risk-Aware Strategic Portfolios
          • China's Stimulus Surprise: A Turning Point?
          • Commodities Set to Gain Amid Elevated Inflation Regime
          • Cross-Asset Correlations: Constructing Portfolios amid Market Turbulence
          • Europe's Balancing Act: Opportunities Amid Structural Challenges
          • Fed Presses on Despite Banking Sector Turmoil
          • Fed Walks Rate Cut Tightrope Amid Labor Market Strength
          • Ghosts of Growth
          • Are Higher Interest Rates A Boon For Value?
          • Is Inflation About To Revive?
          • Inflation: How We Got Here And Where We're Going
          • Managing Through Election Cycle Volatility & Beyond
          • A New Supercycle Bull Market for Commodities
          • Is No News Good News? News Sentiment and U.S. Recessions
          • Policy Flux: How Uncertainty is Shaping Markets and Confidence
          • Portfolio Implications of a Higher US Inflation Regime
          • Research Brief: Building and Evaluating Better Risk-Aware Strategic Portfolios
          • Research Brief: Portfolio Implications of a Higher US Inflation Regime
          • Research Brief: Top-Down Portfolio Implications of Climate Change
          • Smart Diversification
          • Summer Sell Off: Too Much Too Soon?
          • Time-Varying Duration and the Value Factor Correlation with Interest Rates
          • TIPS: Tempering Inflation's Potential Surprises
          • Top-Down Portfolio Implications of Climate Change
          • Trump Term Two Market Deja Vu
          • Using Options Strategies to Help Achieve More Targeted Portfolio Outcomes
          • What's Next for Regional Banks?
          • A Customized Option for Equity Replacement
          • 2025 Q3 Multi-Asset Outlook
      • Real Estate
        • The University of Chicago
        • Agriculture Landscape: August 2023
        • Agriculture Landscape: November 2023
        • Asia Pacific Part 1: What Will a China Reopening Mean for APAC's Real Estate Markets?
        • Asia Pacific Part 2 - Will Rising Flexible Working Drive Further Polarization in the Office Sector?
        • Data Centers - PERE 2024 Report
        • Equinix and PGIM Real Estate Enter Into $600 Million JV for First xScale Data Center in the U.S.
        • Europe Part 1: How is Falling Liquidity Affecting Pricing in European Real Estate Markets?
        • Europe - What Does the Return of Capital Value Growth Mean for Sectors and Geographies?
        • Europe - Will Office Come Back Into Focus Beyond This Year?
        • FHA Program
        • Global Real Estate Securities Commentary 1Q 2024
        • Global Real Estate Securities Commentary 3Q 2024
        • Global REIT Securities Update: Recent Market Volatility
        • Industrial Real Estate: The Case For Mexico
        • IPE Real Assets: Onshoring
        • Low-Hanging Fruit: Why You Should Plant U.S. Agriculture in Your Institutional Portfolio
        • Montana Capital Partners strengthens U.S. investment activities with NY office launch
        • PERE Credit Profile
        • PGIM Real Estate appoints new co-CEOs
        • PGIM Real Estate arranges $259M Fannie Mae credit facility addition for six multifamily assets
        • PGIM Real Estate completes acquisition of prime Italian logistics and agrees major leases for German logistics
        • PGIM Real Estate expands agriculture financing platform to Australia
        • PGIM Real Estate grows Australia investment footprint with residential for rent joint venture with Point Capital
        • PGIM Real Estate invests in Taronga Ventures in support of global innovation strategy
        • PGIM Real Estate Provides $103M in Fixed-Rate Financing for 35-Asset Industrial Portfolio
        • PGIM Real Estate provides $188M in fixed-rate financing for five-property Maryland multifamily portfolio
        • PGIM Real Estate provides $455M in fixed-rate financing for industrial portfolio
        • PGIM Real Estate provides over $333M in floating-rate financing for multiple California industrial properties
        • PGIM Real Estate recognized as a signatory to the UK Stewardship Code
        • PGIM Real Estate's U.S. Sustainable Investing Strategy Selected as Winner of PREA 2024 ESG Momentum Award
        • Private Real Estate Credit: Navigating Opportunities in a Shifting Landscape
        • Regional Spotlight: Why Europe Now?
        • Stability and Resilience in Uncertain Times: The Strategic Role of Core Real Estate Debt in Fixed Income Portfolios
        • Sustainability Annual Report
        • U.S. CRE Debt: Is Now the Time to Invest Amid Historically High Spreads?
        • U.S. Part 1- Are We Past the Bulk of U.S. Value Declines?
        • U.S. Part 3 - What Insights Does the Senior Loan Officer Opinion Survey Unveil for the Commercial Real Estate Debt Market?
        • United States - How Much More Can Retailers Pay for Shopping Center Space?
        • United States Part 2: What Industrial Markets Might See the Biggest Slowdown in an Economic Downturn?
        • Why U.S. Core Now?
        • Diversifying LDI Income with Core Debt
        • Industry News
        • 2023 Global Outlook Webinar
        • At A Glance: UK Affordable Housing
        • Data Center Demand Growth: Driving Unprecedented Opportunities
        • Diversification and Growth Opportunities in Asia Pacific Real Estate - Part 2
        • Manager Minutes: REIT Resiliency In A Slowdown
        • Mexico Industrial Campus- Tijuana Phase I & II
        • Mingtiandi Singapore Forum
        • Real Estate Opportunities in a New Rate Cycle
        • U.S. Value-Add: Navigating Multiple Market Cycles
        • Webinar: Real Estate Outlook
        • Why Europe Now
        • CITYWIRE (Excerpt): Identifying the next hotspots in 'resilient' Asian real estate
        • Sebastiano Ferrante on Answers to Europe's Affordable Housing Malaise
        • Addressing Housing Affordability: Two Opportunities
        • Affordable Financing
        • Agriculture Landscape: February 2024
        • Agriculture Landscape: July 2024
        • Agriculture Landscape: October 2024
        • Asia Pacific - How Office Affordability Analysis Improves Forecasting
        • Asia Pacific Part 1 - As Lending Conditions Start to Improve, Will the Investment Cycle Reach a Turning Point Soon?
