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BARINGS AUGUST 5 , 2026 Barings BDC , Inc. Second Quarter 2026 Earnings Presentation
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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. 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 Securities and Exchange Commission (“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 or otherwise, 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 June 30, 2026, 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 ELIZABETH MURRAY MATTHEW FREUND 2Q 2026 HIGHLIGHTS ( MCDONNELL ) Summary points of the quarter BARINGS BDC MARKET UPDATE & INVESTMENT PORTFOLIO ( FREUND) 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 Barings is a global alternative asset manager that partners with institutional, insurance, and wealth clients to deliver excess returns by leveraging its global scale and capabilities across credit, real assets, capital solutions and emerging markets. Who We Are BARINGS OVERVIEW 1,400+ CLIENTS 2,000+ PROFESSIONALS 35 OFFICE LOCATIONS $502 Billion ASSETS UNDER MANAGEMENT External AUM by Region1 AMERICAS 46% EMEA 24% ASIA PACIFIC 30% Investment Offices Global Headquarters Other Locations 1. Includes third party, external AUM only. All figures are as of June 30, 2026 unless otherwise indicated. Assets shown are denominated in USD. Percentages may not equal 100 due to rounding.
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5 BDC Franchise MassMutual GIA Balance Sheet CLOs Commingled Funds Separately Managed Accounts Source: Barings data as of June 30, 2026. 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. Weighted average yield on debt and other income producing securities are computed as (1) the annual stated interest rate or y ield earned on accruing debt and other income producing securities (including the annualized amount of the regular dividend received by us related to our equity investment in Jocassee, Rocade and Eclipse Business Capital during the most recent quarter end), divided by (2) the total accruing debt and other income producing securities at fair val ue (including the fair value of our equity investments in Jocassee, Rocade and Eclipse Business Capital). 2. Data as of June 30, 2026. Refer to slide 15 for fully -reconciled income statement including numbers of shares used to calculate per -share data. Second Quarter 2026 Highlights DIVIDEND The Board of Directors approved a third quarter 2026 dividend of $0.26 per share NET INVESTMENT INCOME Net investment income for the quarter ended June 30, 2026 was $0.28 per share ORIGINATIONS Total originations during the quarter were $262 million, while sales and repayments totaled $167 million, for net originations of $95 million PORTFOLIO YIELD The weighted-average portfolio yield1 as of June 30, 2026, was 10.2%1 CREDIT PERFORMANCE NET ASSET VALUE Net asset value (NAV) as of June 30, 2026, was $10.94 per share as compared to $11.02 per share as of March 31, 2026 There were nine BBDC- originated investments and two acquired investments 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 20 for a reconciliation of Debt-to-Net Debt and a calculation of Net Debt -to-Equity Ratio. 2. Refer to slide 15 for weighted-average shares outstanding for each period. Selected Financial Highlights Balance Sheet Highlights 2Q 2026 1Q 2026 4Q 2025 3Q 2025 2Q 2025 Investment Portfolio, at Fair Value $2,458.6 $2,370.0 $2,398.5 $2,536.3 $2,623.9 Total Debt Outstanding (Principal) $1,409.7 $1,425.2 $1,439.3 $1,629.0 $1,572.3 Total Net Assets (Equity) $1,145.9 $1,153.5 $1,160.7 $1,166.8 $1,175.8 Debt-to-Equity Ratio 1.23x 1.24x 1.24x 1.40x 1.34x Net Debt-to-Equity Ratio1 1.18x 1.17x 1.15x 1.26x 1.29x Income Statement Highlights Total Investment Income $65.2 $60.6 $68.0 $72.4 $74.4 Net Investment Income $29.0 $25.9 $28.0 $33.6 $29.8 Net Realized Gains/(Losses) $18.8 ($10.8) ($5.2) ($1.3) ($15.2) Net Unrealized Appreciation/(Depreciation) ($29.4) $4.9 $2.5 ($8.8) $5.9 Net Income $18.3 $20.0 $25.2 $23.6 $20.6 Per-Share Data Net Asset Value per Share $10.94 $11.02 $11.09 $11.10 $11.18 Net Investment Income per Share (Basic and Diluted)2 $0.28 $0.25 $0.27 $0.32 $0.28 Net Income per Share (Basic and Diluted)2 $0.18 $0.19 $0.24 $0.22 $0.20 Regular Dividend per Share $0.26 $0.26 $0.26 $0.26 $0.26 Special Dividend per Share - - - $0.05 $0.05
