---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-22-007670"
form_type: "8-K"
ticker: "BBDC"
cik: "0001379785"
company_name: "Barings BDC, Inc."
filed_at: "2022-03-03T23:59:59+00:00"
generated_at: "2026-06-27T01:55:28.274032+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Barings BDC completes merger with Sierra Income; combined AUM > $2.7B

## Summary
- Merger closed Feb 25, 2022; Sierra shareholders receive 0.44973 BBDC shares + $0.9783641 cash per share.
- Combined pro forma AUM > $2.7B; former Sierra stockholders own 41.3% of combined company.
- Barings LLC provides up to $100M credit support against net cumulative losses on Sierra portfolio over 10 years.
- Second amended advisory agreement increases incentive fee hurdle rate from 8.00% to 8.25% annualized.
- Board expands to 10; appoints Byers and Lancaster-Beal as independent directors; $30M share repurchase if price < 90% NAV.

## SEC filing metadata
- accession: 0001140361-22-007670
- form_type: 8-K
- ticker: BBDC
- cik: 0001379785
- company_name: Barings BDC, Inc.
- filed_at: 2022-03-03T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1379785/000114036122007670/0001140361-22-007670-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1379785/000114036122007670/ny20002465x3_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-22-007670
- JSON: https://secwatch.observer/filing/0001140361-22-007670.json
- Plain text: https://secwatch.observer/filing/0001140361-22-007670.txt

## Key facts
- Executive change
  Steve Byers was appointed as Director at Barings BDC, Inc..
  - Action: appointed
  - Role: Director
  source text: the Board increased the size of the Board from eight directors to 10 directors and appointed Steve Byers and Valerie Lancaster-Beal, both former directors of Sierra who were selected by the Company, to fill the vacancies created by the expansion of the Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1379785/000114036122007670/0001140361-22-007670-index.htm
- Executive change
  Valerie Lancaster-Beal was appointed as Director at Barings BDC, Inc..
  - Action: appointed
  - Role: Director
  source text: the Board increased the size of the Board from eight directors to 10 directors and appointed Steve Byers and Valerie Lancaster-Beal, both former directors of Sierra who were selected by the Company, to fill the vacancies created by the expansion of the Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1379785/000114036122007670/0001140361-22-007670-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.