BBDC Barings BDC, Inc.

"The information in this section contains forward-looking statements that involve risks and uncertainties."

distress relevance: 0.48 market specificity: 1.00 score: 0.485 mda

anchor: ability to continue as a going concern is uncertain

"Please see “Risk Factors” and “Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with these statements."

distress relevance: 0.47 market specificity: 1.00 score: 0.474 mda

anchor: ability to continue as a going concern is uncertain

"In connection with the MVC Acquisition, on December 23, 2020, following the closing of the Merger, we entered into (1) an amended and restated investment advisory agreement (the “Amended and Restated Advisory Agreement”) with Barings, effective January 1, 2021, and (2) a credit support agreement (the “ Credit Support Agreement”) with Barings, pursuant to which Barings has agreed to provide credit "

distress relevance: 0.41 market specificity: 1.00 score: 0.409 mda

anchor: we may be in breach of our financial covenants

"The following discussion is designed to provide a better understanding of our financial statements, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results."

distress relevance: 0.41 market specificity: 1.00 score: 0.407 mda

anchor: our internal controls over financial reporting are not effective

"Historical results and percentage relationships among any amounts in the financial statements are not necessarily indicative of trends in operating results for any future periods."

distress relevance: 0.38 market specificity: 1.00 score: 0.379 mda

anchor: our internal controls over financial reporting are not effective

"The information in this section contains forward-looking statements that involve risks and uncertainties."

distress relevance: 0.48 market specificity: 1.00 score: 0.485 mda

anchor: ability to continue as a going concern is uncertain

"Please see “Risk Factors” and “Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with these statements."

distress relevance: 0.47 market specificity: 1.00 score: 0.474 mda

anchor: ability to continue as a going concern is uncertain

"In connection with the MVC Acquisition, on December 23, 2020, following the closing of the Merger, we entered into (1) an amended and restated investment advisory agreement (the “Amended and Restated Advisory Agreement”) with Barings, effective January 1, 2021, and (2) a credit support agreement (the “Credit Support Agreement”) with Barings, pursuant to which Barings has agreed to provide credit s"

distress relevance: 0.41 market specificity: 1.00 score: 0.409 mda

anchor: we may be in breach of our financial covenants

"The following discussion is designed to provide a better understanding of our financial statements, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results."

distress relevance: 0.41 market specificity: 1.00 score: 0.407 mda

anchor: our internal controls over financial reporting are not effective

"Historical results and percentage relationships among any amounts in the financial statements are not necessarily indicative of trends in operating results for any future periods."

distress relevance: 0.38 market specificity: 1.00 score: 0.379 mda

anchor: our internal controls over financial reporting are not effective

"We recognized a net realized loss on the Asset Sale Transaction of approximately $115.9 million and a net realized loss on the repayments and sales that occurred between December 31, 2017 and the closing of the Asset Sale Transaction of approximately $43.8 million."

distress relevance: 0.68 market specificity: 1.00 score: 0.676 mda

anchor: significant unrealized losses that would be realized if we sold securities

", we experienced a net increase in cash in the amount of ."

distress relevance: 0.67 market specificity: 1.00 score: 0.673 mda

anchor: we are experiencing significant cash outflows

"See further discussion regarding the Transactions above under "The Asset Sale and Externalization Transactions." Net realized gains (losses) during the years ended Non-Control / Non-Affiliate investments Net realized losses on investments , we recognized a net realized loss totaling $3.8 million, which consisted primarily of a net loss on our syndicated senior secured loan portfolio of $3.8 millio"

distress relevance: 0.67 market specificity: 1.00 score: 0.669 mda

anchor: significant unrealized losses that would be realized if we sold securities

", we recognized net realized losses totaling , which consisted primarily of a net loss on the Asset Sale Transaction of approximately $115.9 million, a net loss on the repayments, sales and write-offs that occurred between December 31, 2017 and the closing of the Asset Sale Transaction of approximately $43.8 million and net losses on the syndicated senior secured loan portfolio of $0.1 million."

distress relevance: 0.67 market specificity: 1.00 score: 0.668 mda

anchor: significant unrealized losses that would be realized if we sold securities

"For the year ended December 31, 2017, we recognized net realized losses totaling $51.6 million, which consisted primarily of net losses on the write-offs of three control investments totaling $19.9 million, a net loss on the restructuring of one control investment totaling $25.3 million, net losses on the write-off of two affiliate investments totaling $9.5 million and net losses on the restructur"

distress relevance: 0.67 market specificity: 1.00 score: 0.666 mda

anchor: significant unrealized losses that would be realized if we sold securities