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10 70% 6% 4% 18% 1% 1% First Lien Second Lien Mezzanine Equity Structured JV BBDC Portfolio Highlights Portfolio highlights at fair value as of June 30, 2026. The weighted average spread encapsulates floating- rate debt investments only. Weighted average yields on debt and other income producing securities are computed as (1) the annual stated interest rate or yield earned on accruing debt and other incom e producing securities (including the annualized amount of the regular dividend received by us related to our equity investment in Jocassee, Rocade and Eclipse Business Capit al during the most recent quarter end), divided by (2) the total accruing debt and other income producing securities at fair. Totals may not foot due to rounding. Non- accruals consist of assets not covered by the Sierra CSA. $2.46B PORTFOLIO SIZE 342 ISSUER COUNT 76% SECURED DEBT 93% FLOATING RATE 578 BPS WEIGHTED AVERAGE SPREAD 10.2% YIELD 0.2% ASSETS ON NON - ACCRUAL 2.6X WEIGHTED - AVERAGE INT. COVERAGE Senior Secured Focus Diversified Industry Exposure 20% 19% 9% 8% 6% 6% 4% 3% 3% 2% 20% Services: Business Banking & Finance High Tech Industries Healthcare & Pharmaceuticals Capital Equipment Aerospace & Defense Media: Diversified & Production Transportation: Cargo Services: Consumer Beverage, Food, & Tobacco Other
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11 Eclipse Business Capital, LLC, 6.5% Rocade Holdings LLC, 4.3% Security Holdings B.V., 3.1% Policy Services Company, LLC, 2.0% VB Spine Intermediary II LLC, 1.8% Coastal Marina Holdings, LLC, 1.8% Screenvision, LLC, 1.5% Jocassee Partners LLC, 1.3% CTI Foods Holdings Co., LLC, 0.9% Next Holdco, LLC, 0.9% Other Issuers, 75.9% Investment Portfolio by Issuer • Barings BDC maintains a highly diversified portfolio, with the top issuer accounting for 6.5% of exposure and the top 10 issuers accounting for 24.1% • Eclipse, the largest asset by market value, is itself supported by a diversified pool of asset backed loans 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 6/30/26 Top 10 Issuers: 24.1% 1. Excludes Swaps and Joint Ventures with substantially similar exposure as the broader portfolio Portfolio composition at fair value as of June 30, 2026; Totals may not foot due to rounding. 78% 7% 4% 11% Sponsored Non-Sponsored Other Platform Investments Portfolio Composition
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12 BBDC Risk Rating Trends Non-Accruals comprise approximately 0.6% of the portfolio Fair Value as of June 30, 2026 (0.2% of fair value of portfolio not covered by the New Sierra CSA) As of June 30, 2026. Risk Ratings exclude Jocassee JV. 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 ($ Millions) 9% 9% 10% 9% 7% 71% 71% 71% 72% 75% 13% 13% 12% 13% 12% 5% 5% 5% 4% 5% 2% 2% 2% 2% 1% 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 $14 $20 $17 $24 $14 0.5% 0.8% 0.7% 1.0% 0.6% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% $0 $10 $20 $30 $40 $50 $60 $70 2Q25 3Q25 4Q25 1Q26 2Q26 Non-Accrual (FV) Non-Accruals (% of portfolio at FV)
