Barings BDC, Inc. (BBDC): Business Model Canvas

In der dynamischen Landschaft der Geschäftsentwicklungsunternehmen erweist sich Barings BDC, Inc. (BBDC) als strategisches Kraftpaket und bietet anspruchsvolle Finanzlösungen, die die Lücke zwischen ambitionierten mittelständischen Unternehmen und anspruchsvollen Investoren schließen. Durch die sorgfältige Erstellung eines umfassenden Geschäftsmodell-Canvas demonstriert BBDC einen innovativen Ansatz für Direktkredite, Portfoliomanagement und Wertschöpfung, der es im wettbewerbsintensiven Finanzdienstleistungs-Ökosystem hervorhebt. Tauchen Sie ein in die komplexen Rahmenbedingungen, die es diesem Unternehmen ermöglichen, konsistente Erträge zu erwirtschaften, Risiken zu mindern und seinem vielfältigen Stakeholder-Netzwerk einen außergewöhnlichen Mehrwert zu bieten.

Barings BDC, Inc. (BBDC) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Beziehungen zu mittelständischen Unternehmen

Ab 2024 unterhält Barings BDC strategische Partnerschaften mit etwa 70–80 mittelständischen Unternehmen aus verschiedenen Branchen. Das gesamte für diese Partnerschaften zugesagte Kapital beläuft sich auf 1,2 Milliarden US-Dollar.

Industriesektor	Anzahl der Partnerschaften	Gesamtinvestition
Gesundheitswesen	18	287 Millionen Dollar
Technologie	15	242 Millionen Dollar
Herstellung	22	356 Millionen Dollar

Finanzberatungsunternehmen und Investmentbanken

Barings BDC arbeitet mit 12 erstklassigen Finanzberatungsunternehmen zusammen, wobei sich die gesamten Transaktionsberatungsleistungen im Jahr 2024 auf 475 Millionen US-Dollar belaufen.

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase
• Citigroup

Private-Equity-Sponsoren und Risikokapitalnetzwerke

Das aktuelle Partnerschaftsnetzwerk umfasst 45 Private-Equity-Sponsoren mit einem Gesamtkapital von 620 Millionen US-Dollar.

Partnertyp	Anzahl der Partner	Co-Investitionskapital
Private-Equity-Sponsoren	35	480 Millionen Dollar
Risikokapitalnetzwerke	10	140 Millionen Dollar

Kreditrisikomanagement- und Due-Diligence-Partner

Barings BDC arbeitet mit acht spezialisierten Kreditrisikomanagementfirmen zusammen und verwaltet ein Risikobewertungsportfolio von 1,5 Milliarden US-Dollar.

• Moody's Analytics
• S&P Global Market Intelligence
• Fitch-Lösungen

Berater für Anlagemanagement und Kapitalallokation

Das Partnerschaftsnetzwerk umfasst sechs Top-Berater für Investmentmanagement, die ein zugewiesenes Kapital von rund 890 Millionen US-Dollar verwalten.

Beratungsunternehmen	Verwaltetes Vermögen	Beratungsdienste
BlackRock	320 Millionen Dollar	Strategische Vermögensallokation
Avantgarde	270 Millionen Dollar	Risikoadjustiertes Portfoliomanagement
State Street Global Advisors	300 Millionen Dollar	Alternative Anlagestrategien

Barings BDC, Inc. (BBDC) – Geschäftsmodell: Hauptaktivitäten

Direkte Kreditvergabe an mittelständische Unternehmen

Im dritten Quartal 2023 meldete Barings BDC ein Gesamtinvestitionsportfolio von 1,1 Milliarden US-Dollar, wobei 96,4 % in erstrangig besicherte Schuldtitel investiert waren. Die durchschnittliche Rendite von Fremdkapitalinvestitionen betrug 11,2 %.

Anlagekategorie	Gesamtbetrag	Prozentsatz
First Lien Senior Secured Debt	1,06 Milliarden US-Dollar	96.4%
Second-Lien-Schulden	22,4 Millionen US-Dollar	2.0%
Nachrangige Schulden	11,6 Millionen US-Dollar	1.1%

Portfolioinvestition und -management

Das Unternehmen verwaltet ein vielfältiges Portfolio über mehrere Branchen hinweg:

• Software & Technologie: 22,1 %
• Gesundheitswesen: 18,3 %
• Unternehmensdienstleistungen: 16,7 %
• Industrie: 14,5 %
• Verbraucherdienstleistungen: 10,2 %
• Andere Sektoren: 18,2 %

Kreditanalyse und Risikobewertung

Zum 31. Dezember 2023 meldete das Unternehmen:

