Barings BDC, Inc. is a US-listed business development company (BDC) that provides
debt capital, and selectively equity capital, to middle-market companies. The portfolio
is typically concentrated in senior secured loans with floating-rate exposure, with
returns driven by base rates, credit spreads, portfolio credit performance, non-accruals
and fee income. Dividend sustainability is closely linked to net investment income,
leverage levels, funding costs and realized/unrealized credit marks, making BBDC a
closely monitored income vehicle within the listed private credit and BDC segment.