NOVEMBER 7, 2025 Barings BDC, Inc. Third Quarter 2025 Earnings Presentation 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 ris ...

Financial Performance - Barings BDC's net asset value (NAV) as of June 30, 2025, was $11.18 per share, compared to $11.29 per share as of March 31, 2025, representing a 1.0% decrease[26] - The Board of Directors approved a third quarter 2025 regular dividend of $0.26 per share, along with a previously declared special dividend of $0.05 per share[26] - Net investment income for the quarter ended June 30, 2025, was $0.28 per share[26] Portfolio Composition and Activity - Total originations during the quarter were $199 million, while sales and repayments totaled $167 million, resulting in net originations of $32 million[26] - The weighted-average portfolio yield as of June 30, 2025, was 10.1%[26] - Total non-accruals represented 0.5% of the total portfolio at fair value[26] - Sponsored and Non-Sponsored corporate issuers accounted for 86% of the BBDC portfolio as of June 30, 2025[35] - The top issuer accounted for 5.9% of exposure, and the top 10 issuers accounted for 23.4% of the portfolio as of June 30, 2025[37] - Approximately 84% of the portfolio is comprised of secured assets, considering the look-through exposure of investments in Eclipse and Rocade[38] Capital Structure and Liquidity - Debt-to-equity as of June 30, 2025, was 1.34x, or 1.29x after adjusting for unrestricted cash and foreign currencies and net unsettled transactions[64] - Barings LLC made a $23 million payment during 2Q25 related to the MVC CSA termination[56] - Barings manages over $50 billion in direct lending platform[13]