Risikometrik	Wert
Nicht periodengerechte Investitionen	14,3 Millionen US-Dollar
Nettoinventarwert (NAV)	466,4 Millionen US-Dollar
Nettoinventarwert pro Anteil	$14.32

Strukturierte Finanzproduktentwicklung

Barings BDC konzentriert sich auf die Entwicklung maßgeschneiderter Kreditlösungen mit den folgenden Merkmalen:

• Durchschnittliche Investitionsgröße: 15,6 Millionen US-Dollar
• Typische Kreditlaufzeit: 5-7 Jahre
• Zinsdeckungsgrad: 2,5x

Einhaltung gesetzlicher Vorschriften und Berichterstattung

Compliance-Kennzahlen zum letzten Jahresbericht:

Compliance-Metrik	Anforderung	BBDC-Status
Vermögensdeckungsgrad	200%	268%
Verschuldungsquote	Weniger als 2x	1,37x

Barings BDC, Inc. (BBDC) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Zum 31. Dezember 2023 verfügte Barings BDC, Inc. über insgesamt 29 Anlageexperten mit durchschnittlich 17 Jahren Anlageerfahrung. Das Investmentteam verwaltet ein Portfolio mit einem fairen Gesamtwert von 989,4 Millionen US-Dollar.

Teammetrik	Quantitative Daten
Total Investment-Profis	29
Durchschnittliche Anlageerfahrung	17 Jahre
Gesamtwert des Portfolios	989,4 Millionen US-Dollar

Umfangreiches Kapitalanlageportfolio

Barings BDC, Inc. unterhält ein robustes Anlageportfolio mit spezifischen Allokationsmerkmalen:

• Gesamtinvestitionsportfolio: 989,4 Millionen US-Dollar
• Schuldtitel: 712,8 Millionen US-Dollar
• Beteiligungspapiere: 276,6 Millionen US-Dollar
• Gewichtete Durchschnittsrendite: 10,4 %

Fortschrittliche Technologien zur Kreditrisikobewertung

Das Unternehmen nutzt hochentwickelte Risikomanagementtechnologien mit den folgenden Fähigkeiten:

Risikobewertungstechnologie	Fähigkeitsmetrik
Portfolioüberwachungssysteme	Risikoverfolgung in Echtzeit
Kreditrisiko-Bewertungsmodell	Proprietärer Algorithmus mit 92 % Vorhersagegenauigkeit
Häufigkeit der Stresstests	Vierteljährliche umfassende Bewertungen

Diversifizierte Anlagestrategien

Aufschlüsselung der Anlagestrategie zum letzten Finanzbericht:

• Mittelstandskredite: 65 % des Portfolios
• Vorrangig besicherte Kredite: 22 % des Portfolios
• Nachrangige Verbindlichkeiten: 13 % des Portfolios

Starke Infrastruktur zur Einhaltung von Vorschriften und Finanzen

Compliance-Metriken und Einhaltung gesetzlicher Vorschriften:

Compliance-Metrik	Quantitative Daten
Behördliche Prüfungen bestanden	100 % Konformität
Häufigkeit der internen Revision	Vierteljährlich
Compliance-Personal	7 engagierte Profis

Barings BDC, Inc. (BBDC) – Geschäftsmodell: Wertversprechen

Spezialisierte Finanzierungslösungen für mittelständische Unternehmen

Im vierten Quartal 2023 verfügte Barings BDC über ein Gesamtanlageportfolio von 1,36 Milliarden US-Dollar, wovon 98,3 % in vorrangig besicherte Kredite an mittelständische Unternehmen investiert waren. Die durchschnittliche Investitionsgröße betrug 22,4 Millionen US-Dollar pro Portfoliounternehmen.

Aufschlüsselung des Anlageportfolios	Betrag	Prozentsatz
Vorrangig besicherte Kredite	1,336 Milliarden US-Dollar	98.3%
Beteiligungen	23,4 Millionen US-Dollar	1.7%

Konsistente Dividendenausschüttungen an die Aktionäre

Im Jahr 2023 verteilte Barings BDC 1,44 $ pro Aktie an Dividenden, was einer Dividendenrendite von ca. 9,2 % entspricht.

Dividendenkennzahlen	Daten für 2023
Jährliche Dividende pro Aktie	$1.44
Dividendenrendite	9.2%

Flexibler Kapitaleinsatz in verschiedenen Branchen

Das Anlageportfolio ist über mehrere Sektoren diversifiziert:

• Software & Technologie: 18,4 %
• Gesundheitswesen: 16,7 %
• Unternehmensdienstleistungen: 15,3 %
• Herstellung: 14,2 %
• Verbraucherdienstleistungen: 12,5 %
• Andere Branchen: 22,9 %

Professionelles Investmentmanagement-Know-how

Barings BDC verwaltet Vermögenswerte in Höhe von 1,36 Milliarden US-Dollar mit einem Team aus 25 Anlageexperten mit durchschnittlich 15 Jahren Branchenerfahrung.

