Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
__________________________________________________________
Form 10-Q
__________________________________________________________
(Mark One)
ýQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 814-00733 
______________________________________________________________________
Barings BDC, Inc.
(Exact name of registrant as specified in its charter)
__________________________________________________________
Maryland 06-1798488
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
300 South Tryon Street, Suite 2500
Charlotte, North Carolina
 28202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (704) 805-7200
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, par value $0.001 per shareBBDCThe New York Stock Exchange
________________________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ¨    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
¨
Accelerated filer
ý
Non-accelerated filer
¨
Smaller reporting company
¨
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý
The number of shares outstanding of the registrant’s Common Stock on November 9, 2020 was 47,961,753.



BARINGS BDC, INC.
TABLE OF CONTENTS
QUARTERLY REPORT ON FORM 10-Q
  Page
PART I – FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.
Barings BDC, Inc.
Consolidated Balance Sheets
September 30,
2020
December 31, 2019
(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $903,128,567 and $1,085,866,720 as of September 30, 2020 and December 31, 2019, respectively)$886,610,176 $1,066,845,054 
Affiliate investments (cost of $18,258,270 and $10,158,270 as of September 30, 2020 and December 31, 2019, respectively)19,158,075 10,229,813 
Short-term investments (cost of $210,503,875 and $96,568,940 as of September 30, 2020 and December 31, 2019, respectively)210,503,390 96,568,940 
Total investments at fair value1,116,271,641 1,173,643,807 
Cash 7,112,312 13,567,849 
Foreign currencies (cost of $7,532,555 and $8,360,011 as of September 30, 2020 and December 31, 2019, respectively)7,675,046 8,423,716 
Interest and fees receivable7,749,841 5,265,980 
Prepaid expenses and other assets3,831,057 1,112,559 
Deferred financing fees4,440,269 5,366,119 
Receivable from unsettled transactions75,486,443 45,254,808 
Total assets$1,222,566,609 $1,252,634,838 
Liabilities:
Accounts payable and accrued liabilities$1,373,856 $1,524,830 
Interest payable766,815 2,491,534 
Administrative fees payable300,000 400,000 
Base management fees payable3,375,262 3,266,722 
Payable from unsettled transactions— 4,924,150 
Borrowings under credit facilities463,703,208 352,488,419 
Debt securitization177,536,048 316,664,474 
Notes payable49,534,479 — 
Total liabilities696,589,668 681,760,129 
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (150,000,000 shares authorized, 47,961,753 and 48,950,803 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively)47,962 48,951 
Additional paid-in capital846,636,727 853,766,370 
Total distributable earnings (loss)(320,707,748)(282,940,612)
Total net assets525,976,941 570,874,709 
Total liabilities and net assets$1,222,566,609 $1,252,634,838 
Net asset value per share$10.97 $11.66 
See accompanying notes.

3


Barings BDC, Inc.
Unaudited Consolidated Statements of Operations
Three Months
Ended
Three Months
Ended
Nine Months EndedNine Months Ended
September 30,
2020
September 30,
2019
September 30,
2020
September 30,
2019
Investment income:
Interest income:
Non-Control / Non-Affiliate investments$15,205,310 $18,169,034 $47,850,786 $54,853,833 
Short-term investments12,237 279,908 336,842 703,947 
Total interest income15,217,547 18,448,942 48,187,628 55,557,780 
Dividend income:
Non-Control / Non-Affiliate investments— 4,221 2,603 8,932 
Total dividend income— 4,221 2,603 8,932 
Fee and other income:
Non-Control / Non-Affiliate investments769,126 848,792 2,380,552 1,669,819 
Total fee and other income769,126 848,792 2,380,552 1,669,819 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments342,469 — 577,090 — 
Total payment-in-kind interest income342,469 — 577,090 — 
Interest income from cash— 2,152 631 9,022 
Total investment income16,329,142 19,304,107 51,148,504 57,245,553 
Operating expenses:
Interest and other financing fees3,738,991 6,727,780 14,367,855 19,598,992 
Base management fee (Note 2)3,375,262 3,263,803 10,904,422 8,845,753 
Compensation expenses— 107,779 48,410 334,869 
General and administrative expenses (Note 2)1,254,723 1,217,570 4,044,453 5,108,595 
Total operating expenses8,368,976 11,316,932 29,365,140 33,888,209 
Net investment income 7,960,166 7,987,175 21,783,364 23,357,344 
Realized and unrealized gains (losses) on investments and foreign currency transactions:
Net realized gains (losses):
Non-Control / Non-Affiliate investments(19,477,823)(1,066,536)(36,233,667)(1,146,287)
Net realized losses on investments(19,477,823)(1,066,536)(36,233,667)(1,146,287)
Foreign currency transactions(1,028,262)83,037 (1,089,787)83,037 
Net realized losses(20,506,085)(983,499)(37,323,454)(1,063,250)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments56,467,202 (2,209,225)2,522,789 25,202,059 
Affiliate investments1,624,230 40,119 828,262 (121,970)
Net unrealized appreciation (depreciation) on investments58,091,432 (2,169,106)3,351,051 25,080,089 
Foreign currency transactions(2,144,050)374,278 (1,756,412)374,278 
Net unrealized appreciation (depreciation)55,947,382 (1,794,828)1,594,639 25,454,367 
Net realized losses and unrealized appreciation (depreciation) on investments and foreign currency transactions35,441,297 (2,778,327)(35,728,815)24,391,117 
Loss on extinguishment of debt(216,474)(13,357)(660,066)(143,108)
Benefit from (provision for) taxes(7,362)— 10,105 (499)
Net increase (decrease) in net assets resulting from operations$43,177,627 $5,195,491 $(14,595,412)$47,604,854 
Net investment income per share—basic and diluted$0.17 $0.16 $0.45 $0.46 
Net increase (decrease) in net assets resulting from operations per share—basic and diluted$0.90 $0.10 $(0.30)$0.94 
Dividends/distributions per share:
Total dividends/distributions per share$0.16 $0.14 $0.48 $0.39 
Weighted average shares outstanding—basic and diluted47,961,753 49,987,312 48,274,397 50,535,246 
See accompanying notes.
4


