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QUARTERLY MARKET SUMMARY For the Quarter Ended March 31, 2025 Multi-Asset Class Management FIXED INCOME ►The U.S. bond market represented by the Bloomberg U.S. Aggregate (Aggregate) Index saw positive returns in the first quarter, returning 2.8%. ►The Bloomberg U.S. Treasury Index closed the quarter returning 2.9%. During the period, the FOMC held rates steady, continuing to project two cuts for 2025. Rates fell across the curve in the first quarter. The 10-year fell to 4.2%, while the 2-year ended at 3.9%. ►Corporate credit had mixed results for the quarter on the rising rates. The investment-grade (IG) Bloomberg U.S. Corporate (IG Corp) Index returned a 2.4% while High Yield bonds, as represented by the Bloomberg U.S. Corporate High Yield (HY) Index, returned 1.0%. Spreads widened slightly across quality spectrum. ►The fixed-rate mortgage market, as measured by the Bloomberg U.S. Mortgage-Backed Securities (MBS) Index returned 3.1%. On the commercial side, the Bloomberg U.S. Agency CMBS Index returned 2.9% while the non- agency CMBS index posted a return of 2.3%. For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public. Source: Bloomberg. Returns for Fixed-Income Segments Periods Ended March 31, 2025 Source: Bloomberg. U.S. Treasury Yield Curve 3.89%3.95%4.21%4.57% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 3/31/2024 12/31/2024 3/31/2025 3-mo 2-yr 5-yr 10-yr 30-yr Blmbg U.S. Aggregate Blmbg U.S. Treasury Blmbg U.S. MBS Blmbg U.S. Corporate Blmbg U.S. High Yield QTD 2.78%2.92%3.06%2.31%1.00% YTD 2.78%2.92%3.06%2.31%1.00% 1 Year 4.88%4.51%5.39%4.90%7.69% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 2.6