# EDGAR Filing Document

**Accession Number:** 0001379785
**File Stem:** 0001379785-25-000034
**Filing Date:** 2025-8
**Character Count:** 40457
**Document Hash:** e30c06cd42ed7e54d757bfa19ed9ca6b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001379785-25-000034.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001379785-25-000034

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Barings BDC, Inc.
- **CENTRAL INDEX KEY:** 0001379785

**ORGANIZATION NAME:**
- **EIN:** 061798488
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00733
- **FILM NUMBER:** 251194331

**BUSINESS ADDRESS:**
- **STREET 1:** 300 SOUTH TRYON STREET
- **STREET 2:** SUITE 2500
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
- **BUSINESS PHONE:** (704) 805-7200

**MAIL ADDRESS:**
- **STREET 1:** 300 SOUTH TRYON STREET
- **STREET 2:** SUITE 2500
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Triangle Capital CORP
- **DATE OF NAME CHANGE:** 20061101

?xml version='1.0' encoding='ASCII'? bbdc-20250807

**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): August 7, 2025** 

_________________________________________________________

**Barings BDC, Inc.**

**(Exact name of registrant as specified in its charter)**

_________________________________________________________

---

| | | |
|:---|:---|:---|
| **Maryland** | **814-00733** | **06-1798488** |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |
| **300 South Tryon Street, Suite 2500**<br>**Charlotte, North Carolina** | **300 South Tryon Street, Suite 2500**<br>**Charlotte, North Carolina** | **28202** |
| **(Address of Principal Executive Offices)** | **(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:**

---

| | | |
|:---|:---|:---|
| **<u>Title of Each Class</u>** | **<u>Trading Symbol</u>** | **<u>Name of Each Exchange on Which Registered</u>** |
| Common Stock, par value $0.001 per share | BBDC | The 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.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**&nbsp;&nbsp;&nbsp;&nbsp;

On August 7, 2025, Barings BDC, Inc. (the "Company" or "Barings BDC") issued a press release announcing its financial results for the quarter ended June 30, 2025. 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.&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

Additionally, on August 7, 2025, the Company made available on its website, www.baringsbdc.com, a supplemental investor presentation with respect to the second quarter 2025 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.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

---

| | |
|:---|:---|
| <u>Exhibit<br>No.</u> | <u>Description</u> |
| 99.1 | [Press Release, dated](exhibit99120250807earnings.htm)August 7, 2025 |
| 104 | Cover 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. | Barings BDC, Inc. |
| Date: August 7, 2025 | By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;Elizabeth A. Murray |
|  |  | Elizabeth A. Murray |
|  |  | Chief Financial Officer and |
|  |  | Chief Operating Officer |

---

## Exhibit 99.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Exhibit 99.1**&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![baringslogofinalrgba19.jpg](baringslogofinalrgba19.jpg)<br>

**BARINGS BDC, INC. REPORTS SECOND QUARTER 2025 RESULTS AND** 

**ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.26 PER SHARE** 

**CHARLOTTE, N.C., August 7, 2025** - Barings BDC, Inc. (NYSE: BBDC) ("Barings BDC" or the "Company") today reported its financial and operating results for the second quarter of 2025 and announced that the Company's Board of Directors (the "Board") declared a quarterly cash dividend of $0.26 per share.

**<u>Highlights</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *<u>Income Statement</u>* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025** | **March 31, 2025** | **March 31, 2025** |
| **(dollars in millions, except per share data)** | **Total Amount** | **Per** <br>**Share**<sup>(1)</sup> | **Total Amount** | **Per** <br>**Share**<sup>(2)</sup> |
| Net investment income | $29.8 | $0.28 | $26.4 | $0.25 |
| Net realized gains (losses) | $(15.2) | $(0.14) | $(1.1) | $(0.01) |
| Net unrealized appreciation (depreciation) | $5.9 | $0.06 | $7.3 | $0.07 |
| Net increase in net assets resulting from operations | $20.6 | $0.20 | $32.6 | $0.31 |
| Regular dividends paid |  | $0.26 |  | $0.26 |
| Special dividends paid |  | $0.05 |  | $0.05 |

---

(1) Based on weighted average shares outstanding during the period of 105,232,015.

(2) Based on weighted average shares outstanding during the period of 105,373,382.