Barings BDC, Inc.
Unaudited Consolidated Statements of Changes in Net Assets
 
Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Three Months Ended September 30, 2019Number
of Shares
Par
Value
Balance, June 30, 201950,314,275 $50,314 $875,245,919 $(292,216,528)$583,079,705 
Net investment income— — — 7,987,175 7,987,175 
Net realized gain on investments / foreign currency transactions— — — (983,499)(983,499)
Net unrealized appreciation of investments / foreign currency transactions— — — (1,794,828)(1,794,828)
Loss on extinguishment of debt— — — (13,357)(13,357)
Dividends / distributions— — — (6,935,311)(6,935,311)
Purchases of shares in repurchase plan(895,733)(895)(8,894,010)— (8,894,905)
Balance, September 30, 201949,418,542 $49,419 $866,351,909 $(293,956,348)$572,444,980 
Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Three Months Ended September 30, 2020Number
of Shares
Par
Value
Balance, June 30, 202047,961,753 $47,962 $846,636,727 $(356,211,495)$490,473,194 
Net investment income— — — 7,960,166 7,960,166 
Net realized loss on investments / foreign currency transactions— — — (20,506,085)(20,506,085)
Net unrealized appreciation of investments / foreign currency transactions— — — 55,947,382 55,947,382 
Loss on extinguishment of debt— — — (216,474)(216,474)
Provision for taxes— — — (7,362)(7,362)
Dividends / distributions— — — (7,673,880)(7,673,880)
Balance, September 30, 202047,961,753 $47,962 $846,636,727 $(320,707,748)$525,976,941 
See accompanying notes.
5


Barings BDC, Inc.
Unaudited Consolidated Statements of Changes in Net Assets — (Continued)
Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Nine Months Ended September 30, 2019Number
of Shares
Par
Value
Balance, December 31, 201851,284,064 $51,284 $884,894,249 $(321,978,246)$562,967,287 
Net investment income— — — 23,357,344 23,357,344 
Net realized loss on investments / foreign currency transactions— — — (1,063,250)(1,063,250)
Net unrealized appreciation of investments / foreign currency transactions— — — 25,454,367 25,454,367 
Loss on extinguishment of debt— — — (143,108)(143,108)
Provision for taxes— — — (499)(499)
Dividends / distributions — — — (19,582,956)(19,582,956)
Purchases of shares in repurchase plan(1,865,522)(1,865)(18,542,340)— (18,544,205)
Balance, September 30, 201949,418,542 $49,419 $866,351,909 $(293,956,348)$572,444,980 
Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Nine Months Ended September 30, 2020Number
of Shares
Par
Value
Balance, December 31, 201948,950,803 $48,951 $853,766,370 $(282,940,612)$570,874,709 
Net investment income— — — 21,783,364 21,783,364 
Net realized loss on investments / foreign currency transactions— — — (37,323,454)(37,323,454)
Net unrealized appreciation of investments / foreign currency transactions— — — 1,594,639 1,594,639 
Loss on extinguishment of debt— — — (660,066)(660,066)
Income tax benefit— — — 10,105 10,105 
Dividends / distributions— — — (23,171,724)(23,171,724)
Purchases of shares in repurchase plan(989,050)(989)(7,129,643)— (7,130,632)
Balance, September 30, 202047,961,753 $47,962 $846,636,727 $(320,707,748)$525,976,941 
See accompanying notes.
6


Barings BDC, Inc.
Unaudited Consolidated Statements of Cash Flows 
Nine Months EndedNine Months Ended
September 30, 2020September 30, 2019
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$(14,595,412)$47,604,854 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of portfolio investments(316,723,958)(294,160,380)
Repayments received / sales of portfolio investments416,989,098 251,057,329 
Purchases of short-term investments(697,141,628)(577,451,108)
Sales of short-term investments583,220,977 571,122,802 
Loan origination and other fees received6,075,019 5,118,390 
Net realized loss on investments36,233,667 1,146,287 
Net realized (gain) loss on foreign currency transactions1,089,787 (83,037)
Net unrealized appreciation of investments (3,351,051)(25,080,089)
Net unrealized (appreciation) depreciation of foreign currency transactions1,756,412 (374,278)
Payment-in-kind interest accrued, net of payments received(577,090)— 
Amortization of deferred financing fees1,113,839 951,134 
Loss on extinguishment of debt660,066 143,108 
Accretion of loan origination and other fees(1,676,063)(1,254,234)
Amortization / accretion of purchased loan premium / discount(1,138,000)(187,967)
Changes in operating assets and liabilities:
Interest and fees receivables(2,699,114)595,826 
Prepaid expenses and other assets(2,569,056)2,421,921 
Accounts payable and accrued liabilities(118,876)65,869 
Interest payable(1,724,576)2,141,975 
Net cash provided by (used in) operating activities4,824,041 (16,221,598)
Cash flows from financing activities:
Borrowings under credit facilities236,239,474 188,225,262 
Repayments of credit facilities(127,523,364)(466,000,000)
Proceeds from debt securitization— 348,250,000 
Repayment of debt securitization(139,897,128)(7,468,690)
Proceeds from notes50,000,000 — 
Financing fees paid(544,874)(8,246,692)
Purchases of shares in repurchase plan(7,130,632)(18,544,205)
Cash dividends / distributions paid(23,171,724)(19,582,956)
Net cash provided by (used in) financing activities(12,028,248)16,632,719 
Net increase (decrease) in cash and foreign currencies(7,204,207)411,121 
Cash and foreign currencies, beginning of period21,991,565 12,426,982 
Cash and foreign currencies, end of period$14,787,358 $12,838,103 
Supplemental disclosure of cash flow information:
Cash paid for interest$13,372,484 $14,398,249 
See accompanying notes.
7

