0001379785FALSE00013797852024-05-072024-05-07

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): May 7, 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 May 7, 2024, Barings BDC, Inc. (the “Company” or “Barings BDC”) issued a press release announcing its financial results for the quarter ended March 31, 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 5.07.    Submission of Matters to a Vote of Security Holders.
The Company held its 2024 Annual Meeting of Stockholders (the “Annual Meeting”) on May 7, 2024. Stockholders were asked to consider and act upon the following proposals, each of which was described in the Company’s definitive proxy statement filed with the Securities and Exchange Commission (the “SEC”) on March 20, 2024 (the “Proxy Statement”):
•Proposal No. 1 – to elect three Class III directors to serve for a three-year term and until their successors have been duly elected and qualify (the “Director Election Proposal”); and
•Proposal No. 2 – to approve a proposal to authorize the Company, pursuant to subsequent approval of its Board of Directors, to issue and sell shares of its common stock (during the 12 months following such authorization) at a price below the Company’s then-current net asset value per share in one or more offerings, subject to certain limitations set forth in the Proxy Statement (including, without limitation, that the number of shares issued and sold pursuant to such authority does not exceed 30% of the Company’s then-outstanding common stock immediately prior to each such offering) (the “Below-NAV Share Issuance Proposal”).
All director nominees listed in the Director Election Proposal were elected by the Company’s stockholders at the Annual Meeting as Class III directors to serve until the Company’s 2027 annual meeting of stockholders and until their successors have been duly elected and qualified. The final voting results for each director nominee are set forth below:
DirectorForAgainstAbstainBroker Non-Votes
David Mihalick57,545,088 2,692,472 1,563,801 — 
Thomas W. Okel50,998,191 9,157,643 1,645,527 — 
Jill Olmstead50,923,256 9,283,027 1,595,078 — 
On May 7, 2024, the Company adjourned the Annual Meeting with respect to the Below-NAV Share Issuance Proposal to permit additional time to solicit stockholder votes for such proposal. The reconvened meeting (the “Reconvened Meeting”) will be held virtually on July 2, 2024 at 9:30 a.m., Eastern Time, at the following website:
www.virtualshareholdermeeting.com/BBDC2024. Valid proxies submitted prior to the Annual Meeting will continue to be valid for the Reconvened Meeting, unless properly changed or revoked prior to votes being taken at the Reconvened Meeting. The record date of March 8, 2024 will remain the same for the Reconvened Meeting.
Item 7.01.    Regulation FD Disclosure.
Additionally, on May 7, 2024, the Company made available on its website, www.baringsbdc.com, a supplemental investor presentation with respect to the first 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: May 7, 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 FIRST QUARTER 2024 RESULTS AND
ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.26 PER SHARE
CHARLOTTE, N.C., May 7, 2024 - Barings BDC, Inc. (NYSE: BBDC) (“Barings BDC” or the “Company”) today reported its financial and operating results for the first 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
March 31, 2024		Three Months Ended
December 31, 2023
(dollars in millions, except per share data)Total Amount
Per
Share(1)
Total Amount
Per
Share(2)
Net investment income $29.4$0.28$33.4$0.31
Net realized gains (losses)$(21.5)$(0.20)$12.8$0.12
Net unrealized appreciation (depreciation)$36.1$0.34$(16.4)$(0.15)
Net increase (decrease) in net assets resulting from operations$44.0$0.41$29.9$0.28
Dividends paid$0.26$0.26
(1) Based on weighted average shares outstanding during the period of 106,038,873.
(2) Based on weighted average shares outstanding during the period of 106,371,835.
Investment Portfolio and Balance Sheet
(dollars in millions, except per share data)As of
March 31, 2024		As of
December 31, 2023
Investment portfolio at fair value$2,527.5$2,488.7
Weighted average yield on performing debt investments (at principal amount)10.7 %10.5 %
Total assets$2,698.7$2,677.5
Debt outstanding (principal)$1,465.4$1,444.9
Total net assets (equity)$1,211.9$1,196.6
Net asset value per share$11.44$11.28
Debt-to-equity ratio1.21x1.21x
Net debt-to-equity ratio (adjusted for unrestricted cash and net unsettled transactions)1.17x1.15x
First Quarter 2024 Results
Commenting on the quarter, Eric Lloyd, Chief Executive Officer of Barings BDC, stated, “We are proud of the strong results generated in the first quarter, including delivering our highest NAV since 2022, which was primarily driven by investment appreciation, highlighting our focus on protecting and growing the value of our investors’ capital. In addition, we continue to meaningfully out-earn our dividend while making strong progress on monetizing non-core investments and adding attractive, high-quality direct lending assets to the portfolio.”
During the three months ended March 31, 2024, the Company reported total investment income of $69.8 million, net investment income of $29.4 million, or $0.28 per share, and a net increase in net assets resulting from operations of $44.0 million, or $0.41 per share.
Net asset value (“NAV”) per share as of March 31, 2024 was $11.44, as compared to $11.28 as of December 31, 2023. The increase in NAV per share from December 31, 2023 to March 31, 2024 was primarily attributed to net unrealized appreciation


