Barings BDC, Inc.

A closed-end, non-diversified Business Development Company that invests in middle-market private companies through a diversified portfolio of senior and subordinated debt, equity stakes, and structured investments, with management provided by an external investment adviser. The company generates revenue through interest and dividend income from its debt and equity holdings, realized capital gains from investment exits, and transaction fees, while using leverage to enhance shareholder returns. As a Regulated Investment Company, it distributes at least 90% of taxable income annually to shareholders while maintaining the required asset coverage ratios for BDCs.