Barings BDC : Conference Call Presentation Q2 2023

Barings BDC, Inc.

Second Quarter 2023

Earnings Presentation

August 9, 2023

Barings‐Public

Disclaimers & Cautionary Notes 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" or the "Company") projected net investment income and earnings, the Company's 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 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 the impact of the COVID-19 pandemic and its effects on Barings BDC's and its portfolio companies' results of operations and financial condition, and may not be relied upon as investment advice or an indication of Barings BDC's investment intent. Important factors that could cause actual results to differ materially from plans, estimates 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, 2022, filed with the SEC on February 23, 2023, in Barings BDC's most recently filed quarterly report 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.

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 likely performance. Investment involves risk. The value of any investments and any income generated may increase or decrease and are not guaranteed. Past performance is no indication of current or future performance. 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. Prospective investors should read the relevant offering documents for the details and specific risk factors of any investment vehicle discussed in this document.

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Agenda

ERIC LLOYD

IAN FOWLER

ELIZABETH MURRAY

BRYAN HIGH

2Q 2023 HIGHLIGHTS (LLOYD)

What were the summary points of the quarter?

BARINGS BDC MARKET UPDATE & INVESTMENT PORTFOLIO (FOWLER)

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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2Q 2023 Highlights

Barings‐Public

Second Quarter 2023 Highlights

NET ASSET VALUE		ORIGINATIONS
Net asset value (NAV) as of June 30, 2023 was $11.34 per share as	Total originations during the quarter were $66 million, while sales and
compared to $11.17 as of March 31, 2023	repayments totaled $135 million, for net repayments of $70 million

NET INVESTMENT INCOME		PORTFOLIO YIELD
Net investment income for the quarter ended June 30, 2023		The weighted-average portfolio yield1 as of June 30, 2023 was 10.9% for
was $0.31 per share		Middle-Market Loans (MML), 11.2% for Cross-Platform investments, and
		11.2% for acquired assets2

DIVIDEND		CREDIT PERFORMANCE
The Board of Directors approved a third quarter dividend of $0.26 per		There was one BBDC-originated investment, one MVC-acquired
share, an increase of $0.01 over the prior quarter		investment, and four SIC-acquired investments on non-accrual status at
		quarter-end, representing 1.1% of total portfolio at fair value

Data as of June 30, 2023. Refer to slide 16 for fully-reconciled income statement including number of shares used to calculate per-share data.

1. Yield is calculated as the weighted average of current coupon rates (USD-equivalent).
2. Excludes short-term investments, equity investments, and non-accrual investments.

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