---

| | | | |
|:---|:---|:---|:---|
| *<u>Investment Portfolio and Balance Sheet</u>* |  |  |  |
| **(dollars in millions, except per share data)** | **As of <br>June 30, <br>2025** | **As of <br>March 31, 2025** | **As of <br>December 31, 2024** |
| Investment portfolio at fair value | $2623.9 | $2571.2 | $2449.3 |
| Weighted average yield on performing debt investments (at principal amount) | 9.8% | 9.9% | 10.2% |
| Total assets | $2793.3 | $2791.3 | $2695.7 |
| Debt outstanding (principal) | $1572.3 | $1522.3 | $1463.6 |
| Total net assets (equity) | $1175.8 | $1188.8 | $1190.4 |
| Net asset value per share | $11.18 | $11.29 | $11.29 |
| Debt-to-equity ratio | 1.34x | 1.28x | 1.23x |
| Net debt-to-equity ratio (adjusted for unrestricted cash and net unsettled transactions) | 1.29x | 1.24x | 1.16x |

---

**<u>Second Quarter 2025 Results</u>**

Commenting on the quarter, Eric Lloyd, Chief Executive Officer of Barings BDC, stated, "Our portfolio generated strong performance in the second quarter, delivering sequential net investment income growth. Our net investment income was $0.28 per share, fully covering our regular dividend. Further, our net investment income per share performance for the first half of 2025 fully covers our regular distributions year-to-date. Our disciplined investment approach continues to drive superior credit performance, with non-accruals at just 0.5% of our portfolio on a fair value basis. Also, we deployed almost $200 million into new and existing investments during the second quarter of 2025, in line with our strategy to deploy capital into high-quality, income producing opportunities that align with our selective investment strategy. With over $322 million of dry powder and the strength of the Barings platform, we believe that we remain well positioned to generate attractive risk-adjusted returns for our shareholders."

------

During the three months ended June 30, 2025, the Company reported total investment income of $74.4 million, net investment income of $29.8 million, or $0.28 per share, and a net increase in net assets resulting from operations of $20.6 million, or $0.20 per share.

Net asset value ("NAV") per share as of June 30, 2025 was $11.18, as compared to $11.29 as of March 31, 2025. The decrease in NAV per share from March 31, 2025 to June 30, 2025 was primarily attributed to a net realized loss on investments, credit support agreements, foreign currency transactions and forward currency contracts of $0.14 per share, and the Company's payment of a second quarter special dividend of $0.05 per share, partially offset by net unrealized appreciation on the Company's investment portfolio, credit support agreements, foreign currency transactions and forward currency contracts of approximately $0.06 per share, and the Company's second quarter net investment income exceeding the second quarter regular dividend paid by $0.02 per share.

**<u>Recent Portfolio Activity</u>**

During the three months ended June 30, 2025, the Company made 19 new investments totaling $137.3 million and made investments in existing portfolio companies totaling $61.7 million. The Company had 14 loans repaid totaling $59.1 million and recognized a net realized loss on these transactions of $17.6 million. The Company also received $35.5 million of portfolio company principal payments and sales proceeds and recognized a net realized gain on these transactions of $0.3 million. The Company received $4.0 million of return of capital from joint ventures, equity, and royalty rights investments. The Company also received proceeds of $4.7 million related to the exit of one of its royalty rights investments and recognized a realized gain on such exit of $2.5 million. In addition, the Company sold $55.9 million of middle-market portfolio debt investments to its joint ventures, recognizing a net realized gain on these transactions of $0.7 million. Also, investments in two portfolio companies were restructured, which resulted in a net realized loss of $2.3 million. Lastly, the Company received proceeds related to the sales and exits of equity investments totaling $8.1 million and recognized a net realized gain on such sales totaling $5.4 million.

During the three months ended June 30, 2025, the Company recorded net unrealized appreciation totaling $5.9 million, consisting of net unrealized appreciation on the Company's current portfolio of $14.7 million, net unrealized appreciation reclassification adjustments of $12.8 million related to the net realized losses on the sales / exits of certain investments, unrealized appreciation of $6.4 million on the Sierra credit support agreement with Barings LLC ("Barings"), partially offset by net unrealized depreciation related to foreign currency transactions of $15.2 million, unrealized depreciation of $9.4 million related to the net realized gain on the termination of the MVC credit support agreement with Barings and net unrealized depreciation related to forward currency contracts of $3.3 million. The net unrealized appreciation on the Company's current portfolio of $14.7 million was driven primarily by the impact of foreign currency exchange rates on investments of $34.2 million, partially offset by the credit or fundamental performance of investments of $13.0 million and broad market moves for investments of $6.5 million.

