UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

__________________________________________________________

Form 10-Q

__________________________________________________________

(Mark One)

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

For the quarterly period ended March 31, 2022

OR

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

For the transition period from              to             

Commission file number 814-00733 

______________________________________________________________________

Barings BDC, Inc.

(Exact name of registrant as specified in its charter)

__________________________________________________________

Maryland						06-1798488
(State or other jurisdiction of						(I.R.S. Employer
incorporation or organization)						Identification No.)
300 South Tryon Street, Suite 2500 Charlotte, North Carolina						28202
(Address of principal executive offices)						(Zip Code)

Registrant's telephone number, including area code: (704) 805-7200

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A

Securities registered pursuant to Section 12(b) of the Act:

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

________________________________________________________

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

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

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

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

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

The number of shares outstanding of the registrant’s common stock on May 5, 2022 was 111,072,034.

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BARINGS BDC, INC.

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q

						Page
PART I – FINANCIAL INFORMATION
Item 1.			Financial Statements
			Unaudited Consolidated Balance Sheet as of March 31, 2022 and Consolidated Balance Sheet as of December 31, 2021			3
			Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021			4
			Unaudited Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2022 and 2021			6
			Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021			7
			Unaudited Consolidated Schedule of Investments as of March 31, 2022			8
			Consolidated Schedule of Investments as of December 31, 2021			32
			Notes to Unaudited Consolidated Financial Statements			50
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			90
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			112
Item 4.			Controls and Procedures			114
PART II – OTHER INFORMATION
Item 1.			Legal Proceedings			115
Item 1A.			Risk Factors			115
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			115
Item 3.			Defaults Upon Senior Securities			116
Item 4.			Mine Safety Disclosures			116
Item 5.			Other Information			116
Item 6.			Exhibits			116
Signatures						118

2

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Barings BDC, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share data)

			March 31, 2022						December 31, 2021
			(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $1,950,064 and $1,494,031 as of March 31, 2022 and December 31, 2021, respectively)			$	1,917,558					$	1,490,113
Affiliate investments (cost of $336,327 and $267,967 as of March 31, 2022 and December 31, 2021, respectively)			364,753						288,069
Control investments (cost of $105,210 and $25,826 as of March 31, 2022 and December 31, 2021, respectively)			121,114						22,412
Total investments at fair value			2,403,425						1,800,594
Cash			106,400						49,987
Foreign currencies (cost of $47,990 and $34,069 as of March 31, 2022 and December 31, 2021, respectively)			48,031						34,266
Interest and fees receivable			43,096						33,645
Prepaid expenses and other assets			2,662						4,297
Credit support agreements (cost of $58,000 and $13,600 as of March 31, 2022 and December 31, 2021, respectively)			59,400						15,400
Deferred financing fees			4,102						2,985
Receivable from unsettled transactions			182,294						219,732
Total assets			$	2,849,410					$	2,160,906
Liabilities:
Accounts payable and accrued liabilities			$	10,444					$	2,341
Interest payable			10,450						5,704
Administrative fees payable			973						750
Base management fees payable			5,872						5,422
Incentive management fees payable			4,754						4,067
Derivative liabilities			3,108						1,160
Payable from unsettled transactions			21,195						26,786
Borrowings under credit facilities			757,217						655,189
Notes payable (net of deferred financing fees)			717,841						717,556
Total liabilities			1,531,854						1,418,975
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (150,000,000 shares authorized, 111,095,334 and 65,316,085 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively)			111						65
Additional paid-in capital			1,597,257						1,027,687
Total distributable earnings (loss)			(279,812)						(285,821)
Total net assets			1,317,556						741,931
Total liabilities and net assets			$	2,849,410					$	2,160,906
Net asset value per share			$	11.86					$	11.36

See accompanying notes.

3

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Barings BDC, Inc.

Unaudited Consolidated Statements of Operations

(in thousands, except share and per share data)

			Three Months Ended						Three Months Ended
			March 31, 2022						March 31, 2021
Investment income:
Interest income:
Non-Control / Non-Affiliate investments			$	31,624					$	25,096
Affiliate investments			172						—
Control investments			273						107
Short-term investments			—						11
Total interest income			32,069						25,214
Dividend income:
Non-Control / Non-Affiliate investments			123						—
Affiliate investments			7,570						72
Total dividend income			7,693						72
Fee and other income:
Non-Control / Non-Affiliate investments			2,223						1,973
Affiliate investments			13						—
Control investments			(1,039)						160
Total fee and other income			1,197						2,133
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments			2,287						3,037
Affiliate investments			44						136
Control investments			467						—
Total payment-in-kind interest income			2,798						3,173
Interest income from cash			—						1
Total investment income			43,757						30,593
Operating expenses:
Interest and other financing fees			11,661						7,285
Base management fee (Note 2)			5,872						3,929
Incentive management fees (Note 2)			4,754						2,722
General and administrative expenses (Note 2)			2,455						2,301
Total operating expenses			24,742						16,237
Net investment income before taxes			19,015						14,356
Income taxes, including excise tax expense			6						(18)
Net investment income after taxes			19,009						14,374

4

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Barings BDC, Inc. Unaudited Consolidated Statements of Operations — (Continued) (in thousands, except share and per share data)
			Three Months Ended						Three Months Ended
			March 31, 2022						March 31, 2021
Realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements and foreign currency transactions:
Net realized gains (losses):
Non-Control / Non-Affiliate investments			(250)						2,891
Affiliate investments			101						(77)
Net realized gains (losses) on investments			(149)						2,814
Foreign currency transactions			(1,293)						(975)
Net realized gains (losses)			(1,442)						1,839
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments			(28,587)						5,357
Affiliate investments			12,996						2,445
Control investments			14,644						(3,969)
Net unrealized appreciation (depreciation) on investments			(947)						3,833
Credit support agreements			(400)						(1,600)
Foreign currency transactions			4,812						4,042
Net unrealized appreciation			3,465						6,275
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements and foreign currency transactions			2,023						8,114
Net increase in net assets resulting from operations			$	21,032					$	22,488
Net investment income per share—basic and diluted			$	0.23					$	0.22
Net increase in net assets resulting from operations per share—basic and diluted			$	0.25					$	0.34
Dividends/distributions per share:
Total dividends/distributions per share			$	0.23					$	0.19
Weighted average shares outstanding—basic and diluted			82,656,326						65,316,085

See accompanying notes.

