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 September 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 November 9, 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 September 30, 2021 and Consolidated Balance Sheet as of December 31, 2020			3
			Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020			4
			Unaudited Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2021 and 2020			6
			Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020			8
			Unaudited Consolidated Schedule of Investments as of September 30, 2021			9
			Consolidated Schedule of Investments as of December 31, 2020			23
			Notes to Unaudited Consolidated Financial Statements			35
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			73
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			94
Item 4.			Controls and Procedures			95
PART II – OTHER INFORMATION
Item 1.			Legal Proceedings			96
Item 1A.			Risk Factors			96
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			100
Item 3.			Defaults Upon Senior Securities			100
Item 4.			Mine Safety Disclosures			100
Item 5.			Other Information			100
Item 6.			Exhibits			100
Signatures						102

2

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Barings BDC, Inc.

Consolidated Balance Sheets

			September 30, 2021						December 31, 2020
			(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $1,346,611,782 and $1,318,614,617 as of September 30, 2021 and December 31, 2020, respectively)			$	1,355,088,125					$	1,325,783,281
Affiliate investments (cost of $211,274,188 and $76,055,873 as of September 30, 2021 and December 31, 2020, respectively)			222,999,987						78,598,633
Control investments (cost of $25,826,428 as of both September 30, 2021 and December 31, 2020)			24,394,808						25,855,796
Short-term investments (cost of $50,000,000 and $65,558,227 as of September 30, 2021 and December 31, 2020, respectively)			50,000,000						65,558,227
Total investments at fair value			1,652,482,920						1,495,795,937
Cash (restricted cash of $0 and $3,488,336 at September 30, 2021 and December 31, 2020, respectively)			30,248,388						62,651,340
Foreign currencies (cost of $11,311,582 and $29,555,465 as of September 30, 2021 and December 31, 2020, respectively)			11,137,184						29,836,121
Interest and fees receivable			24,997,260						21,617,843
Prepaid expenses and other assets			1,785,731						2,014,558
Credit support agreement (cost of $13,600,000 as of both September 30, 2021 and December 31, 2020)			14,300,006						13,600,000
Deferred financing fees			3,144,557						4,110,564
Receivable from unsettled transactions			61,438,187						47,412,382
Total assets			$	1,799,534,233					$	1,677,038,745
Liabilities:
Accounts payable and accrued liabilities			$	2,710,698					$	6,045,443
Interest payable			4,318,110						2,219,274
Administrative fees payable			750,000						675,000
Base management fees payable			5,273,797						3,413,270
Incentive management fees payable			4,442,599						—
Derivative liabilities			228,700						1,336,283
Payable from unsettled transactions			59,063						1,548,578
Borrowings under credit facilities			662,664,367						719,660,707
Notes payable (net of deferred financing fees)			374,265,334						224,335,666
Total liabilities			1,054,712,668						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 September 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)			(282,950,798)						(309,967,839)
Total net assets			744,821,565						717,804,524
Total liabilities and net assets			$	1,799,534,233					$	1,677,038,745
Net asset value per share			$	11.40					$	10.99

See accompanying notes.

3

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Barings BDC, Inc.

Unaudited Consolidated Statements of Operations

			Three Months Ended						Three Months Ended						Nine Months Ended						Nine Months Ended
			September 30, 2021						September 30, 2020						September 30, 2021						September 30, 2020
Investment income:
Interest income:
Non-Control / Non-Affiliate investments			$	24,315,519					$	15,205,310					$	76,008,939					$	47,850,786
Affiliate investments			195,561						—						304,861						—
Control investments			109,621						—						325,287						—
Short-term investments			1,629						12,237						16,672						336,842
Total interest income			24,622,330						15,217,547						76,655,759						48,187,628
Dividend income:
Non-Control / Non-Affiliate investments			64,618						—						97,644						2,603
Affiliate investments			2,802,050						—						3,235,423						—
Total dividend income			2,866,668						—						3,333,067						2,603
Fee and other income:
Non-Control / Non-Affiliate investments			4,309,939						769,126						8,694,852						2,380,552
Affiliate investments			15,069						—						16,370						—
Control investments			163,338						—						478,754						—
Total fee and other income			4,488,346						769,126						9,189,976						2,380,552
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments			2,695,487						342,469						8,801,232						577,090
Affiliate investments			310,994						—						749,920						—
Total payment-in-kind interest income			3,006,481						342,469						9,551,152						577,090
Interest income from cash			—						—						587						631
Total investment income			34,983,825						16,329,142						98,730,541						51,148,504
Operating expenses:
Interest and other financing fees			8,103,044						3,738,991						23,382,201						14,367,855
Base management fee (Note 2)			5,273,797						3,375,262						14,094,419						10,904,422
Incentive management fees (Note 2)			4,442,607						—						10,674,693						—
Compensation expenses			—						—						—						48,410
General and administrative expenses (Note 2)			2,281,825						1,254,723						6,782,922						4,044,453
Total operating expenses			20,101,273						8,368,976						54,934,235						29,365,140
Net investment income			14,882,552						7,960,166						43,796,306						21,783,364
Income taxes, including excise tax provision			25,533						7,561						7,495						7,561
Net investment income after taxes			14,857,019						7,952,605						43,788,811						21,775,803

