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 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 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.
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.



BARINGS BDC, INC.
TABLE OF CONTENTS
QUARTERLY REPORT ON FORM 10-Q
  Page
PART I – FINANCIAL INFORMATION
Item 1.
Unaudited Consolidated Schedule of Investments as of March 31, 2021
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
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 value1,602,123,737 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 receivable19,637,124 21,617,843 
Prepaid expenses and other assets1,123,361 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 fees3,802,971 4,110,564 
Receivable from unsettled transactions47,911,907 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 payable4,084,372 2,219,274 
Administrative fees payable500,000 675,000 
Base management fees payable3,929,251 3,413,270 
Incentive management fees payable2,721,741 — 
Derivative liabilities142,099 1,336,283 
Payable from unsettled transactions— 1,548,578 
Borrowings under credit facilities611,144,523 719,660,707 
Notes payable (net of deferred financing fees)374,181,388 224,335,666 
Total liabilities999,231,444 959,234,221 
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 capital1,027,707,047 1,027,707,047 
Total distributable earnings (loss)(299,889,616)(309,967,839)
Total net assets727,882,747 717,804,524 
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



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 investments107,237 — 
Short-term investments10,679 277,991 
Total interest income25,214,241 17,674,402 
Dividend income:
Affiliate investments71,500 — 
Total dividend income71,500 — 
Fee and other income:
Non-Control / Non-Affiliate investments1,973,062 960,993 
Control investments160,113 — 
Total fee and other income2,133,175 960,993 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments3,037,325 43,572 
Affiliate investments136,462 — 
Total payment-in-kind interest income3,173,787 43,572 
Interest income from cash528 631 
Total investment income30,593,231 18,679,598 
Operating expenses:
Interest and other financing fees7,284,709 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 expenses16,237,135 11,385,529 
Net investment income 14,356,096 7,294,069 
Income taxes, including excise tax benefit(18,038)— 
Net investment income after taxes14,374,134 7,294,069 
4


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 investments2,891,040 (157,978)
Affiliate investments(76,631)— 
Net realized gains (losses) on investments2,814,409 (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 investments5,357,095 (117,361,056)
Affiliate investments2,444,697 (3,833,223)
Control investments(3,969,434)— 
Net unrealized appreciation (depreciation) on investments3,832,358 (121,194,279)
Credit support agreement(1,600,000)— 
Foreign currency transactions4,041,797 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 transactions8,113,735 (119,698,425)
Loss on extinguishment of debt— (137,390)
Benefit from taxes410 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 diluted65,316,085 48,887,393 
See accompanying notes.
5


Barings BDC, Inc.
Unaudited Consolidated Statements of Changes in Net Assets
 
Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Number
of Shares
Par
Value
Balance, December 31, 201948,950,803 $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, 202048,288,822 $48,289 $848,982,942 $(403,286,323)$445,744,908 

Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Number
of Shares
Par
Value
Balance, December 31, 202065,316,085 $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, 202165,316,085 $65,316 $1,027,707,047 $(299,889,616)$727,882,747 

See accompanying notes.

6


Barings BDC, Inc.
Unaudited Consolidated Statements of Cash Flows 
Three Months EndedThree Months Ended
March 31, 2021March 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 investments188,160,373 155,852,583 
Purchases of short-term investments(198,550,029)(221,916,363)
Sales of short-term investments190,541,780 218,025,496 
Loan origination and other fees received4,578,368 2,704,423 
Net realized (gain) loss on investments(2,814,409)157,978 
Net realized loss on foreign currency transactions974,829 144,394 
Net unrealized (appreciation) depreciation of investments (3,832,358)121,194,279 
Net unrealized depreciation of CSA1,600,000 — 
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 fees343,997 375,257 
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 assets1,264,058 (798,647)
Accounts payable and accrued liabilities(1,668,440)452,640 
Interest payable1,868,804 (471,825)
Net cash provided by (used in) operating activities(85,112,187)35,963,975 
Cash flows from financing activities:
Borrowings under credit facilities29,823,707 58,085,614 
Repayments of credit facilities(134,083,152)(69,000,000)
Repayment of debt securitization— (26,974,371)
Proceeds from notes150,000,000 — 
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 activities33,139,817 (50,496,811)
Net decrease in cash and foreign currencies(51,972,370)(14,532,836)
Cash and foreign currencies, beginning of period92,487,461 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

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments
March 31, 2021
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Non–Control / Non–Affiliate Investments:
1WorldSync, Inc. (3.8%)*(7) (8) (9)
IT Consulting & Other ServicesFirst 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 ServicesFirst 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 & DefenseFirst 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 ServicesFirst 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 & PublishingFirst 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 ServicesFirst 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 DistributorsSecond 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%)*AirlinesStructured 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 ServicesFirst 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 & DefenseFirst 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, & RubberFirst 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 FinanceStructured 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 SoftwareFirst 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 EstateFirst 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 IndustriesSecond 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

