States that BBDC accretion / dilution is 36.83% for 10.0% Bid Premium and 15.0% Cash Consideration

States that BBDC accretion / dilution is 36.41% for 10.0% Bid Premium and 10.0% Cash Consideration

States that BBDC accretion / dilution is 33.64% for 20.0% Bid Premium and 10.0% Cash Consideration

States that BBDC accretion / dilution is 34.05% for 20.0% Bid Premium and 15.0% Cash Consideration

States that TVPG accretion / dilution is 46.05% for 10.0% Bid Premium and 10.0% Cash Consideration

States that TVPG accretion / dilution is 44.44% for 10.0% Bid Premium and 15.0% Cash Consideration

States that TVPG accretion / dilution is 56.33% for 20.0% Bid Premium and 10.0% Cash Consideration

States that TVPG accretion / dilution is 54.73% for 20.0% Bid Premium and 15.0% Cash Consideration

Builds financial models, values companies, and prepares pitch materials for potential deals. Responsibilities include conducting industry research, supporting transaction execution, and producing client-ready presentations under tight deadlines.

Investment Banking Analyst

toolbelt_list_tools

toolbelt_add_tool

filesystem_list_files

'01_BBDC_Historical Data' (folder)
'02_Trading Comps Analysis' (folder)
'03_Research & Industry Reports' (folder)
'04_Models' (folder)
'05_Presentation' (folder)


'BBDC Valuation Model' (folder)
'Merger-Acquisition Analysis' (folder)


'Archive' (folder)
'Merger Model - Barings BDC vF.xlsx' (application/vnd.openxmlformats-officedocument.spreadsheetml.sheet file) 32751 bytes


code_execution_code_exec

{"action":"exec","output":"0.123 0.079\n","success":true,"error":null,"help":null}

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{'worksheets': [{'name': 'Summary', 'index': 0, 'row_count': 26, 'column_count': 11}, {'name': 'Bidder-BBDC', 'index': 1, 'row_count': 64, 'column_count': 25}, {'name': 'Target-TVPG', 'index': 2, 'row_count': 49, 'column_count': 25}, {'name': 'Merger Analysis', 'index': 3, 'row_count': 70, 'column_count': 15}, {'name': 'Post-Deal Proforma', 'index': 4, 'row_count': 46, 'column_count': 22}]}

excel_read_tab

Range: all
Table:
	A	B	C	D	E	F	G	H	I	J
1										
2				SUMMARY FINANCIAL ANALYSIS						
3										
4			(USD' 000 except per share data, ratios & percentage) (='Post-Deal Proforma'!C2)							
5										
6				PRO FORMA INCOME SHEET - 2024 (='Post-Deal Proforma'!D16)	(='Post-Deal Proforma'!E16)	(='Post-Deal Proforma'!F16)	BBDC (='Post-Deal Proforma'!G16)	TPVG (='Post-Deal Proforma'!H16)	Synergies (='Post-Deal Proforma'!I16)	Pro Forma (='Post-Deal Proforma'!J16)
7										
8				Net investment income before tax (='Post-Deal Proforma'!D20)			134660 (='Post-Deal Proforma'!G20)	54548 (='Post-Deal Proforma'!H20)	(='Post-Deal Proforma'!I20)	189208 (='Post-Deal Proforma'!J20)
9				EBIT (='Post-Deal Proforma'!D22)			220176 (='Post-Deal Proforma'!G22)	84996 (='Post-Deal Proforma'!H22)	22887.9 (='Post-Deal Proforma'!I22)	328059.9 (='Post-Deal Proforma'!J22)
10				Net investment income after tax (='Post-Deal Proforma'!D26)			131194 (='Post-Deal Proforma'!G26)	54548 (='Post-Deal Proforma'!H26)	(='Post-Deal Proforma'!I26)	208629.9 (='Post-Deal Proforma'!J26)
11				Net increase (decrease) in net assets from operations (='Post-Deal Proforma'!D29)			110289 (='Post-Deal Proforma'!G29)	32046 (='Post-Deal Proforma'!H29)	(='Post-Deal Proforma'!I29)	165222.9 (='Post-Deal Proforma'!J29)
12				Net investment income per share ($) (='Post-Deal Proforma'!D34)			1.24009951 (='Post-Deal Proforma'!G34)	1.395053835 (='Post-Deal Proforma'!H34)	(='Post-Deal Proforma'!I34)	1.56283626 (='Post-Deal Proforma'!J34)
13				Net increase (decrease) in net assets per share ($) (='Post-Deal Proforma'!D35)			1.042496874 (='Post-Deal Proforma'!G35)	0.819569832 (='Post-Deal Proforma'!H35)	(='Post-Deal Proforma'!I35)	1.237676571 (='Post-Deal Proforma'!J35)
14				Net investment income per share ($) Accretion (='Post-Deal Proforma'!D36)						0.2602506878 (='Post-Deal Proforma'!J36)
15				Net increase (decrease) in net assets per share ($) Accretion (='Post-Deal Proforma'!D37)						0.1872232923 (='Post-Deal Proforma'!J37)
16										
17				PRO FORMA BALANCE SHEET - 2024 (='Post-Deal Proforma'!N16)	(='Post-Deal Proforma'!E27)	(='Post-Deal Proforma'!F27)	BBDC (='Post-Deal Proforma'!Q16)	TPVG (='Post-Deal Proforma'!R16)	Adjustment (='Post-Deal Proforma'!S16)	Pro Forma (='Post-Deal Proforma'!T16)
18										
19				Total assets (='Post-Deal Proforma'!N21)			2695660 (='Post-Deal Proforma'!Q21)	763040 (='Post-Deal Proforma'!R21)	-90005 (='Post-Deal Proforma'!S21)	3368695 (='Post-Deal Proforma'!T21)
20				Total liabilities (='Post-Deal Proforma'!N27)			1505306 (='Post-Deal Proforma'!Q27)	417353 (='Post-Deal Proforma'!R27)	9124.0125 (='Post-Deal Proforma'!S27)	1931783.013 (='Post-Deal Proforma'!T27)
21				Total net assets (='Post-Deal Proforma'!N30)			1190354 (='Post-Deal Proforma'!Q30)	345687 (='Post-Deal Proforma'!R30)	-99129.0125 (='Post-Deal Proforma'!S30)	1436911.988 (='Post-Deal Proforma'!T30)
22				Total liabilities and net assets (='Post-Deal Proforma'!N32)			2695660 (='Post-Deal Proforma'!Q32)	763040 (='Post-Deal Proforma'!R32)	-90005 (='Post-Deal Proforma'!S32)	3368695 (='Post-Deal Proforma'!T32)
23				Nav per share (='Post-Deal Proforma'!N33)			11.29272358 (='Post-Deal Proforma'!Q33)	8.612676583 (='Post-Deal Proforma'!R33)		10.76383662 (='Post-Deal Proforma'!T33)
24				Debt-to-Equity (='Post-Deal Proforma'!N38)			1.232570311 (='Post-Deal Proforma'!Q38)	1.153722876 (='Post-Deal Proforma'!R38)		1.304983206 (='Post-Deal Proforma'!T38)
25				Net Debt-to-Equity (='Post-Deal Proforma'!N39)			1.142037579 (='Post-Deal Proforma'!Q39)	0.9259821746 (='Post-Deal Proforma'!R39)		1.212695021 (='Post-Deal Proforma'!T39)

Range: all
Table:
	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T	U	V	W	X
1																								
2			(USD' 000 except per share data, ratios & percentage)																					
3																								
4				BALANCE SHEET			2024.0	9M 2025				INCOME SHEET			2024.0	9M 2025				CASH FLOW SHEET			2024.0	9M 2025
5				Assets:								Investment income:								Cash flows from operating activities:				
6				Investments at fair value:								Interest income:								Net increase (decrease) in net assets resulting from operations			110289.0	76686.0
7				Non-Control / Non-Affiliate investments			1972373.0	2041097.0				Non-Control / Non-Affiliate investments			207288.0	141272.0				Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:			 	
8				Affiliate investments			397236.0	413489.0				Affiliate investments			3579.0	2965.0				Purchases of portfolio investments			-637440.0	-561582.0
9				Control investments			79663.0	81729.0				Control investments			395.0	407.0				Net cash acquired from Sierra merger 			0.0	0.0
10				Total investments at fair value			2449272 (=SUM(G7:G9))	2536315 (=SUM(H7:H9))				Short-term investment			0.0	0.0				Transaction costs from Sierra merger 			0.0	0.0
11												Total interest income			211262 (=sum(O7:O10))	144644 (=sum(P7:P10))				Repayments received / sales of portfolio investments			641752.0	425436.0
12				Cash			74381.0	71329.0												Loan origination and other fees received			8694.0	9579.0
13				Foreign currencies			16958.0	11877.0				Dividend income:								Net realized (gain) loss on investments			23773.0	27200.0
14				Interest and fees receivable			39914.0	41502.0				Non-Control / Non-Affiliate investments			6174.0	7109.0				Net realized (gain) loss of CSAs			0.0	-9400.0
15				Prepaid expenses and other assets			1745.0	1014.0				Affiliate investments			34961.0	29586.0				Net realized (gain) loss on foreign currency transactions			535.0	-2312.0
16				Credit support agreements			63450.0	52800.0				Control investments			0.0	2817.0				Net realized (gain) loss on forward currency contracts			13804.0	2045.0
17				Derivative assets			24816.0	5291.0				Total dividend income			41135 (=SUM(O14:O16))	39512 (=SUM(P14:P16))				Net unrealized (appreciation) depreciation on investments			28831.0	-44376.0
18				Deferred financing fees			8697.0	7381.0												Net unrealized (appreciation) depreciation of CSAs			-5650.0	-2950.0
19				Receivable from unsettled transactions			16427.0	94383.0				Fee and other income:								Net unrealized (appreciation) depreciation on foreign currency transactions			-9306.0	24519.0
20				Total assets			2695660 (=SUM(G10:G19))	2821892 (=SUM(H10:H19))				Non-Control / Non-Affiliate investments			16484.0	12251.0				Net unrealized (appreciation) depreciation on forward currency contracts			-31082.0	18401.0
21												Affiliate investments			352.0	161.0				Payment-in-kind interest / dividends			-18245.0	-19508.0
22				Liabilities:								Control investments			56.0	47.0				Amortization of deferred financing fees			4684.0	3651.0
23				Accounts payable and accrued liabilities			5567.0	6125.0				Total fee and other income			16892 (=SUM(O20:O22))	12459 (=SUM(P20:P22))				Accretion of loan origination and other fees			-11651.0	-7962.0
24				Interest payable			16245.0	12848.0												Amortization / accretion of purchased loan premium / discount			-1092.0	-1022.0
25				Administrative fees payable			540.0	351.0				Payment-in-kind interest income:								Proceeds from termination of CSA			0.0	23000.0
26				Base management fees payable			7888.0	8415.0				Non-Control / Non-Affiliate investments			12861.0	12156.0				Payments for derivative contracts			-24075.0	-27447.0
27				Incentive management fees payable			7871.0	5634.0				Affiliate investments			713.0	1164.0				Proceeds from derivative contracts			10271.0	25402.0
28				Derivative liabilities			9394.0	1640.0				Control investments			2162.0	705.0				Changes in operating assets and liabilities:				
29				Payable from unsettled transactions			7380.0	553.0				Total payment-in-kind interest income			15736 (=SUM(O26:O28))	14025 (=SUM(P26:P28))				Interest and fees receivable			8417.0	2031.0
30				Borrowings under credit facilities			438590.0	353981.0												Prepaid expenses and other assets			-203.0	731.0
31				Notes payable (net of deferred financing fees)			1011831.0	1265550.0				Interest income from cash			1144.0	601.0				Accounts payable and accrued liabilities			2048.0	-2702.0
32				Total liabilities			1505306 (=SUM(G23:G31))	1655097 (=SUM(H23:H31))				Total investment income			286169 (=O11+O17+O23+O29+O31)	211241 (=P11+P17+P23+P29+P31)				Interest payable			7807.0	-3405.0
33																				Net cash provided by (used in) operating activities			122161 (=SUM(W29:W32,W8:W27,W6))	-43985 (=SUM(X29:X32,X8:X27,X6))
34				Commitments and contingencies (Note 7)								Operating expenses:												
35				Net Assets:								Interest and other financing fees			-85516.0	-63882.0				Cash flows from financing activities:				
36				Common stock, $0.001 par value per share			105.0	105.0				Base management fee (Note 2)			-32404.0	-24626.0				Borrowings under credit facility			206500.0	431839.0
37				Additional paid-in capital			1846977.0	1844638.0				Incentive management fees (Note 2)			-23757.0	-24489.0				Repayments of credit facility			-477568.0	-540495.0
38				Total distributable earnings (loss)			-656728.0	-677948.0				General and administrative expenses (Note 2)			-9832.0	-5884.0				Proceeds from notes			300000.0	300000.0
39				Total net assets			1190354 (=sum(G36:G38))	1166795 (=sum(H36:H38))				Total operating expenses			-151509 (=SUM(O35:O38))	-118881 (=SUM(P35:P38))				Repayments of notes			0.0	-50000.0
40																				Financing fees paid			-13788.0	-5247.0
41				Total liabilities and net assets			2695660 (=G39+G32)	2821892 (=H39+H32)				Net investment income before taxes			134660 (=O32+O39)	92360 (=P32+P39)				Purchases of shares in repurchase plan			-6442.0	-2339.0
42				NAV per share			11.29272358 (=G39/G43)	11.09553807 (=H39/H43)												Cash dividends / distributions paid			-110052.0	-97906.0
43				Weighted average shares outstanding			105408.938	105158.938				Income taxes, including excise tax expense			-3466.0	-2547.0				Net cash provided by (used in) financing activities			-101350 (=SUM(W36:W42))	35852 (=SUM(X36:X42))
44				Checks			True (=G41=G20)	True (=H41=H20)				Net investment income after taxes			131194 (=SUM(O41,O43))	89813 (=SUM(P41,P43))								
45																				Net increase (decrease) in cash and foreign currencies			20811 (=W33+W43)	-8133 (=X33+X43)
46				Net Debt			1359429 (=SUM(G30,G31,G29,G28,-G12,-G13,-G19))	1444135 (=SUM(H30,H31,H29,H28,-H12,-H13,-H19))				Net realized and unrealized gains (losses)			-20905.0	-13127.0				Cash and foreign currencies, beginning of period			70528.0	91339 (=W47)
47				Debt-to-Equity			1.232570311 (=(G31+G30+G29+G28)/G39)	1.389896254 (=(H31+H30+H29+H28)/H39)				Net increase (decrease) in net assets resulting from operations			110289 (=SUM(O44,O46))	76686 (=SUM(P44,P46))				Cash and foreign currencies, end of period			91339 (=SUM(W45:W46))	83206 (=SUM(X45:X46))
48				Net Debt-to-Equity			1.142037579 (=G46/G39)	1.237693854 (=H46/H39)																
49																9M TTM 2025								
50												Sales			286169 (=O32)	281865 (=72404+74398+64438+70625)								
51												EBIT			220176 (=O41-O35)	208719 (=34951+30618+26791+31382-P54)								
52												Net Income			131194 (=O44)	101513 (=23550+20559+32576+24828)								
53												Total operating expense			-151509 (=O39)	-158123 (=-(37453+43780+37647+39243))								
54												Interest Expense			-85516 (=O35)	-84977 (=-(21508+22176+20196+21097))								
55												Tax 			-3466 (=O43)	-4414 (=-(1338+808+401+1867))								
56												Net realized and unrealized gains (losses)			-20905 (=O46)	-17815 (=-(10063+9251-6186+4687))								
57																								
58												Per share information (basic and diluted):												
59												Net Investment Income per Share			1.24009951 (=O44/O61)	0.8532977937 (=P44/P61)								
60												Net increase (decrease) in net assets per share			1.042496874 (=O47/O61)	0.7285804349 (=P47/P61)								
61												Weighted average shares outstanding			105793.123	105253.993								
62																								
63												Share Price as at 11/19/2025 ($)				8.74								

Range: all
Table:
	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T	U	V	W	X
1																								
2			(USD' 000 except per share data, ratios & percentage)																					
3																								
4				BALANCE SHEET			2024.0	9M 2025				INCOME SHEET			2024.0	9M 2025				CASH FLOW SHEET			2024.0	9M 2025
5				Assets:								Investment income:								Cash flows from operating activities:				
6				Investments at fair value			676249.0	798462.0				Interest income:								Net increase (decrease) in net assets resulting from operations			32046.0	41095.0
7				Cash and cash equivalents			45899.0	20033.0				Interest income from investments			91321.0	52430.0				Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:			 	
8				Restricted cash			32828.0	8582.0				Payment-in-kind interest income			15062.0	13803.0				Fundings and purchases of investments			-136019.0	-198001.0
9				Deferred credit facility costs			3904.0	2711.0				Other income								Principal payments and proceeds from investments			256309.0	105805.0
10				Prepaid expenses and other assets			4160.0	5725.0				Expirations/terminations of unfunded commitments			441.0	517.0				Payment-in-kind interest on investments			-15062.0	-13803.0
11				Total assets			763040 (=SUM(G6:G10))	835513 (=SUM(H6:H10))				Other fees			1825.0	1636.0				Net change in unrealized (gains) losses on investments			-10514.0	-7255.0
12												Total interest income			108649 (=sum(O7:O8,O10:O11))	68386 (=sum(P7:P8,P10:P11))				Net realized (gain) losses on investments			33016.0	-1517.0
13				Liabilities:																Amortization and (accretion) of premiums and discounts, net			-5608.0	-4010.0
14				Revolving Credit Facility			5000.0	95000.0				Operating expenses:								(Accretion) reduction of end-of-term payments, net of prepayments			3774.0	-3432.0
15				Notes 			393827 (=69948+199483+124396)	373835 (=199812+124600+49423)				Base management fee			14960.0	9952.0				Amortization of debt fees and liabilities costs			2852.0	1961.0
16				Base management fee payable			3408.0	3359.0				Income incentive fee			0.0	3321.0								
17				Income incentive fee payable			0.0	0.0				Interest expense and amortization of fees			30448.0	19874.0				Changes in operating assets and liabilities:				
18				Other accrued expenses and liabilities			15118.0	8266.0				Administration Agreement expenses			2376.0	1880.0				Prepaid expenses and other assets			-1776.0	-1565.0
19				Total liabilities			417353 (=SUM(G14:G18))	480460 (=SUM(H14:H18))				General and administrative expenses			6317.0	4357.0				Base management fee payable			-1082.0	-49.0
20												Total operating expenses before Income incentive fee waiver			54101 (=SUM(O15:O19))	39384 (=SUM(P15:P19))				Other accrued expenses and liabilities			-5015.0	-6852.0
21				Commitments and contingencies (Note 7)																Net cash (used in) provided by operating activities			152921 (=SUM(W6,W8:W15,W18:W20))	-87623 (=SUM(X6,X8:X15,X18:X20))
22				Net Assets:								Income incentive fee waiver				-3321.0								
23				Common stock, $0.01 par value per share			401.0	404.0				Total operating expenses net of Income incentive fee waiver			-54101 (=-(O22+O20))	-36063 (=-(P22+P20))				Cash flows from financing activities:				
24				Paid-in capital in excess of par value			513719.0	515372.0												Borrowings under revolving credit facility			260000.0	90000.0
25				Total distributable earnings (loss)			-168433.0	-160723.0				Net investment income			54548 (=O12+O23)	32323 (=P12+P23)				Repayments under revolving credit facility			-470000.0	0.0
26				Total net assets			345687 (=sum(G23:G25))	355053 (=sum(H23:H25))												Distributions paid			-52090.0	-31729.0
27												Net realized and unrealized gains/(loses)								Deferred credit facility costs			-3111.0	-20.0
28				Total liabilities and net assets			763040 (=G26+G19)	835513 (=H26+H19)				Net realized gains (losses) on investments			-33016.0	1517.0				Proceeds from issuance of Notes			-	50000.0
29				Net asset value per share			8.612676583 (=G26/G30)	8.788440594 (=H26/H30)				Net change in unrealized gains (loses) on investments			10514.0	7255.0				Debt issuance costs			-	-740.0
30				Weighted average shares outstanding			40137.0	40400.0				Net realized and unrealized gains/(loses)			-22502 (=O28+O29)	8772 (=P28+P29)				Repayments of Notes			0.0	-70000.0
31				Checks			True (=G28=G11)	True (=H28=H11)												Proceeds from the issuance of common stock, net			19425.0	0.0
32												Net increase (decrease) in net assets resulting from operations			32046 (=O30+O25)	41095 (=P30+P25)				Net cash provided by (used in) financing activities			-245776 (=SUM(W24:W31))	37511 (=SUM(X24:X31))
33				Net Debt			320100 (=G14+G15-G7-G8)	440220 (=H14+H15-H7-H8)																
34				Debt-to-Equity			1.153722876 (=(G14+G15)/G26)	1.320464832 (=(H14+H15)/H26)								9M TTM 2025				Net change in cash, scah equivalents and restricted cash			-92855 (=W21+W32)	-50112 (=X21+X32)
35				Net Debt-to-Equity			0.9259821746 (=G33/G26)	1.23987123 (=H33/H26)				Sales			108649 (=O12)	94140 (=68386-82895+108649)				Cash, cash equivalents and restricted cash at beginning of period			171582.0	78727 (=W36)
36												EBIT			84996 (=O25-O39)	72420 (=32323-41912+54548-P39)				Cash, cash equivalents and restricted cash at end of period			78727 (=SUM(W34:W35))	28615 (=SUM(X34:X35))
37												Net Income			54548 (=O25)	44959 (=32323-41912+54548)								
38												Total operating expense			-54101 (=O23)	-49181 (=-(36063-40983+54101))								
39												Interest Expense			-30448 (=-O17)	-27461 (=-(19874-22861+30448))								
40												Tax 			0.0	0.0								
41												Net realized and unrealized gains (losses)			-22502 (=O30)	-11048 (=-(-8772-2682+22502))								
42																								
43												Per share information (basic and diluted):												
44												Net investment income per share			1.395053835 (=O25/O46)	0.8033952228 (=P25/P46)								
45												Net increase (decrease) in net assets per share			0.819569832 (=O32/O46)	1.021425198 (=P32/P46)								
46												Weighted average shares outstanding			39101.0	40233.0								
47																								
48												Share Price as at 11/19/2025 ($)				6.13								

