Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

August 9, 2022

Documents

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


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
__________________________________________________________
Form 10-Q
__________________________________________________________
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 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 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 value 2,389,076  1,800,594 
Cash 138,092  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 receivable 77,235  33,645 
Prepaid expenses and other assets 14,180  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 fees 3,982  2,985 
Receivable from unsettled transactions 101,195  219,732 
Total assets $ 2,829,478  $ 2,160,906 
Liabilities:
Accounts payable and accrued liabilities $ 12,300  $ 2,341 
Interest payable 6,731  5,704 
Administrative fees payable 860  750 
Base management fees payable 7,381  5,422 
Incentive management fees payable —  4,067 
Derivative liabilities 2,135  1,160 
Payable from unsettled transactions 14,594  26,786 
Borrowings under credit facilities 814,380  655,189 
Notes payable (net of deferred financing fees) 718,222  717,556 
Total liabilities 1,576,603  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 capital 1,584,076  1,027,687 
Total distributable earnings (loss) (331,311) (285,821)
Total net assets 1,252,875  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 investments 411  109  584  109 
Control investments 363  109  636  216 
Short-term investments —  4  —  15 
Total interest income 40,784  26,819  72,854  52,034 
Dividend income:
Non-Control / Non-Affiliate investments 63  33  186  33 
Affiliate investments 7,183  362  14,753  433 
Total dividend income 7,246  395  14,939  466 
Fee and other income:
Non-Control / Non-Affiliate investments 4,924  2,412  7,147  4,385 
Affiliate investments 26  1  39  1 
Control investments 122  155  (918) 315 
Total fee and other income 5,072  2,568  6,268  4,701 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments 2,070  3,068  4,358  6,106 
Affiliate investments 93  303  137  439 
Control investments 311  —  778  — 
Total payment-in-kind interest income 2,474  3,371  5,273  6,545 
Interest income from cash 16  —  16  1 
Total investment income 55,592  33,153  99,350  63,747 
Operating expenses:
Interest and other financing fees 13,168  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 expenses 23,818  18,595  48,563  34,833 
Net investment income before taxes 31,774  14,558  50,787  28,914 
Income taxes, including excise tax expense —  —  6  (18)
Net investment income after taxes 31,774  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 investments 17,050  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 transactions 30,520  (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 diluted 110,759,443  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 Stock Additional
Paid-In
Capital		 Total Distributable Earnings (Loss) Total
Net
Assets
Three Months Ended June 30, 2021
 Number
of Shares		 Par
Value
Balance, March 31, 2021 65,316,085  $ 65  $ 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, 2021 65,316,085  $ 65  $ 1,027,707  $ (283,645) $ 744,127 

Common Stock Additional
Paid-In
Capital		 Total Distributable Earnings (Loss) Total
Net
Assets
Three Months Ended June 30, 2022
 Number
of Shares		 Par
Value