"Net realized gains (losses) during the years ended Non-Control / Non-Affiliate investments Net realized gains (losses) on investments , we recognized net realized losses totaling , which consisted primarily of a net loss on the Asset Sale Transaction of approximately $115.9 million, a net loss on the repayments, sales and write-offs that occurred between December 31, 2017 and the closing of the As"

distress relevance: 0.70 market specificity: 1.00 score: 0.700 mda

anchor: significant unrealized losses that would be realized if we sold securities

", we experienced a net decrease in cash and cash equivalents in the amount of ."

distress relevance: 0.69 market specificity: 1.00 score: 0.692 mda

anchor: cash and cash equivalents declined significantly

"We recognized a net realized loss on the Asset Sale Transaction of approximately $115.9 million and a net realized loss on the repayments and sales that occurred between December 31, 2017 and the closing of the Asset Sale Transaction of approximately $43.8 million."

distress relevance: 0.68 market specificity: 1.00 score: 0.676 mda

anchor: significant unrealized losses that would be realized if we sold securities

"We wrote off equity investments in eight portfolio companies and recognized realized losses on the write-offs of $15.1 million and wrote off or sold debt investments in six portfolio companies and recognized realized losses of $31.6 million."

distress relevance: 0.67 market specificity: 1.00 score: 0.674 mda

anchor: unrealized losses on our available-for-sale securities portfolio

"We recognized $25.6 million of realized losses related to two portfolio company restructurings."

distress relevance: 0.66 market specificity: 1.00 score: 0.656 mda

anchor: significant unrealized losses that would be realized if we sold securities

"We wrote off equity investments in eight portfolio companies and recognized realized losses on the write-offs of $15.1 million and wrote off or sold debt investments in six portfolio companies and recognized realized losses of $31.6 million."

distress relevance: 0.67 market specificity: 1.00 score: 0.674 mda

anchor: unrealized losses on our available-for-sale securities portfolio

"We recognized $25.6 million of realized losses related to two portfolio company restructurings."

distress relevance: 0.66 market specificity: 1.00 score: 0.656 mda

anchor: significant unrealized losses that would be realized if we sold securities

"For the year ended December 31, 2015, we recognized net realized losses totaling $27.5 million, which consisted of losses on the restructuring/write-off of two control investments totaling $38.8 million and a loss on the write-off of one affiliate investment totaling $0.5 million, partially offset by net gains related to the sales/repayments of seven affiliate investments of $2.8 million and net g"

distress relevance: 0.65 market specificity: 1.00 score: 0.653 mda

anchor: significant unrealized losses that would be realized if we sold securities

"We wrote off debt and equity investments in two portfolio companies and recognized realized losses on the write-offs of $18.7 million."

distress relevance: 0.65 market specificity: 1.00 score: 0.645 mda

anchor: unrealized losses on our available-for-sale securities portfolio

", we experienced a net increase in cash and cash equivalents in the amount of ."

distress relevance: 0.64 market specificity: 1.00 score: 0.636 mda

anchor: we are experiencing significant cash outflows

"In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio."

distress relevance: 0.68 market specificity: 1.00 score: 0.681 mda

anchor: rising interest rates have significantly reduced the fair value of our portfolio

"For the year ended December 31, 2015, we recognized net realized losses totaling $27.5 million, which consisted of losses on the restructuring/write-off of two control investments totaling $38.8 million and a loss on the write-off of one affiliate investment totaling $0.5 million, partially offset by net gains related to the sales/repayments of seven affiliate investments of $2.8 million and net g"

distress relevance: 0.65 market specificity: 1.00 score: 0.653 mda

anchor: significant unrealized losses that would be realized if we sold securities

"We wrote off debt and equity investments in two portfolio companies and recognized realized losses on the write-offs of $18.7 million."

distress relevance: 0.65 market specificity: 1.00 score: 0.645 mda

anchor: unrealized losses on our available-for-sale securities portfolio

"We wrote-off debt and equity investments in two portfolio companies and recognized realized losses on the write-offs of $18.8 million."

distress relevance: 0.64 market specificity: 1.00 score: 0.638 mda

anchor: unrealized losses on our available-for-sale securities portfolio

", we experienced a net increase in cash and cash equivalents in the amount of ."

distress relevance: 0.64 market specificity: 1.00 score: 0.636 mda

anchor: we are experiencing significant cash outflows

", we experienced a net decrease in cash and cash equivalents in the amount of ."

