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 June 30, 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 August 5, 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 June 30, 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
June 30,
2021
December 31, 2020
(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $1,397,993,028 and $1,318,614,617 as of June 30, 2021 and December 31, 2020, respectively)
$1,414,823,146 $1,325,783,281 
Affiliate investments (cost of $114,383,398 and $76,055,873 as of June 30, 2021 and December 31, 2020, respectively)
126,432,371 78,598,633 
Control investments (cost of $25,826,428 and $25,826,428 as of June 30, 2021 and December 31, 2020, respectively)
23,279,660 25,855,796 
Short-term investments (cost of $10,574,196 and $65,558,227 as of June 30, 2021 and December 31, 2020, respectively)
10,574,196 65,558,227 
Total investments at fair value1,575,109,373 1,495,795,937 
Cash (restricted cash of $0 and $3,488,336 at June 30, 2021 and December 31, 2020, respectively)
21,559,624 62,651,340 
Foreign currencies (cost of $9,194,416 and $29,555,465 as of June 30, 2021 and December 31, 2020, respectively)
9,144,010 29,836,121 
Interest and fees receivable26,718,726 21,617,843 
Prepaid expenses and other assets2,318,215 2,014,558 
Credit support agreement (cost of $13,600,000 as of both June 30, 2021 and December 31, 2020)
14,300,006 13,600,000 
Deferred financing fees3,475,563 4,110,564 
Receivable from unsettled transactions153,721,772 47,412,382 
Total assets$1,806,347,289 $1,677,038,745 
Liabilities:
Accounts payable and accrued liabilities$2,723,517 $6,045,443 
Interest payable4,224,298 2,219,274 
Administrative fees payable500,000 675,000 
Base management fees payable4,891,372 3,413,270 
Incentive management fees payable3,510,339 — 
Derivative liabilities821,828 1,336,283 
Payable from unsettled transactions2,872,973 1,548,578 
Borrowings under credit facilities668,452,480 719,660,707 
Notes payable (net of deferred financing fees)374,222,921 224,335,666 
Total liabilities1,062,219,728 959,234,221 
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 June 30, 2021 and December 31, 2020)
65,316 65,316 
Additional paid-in capital1,027,707,047 1,027,707,047 
Total distributable earnings (loss)(283,644,802)(309,967,839)
Total net assets744,127,561 717,804,524 
Total liabilities and net assets$1,806,347,289 $1,677,038,745 
Net asset value per share$11.39 $10.99 
See accompanying notes.
3



Barings BDC, Inc.
Unaudited Consolidated Statements of Operations
Three Months
Ended
Three Months
Ended
Six Months Ended
Six Months Ended
June 30,
2021
June 30,
2020
June 30,
2021
June 30,
2020
Investment income:
Interest income:
Non-Control / Non-Affiliate investments$26,597,095 $15,249,065 $51,693,420 $32,645,476 
Affiliate investments109,301 — 109,301 — 
Control investments108,429 — 215,667 — 
Short-term investments4,364 46,614 15,043 324,605 
Total interest income26,819,189 15,295,679 52,033,431 32,970,081 
Dividend income:
Non-Control / Non-Affiliate investments33,027 2,603 33,027 2,603 
Affiliate investments361,874 — 433,374 — 
Total dividend income394,901 2,603 466,401 2,603 
Fee and other income:
Non-Control / Non-Affiliate investments2,411,851 650,433 4,384,913 1,611,426 
Affiliate investments1,301 — 1,301 — 
Control investments155,303 — 315,416 — 
Total fee and other income2,568,455 650,433 4,701,630 1,611,426 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments3,068,421 191,049 6,105,745 234,621 
Affiliate investments302,464 — 438,927 — 
Total payment-in-kind interest income3,370,885 191,049 6,544,672 234,621 
Interest income from cash58 — 587 631 
Total investment income33,153,488 16,139,764 63,746,721 34,819,362 
Operating expenses:
Interest and other financing fees7,994,447 4,624,731 15,279,156 10,628,864 
Base management fee (Note 2)4,891,372 3,616,787 8,820,622 7,529,160 
Incentive management fees (Note 2)3,510,345 — 6,232,086 — 
Compensation expenses— — — 48,410 
General and administrative expenses (Note 2)2,199,666 1,369,117 4,501,103 2,789,730 
Total operating expenses18,595,830 9,610,635 34,832,967 20,996,164 
Net investment income 14,557,658 6,529,129 28,913,754 13,823,198 
Income taxes, including excise tax benefit— — (18,038)— 
Net investment income after taxes14,557,658 6,529,129 28,931,792 13,823,198 
4


