0001379785FALSE00013797852024-11-062024-11-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 6, 2024
_________________________________________________________
Barings BDC, Inc.
(Exact name of registrant as specified in its charter)
 _________________________________________________________
Maryland 814-00733 06-1798488
(State or Other Jurisdiction
of Incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
300 South Tryon Street, Suite 2500
Charlotte, North Carolina
28202
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (704) 805-7200
N/A
(Former name or former address, if changed since last report.)
_________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, par value $0.001 per shareBBDCThe New York Stock Exchange
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.    Results of Operations and Financial Condition.    
On November 6, 2024, Barings BDC, Inc. (the “Company” or “Barings BDC”) issued a press release announcing its financial results for the quarter ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Item 2.02 of this Current Report on Form 8-K, and Exhibit 99.1 attached hereto, is being furnished by the Company in satisfaction of the public disclosure requirements of Item 2.02 of Form 8-K.
In accordance with General Instruction B.2 of Form 8-K, the information included in this Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”).
Item 7.01.    Regulation FD Disclosure.
Additionally, on November 6, 2024, the Company made available on its website, www.baringsbdc.com, a supplemental investor presentation with respect to the third quarter 2024 earnings release. The information furnished in this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act or the Exchange Act.
Item 9.01.    Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No.		  Description
99.1  
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 Barings BDC, Inc.
Date: November 6, 2024 By: /s/    Elizabeth A. Murray
  Elizabeth A. Murray
  Chief Financial Officer and
Chief Operating Officer




                                                 Exhibit 99.1    
        
baringslogofinalrgba19a.jpg

BARINGS BDC, INC. REPORTS THIRD QUARTER 2024 RESULTS AND
ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.26 PER SHARE
CHARLOTTE, N.C., November 6, 2024 - Barings BDC, Inc. (NYSE: BBDC) (“Barings BDC” or the “Company”) today reported its financial and operating results for the third quarter of 2024 and announced that the Company’s Board of Directors (the “Board”) declared a quarterly cash dividend of $0.26 per share.
Highlights
Income Statement
Three Months Ended
September 30, 2024		Three Months Ended
June 30, 2024
(dollars in millions, except per share data)Total Amount
Per
Share(1)
Total Amount
Per
Share(2)
Net investment income $30.2$0.29$42.1$0.40
Net realized gains (losses)$(10.9)$(0.10)$8.1$0.08
Net unrealized appreciation (depreciation)$2.7$0.02$(30.8)$(0.29)
Net increase in net assets resulting from operations$22.0$0.21$19.4$0.18
Dividends paid$0.26$0.26
(1) Based on weighted average shares outstanding during the period of 105,715,277.
(2) Based on weighted average shares outstanding during the period of 105,898,271.
Investment Portfolio and Balance Sheet
(dollars in millions, except per share data)As of
September 30,
 2024		As of
June 30,
 2024		As of
March 31, 2024		As of
December 31, 2023
Investment portfolio at fair value$2,416.7$2,395.7$2,527.5$2,488.7
Weighted average yield on performing debt investments (at principal amount)10.6 %10.9 %10.7 %10.5 %
Total assets$2,605.1$2,603.6$2,698.7$2,677.5
Debt outstanding (principal)$1,372.8$1,375.8$1,465.4$1,444.9
Total net assets (equity)$1,194.4$1,201.9$1,211.9$1,196.6
Net asset value per share$11.32$11.36$11.44$11.28
Debt-to-equity ratio1.15x1.14x1.21x1.21x
Net debt-to-equity ratio (adjusted for unrestricted cash and net unsettled transactions)1.09x1.07x1.17x1.15x
Third Quarter 2024 Results
Commenting on the quarter, Eric Lloyd, Chief Executive Officer of Barings BDC, stated, “We continue to deliver attractive returns by executing our disciplined investment strategy focused on Barings-originated, senior secured loans to competitively advantaged middle market companies that we have rigorously analyzed and conservatively underwritten. In the third quarter, we maintained our strong momentum with net investment income well above the dividend, strong credit metrics, and NAV that is above where it was at the end of last year, reflecting portfolio resiliency and increased deployment compared to last quarter. We believe that we remain well positioned for what we expect to be a more active environment, particularly given our strong sponsor relationships and ample liquidity.”