Range: all
Table:
	A	B	C	D	E	F	G	H	I	J	K	L	M	N
1	 													
2				(USD' 000 except per share data, ratios & percentage)										
3														
4					KEY ASSUMPTIONS									
5														
6					KEY BIDDER DATA				KEY TARGET DATA					
7					Bidder's Name	BARINGS BDC			Target's Name	TRIPLEPOINT VENTURE GROWTH BDC				
8					Bidder's Ticker	BBDC			Target's Ticker	TPVG				
9					Current Share Price as at 11/19/2025	8.74 (='Bidder-BBDC'!P63)			Current Share Price	6.13 (='Target-TVPG'!P48)				
10					Number of Shares Outstanding	105158.938 (='Bidder-BBDC'!H43)			Number of Shares Outstanding	40400 (='Target-TVPG'!H30)				
11					Net Debt	1359429 (=IF(F18=2024,'Bidder-BBDC'!G46,'Bidder-BBDC'!H46))			Net Debt	320100 (=IF(F18=2024,'Target-TVPG'!G33,'Target-TVPG'!H33))				
12					Revenue	286169 (=IF(F18=2024,'Bidder-BBDC'!O50,'Bidder-BBDC'!P50))			Revenue	108649 (=IF(F18=2024,'Target-TVPG'!O35,'Target-TVPG'!P35))				
13					EBIT	220176 (=IF(F18=2024,'Bidder-BBDC'!O51,'Bidder-BBDC'!P51))			EBIT	84996 (=IF(F18=2024,'Target-TVPG'!O36,'Target-TVPG'!P36))				
14					Net Income	131194 (=IF(F18=2024,'Bidder-BBDC'!O52,'Bidder-BBDC'!P52))			Net Income	54548 (=IF(F18=2024,'Target-TVPG'!O37,'Target-TVPG'!P37))				
15														
16					KEY DEAL PARAMETERS									
17					Deal Currency	USD								
18					Financial Account	2024.0								
19					% Cash Consideration	0.2								
20					Deal type	PARTIAL MERGER (=IF(F19=0,"MERGER",IF(F19=1,"ACQUISITION", "PARTIAL MERGER")))								
21					% Bid Premium	0.25								
22					% EBIT Synergies	0.075								
23					Advisory Fees (% of Target EV)	0.001								
24					Financing Fees (% of New Debt)	0.0075								
25					Post-deal Bidder share price downside %	0.1								
26														
27														
28														
29					Merger Analysis									
30														
31					Bidder:	BBDC (=F8)			Target:		TPVG (=J8)	8)	PRO FORMA EXPECTED COMBINED VALUATION	
32													(Including synergies at Weighted Average Multiple)	
33				1)	BBDC STAND-ALONE VALUATION (=CONCATENATE(F31," STAND-ALONE VALUATION"))			2)	TPVG STAND-ALONE VALUATION (=CONCATENATE(K31," STAND-ALONE VALUATION"))				Combined EBIT	305172 (=J13+F13)
34										% Bid Premium	0.25 (=F21)		% Synergies	0.075 (=F22)
35						Stand Alone				Stand Alone	At Bid Premium		Combined EBIT + Synergies	328059.9 (=N33*(1+N34))
36					Share Price at Acquisition	8.74 (=F9)			Share Price at Acquisition	6.13 (=J9)	7.6625 (=J36*(1+K34))		Weighted Average EV/EBIT Multiple	9.616783363 (=((F42*F46)+(J42*J46))/(J42+F42))
37					Number of Shares Outstanding	105158.938 (=F10)			Number of Shares Outstanding	40400 (=J10)	40400 (=J37)		Pro Forma Combined EV with Synergies	3154880.988 (=N35*N36)
38					Equity Value	919089.1181 (=F36*F37)			Equity Value	247652 (=J36*J37)	309565 (=K36*K37)		Less: Existing Bidder Net Debt	-1359429 (=-F11)
39													Less: Existing Target Net Debt	-320100 (=-J11)
40					Equity Value	919089.1181 (=F38)			Equity Value	247652 (=J38)	309565 (=K38)		Less: Additional Debt for Cash Consideration	-61913 (=-F56)
41					Net Debt	1359429 (=F11)			Net Debt	320100 (=J11)	320100 (=J41)		Less: Additional Debt for Advisory & Financing Fees	-1094.0125 (=-(F23*K42)-(F24*F56))
42					Enterprise Value	2278518.118 (=F40+F41)			Enterprise Value	567752 (=J41+J40)	629665 (=K41+K40)		Less: Pro Forma Debt	-1742536.013 (=SUM(N38:N41))
43													Pro Forma Combined Equity Value	1412344.976 (=N37+N42)
44					EV/Sales	7.962141665 (=F42/F12)			EV/Sales	5.225561211 (=J42/J12)	5.795405388 (=K42/J12)		Pro Forma Net Debt/EBIT + Synergies	0.552330189 (=-N42/N37)
45					P/Sales	3.211700492 (=F38/F12)			P/Sales	2.279376708 (=J38/J12)	2.849220886 (=K38/J12)			
46					EV/EBIT	10.34862164 (=F42/F13)			EV/EBIT	6.679749635 (=J42/J13)	7.408172149 (=K42/J13)	9)	VALUE ACCRETION/DILUTION TO BBDC SHAREHOLDERS (=CONCATENATE("VALUE ACCRETION/DILUTION TO ",F31," SHAREHOLDERS"))	
47					PE	7.005572802 (=F38/F14)			PE	4.540074797 (=J38/J14)	5.675093496 (=K38/J14)		BBDC Equity Value Pre-Bid (=CONCATENATE(F31," Equity Value Pre-Bid"))	919089.1181 (=F38)
48													BBDC Equity Value Post-Bid (=CONCATENATE(F31," Equity Value Post-Bid"))	1112561.2 (=N43*K60)
49				3)	% SPLIT IN FORM OF CONSIDERATION			5)	PRO FORMA BIDDER SHARES OUTSTANDING				% Value Accretion/(Dilution) to BBDC Shareholders (=CONCATENATE("% Value Accretion/(Dilution) to ",F31," Shareholders"))	0.2105041589 (=N48/N47-1)
50						%	Per Share		Existing Bidder Shares		105158.938 (=F10)			
51					% Cash Consideration	0.2 (=F19)	1.5325 (=F51*K36)		New Bidder Shares Issued		28335.46911 (=F57/F36)	10)	VALUE ACCRETION/DILUTION TO TPVG SHAREHOLDERS (=CONCATENATE("VALUE ACCRETION/DILUTION TO ",K31," SHAREHOLDERS"))	
52					% Share Consideration	0.8 (=1-F51)	6.13 (=F52*K36)		Pro Forma Bidder Shares Outstanding		133494.4071 (=K50+K51)		TPVG Equity Value Pre-Bid (=CONCATENATE(K31," Equity Value Pre-Bid"))	247652 (=J38)
53					Total	1 (=F51+F52)	7.6625 (=G51+G52)						Cash Consideration	61913 (=F56)
54								6)	EXCHANGE RATIO FOR TARGET SHAREHOLDERS				TPVG Equity Value in Combined + Synergy (=CONCATENATE(K31," Equity Value in Combined + Synergy"))	299783.776 (=K61*N43)
55				4)	TOTAL CONSIDERATION				New Bidder Shares Issued		28335.46911 (=K51)		TPVG Equity Value Post-Bid (=CONCATENATE(K31," Equity Value Post-Bid"))	361696.776 (=N53+N54)
56					Cash Consideration	61913 (=F51*K38)			Existing Target Shares		40400 (=K37)		% Value Accretion/(Dilution) to TPVG Shareholders (=CONCATENATE("% Value Accretion/(Dilution) to ",K31," Shareholders"))	0.4605041589 (=N55/N52-1)
57					Share Consideration	247652 (=F52*K38)			Exchange Ratio for TPVG Shareholders (=CONCATENATE("Exchange Ratio for ", J8," Shareholders"))		0.7013729977 (=K55/K56)			
58					Total Consideration	309565 (=SUM(F56:F57))						11)	VALUE OFFERED IF BIDDER SHARE PRICE DECLINES	
59								7)	% OWNERSHIP SPLIT				Original Bid Price per Target Share	7.6625 (=K36)
60									Ownership by BBDC (=CONCATENATE("Ownership by ",F31))		0.7877404026 (=K50/K52)		Bidder Share Price at Offer Date	8.74 (=F36)
61									Ownership by TPVG (=CONCATENATE("Ownership by ",K31))		0.2122595974 (=K51/K52)		Change in Bidder Share Price	-0.1 (=-F25)
62									Total Ownership		1 (=SUM(K60:K61))		Revised Bidder Share	7.866 (=N60*(1+N61))
63													Exchange Ratio	0.7013729977 (=K57)
64													Revised Share Consideration per Share	5.517 (=N63*N62)
65													Revised Cash Consideration per Share	1.5325 (=G51)
66													Revised Offer per Target Share	7.0495 (=N65+N64)
67													% Change vs Original Offer	-0.08 (=N66/N59-1)
68													Revised Equity Value of Target	284799.8 (=N66*K37)

Range: all
Table:
	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T
1																				
2			(USD' 000 except per share data, ratios & percentage)																	
3																				
4				SOURCES OF FUND				USES OF FUND												
5																				
6				Cash Utilized		53883 (=MIN(Q19*F12,-'Merger Analysis'!N40-'Merger Analysis'!N41))		Equity Value of Target		309565 (='Merger Analysis'!K38)										
7				Existing Target Debt Rolled Over		398827 (=R24)		Existing Target Debt Assumed		398827 (=F7)										
8				New Debt Financing		9124.0125 (=IF(-SUM('Merger Analysis'!N40:N41)>F6,-SUM('Merger Analysis'!N40:N41)-F6,0))		Advisory Fees (% of Target EV) (='Merger Analysis'!E23)		629.665 (='Merger Analysis'!F23*'Merger Analysis'!K42)										
9				Value of Bidder Shares Issued to Target		247652 (='Merger Analysis'!F57)		Financing Fees (% of New Debt) (='Merger Analysis'!E24)		464.3475 (=-'Merger Analysis'!F24*'Merger Analysis'!N40)										
10						709486.0125 (=SUM(F6:F9))				709486.0125 (=SUM(J6:J9))										
11																				
12				Percentage of B/S Cash Used		0.5														
13																				
14																				
15																				
16				PRO FORMA INCOME SHEET - 2024 (=CONCATENATE("PRO FORMA INCOME SHEET - ", 'Merger Analysis'!F18))			BBDC (='Merger Analysis'!F8)	TPVG (='Merger Analysis'!J8)	Synergies	Pro Forma				PRO FORMA BALANCE SHEET - 2024 (=CONCATENATE("PRO FORMA BALANCE SHEET - ",'Merger Analysis'!F18))			BBDC (='Merger Analysis'!F8)	TPVG (='Merger Analysis'!J8)	Adjustment	Pro Forma
17														Assets:						
18				Total Investment Income			286169 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!O50,'Bidder-BBDC'!P50))	108649 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!O35,'Target-TVPG'!P35))		394818 (=SUM(G18:I18))				Investments at fair value			2449272 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!G10,'Bidder-BBDC'!H10))	676249 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!G6,'Target-TVPG'!H6))		3125521 (=SUM(Q18:S18))
19				Total operating expenses			-151509 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!O53,'Bidder-BBDC'!P53))	-54101 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!O38,'Target-TVPG'!P38))		-205610 (=SUM(G19:I19))				Cash and cash equivalents + Restricted cash			107766 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!G12+'Bidder-BBDC'!G13+'Bidder-BBDC'!G19,'Bidder-BBDC'!H12+'Bidder-BBDC'!H13+'Bidder-BBDC'!H19))	78727 (=IF('Merger Analysis'!F18=2024,SUM('Target-TVPG'!G7:G8),SUM('Target-TVPG'!H7:H8)))	-53883 (=-F6)	132610 (=SUM(Q19:S19))
20				Net investment income before tax			134660 (=SUM(G18:G19))	54548 (=SUM(H18:H19))		189208 (=SUM(J18:J19))				Other assets			138622 (=IF('Merger Analysis'!F18=2024,SUM('Bidder-BBDC'!G14:G18),SUM('Bidder-BBDC'!H14:H18)))	8064 (=IF('Merger Analysis'!F18=2024,SUM('Target-TVPG'!G9:G10),SUM('Target-TVPG'!H9:H10)))	-36122 (='Merger Analysis'!K38-R30)	110564 (=SUM(Q20:S20))
21														Total assets			2695660 (=SUM(Q18:Q20))	763040 (=SUM(R18:R20))	-90005 (=SUM(S18:S20))	3368695 (=SUM(T18:T20))
22				EBIT			220176 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!O51,'Bidder-BBDC'!P51))	84996 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!O36,'Target-TVPG'!P36))	22887.9 (=(G22+H22)*'Merger Analysis'!F22)	328059.9 (=SUM(G22:I22))										
23														Liabilities:						
24				Interest Expense			-85516 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!O54,'Bidder-BBDC'!P54))	-30448 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!O39,'Target-TVPG'!P39))		-115964 (=SUM(G24:I24))				Debt			1467195 (=IF('Merger Analysis'!F18=2024,SUM('Bidder-BBDC'!G28:G31),SUM('Bidder-BBDC'!H28:H31)))	398827 (=IF('Merger Analysis'!F18=2024,SUM('Target-TVPG'!G14:G15),SUM('Target-TVPG'!H14:H15)))	9124.0125 (=F8)	1875146.013 (=SUM(Q24:S24))
25				Tax			-3466 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!O55,'Bidder-BBDC'!P55))	0 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!O40,'Target-TVPG'!P40))		-3466 (=SUM(G25:I25))				Fees			16299 (=IF('Merger Analysis'!F18=2024,SUM('Bidder-BBDC'!G25:G27),SUM('Bidder-BBDC'!H25:H27)))	3408 (=IF('Merger Analysis'!F18=2024,SUM('Target-TVPG'!G16:G17),SUM('Target-TVPG'!H16:H17)))		19707 (=SUM(Q25:S25))
26				Net investment income after tax			131194 (=SUM(G22,G24:G25))	54548 (=SUM(H22,H24:H25))		208629.9 (=SUM(J22,J24:J25))				Other expenses and liabilities			21812 (=IF('Merger Analysis'!F18=2024,SUM('Bidder-BBDC'!G23:G24),SUM('Bidder-BBDC'!H23:H24)))	15118 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!G18,'Target-TVPG'!H18))		36930 (=SUM(Q26:S26))
27														Total liabilities			1505306 (=SUM(Q24:Q26))	417353 (=SUM(R24:R26))	9124.0125 (=SUM(S24:S26))	1931783.013 (=SUM(T24:T26))
28				Net realized gains (losses) and unrealized appreciation (depreciation)			-20905 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!O56,'Bidder-BBDC'!P56))	-22502 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!O41,'Target-TVPG'!P41))		-43407 (=SUM(G28:I28))										
29				Net increase (decrease) in net assets from operations			110289 (=G26+G28)	32046 (=H26+H28)		165222.9 (=J26+J28)				Net Assets:						
30														Total net assets			1190354 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!G39,'Bidder-BBDC'!H39))	345687 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!G26,'Target-TVPG'!H26))	-99129.0125 (=F9-R30-J8-J9)	1436911.988 (=SUM(Q30:S30))
31				Weighted average shares outstanding			105793.123 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!O61,'Bidder-BBDC'!P61))	39101 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!O46,'Target-TVPG'!P46))		133494.4071 (='Merger Analysis'!K52)										
32														Total liabilities and net assets			2695660 (=Q30+Q27)	763040 (=R30+R27)	-90005 (=S30+S27)	3368695 (=T30+T27)
33				Per share information (basic and diluted)										Nav per share			11.29272358 (=Q30/Q34)	8.612676583 (=R30/R34)		10.76383662 (=T30/T34)
34				Net investment income per share ($)			1.24009951 (=G26/G31)	1.395053835 (=H26/H31)		1.56283626 (=J26/J31)				Weighted average shares outstanding			105408.938 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!G43,'Bidder-BBDC'!H43))	40137 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!G30,'Target-TVPG'!H30))		133494.4071 (='Merger Analysis'!K52)
35				Net increase (decrease) in net assets per share ($)			1.042496874 (=G29/G31)	0.819569832 (=H29/H31)		1.237676571 (=J29/J31)				Checks			True (=Q32=Q21)	True (=R32=R21)	True (=S32=S21)	True (=T32=T21)
36				Net investment income per share ($) Accretion						0.2602506878 (=J34/G34-1)										
37				Net increase (decrease) in net assets per share ($) Accretion						0.1872232923 (=J35/G35-1)				Net Debt			1359429 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!G46,'Bidder-BBDC'!H46))	320100 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!G33,'Target-TVPG'!H33))		1742536.013 (=T24-T19)
38														Debt-to-Equity			1.232570311 (=Q24/Q30)	1.153722876 (=R24/R30)		1.304983206 (=T24/T30)
39														Net Debt-to-Equity			1.142037579 (=Q37/Q30)	0.9259821746 (=R37/R30)		1.212695021 (=T37/T30)

todo_write

Internal error: 1 validation error for call[code_exec]
request
  Missing required argument [type=missing_argument, input_value={}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing_argument

{"action":"exec","output":"test\n","success":true,"error":null,"help":null}

excel_add_tab

{'status': 'success', 'tab_name': 'BBDC Accretion-Dilution', 'file_path': '/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx', 'rows_added': 6}

{'status': 'success', 'tab_name': 'TVPG Accretion-Dilution', 'file_path': '/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx', 'rows_added': 6}

{'worksheets': [{'name': 'Summary', 'index': 0, 'row_count': 26, 'column_count': 11}, {'name': 'Bidder-BBDC', 'index': 1, 'row_count': 64, 'column_count': 25}, {'name': 'Target-TVPG', 'index': 2, 'row_count': 49, 'column_count': 25}, {'name': 'Merger Analysis', 'index': 3, 'row_count': 70, 'column_count': 15}, {'name': 'Post-Deal Proforma', 'index': 4, 'row_count': 46, 'column_count': 22}, {'name': 'BBDC Accretion-Dilution', 'index': 5, 'row_count': 6, 'column_count': 4}, {'name': 'TVPG Accretion-Dilution', 'index': 6, 'row_count': 6, 'column_count': 4}]}

Range: all
Table:
	A	B	C	D
1			Cash Consideration 10%	Cash Consideration 15%
2		BBDC Accretion / (Dilution) Sensitivity (%)		
3		EBIT Synergies: 12.30% | Post-Deal Share Price Downside: 7.90%		
4			Cash Consideration 10%	Cash Consideration 15%
5	Bid Premium	10%	36.41%	36.83%
6	Bid Premium	20%	33.64%	34.05%

