UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

__________________________________________________________

Form 10-Q

__________________________________________________________

(Mark One)

ý			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

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 Class			Trading Symbol			Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share			BBDC			The 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.

Large accelerated filer			¨			Accelerated filer			¨
Non-accelerated filer			ý			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 May 6, 2021 was 65,316,085.

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BARINGS BDC, INC.

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q

						Page
PART I – FINANCIAL INFORMATION
Item 1.			Financial Statements
			Unaudited Consolidated Balance Sheet as of March 31, 2021 and Consolidated Balance Sheet as of December 31, 2020			3
			Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 2021 and 2020			4
			Unaudited Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2021 and 2020			6
			Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020			7
			Unaudited Consolidated Schedule of Investments as of March 31, 2021			8
			Consolidated Schedule of Investments as of December 31, 2020			20
			Notes to Unaudited Consolidated Financial Statements			32
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			63
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			81
Item 4.			Controls and Procedures			83
PART II – OTHER INFORMATION
Item 1.			Legal Proceedings			84
Item 1A.			Risk Factors			84
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			85
Item 3.			Defaults Upon Senior Securities			85
Item 4.			Mine Safety Disclosures			85
Item 5.			Other Information			85
Item 6.			Exhibits			85
Signatures						86

2

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Barings BDC, Inc.

Consolidated Balance Sheets

			March 31, 2021						December 31, 2020
			(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $1,389,212,763 and $1,318,614,617 as of March 31, 2021 and December 31, 2020, respectively)			$	1,401,742,025					$	1,325,783,281
Affiliate investments (cost of $95,442,223 and $76,055,873 as of March 31, 2021 and December 31, 2020, respectively)			100,429,674						78,598,633
Control investments (cost of $30,326,428 and $25,826,428 as of March 31, 2021 and December 31, 2020, respectively)			26,386,362						25,855,796
Short-term investments (cost of $73,569,174 and $65,558,227 as of March 31, 2021 and December 31, 2020, respectively)			73,565,676						65,558,227
Total investments at fair value			1,602,123,737						1,495,795,937
Cash (restricted cash of $3,488,403 and $3,488,336 at March 31, 2021 and December 31, 2020, respectively)			21,168,184						62,651,340
Foreign currencies (cost of $19,342,513 and $29,555,465 as of March 31, 2021 and December 31, 2020, respectively)			19,346,907						29,836,121
Interest and fees receivable			19,637,124						21,617,843
Prepaid expenses and other assets			1,123,361						2,014,558
Credit support agreement (cost of $13,600,000 as of both March 31, 2021 and December 31, 2020)			12,000,000						13,600,000
Deferred financing fees			3,802,971						4,110,564
Receivable from unsettled transactions			47,911,907						47,412,382
Total assets			$	1,727,114,191					$	1,677,038,745
Liabilities:
Accounts payable and accrued liabilities			$	2,528,070					$	6,045,443
Interest payable			4,084,372						2,219,274
Administrative fees payable			500,000						675,000
Base management fees payable			3,929,251						3,413,270
Incentive management fees payable			2,721,741						—
Derivative liabilities			142,099						1,336,283
Payable from unsettled transactions			—						1,548,578
Borrowings under credit facilities			611,144,523						719,660,707
Notes payable (net of deferred financing fees)			374,181,388						224,335,666
Total liabilities			999,231,444						959,234,221
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (150,000,000 shares authorized and 65,316,085 shares issued and outstanding as of both March 31, 2021 and December 31, 2020)			65,316						65,316
Additional paid-in capital			1,027,707,047						1,027,707,047
Total distributable earnings (loss)			(299,889,616)						(309,967,839)
Total net assets			727,882,747						717,804,524
Total liabilities and net assets			$	1,727,114,191					$	1,677,038,745
Net asset value per share			$	11.14					$	10.99

See accompanying notes.

3

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Barings BDC, Inc.

Unaudited Consolidated Statements of Operations

			Three Months Ended						Three Months Ended
			March 31, 2021						March 31, 2020
Investment income:
Interest income:
Non-Control / Non-Affiliate investments			$	25,096,325					$	17,396,411
Control investments			107,237						—
Short-term investments			10,679						277,991
Total interest income			25,214,241						17,674,402
Dividend income:
Affiliate investments			71,500						—
Total dividend income			71,500						—
Fee and other income:
Non-Control / Non-Affiliate investments			1,973,062						960,993
Control investments			160,113						—
Total fee and other income			2,133,175						960,993
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments			3,037,325						43,572
Affiliate investments			136,462						—
Total payment-in-kind interest income			3,173,787						43,572
Interest income from cash			528						631
Total investment income			30,593,231						18,679,598
Operating expenses:
Interest and other financing fees			7,284,709						6,004,133
Base management fee (Note 2)			3,929,251						3,912,373
Incentive management fees (Note 2)			2,721,741						—
Compensation expenses			—						48,410
General and administrative expenses (Note 2)			2,301,434						1,420,613
Total operating expenses			16,237,135						11,385,529
Net investment income			14,356,096						7,294,069
Income taxes, including excise tax benefit			(18,038)						—
Net investment income after taxes			14,374,134						7,294,069

4

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Barings BDC, Inc. Unaudited Consolidated Statements of Operations - (Continued)
			Three Months Ended						Three Months Ended
			March 31, 2021						March 31, 2020
Realized and unrealized gains (losses) on investments, credit support agreement and foreign currency transactions:
Net realized gains (losses):
Non-Control / Non-Affiliate investments			2,891,040						(157,978)
Affiliate investments			(76,631)						—
Net realized gains (losses) on investments			2,814,409						(157,978)
Foreign currency transactions			(974,829)						(144,394)
Net realized gains (losses)			1,839,580						(302,372)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments			5,357,095						(117,361,056)
Affiliate investments			2,444,697						(3,833,223)
Control investments			(3,969,434)						—
Net unrealized appreciation (depreciation) on investments			3,832,358						(121,194,279)
Credit support agreement			(1,600,000)						—
Foreign currency transactions			4,041,797						1,798,226
Net unrealized appreciation (depreciation)			6,274,155						(119,396,053)
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreement and foreign currency transactions			8,113,735						(119,698,425)
Loss on extinguishment of debt			—						(137,390)
Benefit from taxes			410						19,999
Net increase (decrease) in net assets resulting from operations			$	22,488,279					$	(112,521,747)
Net investment income per share—basic and diluted			$	0.22					$	0.15
Net increase (decrease) in net assets resulting from operations per share—basic and diluted			$	0.34					$	(2.30)
Dividends/distributions per share:
Total dividends/distributions per share			$	0.19					$	0.16
Weighted average shares outstanding—basic and diluted			65,316,085						48,887,393

See accompanying notes.