on the Company’s investment portfolio, credit support agreements, foreign currency transactions and forward currency contracts of approximately $0.34 per share and net investment income exceeding the Company’s first quarter dividend by $0.02 per share, partially offset by a net realized loss on investments, foreign currency transactions and forward currency contracts of $0.20 per share.
Recent Portfolio Activity
During the three months ended March 31, 2024, the Company made 10 new investments totaling $63.5 million and made investments in existing portfolio companies totaling $78.9 million. The Company had nine loans repaid totaling $72.2 million, received $23.3 million of portfolio company principal payments and received $4.3 million of return of capital from joint ventures and equity investments. The Company received $12.5 million for the sale of loans, recognizing a net realized loss on these transactions of $0.8 million. In addition, investments in two portfolio companies were restructured, which resulted in a loss of $12.7 million. Lastly, the Company received proceeds related to the sale of equity investments totaling $6.5 million and recognized a net realized gain on such sales totaling $0.8 million.
During the three months ended March 31, 2024, the Company recorded net unrealized appreciation totaling $36.1 million, consisting of net unrealized appreciation reclassification adjustments of $12.6 million related to the net realized losses on the sales / repayments and restructures of certain investments, net unrealized appreciation on its current portfolio of $10.5 million, net unrealized appreciation related to foreign currency transactions of $3.5 million and net unrealized appreciation related to forward currency contracts of $15.8 million, partially offset by unrealized depreciation of $1.2 million on the MVC credit support agreement with Barings and unrealized depreciation of $5.1 million on the Sierra credit support agreement with Barings. The net unrealized appreciation on the Company’s current portfolio of $10.5 million was driven primarily by broad market moves for investments of $13.9 million and credit or fundamental performance of investments of $6.9 million, partially offset by the impact of foreign currency exchange rates on investments of $10.3 million.
Liquidity and Capitalization
As of March 31, 2024, the Company had cash and foreign currencies of $64.1 million (including restricted cash of $13.4 million), $440.4 million of borrowings outstanding under its $1,065.0 million senior secured revolving credit agreement, $1,025.0 million aggregate principal amount of unsecured notes outstanding and a net receivable from unsettled transactions of $1.8 million.
On February 12, 2024, the Company issued $300.0 million in aggregate principal amount of senior unsecured notes that mature on February 15, 2029 and bear interest at a rate of 7.000% per annum (the “February 2029 Notes”). The February 2029 Notes pay interest semi-annually and all principal is due upon maturity. The February 2029 Notes may be redeemed in whole or in part at any time at the Company’s option at a redemption price set forth in the indenture governing the February 2029 Notes. The February 2029 Notes were issued at a public offering price of 98.948% of the principal amount thereof.
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 March 31, 2024, the Company repurchased a total of 115,911 shares of its common stock in the open market under the authorized program at an average price of $9.56 per share, including brokerage commissions.