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments
September 30, 2020


Portfolio Company Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Non–Control / Non–Affiliate Investments:
1WorldSync, Inc. (4.2%)*(5) (7) (8) (10)
IT Consulting & Other ServicesFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 07/19, Due 07/25)$858,894 $844,671 $841,716 
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.0% Cash, Acquired 07/19, Due 07/25)21,418,269 21,061,882 20,989,904 
22,277,163 21,906,553 21,831,620 
Accelerate Learning, Inc.
(1.4%)*(5) (7) (8) (11)
Education ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.6% Cash, Acquired 12/18, Due 12/24)7,567,965 7,455,531 7,195,485 
7,567,965 7,455,531 7,195,485 
Accurus Aerospace Corporation (4.1%)*(5) (7) (8) (10)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 10/18, Due 10/24)24,562,500 24,298,740 21,393,938 
24,562,500 24,298,740 21,393,938 
Acrisure, LLC (0.4%)*(5) (8) (9)
Property & Casualty InsuranceFirst Lien Senior Secured Term Loan (LIBOR + 3.5%, 3.7% Cash, Acquired 03/20, Due 02/27)1,990,000 1,714,306 1,917,863 
1,990,000 1,714,306 1,917,863 
ADE Holding (d/b/a AD Education) (1.0%)*(3) (5) (7) (8) (15)
Education ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 01/20, Due 01/27)5,232,622 4,972,254 5,099,606 
5,232,622 4,972,254 5,099,606 
ADMI Corp. (0.6%)*(6) (8) (9)
Health Care ServicesFirst Lien Senior Secured Term Loan (LIBOR + 2.75%, 2.9% Cash, Acquired 08/18, Due 04/25)3,421,732 3,431,035 3,281,441 
3,421,732 3,431,035 3,281,441 
Aftermath Bidco Corporation (2.2%)*(5) (7) (8) (10)
Professional ServicesFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/19, Due 04/25)11,581,395 11,374,840 11,320,814 
11,581,395 11,374,840 11,320,814 
Air Canada 2020-2 Class B Pass Through Trust (1.5%)*(5)
AirlinesStructured Secured Note - Class B (9.0% Cash, Acquired 09/20, Due 10/25)7,500,000 7,500,000 7,852,969 
7,500,000 7,500,000 7,852,969 
Altice USA, Inc. (0.5%)*(3) (5) (8) (9)
Cable & SatelliteFirst Lien Senior Secured Term Loan (LIBOR + 2.25%, 2.4% Cash, Acquired 09/18, Due 01/26)2,487,374 2,212,589 2,399,793 
2,487,374 2,212,589 2,399,793 
American Dental Partners, Inc. (1.8%)*(5) (7) (8) (10)
Health Care ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 11/18, Due 03/23)9,825,000 9,810,201 9,271,001 
9,825,000 9,810,201 9,271,001 
American Scaffold, Inc. (1.8%)*(5) (7) (8) (10)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 09/19, Due 09/25)9,735,797 9,549,448 9,468,062 
9,735,797 9,549,448 9,468,062 
Anagram Holdings, LLC
(2.7%)*(3) (5) (7)
Chemicals, Plastics, & RubberFirst Lien Senior Secured Note (10.0% Cash, 5.0% PIK, Acquired 08/20, Due 08/25)13,673,780 12,526,549 14,220,731 
13,673,780 12,526,549 14,220,731 
Anchorage Capital CLO Ltd: Series 2013-1A (0.4%)*(3) (5) (8) (10)
Structured FinanceStructured Secured Note - Class DR (LIBOR + 6.8%, 7.1% Cash, Acquired 03/20, Due 10/30)2,000,000 1,738,801 1,914,828 
2,000,000 1,738,801 1,914,828 
Anju Software, Inc. (2.5%)*(5) (7) (8) (10)
Application SoftwareFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.6% Cash, Acquired 02/19, Due 02/25)13,701,182 13,428,607 13,008,014 
13,701,182 13,428,607 13,008,014 
Apex Bidco Limited (0.4%)*(3) (5) (7) (12)
Business Equipment & Services
First Lien Senior Secured Term Loan (GBP LIBOR + 6.50%, 7.0% Cash, Acquired 01/20, Due 01/27) (8)
1,883,976 1,846,562 1,827,457 
Subordinated Senior Unsecured Term Loan (8.0% PIK, Acquired 01/20, Due 07/27)238,623 234,872 231,464 
2,122,599 2,081,434 2,058,921 
Apex Tool Group, LLC
(0.4%)*(5) (6) (8) (9)
Industrial MachineryFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.5% Cash, Acquired 08/18, Due 08/24)2,041,814 1,999,069 1,931,556 
2,041,814 1,999,069 1,931,556 
AQA Acquisition Holding, Inc. (f/k/a SmartBear) (0.9%)*(5) (7) (8) (10)
High Tech IndustriesSecond Lien Senior Secured Term Loan (LIBOR + 8.0%, 9.0% Cash, Acquired 10/18, Due 05/24)4,959,088 4,872,484 4,865,857 
4,959,088 4,872,484 4,865,857 
8