5

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Barings BDC, Inc.

Unaudited Consolidated Statements of Changes in Net Assets

 

			Common Stock												Additional Paid-In Capital						Total Distributable Earnings (Loss)						Total Net Assets
			Number of Shares						Par Value
Balance, December 31, 2019			48,950,803						$	48,951					$	853,766,370					$	(282,940,612)					$	570,874,709
Net investment income			—						—						—						7,314,068						7,314,068
Net realized loss on investments / foreign currency transactions			—						—						—						(302,372)						(302,372)
Net unrealized depreciation of investments / foreign currency transactions			—						—						—						(119,396,053)						(119,396,053)
Loss on extinguishment of debt			—						—						—						(137,390)						(137,390)
Dividends / distributions			—						—						—						(7,823,964)						(7,823,964)
Purchases of shares in repurchase plan			(661,981)						(662)						(4,783,428)						—						(4,784,090)
Balance, March 31, 2020			48,288,822						$	48,289					$	848,982,942					$	(403,286,323)					$	445,744,908

			Common Stock												Additional Paid-In Capital						Total Distributable Earnings (Loss)						Total Net Assets
			Number of Shares						Par Value
Balance, December 31, 2020			65,316,085						$	65,316					$	1,027,707,047					$	(309,967,839)					$	717,804,524
Net investment income			—						—						—						14,374,134						14,374,134
Net realized gain on investments / foreign currency transactions			—						—						—						1,839,580						1,839,580
Net unrealized appreciation of investments / CSA / foreign currency transactions			—						—						—						6,274,155						6,274,155
Benefit from taxes			—						—						—						410						410
Dividends / distributions			—						—						—						(12,410,056)						(12,410,056)
Deemed contribution - from Adviser			—						—						—						—						—
Balance, March 31, 2021			65,316,085						$	65,316					$	1,027,707,047					$	(299,889,616)					$	727,882,747

See accompanying notes.

6

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Barings BDC, Inc.

Unaudited Consolidated Statements of Cash Flows 

			Three Months Ended						Three Months Ended
			March 31, 2021						March 31, 2020
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations			$	22,488,279					$	(112,521,747)
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			(276,455,607)						(123,200,667)
Repayments received / sales of portfolio investments			188,160,373						155,852,583
Purchases of short-term investments			(198,550,029)						(221,916,363)
Sales of short-term investments			190,541,780						218,025,496
Loan origination and other fees received			4,578,368						2,704,423
Net realized (gain) loss on investments			(2,814,409)						157,978
Net realized loss on foreign currency transactions			974,829						144,394
Net unrealized (appreciation) depreciation of investments			(3,832,358)						121,194,279
Net unrealized depreciation of CSA			1,600,000						—
Net unrealized appreciation of foreign currency transactions			(4,041,797)						(1,798,226)
Payment-in-kind interest			(3,173,786)						(43,572)
Amortization of deferred financing fees			343,997						375,257
Loss on extinguishment of debt			—						137,390
Accretion of loan origination and other fees			(1,481,038)						(658,005)
Amortization / accretion of purchased loan premium / discount			(1,979,787)						(188,402)
Changes in operating assets and liabilities:
Interest and fees receivables			(2,935,424)						(1,483,011)
Prepaid expenses and other assets			1,264,058						(798,647)
Accounts payable and accrued liabilities			(1,668,440)						452,640
Interest payable			1,868,804						(471,825)
Net cash provided by (used in) operating activities			(85,112,187)						35,963,975
Cash flows from financing activities:
Borrowings under credit facilities			29,823,707						58,085,614
Repayments of credit facilities			(134,083,152)						(69,000,000)
Repayment of debt securitization			—						(26,974,371)
Proceeds from notes			150,000,000						—
Financing fees paid			(190,682)						—
Purchases of shares in repurchase plan			—						(4,784,090)
Cash dividends / distributions paid			(12,410,056)						(7,823,964)
Net cash provided by (used in) financing activities			33,139,817						(50,496,811)
Net decrease in cash and foreign currencies			(51,972,370)						(14,532,836)
Cash and foreign currencies, beginning of period			92,487,461						21,991,565
Cash and foreign currencies, end of period			$	40,515,091					$	7,458,729
Supplemental disclosure of cash flow information:
Cash paid for interest			$	4,903,435					$	5,407,506

See accompanying notes.

7

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Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments

March 31, 2021

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
Non–Control / Non–Affiliate Investments:
1WorldSync, Inc. (3.8%)*(7) (8) (9)						IT Consulting & Other Services						First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 07/19, Due 07/25)						$	27,639,522					$	27,174,789					$	27,405,692
																		27,639,522						27,174,789						27,405,692
Accelerate Learning, Inc. (1.0%)*(7) (8) (11)						Education Services						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/18, Due 12/24)						7,567,965						7,467,329						7,462,014
																		7,567,965						7,467,329						7,462,014
Accurus Aerospace Corporation (2.9%)*(7) (8) (11)						Aerospace & Defense						First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.50% PIK, Acquired 10/18, Due 10/24)						24,500,000						24,265,957						20,874,000
																		24,500,000						24,265,957						20,874,000
ADE Holdings (d/b/a AD Education) (0.7%)*(3) (7) (8) (16)						Education Services						First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 01/20, Due 01/27)						5,244,442						4,981,803						5,244,442
																		5,244,442						4,981,803						5,244,442
Advantage Software Company (The), LLC (2.2%)*(7) (8) (11)						Advertising, Printing & Publishing						First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 01/21, Due 01/27)						15,872,836						15,487,093						15,476,015
												Class A Partnership Units (7,054.59 units, Acquired 01/21)												705,459						712,443
												Class B Partnership Units (3,496.31 units, Acquired 01/21)												—						22,656
																		15,872,836						16,192,552						16,211,114
AEP Holdings, Inc. (2.4%)*(7) (8)						Wholesale						First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/25) (15)						7,104,768						7,159,388						6,962,673
												First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/25) (11)						10,752,921						10,546,205						10,537,863
																		17,857,689						17,705,593						17,500,536
Aftermath Bidco Corporation (1.3%)* (7) (8) (11)						Professional Services						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/19, Due 04/25)						9,425,284						9,273,369						9,425,284
																		9,425,284						9,273,369						9,425,284
Ahead DB Borrower, LLC. (0.3%)*(7) (8) (12)						Technology Distributors						Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 9.5% Cash, Acquired 10/20, Due 10/28)						2,139,295						2,077,504						2,075,117
																		2,139,295						2,077,504						2,075,117
Air Canada 2020-2 Class B Pass Through Trust (1.1%)*						Airlines						Structured Secured Note - Class B (9.0% Cash, Acquired 09/20, Due 10/25)						7,500,000						7,500,000						8,318,087
																		7,500,000						7,500,000						8,318,087
American Dental Partners, Inc. (1.3%)*(7) (8) (11)						Health Care Services						First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 11/18, Due 03/23)						9,775,000						9,763,132						9,452,425
																		9,775,000						9,763,132						9,452,425
American Scaffold, Inc. (1.3%)*(7) (8) (11)						Aerospace & Defense						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 09/19, Due 09/25)						9,662,226						9,493,555						9,662,226
																		9,662,226						9,493,555						9,662,226
Anagram Holdings, LLC (2.2%)*(3)						Chemicals, Plastics, & Rubber						First Lien Senior Secured Note (10.0% Cash, 5.0% PIK, Acquired 08/20, Due 08/25)						14,044,112						12,975,530						15,940,067
																		14,044,112						12,975,530						15,940,067
Anchorage Capital CLO Ltd: Series 2013-1A (0.3%)*(3) (8) (11)						Structured Finance						Structured Secured Note - Class DR (LIBOR + 6.8%, 7.0% Cash, Acquired 03/20, Due 10/30)						2,000,000						1,747,226						1,954,474
																		2,000,000						1,747,226						1,954,474
Anju Software, Inc. (1.9%)*(7) (8) (9)						Application Software						First Lien Senior Secured Term Loan (LIBOR + 5.5%, 5.6% Cash, Acquired 02/19, Due 02/25)						13,666,508						13,422,227						13,603,917
																		13,666,508						13,422,227						13,603,917
Apex Bidco Limited (0.3%)*(3) (7)						Business Equipment & Services						First Lien Senior Secured Term Loan (GBP LIBOR + 6.25%, 6.8% Cash, Acquired 01/20, Due 01/27) (8) (13)						2,010,615						1,856,499						1,974,143
												Subordinated Senior Unsecured Term Loan (8.0% PIK, Acquired 01/20, Due 07/27)						266,526						247,209						261,692
																		2,277,141						2,103,708						2,235,835
Apus Bidco Limited (2.6%)*(3) (7) (8) (14)						Banking, Finance, Insurance & Real Estate						First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 02/21, Due 03/28)						19,530,223						18,987,653						18,993,142
																		19,530,223						18,987,653						18,993,142
AQA Acquisition Holding, Inc. (1.9%)*(7) (8) (11)						High Tech Industries						Second Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.5% Cash, Acquired 03/21, Due 03/29)						14,477,878						14,075,714						14,075,393
																		14,477,878						14,075,714						14,075,393

8

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Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2021

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
Arch Global Precision LLC (2.4%)*(7) (8) (11)						Industrial Machinery						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.0% Cash, Acquired 04/19, Due 04/26)						$	17,210,844					$	17,064,183					$	17,210,844
																		17,210,844						17,064,183						17,210,844
Archimede (0.7%)*(3) (7) (8) (15)						Consumer Services						First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 10/20, Due 10/27)						4,936,258						4,923,115						4,822,475
																		4,936,258						4,923,115						4,822,475
Argus Bidco Limited (0.4%)*(3) (7) (8) (13)						High Tech Industries						First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.8% Cash, Acquired 12/20, Due 12/27)						2,732,225						2,541,695						2,658,619
																		2,732,225						2,541,695						2,658,619
Armstrong Transport Group (Pele Buyer, LLC ) (1.0%)*(7) (8) (11)						Air Freight & Logistics						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24)						5,327,863						5,256,328						5,284,761
												First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 07/20, Due 06/24)						1,990,291						1,956,918						1,990,291
																		7,318,154						7,213,246						7,275,052
Ascensus Specialties, LLC (1.0%)*(7) (8) (9)						Specialty Chemicals						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.9% Cash, Acquired 09/19, Due 09/26)						7,001,675						6,944,619						6,931,658
																		7,001,675						6,944,619						6,931,658
ASPEQ Heating Group LLC (1.2%)* (7) (8) (11)						Building Products, Air & Heating						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/19, Due 11/25)						8,922,910						8,815,883						8,851,526
																		8,922,910						8,815,883						8,851,526
Auxi International (0.2%)*(3) (7) (8) (16)						Commercial Finance						First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 12/19, Due 12/26)						1,645,419						1,516,306						1,619,866
																		1,645,419						1,516,306						1,619,866
AVSC Holding Corp. (1.5%)*						Advertising						First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, 0.25% PIK, Acquired 08/18, Due 03/25)(8) (11)						4,885,464						4,327,220						4,320,754
												First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.0% PIK, Acquired 08/18, Due 03/25)(8) (11)						746,242						683,375						674,886
												First Lien Senior Secured Term Loan (5.0% Cash, 10.0% PIK, Acquired 11/20, Due 10/26)						4,988,220						4,858,438						5,786,335
																		10,619,926						9,869,033						10,781,975
BDP International, Inc. (f/k/a BDP Buyer, LLC) (2.0%)*(7) (8) (9)						Air Freight & Logistics						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/18, Due 12/24)						14,962,427						14,707,774						14,694,617
																		14,962,427						14,707,774						14,694,617
Beacon Pointe Advisors, LLC (0.1%)*(7) (8) (11)						Asset Manager & Custody Bank						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 03/20, Due 03/26)						993,636						974,611						993,636
																		993,636						974,611						993,636
Benify (Bennevis AB) (0.2%)*(3) (7) (8) (17)						High Tech Industries						First Lien Senior Secured Term Loan (STIBOR + 5.25%, 5.3% Cash, Acquired 07/19, Due 07/26)						1,335,915						1,220,032						1,335,915
																		1,335,915						1,220,032						1,335,915
Bidwax (1.8%)*(3) (7) (8) (15)						Non-durable Consumer Goods						First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 02/21, Due 02/28)						13,868,533						13,702,817						13,383,722
																		13,868,533						13,702,817						13,383,722
BigHand UK Bidco Limited (0.7%)*(3) (7) (8) (13)						High Tech Industries						First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 01/21, Due 01/28)						5,531,266						5,248,666						5,310,015
																		5,531,266						5,248,666						5,310,015
Black Diamond Equipment Rentals LLC (1.1%)*(7) (20)						Equipment Rental						Second Lien Loan (12.5% Cash, Acquired 12/20, Due 06/22)						7,500,000						7,500,000						7,500,000
												Warrant (3.13 units, Acquired 12/20)												847,000						726,000
																		7,500,000						8,347,000						8,226,000
British Airways 2020-1 Class B Pass Through Trust (0.2%)*						Airlines						Structured Secured Note - Class B (8.4% Cash, Acquired 11/20, Due 11/28)						1,474,876						1,474,876						1,684,288
																		1,474,876						1,474,876						1,684,288
British Engineering Services Holdco Limited (2.1%)*(3) (7) (8) (14)						Commercial Services & Supplies						First Lien Senior Secured Term Loan (GBP LIBOR + 5.25%, 5.5% Cash, Acquired 12/20, Due 12/27)						15,819,664						15,032,999						15,380,784
																		15,819,664						15,032,999						15,380,784
Brown Machine Group Holdings, LLC (0.9%)*(7) (8) (9)						Industrial Equipment						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 10/24)						6,722,144						6,662,673						6,722,144
																		6,722,144						6,662,673						6,722,144