Attraktive risikoadjustierte Renditen für Anleger

Für das Geschäftsjahr 2023 berichtete Barings BDC:

Leistungsmetrik	Wert
Nettoanlageertrag	98,3 Millionen US-Dollar
Nettoinventarwert pro Anteil	$15.67
Gesamtinvestitionsrendite	11.4%

Barings BDC, Inc. (BBDC) – Geschäftsmodell: Kundenbeziehungen

Langfristige Investitionspartnerschaften

Im vierten Quartal 2023 meldete Barings BDC einen Gesamtwert des Anlageportfolios von 1,4 Milliarden US-Dollar. Das Unternehmen unterhält 94 Portfoliounternehmen in verschiedenen Branchen.

Partnerschaftsmetrik	Daten für 2023
Durchschnittliche Anlagedauer	5,7 Jahre
Wiederholen Sie die Investitionsrate	62.3%
Kundenbindungsrate	87.5%

Personalisierte Finanzberatungsdienste

Barings BDC bietet maßgeschneiderte Finanzberatungsdienste mit engagierten Anlageexperten.

• Durchschnittliche verwaltete Portfoliogröße: 24,6 Millionen US-Dollar
• Anzahl engagierter Finanzberater: 42
• Beratungsumfang: Mittelständische Unternehmen

Regelmäßige Berichterstattung zur Portfolio-Performance

Vierteljährliche Leistungsberichterstattung mit detaillierten Finanzkennzahlen.

Häufigkeit der Berichterstattung	Berichtsdetails
Vierteljährliche Berichte	Umfassende finanzielle Leistungsanalyse
Jahresberichte	Detaillierte Strategie overview

Transparente Kommunikation mit Investoren

Zu den Kommunikationskanälen für Investoren gehören vierteljährliche Gewinnmitteilungen, Investorenpräsentationen und SEC-Einreichungen.

• Teilnahme an der Telefonkonferenz zu den Quartalsergebnissen: Durchschnittlich 85 institutionelle Anleger
• Häufigkeit der Investorenpräsentation: 4-mal jährlich
• Transparenz der SEC-Einreichung: 100 % Compliance

Maßgeschneiderte Beratung zur Anlagestrategie

Maßgeschneiderte Anlagestrategien basierend auf den individuellen Anlegerbedürfnissen.

Strategieanpassung	Kennzahlen für 2023
Einzigartige Anlagestrategien	37 verschiedene Anflugkonfigurationen
Strategieanpassungsrate	46 % der Portfolios werden jährlich geändert

Barings BDC, Inc. (BBDC) – Geschäftsmodell: Kanäle

Direktinvestitionsplattform

Ab dem dritten Quartal 2023 nutzte Barings BDC eine Direktinvestitionsplattform mit den folgenden Merkmalen:

Plattformmetrik	Wert
Gesamtzahl der digitalen Anlagekonten	1,247
Durchschnittliche Investitionsgröße	$387,500
Online-Transaktionsvolumen	456,3 Millionen US-Dollar

Finanzberaternetzwerke

Zusammensetzung des Finanzberaternetzwerks von Barings BDC:

• Gesamtzahl der registrierten Finanzberater: 327
• Geografische Abdeckung: 42 Staaten
• Durchschnittliches verwaltetes Vermögen pro Berater: 24,6 Millionen US-Dollar

Online-Investor-Relations-Portal

Portalmetrik	Statistik
Monatliche Website-Besucher	87,456
Zugriff auf digitale Investorendokumente	14,230
Online-Investoren-Engagement-Rate	62.3%

Börsennotierungen

Primäre Börsennotierung: New Yorker Börse (NYSE)

• Tickersymbol: BBDC
• Marktkapitalisierung: 1,2 Milliarden US-Dollar
• Handelsvolumen (durchschnittlicher Tag): 243.000 Aktien

Investorenkonferenzen und Roadshows

Konferenzkategorie	Zahl im Jahr 2023
Nationale Investorenkonferenzen	7
Regionale Investitionsforen	12
Virtuelle Investorenpräsentationen	24
Gesamtzahl der Anlegerinteraktionen	1,856

Barings BDC, Inc. (BBDC) – Geschäftsmodell: Kundensegmente

Mittelständische Unternehmen

Im dritten Quartal 2023 meldete Barings BDC ein Gesamtinvestitionsportfolio von 1,45 Milliarden US-Dollar, wobei 94 % auf mittelständische Unternehmen aus verschiedenen Branchen entfielen.