Dividend Information
The Board declared a quarterly cash dividend of $0.26 per share.
The Company’s second quarter dividend is payable as follows:
Second Quarter 2024 Dividend:
Amount per share:         $0.26
Record date:             June 5, 2024
Payment date:             June 12, 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 March 31, 2024, the Company made approximately $11.7 million of new commitments, of which $6.1 million closed and funded. The $6.1 million of investments consists of $6.1 million of first lien senior secured debt investments and $46.9 thousand of equity investments. The weighted average yield of the debt investments was 11.3%. In addition, the Company funded $4.8 million of previously committed revolvers and delayed draw term loans.
Conference Call to Discuss First Quarter 2024 Results
Barings BDC has scheduled a conference call to discuss first quarter 2024 financial and operating results for Wednesday, May 8, 2024, 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 May 15, 2024. To access the replay, please dial 877-660-6853 or 201-612-7415 and enter conference ID 13745722.
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 May 15, 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 $406+ billion* of AUM firm-wide. For more information, visit www.baringsbdc.com.
About Barings LLC
Barings is a $406+ 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 March 31, 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)
March 31,
2024		December 31, 2023
(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $2,065,014 and $2,053,548 as of March 31, 2024 and December 31, 2023, respectively)
$2,015,336 $1,995,372 
Affiliate investments (cost of $382,732 and $378,865 as of March 31, 2024 and December 31, 2023, respectively)
409,085 402,423 
Control investments (cost of $103,553 and $103,163 as of March 31, 2024 and December 31, 2023, respectively)
103,116 90,920 
Total investments at fair value2,527,537 2,488,715 
Cash (restricted cash of $13,373 and $0 as of March 31, 2024 and December 31, 2023, respectively)
48,777 57,187 
Foreign currencies (cost of $15,572 and $13,023 as of March 31, 2024 and December 31, 2023, respectively)
15,336 13,341 
Interest and fees receivable41,672 51,598 
Prepaid expenses and other assets3,254 3,564 
Credit support agreements (cost of $58,000 as of both March 31, 2024 and December 31, 2023)
51,450 57,800 
Derivative assets5,011 1 
Deferred financing fees3,490 3,948 
Receivable from unsettled transactions2,159 1,299 
Total assets$2,698,686 $2,677,453 
Liabilities:
Accounts payable and accrued liabilities$2,156 $2,950 
Interest payable12,452 8,450 
Administrative fees payable582 536 
Base management fees payable8,279 8,347 
Incentive management fees payable8,167 7,737 
Derivative liabilities3,675 11,265 
Payable from unsettled transactions336 1,112 
Borrowings under credit facilities440,352 719,914 
Notes payable (net of deferred financing fees)1,010,811 720,583 
Total liabilities1,486,810 1,480,894 
Commitments and contingencies
Net Assets:
Common stock, $0.001 par value per share (150,000,000 shares authorized, 105,951,159 and 106,067,070 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)
106 106 
Additional paid-in capital1,853,350 1,854,457 
Total distributable earnings (loss)(641,580)(658,004)
Total net assets1,211,876 1,196,559 
Total liabilities and net assets$2,698,686 $2,677,453 
Net asset value per share$11.44 $11.28 