4

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Barings BDC, Inc. Unaudited Consolidated Statements of Operations — (Continued)
			Three Months Ended						Three Months Ended						Nine Months Ended						Nine Months Ended
			September 30, 2021						September 30, 2020						September 30, 2021						September 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			950,286						(19,477,823)						4,394,339						(36,233,667)
Affiliate investments			(24,300)						—						(100,931)						—
Net realized gains (losses) on investments			925,986						(19,477,823)						4,293,408						(36,233,667)
Foreign currency transactions			(4,687,686)						(1,028,262)						(5,872,868)						(1,089,787)
Net realized losses			(3,761,700)						(20,506,085)						(1,579,460)						(37,323,454)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments			(8,353,775)						56,467,202						1,307,673						2,522,789
Affiliate investments			(323,174)						1,624,230						9,208,817						828,262
Control investments			1,115,148						—						(1,486,760)						—
Net unrealized appreciation (depreciation) on investments			(7,561,801)						58,091,432						9,029,730						3,351,051
Credit support agreement			—						—						700,006						—
Foreign currency transactions			10,876,864						(2,144,050)						14,268,895						(1,756,412)
Net unrealized appreciation			3,315,063						55,947,382						23,998,631						1,594,639
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreement and foreign currency transactions			(446,637)						35,441,297						22,419,171						(35,728,815)
Loss on extinguishment of debt			—						(216,474)						—						(660,066)
Benefit from (provision for) taxes			—						199						(1,290)						17,666
Net increase (decrease) in net assets resulting from operations			$	14,410,382					$	43,177,627					$	66,206,692					$	(14,595,412)
Net investment income per share—basic and diluted			$	0.23					$	0.17					$	0.67					$	0.45
Net increase (decrease) in net assets resulting from operations per share—basic and diluted			$	0.22					$	0.90					$	1.01					$	(0.30)
Dividends/distributions per share:
Total dividends/distributions per share			$	0.21					$	0.16					$	0.60					$	0.48
Weighted average shares outstanding—basic and diluted			65,316,085						47,961,753						65,316,085						48,274,397

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 September 30, 2020			Number of Shares						Par Value
Balance, June 30, 2020			47,961,753						$	47,962					$	846,636,727					$	(356,211,495)					$	490,473,194
Net investment income			—						—						—						7,952,605						7,952,605
Net realized loss on investments / foreign currency transactions			—						—						—						(20,506,085)						(20,506,085)
Net unrealized appreciation of investments / foreign currency transactions			—						—						—						55,947,382						55,947,382
Loss on extinguishment of debt			—						—						—						(216,474)						(216,474)
Income tax benefit			—						—						—						199						199
Dividends / distributions			—						—						—						(7,673,880)						(7,673,880)
Balance, September 30, 2020			47,961,753						$	47,962					$	846,636,727					$	(320,707,748)					$	525,976,941

			Common Stock												Additional Paid-In Capital						Total Distributable Earnings (Loss)						Total Net Assets
Three Months Ended September 30, 2021			Number of Shares						Par Value
Balance, June 30, 2021			65,316,085						$	65,316					$	1,027,707,047					$	(283,644,802)					$	744,127,561
Net investment income			—						—						—						14,857,019						14,857,019
Net realized loss on investments / foreign currency transactions			—						—						—						(3,761,700)						(3,761,700)
Net unrealized appreciation of investments / CSA / foreign currency transactions			—						—						—						3,315,063						3,315,063
Dividends / distributions			—						—						—						(13,716,378)						(13,716,378)
Balance, September 30, 2021			65,316,085						$	65,316					$	1,027,707,047					$	(282,950,798)					$	744,821,565

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
Nine Months Ended September 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			—						—						—						21,775,803						21,775,803
Net realized loss on investments / foreign currency transactions			—						—						—						(37,323,454)						(37,323,454)
Net unrealized appreciation of investments / foreign currency transactions			—						—						—						1,594,639						1,594,639
Loss on extinguishment of debt			—						—						—						(660,066)						(660,066)
Income tax benefit			—						—						—						17,666						17,666
Dividends / distributions			—						—						—						(23,171,724)						(23,171,724)
Purchases of shares in repurchase plan			(989,050)						(989)						(7,129,643)						—						(7,130,632)
Balance, September 30, 2020			47,961,753						$	47,962					$	846,636,727					$	(320,707,748)					$	525,976,941

			Common Stock												Additional Paid-In Capital						Total Distributable Earnings (Loss)						Total Net Assets
Nine Months Ended September 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			—						—						—						43,788,811						43,788,811
Net realized gain on investments / foreign currency transactions			—						—						—						(1,579,460)						(1,579,460)
Net unrealized appreciation of investments / CSA / foreign currency transactions			—						—						—						23,998,631						23,998,631
Provision for taxes			—						—						—						(1,290)						(1,290)
Dividends / distributions			—						—						—						(39,189,651)						(39,189,651)
Balance, September 30, 2021			65,316,085						$	65,316					$	1,027,707,047					$	(282,950,798)					$	744,821,565

See accompanying notes.

7

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Barings BDC, Inc.

