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BBDC on NYSE

Barings BDC, Inc.

In its 2026 annual report the company says: “We are a Maryland corporation incorporated on October 10, 2006. We currently operate as a closed-end, non-diversified investment company and have elected to be treated as a business development company under the Investment Company Act of 1940, as amended. We have elected for federal income tax purposes to be treated and intend to qualify annually as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.”4 It is headquartered in Charlotte, United States.2 Its shares trade on NYSE under the symbol BBDC.2

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Last updated Oct 21, 2026.

Overview

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  • TickerBBDC on NYSE2
  • HeadquartersCharlotte, United States2
  • Incorporated inNC3
  • Business address300 South Tryon Street, Suite 2500, Charlotte, Nc 282023
  • Filer categoryLarge accelerated filer3
  • Legal formStock Corporation2
  • Kind of organizationFund2
  • LEI549300GSF4KFZP6ONG492
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CSC-LAWYERS INCORPORATING SERVICE COMPANY, 21202 Baltimore, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D115413722

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We are a Maryland corporation incorporated on October 10, 2006. We currently operate as a closed-end, non-diversified investment company and have elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). We have elected for federal income tax purposes to be treated and intend to qualify annually as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income5678$101.9M in 2025+1146% since 2020
0$50.0M$100.0M$150.0M2020: $8.2M$8.2M20202021: $77.7M$77.7M2021+850%2022: $4.7M$4.7M2022−94%2023: $128.0M$128.0M2023+2634%2024: $110.3M$110.3M2024−14%2025: $101.9M$101.9M2025−8%

Every line of the income statement as filed: the last 3 fiscal years (annual) or 12 quarters (quarterly), latest first.8

Period ending2025-12-312024-12-312023-12-31
Total interest income$190.5M$211.3M$219.8M
Total dividend income$51.2M$41.1M$36.9M
Total fee and other income$17.7M$16.9M$13.4M
Total payment-in-kind interest income$19.0M$15.7M$18.1M
Total investment income$279.2M$286.2M$289.2M
Interest and other financing fees$85.1M$85.5M$84.7M
Base management fee (Note 2)$33.2M$32.4M$32.6M
Incentive management fees (Note 2)$31.5M$23.8M$32.0M
General and administrative expenses (Note 2)$7.8M$9.8M$10.0M
Total operating expenses$157.6M$151.5M$159.4M
Net investment income before taxes$121.6M$134.7M$129.8M
Income taxes, including excise tax expense$3.8M$3.5M$1.7M
Net investment income after taxes$117.8M$131.2M$128.1M
Net realized gains (losses) on investments-$39.5M-$23.8M-$59.5M
Credit support agreements$9.4M$0$0
Foreign currency transactions$7.6M-$535.0K$4.2M
Forward currency contracts-$287.0K-$13.8M-$7.4M
Net realized gains (losses)-$22.7M-$38.1M-$62.8M
Net unrealized appreciation (depreciation) on investments$46.2M-$28.8M$67.4M
Credit support agreements$10.7M$5.7M$4.7M
Foreign currency transactions-$28.7M$9.3M-$13.4M
Forward currency contracts-$21.2M$31.1M$3.9M
Net unrealized appreciation (depreciation)$6.9M$17.2M$62.6M
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts-$15.8M-$20.9M-$126.0K
Provision for taxes-$106.0K$0$0
Net increase (decrease) in net assets resulting from operations$101.9M$110.3M$128.0M
Net investment income per sharebasic (in dollars per share)$1.12$1.24$1.20
Net investment income per sharediluted (in dollars per share)$1.12$1.24$1.20
Net increase (decrease) in net assets resulting from operations per sharebasic and diluted (in dollars per share)$0.97$1.04$1.20
Regular quarterly dividends / distributions, declared (in dollars per share)$1.04$1.04$1.02
Regular quarterly dividends / distributions, paid (in dollars per share)$1.04$1.04$1.02
Special dividends / distributions, declared (in dollars per share)$0.15$0.00$0.00
Special dividends / distributions, paid (in dollars per share)$0.15$0.00$0.00
Total dividends/distributions per share, declared (in dollars per share)$1.19$1.04$1.02
Total dividends/distributions per share, paid (in dollars per share)$1.19$1.04$1.02
Weighted average number of shares outstanding basic (in shares)105.2M shares105.8M shares107.0M shares
Weighted average number of shares outstanding diluted (in shares)105.2M shares105.8M shares107.0M shares