        • Asia Pacific Part 2: Will Rent Reversion Help Support Logistics Values?
        • Discover why real estate capital is set for growth in 2025
        • Bryan McDonnell Featured in Commercial Observer's Special Lenders Feature
        • Building Brighter Futures Together: Expanding Our Partnership with YouthBuild Global
        • Data center growth abounds in the digital age
        • Data Centers: AI Expands European Opportunity Set to New Markets
        • Diversity, Equity & Inclusion in Real Estate
        • The Drivers Underpinning Demand for Real Estate Debt
        • Enhanced Agency Gateway Program (EAGP)
        • Europe Part 1 - Falling Values: What Role are High Debt Costs Playing?
        • Europe Part 2 - How Much Further Does the Value Correction Have to Go?
        • Europe Part 2: What Should Investors Look for in These Challenging Conditions?
        • Europe Part 3 - Is Now a Good Time to Buy Logistics?
        • Europe - When Are Real Estate Values Expected to Stop Falling?
        • European Value-Add: Capitalizing on Opportunities in the Next Cycle
        • Food for Thought: PGIM Releases Megatrends Paper on Agriculture and a Changing Food System
        • Four Compelling Reasons to Diversify with Private Real Estate Credit
        • THE GLASS HAMMER: MOVERS & SHAKERS WITH PGIM REAL ESTATE'S IVY TSUI
        • Global Data Centers - The Resilience of Digitalization
        • Global Real Estate Securities Commentary 2Q 2023
        • Global Real Estate Securities Commentary 2Q 2024
        • Global Real Estate Securities Commentary 3Q 2023
        • Global Real Estate Securities Commentary 4Q 2022
        • Global Real Estate Securities Commentary 4Q 2023
        • "Great Reset" Presents Great Opportunity for REITs
        • HUD raises FHA Large Loan limit threshold
        • Investment Magazine: Key investment opportunities emerge from real estate downturn
        • INVESTMENT OPPORTUNITIES IN AGRICULTURAL FINANCE
        • IPE Real Assets: From demographics to data
        • Mexico Industrial FIBRA Externally Managed by PGIM Real Estate Announces Key Co-Investment with International Pension Fund
        • NAREIM Dialogues, Spring 2023: DC Flows into Real Estate Solutions with Sara Shean
        • PAI Due Diligence Policy
        • PGIM Real Estate acquires 30-megavolt ampere data centre development near Munich, Germany
        • PGIM Real Estate acquires large single-family housing portfolio
        • PGIM Real Estate adds ESG lead for Europe and Asia Pacific
        • PGIM Real Estate appoints new country head for Japan
        • PGIM Real Estate appoints Portfolio Manager for Asia Core strategy
        • PGIM Real Estate arranges FHA loan for Montana affordable senior housing asset
        • PGIM Real Estate commits to global net zero carbon operations
        • PGIM Real Estate and Cornwall Pension Fund completes first co-invest acquisition in Cornwall
        • PGIM Real Estate expands rental housing portfolio in Asia Pacific
        • PGIM Real Estate launches RealAssetX to drive innovation in real asset industry
        • PGIM Real Estate Launches Urban Logistics Platform in France
        • PGIM Real Estate makes first acquisition for UK Affordable Housing strategy
        • PGIM Real Estate new Head of Agriculture announced
        • PGIM Real Estate provides $108.5M in fixed-rate financing for five student housing assets across the US
        • PGIM Real Estate provides $18.5M in fixed-rate mezzanine lending for mixed-use portfolio
        • PGIM Real Estate provides $25.9M in construction mezzanine financing for Houston industrial storage
        • PGIM Real Estate provides $40.7M HUD loan for affordable housing property
        • PGIM Real Estate provides $415M in fixed financing for national industrial portfolio
        • PGIM Real Estate provides $51M for light industrial property
        • PGIM Real Estate Provides $58M in Financing for Massachusetts Life Science Facility
        • PGIM Real Estate provides $90M in fixed-rate financing for Boston area retail properties
        • PGIM Real Estate provides financing for large London last mile industrial portfolio
        • PGIM Real Estate provides LaTerra Development $143.5M in bridge financing for California multifamily properties
        • PGIM Real Estate provides nearly $115M in fixed-rate financing for California multifamily property
        • PGIM Real Estate raises US $400m for European Core Plus strategy
        • PGIM Real Estate's new joint venture with Cittamoderna makes its first acquisition in Milan residential
        • Private Real Estate Debt: Improving Defined Contribution Outcomes
        • Private Real Estate Debt: A Portfolio Risk-Return Enhancer Through the Lens of Maximum Drawdowns
        • The Real Estate Debt 50: Growing alternative lending sector
        • Regional Spotlight: Why the Americas?
        • Regional Spotlight: Why Asia Pacific Now?
        • Roundtable: Opportunity tempered by complexity
        • SAVVY INVESTOR: Real Estate Investing in 2024 and Beyond
        • The Strategic Use of Leverage in Real Estate Debt Funds
        • Sustainability Annual Report 2022-23
        • Sustainability Annual Report 2023-24
        • Sustainability Policy
        • U.S. CRE Debt: Why the Funding Gap May be Larger Than We Think
        • U.S. Data Centers
        • U.S. Part 2 - Looking Beyond Supply Risk: What Role Will Interest Rates Play in Relative Apartment Market Income Growth?
