0001379785FALSE12/312022Q200013797852022-01-012022-06-3000013797852022-08-09xbrli:shares


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
__________________________________________________________
Form 10-Q
__________________________________________________________
(Mark One)
ýQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 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 ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, par value $0.001 per shareBBDCThe New York Stock Exchange
________________________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ¨    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
¨
Accelerated filer
¨
Non-accelerated filer
ý
Smaller reporting company
¨
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý
The number of shares outstanding of the registrant’s common stock on August 9, 2022 was 109,227,791.



BARINGS BDC, INC.
TABLE OF CONTENTS
QUARTERLY REPORT ON FORM 10-Q
  Page
PART I – FINANCIAL INFORMATION
Item 1.
Unaudited Consolidated Schedule of Investments as of June 30, 2022
Consolidated Schedule of Investments as of December 31, 2021
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.
Barings BDC, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
June 30,
2022
December 31, 2021
(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $2,025,944 and $1,494,031 as of June 30, 2022 and December 31, 2021, respectively)
$1,928,010 $1,490,113 
Affiliate investments (cost of $307,332 and $267,967 as of June 30, 2022 and December 31, 2021, respectively)
322,321 288,069 
Control investments (cost of $105,791 and $25,826 as of June 30, 2022 and December 31, 2021, respectively)
138,745 22,412 
Total investments at fair value2,389,076 1,800,594 
Cash138,092 49,987 
Foreign currencies (cost of $60,029 and $34,069 as of June 30, 2022 and December 31, 2021, respectively)
59,678 34,266 
Interest and fees receivable77,235 33,645 
Prepaid expenses and other assets14,180 4,297 
Credit support agreements (cost of $58,000 and $13,600 as of June 30, 2022 and December 31, 2021, respectively)
46,040 15,400 
Deferred financing fees3,982 2,985 
Receivable from unsettled transactions101,195 219,732 
Total assets$2,829,478 $2,160,906 
Liabilities:
Accounts payable and accrued liabilities$12,300 $2,341 
Interest payable6,731 5,704 
Administrative fees payable860 750 
Base management fees payable7,381 5,422 
Incentive management fees payable— 4,067 
Derivative liabilities2,135 1,160 
Payable from unsettled transactions14,594 26,786 
Borrowings under credit facilities814,380 655,189 
Notes payable (net of deferred financing fees)718,222 717,556 
Total liabilities1,576,603 1,418,975 
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (150,000,000 shares authorized, 109,785,892 and 65,316,085 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)
110 65 
Additional paid-in capital1,584,076 1,027,687 
Total distributable earnings (loss)(331,311)(285,821)
Total net assets1,252,875 741,931 
Total liabilities and net assets$2,829,478 $2,160,906 
Net asset value per share$11.41 $11.36 
See accompanying notes.

3


Barings BDC, Inc.
Unaudited Consolidated Statements of Operations
(in thousands, except share and per share data)
Three Months
Ended
Three Months
Ended
Six Months Ended
Six Months Ended
June 30,
2022
June 30,
2021
June 30,
2022
June 30,
2021
Investment income:
Interest income:
Non-Control / Non-Affiliate investments$40,010 $26,597 $71,634 $51,694 
Affiliate investments411 109 584 109 
Control investments363 109 636 216 
Short-term investments— — 15 
Total interest income40,784 26,819 72,854 52,034 
Dividend income:
Non-Control / Non-Affiliate investments63 33 186 33 
Affiliate investments7,183 362 14,753 433 
Total dividend income7,246 395 14,939 466 
Fee and other income:
Non-Control / Non-Affiliate investments4,924 2,412 7,147 4,385 
Affiliate investments26 39 
Control investments122 155 (918)315 
Total fee and other income5,072 2,568 6,268 4,701 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments2,070 3,068 4,358 6,106 
Affiliate investments93 303 137 439 
Control investments311 — 778 — 
Total payment-in-kind interest income2,474 3,371 5,273 6,545 
Interest income from cash16 — 16 
Total investment income55,592 33,153 99,350 63,747 
Operating expenses:
Interest and other financing fees13,168 7,994 24,829 15,279 
Base management fee (Note 2)7,381 4,891 13,253 8,821 
Incentive management fees (Note 2)— 3,510 4,754 6,232 
General and administrative expenses (Note 2)3,269 2,200 5,727 4,501 
Total operating expenses23,818 18,595 48,563 34,833 
Net investment income before taxes31,774 14,558 50,787 28,914 
Income taxes, including excise tax expense— — (18)
Net investment income after taxes31,774 14,558 50,781 28,932 
4