Range: all
Table:
	A	B	C	D
1			Cash Consideration 10%	Cash Consideration 15%
2		TVPG Accretion / (Dilution) Sensitivity (%)		
3		EBIT Synergies: 12.30% | Post-Deal Share Price Downside: 7.90%		
4			Cash Consideration 10%	Cash Consideration 15%
5	Bid Premium	10%	46.05%	44.44%
6	Bid Premium	20%	56.33%	54.73%

Range: A1:K26
Table:
	A	B	C	D	E	F	G	H	I	J	K
1											
2				SUMMARY FINANCIAL ANALYSIS							
3											
4			(USD' 000 except per share data, ratios & percentage) (='Post-Deal Proforma'!C2)								
5											
6				PRO FORMA INCOME SHEET - 2024 (='Post-Deal Proforma'!D16)	(='Post-Deal Proforma'!E16)	(='Post-Deal Proforma'!F16)	BBDC (='Post-Deal Proforma'!G16)	TPVG (='Post-Deal Proforma'!H16)	Synergies (='Post-Deal Proforma'!I16)	Pro Forma (='Post-Deal Proforma'!J16)	
7											
8				Net investment income before tax (='Post-Deal Proforma'!D20)			134660 (='Post-Deal Proforma'!G20)	54548 (='Post-Deal Proforma'!H20)	(='Post-Deal Proforma'!I20)	189208 (='Post-Deal Proforma'!J20)	
9				EBIT (='Post-Deal Proforma'!D22)			220176 (='Post-Deal Proforma'!G22)	84996 (='Post-Deal Proforma'!H22)	22887.9 (='Post-Deal Proforma'!I22)	328059.9 (='Post-Deal Proforma'!J22)	
10				Net investment income after tax (='Post-Deal Proforma'!D26)			131194 (='Post-Deal Proforma'!G26)	54548 (='Post-Deal Proforma'!H26)	(='Post-Deal Proforma'!I26)	208629.9 (='Post-Deal Proforma'!J26)	
11				Net increase (decrease) in net assets from operations (='Post-Deal Proforma'!D29)			110289 (='Post-Deal Proforma'!G29)	32046 (='Post-Deal Proforma'!H29)	(='Post-Deal Proforma'!I29)	165222.9 (='Post-Deal Proforma'!J29)	
12				Net investment income per share ($) (='Post-Deal Proforma'!D34)			1.24009951 (='Post-Deal Proforma'!G34)	1.395053835 (='Post-Deal Proforma'!H34)	(='Post-Deal Proforma'!I34)	1.56283626 (='Post-Deal Proforma'!J34)	
13				Net increase (decrease) in net assets per share ($) (='Post-Deal Proforma'!D35)			1.042496874 (='Post-Deal Proforma'!G35)	0.819569832 (='Post-Deal Proforma'!H35)	(='Post-Deal Proforma'!I35)	1.237676571 (='Post-Deal Proforma'!J35)	
14				Net investment income per share ($) Accretion (='Post-Deal Proforma'!D36)						0.2602506878 (='Post-Deal Proforma'!J36)	
15				Net increase (decrease) in net assets per share ($) Accretion (='Post-Deal Proforma'!D37)						0.1872232923 (='Post-Deal Proforma'!J37)	
16											
17				PRO FORMA BALANCE SHEET - 2024 (='Post-Deal Proforma'!N16)	(='Post-Deal Proforma'!E27)	(='Post-Deal Proforma'!F27)	BBDC (='Post-Deal Proforma'!Q16)	TPVG (='Post-Deal Proforma'!R16)	Adjustment (='Post-Deal Proforma'!S16)	Pro Forma (='Post-Deal Proforma'!T16)	
18											
19				Total assets (='Post-Deal Proforma'!N21)			2695660 (='Post-Deal Proforma'!Q21)	763040 (='Post-Deal Proforma'!R21)	-90005 (='Post-Deal Proforma'!S21)	3368695 (='Post-Deal Proforma'!T21)	
20				Total liabilities (='Post-Deal Proforma'!N27)			1505306 (='Post-Deal Proforma'!Q27)	417353 (='Post-Deal Proforma'!R27)	9124.0125 (='Post-Deal Proforma'!S27)	1931783.013 (='Post-Deal Proforma'!T27)	
21				Total net assets (='Post-Deal Proforma'!N30)			1190354 (='Post-Deal Proforma'!Q30)	345687 (='Post-Deal Proforma'!R30)	-99129.0125 (='Post-Deal Proforma'!S30)	1436911.988 (='Post-Deal Proforma'!T30)	
22				Total liabilities and net assets (='Post-Deal Proforma'!N32)			2695660 (='Post-Deal Proforma'!Q32)	763040 (='Post-Deal Proforma'!R32)	-90005 (='Post-Deal Proforma'!S32)	3368695 (='Post-Deal Proforma'!T32)	
23				Nav per share (='Post-Deal Proforma'!N33)			11.29272358 (='Post-Deal Proforma'!Q33)	8.612676583 (='Post-Deal Proforma'!R33)		10.76383662 (='Post-Deal Proforma'!T33)	
24				Debt-to-Equity (='Post-Deal Proforma'!N38)			1.232570311 (='Post-Deal Proforma'!Q38)	1.153722876 (='Post-Deal Proforma'!R38)		1.304983206 (='Post-Deal Proforma'!T38)	
25				Net Debt-to-Equity (='Post-Deal Proforma'!N39)			1.142037579 (='Post-Deal Proforma'!Q39)	0.9259821746 (='Post-Deal Proforma'!R39)		1.212695021 (='Post-Deal Proforma'!T39)	
26											

Range: A1:O70
Table:
	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O
1	 														
2				(USD' 000 except per share data, ratios & percentage)											
3															
4					KEY ASSUMPTIONS										
5															
6					KEY BIDDER DATA				KEY TARGET DATA						
7					Bidder's Name	BARINGS BDC			Target's Name	TRIPLEPOINT VENTURE GROWTH BDC					
8					Bidder's Ticker	BBDC			Target's Ticker	TPVG					
9					Current Share Price as at 11/19/2025	8.74 (='Bidder-BBDC'!P63)			Current Share Price	6.13 (='Target-TVPG'!P48)					
10					Number of Shares Outstanding	105158.938 (='Bidder-BBDC'!H43)			Number of Shares Outstanding	40400 (='Target-TVPG'!H30)					
11					Net Debt	1359429 (=IF(F18=2024,'Bidder-BBDC'!G46,'Bidder-BBDC'!H46))			Net Debt	320100 (=IF(F18=2024,'Target-TVPG'!G33,'Target-TVPG'!H33))					
12					Revenue	286169 (=IF(F18=2024,'Bidder-BBDC'!O50,'Bidder-BBDC'!P50))			Revenue	108649 (=IF(F18=2024,'Target-TVPG'!O35,'Target-TVPG'!P35))					
13					EBIT	220176 (=IF(F18=2024,'Bidder-BBDC'!O51,'Bidder-BBDC'!P51))			EBIT	84996 (=IF(F18=2024,'Target-TVPG'!O36,'Target-TVPG'!P36))					
14					Net Income	131194 (=IF(F18=2024,'Bidder-BBDC'!O52,'Bidder-BBDC'!P52))			Net Income	54548 (=IF(F18=2024,'Target-TVPG'!O37,'Target-TVPG'!P37))					
15															
16					KEY DEAL PARAMETERS										
17					Deal Currency	USD									
18					Financial Account	2024.0									
19					% Cash Consideration	0.2									
20					Deal type	PARTIAL MERGER (=IF(F19=0,"MERGER",IF(F19=1,"ACQUISITION", "PARTIAL MERGER")))									
21					% Bid Premium	0.25									
22					% EBIT Synergies	0.075									
23					Advisory Fees (% of Target EV)	0.001									
24					Financing Fees (% of New Debt)	0.0075									
25					Post-deal Bidder share price downside %	0.1									
26															
27															
28															
29					Merger Analysis										
30															
31					Bidder:	BBDC (=F8)			Target:		TPVG (=J8)	8)	PRO FORMA EXPECTED COMBINED VALUATION		
32													(Including synergies at Weighted Average Multiple)		
33				1)	BBDC STAND-ALONE VALUATION (=CONCATENATE(F31," STAND-ALONE VALUATION"))			2)	TPVG STAND-ALONE VALUATION (=CONCATENATE(K31," STAND-ALONE VALUATION"))				Combined EBIT	305172 (=J13+F13)	
34										% Bid Premium	0.25 (=F21)		% Synergies	0.075 (=F22)	
35						Stand Alone				Stand Alone	At Bid Premium		Combined EBIT + Synergies	328059.9 (=N33*(1+N34))	
36					Share Price at Acquisition	8.74 (=F9)			Share Price at Acquisition	6.13 (=J9)	7.6625 (=J36*(1+K34))		Weighted Average EV/EBIT Multiple	9.616783363 (=((F42*F46)+(J42*J46))/(J42+F42))	
37					Number of Shares Outstanding	105158.938 (=F10)			Number of Shares Outstanding	40400 (=J10)	40400 (=J37)		Pro Forma Combined EV with Synergies	3154880.988 (=N35*N36)	
38					Equity Value	919089.1181 (=F36*F37)			Equity Value	247652 (=J36*J37)	309565 (=K36*K37)		Less: Existing Bidder Net Debt	-1359429 (=-F11)	
39													Less: Existing Target Net Debt	-320100 (=-J11)	
40					Equity Value	919089.1181 (=F38)			Equity Value	247652 (=J38)	309565 (=K38)		Less: Additional Debt for Cash Consideration	-61913 (=-F56)	
41					Net Debt	1359429 (=F11)			Net Debt	320100 (=J11)	320100 (=J41)		Less: Additional Debt for Advisory & Financing Fees	-1094.0125 (=-(F23*K42)-(F24*F56))	
42					Enterprise Value	2278518.118 (=F40+F41)			Enterprise Value	567752 (=J41+J40)	629665 (=K41+K40)		Less: Pro Forma Debt	-1742536.013 (=SUM(N38:N41))	
43													Pro Forma Combined Equity Value	1412344.976 (=N37+N42)	
44					EV/Sales	7.962141665 (=F42/F12)			EV/Sales	5.225561211 (=J42/J12)	5.795405388 (=K42/J12)		Pro Forma Net Debt/EBIT + Synergies	0.552330189 (=-N42/N37)	
45					P/Sales	3.211700492 (=F38/F12)			P/Sales	2.279376708 (=J38/J12)	2.849220886 (=K38/J12)				
46					EV/EBIT	10.34862164 (=F42/F13)			EV/EBIT	6.679749635 (=J42/J13)	7.408172149 (=K42/J13)	9)	VALUE ACCRETION/DILUTION TO BBDC SHAREHOLDERS (=CONCATENATE("VALUE ACCRETION/DILUTION TO ",F31," SHAREHOLDERS"))		
47					PE	7.005572802 (=F38/F14)			PE	4.540074797 (=J38/J14)	5.675093496 (=K38/J14)		BBDC Equity Value Pre-Bid (=CONCATENATE(F31," Equity Value Pre-Bid"))	919089.1181 (=F38)	
48													BBDC Equity Value Post-Bid (=CONCATENATE(F31," Equity Value Post-Bid"))	1112561.2 (=N43*K60)	
49				3)	% SPLIT IN FORM OF CONSIDERATION			5)	PRO FORMA BIDDER SHARES OUTSTANDING				% Value Accretion/(Dilution) to BBDC Shareholders (=CONCATENATE("% Value Accretion/(Dilution) to ",F31," Shareholders"))	0.2105041589 (=N48/N47-1)	
50						%	Per Share		Existing Bidder Shares		105158.938 (=F10)				
51					% Cash Consideration	0.2 (=F19)	1.5325 (=F51*K36)		New Bidder Shares Issued		28335.46911 (=F57/F36)	10)	VALUE ACCRETION/DILUTION TO TPVG SHAREHOLDERS (=CONCATENATE("VALUE ACCRETION/DILUTION TO ",K31," SHAREHOLDERS"))		
52					% Share Consideration	0.8 (=1-F51)	6.13 (=F52*K36)		Pro Forma Bidder Shares Outstanding		133494.4071 (=K50+K51)		TPVG Equity Value Pre-Bid (=CONCATENATE(K31," Equity Value Pre-Bid"))	247652 (=J38)	
53					Total	1 (=F51+F52)	7.6625 (=G51+G52)						Cash Consideration	61913 (=F56)	
54								6)	EXCHANGE RATIO FOR TARGET SHAREHOLDERS				TPVG Equity Value in Combined + Synergy (=CONCATENATE(K31," Equity Value in Combined + Synergy"))	299783.776 (=K61*N43)	
55				4)	TOTAL CONSIDERATION				New Bidder Shares Issued		28335.46911 (=K51)		TPVG Equity Value Post-Bid (=CONCATENATE(K31," Equity Value Post-Bid"))	361696.776 (=N53+N54)	
56					Cash Consideration	61913 (=F51*K38)			Existing Target Shares		40400 (=K37)		% Value Accretion/(Dilution) to TPVG Shareholders (=CONCATENATE("% Value Accretion/(Dilution) to ",K31," Shareholders"))	0.4605041589 (=N55/N52-1)	
57					Share Consideration	247652 (=F52*K38)			Exchange Ratio for TPVG Shareholders (=CONCATENATE("Exchange Ratio for ", J8," Shareholders"))		0.7013729977 (=K55/K56)				
58					Total Consideration	309565 (=SUM(F56:F57))						11)	VALUE OFFERED IF BIDDER SHARE PRICE DECLINES		
59								7)	% OWNERSHIP SPLIT				Original Bid Price per Target Share	7.6625 (=K36)	
60									Ownership by BBDC (=CONCATENATE("Ownership by ",F31))		0.7877404026 (=K50/K52)		Bidder Share Price at Offer Date	8.74 (=F36)	
61									Ownership by TPVG (=CONCATENATE("Ownership by ",K31))		0.2122595974 (=K51/K52)		Change in Bidder Share Price	-0.1 (=-F25)	
62									Total Ownership		1 (=SUM(K60:K61))		Revised Bidder Share	7.866 (=N60*(1+N61))	
63													Exchange Ratio	0.7013729977 (=K57)	
64													Revised Share Consideration per Share	5.517 (=N63*N62)	
65													Revised Cash Consideration per Share	1.5325 (=G51)	
66													Revised Offer per Target Share	7.0495 (=N65+N64)	
67													% Change vs Original Offer	-0.08 (=N66/N59-1)	
68													Revised Equity Value of Target	284799.8 (=N66*K37)	
69															
70															

Range: A1:V46
Table:
	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T	U	V
1																						
2			(USD' 000 except per share data, ratios & percentage)																			
3																						
4				SOURCES OF FUND				USES OF FUND														
5																						
6				Cash Utilized		53883 (=MIN(Q19*F12,-'Merger Analysis'!N40-'Merger Analysis'!N41))		Equity Value of Target		309565 (='Merger Analysis'!K38)												
7				Existing Target Debt Rolled Over		398827 (=R24)		Existing Target Debt Assumed		398827 (=F7)												
8				New Debt Financing		9124.0125 (=IF(-SUM('Merger Analysis'!N40:N41)>F6,-SUM('Merger Analysis'!N40:N41)-F6,0))		Advisory Fees (% of Target EV) (='Merger Analysis'!E23)		629.665 (='Merger Analysis'!F23*'Merger Analysis'!K42)												
9				Value of Bidder Shares Issued to Target		247652 (='Merger Analysis'!F57)		Financing Fees (% of New Debt) (='Merger Analysis'!E24)		464.3475 (=-'Merger Analysis'!F24*'Merger Analysis'!N40)												
10						709486.0125 (=SUM(F6:F9))				709486.0125 (=SUM(J6:J9))												
11																						
12				Percentage of B/S Cash Used		0.5																
13																						
14																						
15																						
16				PRO FORMA INCOME SHEET - 2024 (=CONCATENATE("PRO FORMA INCOME SHEET - ", 'Merger Analysis'!F18))			BBDC (='Merger Analysis'!F8)	TPVG (='Merger Analysis'!J8)	Synergies	Pro Forma				PRO FORMA BALANCE SHEET - 2024 (=CONCATENATE("PRO FORMA BALANCE SHEET - ",'Merger Analysis'!F18))			BBDC (='Merger Analysis'!F8)	TPVG (='Merger Analysis'!J8)	Adjustment	Pro Forma		
17														Assets:								
18				Total Investment Income			286169 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!O50,'Bidder-BBDC'!P50))	108649 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!O35,'Target-TVPG'!P35))		394818 (=SUM(G18:I18))				Investments at fair value			2449272 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!G10,'Bidder-BBDC'!H10))	676249 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!G6,'Target-TVPG'!H6))		3125521 (=SUM(Q18:S18))		
19				Total operating expenses			-151509 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!O53,'Bidder-BBDC'!P53))	-54101 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!O38,'Target-TVPG'!P38))		-205610 (=SUM(G19:I19))				Cash and cash equivalents + Restricted cash			107766 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!G12+'Bidder-BBDC'!G13+'Bidder-BBDC'!G19,'Bidder-BBDC'!H12+'Bidder-BBDC'!H13+'Bidder-BBDC'!H19))	78727 (=IF('Merger Analysis'!F18=2024,SUM('Target-TVPG'!G7:G8),SUM('Target-TVPG'!H7:H8)))	-53883 (=-F6)	132610 (=SUM(Q19:S19))		
20				Net investment income before tax			134660 (=SUM(G18:G19))	54548 (=SUM(H18:H19))		189208 (=SUM(J18:J19))				Other assets			138622 (=IF('Merger Analysis'!F18=2024,SUM('Bidder-BBDC'!G14:G18),SUM('Bidder-BBDC'!H14:H18)))	8064 (=IF('Merger Analysis'!F18=2024,SUM('Target-TVPG'!G9:G10),SUM('Target-TVPG'!H9:H10)))	-36122 (='Merger Analysis'!K38-R30)	110564 (=SUM(Q20:S20))		
21														Total assets			2695660 (=SUM(Q18:Q20))	763040 (=SUM(R18:R20))	-90005 (=SUM(S18:S20))	3368695 (=SUM(T18:T20))		
22				EBIT			220176 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!O51,'Bidder-BBDC'!P51))	84996 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!O36,'Target-TVPG'!P36))	22887.9 (=(G22+H22)*'Merger Analysis'!F22)	328059.9 (=SUM(G22:I22))												
23														Liabilities:								
24				Interest Expense			-85516 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!O54,'Bidder-BBDC'!P54))	-30448 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!O39,'Target-TVPG'!P39))		-115964 (=SUM(G24:I24))				Debt			1467195 (=IF('Merger Analysis'!F18=2024,SUM('Bidder-BBDC'!G28:G31),SUM('Bidder-BBDC'!H28:H31)))	398827 (=IF('Merger Analysis'!F18=2024,SUM('Target-TVPG'!G14:G15),SUM('Target-TVPG'!H14:H15)))	9124.0125 (=F8)	1875146.013 (=SUM(Q24:S24))		
25				Tax			-3466 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!O55,'Bidder-BBDC'!P55))	0 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!O40,'Target-TVPG'!P40))		-3466 (=SUM(G25:I25))				Fees			16299 (=IF('Merger Analysis'!F18=2024,SUM('Bidder-BBDC'!G25:G27),SUM('Bidder-BBDC'!H25:H27)))	3408 (=IF('Merger Analysis'!F18=2024,SUM('Target-TVPG'!G16:G17),SUM('Target-TVPG'!H16:H17)))		19707 (=SUM(Q25:S25))		
26				Net investment income after tax			131194 (=SUM(G22,G24:G25))	54548 (=SUM(H22,H24:H25))		208629.9 (=SUM(J22,J24:J25))				Other expenses and liabilities			21812 (=IF('Merger Analysis'!F18=2024,SUM('Bidder-BBDC'!G23:G24),SUM('Bidder-BBDC'!H23:H24)))	15118 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!G18,'Target-TVPG'!H18))		36930 (=SUM(Q26:S26))		
27														Total liabilities			1505306 (=SUM(Q24:Q26))	417353 (=SUM(R24:R26))	9124.0125 (=SUM(S24:S26))	1931783.013 (=SUM(T24:T26))		
28				Net realized gains (losses) and unrealized appreciation (depreciation)			-20905 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!O56,'Bidder-BBDC'!P56))	-22502 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!O41,'Target-TVPG'!P41))		-43407 (=SUM(G28:I28))												
29				Net increase (decrease) in net assets from operations			110289 (=G26+G28)	32046 (=H26+H28)		165222.9 (=J26+J28)				Net Assets:								
30														Total net assets			1190354 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!G39,'Bidder-BBDC'!H39))	345687 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!G26,'Target-TVPG'!H26))	-99129.0125 (=F9-R30-J8-J9)	1436911.988 (=SUM(Q30:S30))		
31				Weighted average shares outstanding			105793.123 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!O61,'Bidder-BBDC'!P61))	39101 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!O46,'Target-TVPG'!P46))		133494.4071 (='Merger Analysis'!K52)												
32														Total liabilities and net assets			2695660 (=Q30+Q27)	763040 (=R30+R27)	-90005 (=S30+S27)	3368695 (=T30+T27)		
33				Per share information (basic and diluted)										Nav per share			11.29272358 (=Q30/Q34)	8.612676583 (=R30/R34)		10.76383662 (=T30/T34)		
34				Net investment income per share ($)			1.24009951 (=G26/G31)	1.395053835 (=H26/H31)		1.56283626 (=J26/J31)				Weighted average shares outstanding			105408.938 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!G43,'Bidder-BBDC'!H43))	40137 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!G30,'Target-TVPG'!H30))		133494.4071 (='Merger Analysis'!K52)		
35				Net increase (decrease) in net assets per share ($)			1.042496874 (=G29/G31)	0.819569832 (=H29/H31)		1.237676571 (=J29/J31)				Checks			True (=Q32=Q21)	True (=R32=R21)	True (=S32=S21)	True (=T32=T21)		
36				Net investment income per share ($) Accretion						0.2602506878 (=J34/G34-1)												
37				Net increase (decrease) in net assets per share ($) Accretion						0.1872232923 (=J35/G35-1)				Net Debt			1359429 (=IF('Merger Analysis'!F18=2024,'Bidder-BBDC'!G46,'Bidder-BBDC'!H46))	320100 (=IF('Merger Analysis'!F18=2024,'Target-TVPG'!G33,'Target-TVPG'!H33))		1742536.013 (=T24-T19)		
38														Debt-to-Equity			1.232570311 (=Q24/Q30)	1.153722876 (=R24/R30)		1.304983206 (=T24/T30)		
39														Net Debt-to-Equity			1.142037579 (=Q37/Q30)	0.9259821746 (=R37/R30)		1.212695021 (=T37/T30)		
40																						
41																						
42																						
43																						
44																						
45																						
46																						

toolbelt_inspect_tool

{'worksheets': [{'name': 'Summary', 'index': 0, 'row_count': 26, 'column_count': 11}, {'name': 'Bidder-BBDC', 'index': 1, 'row_count': 64, 'column_count': 25}, {'name': 'Target-TVPG', 'index': 2, 'row_count': 49, 'column_count': 25}, {'name': 'Merger Analysis', 'index': 3, 'row_count': 70, 'column_count': 15}, {'name': 'Post-Deal Proforma', 'index': 4, 'row_count': 46, 'column_count': 22}, {'name': 'Sensitivity', 'index': 5, 'row_count': 14, 'column_count': 3}]}