Balance, March 31, 2022 111,095,334  $ 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, 2022 109,785,892  $ 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 Stock Additional
Paid-In
Capital		 Total Distributable Earnings (Loss) Total
Net
Assets
Six Months Ended June 30, 2021
 Number
of Shares		 Par
Value
Balance, December 31, 2020 65,316,085  $ 65  $ 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, 2021 65,316,085  $ 65  $ 1,027,707  $ (283,645) $ 744,127 

Common Stock Additional
Paid-In
Capital		 Total Distributable Earnings (Loss) Total
Net
Assets
Six Months Ended June 30, 2022
 Number
of Shares		 Par
Value
Balance, December 31, 2021 65,316,085  $ 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 stock 45,986,926  46  499,372  —  499,418 
Purchases of shares in repurchase plan (1,517,119) (1) (15,112) —  (15,113)
Balance, June 30, 2022 109,785,892  $ 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, 2022 June 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 investments 603,169  322,357 
Purchases of short-term investments —  (217,559)
Sales of short-term investments —  272,542 
Loan origination and other fees received 11,492  10,024 
Net realized (gain) loss on investments 7,663  (3,367)
Net realized loss on foreign currency transactions 4,002  1,185 
Net unrealized (appreciation) depreciation on investments 62,760  (16,591)
Net unrealized (appreciation) depreciation of CSAs 13,760  (700)
Net unrealized appreciation on foreign currency transactions (35,332) (3,392)
Payment-in-kind interest (5,273) (6,545)
Amortization of deferred financing fees 1,498  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 assets 253  254 
Accounts payable and accrued liabilities (3,077) 142 
Interest payable 1,033  2,011 
Net cash used in operating activities (12,670) (138,989)
Cash flows from financing activities:
Borrowings under credit facilities 184,657  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 activities 126,187  77,206 
Net increase (decrease) in cash and foreign currencies 113,517  (61,783)
Cash and foreign currencies, beginning of period 84,253  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 Costs 3,756  — 
Common stock issued in acquisition of Sierra net assets 499,418  — 
Credit support agreement (See Note 2) (44,400) — 
Deemed contribution -from Adviser 27,729  — 
Deemed contributions - CSA 44,400  — 
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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Non–Control / Non–Affiliate Investments:
1WorldSync, Inc. IT Consulting & Other Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 7/19 7/25 $ 16,338  $ 16,121  $ 16,335  1.3  %
(7)(8)(10)
16,338  16,121  16,335 
Accelerant Holdings Banking, Finance, Insurance & Real Estate Class A Convertible Preferred Equity (5,000 shares) N/A 1/22 N/A 5,000  5,202  0.4  %
(7)
5,000  5,202 
Accelerate Learning, Inc. Education Services First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.7% Cash 12/18 12/24 7,568  7,498  7,454  0.6  %
(7)(8)(9)
7,568  7,498  7,454 
Acclime Holdings HK Limited Business services First Lien Senior Secured Term Loan LIBOR + 6.50%, 7.0% Cash 8/21 7/27 2,500  2,438  2,495  0.2  %
(3)(7)(8)(11)
2,500  2,438  2,495 
Accurus Aerospace Corporation Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.7% Cash 4/22 3/28 22,316  21,992  21,982  1.7  %
(7)(8)(10)
Revolver LIBOR + 5.75%, 7.7% Cash 4/22 3/28 —  (33) (35) —  %
(7)(8)(10)
Common Stock (437,623.30 shares) N/A 4/22 N/A 438  438  —  %
(7)
22,316  22,397  22,385 