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Corporate structure

Barings BDC, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Barings BDC, Inc.

  • Barings BDC, Inc. Charlotte, North Carolina, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Barings BDC, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Properties, in its own words

We do not own any real estate or other physical properties materially important to our operation or any of our subsidiaries. Our headquarters is currently located at 300 South Tryon Street, Suite 2500, Charlotte, North Carolina 28202, where we occupy office space pursuant to the Administration Agreement with Barings. We believe that our current office facilities are adequate to meet our needs.

Item 2 of the 10-K filed Feb 19, 2026.4

Leadership

Who has led Barings BDC, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Garland S. Tucker Iii.2007–2015
  2. E. Ashton Poole2016–2018
  3. Eric J. Lloyd2018–now

Chair

  1. Garland S. Tucker Iii.2007–2015

President

  1. Garland S. Tucker Iii.2007–2013
  2. E. Ashton Poole2013–2018
  3. Ian M. Fowler2018
  4. Matthew Freund2024–now

Chief financial officer

  1. Steven C. Lilly2007–2018
  2. Jonathan Bock2018–2020
  3. Elizabeth A. Murray2023–now

Chief operating officer

  1. E. Ashton Poole2013–2015
  2. Elizabeth A. Murray2023–now
2010201520202025
Board members and other officers (43)

Subsidiaries and ownership

Fund manager

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.

Former names

  • Triangle Capital CORPNov 3, 2006 to Aug 2, 20183

Timeline

  1. Aug 5, 20268-K Results of operations; Regulation FD disclosure59
  2. Jun 1, 20268-K Entered a material agreement; Ended a material agreement60
  3. May 7, 20268-K Results of operations; Shareholder vote; Regulation FD disclosure61
  4. Feb 19, 20268-K Results of operations; Regulation FD disclosure62
  5. Nov 17, 20258-K Entered a material agreement; New debt or obligation63
  6. Nov 6, 20258-K Results of operations; Regulation FD disclosure64
  7. Nov 6, 20258-K Executive or director change; Regulation FD disclosure65
  8. Oct 7, 20258-K Regulation FD disclosure; Other events66
  9. Sep 15, 20258-K Entered a material agreement; New debt or obligation67
  10. Sep 11, 20258-K Entered a material agreement68
  11. Aug 7, 20258-K Results of operations; Regulation FD disclosure69
  12. May 8, 20258-K Results of operations; Shareholder vote; Regulation FD disclosure70
  13. Aug 6, 2018New chief executive Eric J. Lloyd becomes CEO11
  14. Feb 5, 2016New chief executive E. Ashton Poole becomes CEO12
  15. Feb 13, 2007New chief executive Garland S. Tucker Iii. becomes CEO13
  16. Oct 10, 2006Founded Barings BDC, Inc. is founded2

Calendar

Coming up

  1. Nov 5, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.32 a share, on Nov 6, 2025.71

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results59
  2. May 7, 2026Reported quarterly or annual results61
  3. Feb 19, 2026Reported quarterly or annual results62
  4. Nov 6, 2025Reported quarterly or annual results64
  5. Aug 7, 2025Reported quarterly or annual results69
  6. May 8, 2025Reported quarterly or annual results70
  7. Feb 20, 2025Reported quarterly or annual results72
  8. Nov 6, 2024Reported quarterly or annual results73