Range: E18:F25
Table:
	E	F
18	Financial Account	2024
19	% Cash Consideration	0.2
20	Deal type	(=IF(F19=0,"MERGER",IF(F19=1,"ACQUISITION", "PARTIAL MERGER")))
21	% Bid Premium	0.25
22	% EBIT Synergies	0.123
23	Advisory Fees (% of Target EV)	0.001
24	Financing Fees (% of New Debt)	0.0075
25	Post-deal Bidder share price downside %	0.079

Range: A1:C20
Table:
	A	B	C
1	Sensitivity Analyses (Value Accretion/(Dilution))		
2	Assumptions applied: EBIT Synergies = 12.30% (↑ 480 bps); Post-deal bidder share price downside = 7.90% (↓ 210 bps)		
3			
4	BBDC % Value Accretion/(Dilution) to BBDC Shareholders		
5	Cash Consideration	Bid Premium	
6		0.1	0.2
7	0.1	0.3641	0.3364
8	0.15	0.3683	0.3405
9			
10	TPVG % Value Accretion/(Dilution) to TPVG Shareholders		
11	Cash Consideration	Bid Premium	
12		0.1	0.2
13	0.1	0.4605	0.5633
14	0.15	0.4444	0.5473

{"action":"exec","output":"updated sensitivity formulas\n","success":true,"error":null,"help":null}

Range: A4:C14
Table:
	A	B	C
4	BBDC % Value Accretion/(Dilution) to BBDC Shareholders		
5	Cash Consideration	Bid Premium	
6		0.1	0.2
7	0.1	(=((('Merger Analysis'!$F$10/('Merger Analysis'!$F$10+(((1-$A7)*('Merger Analysis'!$J$9*(1+$B$6)*'Merger Analysis'!$J$10))/'Merger Analysis'!$F$9)))*('Merger Analysis'!$N$37-('Merger Analysis'!$F$11+'Merger Analysis'!$J$11+($A7*('Merger Analysis'!$J$9*(1+$B$6)*'Merger Analysis'!$J$10))+('Merger Analysis'!$F$23*(('Merger Analysis'!$J$9*(1+$B$6)*'Merger Analysis'!$J$10)+'Merger Analysis'!$J$11))+('Merger Analysis'!$F$24*($A7*('Merger Analysis'!$J$9*(1+$B$6)*'Merger Analysis'!$J$10))))))/'Merger Analysis'!$F$38-1))	(=((('Merger Analysis'!$F$10/('Merger Analysis'!$F$10+(((1-$A7)*('Merger Analysis'!$J$9*(1+$C$6)*'Merger Analysis'!$J$10))/'Merger Analysis'!$F$9)))*('Merger Analysis'!$N$37-('Merger Analysis'!$F$11+'Merger Analysis'!$J$11+($A7*('Merger Analysis'!$J$9*(1+$C$6)*'Merger Analysis'!$J$10))+('Merger Analysis'!$F$23*(('Merger Analysis'!$J$9*(1+$C$6)*'Merger Analysis'!$J$10)+'Merger Analysis'!$J$11))+('Merger Analysis'!$F$24*($A7*('Merger Analysis'!$J$9*(1+$C$6)*'Merger Analysis'!$J$10))))))/'Merger Analysis'!$F$38-1))
8	0.15	(=((('Merger Analysis'!$F$10/('Merger Analysis'!$F$10+(((1-$A8)*('Merger Analysis'!$J$9*(1+$B$6)*'Merger Analysis'!$J$10))/'Merger Analysis'!$F$9)))*('Merger Analysis'!$N$37-('Merger Analysis'!$F$11+'Merger Analysis'!$J$11+($A8*('Merger Analysis'!$J$9*(1+$B$6)*'Merger Analysis'!$J$10))+('Merger Analysis'!$F$23*(('Merger Analysis'!$J$9*(1+$B$6)*'Merger Analysis'!$J$10)+'Merger Analysis'!$J$11))+('Merger Analysis'!$F$24*($A8*('Merger Analysis'!$J$9*(1+$B$6)*'Merger Analysis'!$J$10))))))/'Merger Analysis'!$F$38-1))	(=((('Merger Analysis'!$F$10/('Merger Analysis'!$F$10+(((1-$A8)*('Merger Analysis'!$J$9*(1+$C$6)*'Merger Analysis'!$J$10))/'Merger Analysis'!$F$9)))*('Merger Analysis'!$N$37-('Merger Analysis'!$F$11+'Merger Analysis'!$J$11+($A8*('Merger Analysis'!$J$9*(1+$C$6)*'Merger Analysis'!$J$10))+('Merger Analysis'!$F$23*(('Merger Analysis'!$J$9*(1+$C$6)*'Merger Analysis'!$J$10)+'Merger Analysis'!$J$11))+('Merger Analysis'!$F$24*($A8*('Merger Analysis'!$J$9*(1+$C$6)*'Merger Analysis'!$J$10))))))/'Merger Analysis'!$F$38-1))
9			
10	TPVG % Value Accretion/(Dilution) to TPVG Shareholders		
11	Cash Consideration	Bid Premium	
12		0.1	0.2
13	0.1	(=((($A13*('Merger Analysis'!$J$9*(1+$B$12)*'Merger Analysis'!$J$10))+((((1-$A13)*('Merger Analysis'!$J$9*(1+$B$12)*'Merger Analysis'!$J$10))/'Merger Analysis'!$F$9)/('Merger Analysis'!$F$10+(((1-$A13)*('Merger Analysis'!$J$9*(1+$B$12)*'Merger Analysis'!$J$10))/'Merger Analysis'!$F$9)))*('Merger Analysis'!$N$37-('Merger Analysis'!$F$11+'Merger Analysis'!$J$11+($A13*('Merger Analysis'!$J$9*(1+$B$12)*'Merger Analysis'!$J$10))+('Merger Analysis'!$F$23*(('Merger Analysis'!$J$9*(1+$B$12)*'Merger Analysis'!$J$10)+'Merger Analysis'!$J$11))+('Merger Analysis'!$F$24*($A13*('Merger Analysis'!$J$9*(1+$B$12)*'Merger Analysis'!$J$10))))))/'Merger Analysis'!$J$38-1))	(=((($A13*('Merger Analysis'!$J$9*(1+$C$12)*'Merger Analysis'!$J$10))+((((1-$A13)*('Merger Analysis'!$J$9*(1+$C$12)*'Merger Analysis'!$J$10))/'Merger Analysis'!$F$9)/('Merger Analysis'!$F$10+(((1-$A13)*('Merger Analysis'!$J$9*(1+$C$12)*'Merger Analysis'!$J$10))/'Merger Analysis'!$F$9)))*('Merger Analysis'!$N$37-('Merger Analysis'!$F$11+'Merger Analysis'!$J$11+($A13*('Merger Analysis'!$J$9*(1+$C$12)*'Merger Analysis'!$J$10))+('Merger Analysis'!$F$23*(('Merger Analysis'!$J$9*(1+$C$12)*'Merger Analysis'!$J$10)+'Merger Analysis'!$J$11))+('Merger Analysis'!$F$24*($A13*('Merger Analysis'!$J$9*(1+$C$12)*'Merger Analysis'!$J$10))))))/'Merger Analysis'!$J$38-1))
14	0.15	(=((($A14*('Merger Analysis'!$J$9*(1+$B$12)*'Merger Analysis'!$J$10))+((((1-$A14)*('Merger Analysis'!$J$9*(1+$B$12)*'Merger Analysis'!$J$10))/'Merger Analysis'!$F$9)/('Merger Analysis'!$F$10+(((1-$A14)*('Merger Analysis'!$J$9*(1+$B$12)*'Merger Analysis'!$J$10))/'Merger Analysis'!$F$9)))*('Merger Analysis'!$N$37-('Merger Analysis'!$F$11+'Merger Analysis'!$J$11+($A14*('Merger Analysis'!$J$9*(1+$B$12)*'Merger Analysis'!$J$10))+('Merger Analysis'!$F$23*(('Merger Analysis'!$J$9*(1+$B$12)*'Merger Analysis'!$J$10)+'Merger Analysis'!$J$11))+('Merger Analysis'!$F$24*($A14*('Merger Analysis'!$J$9*(1+$B$12)*'Merger Analysis'!$J$10))))))/'Merger Analysis'!$J$38-1))	(=((($A14*('Merger Analysis'!$J$9*(1+$C$12)*'Merger Analysis'!$J$10))+((((1-$A14)*('Merger Analysis'!$J$9*(1+$C$12)*'Merger Analysis'!$J$10))/'Merger Analysis'!$F$9)/('Merger Analysis'!$F$10+(((1-$A14)*('Merger Analysis'!$J$9*(1+$C$12)*'Merger Analysis'!$J$10))/'Merger Analysis'!$F$9)))*('Merger Analysis'!$N$37-('Merger Analysis'!$F$11+'Merger Analysis'!$J$11+($A14*('Merger Analysis'!$J$9*(1+$C$12)*'Merger Analysis'!$J$10))+('Merger Analysis'!$F$23*(('Merger Analysis'!$J$9*(1+$C$12)*'Merger Analysis'!$J$10)+'Merger Analysis'!$J$11))+('Merger Analysis'!$F$24*($A14*('Merger Analysis'!$J$9*(1+$C$12)*'Merger Analysis'!$J$10))))))/'Merger Analysis'!$J$38-1))

filesystem_search_files

Found 10 file(s) matching '*.xlsx':
/02_Trading Comps Analysis/Comps Analysis vF.xlsx
/02_Trading Comps Analysis/Archive/Comps Analysis v1.xlsx
/02_Trading Comps Analysis/Archive/Comps Analysis v2.xlsx
/04_Models/BBDC Valuation Model/BBDC Valuation Model vF.xlsx
/04_Models/BBDC Valuation Model/Archive/BBDC Valuation Model v1.xlsx
/04_Models/BBDC Valuation Model/Archive/BBDC Valuation Model.xlsx
/04_Models/BBDC Valuation Model/Archive/BBDC Valuation Model v2.xlsx
/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx
/04_Models/Merger-Acquisition Analysis/Archive/Merger Model - Barings BDC v1.xlsx
/04_Models/Merger-Acquisition Analysis/Archive/Merger Model - Barings BDC v2.xlsx

excel_edit_spreadsheet

Invalid operations payload: 1 validation error for list[tagged-union[SetCellOperation,AppendRowsOperation,RenameSheetOperation,FormatCellsOperation,MergeCellsOperation,UnmergeCellsOperation,SetColumnWidthOperation,SetRowHeightOperation,FreezePanesOperation,AddNamedRangeOperation,DeleteNamedRangeOperation,AddDataValidationOperation,AddConditionalFormattingOperation,SetAutoFilterOperation,SetNumberFormatOperation,AddImageOperation]]
0
  Unable to extract tag using discriminator 'type' [type=union_tag_not_found, input_value={'operation_type': 'set_m...mber_format': '0.00%'}]}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/union_tag_not_found

Apply update operations to an existing spreadsheet.

Invalid operations payload: 24 validation errors for list[tagged-union[SetCellOperation,AppendRowsOperation,RenameSheetOperation,FormatCellsOperation,MergeCellsOperation,UnmergeCellsOperation,SetColumnWidthOperation,SetRowHeightOperation,FreezePanesOperation,AddNamedRangeOperation,DeleteNamedRangeOperation,AddDataValidationOperation,AddConditionalFormattingOperation,SetAutoFilterOperation,SetNumberFormatOperation,AddImageOperation]]
0.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'she... 'SENSITIVITY ANALYSIS'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
0.set_cell.sheet_index
  Extra inputs are not permitted [type=extra_forbidden, input_value=3, input_type=int]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
1.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'she...N/DILUTION SENSITIVITY'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
1.set_cell.sheet_index
  Extra inputs are not permitted [type=extra_forbidden, input_value=3, input_type=int]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
2.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'she...': 'Cash Consideration'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
2.set_cell.sheet_index
  Extra inputs are not permitted [type=extra_forbidden, input_value=3, input_type=int]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
3.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'she..., 'number_format': '0%'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
3.set_cell.sheet_index
  Extra inputs are not permitted [type=extra_forbidden, input_value=3, input_type=int]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
3.set_cell.number_format
  Extra inputs are not permitted [type=extra_forbidden, input_value='0%', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
4.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'she..., 'number_format': '0%'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
4.set_cell.sheet_index
  Extra inputs are not permitted [type=extra_forbidden, input_value=3, input_type=int]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
4.set_cell.number_format
  Extra inputs are not permitted [type=extra_forbidden, input_value='0%', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
5.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'she...lue': 'Bid Premium 10%'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
5.set_cell.sheet_index
  Extra inputs are not permitted [type=extra_forbidden, input_value=3, input_type=int]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
6.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'she...lue': 'Bid Premium 20%'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
6.set_cell.sheet_index
  Extra inputs are not permitted [type=extra_forbidden, input_value=3, input_type=int]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
7.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'she...*(1+0.1))))))/$F$38)-1'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
7.set_cell.sheet_index
  Extra inputs are not permitted [type=extra_forbidden, input_value=3, input_type=int]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
8.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'she...*(1+0.1))))))/$F$38)-1'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
8.set_cell.sheet_index
  Extra inputs are not permitted [type=extra_forbidden, input_value=3, input_type=int]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
9.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'she...*(1+0.2))))))/$F$38)-1'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
9.set_cell.sheet_index
  Extra inputs are not permitted [type=extra_forbidden, input_value=3, input_type=int]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
10.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'she...*(1+0.2))))))/$F$38)-1'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
10.set_cell.sheet_index
  Extra inputs are not permitted [type=extra_forbidden, input_value=3, input_type=int]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden

{'status': 'success', 'file_path': '/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx', 'operations_applied': 7}

{'status': 'success', 'file_path': '/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx', 'operations_applied': 16}

Invalid operations payload: 36 validation errors for list[tagged-union[SetCellOperation,AppendRowsOperation,RenameSheetOperation,FormatCellsOperation,MergeCellsOperation,UnmergeCellsOperation,SetColumnWidthOperation,SetRowHeightOperation,FreezePanesOperation,AddNamedRangeOperation,DeleteNamedRangeOperation,AddDataValidationOperation,AddConditionalFormattingOperation,SetAutoFilterOperation,SetNumberFormatOperation,AddImageOperation]]
0.format_cells.range
  Field required [type=missing, input_value={'cell': 'B73', 'sheet': ... 'type': 'format_cells'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
0.format_cells.cell
  Extra inputs are not permitted [type=extra_forbidden, input_value='B73', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
0.format_cells.format
  Extra inputs are not permitted [type=extra_forbidden, input_value='0%', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
1.format_cells.range
  Field required [type=missing, input_value={'cell': 'C73', 'sheet': ... 'type': 'format_cells'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
1.format_cells.cell
  Extra inputs are not permitted [type=extra_forbidden, input_value='C73', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
1.format_cells.format
  Extra inputs are not permitted [type=extra_forbidden, input_value='0%', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
2.format_cells.range
  Field required [type=missing, input_value={'cell': 'B74', 'sheet': ... 'type': 'format_cells'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
2.format_cells.cell
  Extra inputs are not permitted [type=extra_forbidden, input_value='B74', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
2.format_cells.format
  Extra inputs are not permitted [type=extra_forbidden, input_value='0.00%', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
3.format_cells.range
  Field required [type=missing, input_value={'cell': 'C74', 'sheet': ... 'type': 'format_cells'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
3.format_cells.cell
  Extra inputs are not permitted [type=extra_forbidden, input_value='C74', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
3.format_cells.format
  Extra inputs are not permitted [type=extra_forbidden, input_value='0.00%', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
4.format_cells.range
  Field required [type=missing, input_value={'cell': 'B75', 'sheet': ... 'type': 'format_cells'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
4.format_cells.cell
  Extra inputs are not permitted [type=extra_forbidden, input_value='B75', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
4.format_cells.format
  Extra inputs are not permitted [type=extra_forbidden, input_value='0.00%', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
5.format_cells.range
  Field required [type=missing, input_value={'cell': 'C75', 'sheet': ... 'type': 'format_cells'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
5.format_cells.cell
  Extra inputs are not permitted [type=extra_forbidden, input_value='C75', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
5.format_cells.format
  Extra inputs are not permitted [type=extra_forbidden, input_value='0.00%', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
6.format_cells.range
  Field required [type=missing, input_value={'cell': 'B78', 'sheet': ... 'type': 'format_cells'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
6.format_cells.cell
  Extra inputs are not permitted [type=extra_forbidden, input_value='B78', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
6.format_cells.format
  Extra inputs are not permitted [type=extra_forbidden, input_value='0%', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
7.format_cells.range
  Field required [type=missing, input_value={'cell': 'C78', 'sheet': ... 'type': 'format_cells'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
7.format_cells.cell
  Extra inputs are not permitted [type=extra_forbidden, input_value='C78', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
7.format_cells.format
  Extra inputs are not permitted [type=extra_forbidden, input_value='0%', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
8.format_cells.range
  Field required [type=missing, input_value={'cell': 'B79', 'sheet': ... 'type': 'format_cells'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
8.format_cells.cell
  Extra inputs are not permitted [type=extra_forbidden, input_value='B79', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
8.format_cells.format
  Extra inputs are not permitted [type=extra_forbidden, input_value='0.00%', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
9.format_cells.range
  Field required [type=missing, input_value={'cell': 'C79', 'sheet': ... 'type': 'format_cells'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
9.format_cells.cell
  Extra inputs are not permitted [type=extra_forbidden, input_value='C79', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
9.format_cells.format
  Extra inputs are not permitted [type=extra_forbidden, input_value='0.00%', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
10.format_cells.range
  Field required [type=missing, input_value={'cell': 'B80', 'sheet': ... 'type': 'format_cells'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
10.format_cells.cell
  Extra inputs are not permitted [type=extra_forbidden, input_value='B80', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
10.format_cells.format
  Extra inputs are not permitted [type=extra_forbidden, input_value='0.00%', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
11.format_cells.range
  Field required [type=missing, input_value={'cell': 'C80', 'sheet': ... 'type': 'format_cells'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
11.format_cells.cell
  Extra inputs are not permitted [type=extra_forbidden, input_value='C80', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
11.format_cells.format
  Extra inputs are not permitted [type=extra_forbidden, input_value='0.00%', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden

{'status': 'success', 'file_path': '/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx', 'operations_applied': 4}

filesystem_get_directory_tree

/
├── 01_BBDC_Historical Data/
│   ├── 01a_SEC filings/
│   │   ├── BBDC_10K_12.31.2021.pdf
│   │   ├── BBDC_10K_12.31.2022.pdf
│   │   ├── BBDC_10K_12.31.2023.pdf
│   │   ├── BBDC_10K_12.31.2024.pdf
│   │   ├── BBDC_10Q_03.31.2025.pdf
│   │   ├── BBDC_10Q_06.30.2025.pdf
│   │   └── BBDC_10Q_09.30.2025.pdf
│   └── 02b_Investor_Relations/
│       ├── 2025-09-08_Barings_BDC_Inc_Prices_Public_Offering_of_300_466.pdf
│       ├── Barings_BDC_Investor_Day_vFINAL_BBDC_WEBSITE_(1).pdf
│       ├── BBDC 1Q25 Earnings Presentation_vFF.pdf
│       ├── BBDC 2Q25 Earnings Presentation.pdf
│       ├── BBDC 3Q24 Earnings Presentation_vFF.pdf
│       ├── BBDC 3Q25 Earnings Presentation_vF.pdf
│       ├── BBDC 4Q24 Earnings Presentation_vF.pdf
│       ├── BBDC_1Q22_Earnings_Presentation_vFINAL.pdf
│       ├── BBDC_1Q23_Earnings_Presentation_vF.pdf
│       ├── BBDC_1Q24_Earnings_Presentation_vFF.pdf
│       ├── BBDC_2Q22_Earnings_Presentation_vFinal_(002).pdf
│       ├── BBDC_2Q23_Earnings_Presentation_vFinal.pdf
│       ├── BBDC_2Q24_Earnings_Presentation_vF.pdf
│       ├── BBDC_3Q21_Earnings_Presentation_vF.pdf
│       ├── BBDC_3Q22_Earnings_Presentation_vFinal.pdf
│       ├── BBDC_3Q23_Earnings_Presentation.pdf
│       ├── BBDC_4Q21_Earnings_Presentation_vF.pdf
│       ├── BBDC_4Q22_Earnings_Presentation.pdf
│       ├── BBDC_4Q23_Earnings_Presentation_vFF.pdf
│       └── BBDC_Investor_Presentation_-_Strategic_Acquisition_of_SIC_vFINAL.pdf
├── 02_Trading Comps Analysis/
│   ├── Archive/
│   │   ├── Comps Analysis v1.xlsx
│   │   └── Comps Analysis v2.xlsx
│   ├── Comps Data/
│   │   ├── BCSF/
│   │   ├── CCAP/
│   │   ├── CGBD/
│   │   ├── CION/
│   │   ├── FDUS/
│   │   ├── GBDC/
│   │   ├── MSIF/
│   │   ├── NMFC/
│   │   ├── TPVG/
│   │   ├── TRIN/
│   │   ├── TSLX/
│   │   └── WHF/
│   └── Comps Analysis vF.xlsx
├── 03_Research & Industry Reports/
│   ├── apollo-global-the-abcs-of-bdcs-article.pdf
│   ├── Bloomberg_Intelligence_Private_Credit_Outlook_2025.pdf
│   ├── Guggenheim_UIT-WP-BDCS.pdf
│   ├── hl-bdc-monitor-spring-2025.pdf
│   ├── Mayer Brown_BDC - FactsStats_.pdf
│   ├── Muzinich & Co_A public path to private credit_ The case for BDC equities.pdf
│   ├── Raymond James_quarterly-bdc-market-update.pdf
│   └── Valuing-Asset-Managers-Mercer-Capital.pdf
├── 04_Models/
│   ├── BBDC Valuation Model/
│   │   ├── Archive/
│   │   └── BBDC Valuation Model vF.xlsx
│   └── Merger-Acquisition Analysis/
│       ├── Archive/
│       └── Merger Model - Barings BDC vF.xlsx
└── 05_Presentation/
    ├── Archive/
    │   ├── Barings_11.19.2025 v1.pptx
    │   ├── Barings_11.20.2025 v2.pptx
    │   └── Barings_11.20.2025 v3.pptx
    └── Barings_11.20.2025 vF.pptx

Range: E31:O62
Table:
	E	F	G	H	I	J	K	L	M	N	O
31	Bidder:	BBDC (=F8)			Target:		TPVG (=J8)	8)	PRO FORMA EXPECTED COMBINED VALUATION		
32									(Including synergies at Weighted Average Multiple)		
33	BBDC STAND-ALONE VALUATION (=CONCATENATE(F31," STAND-ALONE VALUATION"))			2)	TPVG STAND-ALONE VALUATION (=CONCATENATE(K31," STAND-ALONE VALUATION"))				Combined EBIT	305172 (=J13+F13)	
34						% Bid Premium	0.25 (=F21)		% Synergies	0.075 (=F22)	
35		Stand Alone				Stand Alone	At Bid Premium		Combined EBIT + Synergies	328059.9 (=N33*(1+N34))	
36	Share Price at Acquisition	8.74 (=F9)			Share Price at Acquisition	6.13 (=J9)	7.6625 (=J36*(1+K34))		Weighted Average EV/EBIT Multiple	9.616783363 (=((F42*F46)+(J42*J46))/(J42+F42))	
37	Number of Shares Outstanding	105158.938 (=F10)			Number of Shares Outstanding	40400 (=J10)	40400 (=J37)		Pro Forma Combined EV with Synergies	3154880.988 (=N35*N36)	
38	Equity Value	919089.1181 (=F36*F37)			Equity Value	247652 (=J36*J37)	309565 (=K36*K37)		Less: Existing Bidder Net Debt	-1359429 (=-F11)	
39									Less: Existing Target Net Debt	-320100 (=-J11)	
40	Equity Value	919089.1181 (=F38)			Equity Value	247652 (=J38)	309565 (=K38)		Less: Additional Debt for Cash Consideration	-61913 (=-F56)	
41	Net Debt	1359429 (=F11)			Net Debt	320100 (=J11)	320100 (=J41)		Less: Additional Debt for Advisory & Financing Fees	-1094.0125 (=-(F23*K42)-(F24*F56))	
42	Enterprise Value	2278518.118 (=F40+F41)			Enterprise Value	567752 (=J41+J40)	629665 (=K41+K40)		Less: Pro Forma Debt	-1742536.013 (=SUM(N38:N41))	
43									Pro Forma Combined Equity Value	1412344.976 (=N37+N42)	
44	EV/Sales	7.962141665 (=F42/F12)			EV/Sales	5.225561211 (=J42/J12)	5.795405388 (=K42/J12)		Pro Forma Net Debt/EBIT + Synergies	0.552330189 (=-N42/N37)	
45	P/Sales	3.211700492 (=F38/F12)			P/Sales	2.279376708 (=J38/J12)	2.849220886 (=K38/J12)				
46	EV/EBIT	10.34862164 (=F42/F13)			EV/EBIT	6.679749635 (=J42/J13)	7.408172149 (=K42/J13)	9)	VALUE ACCRETION/DILUTION TO BBDC SHAREHOLDERS (=CONCATENATE("VALUE ACCRETION/DILUTION TO ",F31," SHAREHOLDERS"))		
47	PE	7.005572802 (=F38/F14)			PE	4.540074797 (=J38/J14)	5.675093496 (=K38/J14)		BBDC Equity Value Pre-Bid (=CONCATENATE(F31," Equity Value Pre-Bid"))	919089.1181 (=F38)	
48									BBDC Equity Value Post-Bid (=CONCATENATE(F31," Equity Value Post-Bid"))	1112561.2 (=N43*K60)	
49	% SPLIT IN FORM OF CONSIDERATION			5)	PRO FORMA BIDDER SHARES OUTSTANDING				% Value Accretion/(Dilution) to BBDC Shareholders (=CONCATENATE("% Value Accretion/(Dilution) to ",F31," Shareholders"))	0.2105041589 (=N48/N47-1)	
50		%	Per Share		Existing Bidder Shares		105158.938 (=F10)				
51	% Cash Consideration	0.2 (=F19)	1.5325 (=F51*K36)		New Bidder Shares Issued		28335.46911 (=F57/F36)	10)	VALUE ACCRETION/DILUTION TO TPVG SHAREHOLDERS (=CONCATENATE("VALUE ACCRETION/DILUTION TO ",K31," SHAREHOLDERS"))		
52	% Share Consideration	0.8 (=1-F51)	6.13 (=F52*K36)		Pro Forma Bidder Shares Outstanding		133494.4071 (=K50+K51)		TPVG Equity Value Pre-Bid (=CONCATENATE(K31," Equity Value Pre-Bid"))	247652 (=J38)	
53	Total	1 (=F51+F52)	7.6625 (=G51+G52)						Cash Consideration	61913 (=F56)	
54				6)	EXCHANGE RATIO FOR TARGET SHAREHOLDERS				TPVG Equity Value in Combined + Synergy (=CONCATENATE(K31," Equity Value in Combined + Synergy"))	299783.776 (=K61*N43)	
55	TOTAL CONSIDERATION				New Bidder Shares Issued		28335.46911 (=K51)		TPVG Equity Value Post-Bid (=CONCATENATE(K31," Equity Value Post-Bid"))	361696.776 (=N53+N54)	
56	Cash Consideration	61913 (=F51*K38)			Existing Target Shares		40400 (=K37)		% Value Accretion/(Dilution) to TPVG Shareholders (=CONCATENATE("% Value Accretion/(Dilution) to ",K31," Shareholders"))	0.4605041589 (=N55/N52-1)	
57	Share Consideration	247652 (=F52*K38)			Exchange Ratio for TPVG Shareholders (=CONCATENATE("Exchange Ratio for ", J8," Shareholders"))		0.7013729977 (=K55/K56)				
58	Total Consideration	309565 (=SUM(F56:F57))						11)	VALUE OFFERED IF BIDDER SHARE PRICE DECLINES		
59				7)	% OWNERSHIP SPLIT				Original Bid Price per Target Share	7.6625 (=K36)	
60					Ownership by BBDC (=CONCATENATE("Ownership by ",F31))		0.7877404026 (=K50/K52)		Bidder Share Price at Offer Date	8.74 (=F36)	
61					Ownership by TPVG (=CONCATENATE("Ownership by ",K31))		0.2122595974 (=K51/K52)		Change in Bidder Share Price	-0.1 (=-F25)	
62					Total Ownership		1 (=SUM(K60:K61))		Revised Bidder Share	7.866 (=N60*(1+N61))	

Range: A63:O70
Table:
	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O
63													Exchange Ratio	0.7013729977 (=K57)	
64													Revised Share Consideration per Share	5.517 (=N63*N62)	
65													Revised Cash Consideration per Share	1.5325 (=G51)	
66													Revised Offer per Target Share	7.0495 (=N65+N64)	
67													% Change vs Original Offer	-0.08 (=N66/N59-1)	
68													Revised Equity Value of Target	284799.8 (=N66*K37)	
69															
70															

{"action":"exec","output":"","success":true,"error":null,"help":null}

Range: A70:C82
Table:
	A	B	C
70			
71			
72	BBDC Accretion/(Dilution) Sensitivity (%)		
73	Cash Consideration \ Bid Premium	10%	20%
74	10%	0.3641079057952532	0.3363602906608014
75	15%	0.3683292874432056	0.3405308111741736
76			
77			
78	TPVG Accretion/(Dilution) Sensitivity (%)		
79	Cash Consideration \ Bid Premium	10%	20%
80	10%	0.4604668267079133	0.5632691138822592
81	15%	0.4443878837315567	0.5473414273679029

Range: A70:C82
Table:
	A	B	C
70			
71			
72	BBDC Accretion/(Dilution) Sensitivity (%)		
73	Cash Consideration \ Bid Premium	10%	20%
74	10%	0.3641	0.3364
75	15%	0.3683	0.3405
76			
77			
78	TPVG Accretion/(Dilution) Sensitivity (%)		
79	Cash Consideration \ Bid Premium	10%	20%
80	10%	0.4605	0.5633
81	15%	0.4444	0.5473

Internal error: 1 validation error for call[code_exec]
request
  Input should be a valid dictionary or instance of CodeExecRequest [type=model_type, input_value='{"action": "exec", "code...vg_test*100:.2f}%\\")"}', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/model_type

/
├── 01_BBDC_Historical Data/
│   ├── 01a_SEC filings/
│   │   ├── BBDC_10K_12.31.2021.pdf (2576453 bytes)
│   │   ├── BBDC_10K_12.31.2022.pdf (1869531 bytes)
│   │   ├── BBDC_10K_12.31.2023.pdf (1994245 bytes)
│   │   ├── BBDC_10K_12.31.2024.pdf (2816431 bytes)
│   │   ├── BBDC_10Q_03.31.2025.pdf (16032516 bytes)
│   │   ├── BBDC_10Q_06.30.2025.pdf (17436125 bytes)
│   │   └── BBDC_10Q_09.30.2025.pdf (17642998 bytes)
│   └── 02b_Investor_Relations/
│       ├── 2025-09-08_Barings_BDC_Inc_Prices_Public_Offering_of_300_466.pdf (48810 bytes)
│       ├── Barings_BDC_Investor_Day_vFINAL_BBDC_WEBSITE_(1).pdf (1860738 bytes)
│       ├── BBDC 1Q25 Earnings Presentation_vFF.pdf (1174797 bytes)
│       ├── BBDC 2Q25 Earnings Presentation.pdf (712295 bytes)
│       ├── BBDC 3Q24 Earnings Presentation_vFF.pdf (1315935 bytes)
│       ├── BBDC 3Q25 Earnings Presentation_vF.pdf (1209600 bytes)
│       ├── BBDC 4Q24 Earnings Presentation_vF.pdf (1299900 bytes)
│       ├── BBDC_1Q22_Earnings_Presentation_vFINAL.pdf (2068006 bytes)
│       ├── BBDC_1Q23_Earnings_Presentation_vF.pdf (1336756 bytes)
│       ├── BBDC_1Q24_Earnings_Presentation_vFF.pdf (1287114 bytes)
│       ├── BBDC_2Q22_Earnings_Presentation_vFinal_(002).pdf (1727533 bytes)
│       ├── BBDC_2Q23_Earnings_Presentation_vFinal.pdf (1261394 bytes)
│       ├── BBDC_2Q24_Earnings_Presentation_vF.pdf (1301421 bytes)
│       ├── BBDC_3Q21_Earnings_Presentation_vF.pdf (2207897 bytes)
│       ├── BBDC_3Q22_Earnings_Presentation_vFinal.pdf (2023477 bytes)
│       ├── BBDC_3Q23_Earnings_Presentation.pdf (1221876 bytes)
│       ├── BBDC_4Q21_Earnings_Presentation_vF.pdf (1430177 bytes)
│       ├── BBDC_4Q22_Earnings_Presentation.pdf (1003229 bytes)
│       ├── BBDC_4Q23_Earnings_Presentation_vFF.pdf (909482 bytes)
│       └── BBDC_Investor_Presentation_-_Strategic_Acquisition_of_SIC_vFINAL.pdf (1488520 bytes)
├── 02_Trading Comps Analysis/
│   ├── Archive/
│   │   ├── Comps Analysis v1.xlsx (89079 bytes)
│   │   └── Comps Analysis v2.xlsx (89094 bytes)
│   ├── Comps Data/
│   │   ├── BCSF/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 01b.Investor_Relations/
│   │   ├── CCAP/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b.Investor_Relations/
│   │   ├── CGBD/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b.Investor_Relations/
│   │   ├── CION/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b.Investor_Relations/
│   │   ├── FDUS/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b.Investor_Relations/
│   │   ├── GBDC/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b.Investor_Relations/
│   │   ├── MSIF/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b.Investor_Relations/
│   │   ├── NMFC/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b.Investor_Relations/
│   │   ├── TPVG/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b.Investor_Relations/
│   │   ├── TRIN/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b_Investor Relations/
│   │   ├── TSLX/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b.Investor_Relations/
│   │   └── WHF/
│   │       ├── 01a_SEC_Filings/
│   │       └── 02b.Investor_Relations/
│   └── Comps Analysis vF.xlsx (89103 bytes)
├── 03_Research & Industry Reports/
│   ├── apollo-global-the-abcs-of-bdcs-article.pdf (707898 bytes)
│   ├── Bloomberg_Intelligence_Private_Credit_Outlook_2025.pdf (4797275 bytes)
│   ├── Guggenheim_UIT-WP-BDCS.pdf (189740 bytes)
│   ├── hl-bdc-monitor-spring-2025.pdf (1110607 bytes)
│   ├── Mayer Brown_BDC - FactsStats_.pdf (1104260 bytes)
│   ├── Muzinich & Co_A public path to private credit_ The case for BDC equities.pdf (1302599 bytes)
│   ├── Raymond James_quarterly-bdc-market-update.pdf (960141 bytes)
│   └── Valuing-Asset-Managers-Mercer-Capital.pdf (7827356 bytes)
├── 04_Models/
│   ├── BBDC Valuation Model/
│   │   ├── Archive/
│   │   │   ├── BBDC Valuation Model v1.xlsx (11814 bytes)
│   │   │   ├── BBDC Valuation Model v2.xlsx (11814 bytes)
│   │   │   └── BBDC Valuation Model.xlsx (16907 bytes)
│   │   └── BBDC Valuation Model vF.xlsx (20155 bytes)
│   └── Merger-Acquisition Analysis/
│       ├── Archive/
│       │   ├── Merger Model - Barings BDC v1.xlsx (32743 bytes)
│       │   └── Merger Model - Barings BDC v2.xlsx (32743 bytes)
│       └── Merger Model - Barings BDC vF.xlsx (32751 bytes)
└── 05_Presentation/
    ├── Archive/
    │   ├── Barings_11.19.2025 v1.pptx (1835242 bytes)
    │   ├── Barings_11.20.2025 v2.pptx (1819458 bytes)
    │   └── Barings_11.20.2025 v3.pptx (1819666 bytes)
    └── Barings_11.20.2025 vF.pptx (1826640 bytes)

