Barings Bdc, Inc. · NYSE:BBDC
Barings Bdc — Debt Investor Presentation (August 2025)
25 slides from Barings Bdc's debt investor presentation, August 2025
Slide 1: Barings BDC, Inc. Second Quarter 2025 Fixed Income Investor Presentation
AUGUST 2025 Barings BDC, Inc. SECOND QUARTER 2025 FIXED INCOME INVESTOR PRESENTATION Private and confidential – for the exclusive use of the recipient. Not for further distribution. 25-4747949
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: Important Information & Cautionary Notice Regarding Forward-Looking Statements
Important Information & Cautionary Notice Regarding Forward-Looking Statements Other Important Information Any forecasts in this document are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, pr
Slide 4: Barings Overview
BARINGS OVERVIEW $456+ Billion Who We Are ASSETS UNDER MANAGEMENT Barings is a global asset External AUM by Region1 management firm that works AMERICAS 46% EMEA 26% ASIA PACIFIC 27% with institutional, insurance and intermediary clients to provide excess returns across public and private markets in
Slide 5: Our Investment Capabilities
Our Investment Capabilities We harness the depth and breadth of our global platform to meet the needs of our clients, delivering solutions that cross asset classes and geographies. $456+ B ASSETS UNDER MANAGEMENT Private Fixed Income Public Fixed Income Real Assets & Capital Solutions $219 B $143 B
Slide 6: Barings Global Private Credit's Diverse Capital Base
Barings Global Private Credit’s 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 $50BN 1 Commingled Balance Sheet Funds CLOs Source: Bari
Slide 7: Barings has >30 Years of Experience Investing in Middle Market Companies
Barings has >30 Years of Experience Investing in Middle Market Companies We have a strong, proven history of investing in middle market companies across the globe. 2024-25 Commitments Formalised $55 European $50 $53 Senior Loan strategy $45 $52 $40 $51 $35 $50 $ billions Launched $30 $49 Acquired Du
Slide 8: Debt Capital Markets Landscape At A Glance
Debt Capital Markets Landscape At A Glance As private credit managers close on $15bn+ funds, Barings believes that firms are forced to deploy further up-market, blurring the lines between middle market lending and broadly syndicated markets. TRADITIONAL UPPER BROADLY SYNDICATED LOANS MIDDLE MARKET L
Slide 9: Barings BDC Franchise
Sponsor Backed Investments What is it? Financing the Typical Terms Barings BDC Franchise operating companies of issuers Owned by Private Equity • <50% Loan to Value • Maintenance Covenants firms • EBITDA between $15 and Private credit expertise delivering Assets are Directly Originated $75 million c
Slide 10: Barings BDC Inc. (BBDC)
Barings BDC Inc. (BBDC) BARINGS
Slide 11: BBDC Portfolio Highlights
BBDC Portfolio Highlights Senior Secured Focus $2.62B 332 PORTFOLIO SIZE ISSUER COUNT 2% 3% First Lien 17% Second Lien 75% 92% 3% Mezzanine 4% Equity SECURED DEBT FLOATING RATE 71% Structured JV 581 BPS 10.1% Diversified Industry Exposure WEIGHTED AVERAGE YIELD Services: Business SPREAD Banking & Fi
Slide 12: BBDC Portfolio Composition
BBDC Portfolio Composition Investment Portfolio by Issuer Investment Portfolio Strategy1 • Barings BDC maintains a highly diversified portfolio, with the top • BBDC’s existing investments are substantially consistent with our issuer accounting for 6% of exposure and the top 10 issuers long-term stra
Slide 13: Portfolio Composition Trends
Portfolio Composition Trends Consistent Focus on Secured Investments Active Rotation to Barings Originated Loans • Barings BDC has consistently been comprised largely of secured • Barings BDC is driving towards a portfolio focused on investments. When accounting for the look-through exposure of secu
Slide 14: Risk Rating Trends
1 Issuer performing materially above expectations Risk Rating Trends 2 Issuer performing consistent with expectations 3 Issuer performing modestly below expectations Non-Accruals comprise approximately 0.5% of the portfolio Fair Value as of June 30, 2025 4 Issuer performing below expectations 5 Non-
Slide 15: BBDC Debt Summary and Maturity Profile
BBDC Debt Summary and Maturity Profile Conservative 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 (1.29x as of quarter-end) which corpo
Slide 16: Second Quarter 2025 Highlights
Second Quarter 2025 Highlights Net asset value (NAV) Total originations during the as of June 30, 2025, quarter were $199 million, NET ASSET was $11.18 per share as ORIGINATIONS while sales and repayments VALUE compared to $11.29 per totaled $167 million, for net share as of originations of $32 mill
Slide 17: Selected Financial Highlights
Selected Financial Highlights Balance Sheet Highlights 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Investment Portfolio, at Fair Value $2,623.9 $2,571.2 $2,449.3 $2,416.7 $2,395.7 Total Debt Outstanding (Principal) $1,572.3 $1,522.3 $1,463.6 $1,372.8 $1,375.8 Total Net Assets (Equity) $1,175.8 $1,188.8
Slide 18: Barings BDC Inc. (NYSE: BBDC) – A Prominent, Differentiated BDC
Barings BDC Inc. (NYSE: BBDC) – A Prominent, Differentiated BDC BBDC is a closed-end, publicly traded BDC focused on direct lending with a unique approach to private credit origination, scale, and stakeholder alignment. First Lien Secured Investment Grade Alignment with Parent Shareholder Alignment
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, 2025 2025 2024 2024 2024 Total debt (principal) $1,572,313 $1,522,268 $1,463,590 $1,372,851 $1,375,826 minus: Unrestricted cash and foreign currencies (44,547) (93,355)
Slide 21: Disclosures
Disclosures
Slide 22: Important Information
Important Information Forecasts in this document reflect Barings’ market views as of the preparation date and may change without notice. Projections are not guarantees of future performance. Investments involve risk, including potential loss of principal. The value of investments and any income may
Slide 23: Important Information
Important Information Barings (U.K.) Limited, which is authorized and regulated by the Financial Conduct Authority in the United Kingdom (Ref FOR PERSONS DOMICILED IN THE US: No. 194662) and is a Company registered in England and Wales (No. 03005774) whose registered address is 20 Old This document
Slide 24: Important Information
Important Information FOR PERSONS DOMICILED IN HONG KONG: FOR PERSONS DOMICILED IN THAILAND: Distribution of this document, and placement of shares in Hong Kong, are restricted for funds not authorized under Section This document is only made available to qualified institutional investors/high-net-w
Slide 25: Important Information
Important Information FOR PERSONS DOMICILED IN MEXICO: The securities offered hereby are not and will not be registered in the national securities registry (Registro Nacional De Valores) maintained by the Mexican Banking and Securities Commission (Comision Nacional Bancaria y De Valores “CNBV”). The
Barings BDC — Debt Investor Presentation (August 2025) on 6ix