Unaudited Consolidated Statements of Cash Flows 

			Nine Months Ended						Nine Months Ended
			September 30, 2021						September 30, 2020
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations			$	66,206,692					$	(14,595,412)
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			(816,807,296)						(316,723,958)
Repayments received / sales of portfolio investments			648,320,213						416,989,098
Purchases of short-term investments			(297,560,179)						(697,141,628)
Sales of short-term investments			313,117,605						583,220,977
Loan origination and other fees received			13,694,096						6,075,019
Net realized (gain) loss on investments			(4,293,408)						36,233,667
Net realized loss on foreign currency transactions			5,872,868						1,089,787
Net unrealized appreciation of investments			(9,029,730)						(3,351,051)
Net unrealized appreciation of CSA			(700,006)						—
Net unrealized appreciation of foreign currency transactions			(14,268,895)						1,756,412
Payment-in-kind interest			(9,350,318)						(577,090)
Amortization of deferred financing fees			1,086,783						1,113,839
Loss on extinguishment of debt			—						660,066
Accretion of loan origination and other fees			(6,586,842)						(1,676,063)
Amortization / accretion of purchased loan premium / discount			(4,249,981)						(1,138,000)
Changes in operating assets and liabilities:
Interest and fees receivables			(5,699,271)						(2,699,114)
Prepaid expenses and other assets			1,395,903						(2,569,056)
Accounts payable and accrued liabilities			872,180						(118,876)
Interest payable			2,106,843						(1,724,576)
Net cash provided by (used in) operating activities			(115,872,743)						4,824,041
Cash flows from financing activities:
Borrowings under credit facilities			135,731,648						236,239,474
Repayments of credit facilities			(181,580,035)						(127,523,364)
Repayment of debt securitization			—						(139,897,128)
Proceeds from notes			150,000,000						50,000,000
Financing fees paid			(191,108)						(544,874)
Purchases of shares in repurchase plan			—						(7,130,632)
Cash dividends / distributions paid			(39,189,651)						(23,171,724)
Net cash provided by (used in) financing activities			64,770,854						(12,028,248)
Net decrease in cash and foreign currencies			(51,101,889)						(7,204,207)
Cash and foreign currencies, beginning of period			92,487,461						21,991,565
Cash and foreign currencies, end of period			$	41,385,572					$	14,787,358
Supplemental disclosure of cash flow information:
Cash paid for interest			$	19,659,852					$	13,372,484

See accompanying notes.

8

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Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments

September 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					$	2,957,652					$	2,961,043
																		3,001,138						2,957,652						2,961,043
1WorldSync, Inc. (2.9%)*(7) (8) (12)						IT Consulting & Other Services						First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 07/19, Due 07/25)						21,475,851						21,142,710						21,475,851
																		21,475,851						21,142,710						21,475,851
Accelerate Learning, Inc. (1.0%)*(7) (8) (11)						Education Services						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/18, Due 12/24)						7,567,965						7,479,458						7,416,606
																		7,567,965						7,479,458						7,416,606
Acclime Holdings HK Limited (0.5%)*(3) (7) (8) (11)						Business Services						First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.0% Cash, Acquired 08/21, Due 07/27)						3,750,000						3,537,413						3,532,500
																		3,750,000						3,537,413						3,532,500
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)						24,779,746						24,574,939						20,889,326
																		24,779,746						24,574,939						20,889,326
ADB Safegate (0.7%)*(3) (8) (11)						Aerospace & Defense						First Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.8% Cash, Acquired 08/21, Due 10/25)						5,500,000						5,069,046						5,180,340
																		5,500,000						5,069,046						5,180,340
Advantage Software Company (The), LLC (2.7%)*(7)						Advertising, Printing & Publishing						First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 01/21, Due 01/27)(8) (9)						18,256,407						17,821,678						18,219,894
												Class A Partnership Units (7,054.59 units, Acquired 01/21)												705,459						728,880
												Class B Partnership Units (3,496.31 units, Acquired 01/21)												22,656						1,279,300
																		18,256,407						18,549,793						20,228,074
Aftermath Bidco Corporation (1.2%)* (7) (8) (11)						Professional Services						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 04/19, Due 04/25)						9,425,284						9,289,989						9,279,485
																		9,425,284						9,289,989						9,279,485
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						7,646,572
																		6,835,161						6,835,161						7,646,572
Air Comm Corporation, LLC (0.1%)* (7) (8) (11)						Aerospace & Defense						First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 07/27)						593,486						574,264						573,515
																		593,486						574,264						573,515
AIT Worldwide Logistics Holdings, Inc. (0.9%)*(7)						Transportation Services						Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.5% Cash, Acquired 04/21, Due 04/28)(8) (11)						6,460,345						6,321,255						6,434,504
												Partnership Units (348.68 units, Acquired 04/21)												348,678						509,477
																		6,460,345						6,669,933						6,943,981
Alpine US Bidco LLC (2.4%)*(7) (8) (12)						Agricultural Products						Second Lien Senior Secured Term Loan (LIBOR + 9.0%, 9.8% Cash, Acquired 05/21, Due 05/29)						18,156,509						17,630,157						18,247,292
																		18,156,509						17,630,157						18,247,292
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)						14,395,213						13,413,417						16,266,591
																		14,395,213						13,413,417						16,266,591
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)						13,562,486						13,377,003						13,264,112
																		13,562,486						13,377,003						13,264,112
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)						1,964,929						1,866,874						1,939,057
												Subordinated Senior Unsecured Term Loan (8.0% PIK, Acquired 01/20, Due 07/27)						271,022						258,329						267,454
																		2,235,951						2,125,203						2,206,511
Aptus 1829. GmbH (0.6%)*(3) (7)						Chemicals, Plastics, & Rubber						First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/27)(8) (16)						4,745,043						4,713,323						4,626,417
												Preferred Stock (13 shares, Acquired 09/21)												119,828						113,509
												Common Stock (48 shares, Acquired 09/21)												11,983						11,653
																		4,745,043						4,845,134						4,751,579