Range: A1:Y64
Table:
	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T	U	V	W	X	Y
1																									
2			(USD' 000 except per share data, ratios & percentage)																						
3																									
4				BALANCE SHEET			2024.0	9M 2025				INCOME SHEET			2024.0	9M 2025				CASH FLOW SHEET			2024.0	9M 2025	
5				Assets:								Investment income:								Cash flows from operating activities:					
6				Investments at fair value:								Interest income:								Net increase (decrease) in net assets resulting from operations			110289.0	76686.0	
7				Non-Control / Non-Affiliate investments			1972373.0	2041097.0				Non-Control / Non-Affiliate investments			207288.0	141272.0				Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:			 		
8				Affiliate investments			397236.0	413489.0				Affiliate investments			3579.0	2965.0				Purchases of portfolio investments			-637440.0	-561582.0	
9				Control investments			79663.0	81729.0				Control investments			395.0	407.0				Net cash acquired from Sierra merger 			0.0	0.0	
10				Total investments at fair value			2449272 (=SUM(G7:G9))	2536315 (=SUM(H7:H9))				Short-term investment			0.0	0.0				Transaction costs from Sierra merger 			0.0	0.0	
11												Total interest income			211262 (=sum(O7:O10))	144644 (=sum(P7:P10))				Repayments received / sales of portfolio investments			641752.0	425436.0	
12				Cash			74381.0	71329.0												Loan origination and other fees received			8694.0	9579.0	
13				Foreign currencies			16958.0	11877.0				Dividend income:								Net realized (gain) loss on investments			23773.0	27200.0	
14				Interest and fees receivable			39914.0	41502.0				Non-Control / Non-Affiliate investments			6174.0	7109.0				Net realized (gain) loss of CSAs			0.0	-9400.0	
15				Prepaid expenses and other assets			1745.0	1014.0				Affiliate investments			34961.0	29586.0				Net realized (gain) loss on foreign currency transactions			535.0	-2312.0	
16				Credit support agreements			63450.0	52800.0				Control investments			0.0	2817.0				Net realized (gain) loss on forward currency contracts			13804.0	2045.0	
17				Derivative assets			24816.0	5291.0				Total dividend income			41135 (=SUM(O14:O16))	39512 (=SUM(P14:P16))				Net unrealized (appreciation) depreciation on investments			28831.0	-44376.0	
18				Deferred financing fees			8697.0	7381.0												Net unrealized (appreciation) depreciation of CSAs			-5650.0	-2950.0	
19				Receivable from unsettled transactions			16427.0	94383.0				Fee and other income:								Net unrealized (appreciation) depreciation on foreign currency transactions			-9306.0	24519.0	
20				Total assets			2695660 (=SUM(G10:G19))	2821892 (=SUM(H10:H19))				Non-Control / Non-Affiliate investments			16484.0	12251.0				Net unrealized (appreciation) depreciation on forward currency contracts			-31082.0	18401.0	
21												Affiliate investments			352.0	161.0				Payment-in-kind interest / dividends			-18245.0	-19508.0	
22				Liabilities:								Control investments			56.0	47.0				Amortization of deferred financing fees			4684.0	3651.0	
23				Accounts payable and accrued liabilities			5567.0	6125.0				Total fee and other income			16892 (=SUM(O20:O22))	12459 (=SUM(P20:P22))				Accretion of loan origination and other fees			-11651.0	-7962.0	
24				Interest payable			16245.0	12848.0												Amortization / accretion of purchased loan premium / discount			-1092.0	-1022.0	
25				Administrative fees payable			540.0	351.0				Payment-in-kind interest income:								Proceeds from termination of CSA			0.0	23000.0	
26				Base management fees payable			7888.0	8415.0				Non-Control / Non-Affiliate investments			12861.0	12156.0				Payments for derivative contracts			-24075.0	-27447.0	
27				Incentive management fees payable			7871.0	5634.0				Affiliate investments			713.0	1164.0				Proceeds from derivative contracts			10271.0	25402.0	
28				Derivative liabilities			9394.0	1640.0				Control investments			2162.0	705.0				Changes in operating assets and liabilities:					
29				Payable from unsettled transactions			7380.0	553.0				Total payment-in-kind interest income			15736 (=SUM(O26:O28))	14025 (=SUM(P26:P28))				Interest and fees receivable			8417.0	2031.0	
30				Borrowings under credit facilities			438590.0	353981.0												Prepaid expenses and other assets			-203.0	731.0	
31				Notes payable (net of deferred financing fees)			1011831.0	1265550.0				Interest income from cash			1144.0	601.0				Accounts payable and accrued liabilities			2048.0	-2702.0	
32				Total liabilities			1505306 (=SUM(G23:G31))	1655097 (=SUM(H23:H31))				Total investment income			286169 (=O11+O17+O23+O29+O31)	211241 (=P11+P17+P23+P29+P31)				Interest payable			7807.0	-3405.0	
33																				Net cash provided by (used in) operating activities			122161 (=SUM(W29:W32,W8:W27,W6))	-43985 (=SUM(X29:X32,X8:X27,X6))	
34				Commitments and contingencies (Note 7)								Operating expenses:													
35				Net Assets:								Interest and other financing fees			-85516.0	-63882.0				Cash flows from financing activities:					
36				Common stock, $0.001 par value per share			105.0	105.0				Base management fee (Note 2)			-32404.0	-24626.0				Borrowings under credit facility			206500.0	431839.0	
37				Additional paid-in capital			1846977.0	1844638.0				Incentive management fees (Note 2)			-23757.0	-24489.0				Repayments of credit facility			-477568.0	-540495.0	
38				Total distributable earnings (loss)			-656728.0	-677948.0				General and administrative expenses (Note 2)			-9832.0	-5884.0				Proceeds from notes			300000.0	300000.0	
39				Total net assets			1190354 (=sum(G36:G38))	1166795 (=sum(H36:H38))				Total operating expenses			-151509 (=SUM(O35:O38))	-118881 (=SUM(P35:P38))				Repayments of notes			0.0	-50000.0	
40																				Financing fees paid			-13788.0	-5247.0	
41				Total liabilities and net assets			2695660 (=G39+G32)	2821892 (=H39+H32)				Net investment income before taxes			134660 (=O32+O39)	92360 (=P32+P39)				Purchases of shares in repurchase plan			-6442.0	-2339.0	
42				NAV per share			11.29272358 (=G39/G43)	11.09553807 (=H39/H43)												Cash dividends / distributions paid			-110052.0	-97906.0	
43				Weighted average shares outstanding			105408.938	105158.938				Income taxes, including excise tax expense			-3466.0	-2547.0				Net cash provided by (used in) financing activities			-101350 (=SUM(W36:W42))	35852 (=SUM(X36:X42))	
44				Checks			True (=G41=G20)	True (=H41=H20)				Net investment income after taxes			131194 (=SUM(O41,O43))	89813 (=SUM(P41,P43))									
45																				Net increase (decrease) in cash and foreign currencies			20811 (=W33+W43)	-8133 (=X33+X43)	
46				Net Debt			1359429 (=SUM(G30,G31,G29,G28,-G12,-G13,-G19))	1444135 (=SUM(H30,H31,H29,H28,-H12,-H13,-H19))				Net realized and unrealized gains (losses)			-20905.0	-13127.0				Cash and foreign currencies, beginning of period			70528.0	91339 (=W47)	
47				Debt-to-Equity			1.232570311 (=(G31+G30+G29+G28)/G39)	1.389896254 (=(H31+H30+H29+H28)/H39)				Net increase (decrease) in net assets resulting from operations			110289 (=SUM(O44,O46))	76686 (=SUM(P44,P46))				Cash and foreign currencies, end of period			91339 (=SUM(W45:W46))	83206 (=SUM(X45:X46))	
48				Net Debt-to-Equity			1.142037579 (=G46/G39)	1.237693854 (=H46/H39)																	
49																9M TTM 2025									
50												Sales			286169 (=O32)	281865 (=72404+74398+64438+70625)									
51												EBIT			220176 (=O41-O35)	208719 (=34951+30618+26791+31382-P54)									
52												Net Income			131194 (=O44)	101513 (=23550+20559+32576+24828)									
53												Total operating expense			-151509 (=O39)	-158123 (=-(37453+43780+37647+39243))									
54												Interest Expense			-85516 (=O35)	-84977 (=-(21508+22176+20196+21097))									
55												Tax 			-3466 (=O43)	-4414 (=-(1338+808+401+1867))									
56												Net realized and unrealized gains (losses)			-20905 (=O46)	-17815 (=-(10063+9251-6186+4687))									
57																									
58												Per share information (basic and diluted):													
59												Net Investment Income per Share			1.24009951 (=O44/O61)	0.8532977937 (=P44/P61)									
60												Net increase (decrease) in net assets per share			1.042496874 (=O47/O61)	0.7285804349 (=P47/P61)									
61												Weighted average shares outstanding			105793.123	105253.993									
62																									
63												Share Price as at 11/19/2025 ($)				8.74									
64																									

Range: A1:Y49
Table:
	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T	U	V	W	X	Y
1																									
2			(USD' 000 except per share data, ratios & percentage)																						
3																									
4				BALANCE SHEET			2024.0	9M 2025				INCOME SHEET			2024.0	9M 2025				CASH FLOW SHEET			2024.0	9M 2025	
5				Assets:								Investment income:								Cash flows from operating activities:					
6				Investments at fair value			676249.0	798462.0				Interest income:								Net increase (decrease) in net assets resulting from operations			32046.0	41095.0	
7				Cash and cash equivalents			45899.0	20033.0				Interest income from investments			91321.0	52430.0				Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:			 		
8				Restricted cash			32828.0	8582.0				Payment-in-kind interest income			15062.0	13803.0				Fundings and purchases of investments			-136019.0	-198001.0	
9				Deferred credit facility costs			3904.0	2711.0				Other income								Principal payments and proceeds from investments			256309.0	105805.0	
10				Prepaid expenses and other assets			4160.0	5725.0				Expirations/terminations of unfunded commitments			441.0	517.0				Payment-in-kind interest on investments			-15062.0	-13803.0	
11				Total assets			763040 (=SUM(G6:G10))	835513 (=SUM(H6:H10))				Other fees			1825.0	1636.0				Net change in unrealized (gains) losses on investments			-10514.0	-7255.0	
12												Total interest income			108649 (=sum(O7:O8,O10:O11))	68386 (=sum(P7:P8,P10:P11))				Net realized (gain) losses on investments			33016.0	-1517.0	
13				Liabilities:																Amortization and (accretion) of premiums and discounts, net			-5608.0	-4010.0	
14				Revolving Credit Facility			5000.0	95000.0				Operating expenses:								(Accretion) reduction of end-of-term payments, net of prepayments			3774.0	-3432.0	
15				Notes 			393827 (=69948+199483+124396)	373835 (=199812+124600+49423)				Base management fee			14960.0	9952.0				Amortization of debt fees and liabilities costs			2852.0	1961.0	
16				Base management fee payable			3408.0	3359.0				Income incentive fee			0.0	3321.0									
17				Income incentive fee payable			0.0	0.0				Interest expense and amortization of fees			30448.0	19874.0				Changes in operating assets and liabilities:					
18				Other accrued expenses and liabilities			15118.0	8266.0				Administration Agreement expenses			2376.0	1880.0				Prepaid expenses and other assets			-1776.0	-1565.0	
19				Total liabilities			417353 (=SUM(G14:G18))	480460 (=SUM(H14:H18))				General and administrative expenses			6317.0	4357.0				Base management fee payable			-1082.0	-49.0	
20												Total operating expenses before Income incentive fee waiver			54101 (=SUM(O15:O19))	39384 (=SUM(P15:P19))				Other accrued expenses and liabilities			-5015.0	-6852.0	
21				Commitments and contingencies (Note 7)																Net cash (used in) provided by operating activities			152921 (=SUM(W6,W8:W15,W18:W20))	-87623 (=SUM(X6,X8:X15,X18:X20))	
22				Net Assets:								Income incentive fee waiver				-3321.0									
23				Common stock, $0.01 par value per share			401.0	404.0				Total operating expenses net of Income incentive fee waiver			-54101 (=-(O22+O20))	-36063 (=-(P22+P20))				Cash flows from financing activities:					
24				Paid-in capital in excess of par value			513719.0	515372.0												Borrowings under revolving credit facility			260000.0	90000.0	
25				Total distributable earnings (loss)			-168433.0	-160723.0				Net investment income			54548 (=O12+O23)	32323 (=P12+P23)				Repayments under revolving credit facility			-470000.0	0.0	
26				Total net assets			345687 (=sum(G23:G25))	355053 (=sum(H23:H25))												Distributions paid			-52090.0	-31729.0	
27												Net realized and unrealized gains/(loses)								Deferred credit facility costs			-3111.0	-20.0	
28				Total liabilities and net assets			763040 (=G26+G19)	835513 (=H26+H19)				Net realized gains (losses) on investments			-33016.0	1517.0				Proceeds from issuance of Notes			-	50000.0	
29				Net asset value per share			8.612676583 (=G26/G30)	8.788440594 (=H26/H30)				Net change in unrealized gains (loses) on investments			10514.0	7255.0				Debt issuance costs			-	-740.0	
30				Weighted average shares outstanding			40137.0	40400.0				Net realized and unrealized gains/(loses)			-22502 (=O28+O29)	8772 (=P28+P29)				Repayments of Notes			0.0	-70000.0	
31				Checks			True (=G28=G11)	True (=H28=H11)												Proceeds from the issuance of common stock, net			19425.0	0.0	
32												Net increase (decrease) in net assets resulting from operations			32046 (=O30+O25)	41095 (=P30+P25)				Net cash provided by (used in) financing activities			-245776 (=SUM(W24:W31))	37511 (=SUM(X24:X31))	
33				Net Debt			320100 (=G14+G15-G7-G8)	440220 (=H14+H15-H7-H8)																	
34				Debt-to-Equity			1.153722876 (=(G14+G15)/G26)	1.320464832 (=(H14+H15)/H26)								9M TTM 2025				Net change in cash, scah equivalents and restricted cash			-92855 (=W21+W32)	-50112 (=X21+X32)	
35				Net Debt-to-Equity			0.9259821746 (=G33/G26)	1.23987123 (=H33/H26)				Sales			108649 (=O12)	94140 (=68386-82895+108649)				Cash, cash equivalents and restricted cash at beginning of period			171582.0	78727 (=W36)	
36												EBIT			84996 (=O25-O39)	72420 (=32323-41912+54548-P39)				Cash, cash equivalents and restricted cash at end of period			78727 (=SUM(W34:W35))	28615 (=SUM(X34:X35))	
37												Net Income			54548 (=O25)	44959 (=32323-41912+54548)									
38												Total operating expense			-54101 (=O23)	-49181 (=-(36063-40983+54101))									
39												Interest Expense			-30448 (=-O17)	-27461 (=-(19874-22861+30448))									
40												Tax 			0.0	0.0									
41												Net realized and unrealized gains (losses)			-22502 (=O30)	-11048 (=-(-8772-2682+22502))									
42																									
43												Per share information (basic and diluted):													
44												Net investment income per share			1.395053835 (=O25/O46)	0.8033952228 (=P25/P46)									
45												Net increase (decrease) in net assets per share			0.819569832 (=O32/O46)	1.021425198 (=P32/P46)									
46												Weighted average shares outstanding			39101.0	40233.0									
47																									
48												Share Price as at 11/19/2025 ($)				6.13									
49																									

Internal error: 3 validation errors for call[code_exec]
request
  Missing required argument [type=missing_argument, input_value={'action': 'exec', 'code'...l}: {cell.value}\')\n"'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing_argument
action
  Unexpected keyword argument [type=unexpected_keyword_argument, input_value='exec', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/unexpected_keyword_argument
code
  Unexpected keyword argument [type=unexpected_keyword_argument, input_value='python -c "\nimport pand...ol}: {cell.value}\')\n"', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/unexpected_keyword_argument

Internal error: 3 validation errors for call[code_exec]
request
  Missing required argument [type=missing_argument, input_value={'action': 'exec', 'code'...Col {col}: {val}\')\n"'}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing_argument
action
  Unexpected keyword argument [type=unexpected_keyword_argument, input_value='exec', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/unexpected_keyword_argument
code
  Unexpected keyword argument [type=unexpected_keyword_argument, input_value='python -c "\nimport open... Col {col}: {val}\')\n"', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/unexpected_keyword_argument

Invalid operations payload: 2 validation errors for list[tagged-union[SetCellOperation,AppendRowsOperation,RenameSheetOperation,FormatCellsOperation,MergeCellsOperation,UnmergeCellsOperation,SetColumnWidthOperation,SetRowHeightOperation,FreezePanesOperation,AddNamedRangeOperation,DeleteNamedRangeOperation,AddDataValidationOperation,AddConditionalFormattingOperation,SetAutoFilterOperation,SetNumberFormatOperation,AddImageOperation]]
0
  Unable to extract tag using discriminator 'type' [type=union_tag_not_found, input_value={'operation': 'edit', 'ta...: 'F22', 'value': 0.123}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/union_tag_not_found
1
  Unable to extract tag using discriminator 'type' [type=union_tag_not_found, input_value={'operation': 'edit', 'ta...: 'F25', 'value': 0.079}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/union_tag_not_found

Invalid operations payload: 2 validation errors for list[tagged-union[SetCellOperation,AppendRowsOperation,RenameSheetOperation,FormatCellsOperation,MergeCellsOperation,UnmergeCellsOperation,SetColumnWidthOperation,SetRowHeightOperation,FreezePanesOperation,AddNamedRangeOperation,DeleteNamedRangeOperation,AddDataValidationOperation,AddConditionalFormattingOperation,SetAutoFilterOperation,SetNumberFormatOperation,AddImageOperation]]
0
  Unable to extract tag using discriminator 'type' [type=union_tag_not_found, input_value={'operation': 'set_cell',...: 'F22', 'value': 0.123}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/union_tag_not_found
1
  Unable to extract tag using discriminator 'type' [type=union_tag_not_found, input_value={'operation': 'set_cell',...: 'F25', 'value': 0.079}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/union_tag_not_found

Internal error: 3 validation errors for call[code_exec]
request
  Missing required argument [type=missing_argument, input_value={'action': 'help', 'code': ''}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing_argument
action
  Unexpected keyword argument [type=unexpected_keyword_argument, input_value='help', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/unexpected_keyword_argument
code
  Unexpected keyword argument [type=unexpected_keyword_argument, input_value='', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/unexpected_keyword_argument

{"action":"exec","output":"3\n","success":true,"error":null,"help":null}

{'status': 'success', 'tab_name': 'BBDC Sensitivity', 'file_path': '/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx', 'rows_added': 3}

{'status': 'success', 'tab_name': 'TVPG Sensitivity', 'file_path': '/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx', 'rows_added': 3}

Invalid operations payload: 2 validation errors for list[tagged-union[SetCellOperation,AppendRowsOperation,RenameSheetOperation,FormatCellsOperation]]
0
  Unable to extract tag using discriminator 'type' [type=union_tag_not_found, input_value={'sheet_index': 3, 'opera...: 'F22', 'value': 0.123}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/union_tag_not_found
1
  Unable to extract tag using discriminator 'type' [type=union_tag_not_found, input_value={'sheet_index': 3, 'opera...: 'F25', 'value': 0.079}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/union_tag_not_found

Invalid operations payload: 8 validation errors for list[tagged-union[SetCellOperation,AppendRowsOperation,RenameSheetOperation,FormatCellsOperation]]
0.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'she...: 'F22', 'value': 0.123}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
0.set_cell.cell
  Field required [type=missing, input_value={'type': 'set_cell', 'she...: 'F22', 'value': 0.123}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
0.set_cell.sheet_index
  Extra inputs are not permitted [type=extra_forbidden, input_value=3, input_type=int]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
0.set_cell.address
  Extra inputs are not permitted [type=extra_forbidden, input_value='F22', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
1.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'she...: 'F25', 'value': 0.079}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
1.set_cell.cell
  Field required [type=missing, input_value={'type': 'set_cell', 'she...: 'F25', 'value': 0.079}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
1.set_cell.sheet_index
  Extra inputs are not permitted [type=extra_forbidden, input_value=3, input_type=int]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
1.set_cell.address
  Extra inputs are not permitted [type=extra_forbidden, input_value='F25', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden

{'status': 'success', 'file_path': '/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx', 'operations_applied': 2}

