Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ Form 10-Q __________________________________________________________ (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | |---- ...

Barings BDC Inc (NYSE:BBDC) Q4 2019 Earnings Conference Call February 28, 2020 9:00 AM ET Company Participants Eric Lloyd - Chief Executive Officer Ian Fowler - President & Co-Head of Global Private Finance Tom McDonnell - Managing Director & Portfolio Manager of Barings Global High Yield Jonathan Bock - Chief Financial Officer Conference Call Participants Finian O'Shea - Wells Fargo Kyle Joseph - Jefferies Robert Dodd - Raymond James Casey Alexander - Compass Point Robert Brock - West Family Investments Op ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) (Address of principal executive of ices) þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 814-00733 Barings BDC, Inc. | --- | --- | |----------------------------------------------------- ...

Barings BDC Inc (NYSE:BBDC) Q3 2019 Earnings Conference Call October 30, 2019 9:00 AM ET Company Participants Eric Lloyd - Chief Executive Officer Ian Fowler - President & Co-Head of Global Private Finance Tom McDonnell - Managing Director & Portfolio Manager of Barings Global High Yield Jonathan Bock - Chief Financial Officer Conference Call Participants Mickey Schleien - Ladenburg Finian O'Shea - Wells Fargo Ryan Lynch - KBW Robert Dodd - Raymond James Kyle Joseph - Jefferies & Company, Inc Bryce Rowe - N ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________________ Form 10-Q __________________________________________________________ (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | | ...

Financial Data and Key Metrics Changes - The company's net asset value (NAV) increased from $11.52 per share at March 31 to $11.59 per share on June 30 [9] - Net investment income decreased slightly to $0.15 per share for the second quarter from $0.16 in the first quarter [9][10] - The leverage ratio remained consistent at 1.09x, with net unrealized appreciation on the portfolio of $1.9 million [12][25] Business Line Data and Key Metrics Changes - The middle-market portfolio grew to $352 million, primarily consisting of 28 first lien debt investments and 2 second lien term loans [17] - Seven new middle-market debt investments totaling $67 million were made during the quarter, with total investments of $80 million [10][15] - The average yield for the middle-market portfolio decreased from 7.8% to 7.5% [17] Market Data and Key Metrics Changes - Liquid credit spreads were relatively flat from March 31 to June 30, leading to consistent BDC stock prices [8] - Average spreads for broadly syndicated loans were down slightly to 327 basis points, with yields at 5.8% [16] - The illiquidity premium for middle-market lenders is at all-time lows, affecting competitive dynamics in the market [19] Company Strategy and Development Direction - The company aims to maintain a focus on quality investments and has set a reasonable expectation for average quarterly deployments around $100 million [11] - A joint venture with the State of South Carolina Retirement System is expected to enhance shareholder returns through effective asset management [7][27] - The company emphasizes a disciplined approach to credit and diversification in its investment strategy [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted that the latter half of the second quarter saw slower deal activity but anticipates increased deal flow as summer progresses [15] - The competitive environment has intensified, with more private debt managers entering the market, making it challenging to secure attractive deals [46] - Management remains committed to delivering steady and stable operating results to build investor trust [7] Other Important Information - The share repurchase program aims to buy back up to 2.5% of outstanding shares when trading below NAV, with approximately 1.9% already repurchased [13] - The company announced a third-quarter dividend of $0.14 per share, marking the fourth consecutive increase [26] Q&A Session Summary Question: On portfolio rotation and refinancing pipeline - Management indicated that the market has improved post-quarter end, with fewer outflows from mutual funds and strong CLO demand boosting prices [31] - The improvement in BSL prices will not necessarily lead to enhanced allocations for middle-market investments due to the allocation policy being based on gross commitments [32] Question: On upfront fees for capital structuring services - The advisor does not retain a portion of upfront fees; these fees are passed on to investors as part of the economic consideration [34] Question: On asset yields and competitive behavior - The decrease in total yield is primarily driven by LIBOR movements rather than spread compression [42] - The competitive environment has become more challenging, with an increase in the number of managers competing for deals [46] Question: On joint venture ramp-up and expected ROE - The joint venture is expected to ramp up slowly over 10 quarters, with a focus on generating good returns without rushing [62] Question: On the mix of commitments and yields - The commitments made were primarily due to timing, with expectations for closing within a short timeframe [58] - The yield on new commitments was influenced by a unique capital structure opportunity, not indicative of a broader market shift [60]