**<u>Liquidity and Capitalization</u>**

As of June 30, 2025, the Company had cash and foreign currencies of $49.3 million (including restricted cash of $4.7 million), $547.3 million of borrowings outstanding under its $825.0 million senior secured credit agreement, $1,025.0 million aggregate principal amount of unsecured notes outstanding and a net receivable from unsettled transactions of $11.3 million.

**<u>Share Repurchase Program</u>**

On February 20, 2025, 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, 2025, 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, 2026, 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 June 30, 2025, the Company repurchased a total of 100,000 shares of its common stock in the open market under the authorized program at an average price of $8.88 per share, including brokerage commissions. As of August 7, 2025, the Company has repurchased a total of 250,000 shares of its common stock in the open market under the authorized program at an average price of $9.35 per share, including brokerage commissions.

------

**<u>Dividend Information</u>**

The Board declared a quarterly cash dividend of $0.26 per share, which, together with the previously declared special dividend payable during the third quarter of 2025 in the amount of $0.05 per share, is payable as follows:

<u>Third Quarter 2025 Dividend:</u>

Amount per share: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.31

Record date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 3, 2025

Payment date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 10, 2025

**<u>Dividend Reinvestment Plan</u>**

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.

**<u>Subsequent Events</u>**

Subsequent to June 30, 2025, the Company made approximately $59.3 million of new commitments, of which $38.6 million closed and funded. The $38.6 million of investments consists of $28.9 million of first lien senior secured debt investments, $9.4 million of subordinated debt investments and $0.3 million of equity investments. The weighted average yield of the debt investments was 9.4%. In addition, the Company funded $22.6 million of previously committed revolvers and delayed draw term loans.

On August 4, 2025, the Company's 4.66% Series A senior unsecured notes due August 2025 matured in accordance with the terms of the Note Purchase Agreement with Massachusetts Mutual Life Insurance Company and the Company repaid in full the par amount plus accrued and unpaid interest.

**<u>Conference Call to Discuss Second Quarter 2025 Results</u>**

Barings BDC has scheduled a conference call to discuss second quarter 2025 financial and operating results for Friday, August 8, 2025, at 9:00 a.m. ET.

To listen to the call, please dial 877-407-8831 or 201-493-6736 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 August 15, 2025. To access the replay, please dial 877-660-6853 or 201-612-7415 and enter conference ID 13750211.

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 August 15, 2025.

**<u>Forward-Looking Statements</u>**

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 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.

**<u>Non-GAAP Financial Measures</u>**

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.

**<u>About Barings BDC</u>**

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, a leading global asset manager based in Charlotte, NC with $456+ billion\* of AUM firm-wide. For more information, visit <u>www.baringsbdc.com</u>.

**<u>About Barings LLC</u>**

Barings is a $456+ 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 June 30, 2025

Media Contact:

MediaRelations@barings.com

Investor Relations:

BDCinvestorrelations@barings.com, 888-401-1088

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**Barings BDC, Inc.**

**Consolidated Balance Sheets**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| | (Unaudited) | |
| **Assets:** |  |  |
| Investments at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments (cost of $2,156,305 and $2,033,716 as of June 30, 2025 and December 31, 2024, respectively) | $2128553 | $1972373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments (cost of $397,878 and $382,848 as of June 30, 2025 and December 31, 2024, respectively) | 409706 | 397236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments (cost of $81,647 and $106,132 as of June 30, 2025 and December 31, 2024, respectively) | 85623 | 79663 |
| Total investments at fair value | 2623882 | 2449272 |
| Cash (restricted cash of $4,714 and $13,493 as of June 30, 2025 and December 31, 2024, respectively) | 39963 | 74381 |
| Foreign currencies (cost of $9,294 and $17,343 as of June 30, 2025 and December 31, 2024, respectively) | 9298 | 16958 |
| Interest and fees receivable | 41811 | 39914 |
| Prepaid expenses and other assets | 463 | 1745 |
| Credit support agreements (cost of $44,400 and $58,000 as of June 30, 2025 and December 31, 2024, respectively) | 51200 | 63450 |
| Derivative assets | 3361 | 24816 |
| Deferred financing fees | 7807 | 8697 |
| Receivable from unsettled transactions | 15522 | 16427 |
| **Total assets** | $**2793307** | $**2695660** |
| **Liabilities:** |  |  |
| Accounts payable and accrued liabilities | $3943 | $5567 |
| Interest payable | 15430 | 16245 |
| Administrative fees payable | 356 | 540 |
| Base management fees payable | 8193 | 7888 |
| Incentive management fees payable | 11117 | 7871 |
| Derivative liabilities | 5863 | 9394 |
| Payable from unsettled transactions | 4189 | 7380 |
| Borrowings under credit facility | 547313 | 438590 |
| Notes payable (net of deferred financing fees) | 1021059 | 1011831 |
| **Total liabilities** | **1617463** | **1505306** |
| **Commitments and contingencies** |  |  |
| **Net Assets:** |  |  |
| Common stock, $0.001 par value per share (150,000,000 shares authorized, 105,158,938 and 105,408,938 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) | 105 | 105 |
| Additional paid-in capital | 1844638 | 1846977 |
| Total distributable earnings (loss) | (668899) | (656728) |
| **Total net assets** | **1175844** | **1190354** |
| **Total liabilities and net assets** | $**2793307** | $**2695660** |
| Net asset value per share | $11.18 | $11.29 |