During the three months ended September 30, 2024, the Company reported total investment income of $70.9 million, net investment income of $30.2 million, or $0.29 per share, and a net increase in net assets resulting from operations of $22.0 million, or $0.21 per share.
Net asset value (“NAV”) per share as of September 30, 2024 was $11.32, as compared to $11.36 as of June 30, 2024. The decrease in NAV per share from June 30, 2024 to September 30, 2024 was primarily attributed to a net realized loss on investments, foreign currency transactions and forward currency contracts of $0.10 per share, partially offset by net investment income exceeding the Company’s third quarter dividend by $0.03 per share, net unrealized appreciation on the Company’s investment portfolio, credit support agreements, foreign currency transactions and forward currency contracts of approximately $0.02 per share and the accretive impact of share repurchases of $0.01 per share.
Recent Portfolio Activity
During the three months ended September 30, 2024, the Company made 11 new investments totaling $88.4 million and made investments in existing portfolio companies totaling $36.6 million. The Company had 11 loans repaid totaling $94.3 million and received $17.6 million of portfolio company principal payments, recognizing a net realized loss on these repayments of $13.2 million. The Company received $2.9 million of return of capital from joint ventures, equity and royalty rights investments. Lastly, the Company received proceeds related to the sale of equity investments totaling $5.9 million and recognized a net realized gain on such sales totaling $4.3 million.
During the three months ended September 30, 2024, the Company recorded net unrealized appreciation totaling $2.7 million, consisting of net unrealized appreciation reclassification adjustments of $11.1 million related to the net realized losses / gains on the sales / exits and restructures of certain investments, net unrealized appreciation on our current portfolio of $8.9 million, and unrealized appreciation of $1.1 million on the MVC credit support agreement with Barings, partially offset by net unrealized depreciation related to foreign currency transactions of $9.8 million, net unrealized depreciation related to forward currency contracts of $8.2 million and net unrealized depreciation of $0.4 million on the Sierra credit support agreement with Barings. The net unrealized appreciation on our current portfolio of $8.9 million was driven primarily by the impact of foreign currency exchange rates on investments of $21.6 million, partially offset by the credit or fundamental performance of investments of $11.1 million and broad market moves for investments of $1.6 million.
Liquidity and Capitalization
As of September 30, 2024, the Company had cash and foreign currencies of $66.0 million (including restricted cash of $3.2 million), $347.8 million of borrowings outstanding under its $1,065.0 million senior secured credit agreement (the “February 2019 Credit Facility”), $1,025.0 million aggregate principal amount of unsecured notes outstanding and a net receivable from unsettled transactions of $11.8 million.
On November 5, 2024, the Company entered into an amended and restated senior secured credit agreement, which amended the February 2019 Credit Facility to, among other things, (a) extend the revolving period from February 21, 2025 to November 5, 2028; (b) extend the stated maturity date from February 21, 2026 to November 5, 2029; (c) adjust the interest rate charged on the February 2019 Credit Facility from an applicable spread of either the term SOFR plus 2.25% (or 2.00% for so long as the Company maintains an investment grade credit rating) plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with an interest period of three months, or 0.25% for borrowings with an interest period of six months to an applicable spread of 1.875% plus a credit spread adjustment of 0.10% and (d) reduce the total commitments under the facility from $1,065 million to $825 million, of which $100 million has been reallocated from revolving commitments to term loan commitments.
Commenting on the Company’s liquidity position, Elizabeth Murray, Chief Financial Officer of Barings BDC, stated, “Subsequent to the end of the third quarter, we continue to strengthen our liability structure by amending our revolving credit facility at attractive terms. With over $540.0 million of available capital, and net leverage levels below 1.10x at quarter-end, we believe we are well positioned to continue to support the growth of our existing portfolio companies and new origination activity.”
Share Repurchase Program
On February 22, 2024, the Board authorized a new 12-month share repurchase program. Under the program, the Company may repurchase, during the 12-month period commencing on March 1, 2024, up to $30.0 million in the aggregate of its outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal, contractual and regulatory requirements and other factors. The program is expected to be in effect until March 1, 2025, unless extended or until the aggregate repurchase amount that has been