5

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Barings BDC, Inc.

Unaudited Consolidated Statements of Changes in Net Assets

(in thousands, except share amounts)

 

			Common Stock												Additional Paid-In Capital						Total Distributable Earnings (Loss)						Total Net Assets
Three Months Ended March 31, 2021			Number of Shares						Par Value
Balance, December 31, 2020			65,316,085						$	65					$	1,027,707					$	(309,968)					$	717,804
Net investment income			—						—						—						14,374						14,374
Net realized gain on investments / foreign currency transactions			—						—						—						1,839						1,839
Net unrealized appreciation of investments / CSA / foreign currency transactions			—						—						—						6,275						6,275
Dividends / distributions			—						—						—						(12,410)						(12,410)
Balance, March 31, 2021			65,316,085						$	65					$	1,027,707					$	(299,890)					$	727,882

			Common Stock												Additional Paid-In Capital						Total Distributable Earnings (Loss)						Total Net Assets
Three Months Ended March 31, 2022			Number of Shares						Par Value
Balance, December 31, 2021			65,316,085						$	65					$	1,027,687					$	(285,821)					$	741,931
Net investment income			—						—						—						19,009						19,009
Net realized loss on investments / foreign currency transactions			—						—						—						(1,442)						(1,442)
Net unrealized appreciation of investments / CSA / foreign currency transactions			—						—						—						3,465						3,465
Dividends / distributions			—						—						—						(15,023)						(15,023)
Deemed Contribution - CSA (See Note 2)			—												44,400						—						44,400
Deemed contribution - from Adviser (See Note 9)			—												27,904						—						27,904
Public offering of common stock			45,986,926						46						499,372						—						499,418
Purchases of shares in repurchase plan			(207,677)						—						(2,106)						—						(2,106)
Balance, March 31, 2022			111,095,334						$	111					$	1,597,257					$	(279,812)					$	1,317,556

See accompanying notes.

6

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Barings BDC, Inc.

Unaudited Consolidated Statements of Cash Flows 

(in thousands)

			Three Months Ended						Three Months Ended
			March 31, 2022						March 31, 2021
Cash flows from operating activities:
Net increase in net assets resulting from operations			$	21,032					$	22,488
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			(335,519)						(276,456)
Net cash acquired from mergers (cash consideration paid) (See Note 9)			101,896						—
Transaction costs from mergers (See Note 9)			(2,866)						—
Repayments received/sales of portfolio investments			210,493						188,160
Purchases of short-term investments			—						(198,550)
Sales of short-term investments			—						190,542
Loan origination and other fees received			5,314						4,578
Net realized (gain) loss on investments			149						(2,814)
Net realized loss on foreign currency transactions			1,293						975
Net unrealized appreciation on investments			947						(3,832)
Net unrealized depreciation of CSA			400						1,600
Net unrealized appreciation on foreign currency transactions			(4,812)						(4,042)
Payment-in-kind interest			(2,798)						(3,174)
Amortization of deferred financing fees			732						344
Accretion of loan origination and other fees			(1,523)						(1,481)
Amortization / accretion of purchased loan premium / discount			(339)						(1,980)
Changes in operating assets and liabilities:
Interest and fees receivables			(13,134)						(2,935)
Prepaid expenses and other assets			(1,881)						1,264
Accounts payable and accrued liabilities			(2,962)						(1,668)
Interest payable			4,746						1,869
Net cash used in operating activities			(18,832)						(85,112)
Cash flows from financing activities:
Borrowings under credit facilities			107,704						29,824
Repayments of credit facilities			—						(134,083)
Proceeds from notes			—						150,000
Financing fees paid			(1,565)						(191)
Purchases of shares in repurchase plan			(2,106)						—
Cash dividends / distributions paid			(15,023)						(12,410)
Net cash provided by (used in) financing activities			89,010						33,140
Net increase (decrease) in cash and foreign currencies			70,178						(51,972)
Cash and foreign currencies, beginning of period			84,253						92,487
Cash and foreign currencies, end of period			$	154,431					$	40,515
Supplemental Information:
Cash paid for interest			$	5,966					$	4,903
Supplemental non-cash information
Acquisitions (See Note 9):
Fair value of Sierra net assets acquired, net of cash			$	(435,811)					$	—
Transaction Costs			7,520						—
Common stock issued in acquisition of Sierra net assets			499,418						—
Credit support agreement (See Note 2)			(44,400)						—
Deemed contribution -from Adviser			27,904						—
Deemed contributions - CSA			44,400						—

See accompanying notes.