Barings BDC, Inc.
Unaudited Consolidated Statements of Operations — (Continued)
(in thousands, except share and per share data)
Three Months
Ended
Three Months
Ended
Six Months Ended
Six Months Ended
June 30,
2022
June 30,
2021
June 30,
2022
June 30,
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(6,701)553 (6,951)3,444 
Affiliate investments— — 101 (77)
Control investments(813)— (813)— 
Net realized gains (losses) on investments(7,514)553 (7,663)3,367 
Foreign currency transactions(2,709)(210)(4,002)(1,185)
Net realized gains (losses)(10,223)343 (11,665)2,182 
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments(65,428)4,304 (94,016)9,661 
Affiliate investments(13,435)7,087 (440)9,532 
Control investments17,050 1,368 31,696 (2,602)
Net unrealized appreciation (depreciation) on investments(61,813)12,759 (62,760)16,591 
Credit support agreements(13,361)2,300 (13,760)700 
Foreign currency transactions30,520 (650)35,332 3,392 
Net unrealized appreciation (depreciation)(44,654)14,409 (41,188)20,683 
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements and foreign currency transactions(54,877)14,752 (52,853)22,865 
Provision for income taxes(1,890)(2)(1,890)(1)
Net increase (decrease) in net assets resulting from operations$(24,993)$29,308 $(3,962)$51,796 
Net investment income per share—basic and diluted$0.29 $0.22 $0.52 $0.44 
Net increase (decrease) in net assets resulting from operations per share—basic and diluted$(0.23)$0.45 $(0.04)$0.79 
Dividends/distributions per share:
Total dividends/distributions per share$0.24 $0.20 $0.47 $0.39 
Weighted average shares outstanding—basic and diluted110,759,443 65,316,085 96,785,517 65,316,085 
See accompanying notes.
5


Barings BDC, Inc.
Unaudited Consolidated Statements of Changes in Net Assets
(in thousands, except share amounts)
 
Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Three Months Ended June 30, 2021
Number
of Shares
Par
Value
Balance, March 31, 202165,316,085 $65 $1,027,707 $(299,890)$727,882 
Net investment income— — — 14,558 14,558 
Net realized gain on investments / foreign currency transactions— — — 343 343 
Net unrealized appreciation of investments / CSA / foreign currency transactions— — — 14,409 14,409 
Provision for taxes— — — (2)(2)
Dividends / distributions— — — (13,063)(13,063)
Balance, June 30, 202165,316,085 $65 $1,027,707 $(283,645)$744,127 

Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Three Months Ended June 30, 2022
Number
of Shares
Par
Value
Balance, March 31, 2022111,095,334 $111 $1,597,257 $(279,812)$1,317,556 
Net investment income— — — 31,774 31,774 
Net realized loss on investments / foreign currency transactions— — — (10,223)(10,223)
Net unrealized depreciation of investments / CSAs / foreign currency transactions— — — (44,654)(44,654)
Provision for taxes— — — (1,890)(1,890)
Dividends / distributions— — — (26,506)(26,506)
Deemed contribution - from Adviser (See Note 9)— (174)— (174)
Purchases of shares in repurchase plan(1,309,442)(1)(13,007)— (13,008)
Balance, June 30, 2022109,785,892 $110 $1,584,076 $(331,311)$1,252,875 

See accompanying notes.
6


Barings BDC, Inc.
Unaudited Consolidated Statements of Changes in Net Assets — (Continued)
(in thousands, except share amounts)

Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Six Months Ended June 30, 2021
Number
of Shares
Par
Value
Balance, December 31, 202065,316,085 $65 $1,027,707 $(309,968)$717,804 
Net investment income— — — 28,932 28,932 
Net realized gain on investments / foreign currency transactions— — — 2,182 2,182 
Net unrealized appreciation of investments / CSA / foreign currency transactions— — — 20,683 20,683 
Provision for taxes— — — (1)(1)
Dividends / distributions— — — (25,473)(25,473)
Balance, June 30, 202165,316,085 $65 $1,027,707 $(283,645)$744,127 

Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Six Months Ended June 30, 2022
Number
of Shares
Par
Value
Balance, December 31, 202165,316,085 $65 $1,027,687 $(285,821)$741,931 
Net investment income— — — 50,781 50,781 
Net realized loss on investments / foreign currency transactions— — — (11,665)(11,665)
Net unrealized depreciation of investments / CSAs / foreign currency transactions— — — (41,188)(41,188)
Provision for taxes— — — (1,890)(1,890)
Dividends / distributions— — — (41,528)(41,528)
Deemed contribution - CSA (See Note 2)— — 44,400 — 44,400 
Deemed contribution - from Adviser (See Note 9)— — 27,729 — 27,729 
Public offering of common stock45,986,926 46 499,372 — 499,418 
Purchases of shares in repurchase plan(1,517,119)(1)(15,112)— (15,113)
Balance, June 30, 2022109,785,892 $110 $1,584,076 $(331,311)$1,252,875 

See accompanying notes.
7


Barings BDC, Inc.
Unaudited Consolidated Statements of Cash Flows 
(in thousands)
Six Months Ended
Six Months Ended
June 30, 2022June 30, 2021
Cash flows from operating activities:
Net increase in net assets resulting from operations$(3,962)$51,797 
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(708,703)(538,012)
Net cash acquired from mergers (cash consideration paid) (See Note 9)101,896 — 
Transaction costs from mergers (See Note 9)(6,804)— 
Repayments received/sales of portfolio investments603,169 322,357 
Purchases of short-term investments— (217,559)
Sales of short-term investments— 272,542 
Loan origination and other fees received11,492 10,024 
Net realized (gain) loss on investments7,663 (3,367)
Net realized loss on foreign currency transactions4,002 1,185 
Net unrealized (appreciation) depreciation on investments 62,760 (16,591)
Net unrealized (appreciation) depreciation of CSAs13,760 (700)
Net unrealized appreciation on foreign currency transactions(35,332)(3,392)
Payment-in-kind interest (5,273)(6,545)
Amortization of deferred financing fees1,498 713 
Accretion of loan origination and other fees(5,313)(3,513)
Amortization / accretion of purchased loan premium / discount(1,240)(3,822)
Changes in operating assets and liabilities:
Interest and fees receivables(50,492)(6,513)
Prepaid expenses and other assets253 254 
Accounts payable and accrued liabilities(3,077)142 
Interest payable1,033 2,011 
Net cash used in operating activities(12,670)(138,989)
Cash flows from financing activities:
Borrowings under credit facilities184,657 110,731 
Repayments of credit facilities— (157,861)
Proceeds from notes— 150,000 
Financing fees paid(1,829)(191)
Purchases of shares in repurchase plan(15,113)— 
Cash dividends / distributions paid(41,528)(25,473)
Net cash provided by (used in) financing activities126,187 77,206 
Net increase (decrease) in cash and foreign currencies113,517 (61,783)
Cash and foreign currencies, beginning of period84,253 92,487 
Cash and foreign currencies, end of period$197,770 $30,704 
Supplemental Information:
Cash paid for interest$21,766 $12,186 
Supplemental non-cash information
Acquisitions (See Note 9):
Fair value of Sierra net assets acquired, net of cash$(435,811)$— 
Transaction Costs3,756 — 
Common stock issued in acquisition of Sierra net assets499,418 — 
Credit support agreement (See Note 2)(44,400)— 
Deemed contribution -from Adviser27,729 — 
Deemed contributions - CSA44,400 — 
See accompanying notes.
8

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments
June 30, 2022
(Amounts in thousands, except share amounts)

Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Non–Control / Non–Affiliate Investments:
1WorldSync, Inc.IT Consulting & Other ServicesFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 6.8% Cash7/197/25$16,338 $16,121 $16,335 1.3 %
(7)(8)(10)
16,338 16,121 16,335 
Accelerant HoldingsBanking, Finance, Insurance & Real EstateClass A Convertible Preferred Equity (5,000 shares)N/A1/22N/A5,000 5,202 0.4 %
(7)
5,000 5,202 
Accelerate Learning, Inc.Education ServicesFirst Lien Senior Secured Term LoanLIBOR + 5.00%, 6.7% Cash12/1812/247,568 7,498 7,454 0.6 %
(7)(8)(9)
7,568 7,498 7,454 
Acclime Holdings HK LimitedBusiness services First Lien Senior Secured Term LoanLIBOR + 6.50%, 7.0% Cash8/217/272,500 2,438 2,495 0.2 %
(3)(7)(8)(11)
2,500 2,438 2,495 
Accurus Aerospace CorporationAerospace & DefenseFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 7.7% Cash4/223/2822,316 21,992 21,982 1.7 %
(7)(8)(10)
RevolverLIBOR + 5.75%, 7.7% Cash4/223/28— (33)(35)— %
(7)(8)(10)
Common Stock (437,623.30 shares)N/A4/22N/A438 438 — %
(7)
22,316 22,397 22,385 
Acogroup Business ServicesFirst Lien Senior Secured Term LoanEURIBOR + 7.50%, 7.5% Cash3/2210/2622,195 22,786 21,693 1.7 %
(3)(7)(8)(14)
22,195 22,786 21,693 
ADB SafegateAerospace & DefenseSecond Lien Senior Secured Term LoanLIBOR + 7.75%, 9.4% Cash8/2110/255,500 5,136 4,989 0.4 %
(3)(8)(10)
5,500 5,136 4,989 
Advantage Software Company (The), LLCAdvertising, Printing & PublishingClass A1 Partnership Units (8,717.76 units)N/A12/21N/A280 880 0.1 %
(7)
Class A2 Partnership Units (2,248.46 units)N/A12/21N/A72 227 — %
(7)
Class B1 Partnership Units (8,717.76 units)N/A12/21N/A— — %
(7)
Class B2 Partnership Units (2,248.46 units)N/A12/21N/A— — %
(7)
363 1,107 
Air Canada 2020-2 Class B Pass Through TrustAirlinesStructured Secured Note - Class B9.0% Cash9/2010/255,505 5,505 5,674 0.4 %
5,505 5,505 5,674 
Air Comm Corporation, LLCAerospace & DefenseFirst Lien Senior Secured Term LoanSOFR + 5.75%, 8.6% Cash6/217/2711,482 11,255 11,285 0.9 %
(7)(8)(18)
11,482 11,255 11,285 
AIT Worldwide Logistics Holdings, Inc.Transportation ServicesSecond Lien Senior Secured Term LoanLIBOR + 7.50%, 9.8% Cash4/214/296,460 6,332 6,202 0.5 %
(7)(8)(10)
Partnership Units (348.68 units)N/A4/21N/A349 621 — %
(7)
6,460 6,681 6,823 
Alpine SG, LLCHigh Tech IndustriesFirst Lien Senior Secured Term LoanSOFR + 5.50%, 7.0% Cash2/2211/2727,521 26,971 26,970 2.1 %
(7)(8)(17) (32)
27,521 26,971 26,970 
Alpine US Bidco LLCAgricultural ProductsSecond Lien Senior Secured Term LoanLIBOR + 9.00%, 10.1% Cash5/215/2918,157 17,666 16,522 1.3 %
(7)(8)(9)
18,157 17,666 16,522 
AMMC CLO 22, Limited Series 2018-22AMulti-Sector HoldingsSubordinated Structured NotesResidual Interest, current yield 12.61%2/224/317,222 4,558 3,394 0.3 %
(3)(32)
7,222 4,558 3,394 
9

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
AMMC CLO 23, Ltd. Series 2020-23AMulti-Sector HoldingsSubordinated Structured NotesResidual Interest, current yield 12.35%2/2210/31$2,000 $1,910 $1,509 0.1 %
(3)(32)
2,000 1,910 1,509 
Amtech LLCTechnologyFirst Lien Senior Secured Term LoanLIBOR + 5.50%, 6.6% Cash11/2111/272,279 2,211 2,220 0.2 %
(7)(8)(9)
RevolverLIBOR + 5.50%, 6.6% Cash11/2111/27— (12)(11)— %
(7)(8)(10)
2,279 2,199 2,209 
Anagram Holdings, LLCChemicals, Plastics, & RubberFirst Lien Senior Secured Note10.0% Cash, 5.0% PIK8/208/2514,755 13,917 15,382 1.2 %

