24 slides from Barings Participation Investors's earnings presentation, Feb 19, 2026
Slide 1: Barings BDC, Inc. Fourth Quarter 2025 Earnings Presentation
FEBRUARY 19, 2026 Barings BDC, Inc. Fourth Quarter 2025 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 4Q 2025 HIGHLIGHTS (MCDONNELL) Summary points of the quarter MATTHEW FREUND BARINGS BDC MARKET UPDATE & INVESTMENT PORTFOLIO (FREUND & HIGH) BRYAN HIGH Update on the portfolio performance ELIZABETH MURRAY BARINGS BDC FINANCIALS (MURRAY) A walk through the balance sheet, income s
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
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 December 31, 2025.
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: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights Net asset value (NAV) Total originations during the as of December 31, quarter were $136 million, NET ASSET 2025, was $11.09 per ORIGINATIONS while sales and repayments VALUE share as compared to totaled $271 million, for net $11.10 per share as of repayments of $135 m
Slide 9: Selected Financial Highlights
Selected Financial Highlights Balance Sheet Highlights 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 Investment Portfolio, at Fair Value $2,398.5 $2,536.3 $2,623.9 $2,571.2 $2,449.3 Total Debt Outstanding (Principal) $1,439.3 $1,629.0 $1,572.3 $1,522.3 $1,463.6 Total Net Assets (Equity) $1,160.7 $1,166.8
Slide 10: BBDC Portfolio Highlights
BBDC Portfolio Highlights Senior Secured Focus $2.40B 333 1% 3% PORTFOLIO SIZE ISSUER COUNT 18% First Lien Second Lien Mezzanine 3% Equity 75% 93% 5% Structured JV 70% SECURED DEBT FLOATING RATE Diversified Industry Exposure 591 BPS 9.6% Services: Business WEIGHTED AVERAGE YIELD 19% Banking & Financ
Slide 11: Portfolio Composition
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 6.4% of exposure and the top 10 issuers long-term strateg
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 0.7% of the portfolio Fair Value as of December 31, 2025 (0.2% 3 Issuer performing modestly below expectations of fair value of portfolio not
Slide 13: Sierra Credit Support Agreement
Sierra Credit Support Agreement What is the Credit Support Agreement (CSA)? What is the impact to NAV related to the Sierra CSA? The CSA is a form of manager support between Barings LLC and BBDC The Sierra CSA is an asset to shareholders and the quarterly change is an offset to created in connection
Slide 14: BBDC & Barings Focus on Shareholders
BBDC & Barings Focus on Shareholders BBDC’s manager, Barings, owns ~13% of the outstanding stock of BBDC, but the alignment is demonstrated in numerous ways INCENTIVE FEE HURDLE RATE CREDIT SUPPORT AGREEMENT Hurdle Rate $100 8.50% 8.00% • BBDC Hurdle Rate: 8.25% 7.50% • Barings made a commitment to
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 4Q25 to $11.09 (December 31, 2025) from $11.10 (September 30, 2025), a decrease of 0.1%, driven primarily by net realized losses, partially offset by net unrealized appreciation, overearning the dividend and share repurcha
Slide 16: BBDC Income Statement
BBDC Income Statement (In thousands, except share and per share data) 4Q25 3Q25 2Q25 1Q25 4Q24 Investment income: Interest income $45,825 $48,808 $50,217 $45,620 $50,140 Dividend income 11,649 14,177 14,593 10,742 11,084 Fee and other income 5,246 4,004 4,880 3,573 5,360 Payment-in-kind interest inc
Slide 17: BBDC Balance Sheet
BBDC Balance Sheet Debt-to-equity as of December 31, 2025, was 1.24x, or 1.15x after adjusting for unrestricted cash and foreign currencies and net unsettled transactions December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Assets: Investments at fair value: Non-Contro
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 (1.15x as of quarter-end) which corpora
Slide 19: BBDC Dividends Declared Per Share
BBDC Dividends Declared Per Share $0.35 $0.05 $0.05 $0.05 $0.30 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.25 $0.25 $0.25 Barings BDC declared a $0.24 1Q 2026 dividend of $0.26 per share, showing $0.20 11 consecutive quarters of a stable 0.26 regular $0.15 dividend $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 December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 Total debt (principal) $1,439,286 $1,628,981 $1,572,313 $1,522,268 $1,463,590 minus: Unrestricted cash and foreign currencies (53,847) (70,
Slide 22: Barings BDC Corporate Data
Barings BDC Corporate Data BOARD OF DIRECTORS MANAGEMENT TEAM RESEARCH COVERAGE GENERAL Eric Lloyd Albert Perley BofA Securities Corporate Headquarters Executive Chairman of BBDC, Treasurer Derek Hewett 300 South Tryon Street President of Barings (415) 676-3518 Suite 2500 Alexandra Pacini Charlotte,
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
BARINGS Investing Together PUBLIC & PRIVATE FIXED INCOME | REAL ESTATE | SPECIALIST EQUITIES