XML 64 R52.htm IDEA: XBRL DOCUMENT v3.24.3
DERIVATIVE INSTRUMENTS - Narrative (Details) - USD ($)
Feb. 25, 2022
Dec. 23, 2020
Sep. 30, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Fair value     $ (8,051,000) $ (11,264,000)
Foreign Exchange Contract        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Derivative asset     7,563,000 1,000
Fair value     (8,051,000) (11,264,000)
Barings LLC | MVC Credit Support Agreement        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Notional Amount   $ 23,000,000 23,000,000 [1],[2],[3],[4] 23,000,000 [5],[6],[7]
Term of contract   10 years    
Derivative asset     19,000,000 17,300,000
Barings LLC | Sierra Credit Support Agreement        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Notional Amount $ 100,000,000   100,000,000 [4],[8],[9],[10] 100,000,000 [11],[12],[13]
Term of contract 10 years      
Derivative asset     $ 32,200,000 $ 40,500,000
[1]
(a)        The MVC Credit Support Agreement (as defined in “Note 2. Agreements and Related Party Transactions”) covers all of the investments acquired by Barings BDC, Inc. (the “Company”) from MVC Capital, Inc. (“MVC”) in connection with the MVC Acquisition (as defined in “Note 2. Agreements and Related Party Transactions”) and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the investments acquired by the Company from MVC in connection with the MVC Acquisition (collectively, the “MVC Reference Portfolio”). Each investment that is included in the MVC Reference Portfolio is denoted in the above Schedule of Investments with footnote (28).
[2]
(b)        The Company and Barings LLC (“Barings” or the “Adviser”) entered into the MVC Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $23.0 million.
[3]
(c)        Settlement Date means the earlier of (1) January 1, 2031 or (2) the date on which the entire MVC Reference Portfolio has been realized or written off.
[4]
(d)        See “Note 2. Agreements and Related Party Transactions” for additional information regarding the Credit Support Agreements.
[5] Settlement Date means the earlier of (1) January 1, 2031 or (2) the date on which the entire MVC Reference Portfolio has been realized or written off.
[6] The Company and Barings entered into the MVC Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $23.0 million.
[7] The MVC Credit Support Agreement covers all of the investments acquired by the Company from MVC in connection with the MVC Acquisition and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the MVC Reference Portfolio. Each investment that is included in the MVC Reference Portfolio is denoted in the above Schedule of Investments with footnote (28).
[8]
(e)        The Sierra Credit Support Agreement (as defined in “Note 2. Agreements and Related Party Transactions”) covers all of the investments acquired by the Company from Sierra Income Corporation (“Sierra”) in connection with the Sierra Merger (as defined in “Note 2. Agreements and Related Party Transactions”) and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the investments acquired by the Company from Sierra in connection with the Sierra Merger (collectively, the “Sierra Reference Portfolio”). Each investment that is included in the Sierra Reference Portfolio is denoted in the above Schedule of Investments with footnote (29).
[9]
(f)        The Company and Barings entered into the Sierra Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $100.0 million.
[10]
(g)        Settlement Date means the earlier of (1) April 1, 2032 or (2) the date on which the entire Sierra Reference Portfolio has been realized or written off.
[11] Settlement Date means the earlier of (1) April 1, 2032 or (2) the date on which the entire Sierra Reference Portfolio has been realized or written off.
[12] The Company and Barings entered into the Sierra Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $100.0 million.
[13] The Sierra Credit Support Agreement covers all of the investments acquired by the Company from Sierra in connection with the Sierra Merger and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the Sierra Reference Portfolio. Each investment that is included in the Sierra Reference Portfolio is denoted in the above Schedule of Investments with footnote (29).