Barings BDC, Inc.
Unaudited Consolidated Statements of Operations — (Continued)
Three Months
Ended
Three Months
Ended
Six Months Ended
Six Months Ended
June 30,
2021
June 30,
2020
June 30,
2021
June 30,
2020
Realized and unrealized gains (losses) on investments, credit support agreement and foreign currency transactions:
Net realized gains (losses):
Non-Control / Non-Affiliate investments553,013 (16,597,865)3,444,053 (16,755,844)
Affiliate investments— — (76,631)— 
Net realized gains (losses) on investments553,013 (16,597,865)3,367,422 (16,755,844)
Foreign currency transactions(210,353)82,868 (1,185,182)(61,525)
Net realized gains (losses)342,660 (16,514,997)2,182,240 (16,817,369)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments4,304,354 63,416,644 9,661,448 (53,944,413)
Affiliate investments7,087,294 3,037,255 9,531,991 (795,968)
Control investments1,367,526 — (2,601,908)— 
Net unrealized appreciation (depreciation) on investments12,759,174 66,453,899 16,591,531 (54,740,381)
Credit support agreement2,300,005 — 700,006 — 
Foreign currency transactions(649,766)(1,410,589)3,392,031 387,638 
Net unrealized appreciation (depreciation)14,409,413 65,043,310 20,683,568 (54,352,743)
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreement and foreign currency transactions14,752,073 48,528,313 22,865,808 (71,170,112)
Loss on extinguishment of debt— (306,202)— (443,592)
Benefit from (provision for) taxes(1,700)(2,532)(1,290)17,467 
Net increase (decrease) in net assets resulting from operations$29,308,031 $54,748,708 $51,796,310 $(57,773,039)
Net investment income per share—basic and diluted$0.22 $0.14 $0.44 $0.29 
Net increase (decrease) in net assets resulting from operations per share—basic and diluted$0.45 $1.14 $0.79 $(1.19)
Dividends/distributions per share:
Total dividends/distributions per share$0.20 $0.16 $0.39 $0.32 
Weighted average shares outstanding—basic and diluted65,316,085 47,977,481 65,316,085 48,432,437 
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
Three Months Ended June 30, 2020
Number
of Shares
Par
Value
Balance, March 31, 202048,288,822 $48,289 $848,982,942 $(403,286,323)$445,744,908 
Net investment income— — — 6,529,129 6,529,129 
Net realized loss on investments / foreign currency transactions— — — (16,514,997)(16,514,997)
Net unrealized depreciation of investments / foreign currency transactions— — — 65,043,310 65,043,310 
Loss on extinguishment of debt— — — (306,202)(306,202)
Provision for taxes— — — (2,532)(2,532)
Dividends / distributions— — — (7,673,880)(7,673,880)
Purchases of shares in repurchase plan(327,069)(327)(2,346,215)— (2,346,542)
Balance, June 30, 202047,961,753 $47,962 $846,636,727 $(356,211,495)$490,473,194 

Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Three Months Ended June 30, 2021
Number
of Shares
Par
Value
Balance, March 31, 202165,316,085 $65,316 $1,027,707,047 $(299,889,616)$727,882,747 
Net investment income— — — 14,557,658 14,557,658 
Net realized gain on investments / foreign currency transactions— — — 342,660 342,660 
Net unrealized appreciation of investments / CSA / foreign currency transactions— — — 14,409,413 14,409,413 
Provision for taxes— — — (1,700)(1,700)
Dividends / distributions— — — (13,063,217)(13,063,217)
Balance, June 30, 202165,316,085 $65,316 $1,027,707,047 $(283,644,802)$744,127,561 

See accompanying notes.
6


Barings BDC, Inc.
Unaudited Consolidated Statements of Changes in Net Assets — (Continued)
 
Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Six Months Ended June 30, 2020
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— — — 13,823,198 13,823,198 
Net realized loss on investments / foreign currency transactions— — — (16,817,369)(16,817,369)
Net unrealized depreciation of investments / foreign currency transactions— — — (54,352,743)(54,352,743)
Loss on extinguishment of debt— — — (443,592)(443,592)
Income tax benefit— — — 17,467 17,467 
Dividends / distributions— — — (15,497,844)(15,497,844)
Purchases of shares in repurchase plan(989,050)(989)(7,129,643)— (7,130,632)
Balance, June 30, 202047,961,753 $47,962 $846,636,727 $(356,211,495)$490,473,194 

Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Six Months Ended June 30, 2021
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— — — 28,931,792 28,931,792 
Net realized gain on investments / foreign currency transactions— — — 2,182,240 2,182,240 
Net unrealized appreciation of investments / CSA / foreign currency transactions— — — 20,683,568 20,683,568 
Provision for taxes— — — (1,290)(1,290)
Dividends / distributions— — — (25,473,273)(25,473,273)
Balance, June 30, 202165,316,085 $65,316 $1,027,707,047 $(283,644,802)$744,127,561 