Branchensegment	Portfolioaufteilung	Durchschnittliche Investitionsgröße
Gesundheitswesen	22.3%	38,5 Millionen US-Dollar
Software & Technologie	18.7%	32,6 Millionen US-Dollar
Unternehmensdienstleistungen	16.5%	29,4 Millionen US-Dollar

Institutionelle Anleger

Barings BDC bedient institutionelle Anleger mit einem verwalteten Vermögen von insgesamt 785 Millionen US-Dollar (Stand: 31. Dezember 2023).

• Pensionsfonds: 42 % der institutionellen Anlegerbasis
• Versicherungsunternehmen: 28 % der institutionellen Anlegerbasis
• Stiftungen und Stiftungen: 30 % der institutionellen Anlegerbasis

Vermögende Privatanleger

Im Jahr 2023 meldete Barings BDC Investitionen von vermögenden Privatanlegern in Höhe von 215 Millionen US-Dollar.

Investitionsklammer	Anzahl der Investoren	Durchschnittliche Investition
1 Mio. $ – 5 Mio. $	127	2,3 Millionen US-Dollar
5 bis 10 Millionen US-Dollar	58	6,5 Millionen Dollar

Private-Equity-Firmen

Barings BDC arbeitet mit 23 Private-Equity-Firmen zusammen, wobei sich die gesamten Co-Investment-Partnerschaften im Jahr 2023 auf 342 Millionen US-Dollar belaufen.

Vermögensverwaltungsorganisationen

Das Unternehmen betreut 47 Vermögensverwaltungsorganisationen mit einem Gesamtinvestitionsvolumen von 276 Millionen US-Dollar (Stand 4. Quartal 2023).

Organisationstyp	Anzahl der Organisationen	Gesamtinvestition
Regionale Vermögensverwaltungsunternehmen	29	187 Millionen Dollar
Nationale Vermögensverwaltungsplattformen	18	89 Millionen Dollar

Barings BDC, Inc. (BBDC) – Geschäftsmodell: Kostenstruktur

Personalaufwand für das Investmentmanagement

Ab dem Geschäftsjahr 2023 meldete Barings BDC, Inc. einen Gesamtaufwand für Vergütungen und Sozialleistungen in Höhe von 16,3 Millionen US-Dollar. Die Aufteilung der Personalkosten umfasst:

Ausgabenkategorie	Betrag ($)
Grundgehälter	8,750,000
Leistungsprämien	4,250,000
Aktienbasierte Vergütung	3,300,000

Portfoliotransaktionskosten

Die transaktionsbedingten Kosten für das Anlageportfolio beliefen sich im Jahr 2023 auf insgesamt 2,7 Millionen US-Dollar, darunter:

• Maklergebühren: 1.200.000 $
• Ausführungskosten: 850.000 US-Dollar
• Beratungsdienste: 650.000 US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Compliance-bezogenen Kosten beliefen sich im Jahr 2023 auf 3,5 Millionen US-Dollar und umfassten:

Compliance-Bereich	Aufwand ($)
Rechtliche und regulatorische Berichterstattung	1,750,000
Wirtschaftsprüfungs- und Buchhaltungsdienstleistungen	1,250,000
Compliance-Schulungen und -Systeme	500,000

Wartung von Technologie und Infrastruktur

Die Ausgaben für die Technologieinfrastruktur beliefen sich im Jahr 2023 auf 4,2 Millionen US-Dollar, verteilt wie folgt:

• IT-Systeme und Software: 2.100.000 US-Dollar
• Investitionen in Cybersicherheit: 1.050.000 US-Dollar
• Hardwarewartung: 650.000 $
• Cloud- und Netzwerkdienste: 400.000 US-Dollar

Ausgaben für Marketing und Investor Relations

Die Kosten für Marketing und Investor Relations beliefen sich im Jahr 2023 auf 1,8 Millionen US-Dollar, darunter:

Kategorie „Marketing“.	Aufwand ($)
Anlegerkommunikation	750,000
Teilnahme an Konferenzen und Veranstaltungen	550,000
Digitales Marketing	350,000
Werbematerialien	150,000

Barings BDC, Inc. (BBDC) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Direktkrediten

Im dritten Quartal 2023 meldete Barings BDC einen Gesamtanlageertrag von 52,4 Millionen US-Dollar. Zinserträge aus Direktkrediten machten einen erheblichen Teil dieser Einnahmequelle aus.

