Slides
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Barings BDC, Inc. Fourth Quarter 2025 Earnings Presentation FEBRUARY 19, 2026
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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 which they are made and which reflect management's current estimates, projections, expectations or beliefs, and which are subject to risks and uncertainties that may cause actual results or events to differ materially. Forward-looking statements include, but are not limited to, Barings BDC, Inc.’s (“Barings BDC”, “BBDC” or the “Company”) distribution levels and frequency of distributions, the Company's share repurchase activity, the ability of Barings LLC to manage the Company and identify investment opportunities, and the Company’s portfolio composition and some of the factors that could cause actual results or events to differ materially from those identified in forward-looking statements are enumerated in the filings the Company makes with the Securities and Exchange Commission (the "SEC"). These statements are subject to change at any time based upon economic, market or other conditions, including with respect to Barings BDC’s and its portfolio companies’ results of operations and financial condition. Important factors that could cause actual results or activities to differ materially from plans, estimates, targets or expectations included in this presentation include, among others, those risk factors detailed in Barings BDC's annual report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 19, 2026, in Barings BDC’s subsequently filed quarterly reports on Form 10-Q, and as may be included from time to time in Barings BDC's other filings with the SEC, including current reports on Form 8-K. In addition, there is no assurance that Barings BDC or any of its affiliates will purchase additional shares of Barings BDC at any specific discount levels or in any specific amounts or that the market price of Barings BDC’s shares, either absolutely or relative to net asset value, will increase as a result of any share repurchases, or that any repurchase plan will enhance stockholder value over the long term. The Company undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events orotherwise, unless required to do so by law. This presentation contains statistics and other data that has been obtained from or compiled from information made available by third-party service providers. We have not independently verified such statistics or data. These materials and any presentation of which they form a part are neither an offer to sell, or a solicitation of an offer topurchase, an interest in the Company. The information presented in this presentation is as of December 31, 2025 unless indicated otherwise. 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, projection or forecast is not necessarily indicative of the future or the Company’s likely performance. Investment in the Company’s securities involves risk. The value of any investments and any income generated may increase or decrease and are not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any investment results, portfolio compositions and/or examples set forth in this document are provided for illustrative purposes only and are not indicative of any future investment results, future portfolio composition or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this document. No representation is made that an investment will be profitable or will not incur losses. Where appropriate, changes in the currency exchange rates may affect the value of investments. Non-GAAP Financial Measures To provide additional information about the Company’s results, the Company’s management has discussed in this presentation the Company’s net debt (calculated as (i) total debt less (ii) unrestricted cash and foreign currencies (excluding restricted cash) net of net payables/receivables from unsettled transactions) and its net debt-to-equity ratio (calculated as net debt divided by total net assets), which are not prepared in accordance with GAAP. These non-GAAP measures are included to supplement the Company’s financial information presented in accordance with GAAP and because the Company uses such measures to monitor and evaluate its leverage and financial condition and believes the presentation of these measures enhances investors’ ability to analyze trends in the Company’s business and to evaluate the Company’s leverage and ability totake on additional debt. However, these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for analysis of the Company’s financial resultsas reported under GAAP. These non-GAAP measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These measures should only be used to evaluate the Company’s results of operations in conjunction with their corresponding GAAP measures. Pursuant to the requirements of Regulation G as promulgated under the Securities Exchange Act of 1934, as amended, the Company has provided a reconciliation of these non-GAAP measures in the last table included in thispresentation.