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2021
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Arch Global Precision LLC (2.4%)*(7) (8) (11)
Industrial MachineryFirst 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 ServicesFirst 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 IndustriesFirst 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 & LogisticsFirst 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 ChemicalsFirst 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 & HeatingFirst 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 FinanceFirst 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 & LogisticsFirst 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 BankFirst 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 IndustriesFirst 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 GoodsFirst 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 IndustriesFirst 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 RentalSecond 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%)*AirlinesStructured 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 & SuppliesFirst 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 EquipmentFirst 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
CostFair
Value
Cadent, LLC (f/k/a Cross MediaWorks) (1.0%)*(7) (8) (11)
Media & EntertainmentFirst 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 ManagementFirst 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 ServicesFirst 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 CentersFirst 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 MarketingFirst 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)
DistributorsFirst 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)
SoftwareFirst 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 ServicesSecond 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 & ServicesFirst 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-communicationsFirst 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 & ForgingsSecond 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 IndustriesFirst 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 & DefenseFirst 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)
PublishingFirst 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 SoftwareFirst 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
CostFair
Value
DreamStart Bidco SAS (d/b/a SmartTrade) (0.3%)*(3) (7) (8) (16)
Diversified Financial ServicesFirst 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 ManufacturerSecond 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 IndustriesFirst 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 EstateFirst 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 ServicesFirst 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 & ServicesOpCo 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 ServicesFirst 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 & TransportationFirst 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 ServicesFirst 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 FinanceStructured 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 ManufacturerSecond 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 & ProductionFirst 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%)*AirlinesStructured 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 & SuppliesFirst 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 ServicesSecond 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 & EquipmentFirst 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 & PharmaceuticalsFirst 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
CostFair
Value
HTI Technology & Industries (1.70%)* (7) (20)
Electronic Component ManufacturingSecond 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)
AdvertisingFirst 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 MachineryFirst 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 PrintingFirst 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 & ComponentsFirst 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 & DefenseFirst 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 MoldingSecond 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 & SuppliesFirst 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 ManagementFirst 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%)*AirlinesStructured 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 & RubberFirst 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 & ServicesFirst 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 IndustriesFirst 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 & PharmaceuticalsFirst 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 & PharmaceuticalsFirst 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
CostFair
Value
Legal Solutions Holdings (1.4%)*(7) (20)
Business ServicesSenior 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 ServicesFirst 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 GoodsFirst 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, & LeisureFirst 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 & ProductionFirst 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 & EntertainmentFirst 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 & PharmaceuticalsFirst 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 & ServicesFirst 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, & LeisureFirst 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)
TransportationFirst 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 ServicesFirst 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 & PharmaceuticalsFirst 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 EquipmentFirst 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)
AutomotiveFirst 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 & EngineeringFirst 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 ServicesFirst 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
CostFair
Value
Process Equipment, Inc. (ProcessBarron) (0.8%)*(7) (8) (11)
Industrial Air & Material Handling EquipmentFirst 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 SoftwareFirst 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 & DefenseFirst 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 ServicesFirst 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)
WholesaleFirst 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)
TechnologyFirst 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 & LogisticsFirst 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 ServicesFirst 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 ServicesFirst 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 GoodsFirst 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 ServicesFirst 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 FurnishingsSuper 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 IndustriesFirst 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 & DefenseFirst 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)
ConsultingFirst 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
CostFair
Value
SN BUYER, LLC (3.4%)*(7) (8) (11)
Health Care ServicesFirst 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 & ServicesFirst 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 IndustriesFirst 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 & PharmaceuticalsFirst 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 DistributorsFirst 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 BrokerageFirst 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 ServicesFirst 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)
SoftwareFirst 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 & LogisticsFirst 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 & DefenseFirst 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 & EquipmentFirst 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 SolutionsFirst 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 ManufacturerCommon Stock (24.6 shares, Acquired 12/20)385,047 — 
385,047 — 
Turf Products, LLC (1.2%)*(7) (20)
Landscaping & Irrigation Equipment DistributorSenior 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 ServicesSecond 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 ContainersFirst 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)
TechnologyFirst 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 ServicesFirst 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
CostFair
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 ServicesFirst 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 TechnologyUndrawn 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 GoodsFirst 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 ServicesFirst 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 & Vehicles9.1% Member Interest, Acquired 06/1925,158,270 28,950,050 
25,158,270 28,950,050 
JSC Tekers Holdings (0.7%)*(3) (7) (20)
Real Estate ManagementPreferred 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 EngineeringBridge 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 & Vehicles24.7% Member Interest, Acquired 06/2030,000,000 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 ServicesBridge 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