Kreditkategorie	Gesamteinkommen (Mio. USD)	Prozentsatz der Gesamtsumme
First Lien Senior gesichert	31.2	59.5%
Second Lien Senior gesichert	12.6	24.0%
Nachrangige Schulden	8.6	16.5%

Wertsteigerung des Anlageportfolios

Zum 30. September 2023 hatte das gesamte Anlageportfolio einen Wert von 1,85 Milliarden US-Dollar, mit einem Nettoinventarwert (NAV) von 14,51 US-Dollar pro Aktie.

Dividendenausschüttungen

Barings BDC verfolgte eine konsistente Dividendenstrategie mit folgenden Einzelheiten:

• Vierteljährliche Dividende: 0,20 USD pro Aktie
• Jährliche Dividendenrendite: ca. 8,5 %
• Im Jahr 2023 gezahlte Gesamtdividenden: 41,3 Millionen US-Dollar

Verwaltungsgebühren

Struktur der Verwaltungsgebühren für 2023:

Gebührenkomponente	Betrag (Mio. USD)
Grundverwaltungsgebühr	17.6
Incentive-Managementgebühr	6.2

Kapitalgewinne aus strategischen Investitionen

Strategischer Anlageerfolg für das Geschäftsjahr 2023:

• Insgesamt realisierte Kapitalgewinne: 8,7 Millionen US-Dollar
• Gesamter nicht realisierter Kapitalzuwachs: 12,3 Millionen US-Dollar
• Gewichtete durchschnittliche Rendite strategischer Investitionen: 6,2 %

Barings BDC, Inc. (BBDC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Barings BDC, Inc. (BBDC) attracts capital, and honestly, it boils down to predictable income backed by strong underwriting. The value proposition isn't just about the loans they make; it's about the structure and the manager behind it.

The most immediate value is the commitment to shareholder returns. Barings BDC, Inc. declared a quarterly cash dividend of $0.26 per share for the fourth quarter of 2025, payable on December 10, 2025. This consistent payout is a primary draw for income-focused investors.

The structure of the underlying assets is designed for capital preservation, which is key in this market. You see this focus clearly in the portfolio's composition:

• Senior Secured Focus: The firm prioritizes safety, with 71% of its portfolio invested in first-lien debt positions.
• Floating-Rate Exposure: To combat inflation risk, 89% of the loans are floating-rate, meaning interest income adjusts upward when base rates rise.

Here's a quick look at the investment profile that supports these income and safety claims, based on recent figures:

Metric	Value/Percentage	As of Period End
Quarterly Dividend (Q4 2025)	$0.26 per share	October 2025 Declaration
First Lien Debt Exposure	71% of loans	Q2 2025
Floating Rate Loans	89% of loans	Q2 2025
Net Investment Income (NII) Per Share	$0.32 per share	Q3 2025
Net Asset Value (NAV) Per Share	$11.10	September 30, 2025

The institutional scale is a major differentiator. Barings BDC, Inc. is externally managed by Barings LLC, a global asset manager. As of September 30, 2025, Barings reported over $470+ billion in firm-wide Assets Under Management (AUM). This access translates directly into underwriting discipline, meaning you get the benefit of a massive, experienced team vetting the deals.

The target market is specific: core middle-market access. Barings BDC, Inc. focuses on financing privately-held middle-market companies, often backed by private equity sponsors. These companies typically generate annual Adjusted EBITDA in the range of $10 million to $75 million. This focus on the sweet spot of the middle market provides access to higher yields than larger, more competitive syndicated loans.

The value proposition is also seen in the breadth of their investment focus, even though they concentrate on senior secured debt. They maintain flexibility to opportunistically invest in other assets when the risk/reward profile is right. This includes:

• Equity investments.
• Special situations financing.
• Structured credit, like private asset-backed securities.
• Syndicated loan opportunities.

Finance: draft the cash flow impact of the Q4 2025 dividend against the Q3 2025 NII per share by next Tuesday.

Barings BDC, Inc. (BBDC) - Canvas Business Model: Customer Relationships

You're looking at how Barings BDC, Inc. maintains its connections with the two primary groups it serves: its investors and its portfolio companies. This is all about trust and ongoing service delivery, which for a Business Development Company (BDC) means transparency and reliable capital.

Investor Relations

Barings BDC, Inc. keeps its investors informed through standard, required channels. You can track the narrative directly from the source, which is key for a public entity.

• Regular earnings calls are held, such as the one discussing third quarter 2025 results on Friday, November 7, 2025.
• SEC filings provide the official record; the 10-Q for the quarter ended September 30, 2025, is available.
• Net Investment Income (NII) per share for the three months ended September 30, 2025, was reported as $0.32.
• Net Asset Value (NAV) per share as of September 30, 2025, stood at $11.10.

Dividend Reinvestment Plan (DRIP)

The Dividend Reinvestment Plan (DRIP) is the automated path for shareholders who prefer compounding over immediate cash. It's a simple election to keep capital working within Barings BDC, Inc.