distress relevance: 0.69 market specificity: 1.00 score: 0.692 mda

anchor: cash and cash equivalents declined significantly

", we experienced a net decrease in cash and cash equivalents in the amount of ."

distress relevance: 0.69 market specificity: 1.00 score: 0.692 mda

anchor: cash and cash equivalents declined significantly

"In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio."

distress relevance: 0.68 market specificity: 1.00 score: 0.681 mda

anchor: rising interest rates have significantly reduced the fair value of our portfolio

"We wrote-off investments in five portfolio companies and recognized realized losses on the write-offs of $13.9 million."

distress relevance: 0.64 market specificity: 1.00 score: 0.642 mda

anchor: unrealized losses on our available-for-sale securities portfolio

"We wrote-off debt and equity investments in two portfolio companies and recognized realized losses on the write-offs of $18.8 million."

distress relevance: 0.64 market specificity: 1.00 score: 0.638 mda

anchor: unrealized losses on our available-for-sale securities portfolio

", we experienced a net decrease in cash and cash equivalents in the amount of ."

distress relevance: 0.69 market specificity: 1.00 score: 0.692 mda

anchor: cash and cash equivalents declined significantly

"In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio."

distress relevance: 0.68 market specificity: 1.00 score: 0.681 mda

anchor: rising interest rates have significantly reduced the fair value of our portfolio

"We wrote-off investments in five portfolio companies and recognized realized losses on the write-offs of $13.9 million."

distress relevance: 0.64 market specificity: 1.00 score: 0.642 mda

anchor: unrealized losses on our available-for-sale securities portfolio

"In addition, for the year ended , we recorded net unrealized depreciation of investments totaling , consisting of net unrealized depreciation on our current portfolio of $32.5 million and net unrealized depreciation reclassification adjustments of related to the realized gains and losses noted above."

distress relevance: 0.64 market specificity: 1.00 score: 0.641 mda

anchor: unrealized losses on our available-for-sale securities portfolio

"In addition, , we recorded net unrealized appreciation of investments totaling , consisting of net unrealized appreciation on our current portfolio of $16.6 million and net unrealized depreciation reclassification adjustments of related to the realized gains and losses noted above."

distress relevance: 0.64 market specificity: 1.00 score: 0.638 mda

anchor: unrealized losses on our available-for-sale securities portfolio

", we experienced a net decrease in cash and cash equivalents in the amount of ."

distress relevance: 0.69 market specificity: 1.00 score: 0.692 mda

anchor: cash and cash equivalents declined significantly

"In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio."

distress relevance: 0.68 market specificity: 1.00 score: 0.681 mda

anchor: rising interest rates have significantly reduced the fair value of our portfolio

", we experienced a net increase in cash and cash equivalents in the amount of ."

distress relevance: 0.64 market specificity: 1.00 score: 0.636 mda

anchor: we are experiencing significant cash outflows

", we experienced a net increase in cash and cash equivalents in the amount of ."

distress relevance: 0.64 market specificity: 1.00 score: 0.636 mda

anchor: we are experiencing significant cash outflows

"As a result of these events, our net increase in net assets from operations during the year ended Liquidity and Capital Resources We believe that our current cash and cash equivalents on hand, our available leverage under our Credit Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months."

distress relevance: 0.62 market specificity: 1.00 score: 0.624 mda

anchor: we are experiencing significant cash outflows

", we experienced a net decrease in cash and cash equivalents in the amount of ."

distress relevance: 0.69 market specificity: 1.00 score: 0.692 mda

anchor: cash and cash equivalents declined significantly

"In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio."

distress relevance: 0.68 market specificity: 1.00 score: 0.681 mda

anchor: rising interest rates have significantly reduced the fair value of our portfolio

"In addition, we sold three equity investments in portfolio companies for total proceeds of approximately $17.8 million, resulting in realized gains totaling approximately $13.5 million, and converted subordinated debt investments in one portfolio company to equity, resulting in a realized loss of approximately $3.0 million."

distress relevance: 0.67 market specificity: 1.00 score: 0.674 mda

anchor: unrealized losses on our available-for-sale securities portfolio

", we experienced a net increase in cash and cash equivalents in the amount of ."

distress relevance: 0.64 market specificity: 1.00 score: 0.636 mda

anchor: we are experiencing significant cash outflows

", we experienced a net increase in cash and cash equivalents in the amount of ."

distress relevance: 0.64 market specificity: 1.00 score: 0.636 mda

anchor: we are experiencing significant cash outflows