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2020
Portfolio Company Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Arch Global Precision LLC (2.5%)*(5) (7) (8) (10)
Industrial MachineryFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.0% Cash, Acquired 04/19, Due 04/26)$13,472,831 $13,265,371 $13,278,284 
13,472,831 13,265,371 13,278,284 
Armstrong Transport Group (Pele Buyer, LLC ) (1.4%)*(5) (7) (8) (10)
Air Freight & LogisticsFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24)5,368,480 5,286,234 5,243,394 
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 6.2% Cash, Acquired 07/20, Due 06/24)2,000,318 1,961,993 2,000,318 
7,368,798 7,248,227 7,243,712 
Ascensus Specialties, LLC
(1.3%)*(5) (7) (8) (9)
Specialty ChemicalsFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.9% Cash, Acquired 09/19, Due 09/26)7,037,126 6,975,230 6,942,179 
7,037,126 6,975,230 6,942,179 
ASPEQ Heating Group LLC (1.7%)*(5) (7) (8) (17)
Building Products, Air and HeatingFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/19, Due 11/25)8,968,089 8,850,558 8,833,568 
8,968,089 8,850,558 8,833,568 
Auxi International (0.3%)*(3) (5) (7) (8) (14)
Commercial FinanceFirst Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/19, Due 12/26)1,641,711 1,513,488 1,596,564 
1,641,711 1,513,488 1,596,564 
Aveanna Healthcare Holdings, Inc. (0.9%)*(6) (8) (10)
Health Care FacilitiesFirst Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/18, Due 03/24)1,465,984 1,452,738 1,378,391 
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 10/18, Due 03/24)3,511,966 3,512,719 3,299,211 
4,977,950 4,965,457 4,677,602 
AVSC Holding Corp.
(0.8%)* (5) (6) (8) (11)
AdvertisingFirst Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.25% Cash, Acquired 08/18, Due 03/25) 4,917,073 4,895,932 3,650,926 
First Lien Senior Secured Term Loan (LIBOR + 4.50%, 5.5% Cash, Acquired 08/18, Due 03/25) (7)
750,000 550,978 562,500 
5,667,073 5,446,910 4,213,426 
Bass Pro Group, LLC (0.4%)*(5) (8) (10)
General Merchandise StoresFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 5.8% Cash, Acquired 03/20, Due 09/24)1,984,655 1,787,822 1,963,578 
1,984,655 1,787,822 1,963,578 
BDP International, Inc. (f/k/a BDP Buyer, LLC) (4.7%)*(5) (7) (8) (10)
Air Freight & LogisticsFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/18, Due 12/24)24,562,500 24,197,584 24,562,500 
24,562,500 24,197,584 24,562,500 
Beacon Pointe Advisors, LLC (0.1%)*(5) (7) (8) (10)
Asset Manager & Custody BankFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 03/20, Due 03/26)633,182 612,411 614,342 
633,182 612,411 614,342 
Benify (Bennevis AB)
(0.3%)*(3) (5) (7) (8) (16)
High Tech IndustriesFirst Lien Senior Secured Term Loan (STIBOR + 5.25%, 5.3% Cash, Acquired 07/19, Due 07/26)1,458,053 1,365,873 1,436,182 
1,458,053 1,365,873 1,436,182 
Blackhawk Network Holdings Inc. (0.9%)*(6) (8) (9)
Data Processing & Outsourced ServicesFirst Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.1% Cash, Acquired 11/18, Due 06/25)4,924,433 4,924,433 4,630,494 
4,924,433 4,924,433 4,630,494 
Boxer Parent Company Inc.
(0.4%)*(5) (8) (9)
Software/ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.25%, 4.4% Cash, Acquired 03/20, Due 10/25)1,984,848 1,800,811 1,922,147 
1,984,848 1,800,811 1,922,147 
Brown Machine Group Holdings, LLC (1.0%)*(5) (7) (8) (10)
Industrial EquipmentFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 10/24)5,286,022 5,239,308 5,153,872 
5,286,022 5,239,308 5,153,872 
Cadent, LLC (f/k/a Cross MediaWorks) (1.4%)*(5) (7) (8) (10)
Media & EntertainmentFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 09/18, Due 09/23)7,532,846 7,487,168 7,397,255 
7,532,846 7,487,168 7,397,255 
Carlson Travel, Inc (0.4%)*(5) (7)
Business Travel ManagementFirst Lien Senior Secured Note (6.8% Cash, Acquired 09/20, Due 12/25)3,000,000 2,362,500 2,265,000 
3,000,000 2,362,500 2,265,000 
Carlyle Aviation Partners Ltd. (0.2%)*(5)
Structured FinanceStructured Secured Note, Series 2019-2 - Class A (3.4% Cash, Acquired 3/20, Due 10/39)929,148 841,103 870,716 
Structured Secured Note, Series 2018-2 - Class A (4.5% Cash, Acquired 03/20, Due 11/38)434,772 393,979 404,368 
1,363,920 1,235,082 1,275,084 
9