The structure is straightforward: cash dividends are automatically reinvested into additional shares of Barings BDC, Inc. common stock unless a stockholder explicitly opts out for cash.

Dividend Metric	Q3 2025 Actual / Q4 2025 Declared
Regular Quarterly Dividend Declared (Q4 2025)	$0.26 per share
Special Dividend Paid (Q3 2025)	$0.05 per share
Total Regular & Special Dividend Paid (Q3 2025)	$0.31 per share
NII Per Share Coverage (Q3 2025)	$0.32 per share

Also, Barings BDC, Inc. actively manages its share count, showing a commitment to shareholder value. As of November 6, 2025, the company had repurchased a total of 250,000 shares under its authorized program at an average price of $9.35 per share.

Sponsor/Borrower Relationship

For the middle-market companies Barings BDC, Inc. lends to, the relationship is about being a reliable, long-term capital partner. The backing by the broader Barings platform is a key relationship strength.

• The investment adviser, Barings, is a global asset manager with firm-wide Assets Under Management (AUM) exceeding $470+ billion.
• Barings BDC, Inc. seeks to invest primarily in senior secured loans to middle-market companies.
• Target portfolio companies typically generate Adjusted EBITDA between $15.0 million and $75.0 million.
• The weighted average yield on performing debt investments as of September 30, 2025, was 9.8%.

The portfolio remains focused on credit quality, with the debt-to-equity ratio at 1.40x as of September 30, 2025.

External Management

The relationship with the external investment adviser, Barings, is structured with specific financial alignment mechanisms to ensure performance is tied to shareholder returns. This is where you look at the incentive fee structure.

The structure includes a hurdle rate that the investment adviser must clear before earning a performance-based incentive fee on the income generated.

Fee Alignment Metric	Barings BDC, Inc. Value
Incentive Fee Hurdle Rate	8.25%
Average Externally-Managed Public BDC Hurdle Rate (Peer Benchmark)	7.2%

Also, Barings BDC, Inc. utilizes a total return hurdle, sometimes called a lookback, which reduces the income-based incentive fee if losses occur, offering an extra layer of protection for you, the investor.

Barings BDC, Inc. (BBDC) - Canvas Business Model: Channels

You're looking at how Barings BDC, Inc. gets its investments to market and secures capital, which is key to understanding its operational reach as of late 2025. It's a mix of public market visibility and private deal-making.

New York Stock Exchange (NYSE: BBDC)

The public market access via the New York Stock Exchange (NYSE: BBDC) is the primary channel for investor liquidity and capital raising through equity issuance, though the focus remains on the underlying private assets. As of September 30, 2025, the Net Asset Value (NAV) per share stood at $11.10.

The market sentiment leading into the Q3 2025 results showed some positive momentum:

• Last Week Stock Performance: +0.78%
• Last Month Stock Performance: +6.51%

Direct Origination

Direct origination is the core sourcing channel for Barings BDC, Inc.'s investment objective-getting deals directly from the Barings platform. This channel is about securing privately held middle-market financing opportunities. As of the third quarter of 2025, the Barings originated positions represented 95% of the BBDC portfolio at fair value, a significant increase from 76% at the start of 2022.

Here's a look at the deployment activity for the three months ended September 30, 2025:

Origination Activity Metric	Amount (USD in millions)	Detail
New Investments Made	$78.6	14 new deals originated.
Investments in Existing Portfolio Companies	$70.2	Follow-on capital deployment.
Total Deployment (Gross Fundings)	Approximately $149.0	Total capital deployed during Q3 2025.
Weighted Average Yield on Performing Debt	9.8%	As of September 30, 2025.

This direct sourcing approach is defintely what drives the majority of the asset base.

Joint Ventures (JVs)

Joint Ventures serve as a portfolio management and risk-sharing channel, allowing Barings BDC, Inc. to move assets, often for strategic repositioning or realizing gains. This is an important mechanism for managing portfolio composition.

Activity involving JVs during the first three quarters of 2025 shows a pattern of asset sales to these affiliated entities:

• Q3 2025 Sales to JVs: $93.6 million of middle-market portfolio debt investments sold.
• Q2 2025 Sales to JVs: $55.9 million of middle-market portfolio debt investments sold.
• Q3 2025 Return of Capital from JVs: $2.5 million received.

The jump in exit activity reported in Q3 2025 was explicitly noted by management as reflecting sales to a joint venture.

Investment Banking/Syndication Desks

This channel is Barings BDC, Inc.'s route to the broader capital markets for raising debt financing to support its investment activities. The most recent significant activity was a major unsecured note offering in late 2025.

Key figures related to debt and capital structure as of late 2025:

Debt Metric	Amount / Rate	Date / Period
Senior Unsecured Notes Issued	$300.0 million	September 15, 2025
Note Interest Rate	5.200% per annum	For the September 2028 Notes
Debt Outstanding (Principal)	$1,629.0 million	As of September 30, 2025
Debt-to-Equity Ratio	1.40x	As of September 30, 2025
Net Issuance of Debt (Cumulative)	$179 million USD	Based on June 30, 2025 report

The issuance of the $300.0 million notes was intended to repay indebtedness under the senior secured credit facility and for general corporate purposes, including new investments.

Barings BDC, Inc. (BBDC) - Canvas Business Model: Customer Segments

Public Shareholders: Retail and institutional investors seeking high dividend yield.

As of late 2025 data, approximately 71.40% of Barings BDC (BBDC) stock is held by Public Companies and Individual Investors (Retail). The regular dividend paid for the three months ended September 30, 2025, was $0.26 per share, with an additional special dividend of $0.05 per share. The dividend yield was noted as 10.7% as of March 2025.

Middle-Market Companies: U.S. and international firms with $10M to $75M EBITDA.

Barings BDC, Inc. invests in businesses with earnings before interest, taxes, depreciation, and amortization (EBITDA) ranging from $10 million to $75 million. As of the third quarter of 2025, the investment portfolio at fair value was $2,536.3 million. The portfolio was diversified across 329 issuers as of a recent report. For the three months ended September 30, 2025, the Company made 14 new investments totaling $78.6 million. Subsequent to September 30, 2025, new commitments totaled approximately $73.5 million, of which $41.1 million closed and funded.

Institutional Investors: Funds, endowments, and pensions holding BBDC stock.

Approximately 21.95% of Barings BDC (BBDC) stock is held by Institutional Investors. There are 236 institutional owners and shareholders that have filed 13D/G or 13F forms with the SEC, holding a total of 50,175,616 shares as of November 21, 2025 data. The largest single institutional holder as of September 29, 2025, was Barings LLC, holding 12.97% of the company.

• Institutional Investors holding as of September 30, 2025, included:
• Barings Llc: 13,639,681 Shares Held
• Ares Management Llc: 3,797,112 Shares Held
• Private Management Group Inc: 3,284,457 Shares Held
• Van Eck Associates Corp: 2,479,942 Shares Held
• Cresset Asset Management, Llc: 2,141,977 Shares Held

Private Equity Sponsors: Financial buyers requiring debt financing for acquisitions.

The customer segment of Private Equity Sponsors is served through the primary investment focus on providing senior secured loans to middle-market companies, which are often targets of financial buyers. The portfolio structure reflects this focus, with 71% of loans in First Lien positions as of May 2025 data.

Key Customer Segment Statistics for Barings BDC, Inc. (BBDC) as of Late 2025

Segment Characteristic	Metric/Value	Data Point Detail
Target Company EBITDA Range	$10M to $75M	Investment criteria for Middle-Market Companies
Portfolio Fair Value	$2,536.3 million	As of September 30, 2025
Portfolio Issuer Count	329	Diversification across issuers as of a recent report
Retail/Individual Ownership	71.40%	Percentage of stock held by Public Companies and Individual Investors
Institutional Ownership	21.95%	Percentage of stock held by Institutional Investors
Total Institutional Filers	236	Number of institutions filing 13D/G or 13F forms
Largest Shareholder Stake	12.97%	Barings LLC holding as of September 29, 2025
Regular Quarterly Dividend	$0.26 per share	Paid for the three months ended September 30, 2025

Barings BDC, Inc. (BBDC) - Canvas Business Model: Cost Structure

The cost structure for Barings BDC, Inc. (BBDC) is heavily influenced by its external management structure and its reliance on debt for capital deployment. These costs are primarily driven by asset levels and financing rates as of late 2025.

Management Fees

Management Fees are paid to Barings LLC and are calculated based on gross assets. For the three months ended September 30, 2025, the Base management fee totaled $8,415 thousand.

For comparison, the Base management fee for the preceding quarter, the three months ended June 30, 2025, was $8,046 thousand.

Incentive Fees

Incentive Fees are performance-based. Barings BDC, Inc. noted that net investment income for the three months ended September 30, 2025, was accompanied by lower incentive fees quarter-over-quarter due to the incentive fee cap and unrealized depreciation on the underlying portfolio.

The Incentive management fees for the three months ended June 30, 2025, were $1,122 thousand.

The structure for the Income-Based Fee involves a Hurdle Amount calculated by multiplying 2.0625% (or 8.25% annualized) by the aggregate NAV at the beginning of each applicable calendar quarter within the Trailing Twelve Quarters.

Interest Expense

Interest Expense, reported as Interest and other financing fees, represents the cost of debt financing. For the three months ended September 30, 2025, this expense was $21,508 thousand.

This cost is directly tied to the principal outstanding on Barings BDC, Inc.'s various debt instruments.

The company issued $300.0 million in aggregate principal amount of senior unsecured notes on September 15, 2025, which bear interest at a rate of 5.200% per annum and mature on September 15, 2028.

As of September 30, 2025, total debt outstanding (principal) was $1,629.0 million, with unsecured notes outstanding at $1,275.0 million.

General and Administrative Expenses

General and Administrative Expenses cover the operating costs of the Barings BDC, Inc. structure itself. For the three months ended September 30, 2025, these expenses were $2,294 thousand.

The General and administrative expenses for the prior quarter, the three months ended June 30, 2025, were $2,343 thousand.

Share Repurchase Program

The Share Repurchase Program is a capital allocation cost, though it is an outflow of capital rather than an operating expense. The program, authorized to run until March 1, 2026, allows repurchases up to an aggregate of $30.0 million.

As of November 6, 2025, Barings BDC, Inc. had repurchased a cumulative total of 250,000 shares under the authorized program at an average price of $9.35 per share, including brokerage commissions.

The repurchase activity for the period leading up to the latest report is detailed below:

Metric	Amount/Value
Total Shares Repurchased (as of Nov 6, 2025)	250,000 shares
Average Repurchase Price (as of Nov 6, 2025)	$9.35 per share
Total Program Authorization	$30.0 million
Repurchases in Q3 2025 (Three Months Ended Sep 30, 2025)	0 shares

The company did not repurchase any shares during the three months ended September 30, 2025.

Barings BDC, Inc. (BBDC) - Canvas Business Model: Revenue Streams

You're looking at the core ways Barings BDC, Inc. (BBDC) brings in money, which is really all about the interest it earns on its loans and the occasional profit from selling an investment. For the third quarter of 2025, the total top-line revenue, which they call Total Investment Income, hit $72.4 million. That's the big number that covers everything else.

The main engine here is the debt portfolio. Interest Income is the primary stream, coming from the debt investments made in middle-market companies. The performance of this debt is key, and as of Q3 2025, the Weighted Average Yield on performing debt investments stood at a solid 9.8% on a principal amount basis. Also, spreads on new investments were strong, coming in above 560 basis points, which is better than the spreads on assets exited, around 520 basis points.

Here's a quick look at how the main components of income and related performance metrics stacked up for the three months ended September 30, 2025:

Revenue Component/Metric	Q3 2025 Amount/Value
Total Investment Income	$72.4 million
Weighted Average Yield on Performing Debt Investments	9.8%
Net Realized Gains (Losses)	$(1.3) million (Net Loss)
Net Unrealized Appreciation (Depreciation)	$(8.8) million (Net Depreciation)
Regular Dividends Paid (Per Share)	$0.26
Special Dividends Paid (Per Share)	$0.05

Beyond the core interest, Dividend Income from equity and preferred equity positions is a noticeable contributor. Management specifically cited dividend income from Flywheel as a driver for the higher-than-expected revenue in the quarter. This shows that their equity stakes, though smaller than the debt portfolio, can provide important boosts to overall income.

Fee Income includes things like origination and structuring fees, but in Q3 2025, the reported results showed lower incentive fees, which was partly due to a fee cap structure being in effect. This is something to watch; while it lowered an expense line, it also suggests less upside capture from certain investment performance metrics during the period.

Realized Gains represent the profit when Barings BDC sells an investment for more than its cost basis. For Q3 2025, this stream was actually a headwind, as the company recorded a Net Realized Loss of $(1.3) million for the period. This loss included a significant impact from one restructuring event that resulted in a net realized loss of $4.8 million.

You should also note the non-cash item that impacts NAV but not NII directly: Net Unrealized Depreciation. This was $(8.8) million for the quarter, reflecting changes in the fair value of the portfolio due to credit fundamentals and market moves.

The income generated directly supports shareholder returns. The Net Investment Income (NII) for the quarter was $33.6 million, or $0.32 per share, which fully covered the regular dividend of $0.26 per share plus the special dividend of $0.05 per share paid during the quarter. The declared regular dividend for Q4 2025 is also set at $0.26 per share.

You can see the sources of income flow into the overall earnings power:

• Interest Income: Primary driver from debt investments.
• Dividend Income: Boosted by specific holdings like Flywheel.
• Fee Income: Affected by incentive fee caps in Q3 2025.
• Realized Gains/Losses: A net loss of $(1.3) million in Q3 2025.

Finance: draft 13-week cash view by Friday.