Barings Bdc, Inc. · NYSE:BBDC
Barings Bdc — Debt Investor Presentation (May 2026)
27 slides from Barings Bdc's debt investor presentation, May 2026
Slide 1: Barings BDC, Inc. First Quarter 2026 Fixed Income Investor Presentation
MAY 2026 Barings BDC, Inc. FIRST QUARTER 2026 FIXED INCOME INVESTOR PRESENTATION 26-5471111
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 $481 Billion Who We Are ASSETS UNDER MANAGEMENT Barings is a global asset External AUM by Region1 management firm that works AMERICAS 47% EMEA 25% ASIA PACIFIC 28% with institutional, insurance and intermediary clients to provide excess returns across public and private markets in f
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. $481 B ASSETS UNDER MANAGEMENT Credit Real Assets Capital Solutions Emerging Markets $282 B $76 B $79 B $38 B DIRECT LE
Slide 6: Diverse Capital Base
Commingled Funds Diverse Capital Balance Separately Base Managed Sheet Accounts A diverse capital base Barings Direct Lending supports our long-term Platform Manages Over partnership approach, ensuring a continuous flow of dry powder from various $61bn sources. CLOs BDC Franchise MassMutual GIA Sour
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. $70 APAC Current Investor Europe $60 Commitments: Global North America Footprint Formalised $50 European $33.2bn $ billions Senior Loan
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: Annual Deployment Characteristics
Annual Deployment Characteristics NORTH AMERICA PRIVATE CREDIT 2020 2021 2022 2023 2024 2025 Deployment Since Annual Volumes $4,627 $8,522 $4,747 $3,132 $4,809 $6,619 ($mm) Inception # of Deals 102 187 97 74 102 119 $41 billion+ Avg. EBITDA ($mm) $45 $49 $63 $64 $54 $54 TOTAL DEPLOYED Avg. Leverage
Slide 10: Barings BDC, Inc. (BBDC)
Barings BDC, Inc. (BBDC) BARINGS
Slide 11: 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 12: BBDC Portfolio Highlights
BBDC Portfolio Highlights Senior Secured Focus $2.37B 331 2% First Lien PORTFOLIO SIZE ISSUER COUNT 1% 18% Second Lien Mezzanine 4% 75% 93% 5% Equity SECURED DEBT FLOATING RATE 70% Structured JV 585 BPS 10.1% Diversified Industry Exposure WEIGHTED YIELD 2 Services: Business AVERAGE SPREAD 1 Banking
Slide 13: 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 6.7% of exposure and the top 10 issuers long-term st
Slide 14: BBDC Risk Rating Trends
1 Issuer performing materially above expectations BBDC Risk Rating Trends 2 Issuer performing consistent with expectations Non-Accruals comprise approximately 1.0% of the portfolio Fair Value as of March 31, 2026 3 Issuer performing modestly below expectations (0.6% of fair value of portfolio not co
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 (1.17x as of quarter-end) which corpo
Slide 16: First Quarter 2026 Highlights
First Quarter 2026 Highlights Net asset value (NAV) Total originations during the as of March 31, 2026, quarter were $109 million, NET ASSET was $11.02 per share as ORIGINATIONS while sales and repayments VALUE compared to $11.09 per totaled $126 million, for net share as of repayments of $17 millio
Slide 17: Selected Financial Highlights
Selected Financial Highlights Balance Sheet Highlights 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 Investment Portfolio, at Fair Value $2,370.0 $2,398.5 $2,536.3 $2,623.9 $2,571.2 Total Debt Outstanding (Principal) $1,425.2 $1,439.3 $1,629.0 $1,572.3 $1,522.3 Total Net Assets (Equity) $1,153.5 $1,160.7
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. Access to a Global First Lien Secured Investment Grade Shareholder Alignment Pl
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 March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Total debt (principal) $1,425,202 $1,439,286 $1,628,981 $1,572,313 $1,522,268 minus: Unrestricted cash and foreign currencies (79,848) (53,847
Slide 21: Barings BDC, Inc. Management Team
BARINGS BDC, INC. MANAGEMENT TEAM Tom McDonnell serves as the Company’s Chief Executive Officer. He also serves as the Co-Chief Executive Officer of Barings Capital Investment Corporation and Barings Private Credit Corporation. He is also a board member for Rocade LLC, a specialty finance company fo
Slide 22: Barings BDC, Inc. Management Team
BARINGS BDC, INC. MANAGEMENT TEAM Itzbell Branca is the Chief Compliance Officer of the Company. Ms. Branca also serves as the Chief Compliance Officer for Barings Capital Investment Corporation, Barings Private Credit Corporation, Barings Global Short Duration High Yield Fund, Barings Corporate Inv
Slide 23: Disclosures
Disclosures
Slide 24: Important Information
Important Information For Professional Investors/Institutional Investors only. This document should not be distributed to or relied on by Retail/ However, there can be no assurance that such assumptions will prove to be accurate, and the actual realized returns will Individual Investors. depend on,
Slide 25: Important Information
Important Information Barings (U.K.) Limited, which is authorized and regulated by the Financial Conduct Authority in the United Kingdom (Ref Building 3, Number 1 Ballsbridge, 126 Pembroke Rd, Dublin 4. No. 194662) and is a Company registered in England and Wales (No. 03005774) whose registered addr
Slide 26: Important Information
Important Information FOR PERSONS DOMICILED IN SWITZERLAND: otherwise permitted by the Rules. No other offer or sale of the Shares in Taiwan is permitted. Taiwan’s qualified Institutions which purchase the Shares may not sell or otherwise dispose of their holdings except by redemption, transfer This
Slide 27: Important Information
Important Information FOR PERSONS DOMICILED IN CHILE: as to legal requirements also applying and any applicable exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile. This document does not constitute an offer or solicitation Esta o