        • U.S. Single-Family Rental Housing
        • UK Rental Housing: 2024 Trough Provides a Platform for Growth
        • United States - After a Post-COVID Boom, Can Apartment Rents Keep Rising?
        • United States Part 1: Shifting Apartment Winds - What's the Outlook for Relative Market Performance?
        • Why Asia Pacific Rental Growth Might Prove to Be Stronger Than Expected
        • Why Australia's Private Real Estate Credit Opportunity Is Here to Stay
        • Aiming to Enhance Returns, Reduce Risk with a REIT Completion Strategy
        • Article 3,4 & 5: ESG Sustainable Finance Disclosure Regulation
        • Offering DC Plan Participants Access to Private Real Estate
        • 2024 Global Outlook Webinar
        • Asia Pacific Value-Add: Investing in Constrained Markets to Unlock Value
        • Bringing Private Investments to Defined Contribution Plan Participants
        • Core Real Estate Debt: Finding Opportunities During Market Dislocation
        • Cutting Through the Noise: Navigating Today's Lending Environment
        • Diversification and Growth Opportunities in Asia Pacific Real Estate - Part 1
        • ESG In Action
        • European Value-Add Spotlight: Italy
        • Financing the Future
        • How is Technology Shaping the Future of Real Estate?
        • Inclusive Leadership
        • Incorporating ESG and Sustainability into Real Estate
        • Investing in Data Centers
        • Legacy of Lending
        • Manager Minutes: An Inflection Point for REITS
        • Manager Minutes: Attractive REIT Entry Points Before Fed Cuts
        • Manager Minutes with Rick Romano
        • Manager Minutes: Tailwinds Fueling REIT Opportunities
        • Michelle Cabala on Defined Contribution Advancements in Real Estate Investing
        • Opportunities in European Real Estate Markets
        • Partnering with Youth in our Communities
        • REIT Completion Strategies Webinar Replay: Solving Unique Portfolio Challenges
        • U.S. Value-Add Strategy: Resilience Through Market Cycles
        • WEBINAR: REAL ESTATE RESILIENCY
        • Webinar Replay: 2025 Real Estate Outlook- Into the Recovery
        • We're PGIM Real Estate
        • Where are the Best REIT Opportunities Today?
        • Incorporating Social Factors in Real Estate Investing
        • The Expanding Opportunity for Private U.S. Real Estate Credit
        • Europe Regional Insights
        • Mexico Regional Insights
        • United States Regional Insights
        • Will DeepSeek Reshape the AI Infrastructure Landscape?
        • European Debt Platform
        • Agriculture Landscape: February 2025
        • Asia Pacific Regional Insights
        • The Business Times: Apac real estate values emerge after 'the great reset'
        • The Expanding Opportunity for Private U.S. Real Estate Credit
        • Global Real Estate Securities Commentary 4Q 2024
        • Keynote Interview: Closing the debt funding gap
        • Private Credit Regional Insights
        • Three Ds to Drive Real Estate Investment in Asia Pacific
        • UK Residential: Institutional Capital Has a Role to Play in Growing Supply and Alleviating Affordability Challenges
        • Diversification and Growth Opportunities in Asia Pacific Real Estate
        • At A Glance: UK Affordable Housing
        • Cathy Marcus Discusses Necessity-Based Real Estate Opportunities with Bloomberg
        • Banking on Stability: Should We Be Worried?
        • Investment Research | Regional Insights
        • The Case for Industrial Real Estate Mexico
        • How CRE Debt Can Boost Pension Fund Portfolios
        • Agriculture & Timber Market Update
        • Regional Outlooks
        • 2025 Real Estate Global Outlook
        • embrace the now
        • Understanding Middle Market Direct Lending: Opportunities, Advantages and Misperceptions
        • PERE UK Roundtable PGIM Real Estate: UK market stays steady despite global uncertainty.
    • Market & Portfolio Insights
      • Emerging Markets
        • Building Asia-Pacific’s Future: Investing in Infrastructure
      • ESG & Sustainability
        • Capitalizing on the moment: Nine ways new ESG reporting rules can help investors
        • ESG Fundamentals
        • Greening the Grid: Data Centers Address Their Footprint
        • Silver Linings Playbook: Some positives from a challenging COP29
        • Introduction to ESG
        • ESG Indexing with Exclusions: PGIM Quantitative Solutions
        • ESG Investing Report
        • PGIM Policy Insights: Improving the SFDR
        • Great Expectations: Is engagement living up to its promise?
      • Industry Trends
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        • 2024 Election: Super Tuesday Results & What's Next
      • Outlooks
        • Jennison Associates 3Q24 Market Review and 4Q 2024 Outlook
      • Retirement
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    • Featured Insights
      • Annual Best Ideas
      • Global Risk Report
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      • OutFront
    • More Insights
      • Bond Blog
      • Case Studies
        • Windhill: A Middle-Market CLO
      • Events
        • PGIM 2024 Global Institutional Summit
        • 2024 EMEA Investor Forum
        • 2023 EMEA Forum
        • Bank of England's Andrew Bailey: The Importance of Central Bank Reserves
        • Milken Institute Strategic Partner
          • Multi-Asset Solutions for Financial Outperformance
          • The Private Credit Playbook
          • Private Credit Cashing In
          • Riding the Waves of Market Shakeups: Finding Opportunities in Asia and Beyond
          • Evaluating Credit Market Dislocations
          • Investing in Food Systems to Address Climate Change
          • Global Capital Markets
          • The Evolving Landscape of ABF and Securitized Products
        • Bank of England Watchers' Conference
      • Podcasts
        • Speaking of Alternatives
        • What the transformation of the labour market means for investors
        • Jennison explores how growth equities are likely to shine in 2023, if interest rates stabilize
        • Insights for Outcomes: Food For Thought
      • Videos
        • Debt-Ceiling Negotiations Down to the Wire
        • Higher Rates Present Overlooked Opportunities in Micro Caps
        • Investing in Sports Across Public and Private Markets
        • Two Trends Driving Sports Investments
        • Sports Investment Opportunities Beyond Headline-Grabbing Deals
        • Assessing the IG Outlook After SVB's Fall
        • The collapse of SVB and impacts to real estate investing
        • How the SVB collapse may impact central banks
        • Geopolitical Tensions Rise in the Middle East: Perspectives
        • Global Investment Implications from the U.S. Election
        • How will China's economic downturn affect the rest of the world?