Acogroup Business Services First Lien Senior Secured Term Loan EURIBOR + 7.50%, 7.5% Cash 3/22 10/26 22,195  22,786  21,693  1.7  %
(3)(7)(8)(14)
22,195  22,786  21,693 
ADB Safegate Aerospace & Defense Second Lien Senior Secured Term Loan LIBOR + 7.75%, 9.4% Cash 8/21 10/25 5,500  5,136  4,989  0.4  %
(3)(8)(10)
5,500  5,136  4,989 
Advantage Software Company (The), LLC Advertising, Printing & Publishing Class A1 Partnership Units (8,717.76 units) N/A 12/21 N/A 280  880  0.1  %
(7)
Class A2 Partnership Units (2,248.46 units) N/A 12/21 N/A 72  227  —  %
(7)
Class B1 Partnership Units (8,717.76 units) N/A 12/21 N/A 9  —  —  %
(7)
Class B2 Partnership Units (2,248.46 units) N/A 12/21 N/A 2  —  —  %
(7)
363  1,107 
Air Canada 2020-2 Class B Pass Through Trust Airlines Structured Secured Note - Class B 9.0% Cash 9/20 10/25 5,505  5,505  5,674  0.4  %
5,505  5,505  5,674 
Air Comm Corporation, LLC Aerospace & Defense First Lien Senior Secured Term Loan SOFR + 5.75%, 8.6% Cash 6/21 7/27 11,482  11,255  11,285  0.9  %
(7)(8)(18)
11,482  11,255  11,285 
AIT Worldwide Logistics Holdings, Inc. Transportation Services Second Lien Senior Secured Term Loan LIBOR + 7.50%, 9.8% Cash 4/21 4/29 6,460  6,332  6,202  0.5  %
(7)(8)(10)
Partnership Units (348.68 units) N/A 4/21 N/A 349  621  —  %
(7)
6,460  6,681  6,823 
Alpine SG, LLC High Tech Industries First Lien Senior Secured Term Loan SOFR + 5.50%, 7.0% Cash 2/22 11/27 27,521  26,971  26,970  2.1  %
(7)(8)(17) (32)
27,521  26,971  26,970 
Alpine US Bidco LLC Agricultural Products Second Lien Senior Secured Term Loan LIBOR + 9.00%, 10.1% Cash 5/21 5/29 18,157  17,666  16,522  1.3  %
(7)(8)(9)
18,157  17,666  16,522 
AMMC CLO 22, Limited Series 2018-22A Multi-Sector Holdings Subordinated Structured Notes Residual Interest, current yield 12.61% 2/22 4/31 7,222  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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
AMMC CLO 23, Ltd. Series 2020-23A Multi-Sector Holdings Subordinated Structured Notes Residual Interest, current yield 12.35% 2/22 10/31 $ 2,000  $ 1,910  $ 1,509  0.1  %
(3)(32)
2,000  1,910  1,509 
Amtech LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.50%, 6.6% Cash 11/21 11/27 2,279  2,211  2,220  0.2  %
(7)(8)(9)
Revolver LIBOR + 5.50%, 6.6% Cash 11/21 11/27 —  (12) (11) —  %
(7)(8)(10)
2,279  2,199  2,209 
Anagram Holdings, LLC Chemicals, Plastics, & Rubber First Lien Senior Secured Note 10.0% Cash, 5.0% PIK 8/20 8/25 14,755  13,917  15,382  1.2  %

14,755  13,917  15,382 
AnalytiChem Holding GmbH Chemicals First Lien Senior Secured Term Loan EURIBOR + 6.50%, 6.5% Cash 11/21 11/28 7,558  7,777  7,369  0.6  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan EURIBOR + 6.50%, 6.5% Cash 11/21 12/28 723  789  705  0.1  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan EURIBOR + 6.50%, 6.5% Cash 4/22 10/28 5,626  5,711  5,463  0.4  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan LIBOR + 6.50%, 7.5% Cash 6/22 10/28 1,019  1,019  993  0.1  %
(3)(7)(8)(10)
Revolver EURIBOR + 6.50%, 6.5% Cash 4/22 10/23 —  (8) (9) —  %
(3)(7)(8)(14)
14,926  15,288  14,521 
Anju Software, Inc. Application Software First Lien Senior Secured Term Loan LIBOR + 7.25%, 8.9% Cash 2/19 2/25 13,458  13,312  12,691  1.0  %
(7)(8)(9)
13,458  13,312  12,691 
Apex Bidco Limited Business Equipment & Services First Lien Senior Secured Term Loan GBP LIBOR + 6.25%, 7.4% Cash 1/20 1/27 1,770  1,872  1,770  0.1  %
(3)(7)(8)(12)
Subordinated Senior Unsecured Term Loan 8.0% PIK 1/20 7/27 259  275  259  —  %
(3)(7)
2,029  2,147  2,029 