7

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Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments

March 31, 2022

(Amounts in thousands, except share amounts)

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
Non–Control / Non–Affiliate Investments:
1WorldSync, Inc. (1.2%)*(7) (8) (10)						IT Consulting & Other Services						First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 07/19, Due 07/25)						$	16,474					$	16,240					$	16,445
																		16,474						16,240						16,445
Accelerant Holdings (0.4%)*(7)						Banking, Finance, Insurance & Real Estate						Class A Convertible Preferred Equity (5,000 shares, Acquired 01/22)												5,000						5,103
																								5,000						5,103
Accelerate Learning, Inc. (0.6%)*(7) (8) (10)						Education Services						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/18, Due 12/24)						7,568						7,492						7,442
																		7,568						7,492						7,442
Acclime Holdings HK Limited (0.1%)*(3) (7) (8) (11)						Business Services						First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.0% Cash, Acquired 08/21, Due 07/27)						1,211						1,142						1,153
																		1,211						1,142						1,153
Accurus Aerospace Corporation (1.9%)*(7) (8) (11)						Aerospace & Defense						First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.50% PIK, Acquired 10/18, Due 10/24)						24,874						24,699						24,563
																		24,874						24,699						24,563
Acogroup (1.7%)*(3) (7) (8) (16)						Business Services						First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 03/22, Due 10/26)						23,622						22,760						23,031
																		23,622						22,760						23,031
ADB Safegate (0.4%)*(3) (8) (10)						Aerospace & Defense						Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.8% Cash, Acquired 08/21, Due 10/25)						5,500						5,113						5,118
																		5,500						5,113						5,118
Advantage Software Company (The), LLC (0.1%)*(7)						Advertising, Printing & Publishing						Class A1 Partnership Units (8,717.76 units, Acquired 12/21)												280						902
												Class A2 Partnership Units (2,248.46 units, Acquired 12/21)												72						233
												Class B1 Partnership Units (8,717.76 units, Acquired 12/21)												9						6
												Class B2 Partnership Units (2,248.46 units, Acquired 12/21)												2						2
																								363						1,143
Aftermath Bidco Corporation (0.7%)* (7) (8) (10)						Professional Services						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 04/19, Due 04/25)						9,425						9,307						9,227
																		9,425						9,307						9,227
Air Canada 2020-2 Class B Pass Through Trust (0.5%)*						Airlines						Structured Secured Note - Class B (9.0% Cash, Acquired 09/20, Due 10/25)						6,170						6,170						6,586
																		6,170						6,170						6,586
Air Comm Corporation, LLC (0.9%)* (7) (8) (10)						Aerospace & Defense						First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 07/27)						11,539						11,299						11,319
																		11,539						11,299						11,319
AIT Worldwide Logistics Holdings, Inc. (0.5%)*(7)						Transportation Services						Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.5% Cash, Acquired 04/21, Due 04/29)(8) (10)						6,460						6,328						6,320
												Partnership Units (348.68 units, Acquired 04/21)												349						686
																		6,460						6,677						7,006
Alpine SG, LLC (2.0%)*(7) (8) (9) (31)						High Tech Industries						First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/22, Due 11/27)						26,957						26,418						26,418
																		26,957						26,418						26,418
Alpine US Bidco LLC (2.4%)*(7) (8) (9)						Agricultural Products						Second Lien Senior Secured Term Loan (LIBOR + 9.0%, 9.8% Cash, Acquired 05/21, Due 05/29)						18,157						17,654						17,612
																		18,157						17,654						17,612
AMMC CLO 22, Limited Series 2018-22A (0.3%)*(3) (31)						Multi-Sector Holdings						Subordinated Structured Notes (Residual Interest, current yield 12.61%, Acquired 02/22, Due 04/31)						7,222						4,690						4,267
																		7,222						4,690						4,267
AMMC CLO 23, Ltd. Series 2020-23A (0.1%)*(3) (31)						Multi-Sector Holdings						Subordinated Structured Notes (Residual Interest, current yield 12.35%, Acquired 02/22, Due 10/30)						2,000						1,948						1,781
																		2,000						1,948						1,781

8

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Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

(Amounts in thousands, except share amounts)

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
Amtech LLC (0.2%)*(7) (8)						Technology						First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 11/27)(9)						$	2,291					$	2,210					$	2,225
												Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 11/27)(10)						—						(13)						(12)
																		2,291						2,197						2,213
Anagram Holdings, LLC (1.2%)*(3)						Chemicals, Plastics, & Rubber						First Lien Senior Secured Note (10.0% Cash, 5.0% PIK, Acquired 08/20, Due 08/25)						14,755						13,866						15,714
																		14,755						13,866						15,714
AnalytiChem Holding Gmbh (0.2%)*(3) (7) (8) (16)						Chemicals						First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 11/21, Due 12/28)						2,740						2,589						2,551
																		2,740						2,589						2,551
Anju Software, Inc. (1.0%)*(7) (8) (9)						Application Software						First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.3% Cash, Acquired 02/19, Due 02/25)						13,528						13,368						12,865
																		13,528						13,368						12,865
AP Aristotle Holdings, LLC (0.1)*(7)						Oil Field Services						Subordinated Term Loan (19.8% Cash, Acquired 12/21, Due 06/25)						1,588						1,594						1,592
																		1,588						1,594						1,592
Apex Bidco Limited (0.2%)*(3) (7)						Business Equipment & Services						First Lien Senior Secured Term Loan (GBP LIBOR + 6.25%, 6.8% Cash, Acquired 01/20, Due 01/27)(8) (13)						1,919						1,871						1,919
												Subordinated Senior Unsecured Term Loan (8.0% PIK, Acquired 01/20, Due 07/27)						275						270						275
																		2,194						2,141						2,194
Apidos CLO XXIV, Series 2016-24A (0.5%)*(3) (31)						Multi-Sector Holdings						Subordinated Structured Notes (Residual Interest, current yield 19.24%, Acquired 02/22, Due 10/30)						18,358						7,557						6,946
																		18,358						7,557						6,946
Aptus 1829. GmbH (0.4%)*(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)						5,301						5,455						5,190
												Preferred Stock (13 shares, Acquired 09/21)												120						111
												Common Stock (48 shares, Acquired 09/21)												12						11
																		5,301						5,587						5,312
Apus Bidco Limited (0.3%)*(3) (7) (8) (22)						Banking, Finance, Insurance & Real Estate						First Lien Senior Secured Term Loan (SONIA + 5.5%, 5.5% Cash, Acquired 02/21, Due 03/28)						3,793						3,877						3,725
																		3,793						3,877						3,725
AQA Acquisition Holding, Inc. (1.5%)*(7) (8) (10)						High Tech Industries						Second Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.0% Cash, Acquired 03/21, Due 03/29)						20,000						19,523						19,647
																		20,000						19,523						19,647
Aquavista Watersides 2 LTD (0.5%)*(3) (7) (8) (22)						Transportation Services						First Lien Senior Secured Term Loan (SONIA + 6.0%, 6.1% Cash, Acquired 12/21, Due 12/28)						5,873						5,709						5,661
												Revolver (SONIA + 6.0%, 6.1% Cash, Acquired 12/21, Due 12/22)						—						(3)						(4)
												Second Lien Senior Secured Term Loan (SONIA + 10.5% PIK, Acquired 12/21, Due 12/28)						1,468						1,447						1,436
																		7,341						7,153						7,093
Arch Global Precision LLC (0.7%)*(7) (8) (10)						Industrial Machinery						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.8% Cash, Acquired 04/19, Due 04/26)						9,248						9,244						9,155
																		9,248						9,244						9,155
Archimede (0.6%)*(3) (7) (8) (16)						Consumer Services						First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 10/20, Due 10/27)						8,234						8,767						8,094
																		8,234						8,767						8,094
Argus Bidco Limited (0.2%)*(3) (7) (8)						High Tech Industries						First Lien Senior Secured Term Loan (SONIA + 5.5%, 5.8% Cash, Acquired 12/20, Due 12/27)(21)						2,607						2,562						2,597
												First Lien Senior Secured Term Loan (LIBOR + 5.5%, 5.8% Cash, Acquired 05/21, Due 12/27)(10)						672						654						669
																		3,279						3,216						3,266
Armstrong Transport Group (Pele Buyer, LLC ) (0.3%)*(7) (8) (10)						Air Freight & Logistics						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24)						4,015						3,962						3,948
																		4,015						3,962						3,948
Arrow International, Inc. (1.1%)*(7) (8) (10) (31)						Hotel, Gaming & Leisure						First Lien Senior Secured Term Loan (LIBOR + 7.25%, 8.5% Cash, Acquired 02/22, Due 12/25)						15,000						15,000						15,000
																		15,000						15,000						15,000