        • How Will Credit Suisse's Challenges Impact European Banks?
        • Investment Implications of the Fed's Dovish Hike
        • Macro Headwinds, Attractive Valuations Put Japanese Stocks in Focus
        • PGIM CEO David Hunt on Constructing Resilient Portfolios in 2025
        • What Firms Will Have a Clear Competitive Advantage in a Generative AI World?
        • Revisiting the Banking Sector After Republic First's Collapse
        • Silicon Valley Bank Fallout: Banking Regulations
        • Silicon Valley Bank's collapse and what it means for investors
        • US Will Retain Advantage in Generative AI Leadership
        • U.S. Bank's Tim Welsh on digitization, change and leadership with David Hunt
        • Part 2: What could economic policy look like under a democratic administration in 2025?
        • Part 1: What could the economic policy look like under a Republican administration in 2025?
        • Is Globalization Truly Coming to An End?
        • Congress Faces Tougher Budget Talks After Averting Shutdown
        • Fed Cut Underscores Need to Hedge Interest-Rate Risk
        • Fed Eyes Slow and Steady Approach After Outsized Cut
        • Fitch's US Downgrade Doesn't Raise New Fiscal Concerns
        • PGIM CEO David Hunt Talks Growth, Asset Management’s Future on the Walker Webcast
      • Webinars
        • 2023 PGIM x CAIA Private Debt APAC Forum
        • President Trump’s Early Policy, Cabinet, and Market Dynamics
        • Beyond the Ballot: Market Implications from the U.S. Election
        • Navigating the New Terrain: Exploring the Impact of Rising Interest Rates on Asset Classes and Market Dynamics
        • Webinar Replay - Managing Disruption and Dislocation in the age of Geopolitical Shocks
        • Webinar Replay - Unlocking Alts In An Age of Uncertainty
        • Cutting Through The Noise: Navigating Today's Lending Environment
        • Markets at a Crossroads: Outlook for the Economy, Inflation and Interest Rates
        • A New Paradigm for Private Markets: An Examination of the New Normal for the Sector and a Focus on Private Debt
        • Webinar Replay - 2025 Best Ideas: Uncovering Alpha in Evolving Markets
        • Webinar Replay - What's Your Alternative?
        • WEBINAR REPLAY - US, China and Global Markets: Investing Amid De-risking and Divergence
        • Webinar Replay: Uncovering the Risks That Remain
        • Webinar Replay - Road To Recession? Riding Out Tightening Credit Markets
        • Webinar Replay - Credit Risks Amid Deteriorating Lending Standards?
        • Webinar Replay - Best Ideas: Rethinking Resiliency and Risk
        • PGIM's Best Ideas webinar replay: Looking beyond the uncertainty
        • CAIA Association Emerging Topics: Author's Perspective
        • Webinar Replay - Rewriting the Credit Playbook
    • Outfront
      • Hyperscale: The Artificial Intelligence and Data Center Revolution
        • Why Are Data Center Locations Important?
        • What are Bottlenecks to Scaling AI?
        • Data Centers: Lease or Build?
        • How Has AI Impacted Data Center Rental Rates?
        • What Will the Next Phase of AI Integration Look Like?
        • How is AI Different from Previous Waves of New Technology?
      • Industrial Policy's Impact: Debt or Dividend?
      • Generative AI: Finding the Competitive Edge Amid Creative Destruction
      • Credit Squeeze
      • From Deglobalization to Regionalization
      • Record Debt, Rocketing Rates and Unknown Fragilities
        • Rising Debt, Inflating Bubbles
        • Markets begin to crack
        • Where Are Today's Unknown Fragilities?