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2020
Portfolio Company Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Centralis Finco S.a.r.l. (0.2%)*(3) (5) (7) (8) (14)
Diversified Financial ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 5/20, Due 5/27)$831,808 $731,243 $806,450 
831,808 731,243 806,450 
Cineworld Group PLC
(0.4%)*(3) (5) (8) (11)
Leisure ProductsFirst Lien Senior Secured Term Loan (LIBOR + 2.25%, 2.5% Cash, Acquired 4/20, Due 2/25)2,981,586 1,989,848 1,971,156 
2,981,586 1,989,848 1,971,156 
Clarios Global LP (0.4%)*(5) (8) (9)
Auto Parts & EquipmentFirst Lien Senior Secured Term Loan (LIBOR + 3.5%, 3.6% Cash, Acquired 3/20, Due 4/26)1,984,962 1,801,408 1,930,991 
1,984,962 1,801,408 1,930,991 
Classic Collision (Summit Buyer, LLC) (1.1%)*(5) (7) (8) (10)
Auto Collision Repair CentersFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 01/20, Due 01/26)5,582,424 5,303,593 5,582,424 
5,582,424 5,303,593 5,582,424 
CM Acquisitions Holdings Inc. (3.9%)*(5) (7) (8) (11)
Internet & Direct Marketing
First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 05/19, Due 05/25)20,434,481 20,129,562 20,264,435 
20,434,481 20,129,562 20,264,435 
CMT Opco Holding, LLC (Concept Machine) (1.0%)*(5) (7) (8) (11)
DistributorsFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/25)5,437,083 5,340,979 5,007,553 
LLC Units (10,185 units, Acquired 01/20)407,915 306,379 
5,437,083 5,748,894 5,313,932 
Confie Seguros Holding II Co. (0.4%)*(5) (8) (9)
Insurance Brokerage ServicesSecond Lien Senior Secured Term Loan (LIBOR + 8.5%, 8.7% Cash, Acquired 10/19, Due 11/25)2,500,000 2,365,231 1,906,250 
2,500,000 2,365,231 1,906,250 
Contabo Finco S.À R.L (0.3%)*(3) (5) (7) (8) (14)
Internet Software and ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 10/19, Due 10/26)1,421,669 1,308,924 1,376,558 
1,421,669 1,308,924 1,376,558 
Container Store Group, Inc., (The) (0.5%)*(3) (6) (8) (10)
RetailFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 09/18, Due 09/23)2,869,873 2,871,724 2,704,855 
2,869,873 2,871,724 2,704,855 
CSL DualCom (2.4%)*(3) (5) (7) (8) (12)
Tele-communicationsFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.6% Cash, Acquired 09/20, Due 09/27)12,829,485 12,128,593 12,341,964 
12,829,485 12,128,593 12,341,964 
Dart Buyer, Inc. (2.3%)*(3) (5) (7) (8) (10)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 04/19, Due 04/25)12,354,672 12,124,446 12,058,967 
12,354,672 12,124,446 12,058,967 
Diamond Sports Group, LLC (0.2%)* (5) (8) (9)
BroadcastingFirst Lien Senior Secured Term Loan (LIBOR + 3.25%, 3.4% Cash, Acquired 03/20, Due 08/26)992,481 785,480 765,868 
992,481 785,480 765,868 
Distinct Holdings, Inc. (1.4%)*(5) (7) (8) (10)
Systems SoftwareFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 04/19, Due 12/23)7,535,774 7,467,659 7,396,362 
7,535,774 7,467,659 7,396,362 
DreamStart Bidco SAS (d/b/a SmartTrade) (0.5%)*(3) (5) (7) (8) (15)
Diversified Financial ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 4.5%, 4.5% Cash, 1.8% PIK, Acquired 03/20, Due 03/27)2,862,667 2,597,617 2,757,703 
2,862,667 2,597,617 2,757,703 
Elmwood CLO: Series 2019-1A (0.6%)*(3) (5) (8) (10)
Structured FinanceStructured Secured Note - Class E (LIBOR + 7.10%, 7.4% Cash, Acquired 03/20, Due 04/30)3,000,000 2,673,958 2,923,074 
3,000,000 2,673,958 2,923,074 
Endo International PLC
(0.9%)*(3) (5) (6) (8) (10)
PharmaceuticalsFirst Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.0% Cash, Acquired 09/18, Due 04/24)4,825,914 4,861,718 4,584,618 
4,825,914 4,861,718 4,584,618 
Envision Healthcare Corp.
(0.4%)* (5) (8) (9)
Health Care ServicesFirst Lien Senior Secured Term Loan (LIBOR + 3.75%, 3.9% Cash, Acquired 03/20, Due 10/25)3,164,825 2,231,579 2,275,857 
3,164,825 2,231,579 2,275,857 
Exeter Property Group, LLC (2.2%)*(5) (7) (8) (9)
Real EstateFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.7% Cash, Acquired 02/19, Due 08/24)11,893,750 11,763,359 11,655,875 
11,893,750 11,763,359 11,655,875 
Eyemart Express LLC (0.3%)*(6) (8) (9)
RetailFirst Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 08/18, Due 08/24)1,422,131 1,425,756 1,373,537 
1,422,131 1,425,756 1,373,537 
10

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2020
Portfolio Company Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
F24 (Stairway BidCo Gmbh)) (0.7%)*(3) (5) (7) (8) (14)
Software ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 08/20, Due 08/27)$3,912,838 $3,770,493 $3,731,425 
3,912,838 3,770,493 3,731,425 
Foundation Risk Partners, Corp.
(0.3%)*(5) (8) (10)
Financial ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/20, Due 11/23)1,458,333 1,195,833 1,195,833 
Second Lien Senior Secured Term Loan (LIBOR + 8.50%, 9.5% Cash, Acquired 09/20, Due 11/24)486,111 325,694 325,694 
1,944,444 1,521,527 1,521,527 
Frazer Consultants, LLC (d/b/a Tribute Technology) (1.3%)*(5) (7) (8) (11)
Software ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.9% Cash, Acquired 11/19, Due 08/23)6,688,791 6,633,268 6,688,791 
6,688,791 6,633,268 6,688,791 
GoldenTree Loan Opportunities IX, Limited: Series 2014-9A (0.2%)*(3) (5) (8) (10)
Structured FinanceStructured Secured Note - Class DR2 (LIBOR + 3.0%, 3.3% Cash, Acquired 03/20, Due 10/29)1,250,000 909,635 1,187,548 
1,250,000 909,635 1,187,548 
Gulf Finance, LLC (0.1%)*(5) (8) (9)
Oil & Gas Exploration & ProductionFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 08/23)1,050,973 938,230 738,309 
1,050,973 938,230 738,309 
Hawaiian Airlines 2020-1 Class B Pass Through Certificates (1.4%)*(5)
AirlinesStructured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25)7,500,000 7,500,000 7,544,657 
7,500,000 7,500,000 7,544,657 
Heartland, LLC (0.9%)*(5) (7) (8) (11)
Commercial Services & Supplies First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 08/19, Due 08/25)5,462,750 5,289,830 4,954,660 
5,462,750 5,289,830 4,954,660 
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) (2.0%)*(3) (5) (7) (8) (15) (20)
InsuranceFirst Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 09/19, Due 09/26)9,980,450 9,208,134 9,730,939 
First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 07/20, Due 09/26)1,047,298 809,090 820,844 
11,027,748 10,017,224 10,551,783 
Highbridge Loan Management Ltd: Series 2014A-19 (0.2%)*(3) (5) (8) (10)
Structured FinanceStructured Secured Note - Class E (LIBOR + 6.75%, 7.0% Cash, Acquired 03/20, Due 07/30)1,000,000 833,957 953,633 
1,000,000 833,957 953,633 
Holley Performance Products (Holley Purchaser, Inc.) (4.2%)*(5) (7) (8) (10)
Automotive Parts & EquipmentFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 5.3% Cash, Acquired 10/18, Due 10/25)22,140,638 21,885,536 22,091,928 
22,140,638 21,885,536 22,091,928 
HW Holdco, LLC (Hanley Wood LLC) (1.4%)*(5) (7) (8) (10)
AdvertisingFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/18, Due 12/24)7,527,218 7,388,421 7,339,037 
7,527,218 7,388,421 7,339,037 
Hyperion Materials & Technologies, Inc. (2.5%)*(5) (7) (8) (10)
Industrial MachineryFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 08/19, Due 08/26)13,890,785 13,670,491 13,197,635 
13,890,785 13,670,491 13,197,635 
IM Analytics Holding, LLC (d/b/a NVT) (1.4%)*(5) (7) (8) (10)
Electronic Instruments & ComponentsFirst Lien Senior Secured Term Loan (LIBOR + 7.0%, 8.1% Cash, Acquired 11/19, Due 11/23)8,229,921 8,163,688 7,214,349 
Warrant (68,950 units, Acquired 11/19)— — 
8,229,921 8,163,688 7,214,349 
Institutional Shareholder Services, Inc. (0.9%)*(5) (7) (8) (10)
Diversified Support ServicesSecond Lien Senior Secured Term Loan (LIBOR + 8.5%, 8.7% Cash, Acquired 03/19, Due 03/27)4,951,685 4,826,396 4,803,134 
4,951,685 4,826,396 4,803,134 
International Wire Group Inc. (0.4%)*(5)
Electrical Components & EquipmentSecond Lien Senior Secured Note (10.8% Cash, Acquired 08/20, Due 08/21)2,500,000 2,262,170 2,237,500 
2,500,000 2,262,170 2,237,500 
ISS#2, LLC (d/b/a Industrial Services Solutions) (1.4%)*(5) (7) (8) (11)
Commercial Services & SuppliesFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.8% Cash, Acquired 02/20, Due 02/26)7,856,419 7,713,534 7,463,598 
7,856,419 7,713,534 7,463,598 
Jade Bidco Limited (Jane's)
(2.3%)*(3) (5) (7) (8)
Aerospace & Defense
First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.0% Cash, 2.0% PIK, Acquired 11/19, Due 12/26)(11)
10,432,352 10,176,058 10,145,462 
First Lien Senior Secured Term Loan (EURIBOR + 4.5%, 4.5% Cash, 2.0% PIK, Acquired 11/19, Due 12/26)(15)
1,951,595 1,791,142 1,897,926 
12,383,947 11,967,200 12,043,388 
11