9

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

(Amounts in thousands, except share amounts)

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
ASPEQ Heating Group LLC (0.6%)*(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)						$	8,435					$	8,353					$	8,435
																		8,435						8,353						8,435
Astra Bidco Limited (0.2%)*(3) (7) (8) (21)						Healthcare						First Lien Senior Secured Term Loan (SONIA + 5.75%, 5.8% Cash, Acquired 11/21, Due 11/28)						2,148						2,089						2,068
																		2,148						2,089						2,068
Auxi International (0.2%)*(3) (7) (8)						Commercial Finance						First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 12/19, Due 12/26)(17)						1,558						1,522						1,418
												First Lien Senior Secured Term Loan (SONIA + 6.25%, 6.3% Cash, Acquired 04/21, Due 12/26)(22)						882						898						803
																		2,440						2,420						2,221
Avance Clinical Bidco Pty Ltd (0.2%)*(3) (7) (8) (24)						Healthcare						First Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 11/21, Due 11/27)						2,651						2,395						2,543
																		2,651						2,395						2,543
Aviation Technical Services, Inc.(1.9%)*(7) (8) (9) (31)						Aerospace & Defense						Second Lien Senior Secured Term Loan (LIBOR + 2.0%, 2.2% Cash, 6.5% PIK, Acquired 02/22, Due 03/25)						27,042						25,699						25,690
																		27,042						25,699						25,690
AVSC Holding Corp. (0.9%)*						Advertising						First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, 0.25% PIK, Acquired 08/18, Due 03/25)(8) (10)						4,857						4,430						4,570
												First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.0% PIK, Acquired 08/18, Due 10/26)(8) (10)						748						695						711
												First Lien Senior Secured Term Loan (5.0% Cash, 10.0% PIK, Acquired 11/20, Due 10/26)						5,651						5,542						6,518
																		11,256						10,667						11,799
Azalea Buyer, Inc. (0.4%)*(7)						Technology						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/21, Due 11/27)(8) (10)						4,606						4,500						4,507
												Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 11/21, Due 11/27)(8) (10)						—						(9)						(9)
												Subordinated Term Loan (12.0% PIK, Acquired 11/21, Due 05/28)						1,260						1,235						1,237
												Common Stock (192,307.7 shares, Acquired 11/21)												192						192
																		5,866						5,918						5,927
Bariacum S.A. (0.5%)*(3) (7) (8) (16)						Consumer Products						First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 11/28)						6,342						6,243						6,139
																		6,342						6,243						6,139
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)						14,812						14,621						14,812
																		14,812						14,621						14,812
Benify (Bennevis AB) (0.1%)*(3) (7) (8) (26)						High Tech Industries						First Lien Senior Secured Term Loan (STIBOR + 5.25%, 5.3% Cash, Acquired 07/19, Due 07/26)						1,249						1,223						1,249
																		1,249						1,223						1,249
Beyond Risk Management, Inc. (0.2%)*(7) (8) (10)						Other Financial						First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.3% Cash, Acquired 10/21, Due 10/27)						2,427						2,345						2,343
																		2,427						2,345						2,343
Bidwax (0.6%)*(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)						7,789						8,069						7,603
																		7,789						8,069						7,603
BigHand UK Bidco Limited (0.3%)*(3) (7) (8) (21)						High Tech Industries						First Lien Senior Secured Term Loan (SONIA + 5.5%, 5.5% Cash, Acquired 01/21, Due 01/28)						3,416						3,360						3,313
																		3,416						3,360						3,313
Bounteous, Inc. (0.1%)*(7) (8) (10)						Technology						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27)						1,905						1,817						1,823
																		1,905						1,817						1,823
Brightline Trains Florida LLC (0.4%)*(7)						Transportation						Senior Secured Note (8.0% Cash, Acquired 08/21, Due 01/28)						5,000						5,000						4,825
																		5,000						5,000						4,825
Brightpay Limited (0.2%)*(3) (7) (8) (16)						Technology						First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 10/21, Due 10/28)						2,058						2,078						2,012
																		2,058						2,078						2,012