Apidos CLO XXIV, Series 2016-24A Multi-Sector Holdings Subordinated Structured Notes Residual Interest, current yield 20.96% 2/22 10/30 18,358  7,222  5,884  0.5  %
(3)(32)
18,358  7,222  5,884 
APOG Bidco Pty Ltd Healthcare Second Lien Senior Secured Term Loan BBSY + 7.25%, 8.4% Cash 4/22 3/30 2,134  2,277  2,091  0.2  %
(3)(7)(8)(22)
2,134  2,277  2,091 
Aptus 1829. GmbH Chemicals, Plastics, and Rubber First Lien Senior Secured Term Loan EURIBOR + 6.50%, 6.5% Cash 9/21 9/27 4,981  5,459  4,871  0.4  %
(3)(7)(8)(14)
Preferred Stock (13 shares) N/A 9/21 N/A 120  102  —  %
(3)(7)
Common Stock (48 shares) N/A 9/21 N/A 12  10  —  %
(3)(7)
4,981  5,591  4,983 
Apus Bidco Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan SONIA + 5.50%, 7.0% Cash 2/21 3/28 3,498  3,880  3,432  0.3  %
(3)(7)(8)(21)
3,498  3,880  3,432 
AQA Acquisition Holding, Inc. High Tech Industries Second Lien Senior Secured Term Loan LIBOR + 7.50%, 9.2% Cash 3/21 3/29 20,000  19,536  19,688  1.5  %
(7)(8)(9)
20,000  19,536  19,688 
Aquavista Watersides 2 LTD Transportation Services First Lien Senior Secured Term Loan SONIA + 6.00%, 6.9% Cash 12/21 12/28 5,417  5,721  5,218  0.4  %
(3)(7)(8)(21)
Revolver SONIA + 6.00%, 6.9% Cash 12/21 12/22 —  (1) (11) —  %
(3)(7)(8)(20)
Second Lien Senior Secured Term Loan SONIA + 10.5% PIK 12/21 12/28 1,429  1,526  1,395  0.1  %
(3)(7)(8)(21)
6,846  7,246  6,602 
Arch Global Precision LLC Industrial Machinery First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.0% Cash 4/19 4/26 9,201  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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Archimede Consumer Services First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.7% Cash 10/20 10/27 $ 6,168  $ 6,440  $ 6,014  0.5  %
(3)(7)(8)(15)
6,168  6,440  6,014 
Argus Bidco Limited High Tech Industries First Lien Senior Secured Term Loan LIBOR + 5.50%, 5.8% Cash 5/21 12/27 672  655  672  0.1  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan SONIA + 5.50%, 6.2% Cash 12/20 12/27 2,405  2,564  2,405  0.2  %
(3)(7)(8)(20)
3,077  3,219  3,077 
Armstrong Transport Group (Pele Buyer, LLC ) Air Freight & Logistics First Lien Senior Secured Term Loan LIBOR + 4.50%, 6.2% Cash 6/19 6/24 4,000  3,952  3,939  0.3  %
(7)(8)(9)
4,000  3,952  3,939 
ASPEQ Heating Group LLC Building Products, Air & Heating First Lien Senior Secured Term Loan LIBOR + 5.25%, 7.5% Cash 11/19 11/25 8,412  8,336  8,412  0.7  %
(7)(8)(10)
8,412  8,336  8,412 
Astra Bidco Limited Healthcare First Lien Senior Secured Term Loan SONIA + 5.75%, 7.2% Cash 11/21 11/28 1,981  2,098  1,915  0.1  %
(3)(7)(8)(20)
1,981  2,098  1,915 
Auxi International Commercial Finance First Lien Senior Secured Term Loan EURIBOR + 7.25%, 7.3% Cash 12/19 12/26 1,464  1,523  1,320  0.1  %
(3)(7)(8)(15)
First Lien Senior Secured Term Loan SONIA + 7.25%, 7.9% Cash 4/21 12/26 814  899  734  0.1  %
(3)(7)(8)(21)
2,278  2,422  2,054 
Avance Clinical Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 5.50%, 6.0% Cash 11/21 11/27 2,428  2,409  2,338  0.2  %
(3)(7)(8)(23)
2,428  2,409  2,338 
Aviation Technical Services, Inc. Aerospace & Defense Second Lien Senior Secured Term Loan LIBOR + 2.00%, 3.7% Cash, 6.5% PIK 02/22 3/25 27,391  26,049  26,487  2.1  %
(7)(8)(9)(32)
27,391  26,049  26,487 
AVSC Holding Corp. Advertising First Lien Senior Secured Term Loan LIBOR + 3.25%, 5.1% Cash, 0.3% PIK 08/18 3/25 4,848  4,454  4,155  0.3  %
(8)(10)
First Lien Senior Secured Term Loan LIBOR + 4.50%, 6.1% Cash, 1.0% PIK 08/18 10/26 748  698  646  0.1  %