approved by the Board has been expended. The program does not require the Company to repurchase any specific number of shares, and the Company cannot assure stockholders that any shares will be repurchased under the program. The program may be suspended, extended, modified or discontinued at any time. During the three months ended September 30, 2024, the Company repurchased a total of 199,054 shares of its common stock in the open market under the authorized program at an average price of $9.84 per share, including brokerage commissions. As of November 6, 2024, the Company had repurchased a total of 508,132 shares of its common stock in the open market under the authorized program at an average price of $9.79 per share, including brokerage commissions.
Dividend Information
The Board declared a quarterly cash dividend of $0.26 per share.
The Company’s fourth quarter dividend is payable as follows:
Fourth Quarter 2024 Dividend:
Amount per share:         $0.26
Record date:             December 4, 2024
Payment date:             December 11, 2024
Dividend Reinvestment Plan
Barings BDC has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends and distributions on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when the Company declares a cash dividend or distribution, stockholders who have not opted out of the DRIP will have their cash dividends or distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving cash.
When the Company declares and pays dividends and distributions, it determines the allocation of the distribution between current income, accumulated income, capital gains and return of capital on the basis of accounting principles generally accepted in the United States (“GAAP”). At each year end, the Company is required for tax purposes to determine the allocation based on tax accounting principles. Due to differences between GAAP and tax accounting principles, the portion of each dividend distribution that is ordinary income, capital gain or return of capital may differ for GAAP and tax purposes. The tax status of the Company’s distributions can be found on the Investor Relations page of its website.
Subsequent Events
Subsequent to September 30, 2024, the Company made approximately $117.1 million of new commitments, of which $95.8 million closed and funded. The $95.8 million of investments consists of $91.2 million of first lien senior secured debt investments, $0.6 million of second lien senior secured debt investments, $0.5 million of equity investments and a $3.5 million preferred equity co-investment alongside certain affiliates in a portfolio company focused on directly originated, litigation finance loans to mass tort law firms. The weighted average yield of the debt investments was 9.6%. In addition, we funded $12.9 million of previously committed revolvers and delayed draw term loans.
Conference Call to Discuss Third Quarter 2024 Results
Barings BDC has scheduled a conference call to discuss third quarter 2024 financial and operating results for Thursday, November 7, 2024, at 9:00 a.m. ET.
To listen to the call, please dial 800-715-9871 or 646-307-1963 approximately 10 minutes prior to the start of the call. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available until November 14, 2024. To access the replay, please dial 877-660-6853 or 201-612-7415 and enter conference ID 13749495.
This conference call will also be available via a live webcast on the investor relations section of Barings BDC’s website at https://ir.barings.com/ir-calendar. Access the website 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay will be available on the Company's website until November 14, 2024.
Forward-Looking Statements
Statements included herein or on the webcast/conference call may constitute “forward-looking statements,” which relate to future events or Barings BDC’s future performance or financial condition. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management’s current


