Barings BDC, Inc.

Before Barings took it over in 2018, this business development company traded as Triangle Capital. Barings, the asset-management arm of insurer MassMutual, stepped in as external adviser and shifted the portfolio toward senior secured loans made to private US middle-market companies. That is the core job now: originate and hold first-lien and other secured debt across many industries, collect the interest, and pass most of it to shareholders as dividends, which is how BDCs keep their tax-advantaged status. The appeal for investors is yield. Because the loans mostly carry floating rates, income tends to rise when short-term rates climb and fall when they drop. The risk is the flip side of that reach for yield: these are loans to smaller, unrated borrowers, so credit losses in a downturn land directly on the book.

On MyRWA, BBDC trades tokenized across 1 on-chain venue - see the listings below.