9

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2021

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
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)						$	3,884,134					$	3,870,272					$	3,796,407
																		3,884,134						3,870,272						3,796,407
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						19,497,248						19,562,960
																		20,000,000						19,497,248						19,562,960
Arch Global Precision LLC (1.2%)*(7) (8) (9)						Industrial Machinery						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.8% Cash, Acquired 04/19, Due 04/26)						9,271,049						9,266,657						9,271,049
																		9,271,049						9,266,657						9,271,049
Archimede (1.8%)*(3) (7) (8) (17)						Consumer Services						First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 10/20, Due 10/27)						13,791,505						14,031,635						13,681,173
																		13,791,505						14,031,635						13,681,173
Argus Bidco Limited (0.4%)*(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)						2,670,143						2,557,057						2,670,143
												First Lien Senior Secured Term Loan (LIBOR + 5.5%, 5.8% Cash, Acquired 05/21, Due 12/27)(11)						671,922						652,746						671,922
																		3,342,065						3,209,803						3,342,065
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)						5,276,562						5,216,040						5,171,031
												First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 07/20, Due 06/24)(12)						1,985,278						1,956,677						1,945,572
																		7,261,840						7,172,717						7,116,603
ASPEQ Heating Group LLC (1.2%)* (7) (8) (9)						Building Products, Air & Heating						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/19, Due 11/25)						8,631,440						8,537,756						8,631,440
																		8,631,440						8,537,756						8,631,440
Auxi International (0.3%)*(3) (7) (8)						Commercial Finance						First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 12/19, Due 12/26)(17)						1,622,530						1,519,223						1,534,913
												First Lien Senior Secured Term Loan (SONIA + 6.25%, 6.3% Cash, Acquired 04/21, Due 12/26)(22)						903,395						896,358						854,611
																		2,525,925						2,415,581						2,389,524
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 10/26)(8) (11)						4,876,168						4,381,092						4,336,132
												First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.0% PIK, Acquired 08/18, Due 03/25)(8) (11)						748,251						690,105						689,191
												First Lien Senior Secured Term Loan (5.0% Cash, 10.0% PIK, Acquired 11/20, Due 10/26)						5,376,135						5,256,382						6,464,802
																		11,000,554						10,327,579						11,490,125
BDP International, Inc. (f/k/a BDP Buyer, LLC) (2.0%)*(7) (8) (9)						Air Freight & Logistics						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/18, Due 12/24)						14,913,061						14,689,930						14,913,061
																		14,913,061						14,689,930						14,913,061
Beacon Pointe Advisors, LLC (0.1%)*(7) (8) (11)						Asset Manager & Custody Bank						First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 03/20, Due 03/26)						989,250						971,944						968,847
																		989,250						971,944						968,847
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)						1,330,990						1,221,376						1,330,990
																		1,330,990						1,221,376						1,330,990
Bidwax (0.8%)*(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)						6,142,435						6,141,227						6,010,836
																		6,142,435						6,141,227						6,010,836
BigHand UK Bidco Limited (0.1%)*(3) (7) (8) (15)						High Tech Industries						First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.6% Cash, Acquired 01/21, Due 01/28)						904,698						878,496						879,072
																		904,698						878,496						879,072
Black Diamond Equipment Rentals LLC (1.4%)*(7) (25)						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						623,862
																		10,000,000						11,010,000						10,623,862
Bounteous, Inc. (0.9%)*(7) (8) (11)						Technology						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27)						6,886,364						6,740,007						6,736,364
																		6,886,364						6,740,007						6,736,364

