Slide 1: Barings BDC, Inc. Second Quarter 2026 Earnings Presentation
AUGUST 5, 2026 Barings BDC, Inc. Second Quarter 2026 Earnings Presentation
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 2Q 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
$502 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 46% EMEA 24% ASIA PACIFIC 30% and wealth clients to deliver excess returns by leveraging its global scale and c
Slide 5: Diverse Capital Base
Diverse Capital Base A diversified capital base ensures a continuous flow of dry powder from various sources BDC Franchise Separately MassMutual Managed GIA Accounts Barings Direct Lending Platform Manages Over $61BN 1 Commingled Balance Funds Sheet CLOs Source: Barings data as of June 30, 2026. For
Slide 6: 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 Som
Slide 7: Barings BDC Franchise
Sponsor Backed Investments Barings BDC Franchise What is it? Financing the Typical Terms operating companies of issuers • <50% Loan to Value Owned by Private Equity • Maintenance Covenants firms • EBITDA between $15 and Private credit expertise delivering $75 million comprehensive exposure to the As
Slide 8: Second Quarter 2026 Highlights
Second Quarter 2026 Highlights Net asset value (NAV) Total originations during the as of June 30, 2026, was $10.94 per share as quarter were $262 million, NET ASSET compared to $11.02 per ORIGINATIONS while sales and repayments VALUE totaled $167 million, for net share as of March 31, 2026 originati
Slide 9: Selected Financial Highlights
Selected Financial Highlights Balance Sheet Highlights 2Q 2026 1Q 2026 4Q 2025 3Q 2025 2Q 2025 Investment Portfolio, at Fair Value $2,458.6 $2,370.0 $2,398.5 $2,536.3 $2,623.9 Total Debt Outstanding (Principal) $1,409.7 $1,425.2 $1,439.3 $1,629.0 $1,572.3 Total Net Assets (Equity) $1,145.9 $1,153.5
Slide 10: BBDC Portfolio Highlights
BBDC Portfolio Highlights Senior Secured Focus $2.46B 342 1% 1% First Lien PORTFOLIO SIZE ISSUER COUNT 18% Second Lien Mezzanine 4% 6% Equity 76% 93% 70% Structured JV SECURED DEBT FLOATING RATE Diversified Industry Exposure 578 BPS 10.2% Services: Business WEIGHTED YIELD Banking & Finance 20% 20% A
Slide 11: Portfolio Composition
Portfolio Composition Investment Portfolio by Issuer Investment Portfolio Strategy1 • Barings BDC maintains a highly diversified portfolio, • BBDC’s existing investments are substantially with the top issuer accounting for 6.5% of exposure consistent with our long-term strategy, as Sponsored and the
Slide 12: BBDC Risk Rating Trends
1 Issuer performing materially above expectations BBDC Risk Rating Trends 2 Issuer performing consistent with expectations Non-Accruals comprise approximately 0.6% of the portfolio Fair Value as of June 30, 2026 (0.2% of 3 Issuer performing modestly below expectations fair value of portfolio not cov
Slide 13: Sierra CSA Termination
Sierra CSA Termination Early termination of the legacy Sierra CSA generated $67.0MM of cash proceeds, simplified BBDC’s balance sheet and retained targeted downside protection on the remaining positions Immediate $67.0MM Accelerated Redeployment / Targeted Protection Settlement Simplification Earnin
Slide 14: BBDC Net Asset Value (NAV) Per Share Bridge
BBDC Net Asset Value (NAV) Per Share Bridge BBDC’s NAV per share decreased in 2Q26 to $10.94 (June 30, 2026) from $11.02 (March 31, 2026), a decrease of 0.7%, driven primarily by, net unrealized depreciation, partially offset by net realized gains, overearnings the dividend and the new CSA deemed co
Slide 15: BBDC Income Statement
BBDC Income Statement (In thousands, except share and per share data) 2Q26 1Q26 4Q25 3Q25 2Q25 Inv est ment income: Interest incom e $4 2 ,59 6 $4 1 ,1 7 2 $4 5,82 5 $4 8,808 $50,2 1 7 Div idend incom e 1 4 ,02 1 1 1 ,9 05 1 1 ,6 4 9 1 4 ,1 7 7 1 4 ,59 3 Fee and other incom e 3 ,7 1 3 2 ,6 9 3 5,2 4
Slide 16: BBDC Balance Sheet
BBDC Balance Sheet Debt-to-equity as of June 30, 2026, was 1.23x, or 1.18x after adjusting for unrestricted cash and foreign currencies and net unsettled transactions June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Assets: Investments at fair value: Non-Control / Non-
Slide 17: 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 (1.18x as of quarter-end) which corpora
Slide 18: BBDC Dividends Declared Per Share
BBDC Dividends Declared Per Share $0.35 $0.05 $0.05 $0.05 $0.30 Barings BDC declared a $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 3Q 2026 dividend of $0.25 $0.24 $0.25 $0.25 $0.26 per share, showing 13 consecutive quarters of $0.20 a stable 0.26 regular dividend $0
Slide 19: Appendix
Appendix
Slide 20: 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 June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Total debt (principal) $1,409,726 $1,425,202 $1,439,286 $1,628,981 $1,572,313 minus: Unrestricted cash and foreign currencies (51,543) (79,848)
Slide 21: 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 22: 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 23: BARINGS
BARINGS Investing Together PUBLIC & PRIVATE FIXED INCOME | REAL ESTATE | SPECIALIST EQUITIES