(8)(10)
First Lien Senior Secured Term Loan 5.0% Cash, 10.0% PIK 11/20 10/26 5,794  5,691  6,113  0.5  %
11,390  10,843  10,914 
Azalea Buyer, Inc. Technology First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.8% Cash 11/21 11/27 4,583  4,481  4,493  0.3  %
(7)(8)(10)
Revolver LIBOR + 5.25%, 6.8% Cash 11/21 11/27 58  49  50  —  %
(7)(8)(10)
Subordinated Term Loan 12.0% PIK 11/21 5/28 1,310  1,286  1,288  0.1  %
(7)
Common Stock (192,307.7 shares) N/A 11/21 N/A 192  156  —  %
(7)
5,951  6,008  5,987 
Bariacum S.A Consumer Products First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 11/21 11/28 5,959  6,250  5,786  0.5  %
(3)(7)(8)(14)
5,959  6,250  5,786 
Benify (Bennevis AB) High Tech Industries First Lien Senior Secured Term Loan STIBOR + 5.25%, 5.3% Cash 7/19 7/26 1,136  1,223  1,136  0.1  %
(3)(7)(8)(26)
1,136  1,223  1,136 
Beyond Risk Management, Inc. Other Financial First Lien Senior Secured Term Loan LIBOR + 4.50%, 6.8% Cash 10/21 10/27 2,560  2,488  2,484  0.2  %
(7)(8)(10)
2,560  2,488  2,484 
Bidwax Non-durable Consumer Goods First Lien Senior Secured Term Loan EURIBOR + 6.45%, 6.5% Cash 2/21 2/28 7,318  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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
BigHand UK Bidco Limited High Tech Industries First Lien Senior Secured Term Loan SOFR +5.50%, 6.3% Cash 1/21 1/28 $ 2,156  $ 2,095  $ 2,115  0.2  %
(3)(7)(8)(17)
First Lien Senior Secured Term Loan SOFR +5.50%, 7.0% Cash 1/21 1/28 377  377  370  —  %
(3)(7)(8)(17)
First Lien Senior Secured Term Loan SONIA + 5.50%, 6.7% Cash 1/21 1/28 815  891  800  0.1  %
(3)(7)(8)(20)
3,348  3,363  3,285 
Bounteous, Inc. Technology First Lien Senior Secured Term Loan LIBOR + 5.00%, 7.2% Cash 8/21 8/27 1,902  1,818  1,828  0.1  %
(7)(8)(10)
1,902  1,818  1,828 
Brightline Trains Florida LLC Transportation Senior Secured Note 8.0% Cash 8/21 1/28 5,000  5,000  4,737  0.4  %
(7)
5,000  5,000  4,737 
Brightpay Limited Technology First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 10/21 10/28 1,963  2,109  1,923  0.1  %
(3)(7)(8)(14)
1,963  2,109  1,923 
BrightSign LLC Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 10/21 10/27 6,777  6,716  6,601  0.5  %
(7)(8)(10)
Revolver LIBOR + 5.75%, 8.0% Cash 10/21 10/27 —  (12) (35) —  %
(7)(8)(10)
LLC units (1,107,492.71 units) N/A 10/21 N/A 1,107  1,012  0.1  %
(7)
6,777  7,811  7,578 
British Airways 2020-1 Class B Pass Through Trust Airlines Structured Secured Note - Class B 8.4% Cash 11/20 11/28 756  756  813  0.1  %
756  756  813 
British Engineering Services Holdco Limited Commercial Services & Supplies First Lien Senior Secured Term Loan SONIA + 7.0%, 9.3% Cash 12/20 12/27 13,925  15,107  13,582  1.1  %
(3)(7)(8)(21)
13,925  15,107  13,582 
Brook & Whittle Holding Corp. Containers, Packaging & Glass First Lien Senior Secured Term Loan LIBOR + 4.00%, 5.2% Cash 2/22 12/28 2,839  2,819  2,658  0.2  %
(8)(10)(32)
2,839  2,819  2,658 
Brown Machine Group Holdings, LLC Industrial Equipment First Lien Senior Secured Term Loan LIBOR + 5.25%, 7.5% Cash 10/18 10/24 6,281  6,244  6,281  0.5  %
(7)(8)(10)
6,281  6,244  6,281 
BVI Medical, Inc. Healthcare Second Lien Senior Secured Term Loan EURIBOR + 9.50%, 9.5% Cash 6/22 6/26 9,699  9,365  9,311  0.7  %
(7)(8)(14)
9,699  9,365  9,311 
Cadent, LLC (f/k/a Cross MediaWorks) Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.7% Cash 9/18 9/23 6,751  6,734  6,751  0.5  %
(7)(8)(9)
6,751  6,734  6,751 