10

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2021

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
Brightline Trains Florida LLC (0.7%)*						Transportation						Senior Secured Note (8.0% Cash, Acquired 08/21, Due 01/28)						$	5,000,000					$	5,000,000					$	4,941,125
																		5,000,000						5,000,000						4,941,125
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)						836,486						836,486						979,265
																		836,486						836,486						979,265
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)						15,460,203						15,064,588						15,270,266
																		15,460,203						15,064,588						15,270,266
Brown Machine Group Holdings, LLC (0.9%)*(7) (8) (10)						Industrial Equipment						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 10/24)						6,633,915						6,583,092						6,633,915
																		6,633,915						6,583,092						6,633,915
Cadent, LLC (f/k/a Cross MediaWorks) (0.9%)*(7) (8) (9)						Media & Entertainment						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 09/18, Due 09/23)						6,913,258						6,884,704						6,913,258
																		6,913,258						6,884,704						6,913,258
Canadian Orthodontic Partners Corp.(0.2%)*(3) (7) (8) (21)						Healthcare						First Lien Senior Secured Term Loan (CDOR + 6.5%, 7.5% Cash, Acquired 06/21, Due 03/26)						1,639,329						1,694,919						1,623,146
																		1,639,329						1,694,919						1,623,146
Carlson Travel, Inc (1.2%)*						Business Travel Management						First Lien Senior Secured Note (6.8% Cash, Acquired 09/20, Due 12/25)						3,000,000						2,362,500						2,670,000
												Super Senior Secured Term Loan (10.5% Cash, Acquired 12/20, Due 3/25)						5,915,060						5,838,792						6,210,813
												Common Stock (1,962 units, Acquired 11/20)(7)												88,290						1,962
																		8,915,060						8,289,582						8,882,775
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)						822,090						737,261						822,090
																		822,090						737,261						822,090
Cineworld Group PLC (1.5%)*(3)						Leisure Products						First Lien Senior Secured Term Loan (LIBOR + 2.5%, 3.5% Cash, 2.5% PIK, Acquired 04/20, Due 02/25)(8) (12)						9,049,339						6,354,276						7,438,013
												Super Senior Secured Term Loan (7.0% Cash, 8.3% PIK, Acquired 11/20, Due 05/24)						1,749,570						1,544,114						2,157,079
												Super Senior Secured Term Loan (8.25% Cash, 9.3% Cash, Acquired 07/21, Due 05/24)						993,503						957,944						1,060,565
												Warrants (553,375 units, Acquired 12/20)												101,602						274,581
																		11,792,412						8,957,936						10,930,238
Classic Collision (Summit Buyer, LLC) (2.3%)*(7) (8) (11)						Auto Collision Repair Centers						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 01/20, Due 01/26)						17,484,670						17,197,300						17,125,253
																		17,484,670						17,197,300						17,125,253
CM Acquisitions Holdings Inc. (2.6%)*(7) (8) (9)						Internet & Direct Marketing						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/19, Due 05/25)						19,154,411						18,913,478						19,154,412
																		19,154,411						18,913,478						19,154,412
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						4,086,284						4,044,903
												LLC Units (8,782 units, Acquired 01/20)												351,709						276,457
																		4,144,368						4,437,993						4,321,360
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)						20,795,747						20,250,117						20,400,377
												Class A Units (90.384 units, Acquired 04/20)												90,384						100,961
												Class B Units (33,324.69 units, Acquired 04/20)												—						8,260
																		20,795,747						20,340,501						20,509,598
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)						1,405,059						1,314,934						1,405,059
																		1,405,059						1,314,934						1,405,059
Coyo Uprising GmbH (1.2%)*(3) (7)						Technology						First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/28)(8) (16)						8,195,509						8,050,115						7,956,473
												Class A Units (440.0 units, Acquired 09/21)												205,333						202,537
												Class B Units (191.0 units, Acquired 09/21)												445,883						439,388
																		8,195,509						8,701,331						8,598,398

11

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2021

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
Crash Champions (0.7%)*(7) (8) (11)						Automotive						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 08/25)						$	5,000,000					$	4,908,699					$	4,900,000
																		5,000,000						4,908,699						4,900,000
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)						1,335,409						1,200,892						1,289,220
																		1,335,409						1,200,892						1,289,220
Custom Alloy Corporation (4.8%)*(7) (25)						Manufacturer of Pipe Fittings & Forgings						Second Lien Loan (15.0% PIK, Acquired 12/20, Due 04/22)						45,000,185						37,043,142						32,850,135
												Revolver (15.0% PIK, Acquired 12/20, Due 04/22)						4,255,152						3,737,652						3,106,261
																		49,255,337						40,780,794						35,956,396
CW Group Holdings, LLC (0.4%)*(7)						High Tech Industries						First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/21, Due 01/27)(8) (11)						2,826,882						2,769,209						2,826,882
												LLC Units (161,290.32 units, Acquired 01/21)												161,290						142,742
																		2,826,882						2,930,499						2,969,624
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)						12,217,301						12,035,364						12,012,230
																		12,217,301						12,035,364						12,012,230
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)						18,845,063						18,558,807						18,845,063
																		18,845,063						18,558,807						18,845,063
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						6,835,922						6,756,247
																		6,880,088						6,835,922						6,756,247
Dragon Bidco (0.4%)*(3) (7) (8) (17)						Technology						First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 04/21, Due 04/28)						2,781,480						2,806,726						2,721,795
																		2,781,480						2,806,726						2,721,795
DreamStart Bidco SAS (d/b/a SmartTrade) (0.3%)*(3) (7) (8) (17)						Diversified Financial Services						First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 03/20, Due 03/27)						2,150,323						1,984,101						2,109,444
																		2,150,323						1,984,101						2,109,444
Dune Group (0.5%)*(3) (7) (8)						Health Care Equipment						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 5.8% Cash, Acquired 09/21, Due 09/28)(11)						3,530,280						3,468,520						3,468,500
												First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/21, Due 09/28)(16)												(35,248)						(34,769)
																		3,530,280						3,433,272						3,433,731
Dwyer Instruments, Inc. (1.1%)*(7) (8) (11)						Electric						First Lien Senior Secured Term Loan (LIBOR + 5.50%, 6.3% Cash, Acquired 07/21, Due 07/27)						8,036,902						7,858,620						7,851,810
																		8,036,902						7,858,620						7,851,810
Ellkay, LLC (0.7%)*(7) (8) (11)						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 09/21, Due 09/27)						5,000,000						4,900,303						4,900,000
																		5,000,000						4,900,303						4,900,000
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)						5,719,232						5,668,597						5,679,198
																		5,719,232						5,668,597						5,679,198
EPS NASS Parent, Inc. (0.8%)*(7) (8) (11)						Electrical Components & Equipment						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/21, Due 04/28)						5,827,510						5,687,300						5,718,409
																		5,827,510						5,687,300						5,718,409
F24 (Stairway BidCo Gmbh) (0.2%)*(3) (7) (8) (16)						Software Services						First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 08/20, Due 08/27)						1,651,516						1,645,146						1,651,516
																		1,651,516						1,645,146						1,651,516
Ferrellgas L.P. (0.4%)*(3) (7)						Oil & Gas Equipment & Services						OpCo Preferred Units (2,886 units, Acquired 03/21)												2,799,420						2,972,580
																								2,799,420						2,972,580
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)						1,309,000						1,285,229						1,309,000
																		1,309,000						1,285,229						1,309,000
FitzMark Buyer, LLC (0.6%)*(7) (8) (11)						Cargo & Transportation						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.5% Cash, Acquired 12/20, Due 12/26)						4,269,265						4,193,607						4,260,727
																		4,269,265						4,193,607						4,260,727

