Barings Euro Middle Market CLO 2025-1 DAC: 07 December 2025

The assets securing the Debt will consist of a portfolio of primarily middle market commercial loans consisting of Secured Senior Obligations, Secured Senior Notes, Unsecured Senior Obligations, Second Lien Loans, Mezzanine Obligations and High Yield Bonds, and will be managed by Barings (UK) Limited.

The Notes are being offered by the Issuer through BNP Paribas in its capacity as initial purchaser.

As at the Issue Date, approximately 100.0% of the Aggregate Principal Balance of the Collateral Obligations will consist of Middle Market Loans. It is anticipated that the Aggregate Principal Balance of the Middle Market Loans purchased by the Issuer from the Transferors on the Issue Date pursuant to the Loan Sale Agreements (including by way of LSA Participation Interest) will be in excess of 64.0% of the Target Par Amount.

The EU/UK Risk Retention: it has verified that the originator, sponsor or original lender will retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation in accordance with the EU/UK Retention Requirements.

US Risk Retention: The Retention Holder has agreed to act as a "sponsor" for the purposes of the US Risk Retention Rules.