See accompanying notes.
7


Barings BDC, Inc.
Unaudited Consolidated Statements of Cash Flows 
Six Months Ended
Six Months Ended
June 30, 2021June 30, 2020
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$51,796,310 $(57,773,040)
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(538,011,699)(171,523,304)
Repayments received / sales of portfolio investments322,356,447 239,658,503 
Purchases of short-term investments(217,559,209)(403,971,411)
Sales of short-term investments272,542,440 442,510,853 
Loan origination and other fees received10,024,060 3,131,785 
Net realized (gain) loss on investments(3,367,422)16,755,844 
Net realized loss on foreign currency transactions1,185,182 61,525 
Net unrealized (appreciation) depreciation of investments (16,591,531)54,740,381 
Net unrealized appreciation of CSA(700,006)— 
Net unrealized appreciation of foreign currency transactions(3,392,031)(387,638)
Payment-in-kind interest (6,544,672)(234,621)
Amortization of deferred financing fees713,365 737,617 
Loss on extinguishment of debt— 443,592 
Accretion of loan origination and other fees(3,512,943)(1,141,713)
Amortization / accretion of purchased loan premium / discount(3,821,935)(604,296)
Changes in operating assets and liabilities:
Interest and fees receivables(6,513,288)(1,374,055)
Prepaid expenses and other assets253,515 255,386 
Accounts payable and accrued liabilities142,144 (144,024)
Interest payable2,011,219 (1,184,912)
Net cash provided by (used in) operating activities(138,990,054)119,956,472 
Cash flows from financing activities:
Borrowings under credit facilities110,731,648 108,123,996 
Repayments of credit facilities(157,861,039)(117,200,000)
Repayment of debt securitization— (91,790,053)
Proceeds from notes150,000,000 — 
Financing fees paid(191,109)— 
Purchases of shares in repurchase plan— (7,130,632)
Cash dividends / distributions paid(25,473,273)(15,497,844)
Net cash provided by (used in) financing activities77,206,227 (123,494,533)
Net decrease in cash and foreign currencies(61,783,827)(3,538,061)
Cash and foreign currencies, beginning of period92,487,461 21,991,565 
Cash and foreign currencies, end of period$30,703,634 $18,453,504 
Supplemental disclosure of cash flow information:
Cash paid for interest$12,186,261 $9,891,871 
See accompanying notes.
8

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments
June 30, 2021
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Non–Control / Non–Affiliate Investments:
1A Smart Start LLC (0.4%)*(7) (8) (11)
Technology DistributorsSecond Lien Senior Secured Term Loan (LIBOR + 8.5%, 9.5% Cash, Acquired 06/21, Due 05/28)$3,001,138 $2,956,488 $2,956,121 
3,001,138 2,956,488 2,956,121 
1WorldSync, Inc. (2.9%)*(7) (8) (11)
IT Consulting & Other ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 07/19, Due 07/25)21,530,382 21,158,670 21,530,382 
21,530,382 21,158,670 21,530,382 
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 7,473,315 7,333,358 
7,567,965 7,473,315 7,333,358 
Accurus Aerospace Corporation (2.8%)*(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)24,685,119 24,465,639 21,007,036 
24,685,119 24,465,639 21,007,036 
Advantage Software Company (The), LLC (2.6%)*(7) (8)
Advertising, Printing & Publishing
First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 01/21, Due 01/27)(11)
18,302,262 17,848,072 17,844,705 
Class A Partnership Units (7,054.59 units, Acquired 01/21)705,459 720,602 
Class B Partnership Units (3,496.31 units, Acquired 01/21)22,656 642,377 
18,302,262 18,576,187 19,207,684 
AEP Holdings, Inc. (1.9%)*(7) (8)
Wholesale
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/25) (16)
5,220,549 5,213,139 5,168,343 
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/25) (11)
8,726,897 8,562,442 8,639,628 
13,947,446 13,775,581 13,807,971 
Aftermath Bidco Corporation (1.2%)* (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 9,281,629 9,254,687 
9,425,284 9,281,629 9,254,687 
Air Canada 2020-2 Class B Pass Through Trust (1.0%)*AirlinesStructured Secured Note - Class B (9.0% Cash, Acquired 09/20, Due 10/25)6,835,161 6,835,161 7,587,028 
6,835,161 6,835,161 7,587,028 
Air Comm Corporation, LLC (0.4%)* (7) (8) (11)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 06/27)2,972,973 2,872,973 2,872,973 
2,972,973 2,872,973 2,872,973 
AIT Worldwide Logistics Holdings, Inc. (0.9%)*(7) (8)
Transportation Services
Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.5% Cash, Acquired 04/21, Due 04/28)(11)
6,460,345 6,310,043 6,314,988 
 Partnership Units (348.68 units, Acquired 04/21)348,678 351,149 
6,460,345 6,658,721 6,666,137 
Alpine US Bidco LLC (2.4%)*(7) (8) (11)
Agricultural ProductsSecond Lien Senior Secured Term Loan (LIBOR + 9.0%, 9.8% Cash, Acquired 05/21, Due 05/29)18,156,509 17,618,677 18,156,509 
18,156,509 17,618,677 18,156,509 
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 13,017,919 16,150,728 
14,044,112 13,017,919 16,150,728 
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 1,751,454 2,000,164 
2,000,000 1,751,454 2,000,164 
Anju Software, Inc. (1.8%)*(7) (8) (9)
Application SoftwareFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 5.6% Cash, Acquired 02/19, Due 02/25)13,597,160 13,368,379 13,597,160 
13,597,160 13,368,379 13,597,160 
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) (14)
2,013,165 1,861,799 1,981,625 
Subordinated Senior Unsecured Term Loan (8.0% PIK, Acquired 01/20, Due 07/27)272,187 252,753 267,923 
2,285,352 2,114,552 2,249,548 
Apus Bidco Limited (0.5%)*(3) (7) (8) (15)
Banking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 02/21, Due 03/28)3,979,483 3,816,214 3,880,473 
3,979,483 3,816,214 3,880,473 
AQA Acquisition Holding, Inc. (2.6%)*(7) (8) (11)
High Tech IndustriesSecond Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.0% Cash, Acquired 03/21, Due 03/29)20,000,000 19,471,907 19,500,000 
20,000,000 19,471,907 19,500,000 
9