12

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2021

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
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)						$	10,255,784					$	10,095,792					$	10,255,784
												Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 9.5% Cash, Acquired 09/20, Due 11/24)						1,722,221						1,612,762						1,722,221
																		11,978,005						11,708,554						11,978,005
FragilePak LLC (0.7%)*(7)						Transportation Services						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 05/27)(8) (11)						4,696,562						4,512,234						4,524,567
												Partnership Units (937.5 units, Acquired 05/21)												937,500						925,895
																		4,696,562						5,449,734						5,450,462
FSS Buyer LLC (1.3%)*(7)						Technology						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 08/21, Due 08/28)(8) (11)						9,937,347						9,740,595						9,738,600
												LP Interest (1,160.9 units, Acquired 08/21)												11,609						11,609
												LP Units (460,652.6 units, Acquired 08/21)												51,043						51,043
																		9,937,347						9,803,247						9,801,252
GTM Intermediate Holdings, Inc. (2.1%)*(7) (25)						Medical Equipment Manufacturer						Second Lien Loan (11.0% Cash, 1.0% PIK, Acquired 12/20, Due 12/24)						11,470,743						11,419,586						11,470,743
												Series A Preferred Units (923,347.4 units)												1,446,615						1,652,792
												Series C Preferred Units (460,652.6 units)												721,708						815,355
												Common Stock (2 shares, Acquired 12/20)												1,078,778						1,367,408
																		11,470,743						14,666,687						15,306,298
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)						1,040,300						963,345						998,251
																		1,040,300						963,345						998,251
Halo Technology Bidco, Inc. (0.5%)*(7) (8) (11)						Technology						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 06/21, Due 06/27)						3,491,250						3,440,704						3,443,245
																		3,491,250						3,440,704						3,443,245
Hawaiian Airlines 2020-1 Class B Pass Through Certificates (0.9%)*						Airlines						Structured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25)						6,092,593						6,092,593						6,969,067
																		6,092,593						6,092,593						6,969,067
Heartland, LLC (1.9%)*(7) (8) (11)						Business Services						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 08/19, Due 08/25)						14,110,797						14,004,910						13,828,581
																		14,110,797						14,004,910						13,828,581
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) (2.5%)*(3) (7) (8) (17)						Insurance						First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 09/19, Due 09/26)						19,213,820						18,820,387						18,785,948
																		19,213,820						18,820,387						18,785,948
Highpoint Global LLC (0.7%)*(7) (25)						Government Services						Second Lien Note (12.0% Cash, 2.0% PIK, Acquired 12/20, Due 09/22)						5,388,708						5,367,477						5,388,708
																		5,388,708						5,367,477						5,388,708
Holley Performance Products (Holley Purchaser, Inc.) (2.3%)*(7) (8) (11)						Automotive Parts & Equipment						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 5.1% Cash, Acquired 10/18, Due 10/25)						16,826,972						16,671,230						16,826,972
																		16,826,972						16,671,230						16,826,972
Home Care Assistance, LLC (0.5%)*(7) (8) (11)						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 03/21, Due 03/27)						3,657,138						3,586,189						3,593,290
																		3,657,138						3,586,189						3,593,290
HTI Technology & Industries (2.0%)* (7) (25)						Electronic Component Manufacturing						Second Lien Note (12.0% Cash, 4.8% PIK, Acquired 12/20, Due 09/24)						15,080,025						14,575,226						14,739,945
																		15,080,025						14,575,226						14,739,945
HW Holdco, LLC (Hanley Wood LLC) (1.0%)*(7) (8) (10)						Advertising						First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/18, Due 12/24)						7,450,605						7,343,894						7,450,605
																		7,450,605						7,343,894						7,450,605
IGL Holdings III Corp. (1.3%)*(7) (8) (11)						Commercial Printing						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/26)						10,179,318						9,933,240						9,907,568
																		10,179,318						9,933,240						9,907,568
IM Analytics Holding, LLC (d/b/a NVT) (0.8%)*(7) (8)						Electronic Instruments & Components						First Lien Senior Secured Term Loan (LIBOR + 7.0%, 8.0% Cash, Acquired 11/19, Due 11/23)(11)						8,147,000						8,100,534						6,256,896
												Warrant (68,950 units, Acquired 11/19)												—						—
																		8,147,000						8,100,534						6,256,896