CAi Software, LLC Technology First Lien Senior Secured Term Loan LIBOR + 6.25%, 8.4% Cash 12/21 12/28 9,034  8,865  8,854  0.7  %
(7)(8)(10)
Revolver LIBOR + 6.25%, 8.4% Cash 12/21 12/27 —  (17) (19) —  %
(7)(8)(10)
9,034  8,848  8,835 
Canadian Orthodontic Partners Corp. Healthcare First Lien Senior Secured Term Loan CDOR + 6.50%, 9.7% Cash 6/21 3/26 1,645  1,737  1,593  0.1  %
(3)(7)(8)(25)
Class A Equity (500,000 units) N/A 5/22 N/A 389  388  —  %
(3)(7)
Class C - Warrants (74,712.64 units) N/A 5/22 N/A —  —  —  %
(3)(7)
1,645  2,126  1,981 
Cardenas Markets, LLC Retail First Lien Senior Secured Term Loan LIBOR + 6.25%, 7.3% Cash 2/22 6/27 1,985  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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Caribou Holding Company, LLC Technology First Lien Senior Secured Term Loan SOFR + 7.64%, 8.6% Cash 4/22 4/27 $ 4,318  $ 4,256  $ 4,253  0.3  %
(3)(7)(8)(17)
LLC Units (681,818 units) N/A 4/22 N/A 682  682  0.1  %
(3)(7)
4,318  4,938  4,935 
Carlson Travel, Inc Business Travel Management First Lien Senior Secured Note 8.5% Cash 11/21 11/26 6,050  5,686  5,438  0.4  %
Common Stock (94,155 shares) N/A 11/21 N/A 4,194  4,171  0.3  %
6,050  9,880  9,609 
Centralis Finco S.a.r.l. Diversified Financial Services First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 5/20 5/27 742  741  732  0.1  %
(3)(7)(8)(14)
742  741  732 
Ceres Pharma NV Pharma-ceuticals First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 10/21 10/28 1,261  1,300  1,186  0.1  %
(3)(7)(8)(14)
1,261  1,300  1,186 
CGI Parent, LLC Business Equipment & Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 6.9% Cash 2/22 2/28 17,751  17,415  17,441  1.4  %
(7)(8)(10)
Revolver LIBOR + 5.50%, 6.9% Cash 2/22 2/28 —  (31) (29) —  %
(7)(8)(10)
Preferred Stock (551 shares) N/A 2/22 N/A 551  806  0.1  %
(7)
17,751  17,935  18,218 
Cineworld Group PLC Leisure Products Super Senior Senior Secured Term Loan 7.0% Cash, 8.3% PIK 11/20 5/24 1,862  1,688  2,077  0.2  %
(3)
Super Senior Senior Secured Term Loan LIBOR + 8.25%, 10.1% Cash 7/21 2/25 994  967  1,033  0.1  %
(3)(7)(8)(11)
Warrants (553,375 units) N/A 12/20 11/25 102  57  —  %
(3)
2,856  2,757  3,167 
Classic Collision (Summit Buyer, LLC) Auto Collision Repair Centers First Lien Senior Secured Term Loan LIBOR + 5.25%, 8.1% Cash 1/20 1/26 6,305  6,210  6,212  0.5  %
(7)(8)(11)
First Lien Senior Secured Term Loan LIBOR + 5.25%, 8.1% Cash 1/20 4/26 344  334  335  —  %
(7)(8)(11)
6,649  6,544  6,547 
CM Acquisitions Holdings Inc. Internet & Direct Marketing First Lien Senior Secured Term Loan SOFR + 4.75%, 7.3% Cash 5/19 5/25 19,018  18,838  18,771  1.5  %
(7)(8)(17)
19,018  18,838  18,771 
CMT Opco Holding, LLC (Concept Machine) Distributors First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.8% Cash 1/20 1/25 4,134  4,088  4,006  0.3  %
(7)(8)(11)
LLC Units (8,782 units) N/A 1/20 N/A 352  175  —  %
(7)
4,134  4,440  4,181 
Coastal Marina Holdings, LLC Other Financial Subordinated Term Loan 10.0% PIK 11/21 11/31 5,023  4,601  4,561  0.4  %
(7)
Subordinated Term Loan 8.00% Cash 11/21 11/31 13,044  11,893  11,830  0.9  %
(7)
LLC Units (547,591.0 units) N/A 11/21 N/A 9,045  10,140  0.8  %
(7)
18,067  25,539  26,531 
Cobham Slip Rings SAS Diversified Manufacturing First Lien Senior Secured Term Loan LIBOR + 6.25%, 8.5% Cash 11/21 11/28 1,303  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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Command Alkon (Project Potter Buyer, LLC) Software First Lien Senior Secured Term Loan LIBOR + 7.0%, 8.7% Cash 4/20 4/26 $ 1,622  $ 1,583  $ 1,596  0.1  %