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

179 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 49 major events, 49 insider forms, 1 large holders, 60 other. The latest 20:

  1. Aug 21, 202640-17G BARINGS BDC, INC. EDGAR
  2. Aug 5, 20268-K EDGAR
  3. Aug 5, 202610-Q EDGAR
  4. Jun 5, 20264 EDGAR
  5. Jun 1, 20268-K EDGAR
  6. May 7, 202610-Q EDGAR
  7. May 7, 20268-K EDGAR
  8. Mar 16, 2026DEFA14A EDGAR
  9. Mar 10, 2026DEF 14A EDGAR
  10. Feb 19, 202610-K EDGAR
  11. Feb 19, 20268-K EDGAR
  12. Jan 5, 20263 EDGAR
  13. Dec 10, 20254 EDGAR
  14. Dec 9, 2025144 EDGAR
  15. Nov 17, 20258-K EDGAR
  16. Nov 12, 20253 EDGAR
  17. Nov 6, 20258-K EDGAR
  18. Nov 6, 20258-K EDGAR
  19. Nov 6, 202510-Q EDGAR
  20. Oct 7, 20258-K EDGAR

The 179 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

37 open-market trades by officers, directors and large owners since October 2021: 33 buys and 4 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 3, 2026McDonnell ThomasChief Executive OfficerBuy10,000$8.27$82.7KForm 4
Dec 9, 2025BYERS STEPHEN RDirectorBuy6,761$8.97$60.6KForm 4
Dec 9, 2025BYERS STEPHEN RDirectorSale5,671$8.98$50.9KForm 4
Jun 6, 2025Murray Elizabeth A.CFO and COO and PAOBuy3,400$8.84$30.1KForm 4
Jun 6, 2025BYERS STEPHEN RDirectorBuy8,700$8.89$77.3KForm 4
May 19, 2025Freund MatthewPresidentBuy3,520$9.07$31.9KForm 4
May 19, 2025Lloyd Eric JCEOBuy34,375$9.12$313.6KForm 4
May 19, 2025Freund MatthewPresidentBuy3,522$9.07$31.9KForm 4
May 19, 2025Freund MatthewPresidentSale2$9.06$17Form 4
Dec 13, 2024BYERS STEPHEN RDirectorBuy8,485$9.73$82.6KForm 4
Dec 12, 2024O'Connor Michael JamesSale29,424$9.70$285.4KForm 4
Dec 11, 2024BYERS STEPHEN RDirectorBuy1,063$9.89$10.5KForm 4
Dec 11, 2024Murray Elizabeth A.CFO and COO and PAOBuy2,000$9.70$19.4KForm 4
Dec 11, 2024Freund MatthewPresidentBuy2,500$9.72$24.3KForm 4
Nov 15, 2024BYERS STEPHEN RDirectorBuy13,565$9.95$135.0KForm 4
Nov 8, 2024BYERS STEPHEN RDirectorBuy1,350$9.63$13.0KForm 4
May 9, 2024Freno MichaelBuy27,500$9.73$267.6KForm 4
Feb 28, 2024BYERS STEPHEN RDirectorBuy570$9.70$5.5KForm 4
Jul 18, 2023BYERS STEPHEN RDirectorBuy400$8.03$3.2KForm 4
May 16, 2023O'Connor Michael JamesBuy25,000$7.43$185.8KForm 4