      • ESG and Greenwashing
        • Capital Flowing to ESG Assets
        • Commitment vs Action
        • Active Analysis vs. Passive Indices
        • Confusion around the meaning of ESG
        • Greenwashing: Regulations and Standards
      • Inflation's Uncertain Path
      • 10 Transformational Technologies Powering The 21st Century
      • The Journey to Net Zero: From greenflation to greenium
      • Fresh Frontiers in the Hunt for Yield
      • Strategic Coupling, Tactical Decoupling
      • The Healthcare Revolution: A Prescription for Growth
      • Reimagining Cities: Balancing Debt, Demographics and Dreams
      • Credit Convergence: The Blurring of Public and Private Credit
    • Annual Best Ideas
      • Alpha Opportunities Beyond the Macro Volatility
        • case-studies
          • Building a Diversified Credit Portfolio
          • Optimizing Portfolio Transitions in Emerging Markets
          • Private Market Investment Solutions for Cross-Border Insurance
          • A Strategic Asset Allocation for Enhanced Income
          • Retiree Liability Immunization: An LDI Case Study
        • Artificial Intelligence: An Accelerating Revolution
        • Navigating the Nexus: The Intersection of Insurance and Private Markets
        • Uncovering Opportunities Across Emerging Markets
        • Unlocking Liquidity: The Distribution Edge of Lower Mid-market Private Equity
        • Not All AAA CLO ETFs Are Created Equal
        • Compelling Opportunities in Industrial Markets on the U.S./Mexico Border
        • Enhancing Diversification Through Non-Sponsored Direct Lending
        • Rethinking 'Safe' Withdrawal Rates
      • Rethinking Resiliency and Risk
        • Why Quant for the Future
        • Capitalizing on an expected pickup in rental growth
        • The Evolving Landscape of Insurance and Private Capital
        • Generating income for retirees
        • Opportunities Emerging from the M&A Slowdown
        • Uncovering Value in High-Quality Securitized Credit
        • Why the PE secondary market remains attractive
        • Artificial Intelligence: The Great Wave
        • Putting the Pieces Together: Solving for Targeted Needs
        • Evaluating Employee Retirement Readiness
        • Diversifying LDI Income with Core Debt
        • Aiming to Enhance Returns, Reduce Risk with a REIT Completion Strategy
        • Offering DC Plan Participants Access to Private Real Estate
      • Looking Beyond the Uncertainty
        • Direct Lending and the Shift to Non-Sponsored Deal Flow
        • Macro Uncertainty Calls for Agility & Diversification
        • Data Center Demand Growth Likely a Long-Term Story
        • Flexible Spending and Optimal Retirement Portfolios
        • Opportunities in European Investment-Grade Debt
        • Providing Liquidity in an Illiquid Market
        • Two Shades of Growth for an Uncertain Market
      • Revival Instincts: Opportunities for long-term investors to thrive
        • Cities Are Making a Comeback
        • Finding Value in Volatility
        • The Growing Role of Alternative Funding for E&P Companies
        • Improving Risk/Return Through Private Equity Secondaries
        • A Roadmap for Generating Retirement Income
        • Sourcing Alpha in Emerging Markets
        • Uncovering Tech-Driven Growth in a Crowded Market
    • The Outthinking Investor
      • Season-5
        • s.5 ep.3: Raising the Stakes - Investing and the Art of Risk Taking
        • s.5 ep.2: The New Arms Race - Supply Chains, Data, and National Security
        • s.5 ep.4: Trading Up - How Active EFT's Revolutionized Investing
        • S. 5 ep. 1 - Against the Grain: Challenging Conventional Wisdom for Better Outcomes
        • s.5 ep.5: Tariffs, Sanctions & Chokepoints - Investing in an Age of Economic Warfare
        • S. 5 Ep. 6: Turbulent Skies? Balancing Growth, Costs, and Geopolitics in Airlines
      • Season-4
        • S.4 Ep.11: Balancing Act - Economic Policy and National Security in a Fragmenting World
        • s.4 ep.10: Future-Proofing Portfolios - Taxes, Tariffs, and Government Spending
        • S.4 Ep.9: Global Elections in Focus - The Impact on Investors and the World Economy
        • S.4 Ep.8: Investing In Cities - Private Capital’s Growing Role In Urban Development
        • S.4 Ep.7: Retirement at Risk - New Ideas for an Uncertain Future
        • S.4 Ep.6: The Paradox of Diversification: The 60-40 Portfolio’s Future
        • S.4 Ep.5: A Pension Comeback? The Future of Retirement in A Higher-For-Longer Regime
        • S.4 Ep.4: Minding Your Blind Spots: Investment Strategies for a New Regime
        • S.4 Ep.3: Healthy Returns - Identifying Future Winners Amid Rapid Medical Innovation
        • S.4 Ep.2: Forever in Your Debt - Investment Risks in an Era of Big Spending
        • S.4 Ep.1: Industrial Policy’s Rebirth Is Reshaping the Economy
      • Season-3
        • S. 3 Ep. 9: Help Wanted - Four Forces Transforming Labor Markets
        • S.3 Ep.8: Risky Business - Taking a Long-Term View on Market Shocks
        • S.3 Ep.7: The AI Boom - Investing in a New Age of Tech
        • S. 3 Ep. 6: The New Oil - The Geopolitical Battle for Chip Dominance
        • S.3 Ep. 5: Future of Food: Vast Implications For Investors
        • S.3 Ep. 3: Lessons from the Banking Crisis: What Risks Remain?