14,755 13,917 15,382 
AnalytiChem Holding GmbHChemicalsFirst Lien Senior Secured Term LoanEURIBOR + 6.50%, 6.5% Cash11/2111/287,558 7,777 7,369 0.6 %
(3)(7)(8)(14)
First Lien Senior Secured Term LoanEURIBOR + 6.50%, 6.5% Cash11/2112/28723 789 705 0.1 %
(3)(7)(8)(14)
First Lien Senior Secured Term LoanEURIBOR + 6.50%, 6.5% Cash4/2210/285,626 5,711 5,463 0.4 %
(3)(7)(8)(14)
First Lien Senior Secured Term LoanLIBOR + 6.50%, 7.5% Cash6/2210/281,019 1,019 993 0.1 %
(3)(7)(8)(10)
RevolverEURIBOR + 6.50%, 6.5% Cash4/2210/23— (8)(9)— %
(3)(7)(8)(14)
14,926 15,288 14,521 
Anju Software, Inc.Application SoftwareFirst Lien Senior Secured Term LoanLIBOR + 7.25%, 8.9% Cash2/192/2513,458 13,312 12,691 1.0 %
(7)(8)(9)
13,458 13,312 12,691 
Apex Bidco LimitedBusiness Equipment & ServicesFirst Lien Senior Secured Term LoanGBP LIBOR + 6.25%, 7.4% Cash1/201/271,770 1,872 1,770 0.1 %
(3)(7)(8)(12)
Subordinated Senior Unsecured Term Loan 8.0% PIK1/207/27259 275 259 — %
(3)(7)
2,029 2,147 2,029 
Apidos CLO XXIV, Series 2016-24AMulti-Sector HoldingsSubordinated Structured NotesResidual Interest, current yield 20.96%2/2210/3018,358 7,222 5,884 0.5 %
(3)(32)
18,358 7,222 5,884 
APOG Bidco Pty LtdHealthcareSecond Lien Senior Secured Term LoanBBSY + 7.25%, 8.4% Cash4/223/302,134 2,277 2,091 0.2 %
(3)(7)(8)(22)
2,134 2,277 2,091 
Aptus 1829. GmbHChemicals, Plastics, and RubberFirst Lien Senior Secured Term LoanEURIBOR + 6.50%, 6.5% Cash9/219/274,981 5,459 4,871 0.4 %
(3)(7)(8)(14)
Preferred Stock (13 shares)N/A9/21N/A120 102 — %
(3)(7)
Common Stock (48 shares)N/A9/21N/A12 10 — %
(3)(7)
4,981 5,591 4,983 
Apus Bidco LimitedBanking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term LoanSONIA + 5.50%, 7.0% Cash2/213/283,498 3,880 3,432 0.3 %
(3)(7)(8)(21)
3,498 3,880 3,432 
AQA Acquisition Holding, Inc.High Tech IndustriesSecond Lien Senior Secured Term LoanLIBOR + 7.50%, 9.2% Cash3/213/2920,000 19,536 19,688 1.5 %
(7)(8)(9)
20,000 19,536 19,688 
Aquavista Watersides 2 LTD Transportation ServicesFirst Lien Senior Secured Term LoanSONIA + 6.00%, 6.9% Cash12/2112/285,417 5,721 5,218 0.4 %
(3)(7)(8)(21)
RevolverSONIA + 6.00%, 6.9% Cash12/2112/22— (1)(11)— %
(3)(7)(8)(20)
Second Lien Senior Secured Term LoanSONIA + 10.5% PIK12/2112/281,429 1,526 1,395 0.1 %
(3)(7)(8)(21)
6,846 7,246 6,602 
Arch Global Precision LLCIndustrial MachineryFirst Lien Senior Secured Term LoanLIBOR + 4.75%, 7.0% Cash4/194/269,201 9,197 9,182 0.7 %
(7)(8)(10)
9,201 9,197 9,182 
10