All 37 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Barings LLC13,639,681$116.2M2.2%No change
Private Management Group Inc4,779,724$40.7M1.1%+479,536
Ares Management LLC4,164,327$35.5M1.6%+534,151
Cresset Asset Management, LLC2,545,273$21.7M0.1%+220,943
Van Eck Associates Corp2,309,564$19.7M0.0%+484,649
UBS Group AG2,105,638$17.9M0.0%+522,846
Franklin Resources Inc1,365,788$11.6M0.0%+395,024
Russell Investments Group, Ltd.1,234,512$10.5M0.0%+386,738
Two Sigma Investments, LP1,129,980$9.6M0.0%+150,647
Dimension Capital Management LLC1,020,581$8.7M1.0%+35,419
Morgan Stanley960,577$8.2M0.0%−37,239
Focus Partners Wealth907,615$7.7M0.0%−47,568
Legal & General Group Plc879,822$7.5M0.0%+28,845
Wells Fargo & Company/mn760,559$6.5M0.0%−164,863
Muzinich & Co., Inc.714,955$6.1M2.1%+14,496
Bank Of America Corp /de/690,777$5.9M0.0%+243,150
Raymond James Financial Inc682,818$5.8M0.0%+66,062
Sumitomo Mitsui Trust Group, Inc.577,412$4.9M0.0%No change
BlackRock, Inc.509,220$4.3M0.0%+15,506
GCM Grosvenor Holdings, LLC475,000$4.0M0.2%New
Advisors Asset Management, Inc.417,051$3.6M0.1%+9,528
Bulldog Investors, LLP336,401$2.9M0.6%+1,497
GraniteShares Advisors LLC308,352$2.6M1.7%+40,350
Confluence Investment Management LLC306,261$2.6M0.0%−1,611
LPL Financial LLC293,725$2.5M0.0%−6,069

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Barings BDC, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBarings BDC, Inc.1
  • CIK0001379785
  • Employer ID (EIN)06-17984884
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inMaryland4
  • Fiscal year endsDecember 311
  • Business address300 South Tryon Street, Suite 2500, Charlotte, NC 282021
  • Phone(704) 805-72001
  • Shares outstanding104,706,884 as of Aug 5, 202610
  • Public float$830.9M as of Jun 30, 20254
  • AuditorKPMG LLP, New York, New York PCAOB ID 185; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceNov 3, 20061
  • Filings1,128 in all: 4 (375), 8-K (150), 3 (69), 10-Q (59), 5 (55), CORRESP (50), 497 (33), 497AD (32)1
    All 65 form types

    40-17G (21), 10-K (20), DEF 14A (19), DEFA14A (18), POS EX (16), PRE 14A (16), EFFECT (15), 425 (14), 40-APP/A (13), 4/A (11), POS 8C (11), N-2/A (10), SC 13G/A (8), SC 13D/A (7), SC 13G (7), 40-APP (6), 424B2 (6), N-14 8C/A (6), N-2 (6), 8-A12B (5), 424B3 (4), 8-K/A (4), CERTNYS (4), SC TO-I/A (4), 25-NSE (3), 40-33 (3), APP NTC (3), APP ORDR (3), N-14 8C (3), S-8 (3), S-8 POS (3), UPLOAD (3), 3/A (2), FWP (2), N-23C-2 (2), N-2ASR (2), SC 13D (2), 10-K/A (1), 144 (1), 25 (1), 305B2 (1), 40-6C (1), 40-6C/A (1), 8-A12B/A (1), CERTNAS (1), D (1), D/A (1), DEFM14A (1), DEFR14A (1), N-14MEF (1), N-2MEF (1), N-54A (1), PREM14A (1), PRER14A (1), REGDEX (1), RW (1), SC TO-I (1)

  • Latest filingsAnnual report (10-K) Feb 19, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Mar 10, 2026
    Latest 8-K (8-K) Aug 5, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per shareBBDCThe New York Stock Exchange

From the cover page of the 10-K filed Feb 19, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Barings BDC, Inc. names in Item 1A of its 10-K filed Feb 19, 2026: 76 risks under these headings, as written.4