Range: A1:J30
Table:
	A	B	C	D	E	F	G	H	I	J
1										
2				SUMMARY FINANCIAL ANALYSIS						
3										
4			(USD' 000 except per share data, ratios & percentage) (='Post-Deal Proforma'!C2)							
5										
6				PRO FORMA INCOME SHEET - 2024 (='Post-Deal Proforma'!D16)	(='Post-Deal Proforma'!E16)	(='Post-Deal Proforma'!F16)	BBDC (='Post-Deal Proforma'!G16)	TPVG (='Post-Deal Proforma'!H16)	Synergies (='Post-Deal Proforma'!I16)	Pro Forma (='Post-Deal Proforma'!J16)
7										
8				Net investment income before tax (='Post-Deal Proforma'!D20)			134660 (='Post-Deal Proforma'!G20)	54548 (='Post-Deal Proforma'!H20)	(='Post-Deal Proforma'!I20)	189208 (='Post-Deal Proforma'!J20)
9				EBIT (='Post-Deal Proforma'!D22)			220176 (='Post-Deal Proforma'!G22)	84996 (='Post-Deal Proforma'!H22)	22887.9 (='Post-Deal Proforma'!I22)	328059.9 (='Post-Deal Proforma'!J22)
10				Net investment income after tax (='Post-Deal Proforma'!D26)			131194 (='Post-Deal Proforma'!G26)	54548 (='Post-Deal Proforma'!H26)	(='Post-Deal Proforma'!I26)	208629.9 (='Post-Deal Proforma'!J26)
11				Net increase (decrease) in net assets from operations (='Post-Deal Proforma'!D29)			110289 (='Post-Deal Proforma'!G29)	32046 (='Post-Deal Proforma'!H29)	(='Post-Deal Proforma'!I29)	165222.9 (='Post-Deal Proforma'!J29)
12				Net investment income per share ($) (='Post-Deal Proforma'!D34)			1.24009951 (='Post-Deal Proforma'!G34)	1.395053835 (='Post-Deal Proforma'!H34)	(='Post-Deal Proforma'!I34)	1.56283626 (='Post-Deal Proforma'!J34)
13				Net increase (decrease) in net assets per share ($) (='Post-Deal Proforma'!D35)			1.042496874 (='Post-Deal Proforma'!G35)	0.819569832 (='Post-Deal Proforma'!H35)	(='Post-Deal Proforma'!I35)	1.237676571 (='Post-Deal Proforma'!J35)
14				Net investment income per share ($) Accretion (='Post-Deal Proforma'!D36)						0.2602506878 (='Post-Deal Proforma'!J36)
15				Net increase (decrease) in net assets per share ($) Accretion (='Post-Deal Proforma'!D37)						0.1872232923 (='Post-Deal Proforma'!J37)
16										
17				PRO FORMA BALANCE SHEET - 2024 (='Post-Deal Proforma'!N16)	(='Post-Deal Proforma'!E27)	(='Post-Deal Proforma'!F27)	BBDC (='Post-Deal Proforma'!Q16)	TPVG (='Post-Deal Proforma'!R16)	Adjustment (='Post-Deal Proforma'!S16)	Pro Forma (='Post-Deal Proforma'!T16)
18										
19				Total assets (='Post-Deal Proforma'!N21)			2695660 (='Post-Deal Proforma'!Q21)	763040 (='Post-Deal Proforma'!R21)	-90005 (='Post-Deal Proforma'!S21)	3368695 (='Post-Deal Proforma'!T21)
20				Total liabilities (='Post-Deal Proforma'!N27)			1505306 (='Post-Deal Proforma'!Q27)	417353 (='Post-Deal Proforma'!R27)	9124.0125 (='Post-Deal Proforma'!S27)	1931783.013 (='Post-Deal Proforma'!T27)
21				Total net assets (='Post-Deal Proforma'!N30)			1190354 (='Post-Deal Proforma'!Q30)	345687 (='Post-Deal Proforma'!R30)	-99129.0125 (='Post-Deal Proforma'!S30)	1436911.988 (='Post-Deal Proforma'!T30)
22				Total liabilities and net assets (='Post-Deal Proforma'!N32)			2695660 (='Post-Deal Proforma'!Q32)	763040 (='Post-Deal Proforma'!R32)	-90005 (='Post-Deal Proforma'!S32)	3368695 (='Post-Deal Proforma'!T32)
23				Nav per share (='Post-Deal Proforma'!N33)			11.29272358 (='Post-Deal Proforma'!Q33)	8.612676583 (='Post-Deal Proforma'!R33)		10.76383662 (='Post-Deal Proforma'!T33)
24				Debt-to-Equity (='Post-Deal Proforma'!N38)			1.232570311 (='Post-Deal Proforma'!Q38)	1.153722876 (='Post-Deal Proforma'!R38)		1.304983206 (='Post-Deal Proforma'!T38)
25				Net Debt-to-Equity (='Post-Deal Proforma'!N39)			1.142037579 (='Post-Deal Proforma'!Q39)	0.9259821746 (='Post-Deal Proforma'!R39)		1.212695021 (='Post-Deal Proforma'!T39)
26										

File not found: /filesystem/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx

Range: F19:F25
Table:
	F
19	0.2
20	PARTIAL MERGER (=IF(F19=0,"MERGER",IF(F19=1,"ACQUISITION", "PARTIAL MERGER")))
21	0.25
22	0.075
23	0.001
24	0.0075
25	0.1

Invalid operations payload: 2 validation errors for list[tagged-union[SetCellOperation,AppendRowsOperation,RenameSheetOperation,FormatCellsOperation]]
0
  Unable to extract tag using discriminator 'type' [type=union_tag_not_found, input_value={'op': 'update_cell', 'ta...: 'F22', 'value': 0.123}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/union_tag_not_found
1
  Unable to extract tag using discriminator 'type' [type=union_tag_not_found, input_value={'op': 'update_cell', 'ta...: 'F25', 'value': 0.079}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/union_tag_not_found

Invalid operations payload: 4 validation errors for list[tagged-union[SetCellOperation,AppendRowsOperation,RenameSheetOperation,FormatCellsOperation]]
0.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'tab...: 'F22', 'value': 0.123}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
0.set_cell.tab_index
  Extra inputs are not permitted [type=extra_forbidden, input_value=3, input_type=int]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
1.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'tab...: 'F25', 'value': 0.079}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
1.set_cell.tab_index
  Extra inputs are not permitted [type=extra_forbidden, input_value=3, input_type=int]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden

Invalid operations payload: 2 validation errors for list[tagged-union[SetCellOperation,AppendRowsOperation,RenameSheetOperation,FormatCellsOperation]]
0.set_cell.sheet
  Input should be a valid string [type=string_type, input_value=3, input_type=int]
    For further information visit https://errors.pydantic.dev/2.12/v/string_type
1.set_cell.sheet
  Input should be a valid string [type=string_type, input_value=3, input_type=int]
    For further information visit https://errors.pydantic.dev/2.12/v/string_type

Invalid operations payload: 8 validation errors for list[tagged-union[SetCellOperation,AppendRowsOperation,RenameSheetOperation,FormatCellsOperation]]
0.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'set... 'F22', 'value': 0.123}}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
0.set_cell.cell
  Field required [type=missing, input_value={'type': 'set_cell', 'set... 'F22', 'value': 0.123}}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
0.set_cell.value
  Field required [type=missing, input_value={'type': 'set_cell', 'set... 'F22', 'value': 0.123}}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
0.set_cell.set_cell
  Extra inputs are not permitted [type=extra_forbidden, input_value={'sheet': 'Merger Analysi...: 'F22', 'value': 0.123}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
1.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'set... 'F25', 'value': 0.079}}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
1.set_cell.cell
  Field required [type=missing, input_value={'type': 'set_cell', 'set... 'F25', 'value': 0.079}}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
1.set_cell.value
  Field required [type=missing, input_value={'type': 'set_cell', 'set... 'F25', 'value': 0.079}}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
1.set_cell.set_cell
  Extra inputs are not permitted [type=extra_forbidden, input_value={'sheet': 'Merger Analysi...: 'F25', 'value': 0.079}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden

Invalid operations payload: 2 validation errors for list[tagged-union[SetCellOperation,AppendRowsOperation,RenameSheetOperation,FormatCellsOperation]]
0
  Unable to extract tag using discriminator 'type' [type=union_tag_not_found, input_value={'set_cell': {'sheet': 'M... 'F22', 'value': 0.123}}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/union_tag_not_found
1
  Unable to extract tag using discriminator 'type' [type=union_tag_not_found, input_value={'set_cell': {'sheet': 'M... 'F25', 'value': 0.079}}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/union_tag_not_found

Range: F22:F25
Table:
	F
22	0.123
23	0.001
24	0.0075
25	0.079

Range: F19:F21
Table:
	F
19	0.2
20	PARTIAL MERGER (=IF(F19=0,"MERGER",IF(F19=1,"ACQUISITION", "PARTIAL MERGER")))
21	0.25

Range: N49:N55
Table:
	N
49	0.36410790590308 (=N48/N47-1)
50	
51	
52	247652 (=J38)
53	27241.72 (=F56)
54	334445.810601582 (=K61*N43)
55	361687.530601582 (=N53+N54)

Range: M46:N56
Table:
	M	N
46	VALUE ACCRETION/DILUTION TO BBDC SHAREHOLDERS (=CONCATENATE("VALUE ACCRETION/DILUTION TO ",F31," SHAREHOLDERS"))	
47	BBDC Equity Value Pre-Bid (=CONCATENATE(F31," Equity Value Pre-Bid"))	919089.11812 (=F38)
48	BBDC Equity Value Post-Bid (=CONCATENATE(F31," Equity Value Post-Bid"))	1253736.73225698 (=N43*K60)
49	% Value Accretion/(Dilution) to BBDC Shareholders (=CONCATENATE("% Value Accretion/(Dilution) to ",F31," Shareholders"))	0.36410790590308 (=N48/N47-1)
50		
51	VALUE ACCRETION/DILUTION TO TPVG SHAREHOLDERS (=CONCATENATE("VALUE ACCRETION/DILUTION TO ",K31," SHAREHOLDERS"))	
52	TPVG Equity Value Pre-Bid (=CONCATENATE(K31," Equity Value Pre-Bid"))	247652 (=J38)
53	Cash Consideration	27241.72 (=F56)
54	TPVG Equity Value in Combined + Synergy (=CONCATENATE(K31," Equity Value in Combined + Synergy"))	334445.810601582 (=K61*N43)
55	TPVG Equity Value Post-Bid (=CONCATENATE(K31," Equity Value Post-Bid"))	361687.530601582 (=N53+N54)
56	% Value Accretion/(Dilution) to TPVG Shareholders (=CONCATENATE("% Value Accretion/(Dilution) to ",K31," Shareholders"))	0.460466826844049 (=N55/N52-1)

/
├── 01_BBDC_Historical Data/
│   ├── 01a_SEC filings/
│   │   ├── BBDC_10K_12.31.2021.pdf
│   │   ├── BBDC_10K_12.31.2022.pdf
│   │   ├── BBDC_10K_12.31.2023.pdf
│   │   ├── BBDC_10K_12.31.2024.pdf
│   │   ├── BBDC_10Q_03.31.2025.pdf
│   │   ├── BBDC_10Q_06.30.2025.pdf
│   │   └── BBDC_10Q_09.30.2025.pdf
│   └── 02b_Investor_Relations/
│       ├── 2025-09-08_Barings_BDC_Inc_Prices_Public_Offering_of_300_466.pdf
│       ├── Barings_BDC_Investor_Day_vFINAL_BBDC_WEBSITE_(1).pdf
│       ├── BBDC 1Q25 Earnings Presentation_vFF.pdf
│       ├── BBDC 2Q25 Earnings Presentation.pdf
│       ├── BBDC 3Q24 Earnings Presentation_vFF.pdf
│       ├── BBDC 3Q25 Earnings Presentation_vF.pdf
│       ├── BBDC 4Q24 Earnings Presentation_vF.pdf
│       ├── BBDC_1Q22_Earnings_Presentation_vFINAL.pdf
│       ├── BBDC_1Q23_Earnings_Presentation_vF.pdf
│       ├── BBDC_1Q24_Earnings_Presentation_vFF.pdf
│       ├── BBDC_2Q22_Earnings_Presentation_vFinal_(002).pdf
│       ├── BBDC_2Q23_Earnings_Presentation_vFinal.pdf
│       ├── BBDC_2Q24_Earnings_Presentation_vF.pdf
│       ├── BBDC_3Q21_Earnings_Presentation_vF.pdf
│       ├── BBDC_3Q22_Earnings_Presentation_vFinal.pdf
│       ├── BBDC_3Q23_Earnings_Presentation.pdf
│       ├── BBDC_4Q21_Earnings_Presentation_vF.pdf
│       ├── BBDC_4Q22_Earnings_Presentation.pdf
│       ├── BBDC_4Q23_Earnings_Presentation_vFF.pdf
│       └── BBDC_Investor_Presentation_-_Strategic_Acquisition_of_SIC_vFINAL.pdf
├── 02_Trading Comps Analysis/
│   ├── Archive/
│   │   ├── Comps Analysis v1.xlsx
│   │   └── Comps Analysis v2.xlsx
│   ├── Comps Data/
│   │   ├── BCSF/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 01b.Investor_Relations/
│   │   ├── CCAP/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b.Investor_Relations/
│   │   ├── CGBD/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b.Investor_Relations/
│   │   ├── CION/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b.Investor_Relations/
│   │   ├── FDUS/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b.Investor_Relations/
│   │   ├── GBDC/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b.Investor_Relations/
│   │   ├── MSIF/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b.Investor_Relations/
│   │   ├── NMFC/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b.Investor_Relations/
│   │   ├── TPVG/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b.Investor_Relations/
│   │   ├── TRIN/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b_Investor Relations/
│   │   ├── TSLX/
│   │   │   ├── 01a_SEC_Filings/
│   │   │   └── 02b.Investor_Relations/
│   │   └── WHF/
│   │       ├── 01a_SEC_Filings/
│   │       └── 02b.Investor_Relations/
│   └── Comps Analysis vF.xlsx
├── 03_Research & Industry Reports/
│   ├── apollo-global-the-abcs-of-bdcs-article.pdf
│   ├── Bloomberg_Intelligence_Private_Credit_Outlook_2025.pdf
│   ├── Guggenheim_UIT-WP-BDCS.pdf
│   ├── hl-bdc-monitor-spring-2025.pdf
│   ├── Mayer Brown_BDC - FactsStats_.pdf
│   ├── Muzinich & Co_A public path to private credit_ The case for BDC equities.pdf
│   ├── Raymond James_quarterly-bdc-market-update.pdf
│   └── Valuing-Asset-Managers-Mercer-Capital.pdf
├── 04_Models/
│   ├── BBDC Valuation Model/
│   │   ├── Archive/
│   │   │   ├── BBDC Valuation Model v1.xlsx
│   │   │   ├── BBDC Valuation Model v2.xlsx
│   │   │   └── BBDC Valuation Model.xlsx
│   │   └── BBDC Valuation Model vF.xlsx
│   └── Merger-Acquisition Analysis/
│       ├── Archive/
│       │   ├── Merger Model - Barings BDC v1.xlsx
│       │   └── Merger Model - Barings BDC v2.xlsx
│       └── Merger Model - Barings BDC vF.xlsx
└── 05_Presentation/
    ├── Archive/
    │   ├── Barings_11.19.2025 v1.pptx
    │   ├── Barings_11.20.2025 v2.pptx
    │   └── Barings_11.20.2025 v3.pptx
    └── Barings_11.20.2025 vF.pptx

Add a new worksheet tab to an existing spreadsheet with optional data.

{"action":"exec","output":"3.1.5\n[]\n","success":true,"error":null,"help":null}

Found 10 file(s) matching '*.xlsx':
/02_Trading Comps Analysis/Comps Analysis vF.xlsx
/02_Trading Comps Analysis/Archive/Comps Analysis v1.xlsx
/02_Trading Comps Analysis/Archive/Comps Analysis v2.xlsx
/04_Models/BBDC Valuation Model/BBDC Valuation Model vF.xlsx
/04_Models/BBDC Valuation Model/Archive/BBDC Valuation Model v1.xlsx
/04_Models/BBDC Valuation Model/Archive/BBDC Valuation Model v2.xlsx
/04_Models/BBDC Valuation Model/Archive/BBDC Valuation Model.xlsx
/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx
/04_Models/Merger-Acquisition Analysis/Archive/Merger Model - Barings BDC v1.xlsx
/04_Models/Merger-Acquisition Analysis/Archive/Merger Model - Barings BDC v2.xlsx

{"action":"exec","output":"Merger Analysis N61 =-F25\n","success":true,"error":null,"help":null}

/04_Models/
├── BBDC Valuation Model/
│   ├── Archive/
│   │   ├── BBDC Valuation Model v1.xlsx
│   │   ├── BBDC Valuation Model v2.xlsx
│   │   └── BBDC Valuation Model.xlsx
│   └── BBDC Valuation Model vF.xlsx
└── Merger-Acquisition Analysis/
    ├── Archive/
    │   ├── Merger Model - Barings BDC v1.xlsx
    │   └── Merger Model - Barings BDC v2.xlsx
    └── Merger Model - Barings BDC vF.xlsx

Range: A68:O90
Table:
	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O
68													Revised Equity Value of Target	284799.8 (=N66*K37)	
69															
70															

Add content to a specific cell in a worksheet tab, only if the cell is empty.

excel_add_content_text

{"action":"exec","output":"updated\n","success":true,"error":null,"help":null}

Range: D70:G82
Table:
	D	E	F	G
70				
71				
72	12) BBDC ACCRETION/(DILUTION) SENSITIVITY			
73	Cash Consideration \ Bid Premium	0.1	0.2	
74	0.1	36.41%	33.64%	
75	0.15	36.83%	34.05%	
76				
77				
78	13) TVPG ACCRETION/(DILUTION) SENSITIVITY			
79	Cash Consideration \ Bid Premium	0.1	0.2	
80	0.1	46.05%	56.33%	
81	0.15	44.44%	54.73%	

{"action":"exec","output":"numeric formatting updated\n","success":true,"error":null,"help":null}

Range: E21:F25
Table:
	E	F
21	% Bid Premium	0.25
22	% EBIT Synergies	0.123
23	Advisory Fees (% of Target EV)	0.001
24	Financing Fees (% of New Debt)	0.0075
25	Post-deal Bidder share price downside %	0.079

Range: D72:F81
Table:
	D	E	F
72	12) BBDC ACCRETION/(DILUTION) SENSITIVITY		
73	Cash Consideration \ Bid Premium	0.1	0.2
74	0.1	0.3641	0.3364
75	0.15	0.3683	0.3405
76			
77			
78	13) TVPG ACCRETION/(DILUTION) SENSITIVITY		
79	Cash Consideration \ Bid Premium	0.1	0.2
80	0.1	0.4605	0.5633
81	0.15	0.4444	0.5473

{'status': 'success', 'tab_name': 'BBDC Accretion-Dilution', 'file_path': '/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx', 'rows_added': 1}

{'status': 'success', 'tab_name': 'TVPG Accretion-Dilution', 'file_path': '/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx', 'rows_added': 1}

Internal error: 2 validation errors for call[edit_spreadsheet]
operations
  Missing required argument [type=missing_argument, input_value={'file_path': '/04_Models...'F25', 'value': 0.079}]}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing_argument
update_requests
  Unexpected keyword argument [type=unexpected_keyword_argument, input_value=[{'cell': 'F22', 'value':... 'F25', 'value': 0.079}], input_type=list]
    For further information visit https://errors.pydantic.dev/2.12/v/unexpected_keyword_argument

Invalid operations payload: 2 validation errors for list[tagged-union[SetCellOperation,AppendRowsOperation,RenameSheetOperation,FormatCellsOperation,MergeCellsOperation,UnmergeCellsOperation,SetColumnWidthOperation,SetRowHeightOperation,FreezePanesOperation,AddNamedRangeOperation,DeleteNamedRangeOperation,AddDataValidationOperation,AddConditionalFormattingOperation,SetAutoFilterOperation,SetNumberFormatOperation,AddImageOperation]]
0
  Unable to extract tag using discriminator 'type' [type=union_tag_not_found, input_value={'range': 'F22', 'values': [[0.123]]}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/union_tag_not_found
1
  Unable to extract tag using discriminator 'type' [type=union_tag_not_found, input_value={'range': 'F25', 'values': [[0.079]]}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/union_tag_not_found

Invalid operations payload: 1 validation error for list[tagged-union[SetCellOperation,AppendRowsOperation,RenameSheetOperation,FormatCellsOperation,MergeCellsOperation,UnmergeCellsOperation,SetColumnWidthOperation,SetRowHeightOperation,FreezePanesOperation,AddNamedRangeOperation,DeleteNamedRangeOperation,AddDataValidationOperation,AddConditionalFormattingOperation,SetAutoFilterOperation,SetNumberFormatOperation,AddImageOperation]]
0.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'cel...: 'F22', 'value': 0.123}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing

Range: N32:N36
Table:
	N
32	
33	305172 (=J13+F13)
34	0.123 (=F22)
35	342708.156 (=N33*(1+N34))
36	9.61678336292225 (=((F42*F46)+(J42*J46))/(J42+F42))

Range: N46:N57
Table:
	N
46	
47	919089.11812 (=F38)
48	1223529.48506732 (=N43*K60)
49	0.331241400801317 (=N48/N47-1)
50	
51	
52	247652 (=J38)
53	61913 (=F56)
54	329684.595391248 (=K61*N43)
55	391597.595391248 (=N53+N54)
56	0.581241400801317 (=N55/N52-1)
57	

Range: E33:M43
Table:
	E	F	G	H	I	J	K	L	M
33	BBDC STAND-ALONE VALUATION (=CONCATENATE(F31," STAND-ALONE VALUATION"))			2)	TPVG STAND-ALONE VALUATION (=CONCATENATE(K31," STAND-ALONE VALUATION"))				Combined EBIT
34						% Bid Premium	0.25 (=F21)		% Synergies
35		Stand Alone				Stand Alone	At Bid Premium		Combined EBIT + Synergies
36	Share Price at Acquisition	8.74 (=F9)			Share Price at Acquisition	6.13 (=J9)	7.6625 (=J36*(1+K34))		Weighted Average EV/EBIT Multiple
37	Number of Shares Outstanding	105158.938 (=F10)			Number of Shares Outstanding	40400 (=J10)	40400 (=J37)		Pro Forma Combined EV with Synergies
38	Equity Value	919089.11812 (=F36*F37)			Equity Value	247652 (=J36*J37)	309565 (=K36*K37)		Less: Existing Bidder Net Debt
39									Less: Existing Target Net Debt
40	Equity Value	919089.11812 (=F38)			Equity Value	247652 (=J38)	309565 (=K38)		Less: Additional Debt for Cash Consideration
41	Net Debt	1359429 (=F11)			Net Debt	320100 (=J11)	320100 (=J41)		Less: Additional Debt for Advisory & Financing Fees
42	Enterprise Value	2278518.11812 (=F40+F41)			Enterprise Value	567752 (=J41+J40)	629665 (=K41+K40)		Less: Pro Forma Debt
43									Pro Forma Combined Equity Value

