Barings BDC Inc 2025年季度报告

ýQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period endedSeptember 30, 2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period fromtoCommission file number814-00733______________________________________________________________________ Barings BDC, Inc. (Exact name of registrant as specified in its charter)__________________________________________________________ Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/ASecurities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90days.YesýNo¨ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).YesýNo¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growthcompany" in Rule 12b-2 of the Exchange Act. The number of shares outstanding of the registrant’s common stock on November6, 2025 was105,158,938. BARINGS BDC, INC.TABLE OF CONTENTSQUARTERLY REPORT ON FORM 10-Q PARTI – FINANCIAL INFORMATION Item1.Financial StatementsUnaudited Consolidated Balance Sheet as ofSeptember 30, 2025and Consolidated Balance Sheet as ofDecember31, 20243Unaudited Consolidated Statements of Operations for theThree and Nine Months EndedSeptember 30, 2025 and20244Unaudited Consolidated Statements of Changes in Net Assets for theThree and NineMonths EndedSeptember 30, 2025and20246Unaudited Consolidated Statements of Cash Flows for theNineMonths EndedSeptember 30, 2025and20248Unaudited Consolidated Schedule of Investments as ofSeptember 30, 20259Consolidated Schedule of Investments as ofDecember 31, 202436Notes to Unaudited Consolidated Financial Statements62Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations107Item3.Quantitative and Qualitative Disclosures About Market Risk136Item4.Controls and Procedures137 PARTII – OTHER INFORMATION Item1.Legal ProceedingsItem1A.Risk FactorsItem2.Unregistered Sales of Equity Securities and Use of ProceedsItem3.Defaults Upon Senior SecuritiesItem4.Mine Safety DisclosuresItem5.Other InformationItem6.ExhibitsSignatures 138138138139139139140141 Barings BDC, Inc.Consolidated Balance Sheets(in thousands, except share and per share data) Barings BDC, Inc.Unaudited Consolidated Statements of Changes in Net Assets(in thousands, except share amounts) Barings BDC, Inc.Unaudited Consolidated Schedule of InvestmentsSeptember 30, 2025(Amounts in thousands, except unit/share amounts) Barings BDC, Inc.Unaudited Consolidated Schedule of Investments — (Continued)September 30, 2025(Amounts in thousands, except unit/share amounts) Barings BDC, Inc.Unaudited Consolidated Schedule of Investments — (Continued)September 30, 2025(Amounts in thousands, except unit/share amounts) Barings BDC, Inc.Unaudited Consolidated Schedule of Investments — (Continued)September 30, 2025(Amounts in thousands, except unit/share amounts) Barings BDC, Inc.Unaudited Consolidated Schedule of Investments — (Continued)September 30, 2025(Amounts in thousands, except unit/share amounts) Barings BDC, Inc.Unaudited Consolidated Schedule of Investments — (Continued)September 30, 2025(Amounts in thousands, except unit/share amounts) Barings BDC, Inc.Unaudited Consolidated Schedule of Investments — (Continued)September 30, 2025(Amounts in thousands, except unit/share amounts) Barings BDC, Inc.Unaudited Consolidated Schedule of Investments — (Continued)September 30, 2025(Amounts in thousands, except unit/share amounts) Barings BDC, Inc.Unaudited Consolidated Schedule of Investments — (Continued)September 30, 2025(Amounts in thousands, except unit/share amounts) Barings BDC, Inc.Unaudited Consolidated Schedule of Investments — (Continued)September 30, 2025(Amounts in thousands, except unit/share amounts) Barings BDC, Inc.Unaudited Consolidated Schedule of Investments — (Continued)September 30, 2025(Amounts in thousands, except unit/share amounts) Barings BDC, Inc.Unaudited Consolidated Schedule of Investments — (Continued)September 30, 2025(Amounts in thousands, except unit/share amounts) Barings BDC, Inc.Unaudited Consolidated Schedule of Investments — (Continued)September 30, 2025(Amounts in thou