PIMCO Accrued Interest

A Crude Interest: Greg Sharenow on Structural Changes in the Commodity Complex

We didn't rename the podcast… we're just drilling into commodities this episode, and for good reason. Few asset classes sit at the center of so many disruptive forces right now. The global energy complex is contending with both the near-term shock of the Iran conflict and the long-term push for energy security. The AI infrastructure buildout is devouring power and raw materials, and reshoring and renewed defense spending are adding to demand pressures. Greg Sharenow, who leads PIMCO's commodity portfolio management group, joins Greg Hall to explain how these dynamics will test the balance between rising demand and disrupted supply – and why commodities deserve a close look from advisors. Show notes: (0:52) The beginning of the end of this phase (7:04) Measuring what’s happened to global energy supply (9:28) Left tail vs base case vs right tail (11:03) The new face of the global energy complex (18:42) Commodities and three CapEx cycles (27:37) Will energy prices impact the economic outlook? (31:31) A look back at gold and look forward (34:41) Commodities’ role in portfolio construction The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

Dan Ivascyn: Secular Shifts, Tail Risks, and Portfolio Resilience

Fresh off publishing PIMCO’s Secular Outlook, “Rupture and Resilience,” Group CIO Dan Ivascyn joins Greg Hall to discuss the structural forces likely to shape markets over the next five years. From the pervasive role of AI in both equity and debt markets, to a macroeconomy increasingly driven by geopolitics, financial advisors face a new reality: long-term returns rely on preparing for the unexpected. True resilience requires a globally diversified approach both to generate returns and absorb macro shocks. Dan and Greg analyze these dynamics against today's core uncertainties: the Iran conflict, U.S. fiscal sustainability, and the capex “supercycle” powered by AI, defense, and global re-shoring and supply chain realignment. Show notes: (4:30) How politics are shaping economics (11:50) Planning beyond the base case (17:00) Why today’s bond math is favorable (21:00) The Iran conflict & global diversification (33:00) The state of U.S. creditworthiness (38:00) Optimism and uncertainty around the CapEx super cycle (49:00) The start of the credit default cycle (54:00) The tipping point in financial engineering If you enjoyed the episode, check out our other resources below: • Read: Secular Outlook: Rupture and Resilience [https://www.pimco.com/insights/rupture-and-resilience?utm_source=apple_spotify&utm_medium=podcast&utm_campaign=yq26q2-l1gwm-cpadvisor_forum-spaccrued_interest_podcast-moawareness-isna&utm_content=cnrandr] • Video: Precision Over Prediction in Today’s Bond Market [https://www.pimco.com/resources/video-library/media/precision-over-prediction-in-todays-bond-market?utm_source=apple_spotify&utm_medium=podcast&utm_campaign=yq26q2-l1gwm-cpadvisor_forum-spaccrued_interest_podcast-moawareness-isna&utm_content=cnmarketprec] • Podcast: Money and Politics: Richard Clarida and Libby Cantrill on the New Fed Chair, Iran Conflict, and the 'Stag vs the Flation (Apple [https://podcasts.apple.com/us/podcast/money-and-politics-richard-clarida-and-libby-cantrill/id1775267761?i=1000769122656] and Spotify [https://open.spotify.com/episode/5FJ2fQ7KQsyHIghLJBX1EB]) • Podcast: PIMCO Perspectives: When Geopolitics Becomes an Economic Input (Apple [https://podcasts.apple.com/us/podcast/pimco-perspectives-when-geopolitics-becomes-an/id1775267761?i=1000767777623] and Spotify [https://open.spotify.com/episode/4EyexhHbokFW5TVBT8mDct]) The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