Range: A59:N80
Table:
	A	B	C	D	E	F	G	H	I	J	K	L	M	N
59								7)	% OWNERSHIP SPLIT				Original Bid Price per Target Share	7.6625 (=K36)
60									Ownership by BBDC (=CONCATENATE("Ownership by ",F31))		0.787740402601866 (=K50/K52)		Bidder Share Price at Offer Date	8.74 (=F36)
61									Ownership by TPVG (=CONCATENATE("Ownership by ",K31))		0.212259597398134 (=K51/K52)		Change in Bidder Share Price	-0.079 (=-F25)
62									Total Ownership		1 (=SUM(K60:K61))		Revised Bidder Share	8.04954 (=N60*(1+N61))
63													Exchange Ratio	0.70137299771167 (=K57)
64													Revised Share Consideration per Share	5.64573 (=N63*N62)
65													Revised Cash Consideration per Share	1.5325 (=G51)
66													Revised Offer per Target Share	7.17823 (=N65+N64)
67													% Change vs Original Offer	-0.0632 (=N66/N59-1)
68													Revised Equity Value of Target	290000.492 (=N66*K37)
69														
70														

Range: L33:N45
Table:
	L	M	N
33		Combined EBIT	305172 (=J13+F13)
34		% Synergies	0.123 (=F22)
35		Combined EBIT + Synergies	342708.156 (=N33*(1+N34))
36		Weighted Average EV/EBIT Multiple	9.61678336292225 (=((F42*F46)+(J42*J46))/(J42+F42))
37		Pro Forma Combined EV with Synergies	3295750.09295856 (=N35*N36)
38		Less: Existing Bidder Net Debt	-1359429 (=-F11)
39		Less: Existing Target Net Debt	-320100 (=-J11)
40		Less: Additional Debt for Cash Consideration	-61913 (=-F56)
41		Less: Additional Debt for Advisory & Financing Fees	-1094.0125 (=-(F23*K42)-(F24*F56))
42		Less: Pro Forma Debt	-1742536.0125 (=SUM(N38:N41))
43		Pro Forma Combined Equity Value	1553214.08045856 (=N37+N42)
44		Pro Forma Net Debt/EBIT + Synergies	0.528722131032618 (=-N42/N37)
45			

Range: D49:L58
Table:
	D	E	F	G	H	I	J	K	L
49	3)	% SPLIT IN FORM OF CONSIDERATION			5)	PRO FORMA BIDDER SHARES OUTSTANDING			
50			%	Per Share		Existing Bidder Shares		105158.938 (=F10)	
51		% Cash Consideration	0.2 (=F19)	1.5325 (=F51*K36)		New Bidder Shares Issued		28335.4691075515 (=F57/F36)	10)
52		% Share Consideration	0.8 (=1-F51)	6.13 (=F52*K36)		Pro Forma Bidder Shares Outstanding		133494.407107551 (=K50+K51)	
53		Total	1 (=F51+F52)	7.6625 (=G51+G52)					
54					6)	EXCHANGE RATIO FOR TARGET SHAREHOLDERS			
55	4)	TOTAL CONSIDERATION				New Bidder Shares Issued		28335.4691075515 (=K51)	
56		Cash Consideration	61913 (=F51*K38)			Existing Target Shares		40400 (=K37)	
57		Share Consideration	247652 (=F52*K38)			Exchange Ratio for TPVG Shareholders (=CONCATENATE("Exchange Ratio for ", J8," Shareholders"))		0.70137299771167 (=K55/K56)	
58		Total Consideration	309565 (=SUM(F56:F57))						11)

Range: F19:F25
Table:
	F
19	0.1
20	PARTIAL MERGER (=IF(F19=0,"MERGER",IF(F19=1,"ACQUISITION", "PARTIAL MERGER")))
21	0.1
22	0.123
23	0.001
24	0.0075
25	0.079

{'status': 'success', 'file_path': '/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx', 'operations_applied': 18}

Range: A27:F40
Table:
	A	B	C	D	E	F
27						
28		Sensitivity Analyses				
29		BBDC Accretion/(Dilution) Sensitivity (%)				
30			Bid Premium (%)			
31		Cash %	0.1	0.2		
32	10% Cash	0.1				
33	15% Cash	0.15				
34						
35		TPVG Accretion/(Dilution) Sensitivity (%)				
36						
37		Cash %	0.1	0.2		
38	10% Cash	0.1				
39	15% Cash	0.15				

Range: N47:N57
Table:
	N
47	919089.11812 (=F38)
48	1253736.73225698 (=N43*K60)
49	0.36410790590308 (=N48/N47-1)
50	
51	
52	247652 (=J38)
53	27241.72 (=F56)
54	334445.810601582 (=K61*N43)
55	361687.530601582 (=N53+N54)
56	0.460466826844049 (=N55/N52-1)
57	

{'status': 'success', 'file_path': '/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx', 'operations_applied': 1}

Invalid operations payload: 2 validation errors for list[tagged-union[SetCellOperation,AppendRowsOperation,RenameSheetOperation,FormatCellsOperation,MergeCellsOperation,UnmergeCellsOperation,SetColumnWidthOperation,SetRowHeightOperation,FreezePanesOperation,AddNamedRangeOperation,DeleteNamedRangeOperation,AddDataValidationOperation,AddConditionalFormattingOperation,SetAutoFilterOperation,SetNumberFormatOperation,AddImageOperation]]
0
  Input tag 'update_cell' found using 'type' does not match any of the expected tags: 'set_cell', 'append_rows', 'rename_sheet', 'format_cells', 'merge_cells', 'unmerge_cells', 'set_column_width', 'set_row_height', 'freeze_panes', 'add_named_range', 'delete_named_range', 'add_data_validation', 'add_conditional_formatting', 'set_auto_filter', 'set_number_format', 'add_image' [type=union_tag_invalid, input_value={'type': 'update_cell', '...: 'F22', 'value': 0.123}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/union_tag_invalid
1
  Input tag 'update_cell' found using 'type' does not match any of the expected tags: 'set_cell', 'append_rows', 'rename_sheet', 'format_cells', 'merge_cells', 'unmerge_cells', 'set_column_width', 'set_row_height', 'freeze_panes', 'add_named_range', 'delete_named_range', 'add_data_validation', 'add_conditional_formatting', 'set_auto_filter', 'set_number_format', 'add_image' [type=union_tag_invalid, input_value={'type': 'update_cell', '...: 'F25', 'value': 0.079}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/union_tag_invalid

Invalid operations payload: 4 validation errors for list[tagged-union[SetCellOperation,AppendRowsOperation,RenameSheetOperation,FormatCellsOperation,MergeCellsOperation,UnmergeCellsOperation,SetColumnWidthOperation,SetRowHeightOperation,FreezePanesOperation,AddNamedRangeOperation,DeleteNamedRangeOperation,AddDataValidationOperation,AddConditionalFormattingOperation,SetAutoFilterOperation,SetNumberFormatOperation,AddImageOperation]]
0.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'she...: 'F22', 'value': 0.123}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
0.set_cell.sheet_name
  Extra inputs are not permitted [type=extra_forbidden, input_value='Merger Analysis', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden
1.set_cell.sheet
  Field required [type=missing, input_value={'type': 'set_cell', 'she...: 'F25', 'value': 0.079}, input_type=dict]
    For further information visit https://errors.pydantic.dev/2.12/v/missing
1.set_cell.sheet_name
  Extra inputs are not permitted [type=extra_forbidden, input_value='Merger Analysis', input_type=str]
    For further information visit https://errors.pydantic.dev/2.12/v/extra_forbidden

Range: N48:N56
Table:
	N
48	1223529.48506732 (=N43*K60)
49	0.331241400801317 (=N48/N47-1)
50	
51	
52	247652 (=J38)
53	61913 (=F56)
54	329684.595391248 (=K61*N43)
55	391597.595391248 (=N53+N54)
56	0.581241400801317 (=N55/N52-1)

Range: A1:J26
Table:
	A	B	C	D	E	F	G	H	I	J
1										
2				SUMMARY FINANCIAL ANALYSIS						
3										
4			(USD' 000 except per share data, ratios & percentage) (='Post-Deal Proforma'!C2)							
5										
6				PRO FORMA INCOME SHEET - 2024 (='Post-Deal Proforma'!D16)	0 (='Post-Deal Proforma'!E16)	0 (='Post-Deal Proforma'!F16)	BBDC (='Post-Deal Proforma'!G16)	TPVG (='Post-Deal Proforma'!H16)	Synergies (='Post-Deal Proforma'!I16)	Pro Forma (='Post-Deal Proforma'!J16)
7										
8				Net investment income before tax (='Post-Deal Proforma'!D20)			134660 (='Post-Deal Proforma'!G20)	54548 (='Post-Deal Proforma'!H20)	0 (='Post-Deal Proforma'!I20)	189208 (='Post-Deal Proforma'!J20)
9				EBIT (='Post-Deal Proforma'!D22)			220176 (='Post-Deal Proforma'!G22)	84996 (='Post-Deal Proforma'!H22)	37536.156 (='Post-Deal Proforma'!I22)	342708.156 (='Post-Deal Proforma'!J22)
10				Net investment income after tax (='Post-Deal Proforma'!D26)			131194 (='Post-Deal Proforma'!G26)	54548 (='Post-Deal Proforma'!H26)	0 (='Post-Deal Proforma'!I26)	223278.156 (='Post-Deal Proforma'!J26)
11				Net increase (decrease) in net assets from operations (='Post-Deal Proforma'!D29)			110289 (='Post-Deal Proforma'!G29)	32046 (='Post-Deal Proforma'!H29)	0 (='Post-Deal Proforma'!I29)	179871.156 (='Post-Deal Proforma'!J29)
12				Net investment income per share ($) (='Post-Deal Proforma'!D34)			1.24009951005984 (='Post-Deal Proforma'!G34)	1.39505383494028 (='Post-Deal Proforma'!H34)	0 (='Post-Deal Proforma'!I34)	1.6725656215703 (='Post-Deal Proforma'!J34)
13				Net increase (decrease) in net assets per share ($) (='Post-Deal Proforma'!D35)			1.04249687382799 (='Post-Deal Proforma'!G35)	0.819569831973607 (='Post-Deal Proforma'!H35)	0 (='Post-Deal Proforma'!I35)	1.3474059318087 (='Post-Deal Proforma'!J35)
14				Net investment income per share ($) Accretion (='Post-Deal Proforma'!D36)						0.348735007152445 (='Post-Deal Proforma'!J36)
15				Net increase (decrease) in net assets per share ($) Accretion (='Post-Deal Proforma'!D37)						0.292479589757521 (='Post-Deal Proforma'!J37)
16										
17				PRO FORMA BALANCE SHEET - 2024 (='Post-Deal Proforma'!N16)	0 (='Post-Deal Proforma'!E27)	0 (='Post-Deal Proforma'!F27)	BBDC (='Post-Deal Proforma'!Q16)	TPVG (='Post-Deal Proforma'!R16)	Adjustment (='Post-Deal Proforma'!S16)	Pro Forma (='Post-Deal Proforma'!T16)
18										
19				Total assets (='Post-Deal Proforma'!N21)			2695660 (='Post-Deal Proforma'!Q21)	763040 (='Post-Deal Proforma'!R21)	-90005 (='Post-Deal Proforma'!S21)	3368695 (='Post-Deal Proforma'!T21)
20				Total liabilities (='Post-Deal Proforma'!N27)			1505306 (='Post-Deal Proforma'!Q27)	417353 (='Post-Deal Proforma'!R27)	9124.0125 (='Post-Deal Proforma'!S27)	1931783.0125 (='Post-Deal Proforma'!T27)
21				Total net assets (='Post-Deal Proforma'!N30)			1190354 (='Post-Deal Proforma'!Q30)	345687 (='Post-Deal Proforma'!R30)	-99129.0125 (='Post-Deal Proforma'!S30)	1436911.9875 (='Post-Deal Proforma'!T30)
22				Total liabilities and net assets (='Post-Deal Proforma'!N32)			2695660 (='Post-Deal Proforma'!Q32)	763040 (='Post-Deal Proforma'!R32)	-90005 (='Post-Deal Proforma'!S32)	3368695 (='Post-Deal Proforma'!T32)
23				Nav per share (='Post-Deal Proforma'!N33)			11.2927235828901 (='Post-Deal Proforma'!Q33)	8.61267658270424 (='Post-Deal Proforma'!R33)		10.7638366178317 (='Post-Deal Proforma'!T33)
24				Debt-to-Equity (='Post-Deal Proforma'!N38)			1.23257031101672 (='Post-Deal Proforma'!Q38)	1.15372287647496 (='Post-Deal Proforma'!R38)		1.30498320621742 (='Post-Deal Proforma'!T38)
25				Net Debt-to-Equity (='Post-Deal Proforma'!N39)			1.14203757873708 (='Post-Deal Proforma'!Q39)	0.925982174626179 (='Post-Deal Proforma'!R39)		1.21269502075192 (='Post-Deal Proforma'!T39)
26										

Range: F40:O63
Table:
	F	G	H	I	J	K	L	M	N	O
40	919089.11812 (=F38)			Equity Value	247652 (=J38)	309565 (=K38)		Less: Additional Debt for Cash Consideration	-61913 (=-F56)	
41	1359429 (=F11)			Net Debt	320100 (=J11)	320100 (=J41)		Less: Additional Debt for Advisory & Financing Fees	-1094.0125 (=-(F23*K42)-(F24*F56))	
42	2278518.11812 (=F40+F41)			Enterprise Value	567752 (=J41+J40)	629665 (=K41+K40)		Less: Pro Forma Debt	-1742536.0125 (=SUM(N38:N41))	
43								Pro Forma Combined Equity Value	1553214.08045856 (=N37+N42)	
44	7.96214166496022 (=F42/F12)			EV/Sales	5.22556121087171 (=J42/J12)	5.79540538799253 (=K42/J12)		Pro Forma Net Debt/EBIT + Synergies	0.528722131032618 (=-N42/N37)	
45	3.21170049208684 (=F38/F12)			P/Sales	2.27937670848328 (=J38/J12)	2.8492208856041 (=K38/J12)				
46	10.3486216395974 (=F42/F13)			EV/EBIT	6.67974963527695 (=J42/J13)	7.40817214927761 (=K42/J13)	9)	VALUE ACCRETION/DILUTION TO BBDC SHAREHOLDERS (=CONCATENATE("VALUE ACCRETION/DILUTION TO ",F31," SHAREHOLDERS"))		
47	7.00557280150007 (=F38/F14)			PE	4.5400747965095 (=J38/J14)	5.67509349563687 (=K38/J14)		BBDC Equity Value Pre-Bid (=CONCATENATE(F31," Equity Value Pre-Bid"))	919089.11812 (=F38)	
48								BBDC Equity Value Post-Bid (=CONCATENATE(F31," Equity Value Post-Bid"))	1223529.48506732 (=N43*K60)	
49			5)	PRO FORMA BIDDER SHARES OUTSTANDING				% Value Accretion/(Dilution) to BBDC Shareholders (=CONCATENATE("% Value Accretion/(Dilution) to ",F31," Shareholders"))	0.331241400801317 (=N48/N47-1)	
50	%	Per Share		Existing Bidder Shares		105158.938 (=F10)				
51	0.2 (=F19)	1.5325 (=F51*K36)		New Bidder Shares Issued		28335.4691075515 (=F57/F36)	10)	VALUE ACCRETION/DILUTION TO TPVG SHAREHOLDERS (=CONCATENATE("VALUE ACCRETION/DILUTION TO ",K31," SHAREHOLDERS"))		
52	0.8 (=1-F51)	6.13 (=F52*K36)		Pro Forma Bidder Shares Outstanding		133494.407107551 (=K50+K51)		TPVG Equity Value Pre-Bid (=CONCATENATE(K31," Equity Value Pre-Bid"))	247652 (=J38)	
53	1 (=F51+F52)	7.6625 (=G51+G52)						Cash Consideration	61913 (=F56)	
54			6)	EXCHANGE RATIO FOR TARGET SHAREHOLDERS				TPVG Equity Value in Combined + Synergy (=CONCATENATE(K31," Equity Value in Combined + Synergy"))	329684.595391248 (=K61*N43)	
55				New Bidder Shares Issued		28335.4691075515 (=K51)		TPVG Equity Value Post-Bid (=CONCATENATE(K31," Equity Value Post-Bid"))	391597.595391248 (=N53+N54)	
56	61913 (=F51*K38)			Existing Target Shares		40400 (=K37)		% Value Accretion/(Dilution) to TPVG Shareholders (=CONCATENATE("% Value Accretion/(Dilution) to ",K31," Shareholders"))	0.581241400801317 (=N55/N52-1)	
57	247652 (=F52*K38)			Exchange Ratio for TPVG Shareholders (=CONCATENATE("Exchange Ratio for ", J8," Shareholders"))		0.70137299771167 (=K55/K56)				
58	309565 (=SUM(F56:F57))						11)	VALUE OFFERED IF BIDDER SHARE PRICE DECLINES		
59			7)	% OWNERSHIP SPLIT				Original Bid Price per Target Share	7.6625 (=K36)	
60				Ownership by BBDC (=CONCATENATE("Ownership by ",F31))		0.787740402601866 (=K50/K52)		Bidder Share Price at Offer Date	8.74 (=F36)	
61				Ownership by TPVG (=CONCATENATE("Ownership by ",K31))		0.212259597398134 (=K51/K52)		Change in Bidder Share Price	-0.079 (=-F25)	
62				Total Ownership		1 (=SUM(K60:K61))		Revised Bidder Share	8.04954 (=N60*(1+N61))	
63								Exchange Ratio	0.70137299771167 (=K57)	

{'status': 'success', 'file_path': '/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx', 'operations_applied': 12}

Range: K36:K61
Table:
	K
36	7.6625 (=J36*(1+K34))
37	40400 (=J37)
38	309565 (=K36*K37)
39	
40	309565 (=K38)
41	320100 (=J41)
42	629665 (=K41+K40)
43	
44	5.79540538799253 (=K42/J12)
45	2.8492208856041 (=K38/J12)
46	7.40817214927761 (=K42/J13)
47	5.67509349563687 (=K38/J14)
48	
49	
50	105158.938 (=F10)
51	28335.4691075515 (=F57/F36)
52	133494.407107551 (=K50+K51)
53	
54	
55	28335.4691075515 (=K51)
56	40400 (=K37)
57	0.70137299771167 (=K55/K56)
58	
59	
60	0.787740402601866 (=K50/K52)
61	0.212259597398134 (=K51/K52)

{'cell': 'N49', 'value': 0.331241400801317, 'formula': '=N48/N47-1'}

Range: A66:C74
Table:
	A	B	C
66	BBDC Accretion/(Dilution) Sensitivity		
67	Bid Premium	Cash 10%	Cash 15%
68	10%	#NAME? (=let(origcash,F19,origprem,F21,acc,N49,acccalc,lambda(cash,prem,let(prevcash,F19,prevprem,F21,reset,sequence(1,1),switch(1,1))),0))	
69	20%		
70			
71	TVPG Accretion/(Dilution) Sensitivity		
72	Bid Premium	Cash 10%	Cash 15%
73	10%		
74	20%		

Range: F19:F25
Table:
	F
19	0.2
20	PARTIAL MERGER (=IF(F19=0,"MERGER",IF(F19=1,"ACQUISITION", "PARTIAL MERGER")))
21	0.25
22	0.123
23	0.001
24	0.0075
25	0.079

Delete content from a specific cell in a worksheet tab.

excel_delete_content_cell

{'status': 'success', 'cell': 'F22', 'tab_index': 3, 'file_path': '/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx', 'old_value': 0.075}

{'status': 'success', 'cell': 'F25', 'tab_index': 3, 'file_path': '/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx', 'old_value': 0.1}

{'status': 'success', 'cell': 'F22', 'tab_index': 3, 'file_path': '/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx'}

{'status': 'success', 'cell': 'F25', 'tab_index': 3, 'file_path': '/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx'}

{'status': 'success', 'tab_name': 'Sensitivity Analysis', 'file_path': '/04_Models/Merger-Acquisition Analysis/Merger Model - Barings BDC vF.xlsx', 'rows_added': 6}

Sample Task (1 out of 160)