Barings BDC, Inc.
Unaudited Consolidated Statements of Operations
(in thousands, except share and per share data)
Three Months
Ended
Three Months
Ended
March 31,
2024		March 31,
2023
Investment income:
Interest income:
Non-Control / Non-Affiliate investments$53,190 $51,168 
Affiliate investments957 380 
Control investments386 342 
Total interest income54,533 51,890 
Dividend income:
Non-Control / Non-Affiliate investments1,322 826 
Affiliate investments7,155 7,048 
Total dividend income8,477 7,874 
Fee and other income:
Non-Control / Non-Affiliate investments3,388 3,082 
Affiliate investments69 167 
Control investments17 51 
Total fee and other income3,474 3,300 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments2,482 3,535 
Affiliate investments251 203 
Control investments391 204 
Total payment-in-kind interest income3,124 3,942 
Interest income from cash199 198 
Total investment income69,807 67,204 
Operating expenses:
Interest and other financing fees21,082 19,316 
Base management fee 8,279 7,853 
Incentive management fees8,167 9,604 
General and administrative expenses2,676 2,736 
Total operating expenses40,204 39,509 
Net investment income before taxes29,603 27,695 
Income taxes, including excise tax expense250 195 
Net investment income after taxes29,353 27,500 


Barings BDC, Inc.
Unaudited Consolidated Statements of Operations — (Continued)
(in thousands, except share and per share data)
Three Months
Ended
Three Months
Ended
March 31,
2024		March 31,
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$(12,608)$771 
Net realized gains (losses) on investments(12,608)771 
Foreign currency transactions241 3,701 
Forward currency contracts(9,086)(14,218)
Net realized gains (losses)(21,453)(9,746)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments8,502 7,437 
Affiliate investments2,795 10,841 
Control investments11,805 (7,269)
Net unrealized appreciation (depreciation) on investments23,102 11,009 
Credit support agreements(6,350)5,586 
Foreign currency transactions3,516 (8,127)
Forward currency contracts15,833 13,502 
Net unrealized appreciation (depreciation)36,101 21,970 
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts14,648 12,224 
Benefit from (provision for) income taxes— (73)
Net increase (decrease) in net assets resulting from operations$44,001 $39,651 
Net investment income per share — basic and diluted$0.28 $0.25 
Net increase (decrease) in net assets resulting from operations per share — basic and diluted$0.41 $0.37 
Dividends/distributions per share:
Total dividends/distributions per share$0.26 $0.25 
Weighted average shares outstanding — basic and diluted106,038,873 107,916,166 



Barings BDC, Inc.
Unaudited Consolidated Statements of Cash Flows 
(in thousands)
Three Months Ended
Three Months Ended
March 31, 2024March 31, 2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$44,001 $39,651 
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(143,128)(179,634)
Repayments received / sales of portfolio investments118,008 69,515 
Loan origination and other fees received2,520 2,420 
Net realized (gain) loss on investments12,608 (771)
Net realized (gain) loss on foreign currency transactions(241)(3,701)
Net realized (gain) loss on forward currency contracts9,086 14,218 
Net unrealized (appreciation) depreciation on investments (23,102)(11,009)
Net unrealized (appreciation) depreciation of CSAs6,350 (5,586)
Net unrealized (appreciation) depreciation on foreign currency transactions(3,516)8,127 
Net unrealized (appreciation) depreciation on forward currency contracts(15,833)(13,502)
Payment-in-kind interest / dividends(5,800)(5,419)
Amortization of deferred financing fees1,041 764 
Accretion of loan origination and other fees(2,419)(2,017)
Amortization / accretion of purchased loan premium / discount(261)(303)
Payments for derivative contracts(11,265)(15,482)
Proceeds from derivative contracts2,178 1,264 
Changes in operating assets and liabilities:
Interest and fees receivable10,729 (3,424)
Prepaid expenses and other assets313 348 
Accounts payable and accrued liabilities(388)8,955 
Interest payable4,010 3,566 
Net cash provided by (used in) operating activities4,891 (92,020)
Cash flows from financing activities:
Borrowings under credit facilities24,500 35,000 
Repayments of credit facilities(300,000)— 
Proceeds from notes300,000 — 
Financing fees paid(7,122)(21)
Purchases of shares in repurchase plan(1,107)— 
Cash dividends / distributions paid(27,577)(26,979)
Net cash provided by (used in) financing activities(11,306)8,000 
Net increase (decrease) in cash and foreign currencies(6,415)(84,020)
Cash and foreign currencies, beginning of period70,528 139,415 
Cash and foreign currencies, end of period$64,113 $55,395 
Supplemental Information:
Cash paid for interest$15,580 $14,662 
Excise taxes paid during the period$1,700 $800 



Barings BDC, Inc.
Unaudited Reconciliation of Debt to Net Debt and Calculation of Net Debt-to-Equity Ratio
(in thousands, except ratios)

March 31, 2024
December 31, 2023
Total debt (principal)$1,465,352 $1,444,914 
minus: Cash and foreign currencies (excluding restricted cash)(50,740)(70,528)
plus: Payable from unsettled transactions336 1,112 
minus: Receivable from unsettled transactions(2,159)(1,299)
Total net debt(1)
$1,412,789 $1,374,199 
Total net assets$1,211,876 $1,196,559 
Total net debt-to-equity ratio(1)
1.17 x1.15 x
(1) See the “Non-GAAP Financial Measures” section of this press release.




v3.24.1.u1
Cover
May 07, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date May 07, 2024
Entity Registrant Name Barings BDC, Inc.
Entity Incorporation, State or Country Code MD
Securities Act File Number 814-00733
Entity Tax Identification Number 06-1798488
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
City Area Code 704
Local Phone Number 805-7200
Title of 12(b) Security Common Stock, par value $0.001 per share
Trading Symbol BBDC
Security Exchange Name NYSE
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001379785
Amendment Flag false
Barings BDC (NYSE:BBDC)
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Barings BDC (NYSE:BBDC)
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