13

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2021

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
IM Square (0.9%)*(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)						$	7,185,490					$	7,214,070					$	7,023,198
																		7,185,490						7,214,070						7,023,198
IMIA Holdings, Inc. (2.0%)*(7) (8) (11)						Aerospace & Defense						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/21, Due 04/27)						14,925,000						14,645,916						14,835,450
																		14,925,000						14,645,916						14,835,450
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)						6,375,256						6,314,463						6,203,703
																		6,375,256						6,314,463						6,203,703
INOS 19-090 GmbH (0.7%)*(3) (7) (8) (16)						Aerospace & Defense						First Lien Senior Secured Term Loan (EURIBOR + 6.13%, 6.1% Cash, Acquired 12/20, Due 12/27)						5,371,919						5,490,210						5,356,008
																		5,371,919						5,490,210						5,356,008
ISS#2, LLC (d/b/a Industrial Services Solutions) (0.9%)*(7) (8) (11)						Commercial Services & Supplies						First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/20, Due 02/26)						6,736,785						6,634,234						6,346,052
																		6,736,785						6,634,234						6,346,052
Jade Bidco Limited (Jane's) (1.1%)*(3) (7) (8)						Aerospace & Defense						First Lien Senior Secured Term Loan (LIBOR + 6.0%, 6.0% Cash, Acquired 11/19, Due 12/26)(12)						7,241,738						7,093,269						7,167,612
												First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 11/19, Due 12/26)(17)						1,338,894						1,252,089						1,325,189
																		8,580,632						8,345,358						8,492,801
Jedson Engineering, Inc. (0.4%)*(7) (25)						Engineering & Construction Management						First Lien Loan (12.0% Cash, Acquired 12/20, Due 06/24)						2,650,000						2,650,000						2,650,000
																		2,650,000						2,650,000						2,650,000
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						5,199,273
																		4,443,386						4,443,386						5,199,273
JF Acquisition, LLC (0.5%)*(7) (8) (11)						Automotive						First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 07/24)						3,875,565						3,746,453						3,808,533
																		3,875,565						3,746,453						3,808,533
Kano Laboratories LLC (1.2%)*(7)						Chemicals, Plastics & Rubber						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 11/20, Due 09/26)(8) (11)						8,779,520						8,548,054						8,779,520
												Partnership Equity (203.2 units, Acquired 11/20)												203,198						230,306
																		8,779,520						8,751,252						9,009,826
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)						7,243,172						7,138,286						7,243,172
																		7,243,172						7,138,286						7,243,172
Kona Buyer, LLC (3.3%)*(7) (8) (11)						High Tech Industries						First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/20, Due 12/27)						24,244,318						23,708,135						24,244,318
																		24,244,318						23,708,135						24,244,318
LAF International (0.2%)*(3) (7) (8) (17)						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28)						1,506,635						1,542,469						1,470,291
																		1,506,635						1,542,469						1,470,291
Learfield Communications, LLC (1.1%)*						Broadcasting						First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/20, Due 12/23)(8) (9)						135,734						95,692						130,068
												First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.0% Cash, 10.2% PIK, Acquired 08/20, Due 12/23)(11)						7,754,000						7,704,071						7,783,077
																		7,889,734						7,799,763						7,913,145
Legal Solutions Holdings (1.5%)*(7) (24) (25)						Business Services						Senior Subordinated Loan (16.0% PIK, Acquired 12/20, Due 03/22)						11,371,442						10,129,207						11,030,298
																		11,371,442						10,129,207						11,030,298
LivTech Purchaser, Inc. (0.1%)*(7) (8) (11)						Business Services						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/21, Due 12/25)						918,023						907,182						905,523
																		918,023						907,182						905,523
MC Group Ventures Corporation (0.6%)*(7)						Business Services						First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 07/21, Due 06/27)(8) (11)						3,703,504						3,595,340						3,613,089
												Partnership Units (746.66 Units, Acquired 06/21)												746,662						746,660
																		3,703,504						4,342,002						4,359,749