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3 Agenda TOM MCDONNELL BRYAN HIGH ELIZABETH MURRAY MATTHEW FREUND 4Q 202 5 HIGHLIGHTS ( MCDONNELL ) Summary points of the quarter BARINGS BDC MARKET UPDATE & INVESTMENT PORTFOLIO (FREUND & HIGH) Update on the portfolio performance BARINGS BDC FINANCIALS (MURRAY) A walk through the balance sheet, income statement, NAV bridge and liquidity
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4 1. Includes third party, external AUM only. All figures are as of December 31, 2025 unless otherwise indicated. Assets shown are denominated in USD. Percentages may not equal 100 due to rounding. Who We Are Barings is a global asset management firm that works with institutional, insurance and intermediary clients to provide excess returns across public and private markets in fixed income, real assets and capital solutions. BARINGS OVERVIEW 1,400+ CLIENTS 2,000+ PROFESSIONALS 35 OFFICE LOCATIONS $481+ Billion ASSETS UNDER MANAGEMENT External AUM by Region1 AMERICAS 47% EMEA 25% ASIA PACIFIC 28% Investment Offices Global Headquarters Other Locations
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5 BDC Franchise MassMutual GIA Balance Sheet CLOs Commingled Funds Separately Managed Accounts Source: Barings data as of December 31, 2025. For illustrative purposes only. Dry powder defined as undrawn investor commitments available for use. 1. Commitment figures represent “active” commitments. For funds and accounts currently in their investment period, active commitm ents equal full commitment amounts. For funds and accounts no longer in their investment period, active commitments equals AUM. Funds and accounts that have been liquidated are not included. Diverse Capital Base A diversified capital base ensures a continuous flow of dry powder from various sources Barings Direct Lending Platform Manages Over $61BN1
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6 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. For illustrative purposes only. Public Credit Private Credit High Yield Bonds Broadly Syndicated Loans Large Corp Club /Mega Cap Core Middle Market Lower Middle Market Borrower Size EBITDA $100M+ EBITDA $100M+ EBITDA $75M+ EBITDA $15–$75M EBITDA <$15m Privately Negotiated Floating Rate Senior Secured Financial Maintenance Covenants Leader Influence on Debt Structure Call Protection Control During Workout Process Often Rarely Sometimes Barings Core Focus Low Illiquidity Premium High
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7 Barings BDC Franchise What is it? Financing the operating companies of issuers Owned by Private Equity firms Assets are Directly Originated by the Barings team through proprietary relationships with leading Private Equity firms through the United States and Europe What is it? Financing the Operating Companies of issuers irrespective of ownership. Leverages Barings brand and scale to source optimal risk adjusted return in upper middle market and opportunistic middle market transactions Sponsor Backed Investments Non-Sponsored Investments Platform Investments What is it? BDC investments in two originators of uncorrelated middle market first-lien loans Typical Terms • <50% Loan to Value • Maintenance Covenants • EBITDA between $15 and $75 million Typical Terms • <50% Loan to Value • Maintenance Covenants • EBITDA between $25 and $150 million Typical Terms • LTV <80% of Liquidation Value • Floating Rate • Highly diversified underlying loan exposures Private credit expertise delivering comprehensive exposure to the Middle Market with a focus on first lien loans and securities 75-85% 5-15% 5-10% The above is being shown for illustrative purposes only.
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8 1. Yield is calculated as the weighted average of current coupon rates (USD -equivalent). Excludes equity investments and non-accrual investments. Data as of December 31, 2025. Refer to slide 16 for fully -reconciled income statement including numbers of shares used to calcul ate per-share data. Fourth Quarter 2025 Highlights DIVIDEND The Board of Directors approved a first quarter 2026 dividend of $0.26 per share NET INVESTMENT INCOME Net investment income for the quarter ended December 31, 2025 was $0.27 per share ORIGINATIONS Total originations during the quarter were $136 million, while sales and repayments totaled $271 million, for net repayments of $135 million PORTFOLIO YIELD The weighted-average portfolio yield1 as of December 31, 2025, was 9.6% CREDIT PERFORMANCE NET ASSET VALUE Net asset value (NAV) as of December 31, 2025, was $11.09 per share as compared to $11.10 per share as of September 30, 2025 There were five BBDC- originated investments and two acquired investment on non-accrual. Total non- accruals, not covered by the CSA, represented 0.2% of total portfolio at fair value
