Barings Bdc, Inc. · NYSE:BBDC
Barings Bdc — Debt Investor Presentation (November 2025)
26 slides from Barings Bdc's debt investor presentation, November 2025
Slide 1: Barings BDC, Inc. Third Quarter 2025 Fixed Income Investor Presentation
NOVEMBER 2025 Barings BDC, Inc. THIRD QUARTER 2025 FIXED INCOME INVESTOR PRESENTATION 25-4974677
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 $470+ 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
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. $470+ B ASSETS UNDER MANAGEMENT Private Fixed Income Public Fixed Income Real Assets & Capital Solutions $226 B $146 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 $53BN 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. APAC Current Investor Europe $60 Commitments: Global North America Footprint Formalised $50 $28.7bn European Senior Loan $22.6bn strateg
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 LTM 2020 2021 2022 2023 2024 Sep-25 Deployment Since Annual Volumes $4,627 $8,522 $4,747 $3,132 $4,809 $5,890 Inception ($mm) # of Deals 102 187 97 74 102 112 $39 billion+ Avg. EBITDA ($mm) $45 $49 $63 $64 $54 $53 TOTAL DEPLOYED Avg. Lev
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 $2.54B 333 1% First Lien PORTFOLIO SIZE ISSUER COUNT 4% 17% Second Lien Mezzanine 3% 75% 92% 5% Equity SECURED DEBT FLOATING RATE 70% Structured JV 593 BPS 9.9% Diversified Industry Exposure WEIGHTED YIELD Services: Business AVERAGE SPREAD Banking & Fin
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% of exposure and the top 10 issuers long-term stra
Slide 14: 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 15: BBDC Risk Rating Trends
1 Issuer performing materially above expectations BBDC Risk Rating Trends 2 Issuer performing consistent with expectations Non-Accruals comprise approximately 0.8% of the portfolio Fair Value as of September 30, 3 Issuer performing modestly below expectations 2025 (0.4% of fair value of portfolio no
Slide 16: 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 (1.26x as of quarter-end) which corpo
Slide 17: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights Net asset value (NAV) Total originations during the as of September 30, quarter were $149 million, NET ASSET 2025 was $11.10 per ORIGINATIONS while sales and repayments VALUE share as compared to totaled $230 million, for net $11.18 per share as of repayments of $81 mil
Slide 18: Selected Financial Highlights
Selected Financial Highlights Balance Sheet Highlights 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 Investment Portfolio, at Fair Value $2,536.3 $2,623.9 $2,571.2 $2,449.3 $2,416.7 Total Debt Outstanding (Principal) $1,629.1 $1,572.3 $1,522.3 $1,463.6 $1,372.8 Total Net Assets (Equity) $1,166.8 $1,175.8
Slide 19: 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 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, 2025 2025 2025 2024 2024 Total debt (principal) $1,629,071 $1,572,313 $1,522,268 $1,463,590 $1,372,851 minus: Unrestricted cash and foreign currencies (70,308) (44
Slide 22: Disclosures
Disclosures
Slide 23: 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 24: Important Information
Important Information Barings (U.K.) Limited, which is authorized and regulated by the Financial Conduct Authority in the United Kingdom (Ref COPYRIGHT AND TRADEMARK No. 194662) and is a Company registered in England and Wales (No. 03005774) whose registered address is 20 Old Copyright © 2025 Baring
Slide 25: Important Information
Important Information FOR PERSONS DOMICILED IN SWITZERLAND: FOR PERSONS DOMICILED IN JAPAN: This is an advertising document. This material is being provided for information purposes only. It is not an offer to buy or sell any Fund interest or any other security. The Fund has not been and will not be
Slide 26: Important Information
Important Information FOR PERSONS DOMICILED IN COLOMBIA: The material herein does not constitute a public offer in the Republic of Colombia. This document does not constitute a public offer in the Republic of Colombia. The offer of the fund is addressed to less than one hundred specifically identifi
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