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
ArchimedeConsumer ServicesFirst Lien Senior Secured Term LoanEURIBOR + 5.50%, 5.7% Cash10/2010/27$6,168 $6,440 $6,014 0.5 %
(3)(7)(8)(15)
6,168 6,440 6,014 
Argus Bidco LimitedHigh Tech IndustriesFirst Lien Senior Secured Term LoanLIBOR + 5.50%, 5.8% Cash5/2112/27672 655 672 0.1 %
(3)(7)(8)(10)
First Lien Senior Secured Term LoanSONIA + 5.50%, 6.2% Cash12/2012/272,405 2,564 2,405 0.2 %
(3)(7)(8)(20)
3,077 3,219 3,077 
Armstrong Transport Group (Pele Buyer, LLC )Air Freight & LogisticsFirst Lien Senior Secured Term LoanLIBOR + 4.50%, 6.2% Cash6/196/244,000 3,952 3,939 0.3 %
(7)(8)(9)
4,000 3,952 3,939 
ASPEQ Heating Group LLCBuilding Products, Air & HeatingFirst Lien Senior Secured Term LoanLIBOR + 5.25%, 7.5% Cash11/1911/258,412 8,336 8,412 0.7 %
(7)(8)(10)
8,412 8,336 8,412 
Astra Bidco LimitedHealthcareFirst Lien Senior Secured Term LoanSONIA + 5.75%, 7.2% Cash11/2111/281,981 2,098 1,915 0.1 %
(3)(7)(8)(20)
1,981 2,098 1,915 
Auxi InternationalCommercial FinanceFirst Lien Senior Secured Term LoanEURIBOR + 7.25%, 7.3% Cash12/1912/261,464 1,523 1,320 0.1 %
(3)(7)(8)(15)
First Lien Senior Secured Term LoanSONIA + 7.25%, 7.9% Cash4/2112/26814 899 734 0.1 %
(3)(7)(8)(21)
2,278 2,422 2,054 
Avance Clinical Bidco Pty LtdHealthcareFirst Lien Senior Secured Term LoanBBSY + 5.50%, 6.0% Cash11/2111/272,428 2,409 2,338 0.2 %
(3)(7)(8)(23)
2,428 2,409 2,338 
Aviation Technical Services, Inc.Aerospace & DefenseSecond Lien Senior Secured Term LoanLIBOR + 2.00%, 3.7% Cash, 6.5% PIK02/223/2527,391 26,049 26,487 2.1 %
(7)(8)(9)(32)
27,391 26,049 26,487 
AVSC Holding Corp.AdvertisingFirst Lien Senior Secured Term LoanLIBOR + 3.25%, 5.1% Cash, 0.3% PIK08/183/254,848 4,454 4,155 0.3 %
(8)(10)
First Lien Senior Secured Term LoanLIBOR + 4.50%, 6.1% Cash, 1.0% PIK08/1810/26748 698 646 0.1 %
(8)(10)
First Lien Senior Secured Term Loan5.0% Cash, 10.0% PIK11/2010/265,794 5,691 6,113 0.5 %
11,390 10,843 10,914 
Azalea Buyer, Inc.TechnologyFirst Lien Senior Secured Term LoanLIBOR + 5.25%, 6.8% Cash11/2111/274,583 4,481 4,493 0.3 %
(7)(8)(10)
RevolverLIBOR + 5.25%, 6.8% Cash11/2111/2758 49 50 — %
(7)(8)(10)
Subordinated Term Loan12.0% PIK11/215/281,310 1,286 1,288 0.1 %
(7)
Common Stock (192,307.7 shares)N/A11/21N/A192 156 — %
(7)
5,951 6,008 5,987 
Bariacum S.A Consumer ProductsFirst Lien Senior Secured Term LoanEURIBOR + 5.50%, 5.5% Cash11/2111/285,959 6,250 5,786 0.5 %
(3)(7)(8)(14)
5,959 6,250 5,786 
Benify (Bennevis AB)High Tech IndustriesFirst Lien Senior Secured Term LoanSTIBOR + 5.25%, 5.3% Cash7/197/261,136 1,223 1,136 0.1 %
(3)(7)(8)(26)
1,136 1,223 1,136 
Beyond Risk Management, Inc.Other FinancialFirst Lien Senior Secured Term LoanLIBOR + 4.50%, 6.8% Cash10/2110/272,560 2,488 2,484 0.2 %
(7)(8)(10)
2,560 2,488 2,484 
BidwaxNon-durable Consumer GoodsFirst Lien Senior Secured Term LoanEURIBOR + 6.45%, 6.5% Cash2/212/287,318 8,076 7,150 0.6 %
(3)(7)(8)(15)
7,318 8,076 7,150 
11