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2021
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Arch Global Precision LLC (0.9%)*(7) (8) (11)
Industrial MachineryFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.8% Cash, Acquired 04/19, Due 04/26)$6,753,978 $6,725,126 $6,661,033 
6,753,978 6,725,126 6,661,033 
Archimede (1.9%)*(3) (7) (8) (17)
Consumer ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 10/20, Due 10/27)14,112,217 14,017,636 13,900,534 
14,112,217 14,017,636 13,900,534 
Argus Bidco Limited (0.5%)*(3) (7) (8)
High Tech Industries
First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.8% Cash, Acquired 12/20, Due 12/27)(14)
2,735,690 2,554,595 2,713,805 
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 5.8% Cash, Acquired 05/21, Due 12/27)(11)
671,922 652,110 666,547 
3,407,612 3,206,705 3,380,352 
Armstrong Transport Group (Pele Buyer, LLC ) (1.0%)*(7) (8)
Air Freight & Logistics
First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24)(11)
5,327,863 5,261,469 5,306,552 
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 07/20, Due 06/24)(12)
1,934,530 1,904,336 1,934,530 
7,262,393 7,165,805 7,241,082 
Ascensus Specialties, LLC
(0.9%)*(7) (8) (9)
Specialty ChemicalsFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.8% Cash, Acquired 09/19, Due 09/26)6,983,949 6,929,297 6,955,238 
6,983,949 6,929,297 6,955,238 
ASPEQ Heating Group LLC (1.2%)* (7) (8) (10)
Building Products, Air & HeatingFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/19, Due 11/25)8,900,320 8,798,601 8,900,320 
8,900,320 8,798,601 8,900,320 
Auxi International (0.3%)*(3) (7) (8)
Commercial Finance
First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 12/19, Due 12/26)(17)
1,660,261 1,517,769 1,637,017 
First Lien Senior Secured Term Loan (SONIA + 6.25%, 6.3% Cash, Acquired 04/21, Due 12/26)(22)
925,572 895,411 900,118 
2,585,833 2,413,180 2,537,135 
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)
4,885,526 4,357,791 4,471,380 
First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.0% PIK, Acquired 08/18, Due 03/25)(8) (13)
748,150 687,554 705,401 
First Lien Senior Secured Term Loan (5.0% Cash, 10.0% PIK, Acquired 11/20, Due 10/26)5,242,169 5,117,306 6,255,637 
10,875,845 10,162,651 11,432,418 
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)14,924,697 14,685,795 14,651,127 
14,924,697 14,685,795 14,651,127 
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)990,841 972,683 990,841 
990,841 972,683 990,841 
Benify (Bennevis AB)
(0.2%)*(3) (7) (8) (18)
High Tech IndustriesFirst Lien Senior Secured Term Loan (STIBOR + 5.25%, 5.3% Cash, Acquired 07/19, Due 07/26)1,361,557 1,220,706 1,361,557 
1,361,557 1,220,706 1,361,557 
Bidwax (0.3%)*(3) (7) (8) (16)
Non-durable Consumer GoodsFirst Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 02/21, Due 02/28)2,608,981 2,509,502 2,529,588 
2,608,981 2,509,502 2,529,588 
BigHand UK Bidco Limited (0.1%)*(3) (7) (8) (14)
High Tech IndustriesFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.6% Cash, Acquired 01/21, Due 01/28)926,907 855,940 894,337 
926,907 855,940 894,337 
Black Diamond Equipment Rentals LLC (1.4%)*(7) (23)
Equipment RentalSecond Lien Loan (12.5% Cash, Acquired 12/20, Due 06/22)10,000,000 10,000,000 10,000,000 
Warrant (4.17 units, Acquired 12/20)1,010,000 651,375 
10,000,000 11,010,000 10,651,375 
British Airways 2020-1 Class B Pass Through Trust (0.1%)*AirlinesStructured Secured Note - Class B (8.4% Cash, Acquired 11/20, Due 11/28)863,250 863,250 1,001,040 
863,250 863,250 1,001,040 
British Engineering Services Holdco Limited (2.1%)*(3) (7) (8) (15)
Commercial Services & SuppliesFirst Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 7.0% Cash, Acquired 12/20, Due 12/27)15,839,726 15,048,263 15,440,924 
15,839,726 15,048,263 15,440,924 
10