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2020
Portfolio Company Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
JetBlue 2019-1 Class B Pass Through Trust (1.0%)*(5)
AirlinesStructured Secured Note - Class B (8.0% Cash, Acquired 08/20, Due 11/27)$5,000,000 $5,000,000 $5,163,463 
5,000,000 5,000,000 5,163,463 
Kenan Advantage Group Inc. (0.8%)*(6) (8) (9)
TruckingFirst Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 08/18, Due 07/22)4,276,698 4,274,962 4,103,363 
4,276,698 4,274,962 4,103,363 
Kene Acquisition, Inc. (En Engineering) (1.4%)*(5) (7) (8) (10)
Oil & Gas Equipment & ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 08/19, Due 08/26)7,317,225 7,187,235 7,151,434 
7,317,225 7,187,235 7,151,434 
LAC Intermediate, LLC (f/k/a Lighthouse Autism Center) (1.7%)*(5) (7) (8) (10)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 10/18, Due 10/24)9,261,163 9,075,623 8,866,605 
Class A LLC Units (154,320 units, Acquired 10/18)154,320 166,574 
9,261,163 9,229,943 9,033,179 
Learfield Communications, LLC (1.3%)*(5) (8) (9) (19)
Broadcasting
First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/20, Due 12/23)137,159 96,697 116,184 
First Lien Senior Secured Term Loan (PRIME + 2.00%, 5.3% Cash, 10.0% PIK, Acquired 08/20, Due 12/23)7,000,000 6,931,678 6,947,500 
7,137,159 7,028,375 7,063,684 
LTI Holdings, Inc. (Boyd Corporation) (2.1%)*(5) (6) (8) (9)
Industrial ConglomeratesFirst Lien Senior Secured Term Loan (LIBOR + 3.5%, 3.6% Cash, Acquired 09/18, Due 09/25)11,760,000 11,809,119 10,905,518 
11,760,000 11,809,119 10,905,518 
Mallinckrodt Plc (0.5%)* (5) (6) (8) (10)
Health Care ServicesFirst Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.5% Cash, Acquired 08/18, Due 09/24)3,229,053 3,220,610 2,702,329 
3,229,053 3,220,610 2,702,329 
MB2 Dental Solutions, LLC (1.5%)*(5) (7) (8) (10)
Health Care ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.6% Cash, Acquired 09/19, Due 09/23)7,970,743 7,900,309 7,869,116 
7,970,743 7,900,309 7,869,116 
Media Recovery, Inc. (SpotSee) (0.4%)*(5) (7) (8) (10)
Containers, Packaging and GlassFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/19, Due 11/25)2,227,543 2,188,757 2,135,693 
2,227,543 2,188,757 2,135,693 
Music Reports, Inc. (1.2%)*(5) (7) (8) (10)
Media & EntertainmentFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 08/20, Due 08/26)6,592,972 6,428,148 6,428,148 
6,592,972 6,428,148 6,428,148 
Neuberger Berman CLO Ltd: Series 2020-36A (0.5%)*(3) (5) (8) (10)
Structured FinanceStructured Secured Note - Class E (LIBOR + 7.81%, 8.1% Cash, Acquired 03/20, Due 04/33)2,500,000 2,476,304 2,499,470 
2,500,000 2,476,304 2,499,470 
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) (2.3%)*(5) (7) (8) (9)
Energy Equipment & ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/18, Due 10/25)11,916,381 11,871,673 11,878,249 
11,916,381 11,871,673 11,878,249 
Nouryon Finance B.V. (Starfruit US Holdco, LLC) (0.4%)*(3) (5) (8) (9)
Specialty ChemicalsFirst Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.2% Cash, Acquired 03/20, Due 10/25)1,984,491 1,790,303 1,918,586 
1,984,491 1,790,303 1,918,586 
Options Technology Ltd.
(2.1%)*(3) (5) (7) (8) (10)
Computer ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/19, Due 12/25)11,034,649 10,787,963 10,755,587 
11,034,649 10,787,963 10,755,587 
Pare SAS (SAS Maurice MARLE) (0.9%)*(3) (5) (7) (8) (14)
Health Care EquipmentFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 6.8% Cash, 1.5% PIK, Acquired 12/19, Due 12/26)4,734,565 4,413,816 4,637,507 
4,734,565 4,413,816 4,637,507 
Patriot New Midco 1 Limited (Forensic Risk Alliance) (1.6%)*(3) (5) (7) (8)
Diversified Financial Services
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/20, Due 02/27)(11)
4,720,287 4,591,360 4,445,391 
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 02/20, Due 02/27) (15)
4,158,610 3,758,277 3,916,425 
8,878,897 8,349,637 8,361,816 
Phoenix Services International LLC (0.5%)*(6) (8) (9)
SteelFirst Lien Senior Secured Term Loan (LIBOR + 3.75%, 4.8% Cash, Acquired 08/18, Due 03/25)2,932,331 2,941,028 2,800,376 
2,932,331 2,941,028 2,800,376 
12