14

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2021

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
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					$	2,904,822					$	2,947,860
												First Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26)(14)						4,436,853						4,314,118						4,436,853
																		7,384,713						7,218,940						7,384,713
MNS Buyer, Inc. (0.1%)*(7)						Construction & Building						First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 08/21, Due 08/27)(8) (9)						923,077						904,955						904,615
												Partnership Units (76.92 Units, Acquired 08/21)												76,923						76,920
																		923,077						981,878						981,535
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)						4,431,728						4,467,468						4,431,728
																		4,431,728						4,467,468						4,431,728
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)						2,443,296						2,380,896						2,498,270
																		2,443,296						2,380,896						2,498,270
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)						4,577,225						4,296,504						4,467,552
																		4,577,225						4,296,504						4,467,552
Music Reports, Inc. (0.7%)*(7) (8) (11)						Media & Entertainment						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 08/20, Due 08/26)						5,537,042						5,419,770						5,537,042
																		5,537,042						5,419,770						5,537,042
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)						2,388,000						2,325,788						2,333,009
																		2,388,000						2,325,788						2,333,009
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						11,758,918						11,571,118
																		11,795,227						11,758,918						11,571,118
Odeon Cinemas Group Limited (0.5%)*(3) (7)						Hotel, Gaming, & Leisure						First Lien Senior Secured Term Loan (10.8% Cash, Acquired 02/21, Due 08/23)						3,995,750						4,042,293						4,075,665
																		3,995,750						4,042,293						4,075,665
OG III B.V. (0.4%)*(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)						2,765,751						2,775,634						2,690,690
																		2,765,751						2,775,634						2,690,690
Omni Intermediate Holdings, LLC (1.9%)*(7) (8) (9)						Transportation						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)						13,930,000						13,594,798						13,930,000
																		13,930,000						13,594,798						13,930,000
Options Technology Ltd. (1.7%)*(3) (7) (8) (11)						Computer Services						First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/19, Due 12/25)						12,319,906						12,138,737						12,319,906
																		12,319,906						12,138,737						12,319,906
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)						3,086,103						3,138,014						3,006,380
																		3,086,103						3,138,014						3,006,380
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						581,261						582,346
												First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28)(16)						384,446						393,487						374,950
																		981,540						974,748						957,296
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)						8,722,219						8,716,566						8,582,268
																		8,722,219						8,716,566						8,582,268
Pare SAS (SAS Maurice MARLE) (0.6%)*(3) (7) (8) (16)						Health Care Equipment						First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 12/19, Due 12/26)						4,726,198						4,474,717						4,693,115
																		4,726,198						4,474,717						4,693,115
Patriot New Midco 1 Limited (Forensic Risk Alliance) (1.0%)*(3) (7) (8)						Diversified Financial Services						First Lien Senior Secured Term Loan (LIBOR + 6.75%, 7.8% Cash, Acquired 02/20, Due 02/27)(11)						4,006,241						3,917,757						3,870,029
												First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 02/20, Due 02/27)(16)						3,488,293						3,206,723						3,369,691
																		7,494,534						7,124,480						7,239,720

15

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2021

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
PDQ.Com Corporation (0.6%)*(7)						Business Equipment & Services						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 08/21, Due 08/28)(8) (11)						$	4,694,533					$	4,608,355					$	4,607,315
												Class A-2 Partnership Units (26.32 units, Acquired 08/21)												26,316						26,320
																		4,694,533						4,634,671						4,633,635
PerTronix, LLC (0.9%)*(7) (8) (9)						Automotive						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/20, Due 10/26)						6,525,965						6,440,766						6,525,965
																		6,525,965						6,440,766						6,525,965
Premium Franchise Brands, LLC (2.0%)*(7) (8) (11)						Research & Consulting Services						First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/26)						14,852,588						14,586,908						14,555,536
																		14,852,588						14,586,908						14,555,536
Premium Invest (0.3%)*(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)						2,732,804						2,674,511						2,583,119
																		2,732,804						2,674,511						2,583,119
Preqin MC Limited (0.9%)*(3) (7) (8) (23)						Banking, Finance, Insurance & Real Estate						First Lien Senior Secured Term Loan (SOFR + 5.5%, 5.5% Cash, Acquired 08/21, Due 07/28)						6,789,005						6,589,000						6,585,335
																		6,789,005						6,589,000						6,585,335
Process Equipment, Inc. (ProcessBarron) (0.8%)*(7) (8) (11)						Industrial Air & Material Handling Equipment						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 03/19, Due 03/25)						6,173,594						6,108,998						5,642,665
																		6,173,594						6,108,998						5,642,665
Professional Datasolutions, Inc. (PDI) (1.4%)*(7) (8) (12)						Application Software						First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 03/19, Due 10/24)						10,869,004						10,858,773						10,782,052
																		10,869,004						10,858,773						10,782,052
Protego Bidco B.V. (0.5%)*(3) (7) (8) (16)						Aerospace & Defense						First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 03/21, Due 03/27)						2,270,096						2,308,328						2,270,096
												First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28)						1,577,424						1,558,533						1,517,358
																		3,847,520						3,866,861						3,787,454
PSC UK Pty Ltd. (0.4%)*(3) (7) (8) (13)						Insurance Services						First Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 6.5% Cash, Acquired 11/19, Due 10/24)						2,648,286						2,453,899						2,648,286
																		2,648,286						2,453,899						2,648,286
QPE7 SPV1 BidCo Pty Ltd (0.5%)*(3) (7) (8) (20)						Consumer Cyclical						First Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 09/21, Due 09/26)						4,149,193						4,022,028						4,075,972
																		4,149,193						4,022,028						4,075,972
Questel Unite (3.4%)*(3) (7) (8)						Business Services						First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 12/20, Due 12/27)(16)						18,333,313						18,730,984						18,259,980
												First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/27)(11)						6,892,270						6,799,020						6,864,701
																		25,225,583						25,530,004						25,124,681