9

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2021

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
Cadent, LLC (f/k/a Cross MediaWorks) (1.0%)*(7) (8) (11)						Media & Entertainment						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 09/18, Due 09/23)						$	7,532,846					$	7,494,339					$	7,532,846
																		7,532,846						7,494,339						7,532,846
Carlson Travel, Inc (1.0%)*						Business Travel Management						First Lien Senior Secured Note (6.8% Cash, Acquired 09/20, Due 12/25)						3,000,000						2,362,500						2,745,000
												Super Senior Senior Secured Term Loan (10.5% Cash, Acquired 12/20, Due 3/25)						4,239,000						4,153,781						4,408,560
												Common Stock (1,962 units, Acquired 11/20)(7)												88,290						88,290
																		7,239,000						6,604,571						7,241,850
Centralis Finco S.a.r.l. (0.1%)*(3) (7) (8) (15)						Diversified Financial Services						First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/20, Due 05/27)						833,687						734,407						833,687
																		833,687						734,407						833,687
Cineworld Group PLC (1.4%)*(3)						Leisure Products						First Lien Senior Secured Term Loan (LIBOR + 2.50%, 3.5% Cash, Acquired 04/20, Due 02/25)(8) (11)						9,014,914						6,018,763						7,685,394
												Super Senior Secured Term Loan (7.0% Cash, 8.3% PIK, Acquired 11/20, Due 05/24)						1,679,196						1,454,572						2,117,886
												Warrants (553,375 units, Acquired 12/20)												101,602						457,332
																		10,694,110						7,574,937						10,260,612
Classic Collision (Summit Buyer, LLC) (1.8%)*(7) (8) (11)						Auto Collision Repair Centers						First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 01/20, Due 01/26)						13,191,054						12,969,490						12,918,142
																		13,191,054						12,969,490						12,918,142
CM Acquisitions Holdings Inc. (3.3%)*(7) (8) (12)						Internet & Direct Marketing						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/19, Due 05/25)						24,001,562						23,662,616						23,899,349
																		24,001,562						23,662,616						23,899,349
CMT Opco Holding, LLC (Concept Machine) (0.6%)*(7) (8) (11)						Distributors						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/25)						4,155,516						4,089,508						3,877,097
												LLC Units (8,782 units, Acquired 01/20)												351,709						251,973
																		4,155,516						4,441,217						4,129,070
Command Alkon (Project Potter Buyer, LLC) (2.8%)*(7) (8) (9)						Software						First Lien Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 04/20, Due 04/27)						20,900,728						20,315,830						20,469,964
												Class A Units (90.384 units, Acquired 04/20)												90,384						97,537
												Class B Units (33,324.69 units, Acquired 04/20)												—						9,897
																		20,900,728						20,406,214						20,577,398
Confie Seguros Holding II Co. (0.3%)*(7) (8) (9)						Insurance Brokerage Services						Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 8.6% Cash, Acquired 10/19, Due 11/25)						2,500,000						2,375,861						2,437,500
																		2,500,000						2,375,861						2,437,500
Contabo Finco S.À R.L (0.2%)*(3) (7) (8) (15)						Internet Software & Services						First Lien Senior Secured Term Loan (EURIBOR + 4.75%, 4.8% Cash, Acquired 10/19, Due 10/26)						1,424,880						1,311,897						1,408,439
																		1,424,880						1,311,897						1,408,439
CSL DualCom (0.2%)*(3) (7) (8) (14)						Tele-communications						First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 09/20, Due 09/27)						1,366,458						1,196,365						1,307,335
																		1,366,458						1,196,365						1,307,335
Custom Alloy Corporation (5.6%)*(7) (20)						Manufacturer of Pipe Fittings & Forgings						Second Lien Loan (15.0% PIK, Acquired 12/20, Due 04/22)						45,000,185						37,043,142						36,810,151
												Revolver (15.0% PIK, Acquired 12/20, Due 04/21)						4,255,152						3,737,652						3,731,768
																		49,255,337						40,780,794						40,541,919
CW Group Holdings, LLC (0.7%)*(7) (8) (11)						High Tech Industries						First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/21, Due 01/27)						4,838,710						4,732,394						4,729,839
												LLC Units (161,290.32 units, Acquired 01/21)												161,290						159,355
																		4,838,710						4,893,684						4,889,194
Dart Buyer, Inc. (1.7%)*(3) (7) (8) (11)						Aerospace & Defense						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 04/19, Due 04/25)						12,279,705						12,073,545						12,181,587
																		12,279,705						12,073,545						12,181,587
Discovery Education, Inc. (3.3%)*(7) (8) (10)						Publishing						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 10/26)						23,940,000						23,546,094						23,940,000
																		23,940,000						23,546,094						23,940,000
Distinct Holdings, Inc. (1.0%)*(7) (8) (11)						Systems Software						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 04/19, Due 12/23)						7,227,381						7,171,357						7,104,516
																		7,227,381						7,171,357						7,104,516