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2021
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
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)$6,633,915 $6,579,303 $6,633,915 
6,633,915 6,579,303 6,633,915 
Cadent, LLC (f/k/a Cross MediaWorks) (1.0%)*(7) (8) (9)
Media & EntertainmentFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 09/18, Due 09/23)7,532,846 7,497,997 7,532,846 
7,532,846 7,497,997 7,532,846 
Canadian Orthodontic Partners Corp.(0.6%)*(3) (7) (8) (21)
HealthcareFirst Lien Senior Secured Term Loan (CDOR + 6.5%, 7.5% Cash, Acquired 06/21, Due 03/26)4,437,878 4,496,664 4,389,012 
4,437,878 4,496,664 4,389,012 
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 2,758,140 
Super Senior Secured Term Loan (10.5% Cash, Acquired 12/20, Due 3/25)4,239,000 4,158,132 4,450,950 
Common Stock (1,962 units, Acquired 11/20)(7)
88,290 19,620 
7,239,000 6,608,922 7,228,710 
Centralis Finco S.a.r.l. (0.1%)*(3) (7) (8) (16)
Diversified Financial ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/20, Due 05/27)841,207 735,840 841,207 
841,207 735,840 841,207 
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) (12)
9,014,844 6,162,352 7,925,580 
Super Senior Secured Term Loan (7.0% Cash, 8.3% PIK, Acquired 11/20, Due 05/24)1,713,829 1,498,611 2,155,140 
Warrants (553,375 units, Acquired 12/20)101,602 351,652 
10,728,673 7,762,565 10,432,372 
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)13,611,310 13,400,361 13,471,672 
13,611,310 13,400,361 13,471,672 
CM Acquisitions Holdings Inc. (2.6%)*(7) (8) (11)
Internet & Direct MarketingFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/19, Due 05/25)19,191,301 18,920,572 19,191,301 
19,191,301 18,920,572 19,191,301 
CMT Opco Holding, LLC (Concept Machine) (0.6%)*(7) (8)
Distributors
First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/25)(11)
4,144,368 4,082,369 3,968,232 
LLC Units (8,782 units, Acquired 01/20)351,709 281,165 
4,144,368 4,434,078 4,249,397 
Command Alkon (Project Potter Buyer, LLC) (2.8%)*(7) (8)
Software
First Lien Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 04/20, Due 04/27)(9)
20,848,238 20,282,856 20,470,072 
Class A Units (90.384 units, Acquired 04/20)90,384 100,449 
Class B Units (33,324.69 units, Acquired 04/20)— 14,063 
20,848,238 20,373,240 20,584,584 
Contabo Finco S.À R.L (0.2%)*(3) (7) (8) (16)
Internet Software & ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 4.75%, 4.8% Cash, Acquired 10/19, Due 10/26)1,437,733 1,313,423 1,419,484 
1,437,733 1,313,423 1,419,484 
Crash Champions (0.3%)*(7) (8) (11)
AutomotiveFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 05/21, Due 08/25)2,333,333 2,236,344 2,233,333 
2,333,333 2,236,344 2,233,333 
CSL DualCom (0.2%)*(3) (7) (8) (15)
Tele-communicationsFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 09/20, Due 09/27)1,368,191 1,198,629 1,314,903 
1,368,191 1,198,629 1,314,903 
Custom Alloy Corporation (5.1%)*(7) (23)
Manufacturer of Pipe Fittings & ForgingsSecond Lien Loan (15.0% PIK, Acquired 12/20, Due 04/22)45,000,185 37,043,142 33,975,140 
Revolver (15.0% PIK, Acquired 12/20, Due 04/22)4,255,152 3,737,652 3,612,624 
49,255,337 40,780,794 37,587,764 
CW Group Holdings, LLC (0.4%)*(7) (8) (9)
High Tech IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/21, Due 01/27)2,831,613 2,765,400 2,831,613 
LLC Units (161,290.32 units, Acquired 01/21)161,290 172,581 
2,831,613 2,926,690 3,004,194 
Dart Buyer, Inc. (1.6%)*(3) (7) (8) (11)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 04/19, Due 04/25)12,248,503 12,054,416 12,174,828 
12,248,503 12,054,416 12,174,828 
11

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2021
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Discovery Education, Inc. (2.5%)*(7) (8) (11)
PublishingFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 10/26)$18,892,531 $18,581,129 $18,892,531 
18,892,531 18,581,129 18,892,531 
Distinct Holdings, Inc. (0.9%)*(7) (8) (9)
Systems SoftwareFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 04/19, Due 12/23)6,880,088 6,831,263 6,856,833 
6,880,088 6,831,263 6,856,833 
Dragon Bidco (0.9%)*(3) (7) (8) (17)
TechnologyFirst Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 04/21, Due 04/28)6,878,223 6,805,615 6,706,268 
6,878,223 6,805,615 6,706,268 
DreamStart Bidco SAS (d/b/a SmartTrade) (0.3%)*(3) (7) (8) (17)
Diversified Financial ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 4.5%, 4.5% Cash, 1.0% PIK, Acquired 03/20, Due 03/27)2,200,328 1,981,308 2,151,243 
2,200,328 1,981,308 2,151,243 
Dukane IAS, LLC (0.6%)*(7) (23)
Welding Equipment ManufacturerSecond Lien Note (10.5% Cash, 2.5% PIK, Acquired 12/20, Due 12/24)4,662,752 4,662,752 4,662,752 
4,662,752 4,662,752 4,662,752 
Entact Environmental Services, Inc. (0.8%)*(7) (8) (11)
Environmental IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/21, Due 12/25)5,733,602 5,680,230 5,686,644 
5,733,602 5,680,230 5,686,644 
EPS NASS Parent, Inc. (1.7%)*(7) (8) (11)
Electrical Components & EquipmentFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/21, Due 04/28)13,100,510 12,818,903 12,812,299 
13,100,510 12,818,903 12,812,299 
F24 (Stairway BidCo Gmbh) (0.2%)*(3) (7) (8) (16)
Software ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 08/20, Due 08/27)1,689,921 1,640,868 1,687,808 
1,689,921 1,640,868 1,687,808 
Ferrellgas L.P. (0.4%)*(3) (7)
Oil & Gas Equipment & ServicesOpCo Preferred Units (2,886 units, Acquired 03/21)2,799,420 2,943,720 
2,799,420 2,943,720 
Fineline Technologies, Inc. (0.2%)*(7) (8) (11)
Consumer ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 02/21, Due 02/28)1,316,700 1,283,170 1,298,740 
1,316,700 1,283,170 1,298,740 
FitzMark Buyer, LLC (0.6%)*(7) (8) (11)
Cargo & TransportationFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/20, Due 12/26)4,280,000 4,201,056 4,254,320 
4,280,000 4,201,056 4,254,320 
Foundation Risk Partners, Corp.
(1.6%)*(7) (8) (11)
Financial ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/20, Due 11/23)10,281,618 10,103,469 10,117,112 
Second Lien Senior Secured Term Loan (LIBOR + 8.50%, 9.5% Cash, Acquired 09/20, Due 11/24)1,722,222 1,604,612 1,722,222 
12,003,840 11,708,081 11,839,334 
FragilePak LLC (1.3%)*(7) (8)
Transportation Services
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 05/27)(11)
9,375,000 8,993,430 8,988,281 
Partnership Units (937.5 units, Acquired 05/21)937,500 937,500 
9,375,000 9,930,930 9,925,781 
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)1,250,000 930,689 1,243,100 
1,250,000 930,689 1,243,100 
GTM Intermediate Holdings, Inc. (2.1%)*(7) (23)
Medical Equipment ManufacturerSecond Lien Loan (11.0% Cash, 1.0% PIK, Acquired 12/20, Due 12/24)11,447,937 11,396,779 11,447,937 
Series A Preferred Units (923,347.4 units)1,446,615 1,671,259 
Series C Preferred Units (460,652.6 units)721,708 833,781 
Common Stock (2 shares, Acquired 12/20)1,078,778 1,388,826 
11,447,937 14,643,880 15,341,803 
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)1,042,968 956,712 883,175 
1,042,968 956,712 883,175 
Halo Technology Bidco, Inc. (1.0%)*(7) (8) (11)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 06/21, Due 06/27)7,500,000 7,387,542 7,387,500 
7,500,000 7,387,542 7,387,500 
12