(7)(8)(9)
First Lien Senior Secured Term Loan LIBOR + 7.0%, 8.7% Cash 4/20 4/27 12,087  11,808  11,894  0.9  %
(7)(8)(9)
Class B Partnership Units (33,324.69 units) N/A 4/20 N/A —  237  —  %
(7)
13,709  13,391  13,727 
Compass Precision, LLC Aerospace & Defense Senior Subordinated Term Loan 11.0% Cash, 1.0% PIK 4/22 10/25 376  369  368  —  %
(7)
LLC Units (46,085.6 units) N/A 4/22 N/A 125  127  —  %
(7)
376  494  495 
Comply365, LLC Technology First Lien Senior Secured Term Loan SOFR + 5.50%, 6.5% Cash 4/22 4/28 13,723  13,456  13,448  1.0  %
(7)(8)(17)
Revolver SOFR + 5.50%, 6.5% Cash 4/22 4/28 —  (21) (22) —  %
(7)(8)(17)
13,723  13,435  13,426 
Contabo Finco S.À R.L Internet Software & Services First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 11/21 10/26 5,469  5,804  5,457  0.4  %
(3)(7)(8)(14)
5,469  5,804  5,457 
Core Scientific, Inc. Technology First Lien Senior Secured Term Loan 9.8% Cash 3/22 3/25 30,444  30,728  29,714  2.3  %
(3)(7)
30,444  30,728  29,714 
Coyo Uprising GmbH Technology First Lien Senior Secured Term Loan EURIBOR + 6.50%, 6.5% Cash, 3.5% PIK 9/21 9/28 3,872  4,213  3,776  0.3  %
(3)(7)(8)(14)
Class A Units (440.0 units) N/A 9/21 N/A 205  188  —  %
(3)(7)
Class B Units (191.0 units) N/A 9/21 N/A 446  500  —  %
(3)(7)
3,872  4,864  4,464 
CPI International, Inc. Aerospace & Defense Second Lien Senior Secured Term Loan LIBOR + 7.25%, 8.5% Cash 2/22 7/25 8,575  7,975  8,147  0.6  %
(7)(8)(10) (32)
8,575  7,975  8,147 
Crash Champions, LLC Automotive First Lien Senior Secured Term Loan SOFR + 5.00%, 7.2% Cash 5/21 8/25 21,556  20,881  20,679  1.6  %
(7)(8)(17)
21,556  20,881  20,679 
CSL DualCom Tele-communications First Lien Senior Secured Term Loan SONIA + 5.50%, 6.7% Cash 09/20 9/27 1,203  1,208  1,177  0.1  %
(3)(7)(8)(19)
1,203  1,208  1,177 
CT Technologies Intermediate Holdings, Inc. Healthcare First Lien Senior Secured Term Loan LIBOR + 4.25%, 5.9% Cash 2/22 12/25 4,962  4,955  4,627  0.4  %
(8)(9)(32)
4,962  4,955  4,627 
Custom Alloy Corporation Manufacturer of Pipe Fittings & Forgings Revolver 15.0% PIK 12/20 4/23 5,125  4,222  487  —  %
(7)(29)(30)
Second Lien Loan 15.0% PIK 12/20 4/23 54,203  42,162  5,154  0.4  %
(7)(29)(30)
59,328  46,384  5,641 
CVL 3 Capital Equipment First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 12/21 12/28 889  934  870  0.1  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan SOFR + 5.50%, 6.4% Cash 12/21 12/28 1,142  1,115  1,119  0.1  %
(3)(7)(8)(17)
2,031  2,049  1,989 
CW Group Holdings, LLC High Tech Industries First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.7% Cash 1/21 1/27 2,803  2,753  2,708  0.2  %
(7)(8)(9)
LLC Units (161,290.32 units) N/A 1/21 N/A 161  108  —  %
(7)
2,803  2,914  2,816 
14
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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
DataOnline Corp. High Tech Industries First Lien Senior Secured Term Loan LIBOR + 6.25%, 7.8% Cash 2/22 11/25 $ 14,625  $ 14,625  $ 14,333  1.1  %
(7)(8)(10) (32)
Revolver LIBOR + 6.25%, 8.5% Cash 2/22 11/25 2,143  2,143  2,100  0.2  %
(7)(8)(10) (32)
16,768  16,768  16,433 
DecksDirect, LLC Building Materials First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.7% Cash 12/21 12/26 709  696  689  0.1  %
(7)(8)(9)
Revolver LIBOR + 6.00%, 7.7% Cash 12/21 12/26 65  62  59  —  %
(7)(8)(9)
LLC Units (1,280.8 units) N/A 12/21 N/A 55  38  —  %
(7)
774  813  786 
