UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

__________________________________________________________

Form 10-Q

__________________________________________________________

(Mark One)

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

For the quarterly period ended 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 Class			Trading Symbol			Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share			BBDC			The New York Stock Exchange

________________________________________________________

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ¨    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer			¨			Accelerated filer			¨
Non-accelerated filer			ý			Smaller reporting company			¨
						Emerging growth company			¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.									¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý

The number of shares outstanding of the registrant’s common stock on August 5, 2021 was 65,316,085.

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BARINGS BDC, INC.

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q

						Page
PART I – FINANCIAL INFORMATION
Item 1.			Financial Statements
			Unaudited Consolidated Balance Sheet as of June 30, 2021 and Consolidated Balance Sheet as of December 31, 2020			3
			Unaudited Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2021 and 2020			4
			Unaudited Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2021 and 2020			6
			Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020			8
			Unaudited Consolidated Schedule of Investments as of June 30, 2021			9
			Consolidated Schedule of Investments as of December 31, 2020			22
			Notes to Unaudited Consolidated Financial Statements			34
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			66
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			85
Item 4.			Controls and Procedures			86
PART II – OTHER INFORMATION
Item 1.			Legal Proceedings			87
Item 1A.			Risk Factors			87
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			88
Item 3.			Defaults Upon Senior Securities			88
Item 4.			Mine Safety Disclosures			88
Item 5.			Other Information			88
Item 6.			Exhibits			88
Signatures						89

2

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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 value			1,575,109,373						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 receivable			26,718,726						21,617,843
Prepaid expenses and other assets			2,318,215						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 fees			3,475,563						4,110,564
Receivable from unsettled transactions			153,721,772						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 payable			4,224,298						2,219,274
Administrative fees payable			500,000						675,000
Base management fees payable			4,891,372						3,413,270
Incentive management fees payable			3,510,339						—
Derivative liabilities			821,828						1,336,283
Payable from unsettled transactions			2,872,973						1,548,578
Borrowings under credit facilities			668,452,480						719,660,707
Notes payable (net of deferred financing fees)			374,222,921						224,335,666
Total liabilities			1,062,219,728						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 capital			1,027,707,047						1,027,707,047
Total distributable earnings (loss)			(283,644,802)						(309,967,839)
Total net assets			744,127,561						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

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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 investments			109,301						—						109,301						—
Control investments			108,429						—						215,667						—
Short-term investments			4,364						46,614						15,043						324,605
Total interest income			26,819,189						15,295,679						52,033,431						32,970,081
Dividend income:
Non-Control / Non-Affiliate investments			33,027						2,603						33,027						2,603
Affiliate investments			361,874						—						433,374						—
Total dividend income			394,901						2,603						466,401						2,603
Fee and other income:
Non-Control / Non-Affiliate investments			2,411,851						650,433						4,384,913						1,611,426
Affiliate investments			1,301						—						1,301						—
Control investments			155,303						—						315,416						—
Total fee and other income			2,568,455						650,433						4,701,630						1,611,426
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments			3,068,421						191,049						6,105,745						234,621
Affiliate investments			302,464						—						438,927						—
Total payment-in-kind interest income			3,370,885						191,049						6,544,672						234,621
Interest income from cash			58						—						587						631
Total investment income			33,153,488						16,139,764						63,746,721						34,819,362
Operating expenses:
Interest and other financing fees			7,994,447						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 expenses			18,595,830						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 taxes			14,557,658						6,529,129						28,931,792						13,823,198

4

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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 investments			553,013						(16,597,865)						3,444,053						(16,755,844)
Affiliate investments			—						—						(76,631)						—
Net realized gains (losses) on investments			553,013						(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 investments			4,304,354						63,416,644						9,661,448						(53,944,413)
Affiliate investments			7,087,294						3,037,255						9,531,991						(795,968)
Control investments			1,367,526						—						(2,601,908)						—
Net unrealized appreciation (depreciation) on investments			12,759,174						66,453,899						16,591,531						(54,740,381)
Credit support agreement			2,300,005						—						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 transactions			14,752,073						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 diluted			65,316,085						47,977,481						65,316,085						48,432,437

See accompanying notes.

5

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Barings BDC, Inc.

Unaudited Consolidated Statements of Changes in Net Assets

 

			Common Stock												Additional Paid-In Capital						Total Distributable Earnings (Loss)						Total Net Assets
Three Months Ended June 30, 2020			Number of Shares						Par Value
Balance, March 31, 2020			48,288,822						$	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, 2020			47,961,753						$	47,962					$	846,636,727					$	(356,211,495)					$	490,473,194

			Common Stock												Additional Paid-In Capital						Total Distributable Earnings (Loss)						Total Net Assets
Three Months Ended June 30, 2021			Number of Shares						Par Value
Balance, March 31, 2021			65,316,085						$	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, 2021			65,316,085						$	65,316					$	1,027,707,047					$	(283,644,802)					$	744,127,561

See accompanying notes.

6

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Barings BDC, Inc.