        • S.3 Ep. 2: Upside Risk - Uncovering Investment Opportunities in an Uncertain Market
        • S.3 Ep. 4: David Rubenstein - Investing with a Purpose
        • S.3 Ep. 1: Greying and Growing: The Investment Impact of Demographic Changes
      • Season-2
        • S.2 Ep.2: The Evolution and Future of Private-Markets Investing
        • S.2 Ep.4: Deglobalization in a Post-Pandemic, War-Torn World
        • S.2 Ep.6: The Future of the Energy Transition with Tom Steyer
        • S.2 Ep.7: The New Dynamics of Private Markets with Josh Lerner
        • S.2 Ep.1: The Days Of Disco May Preview Future Inflation
        • S.2 Ep.3: Larry Summers on Rate Hikes, Recession Fears and Stagflation
        • S.2 Ep.5: The Price and Peril of a Low-Rate Regime with Edward Chancellor
        • S.2 Ep.8: Tail Risks and Protecting Against the Unknown
    • Vantage point
      • FedEx's Jeffrey Lewis
      • FM Global CIO Sanjay Chawla
      • IPERS CEO Greg Samorajski
      • Nest CIO Mark Fawcett
      • Ford CIO Erin Rohde
      • Rich Nuzum Mercer
      • CIEBA Executive Director Dennis Simmons
      • GE CIO Harshal Chaudhari
      • Deloitte CIO Alex Lee
      • Boeing CIO Liz Tulach
      • Australian Catholic Superannuation CIO Michael Block
      • Canada Post CIO Irshaad Ahmad
      • International Paper CIO Bob Hunkeler
      • Jeanmarie Grisi, Head of global pensions at Nokia
      • Kathy Lutito, Former Lumen Technologies CIO
      • Kraft Heinz's Michael Jabs
      • Lockheed Martin CIO Paul Colonna
      • Novant Health CIO Syed Haque
      • Vantage Point: A Look Back
      • Prismic CEO Amy Kessler
      • People’s Partnership CIO Dan Mikulskis
      • People’s Partnership CIO Dan Mikulskis
    • Markets in Motion
      • Fears Shift from Inflation to Lackluster Growth
      • Fed Officials on Alert for Potential Inflation Risks
      • Fed Stands Pat as Inflation Fight Drags On
      • Hot US Inflation Dents Case for Rate Cuts
      • Investors Eye Budget Talks After Mixed Inflation Data
      • Powell Throws Cold Water on March Rate Cut
      • Rate Cuts Not Imminent, Fed Officials Say
      • Revisiting Diversification and the 60-40 Portfolio
      • Taking Stock of Policy Shifts as Trump Era Begins
      • 'Trump Trade' Moves Stock, Bond and Crypto Markets
      • US Economy in Focus as Job Openings Slide
      • US Inflation Eases, Renewing Hopes for Rate Cuts
      • US Jobs Report, Fed Meeting and Election on Tap
      • DeepSeek Triggers AI Selloff
      • Earnings on Pace for Solid Quarter
      • Economic Angst Grows as Inflation Bites in US
      • Fed Cuts Rates, Signals Less Easing in 2025
      • Fed Delivers Half-Point Rate Cut
      • Fed Lifts Rates as Bank Stress Clouds Outlook
      • Fed on the Lookout for Policy's Lag Effects
      • Fed May Pause Rate Hikes After Historic Run
      • Fed Predicts Fewer Rate Cuts in 2024
      • Fed Projects Cautious Optimism on Inflation
      • Fed: September Rate Cut on the Table
      • Fed Settles into Holding Pattern
      • Fed to Make Rate Call as Inflation Progress Stalls
      • Frothy Valuations Reflect Economic and Tech Resilience
      • Global Easing Expands as ECB Cuts Rates
      • Industrial Policy Is Back. How Will Markets Respond?
      • Inflation Retreats in June, Boosting Rate-Cut Hopes
      • Iran's Attack on Israel Heightens Geopolitical Tensions
      • Jobs Report in Focus After Powell Testimony
      • Markets Reflect Changing Rate Outlook as Economy Outperforms
      • Mideast Tension Heightens Geopolitical Risks
      • Recession, Fed Worries Unnerve Global Markets
      • Recession Winds Blow in Europe, Japan
      • US, China Flash Warning Signs for Global Economy
      • US Economic Strength, Tariff Clues Drive Markets
      • US Economy Slows Against Mounting Headwinds
      • US Growth Stays Strong as Fed Weighs Next Move
      • Wall Street Hits Record Highs After Trump Win
      • European Stocks Outpace Wall Street in Market U-Turn
      • Fed Cuts Growth Outlook Amid Tariff Uncertainty
      • Markets Remain on Trade Watch as New Tariffs Loom
      • Markets See-Saw Amid Soft Inflation and Growth Fears
      • US Economy Downshifts Amid Fog Trade War
      • Trade Anxiety Maintains Hold on Markets
      • Markets Settle in for Trade Talks
      • Tariff Timeout Sends Stocks Roaring Back
      • Markets Cheer US-China Trade Truce
      • Fed Wary of Inflation, Labor Risks
      • us credit downgrade turns spotlight on fiscal risks
      • Trade Court Throws Markets a Tariff Curveball
      • 'Bumpy Period’ Keeps Outlook in Flux
      • US-China Trade Progress Stokes Optimism
      • fed dims us outlook, eyes two cuts in 2025
      • Markets Hunt for Clues on Rates, Tariffs and Taxes
    • Geopolitical Insights
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          • The toughest challenges for cryptocurrency lie ahead, not in the rear-view mirror
          • Girls Who Invest and PGIM attract new talent to asset management
          • Glass Hammer: Anar Patel, PGIM Investments
          • The Glass Hammer: Tara Stafford, Project Manager, PGIM Operations & Innovation
          • Diving Deeper: PGIM Private Capital and Insights on Private Debt
          • Four alternative investments for today's higher interest rate environment
          • Glass Hammer: Danielle Navarro, Portfolio Manager, PGIM Fixed Income
          • Three Key Climate Change Investment Themes
          • Institutional giant PGIM targeting FOs, HNWs in Asia
          • Key investment opportunities emerge from real estate downturn
          • Multi-Asset Private Credit Comes to the Fore
          • Natural Gas Will Have 'Huge Impact' on Energy Transition
          • The Glass Hammer: Alison Taylor, Investment Vice President, PGIM Real Estate
          • Glass Hammer: Elyssa McMullen, PGIM Private Capital
          • The Glass Hammer: Natalie Gill, Head of DEI Strategy & Industry Engagement, PGIM
          • Graciella Dominguez: Vice President of Investment Operations, Operations and Innovation, PGIM
          • Heather Garland: Vice President, Head of U.S. Client Marketing, PGIM Investments
          • Helen Chang: Managing Director, Head of Asia Pacific ex Japan, Client Advisory Group, PGIM