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2020
Portfolio Company Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Playtika Holding Corp. (0.7%)*(5) (8) (10)
Leisure, Amusement & EntertainmentFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.1% Cash, Acquired 03/20, Due 12/24)$3,850,000 $3,569,560 $3,848,576 
3,850,000 3,569,560 3,848,576 
Premier Technical Services Group (Project Graphite) (0.5%)*(3) (5) (7) (8) (13)
Construction & Engineering First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 7.5% Cash, Acquired 08/19, Due 06/26)2,940,259 2,677,987 2,706,073 
2,940,259 2,677,987 2,706,073 
Process Equipment, Inc. (ProcessBarron) (1.2%)*(5) (7) (8) (10) (11)
Industrial Air & Material Handling EquipmentFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 03/19, Due 03/25)6,684,916 6,588,875 6,063,219 
6,684,916 6,588,875 6,063,219 
Professional Datasolutions, Inc. (PDI) (4.4%)*(5) (7) (8) (10)
Application SoftwareFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 03/19, Due 10/24)22,983,010 22,955,060 22,946,238 
22,983,010 22,955,060 22,946,238 
Project Potter Buyer, LLC (Command Alkon) (1.9%)*(5) (7) (8) (9)
SoftwareFirst Lien Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 04/20, Due 04/27)9,870,877 9,588,196 9,662,601 
Class A Units (104.4 units, Acquired 04/20)104,384 136,564 
Class B Units (38,426.7 units, Acquired 4/20)— — 
9,870,877 9,692,580 9,799,165 
PSC UK Pty Ltd. (0.4%)*(3) (5) (7) (8) (12)
Insurance ServicesFirst Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 6.5% Cash, Acquired 11/19, Due 11/24)2,062,238 1,983,472 1,996,942 
2,062,238 1,983,472 1,996,942 
Radiate HoldCo, LLC (0.3%)*(5) (8) (9)
Cable & SatelliteFirst Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.3% Cash, Acquired 09/20, Due 09/26)1,746,415 1,746,415 1,713,669 
1,746,415 1,746,415 1,713,669 
Recovery Point Systems, Inc. (2.2%)*(5) (7) (8) (10)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 08/20, Due 07/26)11,795,776 11,564,165 11,559,860 
11,795,776 11,564,165 11,559,860 
Refinitiv US Holdings, Inc.
(0.6%)*(5) (9)
Data Processing & Outsourced ServicesFirst Lien Senior Secured Term Loan (LIBOR + 3.25%, 3.4% Cash, Acquired 03/20, Due 10/25)3,012,716 2,745,948 2,979,908 
3,012,716 2,745,948 2,979,908 
RR Ltd: Series 2019-6A
(0.4%)*(3) (5) (10)
Structured FinanceStructured Secured Note - Class D (LIBOR + 6.75%, 7.0% Cash, Acquired 03/20, Due 04/30)2,000,000 1,649,961 1,849,426 
2,000,000 1,649,961 1,849,426 
Ruffalo Noel Levitz, LLC
(1.8%)*(5) (7) (8) (10)
Media ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/19, Due 05/22)9,641,206 9,566,226 9,496,588 
9,641,206 9,566,226 9,496,588 
Scaled Agile, Inc. (0.9%)*(5) (7) (8) (9)
Research & Consulting ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24)4,857,479 4,817,601 4,808,905 
4,857,479 4,817,601 4,808,905 
SCI Packaging Inc. (0.9%)*(6) (8) (10)
Metal & Glass ContainersFirst Lien Senior Secured Term Loan (LIBOR + 3.25%, 3.5% Cash, Acquired 08/18, Due 04/24)4,923,664 4,915,618 4,612,882 
4,923,664 4,915,618 4,612,882 
Seaworld Entertainment, Inc. (1.1%)*(3) (6) (8) (9)
Leisure FacilitiesFirst Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.1% Cash, Acquired 08/18, Due 03/24)5,923,469 5,916,134 5,498,934 
5,923,469 5,916,134 5,498,934 
Serta Simmons Bedding LLC
(2.0%)* (5) (8) (9)
Home FurnishingsSuper Priority First Out (LIBOR + 7.5%, 8.5% Cash, Acquired 6/20, Due 08/23)7,443,107 7,235,952 7,331,460 
Super Priority Second Out (LIBOR + 7.5%, 8.5% Cash, Acquired 6/20, Due 08/23)3,652,949 3,381,618 2,969,848 
11,096,056 10,617,570 10,301,308 
Smile Brands Group Inc.
(1.1%)*(5) (7) (8) (10) (11)
Health Care ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.9% Cash, Acquired 10/18, Due 10/24)5,851,605 5,808,132 5,657,743 
5,851,605 5,808,132 5,657,743 
Springbrook Software (SBRK Intermediate, Inc.) (1.9%)*(5) (7) (8) (10)
Enterprise Software and ServicesFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/19, Due 12/26)10,442,083 10,214,537 10,191,155 
10,442,083 10,214,537 10,191,155 
Syniverse Holdings, Inc. (1.5%)*(5) (6) (8) (10)
Technology DistributorsFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/18, Due 03/23)10,263,158 10,235,328 7,876,974 
10,263,158 10,235,328 7,876,974 
13