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2021
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
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 $7,781,759 
6,796,296 6,796,296 7,781,759 
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)9,283,341 9,137,266 9,283,342 
9,283,341 9,137,266 9,283,342 
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) (2.6%)*(3) (7) (8) (17)
InsuranceFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 09/19, Due 09/26)19,660,625 18,803,899 19,169,109 
19,660,625 18,803,899 19,169,109 
Highpoint Global LLC (0.7%)*(7) (23)
Government ServicesSecond Lien Note (12.0% Cash, 2.0% PIK, Acquired 12/20, Due 09/22)5,361,602 5,340,371 5,361,602 
5,361,602 5,340,371 5,361,602 
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)16,870,229 16,705,521 16,870,229 
16,870,229 16,705,521 16,870,229 
Home Care Assistance, LLC (0.4%)*(7) (8) (11)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 03/21, Due 03/27)3,096,181 3,022,278 3,025,840 
3,096,181 3,022,278 3,025,840 
HTI Technology & Industries (1.7%)* (7) (23)
Electronic Component ManufacturingSecond Lien Note (12.0% Cash, 4.8% PIK, Acquired 12/20, Due 09/24)12,924,838 12,420,038 12,498,318 
12,924,838 12,420,038 12,498,318 
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)7,469,758 7,354,938 7,469,758 
7,469,758 7,354,938 7,469,758 
Hyperion Materials & Technologies, Inc. (1.8%)*(7) (8) (11)
Industrial MachineryFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 08/19, Due 08/26)13,785,817 13,590,466 13,732,466 
13,785,817 13,590,466 13,732,466 
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)12,555,275 12,221,551 12,555,275 
12,555,275 12,221,551 12,555,275 
IM Analytics Holding, LLC (d/b/a NVT) (0.9%)*(7) (8)
Electronic Instruments & Components
First Lien Senior Secured Term Loan (LIBOR + 7.0%, 8.0% Cash, Acquired 11/19, Due 11/23)(11)
8,167,730 8,116,223 6,779,216 
Warrant (68,950 units, Acquired 11/19)— — 
8,167,730 8,116,223 6,779,216 
IM Square (1.7%)*(3) (7) (8) (16)
Banking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 05/28)13,282,087 12,999,053 12,695,066 
13,282,087 12,999,053 12,695,066 
IMIA Holdings, Inc. (2.0%)*(7) (8) (11)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 04/21, Due 04/27)15,000,000 14,682,265 14,700,000 
15,000,000 14,682,265 14,700,000 
Innovad Group II BV (0.8%)*(3) (7) (8) (16)
Beverage, Food & TobaccoFirst Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 04/21, Due 04/28)6,523,509 6,258,149 6,312,854 
6,523,509 6,258,149 6,312,854 
INOS 19-090 GmbH (0.7%)*(3) (7) (8) (16)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (EURIBOR + 6.1%, 6.1% Cash, Acquired 12/20, Due 12/27)5,496,840 5,484,942 5,358,920 
5,496,840 5,484,942 5,358,920 
International Precision Components (0.5%)*(7) (23)
Plastic Injection MoldingSecond Lien Loan (12.0% Cash, 2.0% PIK, Acquired 12/20, Due 10/24)3,909,761 3,852,090 3,909,761 
3,909,761 3,852,090 3,909,761 
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)6,753,963 6,646,027 6,166,368 
6,753,963 6,646,027 6,166,368 
Jade Bidco Limited (Jane's)
(1.1%)*(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)
7,241,738 7,086,980 7,151,014 
First Lien Senior Secured Term Loan (EURIBOR + 4.5%, 4.5% Cash, 2.0% PIK, Acquired 11/19, Due 12/26)(17)
1,370,029 1,250,985 1,352,866 
8,611,767 8,337,965 8,503,880 
13