estimates, projections, expectations or beliefs, and which are subject to risks and uncertainties that may cause actual results to differ materially. Forward-looking statements include, but are not limited to, the Company’s projected net investment income and earnings, the Company’s distribution levels and frequency of distributions, the Company’s share repurchase activity and investment activity, and the ability of Barings LLC to manage Barings BDC and identify investment opportunities, all of which are subject to change at any time based upon economic, market or other conditions, and may not be relied upon as investment advice or an indication of Barings BDC’s trading intent. More information on the risks and other potential factors that could affect Barings BDC’s financial results and future events, including important factors that could cause actual results or events to differ materially from plans, estimates or expectations included herein or discussed on the webcast/conference call, is included in Barings BDC’s filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Barings BDC’s most recently filed annual report on Form 10-K, as well as in subsequent filings, including Barings BDC’s quarterly reports on Form 10-Q. 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. There is no assurance that the market price of Barings BDC’s shares, either absolutely or relative to NAV, will increase as a result of any share repurchases, or that any repurchase plan will enhance stockholder value over the long term.
Non-GAAP Financial Measures
To provide additional information about the Company’s results, the Company’s management has discussed in this press release 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 to take 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 results as 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 Item 10(e) of Regulation S-K, 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 this press release.
About Barings BDC
Barings BDC, Inc. (NYSE: BBDC) is a publicly traded, externally managed investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Barings BDC seeks to invest primarily in senior secured loans in middle-market companies that operate across a wide range of industries. Barings BDC’s investment activities are managed by its investment adviser, Barings LLC, a leading global asset manager based in Charlotte, NC with $431+ billion* of AUM firm-wide. For more information, visit www.baringsbdc.com.
About Barings LLC
Barings is a $431+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.
*Assets under management as of September 30, 2024
Media Contact:
MediaRelations@barings.com
Investor Relations:
BDCinvestorrelations@barings.com, 888-401-1088






Barings BDC, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
September 30, 2024December 31, 2023
(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $1,969,767 and $2,053,548 as of September 30, 2024 and December 31, 2023, respectively)
$1,937,200 $1,995,372 
Affiliate investments (cost of $372,373 and $378,865 as of September 30, 2024 and December 31, 2023, respectively)
390,239 402,423 
Control investments (cost of $104,780 and $103,163 as of September 30, 2024 and December 31, 2023, respectively)
89,275 90,920 
Total investments at fair value2,416,714 2,488,715 
Cash (restricted cash of $3,213 and $0 as of September 30, 2024 and December 31, 2023, respectively)
48,881 57,187 
Foreign currencies (cost of $16,780 and $13,023 as of September 30, 2024 and December 31, 2023, respectively)
17,113 13,341 
Interest and fees receivable44,379 51,598 
Prepaid expenses and other assets3,841 3,564 
Credit support agreements (cost of $58,000 as of both September 30, 2024 and December 31, 2023)
51,200 57,800 
Derivative assets7,563 1 
Deferred financing fees2,567 3,948 
Receivable from unsettled transactions12,820 1,299 
Total assets$2,605,078 $2,677,453 
Liabilities:
Accounts payable and accrued liabilities$3,409 $2,950 
Interest payable12,267 8,450 
Administrative fees payable436 536 
Base management fees payable8,046 8,347 
Incentive management fees payable6,597 7,737 
Derivative liabilities10,039 11,265 
Payable from unsettled transactions988 1,112 
Borrowings under credit facility347,811 719,914 
Notes payable (net of deferred financing fees)1,021,044 720,583 
Total liabilities1,410,637 1,480,894 
Commitments and contingencies
Net Assets:
Common stock, $0.001 par value per share (150,000,000 shares authorized, 105,558,938 and 106,067,070 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively)
106 106 
Additional paid-in capital1,849,484 1,854,457 
Total distributable earnings (loss)(655,149)(658,004)
Total net assets1,194,441 1,196,559 
Total liabilities and net assets$2,605,078 $2,677,453 
Net asset value per share$11.32 $11.28 