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9 Amounts in millions, except per-share data and ratios. 1. Net of unrestricted cash and foreign currencies and net unsettled transactions. Refer to slide 21 for a reconciliation of Debt-to-Net Debt and a calculation of Net Debt -to-Equity Ratio. 2. Refer to slide 16 for weighted-average shares outstanding for each period. 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 $1,175.8 $1,188.8 $1,190.4 Debt-to-Equity Ratio 1.24x 1.40x 1.34x 1.28x 1.23x Net Debt-to-Equity Ratio1 1.15x 1.26x 1.29x 1.24x 1.16x Income Statement Highlights Total Investment Income $68.0 $72.4 $74.4 $64.4 $70.6 Net Investment Income $28.0 $33.6 $29.8 $26.4 $29.5 Net Realized Gains/(Losses) ($5.2) ($1.3) ($15.2) ($1.1) ($13.8) Net Unrealized Appreciation/(Depreciation) $2.5 ($8.8) $5.9 $7.3 $9.2 Net Income $25.2 $23.6 $20.6 $32.6 $24.8 Per-Share Data Net Asset Value per Share $11.09 $11.10 $11.18 $11.29 $11.29 Net Investment Income per Share (Basic and Diluted)2 $0.27 $0.32 $0.28 $0.25 $0.28 Net Income per Share (Basic and Diluted)2 $0.24 $0.22 $0.20 $0.31 $0.24 Regular Dividend per Share $0.26 $0.26 $0.26 $0.26 $0.26 Special Dividend per Share - $0.05 $0.05 $0.05 -
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10 BBDC Portfolio Highlights Portfolio highlights at fair value as of December 31, 2025. The weighted average spread encapsulates floating- rate debt investments only. Totals may not foot due to rounding. 1. Non-accruals consist of assets not covered by the Sierra CSA. $2.40B PORTFOLIO SIZE 333 ISSUER COUNT 75% SECURED DEBT 93% FLOATING RATE 591 BPS WEIGHTED AVERAGE SPREAD 9.6% YIELD 0.2% ASSETS ON NON - ACCRUAL 1 2.4X WEIGHTED -AVERAGE INT. COVERAGE Senior Secured Focus Diversified Industry Exposure 19% 18% 10% 8% 6% 5% 4% 3% 3% 2% 22% Services: Business Banking & Finance High Tech Industries Healthcare & Pharmaceuticals Capital Equipment Aerospace & Defense Media: Diversified & Production Transportation: Cargo Services: Consumer Investment Funds & Vehicles Other 70% 5% 3% 18% 1% 3% First Lien Second Lien Mezzanine Equity Structured JV
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11 • Barings BDC maintains a highly diversified portfolio, with the top issuer accounting for 6.4% of exposure and the top 10 issuers accounting for 24.0% • Eclipse, the largest asset by market value, is itself supported by a diversified pool of asset backed loans Investment Portfolio by Issuer Investment Portfolio Strategy1 • BBDC’s existing investments are substantially consistent with our long-term strategy, as Sponsored and Non-Sponsored corporate issuers accounted for 85% of the BBDC portfolio at 12/31/25 Top 10 Issuers: 24% Portfolio Composition 1. Excludes Swaps and Joint Ventures with substantially similar exposure as the broader portfolio Portfolio composition at fair value as of December 31, 2025; Totals may not foot due to rounding. Eclipse Business Capital, LLC, 6.4% Rocade Holdings LLC, 4.0% Security Holdings B.V., 2.9% Policy Services Company, LLC, 2.0% VB Spine Intermediary II LLC, 1.9% Coastal Marina Holdings, LLC, 1.8% Jocassee Partners LLC, 1.6% Screenvision, LLC, 1.6% Next Holdco, LLC, 0.9% RPX Corporation, 0.9% Other Issuers, 76% 78% 7% 5% 11% Sponsored Non-Sponsored Other Platform Investments
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12 BBDC Risk Rating Trends Non-Accruals comprise approximately 0.7% of the portfolio Fair Value as of December 31, 2025 (0.2% of fair value of portfolio not covered by the Sierra CSA) As of December 31, 2025. Risk Ratings exclude Jocassee. Totals may not foot due to rounding. Amounts in millions. Issuer performing materially above expectations 1 Issuer performing consistent with expectations 2 Issuer performing modestly below expectations 3 Issuer performing below expectations 4 Non-accrual and/or possible impairment 5 Loans on Non-Accrual 8% 8% 9% 9% 10% 66% 68% 71% 71% 71% 15% 16% 13% 13% 12% 9% 6% 5% 5% 5% 2% 2% 2% 2% 2% 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 $8 $15 $14 $20 $17 0.3% 0.6% 0.5% 0.8% 0.7% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 $50 4Q24 1Q25 2Q25 3Q25 4Q25 Non-Accrual (FV) Non-Accruals (% of portfolio at FV)