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2021
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Jedson Engineering, Inc. (0.4%)*(7) (23)
Engineering & Construction ManagementFirst Lien Loan (12.0% Cash, Acquired 12/20, Due 06/22)$2,900,000 $2,900,000 $2,900,000 
2,900,000 2,900,000 2,900,000 
JetBlue 2019-1 Class B Pass Through Trust (0.7%)*AirlinesStructured Secured Note - Class B (8.0% Cash, Acquired 08/20, Due 11/27)4,443,386 4,443,386 5,220,979 
4,443,386 4,443,386 5,220,979 
JF Acquisition, LLC (1.0%)*(7) (8) (11)
AutomotiveFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 07/24)7,875,565 7,645,829 7,726,244 
7,875,565 7,645,829 7,726,244 
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)8,801,635 8,559,529 8,801,635 
Partnership Equity (203.2 units, Acquired 11/20)203,198 220,155 
8,801,635 8,762,727 9,021,790 
Kene Acquisition, Inc. (En Engineering) (1.0%)*(7) (8) (9)
Oil & Gas Equipment & ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 08/19, Due 08/26)7,261,685 7,151,807 7,208,167 
7,261,685 7,151,807 7,208,167 
Kona Buyer, LLC (3.2%)*(7) (8) (11)
High Tech IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/20, Due 12/27)24,647,727 24,080,173 24,145,062 
24,647,727 24,080,173 24,145,062 
LAC Intermediate, LLC (f/k/a Lighthouse Autism Center) (4.7%)*(7) (8)
Healthcare & Pharmaceuticals
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 10/18, Due 10/24)(11)
34,296,589 33,670,721 34,296,589 
Class A LLC Units (154,320 units, Acquired 10/18)154,320 379,627 
34,296,589 33,825,041 34,676,216 
LAF International (0.2%)*(3) (7) (8) (16)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28)1,541,671 1,528,912 1,514,451 
1,541,671 1,528,912 1,514,451 
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)
136,090 95,943 131,327 
First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.0% Cash, 10.2% PIK, Acquired 08/20, Due 12/23)(11)
7,557,013 7,502,126 7,585,352 
7,693,103 7,598,069 7,716,679 
Legal Solutions Holdings (1.4%)*(7) (23)
Business ServicesSenior Subordinated Loan (6.0% Cash, 10.0% PIK, Acquired 12/20, Due 03/22)10,930,158 10,129,503 10,252,488 
10,930,158 10,129,503 10,252,488 
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)918,023 906,589 907,623 
918,023 906,589 907,623 
MC Group Ventures Corporation (0.1%)*(7)
Business ServicesPartnership Units (746.66 Units, Acquired 06/21)— 746,662 746,660 
— 746,662 746,660 
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)
2,947,860 2,902,613 2,923,747 
First Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26) (14)
4,575,457 4,339,461 4,538,030 
7,523,317 7,242,074 7,461,777 
Modern Star Holdings Bidco Pty Limited. (0.6%)*(3) (7) (8) (19)
Non-durable Consumer GoodsFirst Lien Senior Secured Term Loan (BBSY + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/26)4,605,966 4,454,223 4,530,514 
4,605,966 4,454,223 4,530,514 
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)2,455,605 2,389,676 2,529,273 
2,455,605 2,389,676 2,529,273 
Murphy Midco Limited (0.6%)*(3) (7) (8) (14)
Media, Diversified & ProductionFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.6% Cash, Acquired 11/20, Due 11/27)4,689,588 4,288,723 4,513,014 
4,689,588 4,288,723 4,513,014 
Music Reports, Inc. (0.7%)*(7) (8) (9)
Media & EntertainmentFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 08/20, Due 08/26)5,551,025 5,428,493 5,551,025 
5,551,025 5,428,493 5,551,025 
Navia Benefit Solutions, Inc. (0.3%)* (7) (8) (11)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 02/21, Due 02/27)2,385,000 2,302,319 2,324,229 
2,385,000 2,302,319 2,324,229 
14