  • Risks Relating to Our Business and Structure
  • We are dependent upon Barings’ access to its investment professionals for our success.
  • Our business model depends to a significant extent upon strong referral relationships, and our inability to maintain or develop these relationships, as well as the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • Our financial condition and results of operations will depend on our ability to manage and deploy capital effectively.
  • Our investment portfolio is and will continue to be recorded at fair value as determined in accordance with the Adviser’s valuation policies and procedures and, as a result, there is and will continue to be uncertainty as to the value of our portfolio investments.
  • We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.
  • There are potential conflicts of interest, including the management of other investment funds and accounts by Barings, which could impact our investment returns.
  • Barings may exercise significant influence over us in connection with its ownership of our common stock.
  • Barings, its relevant investment committee members, or its affiliates may, from time to time, possess material non-public information, limiting our investment discretion.
  • Our ability to enter into transactions with Barings and its affiliates is restricted.
  • We are subject to risks associated with investing alongside other third parties.
  • The fee structure under the Barings BDC Advisory Agreement may induce Barings to pursue speculative investments and incur leverage, which may not be in the best interests of our stockholders.
The other 65 risks
  • Barings’ liability is limited under the Barings BDC Advisory Agreement, and we are required to indemnify Barings against certain liabilities, which may lead Barings to act in a riskier manner on our behalf than it would when acting for its own account.
  • Barings is able to resign as our investment adviser and/or our administrator, and we may not be able to find a suitable replacement within that time, or at all, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
  • Our long-term ability to fund new investments and make distributions to our stockholders could be limited if we are unable to renew, extend, replace or expand our current borrowing arrangements, or if financing becomes more expensive or less available.
  • We may be subject to PIK interest payments.
  • Regulations governing our operation as a BDC will affect our ability to, and the way in which we, raise additional capital.
  • Our financing agreements contain various covenants, which, if not complied with, could accelerate our repayment obligations thereunder, thereby materially and adversely affecting our liquidity, financial condition, results of operations and ability to pay distributions.
  • We are exposed to risks associated with changes in interest rates.
  • We may invest in derivatives or other assets that expose us to certain risks, including market risk, liquidity risk, and other risks similar to those associated with the use of leverage.
  • Incurring additional leverage may magnify our exposure to risks associated with changes in leverage, including fluctuations in interest rates that could adversely affect our profitability.
  • We may in the future determine to fund a portion of our investments with preferred stock, which would magnify the potential for gain or loss and the risks of investing in us in the same way as our borrowings.
  • Our Board of Directors may change our investment objectives, operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse.
  • We will be subject to corporate-level U.S. federal income tax if we are unable to maintain our tax treatment as a RIC under Subchapter M of the Code, which will adversely affect our results of operations and financial condition.
  • We may not be able to pay distributions to our stockholders, our distributions may not grow over time, a portion of distributions paid to our stockholders may be a return of capital and investors in any debt securities we may issue may not receive all of the interest income to which they are entitled.
  • We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.
  • Because we intend to distribute substantially all of our income to our stockholders to maintain our tax treatment as a RIC, we will continue to need additional capital to finance our growth, and regulations governing our operation as a BDC will affect our ability to, and the way in which we, raise additional capital and make distributions.
  • There may be withholding of U.S. federal income tax on dividends for non-U.S. stockholders.
  • There is no assurance that any share repurchase programs we implement will result in repurchases of our common stock or enhance long-term stockholder value, and repurchases, if any, could affect our stock price and increase its volatility and will diminish our cash reserves.
  • We are highly dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition and results of operations.
  • Cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies by causing a disruption to our operations or the operations of our portfolio companies, a compromise or corruption of our confidential information or the confidential information of our portfolio companies and/or damage to our business relationships or the business relationships of our portfolio companies, all of which could negatively impact the business, financial condition and operating results of us or our portfolio companies.
  • We are subject to risks associated with artificial intelligence and machine learning technology.
  • Our business and operations may be negatively affected by securities litigation or stockholder activism, which could cause us to incur significant expense, hinder execution of our investment strategy and impact our stock price.