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13As of December 31, 2025. Amounts in millions Sierra Credit Support Agreement What is the Credit Support Agreement (CSA)? The CSA is a form of manager support between Barings LLC and BBDC created in connection with the acquisition of Sierra. The CSA insulates shareholders from possible credit losses in the acquired Sierra portfolio up to $100 million What is the length of the CSA contract (CSA period)? The earlier of when the entire Sierra portfolio has been exited or 10- years from the close of the (February 2022) merger What happens if there are net realized and unrealized losses at the end of the CSA period? Barings LLC will absorb the losses up to $100 million (the maximum value of the Sierra CSA) How will Barings LLC compensate Barings BDC investors for the losses? First, Barings LLC will waive Incentive and Base Management Fees it is owed by BBDC after the designated settlement date (calendar year following the losses) If the CSA protected losses exceed the fees waived, Barings LLC will make a cash payment to BBDC up to the amount of the CSA Sierra Income CSA What is the impact to NAV related to the Sierra CSA? The Sierra CSA is an asset to shareholders and the quarterly change is an offset to unrealized portfolio appreciation and depreciation REMAINING ISSUERS — 13 $100.0 $60.5 $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 Sierra CSA Fair Value of CSA Asset
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14 SHARE BUYBACKS 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 1. Source: Raymond James & Associates, Inc. As of February 2, 2026. INCENTIVE FEE HURDLE RATE CREDIT SUPPORT AGREEMENT • BBDC Hurdle Rate: 8.25% • Average Externally- Managed Public BDC Hurdle Rate: 7.0% 1 • Barings made a commitment to protect investors from certain losses emanating from the Sierra acquisition $100 million supporting credit performance TOTAL RETURN HURDLE • Share repurchases reduce share count and benefits NAV/Share for shareholders $90 million spent acquiring 10.0 million shares of BBDC • BBDC has a total return hurdle (aka a “lookback”) that reduces the income- based incentive fee in the event of losses 6.00% 6.50% 7.00% 7.50% 8.00% 8.50% BBDC Externally-Managed Peers Hurdle Rate <53% of externally- managed, publicly- traded BDCs have a total return hurdle1
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15 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 repurchases Total may not foot due to rounding. $11.10 $0.27 ($0.26) ($0.05) $0.02 $0.01 $11.09 9/30/2025 NAV Per Share Net Investment Income Dividend / Distribution Net Realized Loss on Investments, CSAs & Foreign Currency Net Unrealized Appreciation on Investments, CSAs & Foreign Currency Share Repurchases 12/31/2025 NAV Per Share $9.00 $9.50 $10.00 $10.50 $11.00 $11.50 $12.00
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16 Amounts in thousands, except share and per-share amounts. 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 income 4,973 5,199 4,508 4,318 3,612 Interest income from cash 276 216 200 185 429 Total investment income 67,969 72,404 74,398 64,438 70,625 Operating expenses: Interest and other financing fees 21,198 21,508 22,176 20,196 21,097 Base management fee 8,563 8,415 8,193 8,019 7,889 Incentive management fees 7,019 5,634 11,117 7,738 7,871 General and administrative expenses 1,931 1,896 2,294 1,694 2,386 Total operating expenses 38,711 37,453 43,780 37,647 39,243 Net investment income before taxes 29,258 34,951 30,618 26,791 31,382 Income taxes, including excise tax expense (benefit) 1,228 1,338 808 401 1,867 Net investment income after taxes 28,030 33,613 29,810 26,390 29,515 Realized and unrealized gains (losses) on investments, CSA and FX: Net realized gains (losses) (5,201) (1,307) (15,157) (1,070) (13,839) Net unrealized appreciation (depreciation) 2,515 (8,756) 5,906 7,256 9,152 Net realized and unrealized gains (losses) (2,686) (10,063) (9,251) 6,186 (4,687) Income tax benefit (provision) (106) — — — — Net increase (decrease) in net assets resulting from operations $25,238 $23,550 $20,559 $32,576 $24,828 Net investment income per share—basic and diluted $0.27 $0.32 $0.28 $0.25 $0.28 Net increase (decrease) in net assets resulting from operations per share—basic and diluted $0.24 $0.22 $0.20 $0.31 $0.24 Weighted average shares outstanding—basic and diluted 105,043,119 105,158,938 105,232,015 105,373,382 105,523,884