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
BigHand UK Bidco LimitedHigh Tech IndustriesFirst Lien Senior Secured Term LoanSOFR +5.50%, 6.3% Cash1/211/28$2,156 $2,095 $2,115 0.2 %
(3)(7)(8)(17)
First Lien Senior Secured Term LoanSOFR +5.50%, 7.0% Cash1/211/28377 377 370 — %
(3)(7)(8)(17)
First Lien Senior Secured Term LoanSONIA + 5.50%, 6.7% Cash1/211/28815 891 800 0.1 %
(3)(7)(8)(20)
3,348 3,363 3,285 
Bounteous, Inc.TechnologyFirst Lien Senior Secured Term LoanLIBOR + 5.00%, 7.2% Cash8/218/271,902 1,818 1,828 0.1 %
(7)(8)(10)
1,902 1,818 1,828 
Brightline Trains Florida LLCTransportationSenior Secured Note8.0% Cash8/211/285,000 5,000 4,737 0.4 %
(7)
5,000 5,000 4,737 
Brightpay LimitedTechnologyFirst Lien Senior Secured Term LoanEURIBOR + 5.25%, 5.3% Cash10/2110/281,963 2,109 1,923 0.1 %
(3)(7)(8)(14)
1,963 2,109 1,923 
BrightSign LLCMedia & EntertainmentFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 8.0% Cash10/2110/276,777 6,716 6,601 0.5 %
(7)(8)(10)
RevolverLIBOR + 5.75%, 8.0% Cash10/2110/27— (12)(35)— %
(7)(8)(10)
LLC units (1,107,492.71 units)N/A10/21N/A1,107 1,012 0.1 %
(7)
6,777 7,811 7,578 
British Airways 2020-1 Class B Pass Through TrustAirlinesStructured Secured Note - Class B8.4% Cash11/2011/28756 756 813 0.1 %
756 756 813 
British Engineering Services Holdco LimitedCommercial Services & SuppliesFirst Lien Senior Secured Term LoanSONIA + 7.0%, 9.3% Cash12/2012/2713,925 15,107 13,582 1.1 %
(3)(7)(8)(21)
13,925 15,107 13,582 
Brook & Whittle Holding Corp.Containers, Packaging & GlassFirst Lien Senior Secured Term LoanLIBOR + 4.00%, 5.2% Cash2/2212/282,839 2,819 2,658 0.2 %
(8)(10)(32)
2,839 2,819 2,658 
Brown Machine Group Holdings, LLCIndustrial EquipmentFirst Lien Senior Secured Term LoanLIBOR + 5.25%, 7.5% Cash10/1810/246,281 6,244 6,281 0.5 %
(7)(8)(10)
6,281 6,244 6,281 
BVI Medical, Inc.HealthcareSecond Lien Senior Secured Term LoanEURIBOR + 9.50%, 9.5% Cash6/226/269,699 9,365 9,311 0.7 %
(7)(8)(14)
9,699 9,365 9,311 
Cadent, LLC (f/k/a Cross MediaWorks)Media & EntertainmentFirst Lien Senior Secured Term LoanLIBOR + 5.00%, 6.7% Cash9/189/236,751 6,734 6,751 0.5 %
(7)(8)(9)
6,751 6,734 6,751 
CAi Software, LLCTechnologyFirst Lien Senior Secured Term LoanLIBOR + 6.25%, 8.4% Cash12/2112/289,034 8,865 8,854 0.7 %
(7)(8)(10)
RevolverLIBOR + 6.25%, 8.4% Cash12/2112/27— (17)(19)— %
(7)(8)(10)
9,034 8,848 8,835 
Canadian Orthodontic Partners Corp.HealthcareFirst Lien Senior Secured Term LoanCDOR + 6.50%, 9.7% Cash6/213/261,645 1,737 1,593 0.1 %
(3)(7)(8)(25)
Class A Equity (500,000 units)N/A5/22N/A389 388 — %
(3)(7)
Class C - Warrants (74,712.64 units)N/A5/22N/A— — — %
(3)(7)
1,645 2,126 1,981 
Cardenas Markets, LLCRetailFirst Lien Senior Secured Term LoanLIBOR + 6.25%, 7.3% Cash2/226/271,985 1,980 1,985 0.2 %
(7)(8)(10) (32)
1,985 1,980 1,985 
12