Commercial Real Estate Reset: Finding Value Across Debt and Equity

Commercial real estate is one of the few asset classes that went through a relatively recent recession and still offers attractive valuations, whether through lending or owning. Seray Incoglu, Global Head of Asset Management for PIMCO Real Estate Credit, and Matt Tuten, who leads the commercial mortgage-backed securities team, join Greg Hall to assess where the market stands: resilience in multifamily and industrial, continued dislocation in office, and the unresolved question of how AI reshapes demand. The conversation examines how the current cost basis, durable cash flows, and creditor rights differentiate CRE debt from corporate lending—particularly private direct lending—and where to find relative value between public and private real estate. (2:23) The state of commercial real estate (11:49) From strip malls to industrial spaces: where opportunities are emerging (16:18) How AI may impact the modern workplace (22:42) When the office turns into an apartment (31:08) The current role of debt and equity (36:49) Relative value between public and private markets (45:50) Looking back to move forward If you enjoyed the episode, please check out our related resources below: Podcast: The Four Pillars of Alpha in Asset-Based Finance • Listen on Apple [https://podcasts.apple.com/us/podcast/the-four-pillars-of-alpha-in-asset-based-finance/id1775267761?i=1000765674088] • Listen on Spotify [https://open.spotify.com/episode/1yS4S2gkPhvehSco2rL5Y8?si=d9bffde376874d15&nd=1&dlsi=a374945ff1f049df] Podcast: Bent, not Broken: Uncovering Value in Commercial Real Estate • Listen on Apple [https://podcasts.apple.com/us/podcast/bent-not-broken-uncovering-value-in-commercial-real-estate/id1775267761?i=1000717787014] • Listen on Spotify [https://open.spotify.com/episode/1v2PvhXqXjE2oitnv4ATen] Video: Inside Today’s Mortgage Credit Opportunity [https://www.pimco.com/gbl/en/resources/video-library/media/inside-todays-mortgage-credit-opportunity] Video: Financing the Everyday: A Closer Look at Mortgages [https://www.pimco.com/gbl/en/resources/video-library/media/financing-the-everyday-a-closer-look-at-mortgages] The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

Money and Politics: Richard Clarida and Libby Cantrill on the New Fed Chair, Iran Conflict, and the ‘Stag vs the Flation’

In a world shaped by big headlines, Richard Clarida and Libby Cantrill give advisors a grounded view of what really matters in Washington, the economy, and the markets. Together with host Greg Hall, they explore the next chapter for the Federal Reserve under Kevin Warsh, the fluidity of the conflict in the Middle East, and the political ripple effects of AI, inflation, and tariffs. About the Speakers  Dr. Richard Clarida [https://www.pimco.com/gbl/en/experts/richard-clarida] is a former Vice Chairman of the Federal Reserve and current Global Economic Advisor at PIMCO  Libby Cantrill [https://www.pimco.com/gbl/en/experts/libby-cantrill] is a Managing Director and Head of Public Policy for PIMCO  Greg Hall [https://www.pimco.com/gbl/en/experts/gregory-hall] is the host of Accrued Interest, a Managing Director, and the Head of U.S. Global Wealth Management for PIMCO (1:09) What to expect from a Warsh-led Fed (11:09) The fluid nature of the conflict in the Middle East (15:46) The political ripple effect of inflation (22:45) How do the midterms shape the rest of 2026? (25:11) Fiscal credibility and the bond market (29:37) Is stagflation really in play? (35:16) Where do things stand with tariffs? (38:02) The state of AI optimism If you enjoyed the episode, check out our related resources below:  A New Fed Chair, a New Tone – But Familiar Anchors [https://www.pimco.com/gbl/en/insights/a-new-fed-chair-a-new-tone-but-familiar-anchors] by Richard Clarida  Podcast: When Geopolitics Becomes an Economic Input (Apple [https://podcasts.apple.com/us/podcast/pimco-perspectives-when-geopolitics-becomes-an/id1775267761?i=1000767777623] or Spotify) [https://open.spotify.com/episode/4EyexhHbokFW5TVBT8mDct] Subscribe to Libby Cantrill's newsletter, Washington Watch [https://pages.pimco.com/Subscription-PIMCO-Washington-Watch.html]. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

PIMCO Perspectives: When Geopolitics Becomes an Economic Input

When geopolitics shift from isolated economic events to consistent economic inputs, advisors need a new playbook – one built on durability and flexibility. CIO of Non Traditional Strategies Marc Seidner and Head of Emerging Markets Pramol Dhawan join Greg Hall to share: · How geopolitical uncertainty is pushing markets to price wide-ranging outcomes · Why we may get the “stag” without the “flation” · How bonds are outyielding some high-flying AI stocks All this adds up to an environment where active management is well suited for the moment. Show notes: (4:42) The thesis of “When Geopolitics Becomes an Economic Input” (11:05) How geopolitical risks may impact the market (13:54) Why today is different than 2022 (19:07) Goldilocks or recession? What’s next for the economy (22:46) Bonds outyielding high-flying AI stocks (26:52) Why active management, why now (29:55) Protecting your portfolio for this moment If you enjoyed the episode, check out some related resources below: When Geopolitics Becomes an Economic Input [https://www.pimco.com/gbl/en/insights/when-geopolitics-becomes-an-economic-input] Three Cyclical Forces Shaping Markets [https://www.pimco.com/gbl/en/resources/video-library/media/three-cyclical-forces-shaping-markets] The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures