Barings BDC, Inc. · NYSE:BBDC
Barings BDC — Q3 2026 Earnings Presentation
24 slides from Barings BDC's earnings presentation, Nov 6, 2026
Slide 1: Barings BDC, Inc. Third Quarter 2026 Earnings Presentation
NOVEMBER 6, 2026 Barings BDC, Inc. Third Quarter 2026 Earnings Presentation 26-6084402
Slide 2: Important Information & Cautionary Notice Regarding Forward-Looking Statements
Important Information & Cautionary Notice Regarding Forward-Looking Statements Cautionary Notice: Certain statements contained in this presentation are “forward-looking” statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on
Slide 3: Agenda
Agenda TOM MCDONNELL 3Q 2026 HIGHLIGHTS (MCDONNELL) Summary points of the quarter MATTHEW FREUND BARINGS BDC MARKET UPDATE & INVESTMENT PORTFOLIO (FREUND) Update on the portfolio performance ELIZABETH MURRAY BARINGS BDC FINANCIALS (MURRAY) A walk through the balance sheet, income statement, NAV brid
Slide 4: Barings Overview: Who We Are
$500 Billion BARINGS OVERVIEW Who We Are ASSETS UNDER MANAGEMENT Barings is a global alternative asset manager that partners External AUM by Region1 with institutional, insurance, AMERICAS 47% EMEA 24% ASIA PACIFIC 29% and wealth clients to deliver excess returns by leveraging its global scale and c
Slide 5: Barings' Value Proposition in Global Direct Lending
Barings’ Value Proposition The Barings platform drives efficient deployment into highly in Global Direct Lending diversified portfolios in the core mid-market Scale Incumbency >$63B1 435+ Commitments Under Management Issuers in Global Portfolio Investor Alignment Barings’ parent MassMutual invests a
Slide 6: A Diverse Capital Base Supports Our Long-Term Partnership Approach
A Diverse Capital Base Supports Our Long-Term Partnership Approach Barings Direct Lending Platform manages over ~$63bn of commitments across 6 primary sources of capital Commingled 24 Commingled Funds Funds Balance Separately Warehousing Managed 22 SMAs Capital Sheet Accounts Barings Direct Lending
Slide 7: Barings Targets the Core Middle Market
Barings Targets the Core Middle Market Barings BDC is focused on Sponsor-Backed, Senior Secured, Core Middle Market Loans that deliver an attractive illiquidity premium, balanced with strong control and collateral protection Low Illiquidity Premium High Public Credit Private Credit Often Rarely Some
Slide 8: Why Barings BDC?
Barings Barings manages more than $500 billion global Platform platform anchored in credit strategies Why Barings Primarily sponsor-led senior secured lending to Core Middle BDC? Market $15–75 million EBITDA companies characterized by maintenance covenants and lender influence Diversified 3Q 2026 At
Slide 9: Selected Financial Highlights
Selected Financial Highlights Balance Sheet Highlights 3Q 2026 2Q 2026 1Q 2026 4Q 2025 3Q 2025 Investment Portfolio, at Fair Value $2,509.8 $2,458.6 $2,370.0 $2,398.5 $2,536.3 Total Debt Outstanding (Principal) $1,467.2 $1,409.7 $1,425.2 $1,439.3 $1,629.0 Total Net Assets (Equity) $1,143.3 $1,145.9
Slide 10: BBDC Portfolio Highlights
BBDC Portfolio Highlights Senior Secured Focus $2.51B 349 1% 1% First Lien PORTFOLIO SIZE ISSUER COUNT 18% Second Lien Mezzanine 4% 5% Equity 76% 93% 71% Structured SECURED DEBT FLOATING RATE 1 JV Diversified Industry Exposure 574 BPS 10.2% Services: Business WEIGHTED YIELD 2 Banking & Finance AVERA
Slide 11: BBDC Investment Activity
BBDC Investment Activity Quarterly Investment Funding and Realizations ($ in millions) $300 $90.0 $200 $74.6 $70.2 $52.9 $100 $172.1 $54.0 $121.3 $78.6 $83.2 $54.7 $0 ($125.5) ($145.9) ($167.3) ($100) ($229.9) ($271.1) ($200) ($300) 3Q25 4Q25 1Q26 2Q26 3Q26 New Investments Add-on Investments Sales a
Slide 12: Portfolio Composition
Portfolio Composition Investment Portfolio by Issuer Investment Portfolio by Strategy1 • Barings BDC maintains a highly diversified portfolio, • BBDC’s existing investments are substantially with the top issuer accounting for 6.4% of exposure consistent with our long-term strategy, as Sponsored and
Slide 13: BBDC Risk Rating Trends
1 Issuer performing materially above expectations BBDC Risk Rating Trends 2 Issuer performing consistent with expectations Non-Accruals comprise approximately 1.1% of the portfolio Fair Value as of September 30, 2026 3 Issuer performing modestly below expectations (0.7% of fair value of portfolio wh
Slide 14: BBDC & Barings Focus on Shareholders
BBDC & Barings Focus on Shareholders BARINGS OWNERSHIP MVC & SIERRA CSA EXITS ~13% of BBDC shares • Barings paid BBDC $0.86 • Barings invests its owned by Barings $90 million under NAV per Share own capital alongside the MVC and Sierra BBDC shareholders CSAs Preserved • Up to $11.0 million in protec
Slide 15: BBDC Net Asset Value (NAV) Per Share Bridge
BBDC Net Asset Value (NAV) Per Share Bridge BBDC’s NAV per share decreased in 3Q26 to $10.92 (September 30, 2026) from $10.94 (June 30, 2026), a decrease of 0.2%, driven primarily by net realized losses partially offset by unrealized appreciation $12.00 $11.50 $0.26 $11.00 $10.94 $0.02 $10.92 ($0.26
Slide 16: BBDC Income Statement
BBDC Income Statement (In thousands, except share and per share data) 3Q26 2Q26 1Q26 4Q25 3Q25 Invest ment income: Interest incom e $4 2 ,6 2 7 $4 2 ,59 6 $4 1 ,1 7 2 $4 5,82 5 $4 8,808 Div idend incom e 1 1 ,3 7 2 1 4 ,02 1 1 1 ,9 05 1 1 ,6 4 9 1 4 ,1 7 7 Fee and other incom e 3 ,7 2 6 3 ,7 1 3 2 ,
Slide 17: BBDC Balance Sheet
BBDC Balance Sheet Sept ember 30, June 30, March 31, December 31, Sept ember 30, (In thousands, except share and per share data) 2026 2026 2026 2025 2025 Asset s: Inv estm ents at fair v alue: Non-Control / Non-Affiliate inv estm ents $1 ,9 7 0,2 9 9 $1 ,9 2 0,4 3 1 $1 ,89 5,009 $1 ,9 1 6 ,3 6 4 $2
Slide 18: BBDC Debt Summary and Maturity Profile
BBDC Debt Summary and Maturity Profile Consistent Leverage Varied Counterparties Available Liquidity Maturity Ladder Targeted leverage range of 0.9x – Relationships with 15+ banks across Access to ample liquidity via Well-diversified ladder of maturities 1.25x (1.24x as of quarter-end) corporate rev
Slide 19: BBDC Dividends Declared Per Share
BBDC Dividends Declared Per Share $0.35 $0.30 $0.05 $0.05 $0.05 Barings BDC declared a 4Q 2026 dividend of $0.25 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 per share, showing 14 consecutive quarters of $0.20 a stable 0.26 regular dividend $0.15 $0.10 $0
Slide 20: Appendix
Appendix
Slide 21: Reconciliation of Debt-to-Net Debt & Calculation of Net Debt-to-Equity Ratio
Reconciliation of Debt-to-Net Debt & Calculation of Net Debt-to-Equity Ratio September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Total debt (principal) $1,467,232 $1,409,726 $1,425,202 $1,439,286 $1,628,981 minus: Unrestricted cash and foreign currencies (51,196) (51
Slide 22: Barings BDC Corporate Data
Barings BDC Corporate Data BOARD OF DIRECTORS MANAGEMENT TEAM RESEARCH COVERAGE GENERAL Eric Lloyd Tom McDonnell BofA Securities Corporate Headquarters Executive Chairman of BBDC, Chief Executive Officer & Derek Hewett 300 South Tryon Street Vice Chairman of Barings Co-Portfolio Manager (415) 676-35
Slide 23: Important Information
Important Information Barings LLC, Barings Securities LLC, Barings (U.K.) Limited, Barings Australia Pty Ltd, Barings Australia Property Pty Ltd, Gryphon Capital Investments Pty Ltd Barings Japan Limited, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers
Slide 24: Barings: Investing Together
BARINGS Investing Together PUBLIC & PRIVATE FIXED INCOME | REAL ESTATE | SPECIALIST EQUITIES