10

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2021

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
DreamStart Bidco SAS (d/b/a SmartTrade) (0.3%)*(3) (7) (8) (16)						Diversified Financial Services						First Lien Senior Secured Term Loan (EURIBOR + 4.5%, 4.5% Cash, 1.25% PIK, Acquired 03/20, Due 03/27)						$	2,151,891					$	1,949,744					$	2,096,657
																		2,151,891						1,949,744						2,096,657
Dukane IAS, LLC (0.6%)*(7) (20)						Welding Equipment Manufacturer						Second Lien Note (10.5% Cash, 2.5% PIK, Acquired 12/20, Due 12/24)						4,662,430						4,662,430						4,662,430
																		4,662,430						4,662,430						4,662,430
Entact Environmental Services, Inc. (1.6%)*(7) (8) (10)						Environmental Industries						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/21, Due 12/25)						11,733,602						11,619,173						11,616,266
																		11,733,602						11,619,173						11,616,266
Exeter Property Group, LLC (2.6%)*(7) (8) (9)						Real Estate						First Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.6% Cash, Acquired 02/19, Due 08/24)						19,313,644						19,067,722						19,054,572
																		19,313,644						19,067,722						19,054,572
F24 (Stairway BidCo Gmbh) (0.2%)*(3) (7) (8) (15)						Software Services						First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 08/20, Due 08/27)						1,674,814						1,636,558						1,674,814
																		1,674,814						1,636,558						1,674,814
Ferrellgas L.P. (0.4%)*						Oil & Gas Equipment & Services						OpCo Preferred Units (2,886 units, Acquired 03/21)												2,799,420						2,799,420
																								2,799,420						2,799,420
Fineline Technologies, Inc. (0.6%)*(7) (8) (11)						Consumer Services						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 02/21, Due 02/27)						4,400,000						4,313,818						4,312,500
																		4,400,000						4,313,818						4,312,500
FitzMark Buyer, LLC (0.4%)*(7) (8) (10)						Cargo & Transportation						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/20, Due 12/26)						2,823,530						2,741,157						2,745,849
																		2,823,530						2,741,157						2,745,849
Foundation Risk Partners, Corp. (1.5%)*(7) (8) (11)						Financial Services						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/20, Due 11/23)						9,035,091						8,838,934						8,932,016
												Second Lien Senior Secured Term Loan (LIBOR + 8.50%, 9.5% Cash, Acquired 09/20, Due 11/24)						1,722,222						1,596,554						1,657,638
																		10,757,313						10,435,488						10,589,654
GoldenTree Loan Opportunities IX, Limited: Series 2014-9A (0.2%)*(3) (8) (11)						Structured Finance						Structured Secured Note - Class DR2 (LIBOR + 3.0%, 3.2% Cash, Acquired 03/20, Due 10/29)						1,250,000						923,797						1,222,291
																		1,250,000						923,797						1,222,291
GTM Intermediate Holdings, Inc. (0.9%)*(7) (20)						Medical Equipment Manufacturer						Second Lien Loan (11.0% Cash, 1.0% PIK, Acquired 12/20, Due 11/24)						5,128,824						5,077,667						5,103,180
												Common Stock (2 shares, Acquired 12/20)												1,078,778						1,200,288
																		5,128,824						6,156,445						6,303,468
Gulf Finance, LLC (0.1%)*(8) (9)						Oil & Gas Exploration & Production						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 08/23)						1,045,438						950,087						863,229
																		1,045,438						950,087						863,229
Hawaiian Airlines 2020-1 Class B Pass Through Certificates (1.0%)*						Airlines						Structured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25)						6,796,296						6,796,296						7,591,887
																		6,796,296						6,796,296						7,591,887
Heartland, LLC (1.2%)*(7) (8) (11)						Commercial Services & Supplies						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 08/19, Due 08/25)						8,808,417						8,653,425						8,691,488
																		8,808,417						8,653,425						8,691,488
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) (2.7%)*(3) (7) (8)						Insurance						First Lien Senior Secured Term Loan (EURIBOR + 5.50%, 5.5% Cash, Acquired 09/19, Due 09/26)(15)						8,613,351						7,940,194						8,508,268
												First Lien Senior Secured Term Loan (EURIBOR + 6.50%, 6.5% Cash, Acquired 07/20, Due 09/26) (16)						10,871,521						10,847,615						10,871,521
																		19,484,872						18,787,809						19,379,789
Highpoint Global LLC (0.7%)*(7) (20)						Government Services						Second Lien Note (12.0% Cash, 2.0% PIK, Acquired 12/20, Due 09/22)						5,334,928						5,313,697						5,334,928
																		5,334,928						5,313,697						5,334,928
Holley Performance Products (Holley Purchaser, Inc.) (2.3%)*(7) (8) (11)						Automotive Parts & Equipment						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 5.2% Cash, Acquired 10/18, Due 10/25)						16,936,387						16,762,536						16,936,387
																		16,936,387						16,762,536						16,936,387
Home Care Assistance, LLC (0.9%)*(7) (8) (11)						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 03/21, Due 03/27)						6,805,814						6,609,104						6,608,932
																		6,805,814						6,609,104						6,608,932