Barings BDC, Inc.
Unaudited Consolidated Statements of Operations
(in thousands, except share and per share data)
Three Months
Ended		Three Months
Ended		Nine Months
Ended		Nine Months
Ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Investment income:
Interest income:
Non-Control / Non-Affiliate investments$50,787 $54,365 $158,060 $160,094 
Affiliate investments854 576 2,602 1,415 
Control investments22 464 460 1,210 
Total interest income51,663 55,405 161,122 162,719 
Dividend income:
Non-Control / Non-Affiliate investments1,190 897 3,835 2,555 
Affiliate investments8,651 7,618 26,216 24,084 
Total dividend income9,841 8,515 30,051 26,639 
Fee and other income:
Non-Control / Non-Affiliate investments4,221 2,544 11,161 9,858 
Affiliate investments52 88 321 291 
Control investments16 18 50 101 
Total fee and other income4,289 2,650 11,532 10,250 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments3,987 3,317 9,714 11,634 
Affiliate investments193 412 712 663 
Control investments622 250 1,698 746 
Total payment-in-kind interest income4,802 3,979 12,124 13,043 
Interest income from cash256 297 715 701 
Total investment income70,851 70,846 215,544 213,352 
Operating expenses:
Interest and other financing fees22,563 21,829 64,419 61,956 
Base management fee 8,046 8,315 24,515 24,302 
Incentive management fees6,597 4,618 15,886 24,309 
General and administrative expenses2,427 2,363 7,446 7,546 
Total operating expenses39,633 37,125 112,266 118,113 
Net investment income before taxes31,218 33,721 103,278 95,239 
Income taxes, including excise tax expense1,033 412 1,599 807 
Net investment income after taxes$30,185 $33,309 $101,679 $94,432 


Barings BDC, Inc.
Unaudited Consolidated Statements of Operations — (Continued)
(in thousands, except share and per share data)
Three Months
Ended		Three Months
Ended		Nine Months
Ended		Nine Months
Ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts:
Net realized gains (losses):
Non-Control / Non-Affiliate investments$(8,543)$(16,696)$(13,465)$(62,142)
Affiliate investments— — (4,179)— 
Net realized gains (losses) on investments(8,543)(16,696)(17,644)(62,142)
Foreign currency transactions508 (330)902 3,743 
Forward currency contracts(2,859)(234)(7,531)(17,144)
Net realized gains (losses)(10,894)(17,260)(24,273)(75,543)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments24,957 9,336 25,629 62,108 
Affiliate investments(3,452)184 (5,691)13,745 
Control investments(1,496)(15,999)(3,262)(17,665)
Net unrealized appreciation (depreciation) on investments20,009 (6,479)16,676 58,188 
Credit support agreements654 (6,450)(6,600)1,114 
Foreign currency transactions(9,775)7,560 (5,234)(3,406)
Forward currency contracts(8,159)7,379 3,213 23,143 
Net unrealized appreciation (depreciation)2,729 2,010 8,055 79,039 
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts(8,165)(15,250)(16,218)3,496 
Benefit from (provision for) income taxes— 262 — 161 
Net increase (decrease) in net assets resulting from operations$22,020 $18,321 $85,461 $98,089 
Net investment income per share — basic and diluted$0.29 $0.31 $0.96 $0.88 
Net increase (decrease) in net assets resulting from operations per share — basic and diluted$0.21 $0.17 $0.81 $0.91 
Dividends / distributions per share:
Total dividends / distributions per share$0.26 $0.26 $0.78 $0.76 
Weighted average shares outstanding — basic and diluted105,715,277 106,516,166 105,883,524 107,266,074 
        



Barings BDC, Inc.
Unaudited Consolidated Statements of Cash Flows 
(in thousands)
Nine Months
Ended		Nine Months
Ended
September 30,
2024		September 30,
2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$85,461 $98,089 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of portfolio investments(345,954)(400,507)
Repayments received / sales of portfolio investments422,926 273,550 
Loan origination and other fees received5,759 5,852 
Net realized (gain) loss on investments17,644 62,142 
Net realized (gain) loss on foreign currency transactions(902)(3,743)
Net realized (gain) loss on forward currency contracts7,531 17,144 
Net unrealized (appreciation) depreciation on investments (16,676)(58,188)
Net unrealized (appreciation) depreciation of CSAs6,600 (1,114)
Net unrealized (appreciation) depreciation on foreign currency transactions5,234 3,406 
Net unrealized (appreciation) depreciation on forward currency contracts(3,213)(23,143)
Payment-in-kind interest / dividends(15,847)(18,270)
Amortization of deferred financing fees3,473 2,425 
Accretion of loan origination and other fees(8,071)(6,042)
Amortization / accretion of purchased loan premium / discount(650)(1,124)
Payments for derivative contracts(15,827)(21,459)
Proceeds from derivative contracts8,296 4,315 
Changes in operating assets and liabilities:
Interest and fees receivable9,058 (2,743)
Prepaid expenses and other assets(257)(641)
Accounts payable and accrued liabilities(1,083)4,264 
Interest payable3,816 3,727 
Net cash provided by (used in) operating activities167,318 (62,060)
Cash flows from financing activities:
Borrowings under credit facility91,500 67,000 
Repayments of credit facility(468,568)— 
Proceeds from notes300,000 — 
Financing fees paid(7,205)(2,403)
Purchases of shares in repurchase plan(4,973)(10,854)
Cash dividends / distributions paid(82,606)(81,340)
Net cash provided by (used in) financing activities(171,852)(27,597)
Net increase (decrease) in cash and foreign currencies(4,534)(89,657)
Cash and foreign currencies, beginning of period70,528 139,415 
Cash and foreign currencies, end of period$65,994 $49,758 
Supplemental Information:
Cash paid for interest$52,942 $54,858 
Excise taxes paid during the period$1,936 $1,012 



Barings BDC, Inc.
Unaudited Reconciliation of Debt to Net Debt and Calculation of Net Debt-to-Equity Ratio
(in thousands, except ratios)
September 30, 2024
June 30,
2024		March 31, 2024December 31, 2023
Total debt (principal)$1,372,811 $1,375,823 $1,465,352 $1,444,914 
minus: Cash and foreign currencies (excluding restricted cash)(62,781)(69,345)(50,740)(70,528)
plus: Payable from unsettled transactions988 5,081 336 1,112 
minus: Receivable from unsettled transactions(12,821)(25,631)(2,159)(1,299)
Total net debt(1)
$1,298,197 $1,285,928 $1,412,789 $1,374,199 
Total net assets$1,194,441 $1,201,876 $1,211,876 $1,196,559 
Total net debt-to-equity ratio(1)
1.09x1.07x1.17x1.15x
(1) See the “Non-GAAP Financial Measures” section of this press release.




v3.24.3
Cover
Nov. 06, 2024
Document Information [Line Items]  
Document Type 8-K
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Amendment Flag false
Document Period End Date Nov. 06, 2024
Entity Information [Line Items]  
Entity Registrant Name Barings BDC, Inc.
Entity Central Index Key 0001379785
Entity File Number 814-00733
Entity Tax Identification Number 06-1798488
Entity Incorporation, State or Country Code MD
Entity Emerging Growth Company false
Entity Contact Personnel [Line Items]  
Entity Address, Address Line One 300 South Tryon Street,
Entity Address, Address Line Two Suite 2500
Entity Address, City or Town Charlotte
Entity Address, State or Province NC
Entity Address, Postal Zip Code 28202
Entity Phone Fax Numbers [Line Items]  
City Area Code 704
Local Phone Number 805-7200
Entity Listings [Line Items]  
Title of 12(b) Security Common Stock, par value $0.001 per share
Trading Symbol BBDC
Security Exchange Name NYSE
Barings BDC (NYSE:BBDC)
Graphique Historique de l'Action
De Oct 2024 à Nov 2024 Plus de graphiques de la Bourse Barings BDC
Barings BDC (NYSE:BBDC)
Graphique Historique de l'Action
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