          • Melinda Cora: Principal, Head of Product Implementation and Project Management at PGIM Quantitative Solutions
          • Nine Ways to Profit from Energy Mess
          • PGIM President and CEO David Hunt Talks Asset Management's Evolution
          • Su Lin Wee: Executive Director, Head of Asset Management, Southeast Asia, China & Hong Kong, PGIM Real Estate
          • David Hunt on CNBC: Geopolitical Risk and Global Divergence Top of Mind for CIOs
          • PGIM CEO David Hunt: Investors Seeking More Liquidity Amid Idiosyncratic Risks
          • Alexander and the Wonderful, Delightful, Not Bad, Very Good Day
          • Pensions & Investments awards PGIM Best Place to Work in Money Management for the fifth straight year
          • End games: Liquidity Crunch Tops Tail-Risk Fears
          • PGIM in Business Insider: How Money Managers Are Preparing Portfolios for the Election
          • Stacie Mintz: Managing Director and Head of Quantitative Equity
          • Tiffany Fleming: Vice President, Client Onboarding & Trading Documentation, PGIM Fixed Income
          • David Hunt on Sky News Arabia during Abu Dhabi Finance Week
          • Neha Singh, Head of Solution Development, PGIM
          • Prudential Financial, Inc. CEO Andy Sullivan on Convergence of Insurance and Asset Management
          • Assessing the Impact of Tariffs on Globalization
          • PGIM Chairman David Hunt on Expanding Access to Private Alternatives
          • Public-Private Debt Convergence Puts the Squeeze on Smaller Managers
          • Demand for Multi-Asset Solutions is Soaring, Says PGIM’s Phil Waldeck
          • The Retirement Crisis: Perception vs. Reality
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          • Most plan sponsors taking steps to solve retirement income challenge: PGIM survey
          • PGIM appoints head of Australia, New Zealand Institutional Relationship Group
          • PGIM expands ETF lineup to include two laddered funds of buffer ETFs
          • PGIM introduces two active muni ETFs
          • PGIM Investments grows Italian team with senior appointment
          • PGIM launches AAA CLO ETF (PAAA) and short duration multi-sector ETF (PSDM)
          • PGIM launches two Buffer ETF series
          • PGIM partners with iJoin to expand access to PGIM RetireWellâ„¢ Managed Accounts
          • PGIM Private Capital provided record $16.1B in private debt globally in 2022
          • PGIM Private Capital provides nearly $13.7B of senior debt and junior capital globally in 2023
          • Bonds are back in the eyes of allocators: PGIM Investments study
          • Food system stress is feeding innovation and investor opportunities: PGIM research
          • Investors underexposed to burgeoning private alternatives: PGIM Investments study
          • Jennison Associates appoints Jill Cohen as Managing Director as firm reaches 25-year milestone in innovative healthcare investing
          • Jennison Associates celebrates 25 years of Small Cap Core Equity Strategy
          • Jennison Associates expands fixed income unit with senior hire
          • Jennison Associates grows EMEA business with senior hires
          • Montana Capital Partners strengthens US investment activities with NY office launch
          • New Jersey Devils' partner PGIM to activate around 2024 NHL Global Seriesâ„¢ Czechia presented by Fastenal
          • Next generation of leaders and laggards in a new era of labor: PGIM study
          • PGIM announces enhancements to target date funds
          • PGIM announces Michael Lillard to retire in 2024; appoints John Vibert as future CEO of PGIM Fixed Income
          • PGIM appoints Matt Douglass as new head of PGIM Private Capital
          • PGIM expands global footprint into the Middle East with senior appointment
          • PGIM expands portfolio advisory business in Japan with strategic hire
          • PGIM Fixed Income names Tom Porcelli as chief US economist
          • PGIM global institutional relationship group adds senior hire Glenn Harris
          • PGIM hires Sancia Dalley to lead DEI investment strategies
          • PGIM Investments appoints Dominick Carlino as global head of Alternative Investments
          • PGIM Investments hires head of Switzerland
          • PGIM launches four active ETFs
          • PGIM launches three Retirement Spending Funds for personalized spending goals
          • PGIM Multi-Asset Solutions marks continued expansion with key portfolio management and risk hires
          • PGIM opens Tampa office and innovation hub to support global business growth
          • PGIM Private Capital launches ELTIF investment vehicle to support global direct lending strategy
          • PGIM Private Capital provides $7.5B of senior debt and junior capital globally in 1H 2024
          • PGIM Private Capital provides nearly $6.7B of senior debt and junior capital globally in 1H 2023
          • PGIM Private Capital raises $2.23B for sixth mezzanine fund, PGIM Capital Partners VI, L.P.
          • PGIM Real Estate and Grand Living Management acquire Orlando senior housing community
          • PGIM secures Abu Dhabi Global Market licence
          • PGIM strengthens alternatives offering with agreement to acquire majority interest in Deerpath Capital
          • PGIM strengthens alternatives offering with agreement to acquire Montana Capital Partners
          • PGIM survey: Investors to continue risk-on appetite in 2025, despite geopolitical uncertainty
          • PGIM, UNCF study finds private HBCU endowments need investment support
          • QMA names new head of retirement research
          • Retirement confidence for American workers has been low since 2022, according to new PGIM RetireWell Confidence Index
          • Surge in power demand, green energy transition fuel investor opportunities, PGIM research finds
          • Key promotions at Montana Capital Partners
          • Prudential Financial, Inc. and Warburg Pincus announce launch of Prismic Life Re
          • PGIM Real Estate and Pithos Capital launch self-storage venture in France
          • Private equity secondaries remain in high demand, survey by Montana Capital Partners finds
          • Montana Capital Partners announces landmark deal with Prudential Financial, Inc.