11

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2021

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
HTI Technology & Industries (1.70%)* (7) (20)						Electronic Component Manufacturing						Second Lien Note (12.0% Cash, 4.8% PIK, Acquired 12/20, Due 09/24)						$	12,773,156					$	12,268,357					$	12,262,230
																		12,773,156						12,268,357						12,262,230
HW Holdco, LLC (Hanley Wood LLC) (1.0%)*(7) (8) (11)						Advertising						First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/18, Due 12/24)						7,488,911						7,366,059						7,458,956
																		7,488,911						7,366,059						7,458,956
Hyperion Materials & Technologies, Inc. (1.9%)*(7) (8) (11)						Industrial Machinery						First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 08/19, Due 08/26)						13,820,806						13,616,971						13,737,881
																		13,820,806						13,616,971						13,737,881
IGL Holdings III Corp. (1.7%)*(7) (8) (11)						Commercial Printing						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/26)						12,618,367						12,269,889						12,618,367
																		12,618,367						12,269,889						12,618,367
IM Analytics Holding, LLC (d/b/a NVT) (0.9%)*(7) (8) (11)						Electronic Instruments & Components						First Lien Senior Secured Term Loan (LIBOR + 7.0%, 8.0% Cash, Acquired 11/19, Due 11/23)						8,188,461						8,132,009						6,788,234
												Warrant (68,950 units, Acquired 11/19)												—						—
																		8,188,461						8,132,009						6,788,234
INOS 19-090 GmbH (0.7%)*(3) (7) (8) (15)						Aerospace & Defense						First Lien Senior Secured Term Loan (EURIBOR + 6.1%, 6.1% Cash, Acquired 12/20, Due 12/27)						5,447,702						5,460,878						5,269,155
																		5,447,702						5,460,878						5,269,155
International Precision Components (0.9%)*(7) (20)						Plastic Injection Molding						Second Lien Loan (12.0% Cash, 2.0% PIK, Acquired 12/20, Due 10/24)						6,825,092						6,723,232						6,756,841
																		6,825,092						6,723,232						6,756,841
ISS#2, LLC (d/b/a Industrial Services Solutions) (0.8%)*(7) (8) (11)						Commercial Services & Supplies						First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/20, Due 02/26)						6,802,373						6,688,583						6,074,519
																		6,802,373						6,688,583						6,074,519
Jade Bidco Limited (Jane's) (1.2%)*(3) (7) (8)						Aerospace & Defense						First Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.8% Cash, 2.0% PIK, Acquired 11/19, Due 12/26)(12)						7,188,226						7,027,268						7,116,344
												First Lien Senior Secured Term Loan (EURIBOR + 4.5%, 4.5% Cash, 2.0% PIK, Acquired 11/19, Due 12/26)(16)						1,347,749						1,239,285						1,334,272
																		8,535,975						8,266,553						8,450,616
Jedson Engineering, Inc. (0.4%)*(7) (20)						Engineering & Construction Management						First Lien Loan (12.0% Cash, 3.0% PIK, Acquired 12/20, Due 06/22)						3,000,000						3,000,000						3,000,000
																		3,000,000						3,000,000						3,000,000
JetBlue 2019-1 Class B Pass Through Trust (0.7%)*						Airlines						Structured Secured Note - Class B (8.0% Cash, Acquired 08/20, Due 11/27)						4,721,693						4,721,693						5,382,580
																		4,721,693						4,721,693						5,382,580
Kano Laboratories LLC (1.2%)*(7) (8) (11)						Chemicals, Plastics & Rubber						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 11/20, Due 09/26)						8,845,864						8,592,780						8,845,864
												Partnership Equity (203.2 units, Acquired 11/20)												203,198						200,281
																		8,845,864						8,795,978						9,046,145
Kene Acquisition, Inc. (En Engineering) (1.0%)*(7) (8) (11)						Oil & Gas Equipment & Services						First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 08/19, Due 08/26)						7,280,199						7,165,384						7,214,531
																		7,280,199						7,165,384						7,214,531
Kona Buyer, LLC (3.4%)*(7) (8) (11)						High Tech Industries						First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/20, Due 12/27)						25,000,000						24,401,937						24,551,000
																		25,000,000						24,401,937						24,551,000
LAC Intermediate, LLC (f/k/a Lighthouse Autism Center) (4.7%)*(7) (8) (11)						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 10/18, Due 10/24)						34,387,034						33,717,144						33,613,326
												Class A LLC Units (154,320 units, Acquired 10/18)												154,320						323,300
																		34,387,034						33,871,464						33,936,626
LAF International (1.2%)*(3) (7) (8) (15)						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28)						8,567,933						8,646,286						8,423,077
																		8,567,933						8,646,286						8,423,077
Learfield Communications, LLC (1.0%)*						Broadcasting						First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/20, Due 12/23)(8) (9)						136,446						96,195						125,315
												First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.0% Cash, 10.2% PIK, Acquired 08/20, Due 12/23)(11)						7,365,032						7,305,433						7,352,732
																		7,501,478						7,401,628						7,478,047

12

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2021

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
Legal Solutions Holdings (1.4%)*(7) (20)						Business Services						Senior Subordinated Loan (6.0% Cash, 10.0% PIK, Acquired 12/20, Due 03/22)						$	10,663,569					$	9,862,913					$	9,863,801
																		10,663,569						9,862,913						9,863,801
LivTech Purchaser, Inc. (0.1%)*(7) (8) (11)						Business Services						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 01/21, Due 12/25)						552,248						540,237						539,748
																		552,248						540,237						539,748
Media Recovery, Inc. (SpotSee) (1.0%)*(7) (8)						Containers, Packaging & Glass						First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/19, Due 11/25) (11)						2,955,281						2,906,802						2,903,564
												First Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26) (14)						4,584,486						4,347,360						4,504,258
																		7,539,767						7,254,162						7,407,822
Modern Star Holdings Bidco Pty Limited. (0.6%)*(3) (7) (8) (18)						Non-durable Consumer Goods						First Lien Senior Secured Term Loan (BBSY + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/26)						4,672,838						4,440,698						4,488,221
																		4,672,838						4,440,698						4,488,221
MSG National Properties (0.3%)*(3) (7) (8) (11)						Hotel, Gaming, & Leisure						First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.0% Cash, Acquired 11/20, Due 11/25)						2,461,759						2,392,506						2,523,303
																		2,461,759						2,392,506						2,523,303
Murphy Midco Limited (0.6%)*(3) (7) (8) (13)						Media, Diversified & Production						First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 11/20, Due 11/27)						4,683,649						4,262,242						4,472,750
																		4,683,649						4,262,242						4,472,750
Music Reports, Inc. (0.8%)*(7) (8) (9)						Media & Entertainment						First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 08/20, Due 08/26)						5,578,990						5,450,971						5,523,200
																		5,578,990						5,450,971						5,523,200
Navia Benefit Solutions, Inc. (0.8%)* (7) (8) (11)						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 02/21, Due 02/27)						6,000,000						5,829,009						5,825,000
																		6,000,000						5,829,009						5,825,000
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) (1.6%)*(7) (8) (9)						Energy Equipment & Services						First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/18, Due 10/25)						11,825,516						11,785,078						11,683,609
																		11,825,516						11,785,078						11,683,609
Odeon Cinemas Group Limited (0.5%)*(3) (7)						Hotel, Gaming, & Leisure						First Lien Senior Secured Term Loan (10.75% Cash, Acquired 02/21, Due 08/23)						1,376,251						1,332,439						1,390,014
												First Lien Senior Secured Term Loan (10.75% Cash, Acquired 02/21, Due 08/23)						2,478,707						2,472,983						2,503,494
																		3,854,958						3,805,422						3,893,508
Omni Intermediate Holdings, LLC (1.2%)*(7) (8) (9)						Transportation						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)						9,000,000						8,739,450						8,752,500
																		9,000,000						8,739,450						8,752,500
Options Technology Ltd. (1.3%)*(3) (7) (8) (11)						Computer Services						First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/19, Due 12/25)						9,771,813						9,569,224						9,628,377
																		9,771,813						9,569,224						9,628,377
Pacific Health Supplies Bidco Pty Limited (1.2%)*(3) (7) (8) (18)						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan (BBSY + 6.0%, 6.5% Cash, Acquired 12/20, Due 12/25)						9,196,755						8,642,055						8,914,484
																		9,196,755						8,642,055						8,914,484
Pare SAS (SAS Maurice MARLE) (0.7%)*(3) (7) (8) (16)						Health Care Equipment						First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, 1.5% PIK, Acquired 12/19, Due 12/26)						4,848,650						4,529,605						4,800,164
																		4,848,650						4,529,605						4,800,164
Patriot New Midco 1 Limited (Forensic Risk Alliance) (1.1%)*(3) (7) (8)						Diversified Financial Services						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/20, Due 02/27)(11)						4,489,471						4,377,523						4,426,619
												First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 02/20, Due 02/27) (15)						3,964,194						3,584,353						3,908,695
																		8,453,665						7,961,876						8,335,314
PerTronix, LLC (1.0%)*(7) (8) (12)						Automotive						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/20, Due 10/26)						7,287,692						7,184,750						7,287,692
																		7,287,692						7,184,750						7,287,692
Premier Technical Services Group (Project Graphite) (0.4%)*(3) (7) (8) (13)						Construction & Engineering						First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 7.3% Cash, Acquired 08/19, Due 06/26)						3,137,901						2,686,018						3,085,003
																		3,137,901						2,686,018						3,085,003
Premium Franchise Brands, LLC (3.0%)*(7) (8) (11)						Research & Consulting Services						First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/26)						21,945,000						21,522,183						21,545,820
																		21,945,000						21,522,183						21,545,820