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2021
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
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)$11,795,227 $11,756,894 $11,771,637 
11,795,227 11,756,894 11,771,637 
Odeon Cinemas Group Limited (0.5%)*(3) (7)
Hotel, Gaming, & LeisureFirst Lien Senior Secured Term Loan (10.75% PIK, Acquired 02/21, Due 08/23)1,414,117 1,373,555 1,442,399 
First Lien Senior Secured Term Loan (10.75% PIK, Acquired 02/21, Due 08/23)2,567,534 2,548,970 2,618,884 
3,981,651 3,922,525 4,061,283 
OG III B.V. (1.6%)*(3) (7) (8) (16)
Containers & Glass ProductsFirst Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28)12,327,172 12,227,940 11,956,524 
12,327,172 12,227,940 11,956,524 
Omni Intermediate Holdings, LLC (1.8%)*(7) (8) (9)
TransportationFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)13,994,706 13,644,202 13,644,838 
13,994,706 13,644,202 13,644,838 
Options Technology Ltd.
(1.6%)*(3) (7) (8) (11)
Computer ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/19, Due 12/25)12,375,894 12,183,457 12,276,887 
12,375,894 12,183,457 12,276,887 
Oracle Vision Bidco Limited (0.4%)*(3) (7) (8) (22)
HealthcareFirst Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 06/21, Due 05/28)3,161,862 3,135,186 3,067,006 
3,161,862 3,135,186 3,067,006 
Origin Bidco Limited (0.1%)*(3) (7) (8)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 06/21, Due 06/28)(11)
597,094 580,783 580,674 
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28)(16)
393,386 393,173 382,568 
990,480 973,956 963,242 
Pacific Health Supplies Bidco Pty Limited (1.2%)*(3) (7) (8) (20)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (BBSY + 6.0%, 6.5% Cash, Acquired 12/20, Due 12/25)9,065,142 8,668,003 8,812,614 
9,065,142 8,668,003 8,812,614 
Pare SAS (SAS Maurice MARLE) (0.6%)*(3) (7) (8) (17)
Health Care EquipmentFirst Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, 1.0% PIK, Acquired 12/19, Due 12/26)4,836,103 4,471,745 4,739,381 
4,836,103 4,471,745 4,739,381 
Patriot New Midco 1 Limited (Forensic Risk Alliance) (1.0%)*(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)
4,006,241 3,910,841 3,958,166 
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 02/20, Due 02/27) (16)
3,569,411 3,202,598 3,526,578 
7,575,652 7,113,439 7,484,744 
PerTronix, LLC (1.0%)*(7) (8) (10)
AutomotiveFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/20, Due 10/26)7,287,692 7,188,611 7,287,692 
7,287,692 7,188,611 7,287,692 
Premier Technical Services Group (Project Graphite) (0.5%)*(3) (7) (8) (14)
Construction & EngineeringFirst Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 7.3% Cash, Acquired 08/19, Due 06/26)3,415,902 2,969,477 3,415,902 
3,415,902 2,969,477 3,415,902 
Premium Franchise Brands, LLC (2.9%)*(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 21,537,034 21,769,440 
21,945,000 21,537,034 21,769,440 
Premium Invest (2.5%)*(3) (7) (8) (16)
Brokerage, Asset Managers & ExchangesFirst Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 06/21, Due 06/28)19,211,590 19,023,975 18,543,038 
19,211,590 19,023,975 18,543,038 
Process Equipment, Inc. (ProcessBarron) (0.7%)*(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 6,102,813 5,568,582 
6,173,594 6,102,813 5,568,582 
Professional Datasolutions, Inc. (PDI) (1.4%)*(7) (8) (11)
Application SoftwareFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 03/19, Due 10/24)10,869,004 10,856,368 10,733,142 
10,869,004 10,856,368 10,733,142 
Protego Bidco B.V. (0.3%)*(3) (7) (8) (17)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 03/21, Due 03/27)774,296 755,137 774,296 
First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28)1,614,106 1,519,724 1,569,204 
2,388,402 2,274,861 2,343,500 
15

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2021
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
PSC UK Pty Ltd. (0.4%)*(3) (7) (8) (14)
Insurance ServicesFirst Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 6.5% Cash, Acquired 11/19, Due 10/24)$2,713,297 $2,448,944 $2,652,663 
2,713,297 2,448,944 2,652,663 
Questel Unite (2.8%)*(3) (7) (8)
Business Services
First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 12/20, Due 12/27)(16)
13,969,579 13,951,810 13,894,541 
First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/27)
6,892,270 6,796,005 6,864,701 
20,861,849 20,747,815 20,759,242 
Radwell International, LLC (2.1%)*(7) (8) (11)
WholesaleFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/20, Due 12/26)15,838,237 15,546,688 15,579,836 
15,838,237 15,546,688 15,579,836 
Recovery Point Systems, Inc.
(1.6%)*(7) (8)
Technology
First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 08/20, Due 07/26)(11)
11,707,308 11,501,457 11,707,308 
Partnership Equity (187,235 units, Acquired 03/21)187,235 170,197 
11,707,308 11,688,692 11,877,505 
REP SEKO MERGER SUB LLC
(1.0%)* (7) (8) (11)
Air Freight & LogisticsFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)7,652,455 7,436,675 7,652,455 
7,652,455 7,436,675 7,652,455 
Resonetics, LLC (0.3%)*(7) (8) (11)
Health Care EquipmentSecond Lien Senior Secured Term Loan (LIBOR + 7.0%, 7.8% Cash, Acquired 04/21, Due 04/29)2,088,364 2,047,263 2,046,597 
2,088,364 2,047,263 2,046,597 
RPX Corporation (2.2%)*(7) (8) (11)
Research & Consulting ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 10/20, Due 10/25)16,143,750 15,820,062 16,167,966 
16,143,750 15,820,062 16,167,966 
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 9,550,275 9,592,266 
9,592,266 9,550,275 9,592,266 
Safety Products Holdings, LLC (2.1%)* (7) (8)
Non-durable Consumer Goods
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26)(9)
15,574,673 15,117,074 15,332,211 
Preferred Stock (372.1 shares, Acquired 12/20)372,088 462,609 
15,574,673 15,489,162 15,794,820 
Scaled Agile, Inc. (0.5%)*(7) (8) (9)
Research & Consulting ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 06/19, Due 06/24)4,069,352 4,040,684 4,069,352 
4,069,352 4,040,684 4,069,352 
Serta Simmons Bedding LLC