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13 New Sierra CSA provides targeted protection on the two remaining Sierra positions • Covers Lifestyle and RA Outdoors through April 2032, up to ~$11.0MM • Preserves downside protection while materially reducing CSA size and complexity Targeted Protection Retained Proceeds provide incremental capital for redeployment into income-producing investments • Potential to support improved earnings power and ROE for shareholders • 2Q realized gain of $22.6MM was offset by unrealized reclassification adjustment of $21.4, equates to $0.01/share increase in NAV compared to March 2026, valuation Redeployment / Earnings Power Transaction removes a complex Sierra acquisition structure from the balance sheet • Accelerates resolution of the Sierra legacy portfolio ahead of the original settlement framework • Consistent with the stated strategy to simplify the broader portfolio Accelerated Simplification Barings made a $67.0MM cash payment to BBDC during 2Q26 • Original Sierra CSA was terminated on May 29, 2026 • Payment fully satisfied the legacy CSA obligation for realized, de minimis and unrealized-loss positions Immediate $67.0MM Settlement Early termination of the legacy Sierra CSA generated $67.0MM of cash proceeds, simplified BBDC’s balance sheet and retained targeted downside protection on the remaining positions Sierra CSA Termination
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14 BBDC Net Asset Value (NAV) Per Share Bridge BBDC’s NAV per share decreased in 2Q26 to $10.94 (June 30, 2026) from $11.02 (March 31, 2026), a decrease of 0.7%, driven primarily by, net unrealized depreciation, partially offset by net realized gains, overearnings the dividend and the new CSA deemed contribution Total may not foot due to rounding. $11.02 $0.28 ($0.26) $0.17 ($0.28) $0.01 $10.94 3/31/2026 NAV Per Share Net Investment Income Dividend / Distribution Net Realized Gain on Investments, CSAs & Foreign Currency Net Unrealized Depreciation on Investments, CSAs & Foreign Currency Deemed Contribution 6/30/2026 NAV Per Share $9.00 $9.50 $10.00 $10.50 $11.00 $11.50 $12.00
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15 Amounts in thousands, except share and per-share amounts. BBDC Income Statement (I n tho usands, except share and per share data) 2Q26 1Q26 4Q25 3Q25 2Q25 Investment income: Interest income $4 2 ,59 6 $ 41,172 $4 5,82 5 $48,808 $50,2 1 7 Div idend income 14,021 11,905 11,649 14,177 14,593 Fee and other income 3,713 2,693 5,246 4,004 4,880 Payment- in- kind interest inco me 4,730 4,633 4,973 5,199 4,508 Interest income from cash 142 163 276 216 200 Total investment income 65,202 60,566 67,969 72,404 74,398 Operating expenses: Interest and other financing fees 19,929 18,934 21,198 21,508 22,176 Base management fee 7,928 8,294 8,563 8,415 8,193 Incentiv e management fees 4,959 4,723 7,019 5,634 11,117 General and administrativ e expenses 1,927 2,315 1,931 1,896 2,294 Total operating expenses 34,743 34,266 38,711 37,453 43,780 Net investment income before taxes 30,459 26,300 29,258 34,951 30,618 Income taxes, including excise tax expense (benefit) 1,504 400 1,228 1,338 808 Net investment income after taxes 28,955 25,900 28,030 33,613 29,810 Realized and unrealized gains (losses) on investments, CSA and FX: Net realized gains (losses) 18,803 (10,790) (5,201) (1,307 ) (15,157) Net unrealized appreciation (depreciation) (29,427) 4,881 2,515 (8,7 56) 5,906 Net realized and unrealized gains (losses) (10,624) (5,909) (2,686) (10,063) (9,251) In com e ta x ben efit (pr ov ision ) — — (106) — — Net increase (decrease) in net assets resulting from oper a t i ons $18,331 $19,991 $25,238 $23,550 $20,559 Net inv estment income per share—basic and diluted $0.2 8 $0.2 5 $0.2 7 $0.3 2 $0.2 8 Net increase (decrease) in net assets resulting from operations per share—basic and diluted $0.1 8 $0.1 9 $0.2 4 $ 0.22 $0.20 Weighted av erage shares outstanding—basic and diluted 104,706,884 104,706,884 105,043,119 105,158,938 105,232,015