10

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

(Amounts in thousands, except share amounts)

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
BrightSign LLC (0.6%)*(7)						Media & Entertainment						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 10/21, Due 10/27)(8) (10)						$	6,779					$	6,707					$	6,664
												Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 10/21, Due 10/27)(8) (10)						—						(12)						(23)
												LLC units (1,107,492.71 units, Acquired 10/21)												1,107						1,107
																		6,779						7,802						7,748
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)						783						783						862
																		783						783						862
British Engineering Services Holdco Limited (1.1%)*(3) (7) (8) (22)						Commercial Services & Supplies						First Lien Senior Secured Term Loan (SONIA + 7.03%, 7.0% Cash, Acquired 12/20, Due 12/27)						15,097						15,094						14,689
																		15,097						15,094						14,689
Brook & Whittle Holding Corp.(0.1%)* (7) (8) (10) (31)						Containers, Packaging & Supplies						First Lien Senior Secured Term Loan (LIBOR + 4.0%, 4.5% Cash, Acquired 02/22, Due 12/28)						1,994						1,974						1,944
																		1,994						1,974						1,944
Brown Machine Group Holdings, LLC (0.5%)*(7) (8) (10)						Industrial Equipment						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 10/24)						6,281						6,240						6,281
																		6,281						6,240						6,281
Cadent, LLC (f/k/a Cross MediaWorks) (0.5%)*(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						6,892						6,913
																		6,913						6,892						6,913
CAi Software, LLC (0.7%)*(7) (8) (10)						Technology						First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/21, Due 12/28)						9,057						8,882						8,894
												Revolver (LIBOR + 6.25%, 7.3% Cash, Acquired 12/21, Due 12/28)						—						(18)						(17)
																		9,057						8,864						8,877
Canadian Orthodontic Partners Corp.(0.1%)*(3) (7) (8) (25)						Healthcare						First Lien Senior Secured Term Loan (CDOR + 6.5%, 7.5% Cash, Acquired 06/21, Due 03/26)						1,703						1,741						1,666
																		1,703						1,741						1,666
Cardenas Markets, LLC (0.1%)*(7) (8) (10) (31)						Retail						First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 02/22, Due 06/27)						1,990						1,985						1,950
																		1,990						1,985						1,950
Carlson Travel, Inc (0.7%)*						Business Travel Management						First Lien Senior Secured Note (8.5% Cash, Acquired 11/21, Due 11/26)						6,050						5,670						5,959
												Common Stock (94,155 shares, Acquired 11/21)												1,655						2,787
																		6,050						7,325						8,746
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)						789						740						789
																		789						740						789
Ceres Pharma NV (0.1%)*(3) (7) (8) (17)						Pharmaceuticals						First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 10/21, Due 10/28)						1,342						1,285						1,254
																		1,342						1,285						1,254
CGI Parent, LLC (1.4%)*(7)						Business Equipment & Services						First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/22, Due 02/28)(8) (10)						17,796						17,446						17,440
												Revolver (LIBOR + 5.5%, 6.5% Cash, Acquired 02/22, Due 02/28)(8) (10)						441						408						408
												Preferred Stock (551 shares, Acquired 02/22)												551						551
																		18,237						18,405						18,399
Cineworld Group PLC (0.2%)*(3)						Leisure Products						Super Senior Secured Term Loan (7.0% Cash, 8.3% PIK, Acquired 11/20, Due 05/24)						1,824						1,640						2,152
												Super Senior Secured Term Loan (LIBOR + 8.25% Cash, 9.3% Cash, Acquired 07/21, Due 02/25)(8) (11)						994						964						1,056
												Warrants (553,375 units, Acquired 12/20)												102						84
																		2,818						2,706						3,292
Classic Collision (Summit Buyer, LLC) (0.5%)*(7) (8) (10)						Auto Collision Repair Centers						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/26)						6,640						6,528						6,526
																		6,640						6,528						6,526
CM Acquisitions Holdings Inc. (1.4%)*(7) (8) (19)						Internet & Direct Marketing						First Lien Senior Secured Term Loan (SOFR + 4.75%, 5.8% Cash, Acquired 05/19, Due 05/25)						19,106						18,911						18,819
																		19,106						18,911						18,819

11

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

(Amounts in thousands, except share amounts)

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
CMT Opco Holding, LLC (Concept Machine) (0.3%)*(7) (8)						Distributors						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/25)(10)						$	4,144					$	4,094					$	3,894
												LLC Units (8,782 units, Acquired 01/20)												352						72
																		4,144						4,446						3,966
Coastal Marina Holdings, LLC (1.4%)*(7)						Other Financial						Subordinated Term Loan (10.0% PIK, Acquired 11/21, Due 11/31)						4,901						4,472						4,447
												Subordinated Term Loan (8.0% Cash, Acquired 11/21, Due 11/31)						13,044						11,873						11,830
												LLC Units (547,591 units, Acquired 11/21)												1,643						2,177
																		17,945						17,988						18,454
Cobham Slip Rings SAS (0.1%)*(3) (7) (8) (10)						Diversified Manufacturing						First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 11/21, Due 11/28)						1,303						1,273						1,276
																		1,303						1,273						1,276
Command Alkon (Project Potter Buyer, LLC) (1.0%)*(7)						Software						First Lien Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 04/20, Due 04/27)(8) (9)						13,708						13,265						13,602
												Class A Units (90.384 units, Acquired 04/20)												90						101
												Class B Units (33,324.69 units, Acquired 04/20)												—						199
																		13,708						13,355						13,902
Contabo Finco S.À R.L (0.4%)*(3) (7) (8) (16)						Internet Software & Services						First Lien Senior Secured Term Loan (EURIBOR 5.25%, 5.3% Cash, Acquired 11/21, Due 10/26)						5,821						5,768						5,733
																		5,821						5,768						5,733
Core Scientific, Inc. (1.5%)*(3) (7)						Technology						First Lien Senior Secured Term Loan (9.8% Cash, Acquired 03/22, Due 03/25)						20,000						20,200						20,000
																		20,000						20,200						20,000
Coyo Uprising GmbH (0.4%)*(3) (7)						Technology						First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, 3.5% PIK, Acquired 09/21, Due 09/28)(8) (16)						4,043						4,137						3,932
												Class A Units (440.0 units, Acquired 09/21)												205						199
												Class B Units (191.0 units, Acquired 09/21)												446						523
																		4,043						4,788						4,654
CPI International, Inc. (0.6%)*(7) (8) (10) (31)						Aerospace & Defense						Second Lien Senior Secured Term Loan (LIBOR + 7.25%, 8.3% Cash, Acquired 02/22, Due 07/25)						8,575						7,975						7,975
																		8,575						7,975						7,975
Crash Champions (0.9%)*(7) (8) (10)						Automotive						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 08/25)						11,609						11,262						11,129
																		11,609						11,262						11,129
CSL DualCom (0.1%)*(3) (7) (8) (14)						Tele-communications						First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 09/20, Due 09/27)						1,304						1,205						1,270
																		1,304						1,205						1,270
CT Technologies Intermediate Holdings, Inc. (0.4%)*(8) (9) (31)						Healthcare						First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.0% Cash, Acquired 02/22, Due 12/25)						4,975						4,968						4,924
																		4,975						4,968						4,924
Custom Alloy Corporation (2.2%)*(7) (29)						Manufacturer of Pipe Fittings & Forgings						Second Lien Loan (15.0% PIK, Acquired 12/20, Due 04/22)(28)						52,244						42,162						26,122
												Revolver (15.0% PIK, Acquired 12/20, Due 04/22)(28)						4,940						4,222						2,470
																		57,184						46,384						28,592
CVL 3 (0.3%)*(3) (7) (8)						Capital Equipment						First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28)(16)						1,947						1,928						1,903
												First Lien Senior Secured Term Loan (SOFR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28)(19)						1,142						1,115						1,116
												6-Month Bridge Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 06/22)(16)						779						787						771
																		3,868						3,830						3,790
CW Group Holdings, LLC (0.2%)*(7)						High Tech Industries						First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/21, Due 01/27)(8) (10)						2,810						2,758						2,659
												LLC Units (161,290.32 units, Acquired 01/21)												161						99
																		2,810						2,919						2,758

12

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

(Amounts in thousands, except share amounts)

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
Dart Buyer, Inc. (1.0%)*(7) (8) (10)						Aerospace & Defense						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 04/19, Due 04/25)						$	13,438					$	13,280					$	13,438
																		13,438						13,280						13,438
DataOnline Corp. (1.3%)*(7) (8) (10) (31)						High Tech Industries						First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 02/22, Due 11/25)						14,700						14,700						14,700
												Revolver (LIBOR + 6.25%, 7.3% Cash, Acquired 02/22, Due 11/25)						2,143						2,143						2,143
																		16,843						16,843						16,843
DecksDirect, LLC (0.1%)*(7)						Building Materials						First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/21, Due 12/26)(8) (9)						727						713						714
												Revolver (LIBOR + 6.0%, 7.0% Cash, Acquired 12/21, Due 12/26)(8) (10)						160						156						156
												LLC Units (1,280.8 units, Acquired 12/21)												55						55
																		887						924						925
Discovery Education, Inc. (0.9%)*(7) (8) (10)						Publishing						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 10/26)						11,785						11,622						11,785
																		11,785						11,622						11,785
Distinct Holdings, Inc. (0.5%)*(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						6,845						6,687
																		6,880						6,845						6,687
Dragon Bidco (0.8%)*(3) (7) (8) (17)						Technology						First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 04/21, Due 04/28)						11,127						10,883						10,848
																		11,127						10,883						10,848
DreamStart Bidco SAS (d/b/a SmartTrade) (0.2%)*(3) (7) (8) (17)						Diversified Financial Services						First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/20, Due 03/27)						2,366						2,297						2,341
																		2,366						2,297						2,341
Dryden 43 Senior Loan Fund, Series 2016-43A (0.2%)*(3) (31)						Multi-Sector Holdings						Subordinated Structured Notes (Residual Interest, current yield 10.8%, Acquired 02/22, Due 04/34)						3,620						2,454						2,296
																		3,620						2,454						2,296
Dryden 49 Senior Loan Fund, Series 2017-49A (0.6%)*(3) (31)						Multi-Sector Holdings						Subordinated Structured Notes (Residual Interest, current yield 14.7%, Acquired 02/22, Due 07/30)						17,233						7,934						7,548
																		17,233						7,934						7,548
Dune Group (0.1%)*(3) (7) (8)						Health Care Equipment						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.0% Cash, Acquired 09/21, Due 09/28)(10)						1,230						1,210						1,212
												First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/21, Due 09/28)(16)						129						107						112
																		1,359						1,317						1,324
Dwyer Instruments, Inc. (0.3%)*(7) (8) (10)						Electric						First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 07/21, Due 07/27)						4,551						4,460						4,471
																		4,551						4,460						4,471
Echo Global Logistics, Inc. (1.1%)*(7)						Air Transportation						Second Lien Senior Secured Term Loan (LIBOR + 7.25%, 7.8% Cash, Acquired 11/21, Due 11/29)(8) (9)						14,469						14,224						14,246
												Partnership Equity (530.92 units, Acquired 11/21)												531						531
																		14,469						14,755						14,777
Ellkay, LLC (0.4%)*(7) (8) (10)						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 09/21, Due 09/27)						4,975						4,883						4,894
																		4,975						4,883						4,894
EMI Porta Holdco LLC (0.8%)*(7) (8) (10)						Diversified Manufacturing						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)						10,822						10,401						10,430
												Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)						605						549						552
																		11,427						10,950						10,982
Entact Environmental Services, Inc. (0.4%)*(7) (8) (10)						Environmental Industries						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/21, Due 12/25)						5,690						5,645						5,554
																		5,690						5,645						5,554
Envision Healthcare Corporation (0.0%)*(8) (9) (31)						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan (LIBOR + 3.75%, 4.2% Cash, Acquired 02/22, Due 10/25)						48						37						32
																		48						37						32