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Caribou Holding Company, LLCTechnologyFirst Lien Senior Secured Term LoanSOFR + 7.64%, 8.6% Cash4/224/27$4,318 $4,256 $4,253 0.3 %
(3)(7)(8)(17)
LLC Units (681,818 units)N/A4/22N/A682 682 0.1 %
(3)(7)
4,318 4,938 4,935 
Carlson Travel, IncBusiness Travel ManagementFirst Lien Senior Secured Note8.5% Cash11/2111/266,050 5,686 5,438 0.4 %
Common Stock (94,155 shares)N/A11/21N/A4,194 4,171 0.3 %
6,050 9,880 9,609 
Centralis Finco S.a.r.l.Diversified Financial ServicesFirst Lien Senior Secured Term LoanEURIBOR + 5.25%, 5.3% Cash5/205/27742 741 732 0.1 %
(3)(7)(8)(14)
742 741 732 
Ceres Pharma NVPharma-ceuticalsFirst Lien Senior Secured Term LoanEURIBOR + 5.50%, 5.5% Cash10/2110/281,261 1,300 1,186 0.1 %
(3)(7)(8)(14)
1,261 1,300 1,186 
CGI Parent, LLCBusiness Equipment & ServicesFirst Lien Senior Secured Term LoanLIBOR + 5.50%, 6.9% Cash2/222/2817,751 17,415 17,441 1.4 %
(7)(8)(10)
RevolverLIBOR + 5.50%, 6.9% Cash2/222/28— (31)(29)— %
(7)(8)(10)
Preferred Stock (551 shares)N/A2/22N/A551 806 0.1 %
(7)
17,751 17,935 18,218 
Cineworld Group PLCLeisure ProductsSuper Senior Senior Secured Term Loan7.0% Cash, 8.3% PIK11/205/241,862 1,688 2,077 0.2 %
(3)
Super Senior Senior Secured Term LoanLIBOR + 8.25%, 10.1% Cash7/212/25994 967 1,033 0.1 %
(3)(7)(8)(11)
Warrants (553,375 units)N/A12/2011/25102 57 — %
(3)
2,856 2,757 3,167 
Classic Collision (Summit Buyer, LLC)Auto Collision Repair CentersFirst Lien Senior Secured Term LoanLIBOR + 5.25%, 8.1% Cash1/201/266,305 6,210 6,212 0.5 %
(7)(8)(11)
First Lien Senior Secured Term LoanLIBOR + 5.25%, 8.1% Cash1/204/26344 334 335 — %
(7)(8)(11)
6,649 6,544 6,547 
CM Acquisitions Holdings Inc.Internet & Direct MarketingFirst Lien Senior Secured Term LoanSOFR + 4.75%, 7.3% Cash5/195/2519,018 18,838 18,771 1.5 %
(7)(8)(17)
19,018 18,838 18,771 
CMT Opco Holding, LLC (Concept Machine)DistributorsFirst Lien Senior Secured Term LoanLIBOR + 5.00%, 6.8% Cash1/201/254,134 4,088 4,006 0.3 %
(7)(8)(11)
LLC Units (8,782 units)N/A1/20N/A352 175 — %
(7)
4,134 4,440 4,181 
Coastal Marina Holdings, LLCOther FinancialSubordinated Term Loan10.0% PIK11/2111/315,023 4,601 4,561 0.4 %
(7)
Subordinated Term Loan8.00% Cash11/2111/3113,044 11,893 11,830 0.9 %
(7)
LLC Units (547,591.0 units)N/A11/21N/A9,045 10,140 0.8 %
(7)
18,067 25,539 26,531 
Cobham Slip Rings SASDiversified ManufacturingFirst Lien Senior Secured Term LoanLIBOR + 6.25%, 8.5% Cash11/2111/281,303 1,274 1,278 0.1 %
(3)(7)(8)(10)
1,303 1,274 1,278 
13

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Command Alkon (Project Potter Buyer, LLC)SoftwareFirst Lien Senior Secured Term LoanLIBOR + 7.0%, 8.7% Cash4/204/26$1,622 $1,583 $1,596 0.1 %
(7)(8)(9)
First Lien Senior Secured Term LoanLIBOR + 7.0%, 8.7% Cash4/204/2712,087 11,808 11,894 0.9 %
(7)(8)(9)
Class B Partnership Units (33,324.69 units)N/A4/20N/A— 237 — %
(7)
13,709 13,391 13,727 
Compass Precision, LLCAerospace & DefenseSenior Subordinated Term Loan11.0% Cash, 1.0% PIK4/2210/25376 369 368 — %
(7)
LLC Units (46,085.6 units)N/A4/22N/A125 127 — %
(7)
376 494 495 
Comply365, LLCTechnologyFirst Lien Senior Secured Term LoanSOFR + 5.50%, 6.5% Cash4/224/2813,723 13,456 13,448 1.0 %
(7)(8)(17)
RevolverSOFR + 5.50%, 6.5% Cash4/224/28— (21)(22)— %
(7)(8)(17)
13,723 13,435 13,426 
Contabo Finco S.À R.LInternet Software & ServicesFirst Lien Senior Secured Term LoanEURIBOR + 5.25%, 5.3% Cash11/2110/265,469 5,804 5,457 0.4 %
(3)(7)(8)(14)
5,469 5,804 5,457 
Core Scientific, Inc.TechnologyFirst Lien Senior Secured Term Loan9.8% Cash3/223/2530,444 30,728 29,714 2.3 %
(3)(7)
30,444 30,728 29,714