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16 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Assets: Investments at fair value: Non-Control / Non-Affiliate investments $1,920,431 $1,895,009 $1,916,364 $2,041,097 $2,128,553 Affiliate investments 449,768 386,200 399,183 413,489 409,706 Control investments 88,391 88,780 82,977 81,729 85,623 Total investments at fair value 2,458,590 2,369,989 2,398,524 2,536,315 2,623,882 Cash and foreign currencies 69,892 95,679 66,780 83,206 49,261 Receivable from unsettled transactions 6,413 332 55,987 94,383 15,522 Credit support agreements 1,329 65,800 60,500 52,800 51,200 Other assets 47,987 68,316 54,592 55,188 53,442 Total assets $2,584,211 $2,600,116 $2,636,383 $2,821,892 $2,793,307 Liabilities: Borrowings under credit facility $277,226 $292,702 $226,786 $353,981 $547,313 Notes payable (net of deferred financing fees) 1,117,489 1,121,725 1,203,321 1,265,550 1,021,059 Payable from unsettled transactions 2,151 204 183 553 4,189 Other liabilities 41,459 32,035 45,411 35,013 44,902 Total liabilities 1,438,325 1,446,666 1,475,701 1,655,097 1,617,463 Total net assets 1,145,886 1,153,450 1,160,682 1,166,795 1,175,844 Total liabilities and net assets $2,584,211 $2,600,116 $2,636,383 $2,821,892 $2,793,307 Net asset value per share $10.94 $11.02 $11.09 $11.10 $11.18 Net debt-to-equity 1.18x 1.17x 1.15x 1.26x 1.29x Amounts in thousands, except per-share data and ratios. 1. Refer to slide 20 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 June 30, 2026, was 1.23x, or 1.18x after adjusting for unrestricted cash and foreign currencies and net unsettled transactions 1
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17 All figures are as of June 30, 2026 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 (1.18x as of quarter-end) which is targeted via corporate revolver credit facility and unsecured public and private notes. Consistent Leverage $277.2 $950.0 $182.5 Secured Revolver Public Unsecured Notes Private Placement Notes $1.4 B Summary of Debt Outstanding $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 2026 2027 2028 2029 2030+ Secured Revolver Private Placement Notes Public Unsecured Notes Undrawn BBDC Debt Ladder of Maturities Varied Counterparties Available Liquidity Maturity Ladder
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18 Barings BDC declared a 3Q 2026 dividend of $0.26 per share, showing 13 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 $0.26 $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 2Q26 3Q26
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Appendix
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20 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. June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Total debt (principal) $1,409,726 $1,425,202 $1,439,286 $1,628,981 $1,572,313 minus: Unrestricted cash and foreign currencies (51,543) (79,848) (53,847) (70,308) (44,547) plus: Payable from unsettled transactions 2,151 204 183 553 4,189 minus: Receivable from unsettled transactions (6,413) (332) (55,987) (94,383) (15,522) Total net debt $1,353,921 $1,345,226 $1,329,635 $1,464,843 $1,516,433 Total net assets $1,145,886 $1,153,450 $1,160,682 $1,166,795 $1,175,844 Total net debt-to-equity ratio 1.18x 1.17x 1.15x 1.26x 1.29x
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21 Barings BDC Corporate Data BOARD OF DIRECTORS Eric Lloyd Executive Chairman of BBDC, Vice Chairman 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 Tom McDonnell Chief Executive Officer & Co-Portfolio Manager Matthew Freund President & Co-Portfolio Manager Elizabeth Murray Chief Financial Officer & Chief Operating Officer Itzbell Branca Chief Compliance Officer Rosa Epperson Chief Accounting Officer Bryan High Head of Global Private Finance at Barings & Co-Portfolio Manager Alexandra Pacini Corporate Secretary Albert Perley Treasurer & Head of Investor Relations Ashlee Steinnerd Chief Legal Officer 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 Jason Stewart (202) 534-1397 KBW, Inc. Paul Johnson (617) 848-2777 Lucid Capital Markets Ethan Kaye (917) 516-9876 Raymond James Robert Dodd (901) 579-4560 Wells Fargo Securities Finian O’Shea (704) 410-0067
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22 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 June 30, 2026.