  • Risks Relating to Our Investments
  • Inflation could adversely affect the business, results of operations, and financial condition of our portfolio companies.
  • Our investments in portfolio companies may be risky, and we could lose all or part of our investment.
  • The lack of liquidity in our investments may adversely affect our business.
  • Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our NAV through increased net unrealized depreciation.
  • Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and such portfolio companies may not generate sufficient cash flow to service their debt obligations to us.
  • There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
  • Second priority liens on collateral securing loans that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
  • Covenant-Lite Loans may expose us to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants.
  • Our investments in foreign companies may involve significant risks in addition to the risks inherent in U.S. investments.
  • We may expose ourselves to risks if we engage in hedging transactions.
  • If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy.
  • We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.
  • We generally do not control our portfolio companies.
  • Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
  • Any unrealized depreciation we experience on our loan portfolio may be an indication of future realized losses, which could reduce our income available for distribution.
  • Defaults by our portfolio companies may harm our operating results.
  • We may not realize gains from our equity investments.
  • Our investments in asset-backed securities are subject to additional risks.
  • Our investments in collateralized loan obligation vehicles are subject to additional risks.
  • We may be subject to risks associated with syndicated loans.
  • Our special situations investments involve a high degree of credit and market risk.
  • Risks Relating to Our Securities
  • Shares of closed-end investment companies, including BDCs, frequently trade at a discount to their NAV and may trade at premiums that may prove to be unsustainable.
  • The market price of our securities may be volatile and fluctuate significantly.
  • We may be unable to invest a significant portion of the net proceeds raised from our offerings on acceptable terms, which would harm our financial condition and operating results.
  • Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock.
  • If we sell common stock at a discount to our NAV per share, stockholders will experience immediate dilution in an amount that may be material.
  • Provisions of the Maryland General Corporation Law and our charter and by-laws could deter takeover attempts and have an adverse impact on the price of our common stock.
  • If we issue preferred stock and/or debt securities, the NAV and market value of our common stock may become more volatile.
  • There is a risk that investors in our common stock may not receive a specified level of dividends or that our dividends may not grow over time and that investors in any debt securities we may issue may not receive all of the interest income to which they are entitled.
  • Terms relating to redemption may materially adversely affect your return on any debt securities that we may issue.
  • We may not be able to prepay the Series C Notes, the February Notes, the November 2026 Notes, the February 2029 Notes or the September 2028 Notes upon a change in control.
  • Future offerings of debt securities, which would be senior to our common stock upon liquidation, or equity securities, which could dilute our existing stockholders and may be senior to our common stock for the purposes of distributions, may harm the value of our common stock.
  • You may have a current tax liability on distributions reinvested in our common stock pursuant to our dividend reinvestment plan or otherwise but would not receive cash from such distributions to pay such tax liability.
  • A downgrade, suspension or withdrawal of the credit rating, if any, assigned by a rating agency to us or any of our outstanding unsecured notes, or change in the debt markets could cause the liquidity or market value of our securities to decline significantly.
  • General Risk Factors
  • We are currently operating in a period of capital markets disruption and economic uncertainty.
  • Global capital markets may experience periods of disruption and instability or an economic recession in the future. These conditions have historically affected and could again materially and adversely affect debt and equity capital markets in the United States and around the world and could impair our portfolio companies and harm our operating results.
  • Terrorist attacks, acts of war, national disasters, or public health crises (such as outbreaks or pandemics) may affect any market for our securities, impact the businesses in which we invest and harm our business, operating results and financial condition.
  • We are subject to risks related to corporate social responsibility.
  • We may experience fluctuations in our quarterly results.
  • Economic recessions or downturns could impair our portfolio companies and harm our operating results.
  • The outcome of the U.S. presidential, congressional and other elections creates significant uncertainty with respect to the legal, tax and regulatory regime in which we and our portfolio companies will operate.
  • Changes to U.S. tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.
  • Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.

Legal proceedings

Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our respective businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.

The opening of Item 3, Legal Proceedings.4

Sources

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