13

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2021

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
Process Equipment, Inc. (ProcessBarron) (0.8%)*(7) (8) (11)						Industrial Air & Material Handling Equipment						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 03/19, Due 03/25)						$	6,173,594					$	6,096,724					$	5,543,887
																		6,173,594						6,096,724						5,543,887
Professional Datasolutions, Inc. (PDI) (2.3%)*(7) (8) (19)						Application Software						First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 03/19, Due 10/24)						16,881,613						16,863,369						16,785,556
																		16,881,613						16,863,369						16,785,556
Protego Bidco B.V. (1.2%)*(3) (7) (8) (15)						Aerospace & Defense						First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28)						9,208,487						8,955,994						8,771,084
																		9,208,487						8,955,994						8,771,084
PSC UK Pty Ltd. (0.4%)*(3) (7) (8) (13)						Insurance Services						First Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 6.5% Cash, Acquired 11/19, Due 10/24)						2,709,861						2,444,000						2,648,176
																		2,709,861						2,444,000						2,648,176
Questel Unite (2.8%)*(3) (7) (8) (15)						Business Services						First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/27)						20,703,270						20,684,768						20,334,237
																		20,703,270						20,684,768						20,334,237
Radwell International, LLC (1.9%)*(7) (8) (11)						Wholesale						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/20, Due 12/26)						14,220,264						13,917,380						13,935,809
																		14,220,264						13,917,380						13,935,809
Recovery Point Systems, Inc. (1.6%)*(7) (8) (11)						Technology						First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 03/20, Due 07/26)						11,736,797						11,522,211						11,736,797
												Partnership Equity (187,235 units, Acquired 03/21)												187,235						187,235
																		11,736,797						11,709,446						11,924,032
REP SEKO MERGER SUB LLC (1.1%)* (7) (8) (11)						Air Freight & Logistics						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)						7,671,682						7,447,161						7,660,913
																		7,671,682						7,447,161						7,660,913
RPX Corporation (2.3%)*(7) (8) (11)						Research & Consulting Services						First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 10/20, Due 10/25)						16,712,500						16,358,646						16,612,225
																		16,712,500						16,358,646						16,612,225
Ruffalo Noel Levitz, LLC (1.3%)*(7) (8) (11)						Media Services						First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/19, Due 05/22)						9,592,266						9,539,242						9,555,336
																		9,592,266						9,539,242						9,555,336
Safety Products Holdings, LLC (2.1%)* (7) (8) (9)						Non-durable Consumer Goods						First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26)						15,574,673						15,099,325						15,127,000
												Preferred Stock (372.1 shares, Acquired 12/20)												372,088						372,090
																		15,574,673						15,471,413						15,499,090
Scaled Agile, Inc. (0.7%)*(7) (8) (11)						Research & Consulting Services						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24)						4,847,151						4,811,132						4,847,151
																		4,847,151						4,811,132						4,847,151
Serta Simmons Bedding LLC (1.5%)*(8) (9)						Home Furnishings						Super Priority First Out (LIBOR + 7.5%, 8.5% Cash, Acquired 6/20, Due 08/23)						7,405,891						7,232,172						7,475,950
												Super Priority Second Out (LIBOR + 7.5%, 8.5% Cash, Acquired 6/20, Due 08/23)						3,634,684						3,378,205						3,463,163
																		11,040,575						10,610,377						10,939,113
Sigmatek Systems, LLC (1.3%)*(7) (8) (11)						High Tech Industries						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 01/21, Due 01/27)						9,975,000						9,782,539						9,787,825
																		9,975,000						9,782,539						9,787,825
SISU ACQUISITIONCO., INC. (1.9%)*(7) (8) (11)						Aerospace & Defense						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/20, Due 12/26)						14,097,503						13,826,164						13,841,069
																		14,097,503						13,826,164						13,841,069
SMA Holdings, Inc. (1.0%)*(7) (20)						Consulting						First Lien Loan (11.0% Cash, Acquired 12/20, Due 06/24)						7,000,000						6,720,000						6,720,000
												Warrants (2.0 units, Acquired 12/20)												286,781						250,978
																		7,000,000						7,006,781						6,970,978
Smile Brands Group Inc. (2.0%)*(7) (8)						Health Care Services						First Lien Senior Secured Term Loan (LIBOR + 5.17%, 5.4% Cash, Acquired 10/18, Due 10/24)(9)						5,861,902						5,825,907						5,768,111
												First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/20, Due 10/24)(11)						9,287,715						9,024,221						9,033,598
																		15,149,617						14,850,128						14,801,709