          • PGIM Real Estate and Anton acquire Sydney CBD office to grow Asia Pacific value-add portfolio
          • PGIM Real Estate promotes Shaun Hose to spearhead growth of its UK equity platform
          • PGIM Real Estate provides $345M to refinance national multifamily portfolio
          • PGIM surveys plan sponsors, assesses DC landscape and perspectives on optimizing retirement outcomes
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These materials are for informational or educational purposes only.

All investments involve risks, including possible loss of principal. Past performance is not indicative of future results.

The information contained herein is provided by PGIM, the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries. PGIM, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training.

In the United Kingdom, information is issued by PGIM Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N5HR. PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 193418). In the European Economic Area (“EEA”), information is issued by PGIM Netherlands B.V. with registered office: Eduard van Beinumstraat 6 1077CZ, Amsterdam, The Netherlands. PGIM Netherlands B.V. is, authorised by the Autoriteit Financiële Markten (“AFM”) in the Netherlands (Registration number 15003620) and operating on the basis of a European passport. In certain EEA countries, information is, where permitted, presented by PGIM Limited in reliance of provisions, exemptions or licenses available to PGIM Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. These materials are issued by PGIM Limited and/or PGIM Netherlands B.V. to persons who are professional clients as defined under the rules of the FCA and/or to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II). In Italy, information is provided by PGIM Limited authorized to operate in Italy by Commissione Nazionale per le Società e la Borsa (CONSOB).  In Japan, information is provided by PGIM Japan Co., Ltd. (“PGIM Japan”) and/or PGIM Real Estate (Japan) Ltd. (“PGIMREJ”). PGIM Japan, a registered Financial Instruments Business Operator with the Financial Services Agency of Japan offers various investment management services in Japan. PGIMREJ is a Japanese real estate asset manager that is registered with the Kanto Local Finance Bureau of Japan. In Hong Kong, information is provided by PGIM (Hong Kong) Limited, a regulated entity with the Securities & Futures Commission in Hong Kong to professional investors as defined in Section 1 of Part 1 of Schedule 1 of the Securities and Futures Ordinance (Cap. 571). In Singapore, information is issued by PGIM (Singapore) Pte. Ltd. (“PGIM Singapore”), a regulated entity with the Monetary Authority of Singapore under a Capital Markets Services License to conduct fund management and an exempt financial adviser. This material is issued by PGIM Singapore for the general information of “institutional investors” pursuant to Section 304 of the Securities and Futures Act 2001 of Singapore (the “SFA”) and “accredited investors” and other relevant persons in accordance with the conditions specified in Section 305 of the SFA. In South Korea, information is issued by PGIM, Inc., which is licensed to provide discretionary investment management services directly to South Korean qualified institutional investors on a cross-border basis. In Australia, information is issued by PGIM (Australia) Pty Ltd (“PGIM Australia”) for the general information of its wholesale clients (as defined in the Corporations Act 2001). PGIM Australia is an Australian financial services (“AFS”) licence holder (AFS licence number 544946). The information is provided to wholesale investors in accordance with Schedule 1, Clause 3 of the Financial Markets Conduct Act 2013 in New Zealand. To invest as a wholesale investor in New Zealand, investors must fit the criteria as set out in the Financial Markets Conduct Act 2013. In China, the information is provided at your request and is not intended as investment advice or a recommendation about managing or investing assets. 

In Canada, pursuant to the international adviser registration exemption in National Instrument 31-103, PGIM, Inc. is informing you that: (1) PGIM, Inc. is not registered in Canada and is advising you in reliance upon an exemption from the adviser registration requirement under National Instrument 31-103; (2) PGIM, Inc.’s jurisdiction of residence is New Jersey, U.S.A.; (3) there may be difficulty enforcing legal rights against PGIM, Inc. because it is resident outside of Canada and all or substantially all of its assets may be situated outside of Canada; and (4) the name and address of the agent for service of process of PGIM, Inc. in the applicable Provinces of Canada are as follows: in Québec: Borden Ladner Gervais LLP, 1000 de La Gauchetière Street West, Suite 900 Montréal, QC H3B 5H4; in British Columbia: Borden Ladner Gervais LLP, 1200 Waterfront Centre, 200 Burrard Street, Vancouver, BC V7X 1T2; in Ontario: Borden Ladner Gervais LLP, 22 Adelaide Street West, Suite 3400, Toronto, ON M5H 4E3; in Nova Scotia: Cox & Palmer, Q.C., 1100 Purdy’s Wharf Tower One, 1959 Upper Water Street, P.O. Box 2380 - Stn Central RPO, Halifax, NS B3J 3E5; in Alberta: Borden Ladner Gervais LLP, 530 Third Avenue S.W., Calgary, AB T2P R3.

This information is not intended as investment advice and is not a recommendation about managing or investing assets or an offer or solicitation in respect of any products or services to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence. In providing these materials, PGIM is not acting as your fiduciary. These materials represent the views, opinions and recommendations of the author(s) regarding the economic conditions, asset classes, securities, issuers or financial instruments referenced herein. Certain information has been obtained from sources that PGIM believes to be reliable as of the date presented; however, PGIM cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. This information, including projections and forecasts, is current as of the date of issuance (or an earlier referenced date) and is subject to change without notice. PGIM has no obligation to update such information; nor do we make any express or implied warranties or representations as to the completeness or accuracy or accept responsibility for errors. PGIM and its affiliates may develop and publish research that is independent of, and different than, the recommendations contained herein.  References to specific securities are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase, hold, or sell such securities.

Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

© 2025 PFI and its related entities, registered in many jurisdictions worldwide.

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