Elizabeth Murray
About Elizabeth Murray
Elizabeth Murray, 47, is Chief Operating Officer (since May 2023) and Chief Financial Officer (since April 4, 2023) of Barings BDC (BBDC). She is a North Carolina CPA and holds a B.S. and Master of Accounting from North Carolina State University, with prior roles spanning financial reporting, FP&A, and tax at Triangle Capital, RBC Bank, Progress Energy, and PwC . In Q3 2024, she emphasized disciplined balance sheet management: NAV per share was $11.32, net investment income (NII) was $0.29 per share (covering the $0.26 dividend by $0.03), net leverage was 1.09x, unsecured debt represented ~75% of outstanding debt, and available liquidity exceeded $540 million . As of March 7, 2025, BBDC’s shares traded at $9.76 and at a discount to NAV, underscoring the importance of capital allocation and investor communications for closing the valuation gap .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Triangle Capital Corporation | Vice President of Financial Reporting | — | Led public company financial reporting prior to externalization to Barings LLC |
| Barings BDC (pre-CFO/COO) | Director of External Reporting | — | Oversight of external filings and disclosure controls |
| RBC Bank (U.S. retail banking division of Royal Bank of Canada) | Financial Planning & Analysis | — | Planning/analytics foundation for banking operations |
| Progress Energy, Inc. | Finance, accounting, tax; most recently Strategy & Financial Planning | 7 years | Multi-disciplinary finance roles informing operational finance rigor |
| PricewaterhouseCoopers (PwC) | Tax Consultant | — | Technical tax grounding supportive of CFO responsibilities |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Barings Capital Investment Corporation (BCIC) | Chief Operating Officer and Chief Financial Officer | — | Affiliated BDC CFO/COO responsibilities, cross-vehicle finance alignment |
| Barings Private Credit Corporation (BPCC) | Chief Operating Officer and Chief Financial Officer | — | Affiliated BDC CFO/COO responsibilities, private credit platform support |
| Rocade LLC (specialty finance – litigation finance) | Board Member | — | Governance exposure to specialty finance/litigation finance vertical |
| Barings Private Equity Opportunities and Commitments Fund | Treasurer | — | Fund treasury and controls for affiliated vehicle |
Fixed Compensation
| Component | Disclosure | Notes |
|---|---|---|
| Company-paid base salary | Not paid by BBDC | BBDC is externally managed; executive officers are Barings employees and receive no direct compensation from BBDC |
| Company-paid bonus | Not paid by BBDC | Compensation paid by Barings under advisory/administration arrangements; not disclosed at the Company level |
| Company equity grants | None reported for executives | The Company did not grant stock options or similar awards in FY2024 |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Executive incentive metrics (company-level) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Notes: BBDC’s executives are Barings employees; Company-level executive compensation metrics/targets are not disclosed in the proxy. | |||||
| Stock options/option-like instruments (FY2024) | — | — | — | — | No grants in FY2024 |
Equity Ownership & Alignment
| As-of Date | Shares Beneficially Owned | Percentage of Class | Source |
|---|---|---|---|
| Sep 11, 2020 | 12,034 | <1% | |
| Nov 30, 2021 | 12,034 | <1% | |
| Sep 18, 2024 | 18,805 | <1% | |
| Mar 7, 2025 | 21,300 | <1% |
Policies and practices:
- Hedging and monetization transactions are prohibited for directors and officers .
- Pledging/margin of Company securities is prohibited, except for limited exceptions requiring pre-approval from the Chief Compliance Officer .
- Pre-clearance required for any transactions by directors and officers; quarterly and event-specific blackout periods apply .
- Short-term trading, short sales, and derivatives on Company securities are prohibited .
Employment Terms
| Item | Detail |
|---|---|
| CFO appointment date | Effective close of business April 4, 2023 |
| COO service | Since May 2023 |
| Employment type | Executive officers are employees of Barings LLC (external adviser/administrator) |
| Contract term, severance, change-of-control | Not disclosed at the Company level; executives are compensated by Barings, not BBDC |
| Clawbacks/tax gross-ups | Not disclosed at the executive level in Company filings; Company references Barings Global Code of Ethics and insider trading restrictions |
Performance & Track Record
Operational and balance sheet metrics during her tenure (Q3 2024 unless noted):
| Metric | Value | Context/Notes |
|---|---|---|
| NAV per share | $11.32 | As of Sep 30, 2024; down 0.4% QoQ, up 0.6% YoY |
| NII per share | $0.29 | Dividend $0.26; coverage +$0.03 per share (10%) |
| Net leverage | 1.09x | Within long-term target range of 0.9–1.25x |
| Unsecured debt share of total debt | ~75% | ~$1.0B unsecured, supportive of liability structure |
| Liquidity | $540+ million | “Over $540 million of available capital” |
| Revolving credit facility | $825 million; maturity extended to Nov 2029; spread cut to SOFR+187.5 bps | Amended/extended during period; reduced spread from +200 bps |
| Market indicator (Mar 7, 2025) | $9.76 closing price; traded at a discount to NAV | Trading history table notes discount to NAV; last close $9.76 on record date |
Investment Implications
- Pay-for-performance transparency: Because BBDC is externally managed, executive compensation (base, bonus, equity mix, severance/CoC terms, and metric weightings) is paid by Barings and not disclosed at the Company level, limiting direct assessment of pay alignment with Company TSR/NAV/NII outcomes .
- Insider selling pressure and alignment: No Company equity grants to executives were reported for 2024 (reduces typical vesting-related selling events), and Murray’s personal holdings have increased over time (12,034 → 21,300 shares from 2020 to 2025), though her stake remains <1% of shares outstanding; strict anti-hedging and pledging policies mitigate misalignment risks .
- Retention risk/contract economics: Employment, severance, and CoC economics are not disclosed at the Company level due to the externalized model; however, her concurrent roles across affiliated vehicles (BCIC, BPCC) suggest strong integration within Barings’ platform, which can support continuity but concentrates key-person reliance at the adviser level rather than BBDC .
- Execution record: CFO commentary reflects disciplined capital structure management (leverage within target, unsecured-heavy funding, extended revolver maturity, ample liquidity) and sustainable dividend coverage in Q3 2024—key levers for valuation normalization given persistent market discount to NAV .
Overall, the externalized structure limits direct pay visibility, so investors should triangulate alignment via ownership trends, insider policy rigor, adviser incentives (management/incentive fee structure), and operating delivery (NAV stability, dividend coverage, and prudent leverage). The current discount to NAV underscores the importance of continued execution and communication to close the gap .