14

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2021

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
SN BUYER, LLC (3.4%)*(7) (8) (11)						Health Care Services						First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 11/26)						$	25,000,000					$	24,519,748					$	24,650,000
																		25,000,000						24,519,748						24,650,000
Springbrook Software (SBRK Intermediate, Inc.) (1.3%)*(7) (8) (11)						Enterprise Software & Services						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/19, Due 12/26)						9,303,664						9,114,611						9,265,286
																		9,303,664						9,114,611						9,265,286
SPT Acquico Limited (0.4%)*(3) (7) (8) (11)						High Tech Industries						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 01/21, Due 12/27)						2,658,312						2,593,530						2,591,854
																		2,658,312						2,593,530						2,591,854
SSCP Pegasus Midco Limited (1.6%)*(3) (7) (8) (14)						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 6.8% Cash, Acquired 12/20, Due 11/27)						12,072,963						11,049,371						11,399,247
																		12,072,963						11,049,371						11,399,247
Syniverse Holdings, Inc. (2.4%)*(8) (11)						Technology Distributors						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/18, Due 03/23)						17,435,517						16,149,215						17,175,903
																		17,435,517						16,149,215						17,175,903
The Hilb Group, LLC (2.0%)*(7) (8) (11)						Insurance Brokerage						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/19, Due 12/26)						11,636,693						11,391,659						11,229,409
												First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/19, Due 12/26)						3,646,217						3,435,906						3,448,894
																		15,282,910						14,827,565						14,678,303
Total Safety U.S. Inc. (0.9%)*(8) (11)						Diversified Support Services						First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/19, Due 08/25)						6,766,049						6,534,648						6,759,283
																		6,766,049						6,534,648						6,759,283
Transit Technologies LLC (0.7%)*(7) (8) (11)						Software						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.0% Cash, Acquired 02/20, Due 02/25)						6,035,305						5,869,127						5,443,845
																		6,035,305						5,869,127						5,443,845
Transportation Insight, LLC (3.2%)*(7) (8) (9)						Air Freight & Logistics						First Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.6% Cash, Acquired 08/18, Due 12/24)						24,444,375						24,293,447						23,637,711
																		24,444,375						24,293,447						23,637,711
Trident Maritime Systems, Inc. (3.4%)*(7) (8) (9)						Aerospace & Defense						First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/21, Due 02/27)						25,000,000						24,570,501						24,562,500
																		25,000,000						24,570,501						24,562,500
Truck-Lite Co., LLC (3.1%)*(7) (8) (11)						Automotive Parts & Equipment						First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/19, Due 12/26)						22,296,635						21,918,311						22,252,041
																		22,296,635						21,918,311						22,252,041
Trystar, LLC (2.3%)*(7) (8) (11)						Power Distribution Solutions						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/18, Due 09/23)						16,185,659						16,004,667						16,120,916
												Class A LLC Units (384.5 units, Acquired 09/18)												395,995						369,443
																		16,185,659						16,400,662						16,490,359
Tuf-Tug, Inc. (0.0%)*(7) (20)						Safety Equipment Manufacturer						Common Stock (24.6 shares, Acquired 12/20)												385,047						—
																								385,047						—
Turf Products, LLC (1.2%)*(7) (20)						Landscaping & Irrigation Equipment Distributor						Senior Subordinated Debt (10.0% Cash, Acquired 12/20, Due 10/23)						8,697,056						8,383,962						8,436,144
																		8,697,056						8,383,962						8,436,144
U.S. Gas & Electric, Inc. (0.2%)*(7) (20)						Energy Services						Second Lien Loan (9.5% Cash, Acquired 12/20, Due 07/25)						2,285,250						1,785,250						1,785,250
												Second Lien Loan (9.5% Cash, Acquired 12/20, Due 07/25)(21)						2,485,469						—						—
																		4,770,719						1,785,250						1,785,250
U.S. Silica Company (0.2%)*(3) (8) (9)						Metal & Glass Containers						First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.0% Cash, Acquired 08/18, Due 05/25)						1,483,670						1,486,303						1,429,887
																		1,483,670						1,486,303						1,429,887
UKFast Leaders Limited (1.7%)*(3) (7) (8) (13)						Technology						First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 6.8% Cash, Acquired 09/20, Due 9/27)						12,541,181						11,365,814						12,453,392
																		12,541,181						11,365,814						12,453,392
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) (2.1%)*(7) (8) (11)						Legal Services						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/18, Due 11/24)						16,305,092						16,096,032						15,408,312
																		16,305,092						16,096,032						15,408,312

15

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2021

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
Utac Ceram (1.4%)*(3) (7) (8)						Business Services						First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/20, Due 09/27)(15)						$	1,762,949					$	1,701,654					$	1,714,468
												First Lien Senior Secured Term Loan (LIBOR + 5.75%, 5.8% Cash, Acquired 02/21, Due 09/27)(10)						8,491,000						8,288,343						8,257,498
																		10,253,949						9,989,997						9,971,966
Validity, Inc. (0.7%)*(7) (8) (9)						IT Consulting & Other Services						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.9% Cash, Acquired 07/19, Due 05/25)						5,013,118						4,891,028						4,767,474
																		5,013,118						4,891,028						4,767,474
W2O Holdings, Inc. (0.0%)* (7) (8)						Healthcare Technology						Undrawn Delayed Draw Term Loan (LIBOR + 5.0%, 5.0% Cash, Acquired 10/20, Due 06/25)						—						(111,213)						—
																		—						(111,213)						—
Winebow Group, LLC, (The) (2.3%)*(8) (9)						Consumer Goods						First Lien Senior Secured Term Loan (LIBOR + 3.75%, 4.8% Cash, Acquired 11/19, Due 07/21)						10,599,445						10,355,135						10,472,252
												Second Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.5% Cash, Acquired 10/19, Due 01/22)						7,141,980						6,125,843						6,427,782
																		17,741,425						16,480,978						16,900,034
World 50, Inc. (1.7%)*(7) (8) (9)						Professional Services						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 01/20, Due 01/26)						3,304,887						3,214,069						3,304,887
												First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/20, Due 01/26)						9,077,684						8,890,933						8,896,130
																		12,382,571						12,105,002						12,201,017
Subtotal Non–Control / Non–Affiliate Investments (192.6%)																		1,430,510,004						1,389,212,763						1,401,742,025
Affiliate Investments: (4)
Jocassee Partners LLC (4.0%)*(3)						Investment Funds & Vehicles						9.1% Member Interest, Acquired 06/19												25,158,270						28,950,050
																								25,158,270						28,950,050
JSC Tekers Holdings (0.7%)*(3) (7) (20)						Real Estate Management						Preferred Stock (9,159,085 shares, Acquired 12/20)												4,753,000						4,945,906
												Common Stock (3,201 shares, Acquired 12/20)												—						—
																								4,753,000						4,945,906
Security Holdings B.V. (4.8%)*(3) (7) (20)						Electrical Engineering						Bridge Loan (5.0% PIK, Acquired 12/20, Due 05/22)						5,451,205						5,451,207						5,451,205
												Senior Subordinated Loan (3.1% PIK, Acquired 12/20, Due 05/22)						8,815,745						8,815,746						8,815,745
												Common Stock (1,099.5 shares, Acquired 12/20)												21,264,000						20,955,588
																		14,266,950						35,530,953						35,222,538
Thompson Rivers LLC (4.3%)*(3)						Investment Funds & Vehicles						24.7% Member Interest, Acquired 06/20												30,000,000						31,311,180
																								30,000,000						31,311,180
Subtotal Affiliate Investments (13.8%)																		14,266,950						95,442,223						100,429,674
Control Investments:(5)
MVC Automotive Group Gmbh (1.9%)*(3) (7) (20)						Other Diversified Financial Services						Bridge Loan (6.0% Cash, Acquired 12/20, Due 12/21)						7,149,166						7,149,166						7,149,166
												Common Equity Interest (18,000 shares, Acquired 12/20)												9,553,000						6,922,044