Unaudited Consolidated Statements of Changes in Net Assets — (Continued)

 

			Common Stock												Additional Paid-In Capital						Total Distributable Earnings (Loss)						Total Net Assets
Six Months Ended June 30, 2020			Number of Shares						Par Value
Balance, December 31, 2019			48,950,803						$	48,951					$	853,766,370					$	(282,940,612)					$	570,874,709
Net investment income			—						—						—						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, 2020			47,961,753						$	47,962					$	846,636,727					$	(356,211,495)					$	490,473,194

			Common Stock												Additional Paid-In Capital						Total Distributable Earnings (Loss)						Total Net Assets
Six Months Ended June 30, 2021			Number of Shares						Par Value
Balance, December 31, 2020			65,316,085						$	65,316					$	1,027,707,047					$	(309,967,839)					$	717,804,524
Net investment income			—						—						—						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, 2021			65,316,085						$	65,316					$	1,027,707,047					$	(283,644,802)					$	744,127,561

See accompanying notes.

7

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Barings BDC, Inc.

Unaudited Consolidated Statements of Cash Flows 

			Six Months Ended						Six Months Ended
			June 30, 2021						June 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 investments			322,356,447						239,658,503
Purchases of short-term investments			(217,559,209)						(403,971,411)
Sales of short-term investments			272,542,440						442,510,853
Loan origination and other fees received			10,024,060						3,131,785
Net realized (gain) loss on investments			(3,367,422)						16,755,844
Net realized loss on foreign currency transactions			1,185,182						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 fees			713,365						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 assets			253,515						255,386
Accounts payable and accrued liabilities			142,144						(144,024)
Interest payable			2,011,219						(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 facilities			110,731,648						108,123,996
Repayments of credit facilities			(157,861,039)						(117,200,000)
Repayment of debt securitization			—						(91,790,053)
Proceeds from notes			150,000,000						—
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 activities			77,206,227						(123,494,533)
Net decrease in cash and foreign currencies			(61,783,827)						(3,538,061)
Cash and foreign currencies, beginning of period			92,487,461						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

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Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments

June 30, 2021

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
Non–Control / Non–Affiliate Investments:
1A Smart Start LLC (0.4%)*(7) (8) (11)						Technology Distributors						Second 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 Services						First 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 Services						First 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 & Defense						First 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 Services						First 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%)*						Airlines						Structured 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 & Defense						First 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 Products						Second 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, & Rubber						First 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 Finance						Structured 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 Software						First 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 Estate						First 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 Industries						Second 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						Cost						Fair Value
Arch Global Precision LLC (0.9%)*(7) (8) (11)						Industrial Machinery						First 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 Services						First 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 Chemicals						First 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 & Heating						First 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 & Logistics						First 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 Bank						First 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 Industries						First 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 Goods						First 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 Industries						First 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 Rental						Second 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%)*						Airlines						Structured 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 & Supplies						First 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						Cost						Fair Value
Brown Machine Group Holdings, LLC (0.9%)*(7) (8) (9)						Industrial Equipment						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 10/24)						$	6,633,915					$	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 & Entertainment						First 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)						Healthcare						First 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 Management						First 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 Services						First 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 Centers						First 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 Marketing						First 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 & Services						First 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)						Automotive						First 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-communications						First 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 & Forgings						Second 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 Industries						First 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 & Defense						First 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						Cost						Fair Value
Discovery Education, Inc. (2.5%)*(7) (8) (11)						Publishing						First 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 Software						First 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)						Technology						First 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 Services						First 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 Manufacturer						Second 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 Industries						First 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 & Equipment						First 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 Services						First 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 & Services						OpCo 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 Services						First 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 & Transportation						First 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 Services						First 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 Finance						Structured 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 Manufacturer						Second 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 & Production						First 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)						Technology						First 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						Cost						Fair Value
Hawaiian Airlines 2020-1 Class B Pass Through Certificates (1.0%)*						Airlines						Structured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25)						$	6,796,296					$	6,796,296					$	7,781,759
																		6,796,296						6,796,296						7,781,759
Heartland, LLC (1.2%)*(7) (8) (11)						Commercial Services & Supplies						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 08/19, Due 08/25)						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)						Insurance						First 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 Services						Second 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 & Equipment						First 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 & Pharmaceuticals						First 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 Manufacturing						Second 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)						Advertising						First 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 Machinery						First 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 Printing						First 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 Estate						First 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 & Defense						First 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 & Tobacco						First 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 & Defense						First 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 Molding						Second 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 & Supplies						First 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						Cost						Fair Value
Jedson Engineering, Inc. (0.4%)*(7) (23)						Engineering & Construction Management						First 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%)*						Airlines						Structured 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)						Automotive						First 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 & Rubber						First 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 & Services						First 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 Industries						First 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 & Pharmaceuticals						First 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 Services						Senior 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 Services						First 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 Services						Partnership 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 Goods						First 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, & Leisure						First 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 & Production						First 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 & Entertainment						First 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 & Pharmaceuticals						First 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						Cost						Fair Value
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) (1.6%)*(7) (8) (9)						Energy Equipment & Services						First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/18, Due 10/25)						$	11,795,227					$	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, & Leisure						First 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 Products						First 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)						Transportation						First 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 Services						First 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)						Healthcare						First 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 & Pharmaceuticals						First 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 Equipment						First 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)						Automotive						First 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 & Engineering						First 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 Services						First 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 & Exchanges						First 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 Equipment						First 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 Software						First 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 & Defense						First 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						Cost						Fair Value
PSC UK Pty Ltd. (0.4%)*(3) (7) (8) (14)						Insurance Services						First 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)						Wholesale						First 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 & Logistics						First 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 Equipment						Second 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 Services						First 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 Services						First 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 Services						First 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