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17 Amounts in thousands, except per-share data and ratios. 1. Refer to slide 21 for a reconciliation of Debt -to-Net Debt and a calculation of Net Debt -to-Equity Ratio. 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 1 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Assets: Investments at fair value: Non-Control / Non-Affiliate investments $1,916,364 $2,041,097 $2,128,553 $2,077,039 $1,972,373 Affiliate investments 399,183 413,489 409,706 408,937 397,236 Control investments 82,977 81,729 85,623 85,252 79,663 Total investments at fair value 2,398,524 2,536,315 2,623,882 2,571,228 2,449,272 Cash and foreign currencies 66,780 83,206 49,261 100,616 91,339 Receivable from unsettled transactions 55,987 94,383 15,522 340 16,427 Credit support agreements 60,500 52,800 51,200 67,800 63,450 Other assets 54,592 55,188 53,442 51,325 75,172 Total assets $2,636,383 $2,821,892 $2,793,307 $2,791,309 $2,695,660 Liabilities: Borrowings under credit facility $226,786 $353,981 $547,313 $497,268 $438,590 Notes payable (net of deferred financing fees) 1,203,321 1,265,550 1,021,059 1,018,281 1,011,831 Payable from unsettled transactions 183 553 4,189 47,075 7,380 Other liabilities 45,411 35,013 44,902 39,882 47,505 Total liabilities 1,475,701 1,655,097 1,617,463 1,602,506 1,505,306 Total net assets 1,160,682 1,166,795 1,175,844 1,188,803 1,190,354 Total liabilities and net assets $2,636,383 $2,821,892 $2,793,307 $2,791,309 $2,695,660 Net asset value per share $11.09 $11.10 $11.18 $11.29 $11.29 Net debt-to-equity 1.15x 1.26x 1.29x 1.24x 1.16x
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18 All figures are as of December 31, 2025 unless otherwise indicated. Assets shown are denominated in USD. Totals may not foot due to rounding. BBDC Debt Summary and Maturity Profile Well-diversified ladder of maturities through the end of the decade with limited near-term maturities. Access to ample liquidity via undrawn commitments on revolver facilities with aim of being able to cover unfunded commitments of the funds. Relationships with 15+ banks across corporate revolver facilities. Placement of unsecured notes with 70+ third-party investors. Targeted leverage range of 0.9x – 1.25x (1.15x as of quarter-end) which is targeted via corporate revolver credit facility and unsecured public and private notes. Consistent Leverage $226.8 $950.0 $262.5 Secured Revolver Public Unsecured Notes Private Placement Notes $1.4 B Summary of Debt Outstanding $0 $200 $400 $600 $800 $1,000 $1,200 2025 2026 2027 2028 2029 Secured Revolver Private Placement Notes Public Unsecured Notes Undrawn BBDC Debt Ladder of Maturities Varied Counterparties Available Liquidity Maturity Ladder
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19 Barings BDC declared a 1Q 2026 dividend of $0.26 per share, showing 11 consecutive quarters of a stable 0.26 regular dividend BBDC Dividends Declared Per Share $0.24 $0.25 $0.25 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.05 $0.05 $0.05 $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 $0.35 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26
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Appendix
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21 Reconciliation of Debt-to-Net Debt & Calculation of Net Debt-to-Equity Ratio Amounts in thousands, except ratios. See "Non-GAAP Financial Measures" on the slide in the presentation titled Important Information & Cautionary Notice Regarding Forward-Looking Statements at the beginning of this presentation. December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 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) (70,308) (44,547) (93,355) (77,846) plus: Payable from unsettled transactions 183 553 4,189 47,075 7,380 minus: Receivable from unsettled transactions (55,987) (94,383) (15,522) (340) (16,427) Total net debt $1,329,635 $1,464,843 $1,516,433 $1,475,648 $1,376,697 Total net assets $1,160,682 $1,166,795 $1,175,844 $1,188,803 $1,190,354 Total net debt-to-equity ratio 1.15x 1.26x 1.29x 1.24x 1.16x
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22 Barings BDC Corporate Data BOARD OF DIRECTORS Eric Lloyd Executive Chairman of BBDC, President of Barings David Mihalick Co-Head of Global Investments of Barings Jill Olmstead Chief Human Resources Officer at LendingTree John Switzer Retired Managing Partner at KPMG Mark Mulhern Retired Senior Vice President & CFO at Highwoods Properties Robert C. Knapp Founder & CIO of Ironsides Partners LLC Steve Byers Independent Chairman of the Board of Deutsche Bank DBX ETF Trust Tom Okel Former Executive Director of Catawba Lands Conservancy, a Nonprofit Land Trust Valerie Lancaster-Beal President & CEO of VRL Associates MANAGEMENT TEAM Albert Perley Treasurer Alexandra Pacini Corporate Secretary Ashlee Steinnerd Chief Legal Officer Bryan High Head of Global Private Finance at Barings & Co-Portfolio Manager Daniel Verwholt Vice President & Co-Portfolio Manager Elizabeth Murray Chief Financial Officer & Chief Operating Officer Itzbell Branca Chief Compliance Officer Joe Mazzoli Head of Investor Relations Matthew Freund President & Co-Portfolio Manager Rosa Epperson Chief Accounting Officer Tom McDonnell Chief Executive Officer & Co-Portfolio Manager GENERAL Corporate Headquarters 300 South Tryon Street Suite 2500 Charlotte, NC 28202 Investor Relations (888) 401-1088 BDCInvestorRelations@barings.com Media Contact MediaRelations@barings.com Corporate Counsel Dechert LLP Independent Accounting Firm KPMG LLP Securities Listing NYSE: BBDC Transfer Agent Computershare, Inc. (866) 228-7201 www.computershare.com/investor Website www.baringsbdc.com RESEARCH COVERAGE BofA Securities Derek Hewett (415) 676-3518 Compass Point Casey Alexander (646) 448-3027 KBW, Inc. Paul Johnson (617) 848-2777 Raymond James Robert Dodd (901) 579-4560 Wells Fargo Securities Finian O’Shea (704) 410-0067
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23 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 Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sàrl, Baring Asset Management Korea Limited, Barings Singapore Pte. Ltd, and Baring Asset Management Limited (DIFC Branch) – regulated by the DFSA, each are affiliated financial service companies owned by Barings LLC (each, individually, an "Affiliate"), together known as "Barings." Some Affiliates may act as an introducer or distributor of the products and services of some others and may be paid a fee for doing so. NO OFFER: The document is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This document is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy, and must not be construed as a projection or prediction. In making an investment decision, prospective investors must rely on their own examination of the merits and risks involved and before making any investment decision, it is recommended that prospective investors seek independent investment, legal, tax, accounting or other professional advice as appropriate. Unless otherwise mentioned, the views contained in this document are those of Barings. These views are made in good faith in relation to the facts known at the time of preparation and are subject to change without notice. Individual portfolio management teams may hold different views than the views expressed herein and may make different investment decisions for different clients. Parts of this document may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this document is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information. These materials are being provided on the express basis that they and any related communications (whether written or oral) will not cause Barings to become an investment advice fiduciary under ERISA or the Internal Revenue Code with respect to any retirement plan, IRA investor, individual retirement account or individual retirement annuity as the recipients are fully aware that Barings (i) is not undertaking to provide impartial investment advice, make a recommendation regarding the acquisition, holding or disposal of an investment, act as an impartial adviser, or give advice in a fiduciary capacity, and (ii) has a financial interest in the offering and sale of one or more products and services, which may depend on a number of factors relating to Barings’ business objectives, and which has been disclosed to the recipient. Target performance is theoretical and illustrative only, and does not reflect actual performance. There is no guarantee that any target performance will be achieved, and actual performance may be significantly lower than target performance for a variety of reasons. Target performance should not be relied upon in making any investment decision. The target performance shown here is based on a proprietary model and relies on various assumptions and inputs, including subjective assumptions, judgments and projections about economic conditions. Any service, security, investment or product outlined in this document may not be suitable for a prospective investor or available in their jurisdiction. INFORMATION: Barings is the brand name for the worldwide asset management or associated businesses of Barings. This document is issued by one or more of the following entities: Barings LLC, which is a registered investment adviser with the Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940, as amended (Barings LLC also relies on section 8.26 of NI 31–103 (international adviser exemption) and has filed the Form 31-103F2 in Ontario, Quebec, British Columbia, Alberta, Nova Scotia, Manitoba, New Brunswick, Newfoundland and Labrador, Prince Edward Island and Saskatchewan). As of December 31, 2025.