13

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

(Amounts in thousands, except share amounts)

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
EPS NASS Parent, Inc. (0.4%)*(7) (8) (10)						Electrical Components & Equipment						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/21, Due 04/28)						$	5,798					$	5,685					$	5,711
																		5,798						5,685						5,711
eShipping, LLC (0.3%)*(7) (8)						Transportation Services						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27)(9)						3,854						3,744						3,759
												Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27)(10)						663						635						637
																		4,517						4,379						4,396
Events Software BidCo Pty Ltd (0.1%)*(3) (7) (8) (24)						Technology						First Lien Senior Secured Term Loan (BBSY + 5.5%, 5.5% Cash, Acquired 03/22, Due 03/28)						1,924						1,850						1,852
																		1,924						1,850						1,852
F24 (Stairway BidCo Gmbh) (0.1%)*(3) (7) (8) (16)						Software Services						First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 08/20, Due 08/27)						1,586						1,651						1,586
																		1,586						1,651						1,586
Ferrellgas L.P. (0.2%)*(3) (7)						Oil & Gas Equipment & Services						OpCo Preferred Units (2,886 units, Acquired 03/21)												2,799						3,030
																								2,799						3,030
Fineline Technologies, Inc. (0.1%)*(7) (8) (10)						Consumer Services						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 02/21, Due 02/28)						1,302						1,281						1,302
																		1,302						1,281						1,302
Finexvet (0.1%)*(3) (7) (8) (16)						Consumer Cyclical						First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 03/22, Due 03/29)						1,536						1,458						1,467
																		1,536						1,458						1,467
FinThrive Software Intermediate Holdings Inc. (0.5%)*						Business Equipment & Services						Preferred Stock (6,582.7 shares, Acquired 03/22)												7,263						7,263
																								7,263						7,263
FitzMark Buyer, LLC (0.3%)*(7) (8) (10)						Cargo & Transportation						First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/20, Due 12/26)						4,259						4,189						4,173
																		4,259						4,189						4,173
Flexential Issuer, LLC (1.1%)*						Information Technology						Structured Secured Note - Class C (6.9% Cash, Acquired 11/21, Due 11/51)						16,000						14,822						15,040
																		16,000						14,822						15,040
FragilePak LLC (0.4%)*(7)						Transportation Services						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 05/27)(8) (10)						4,685						4,515						4,298
												Partnership Units (937.5 units, Acquired 05/21)												938						808
																		4,685						5,453						5,106
Front Line Power Construction LLC (0.3%)*						Construction Machinery						First Lien Senior Secured Term Loan (LIBOR + 12.5%, 13.5% Cash, Acquired 11/21, Due 11/28)(7) (8) (10)						4,000						3,876						3,880
												Common Stock (50,848 shares, Acquired 11/21)												130						94
																		4,000						4,006						3,974
FSS Buyer LLC (0.5%)*(7)						Technology						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 08/21, Due 08/28)(8) (10)						6,895						6,762						6,784
												LP Interest (1,160.9 units, Acquired 08/21)												12						12
												LP Units (5,104.32 units, Acquired 08/21)												51						51
																		6,895						6,825						6,847
GC EOS Buyer Inc. (0.2%)*(8) (9) (31)						Automotive						First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.0% Cash, Acquired 02/22, Due 08/25)						2,481						2,479						2,448
																		2,481						2,479						2,448
GTM Intermediate Holdings, Inc. (1.0%)*(7) (29)						Medical Equipment Manufacturer						Second Lien Loan (11.0% Cash, 1.0% PIK, Acquired 12/20, Due 12/24)						11,540						11,489						11,309
												Series A Preferred Units (923,347.4 units, Acquired 12/20)												2,166						1,391
												Series C Preferred Units (460,652.6 units, Acquired 12/20)												1,081						995
																		11,540						14,736						13,695
Gulf Finance, LLC (0.1%)*(8) (9)						Oil & Gas Exploration & Production						First Lien Senior Secured Term Loan (LIBOR + 6.75%, 7.8% Cash, Acquired 11/21, Due 08/26)						829						798						756
																		829						798						756
Hawaiian Airlines 2020-1 Class B Pass Through Certificates (0.4%)*						Airlines						Structured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25)						5,389						5,389						5,874
																		5,389						5,389						5,874

14

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Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

(Amounts in thousands, except share amounts)

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
Heartland Veterinary Partners, LLC (0.7%)*(7)						Healthcare						Subordinated Term Loan (11.0% PIK, Acquired 11/21, Due 11/28)						$	9,343					$	9,103					$	9,124
																		9,343						9,103						9,124
Heartland, LLC (1.1%)*(7) (8) (10)						Business Services						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 08/19, Due 08/25)						14,040						13,948						13,818
																		14,040						13,948						13,818
Heavy Construction Systems Specialists, LLC (0.5%)*(7) (8) (10)						Technology						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 11/21, Due 11/27)						7,368						7,228						7,239
												Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 11/21, Due 11/27)						—						(49)						(46)
																		7,368						7,179						7,193
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) (0.6%)*(3) (7) (8) (16)						Insurance						First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 09/19, Due 09/26)						8,599						9,380						8,444
																		8,599						9,380						8,444
Highpoint Global LLC (0.4%)*(7) (29)						Government Services						Second Lien Note (12.0% Cash, 2.0% PIK, Acquired 12/20, Due 09/22)						5,461						5,440						5,461
																		5,461						5,440						5,461
Holland Acquisition Corp. (0.0%)*(7) (8) (9) (28) (31)						Energy: Oil & Gas						First Lien Senior Secured Term Loan (LIBOR + 9.0%, 10.0% Cash, Acquired 02/22, Due 05/22)						3,754						—						—
																		3,754						—						—
Home Care Assistance, LLC (0.3%)*(7) (8) (10)						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 03/21, Due 03/27)						3,821						3,756						3,756
																		3,821						3,756						3,756
HTI Technology & Industries (1.7%)* (7) (29)						Electronic Component Manufacturing						Second Lien Note (12.0% Cash, 4.0% PIK, Acquired 12/20, Due 09/24)						23,068						22,429						22,560
																		23,068						22,429						22,560
HW Holdco, LLC (Hanley Wood LLC) (0.8%)*(7) (8) (9)						Advertising						First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/18, Due 12/24)						11,068						10,877						10,852
																		11,068						10,877						10,852
IGL Holdings III Corp. (0.3%)*(7) (8) (10)						Commercial Printing						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/26)						4,315						4,227						4,229
																		4,315						4,227						4,229
IM Analytics Holding, LLC (d/b/a NVT) (0.5%)*(7) (8)						Electronic Instruments & Components						First Lien Senior Secured Term Loan (LIBOR + 7.0%, 8.0% Cash, Acquired 11/19, Due 11/23)(10)						8,106						8,069						6,416
												Warrant (68,950 units, Acquired 11/19)												—						—
																		8,106						8,069						6,416
IM Square (0.5%)*(3) (7) (8) (17)						Banking, Finance, Insurance & Real Estate						First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 04/28)						6,898						7,272						6,774
																		6,898						7,272						6,774
Infoniqa Holdings GmbH (0.2%)*(3) (7) (8) (16)						Technology						First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 11/21, Due 11/28)						2,924						2,895						2,853
																		2,924						2,895						2,853
Innovad Group II BV (0.4%)*(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)						6,121						6,327						5,583
																		6,121						6,327						5,583
Innovative XCessories & Services, LLC (0.2%)*(8) (10) (31)						Automotive						First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 02/22, Due 03/27)						2,946						2,892						2,762
																		2,946						2,892						2,762
INOS 19-090 GmbH (0.4%)*(3) (7) (8) (16)						Aerospace & Defense						First Lien Senior Secured Term Loan (EURIBOR + 6.13%, 6.1% Cash, Acquired 12/20, Due 12/27)						5,157						5,501						5,157
																		5,157						5,501						5,157
Iqor US Inc. (0.2%)*(8) (9) (31)						Services: Business						First Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.5% Cash, Acquired 02/22, Due 11/24)						2,710						2,738						2,696
																		2,710						2,738						2,696
Isagenix International, LLC (0.1%)*(8) (10) (31)						Wholesale						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/22, Due 06/25)						1,645						1,208						1,033
																		1,645						1,208						1,033

15

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Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2022

(Amounts in thousands, except share amounts)

Portfolio Company(6)						Industry						Type of Investment(1) (2)						Principal Amount						Cost						Fair Value
ISS#2, LLC (d/b/a Industrial Services Solutions) (0.5%)*(7) (8) (10)						Commercial Services & Supplies						First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/20, Due 02/26)						$	6,720					$	6,628					$	6,431
																		6,720						6,628						6,431
ITI Intermodal, Inc. (0.1%)*(7)						Transportation Services						First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(8) (10)						721						706						706
												Revolver (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(8) (10)						—						(2)						(2)
												Common Stock (1,433.37 shares, Acquired 01/22)												144						143
																		721						848						847
Ivanti Software, Inc. (0.4%)*(8) (10) (31)						High Tech Industries						Second Lien Senior Secured Term Loan (LIBOR + 7.25%, 7.8% Cash, Acquired 02/22, Due 12/28)						6,000						5,989						5,910
																		6,000						5,989						5,910
Jade Bidco Limited (Jane's) (2.3%)*(3) (7) (8)						Aerospace & Defense						First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.3% Cash, Acquired 11/19, Due 02/29)(11)						26,714						26,052						26,085
												First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 11/19, Due 02/29)(17)						4,256						4,074						4,150
																		30,970						30,126						30,235
Jaguar Merger Sub Inc. (0.2%)*(7) (8) (10)						Other Financial						First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 09/24)						2,722						2,671						2,671
												Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 09/24)						—						(6)						(6)
																		2,722						2,665						2,665
Jedson Engineering, Inc. (0.2%)*(7) (29)						Engineering & Construction Management						First Lien Loan (12.0% Cash, Acquired 12/20, Due 06/24)						2,650						2,650						2,650
																		2,650						2,650						2,650
JetBlue 2019-1 Class B Pass Through Trust (0.3%)*						Airlines						Structured Secured Note - Class B (8.0% Cash, Acquired 08/20, Due 11/27)						4,165						4,165						4,437
																		4,165						4,165						4,437
JF Acquisition, LLC (0.3%)*(7) (8) (10)						Automotive						First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 07/24)						3,856						3,759						3,687
																		3,856						3,759						3,687
Jon Bidco Limited (0.6%)*(3) (7) (8) (27)						Healthcare						First Lien Senior Secured Term Loan (BKBM + 5.5%, 6.0% Cash, Acquired 03/22, Due 03/27)						8,319						8,065						8,047
																		8,319						8,065						8,047
Jones Fish Hatcheries & Distributors LLC (0.2%)*(7)						Consumer Products						First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/22, Due 02/28)(8) (10)						2,785						2,730						2,729
												Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 02/22, Due 02/28)(8) (11)						—						(8)						(8)
												LLC Units (974.68 units, Acquired 02/22)												97						97
																		2,785						2,819