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2020
Portfolio Company Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Tahoe Subco 1 Ltd. (Almonde, Inc.) (2.1%)*(3) (5) (6) (8) (11)
Internet Software & ServicesFirst Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.5% Cash, Acquired 09/18, Due 06/24)$11,828,390 $11,836,116 $11,032,931 
11,828,390 11,836,116 11,032,931 
Team Health Holdings, Inc. (1.1%)*(5) (6) (8) (9)
Health Care ServicesFirst Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.8% Cash, Acquired 09/18, Due 02/24)6,840,506 6,664,086 5,719,416 
6,840,506 6,664,086 5,719,416 
The Hilb Group, LLC
(1.8%)*(5) (7) (8) (9) (10)
Insurance BrokerageFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/19, Due 12/26)9,767,134 9,503,409 9,474,877 
9,767,134 9,503,409 9,474,877 
Total Safety U.S. Inc. (1.3%)*(5) (8) (10)
Diversified Support ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/19, Due 08/25)6,948,915 6,687,013 6,611,893 
6,948,915 6,687,013 6,611,893 
Transit Technologies LLC
(1.1%)*(5) (7) (8) (10)
SoftwareFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.0% Cash, Acquired 02/20, Due 02/25)6,785,305 6,575,927 6,014,494 
6,785,305 6,575,927 6,014,494 
Transportation Insight, LLC (4.6%)*(5) (7) (8) (10)
Air Freight & LogisticsFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.8% Cash, Acquired 08/18, Due 12/24)24,589,328 24,418,931 24,343,435 
24,589,328 24,418,931 24,343,435 
Triumph Group Inc. (0.7%)*(3) (5)
Aerospace & DefenseFirst Lien Senior Secured Note (8.9% Cash, Acquired 08/20, Due 06/24)3,266,000 3,266,000 3,478,290 
3,266,000 3,266,000 3,478,290 
Truck-Lite Co., LLC (3.4%)*(5) (7) (8) (10)
Automotive Parts and EquipmentFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/19, Due 12/26)19,468,270 19,062,504 18,080,155 
19,468,270 19,062,504 18,080,155 
Trystar, LLC (3.0%)*(5) (7) (8) (10)
Power Distribution SolutionsFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/18, Due 09/23)15,637,813 15,464,677 15,345,385 
Class A LLC Units (361.5 units, Acquired 09/18)361,505 365,533 
15,637,813 15,826,182 15,710,918 
U.S. Anesthesia Partners, Inc. (2.4%)*(5) (6) (8) (11)
Managed Health CareFirst Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 09/18, Due 06/24)13,481,027 13,524,906 12,705,868 
13,481,027 13,524,906 12,705,868 
U.S. Silica Company (0.2%)*(5) (8) (9)
Metal & Glass ContainersFirst Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.0% Cash, Acquired 08/18, Due 05/25)1,491,380 1,494,324 1,242,036 
1,491,380 1,494,324 1,242,036 
UKFast Leaders Limited (5.4%)*(3) (5) (7) (8) (18)
TechnologyFirst Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 6.8% Cash, Acquired 09/20, Due 9/27)22,912,134 22,121,627 22,224,770 
Super Senior Secured Term Loan (GBP LIBOR + 3.25%, 3.3% Cash, Acquired 09/20, Due 3/27)6,248,763 6,033,283 6,061,300 
29,160,897 28,154,910 28,286,070 
USF Holdings LLC (U.S. Farathane, LLC) (0.5%)*(6) (8) (10)
Auto Parts & EquipmentFirst Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.5% Cash, Acquired 08/18, Due 12/21)3,088,580 3,093,550 2,665,444 
3,088,580 3,093,550 2,665,444 
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) (2.8%)*(5) (7) (8) (10) (11)
Legal ServicesFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/18, Due 11/24)16,430,096 16,194,004 14,884,078 
16,430,096 16,194,004 14,884,078 
Utac Ceram (2.6%)*(3) (5) (8) (14)
Business ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/20, Due 09/27)14,071,806 13,503,424 13,597,762 
14,071,806 13,503,424 13,597,762 
Validity, Inc. (0.9%)*(5) (7) (8) (10)
IT Consulting & Other ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.1% Cash, Acquired 07/19, Due 05/25)5,051,351 4,915,036 4,724,276 
5,051,351 4,915,036 4,724,276 
Winebow Group, LLC, (The) (2.6%)*(5) (8) (9)
Consumer GoodsFirst Lien Senior Secured Term Loan (LIBOR + 3.75%, 4.8% Cash, Acquired 11/19, Due 07/21)10,787,718 10,070,655 8,896,525 
Second Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.5% Cash, Acquired 10/19, Due 01/22) (7)
7,141,980 4,813,864 4,999,386 
17,929,698 14,884,519 13,895,911 
14

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2020
Portfolio Company Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
World 50, Inc. (2.6%)*(5) (7) (8) (9)
Professional ServicesFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 01/20, Due 01/26)$13,945,025 $13,607,509 $13,535,173 
13,945,025 13,607,509 13,535,173 
Subtotal Non–Control / Non–Affiliate Investments929,268,108 903,128,567 886,610,176 
Affiliate Investments:(4)
Jocassee Partners LLC (3.0%)*(3) (5)
Investment Funds & Vehicles9.1% Member Interest, Acquired 06/1915,158,270 15,952,545 
15,158,270 15,952,545 
Thompson Rivers LLC (0.6%)*(3) (5)
Investment Funds & Vehicles10% Member Interest, Acquired 06/203,100,000 3,205,530 
3,100,000 3,205,530 
Subtotal Affiliate Investments18,258,270 19,158,075 
Short-Term Investments:
BlackRock, Inc.
(4.0%)*(5)
Money Market FundBlackRock Liquidity Temporary Fund (0.13% yield)21,000,000 21,000,000 
21,000,000 21,000,000 
Federated Investment Management Company (30.4%)* (6)
Money Market FundFederated Government Obligation Fund (0.01% yield)160,046,690 160,046,690 
160,046,690 160,046,690 
HSBC Holdings PLC (0.5%)*(5)
Money Market FundHSBC Funds U.S. Government Money Market Fund (0.03% yield)2,600,330 2,600,330 
2,600,330 2,600,330 
JPMorgan Chase & Co. (5.1%)* (6)
Money Market FundJPMorgan Prime Money Market Fund (0.16% yield)26,856,855 26,856,370 
26,856,855 26,856,370 
Subtotal Short-Term Investments210,503,875 210,503,390