---

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**Barings BDC, Inc.**

**Unaudited Consolidated Statements of Operations** 

**(in thousands, except share and per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months**<br>**Ended**<br>**June 30, 2025** | **Three Months**<br>**Ended**<br>**June 30, 2024** | **Six Months**<br>**Ended**<br>**June 30, 2025** | **Six Months**<br>**Ended**<br>**June 30, 2024** |
| **Investment income:** | | | | |
| Interest income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | $48899 | $54084 | $93526 | $107273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 1181 | 792 | 2054 | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments | 137 | 51 | 257 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 50217 | 54927 | 95837 | 109459 |
| Dividend income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | 1668 | 1324 | 2811 | 2645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 10108 | 10410 | 19707 | 17565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments | 2817 |  | 2817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total dividend income | 14593 | 11734 | 25335 | 20210 |
| Fee and other income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | 4807 | 3552 | 8346 | 6939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 72 | 200 | 104 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments | 1 | 17 | 4 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee and other income | 4880 | 3769 | 8454 | 7242 |
| Payment-in-kind interest income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | 4007 | 3246 | 7755 | 5728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 266 | 268 | 609 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments | 235 | 684 | 463 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total payment-in-kind interest income | 4508 | 4198 | 8827 | 7323 |
| Interest income from cash | 200 | 258 | 384 | 458 |
| Total investment income | 74398 | 74886 | 138837 | 144692 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other financing fees | 22176 | 20774 | 42373 | 41856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fee | 8193 | 8190 | 16211 | 16469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive management fees | 11117 | 1122 | 18855 | 9289 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 2294 | 2343 | 3989 | 5019 |
| Total operating expenses | 43780 | 32429 | 81428 | 72633 |
| **Net investment income before taxes** | **30618** | **42457** | **57409** | **72059** |
| Income taxes, including excise tax expense | 808 | 315 | 1208 | 565 |
| **Net investment income after taxes** | $**29810** | $**42142** | $**56201** | $**71494** |

---

------

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| | | | | |
|:---|:---|:---|:---|:---|
| **Barings BDC, Inc.**<br>**Unaudited Consolidated Statements of Operations — (Continued)**<br>**(in thousands, except share and per share data)** | **Barings BDC, Inc.**<br>**Unaudited Consolidated Statements of Operations — (Continued)**<br>**(in thousands, except share and per share data)** | **Barings BDC, Inc.**<br>**Unaudited Consolidated Statements of Operations — (Continued)**<br>**(in thousands, except share and per share data)** | **Barings BDC, Inc.**<br>**Unaudited Consolidated Statements of Operations — (Continued)**<br>**(in thousands, except share and per share data)** | **Barings BDC, Inc.**<br>**Unaudited Consolidated Statements of Operations — (Continued)**<br>**(in thousands, except share and per share data)** |
| | **Three Months**<br>**Ended** | **Three Months**<br>**Ended** | **Six Months**<br>**Ended** | **Six Months**<br>**Ended** |
| | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts:** | | | | |
| Net realized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | $6024 | $7685 | $(4360) | $(4922) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments |  | (4179) |  | (4179) |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments | (17109) |  | (24456) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | (11085) | 3506 | (28816) | (9101) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit support agreements | 9400 |  | 9400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 787 | 153 | 2235 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | (14259) | 4415 | 954 | (4671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (15157) | 8074 | (16227) | (13379) |
| Net unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | 8975 | (7831) | 31205 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 663 | (5034) | (1197) | (2239) |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments | 17817 | (13572) | 30447 | (1766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 27455 | (26437) | 60455 | (3333) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit support agreements | (3000) | (904) | 1350 | (7254) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (15205) | 1025 | (22983) | 4541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | (3344) | (4460) | (25661) | 11372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | 5906 | (30776) | 13161 | 5326 |
| Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts | (9251) | (22702) | (3066) | (8053) |
| **Net increase (decrease) in net assets resulting from operations** | $**20559** | $**19440** | $**53135** | $**63441** |
| Net investment income per share — basic and diluted | $0.28 | $0.40 | $0.53 | $0.67 |
| Net increase (decrease) in net assets resulting from operations per share — basic and diluted | $0.20 | $0.18 | $0.51 | $0.60 |
| **Dividends / distributions per share:** |  |  |  |  |
| Regular quarterly dividends / distributions | $0.26 | $0.26 | $0.52 | $0.52 |
| Special dividends / distributions | 0.05 |  | 0.10 |  |
| Total dividends / distributions per share | $0.31 | $0.26 | $0.62 | $0.52 |
| Weighted average shares outstanding — basic and diluted | 105232015 | 105898271 | 105302308 | 105968572 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Barings BDC, Inc.**

**Unaudited Consolidated Statements of Cash Flows** 

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended**<br>**June 30, 2025** | **Six Months Ended**<br>**June 30, 2024** |
| **Cash flows from operating activities:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $53135 | $63441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of portfolio investments | (409178) | (216878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments received / sales of portfolio investments | 274620 | 289310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan origination and other fees received | 8243 | 3768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | 28816 | 9101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss of CSAs | (9400) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency transactions | (2235) | (393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on forward currency contracts | (954) | 4671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on investments | (60455) | 3333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation of CSAs | (1350) | 7254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on foreign currency transactions | 22983 | (4541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on forward currency contracts | 25661 | (11372) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest / dividends | (11058) | (10331) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing fees | 2380 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of loan origination and other fees | (5213) | (5473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization / accretion of purchased loan premium / discount | (895) | (412) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from termination of CSAs | 23000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for derivative contracts | (21584) | (11586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from derivative contracts | 22538 | 6914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and fees receivable | (691) | 14625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 1282 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 723 | (6984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | (830) | 5877 |
| Net cash provided by (used in) operating activities | (60462) | 143203 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under credit facility | 170500 | 24500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of credit facility | (84471) | (388539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from notes |  | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing fees paid |  | (7205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of shares in repurchase plan | (2339) | (3015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends / distributions paid | (65306) | (55109) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 18384 | (129368) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in cash and foreign currencies | (42078) | 13835 |
| &nbsp;&nbsp;&nbsp;Cash and foreign currencies, beginning of period | 91339 | 70528 |
| &nbsp;&nbsp;&nbsp;**Cash and foreign currencies, end of period** | $**49261** | $**84363** |
| **Supplemental Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $38453 | $32855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise taxes paid during the period | $3665 | $1700 |

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------

**Barings BDC, Inc.**

**Unaudited Reconciliation of Debt to Net Debt and Calculation of Net Debt-to-Equity Ratio**

**(in thousands, except ratios)**

---

| | | | |
|:---|:---|:---|:---|
| | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** |
| Total debt (principal) | $1572313 | $1522268 | $1463590 |
| &nbsp;&nbsp;&nbsp;&nbsp;minus: Cash and foreign currencies (excluding restricted cash) | (44547) | (93355) | (77846) |
| &nbsp;&nbsp;&nbsp;&nbsp;plus: Payable from unsettled transactions | 4189 | 47075 | 7380 |
| &nbsp;&nbsp;&nbsp;&nbsp;minus: Receivable from unsettled transactions | (15522) | (340) | (16427) |
| Total net debt<sup>(1)</sup> | $1516433 | $1475648 | $1376697 |
| Total net assets | $1175844 | $1188803 | $1190354 |
| Total net debt-to-equity ratio<sup>(1)</sup> | 1.29x | 1.24x | 1.16x |

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<sup>(1)</sup> See the "Non-GAAP Financial Measures" section of this press release.

<br>