Distinct Holdings, Inc. Systems Software First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 4/19 12/23 6,880  6,850  6,715  0.5  %
(7)(8)(9)
6,880  6,850  6,715 
Dragon Bidco Technology First Lien Senior Secured Term Loan EURIBOR + 6.75%, 6.8% Cash 4/21 4/28 3,659  3,968  3,577  0.3  %
(3)(7)(8)(15)
3,659  3,968  3,577 
DreamStart Bidco SAS (d/b/a SmartTrade) Diversified Financial Services First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 3/20 3/27 2,223  2,300  2,206  0.2  %
(3)(7)(8)(15)
2,223  2,300  2,206 
Dryden 43 Senior Loan Fund, Series 2016-43A Multi-Sector Holdings Subordinated Structured Notes Residual Interest, current yield 11% 2/22 4/34 3,620  2,387  2,109  0.2  %
(3)(32)
3,620  2,387  2,109 
Dryden 49 Senior Loan Fund, Series 2017-49A Multi-Sector Holdings Subordinated Structured Notes Residual Interest, current yield 12.5% 2/22 7/30 17,233  7,370  5,084  0.4  %
(3)(32)
17,233  7,370  5,084 
Dune Group Health Care Equipment First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 9/21 9/28 121  108  111  —  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan LIBOR + 5.75%, 5.8% Cash 9/21 9/28 1,230  1,211  1,214  0.1  %
(3)(7)(8)(10)
1,351  1,319  1,325 
Dunlipharder B.V. Technology First Lien Senior Secured Term Loan SOFR + 6.50%, 7.6% Cash 6/22 6/28 1,000  985  985  0.1  %
(3)(7)(8)(16)
1,000  985  985 
Dwyer Instruments, Inc. Electric First Lien Senior Secured Term Loan LIBOR + 6.0%, 8.3% Cash 7/21 7/27 4,540  4,454  4,435  0.3  %
(7)(8)(10)
4,540  4,454  4,435 
Echo Global Logistics, Inc. Air Transportation Second Lien Senior Secured Term Loan LIBOR + 7.25%, 8.2% Cash 11/21 11/29 14,469  14,230  14,267  1.1  %
(7)(8)(9)
Partnership Equity (530.92 units) N/A 11/21 N/A 531  707  0.1  %
(7)
14,469  14,761  14,974 
Ellkay, LLC Healthcare and Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.9% Cash 9/21 9/27 4,963  4,874  4,890  0.4  %
(7)(8)(10)
4,963  4,874  4,890 
EMI Porta Holdco LLC Diversified Manufacturing First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.1% Cash 12/21 12/27 11,548  11,143  11,174  0.9  %
(7)(8)(10)
Revolver LIBOR + 5.50%, 7.1% Cash 12/21 12/27 961  907  911  0.1  %
(7)(8)(10)
12,509  12,050  12,085 
Entact Environmental Services, Inc. Environmental Industries First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 2/21 12/25 5,619  5,577  5,450  0.4  %
(7)(8)(10)
5,619  5,577  5,450 
EPS NASS Parent, Inc. Electrical Components & Equipment First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 4/21 4/28 6,125  6,015  6,048  0.5  %
(7)(8)(10)
6,125  6,015  6,048 
15
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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
eShipping, LLC Transportation Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.4% Cash 11/21 11/27 $ 3,839  $ 3,739  $ 3,753  0.3  %
(7)(8)(9)
Revolver LIBOR + 5.75%, 7.4% Cash 11/21 11/27 —  (27) (23) —  %
(7)(8)(10)
3,839  3,712  3,730 
Events Software BidCo Pty Ltd Technology First Lien Senior Secured Term Loan BBSY + 5.50%, 7.4% Cash 3/22 3/28 1,762  1,853  1,701  0.1  %
(3)(7)(8)(23)
1,762  1,853  1,701 
F24 (Stairway BidCo Gmbh) Software Services First Lien Senior Secured Term Loan EURIBOR + 6.25%, 6.3% Cash 8/20 8/27 1,588  1,751  1,588  0.1  %
(3)(7)(8)(14)
1,588  1,751  1,588 
Ferrellgas L.P. Oil & Gas Equipment & Services Opco Preferred Units (2,886.0 units) N/A 3/21 N/A 2,799  2,655  0.2  %
(3)(7)
2,799  2,655 
Fineline Technologies, Inc. Consumer Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.0% Cash 2/21 2/28 1,299  1,279  1,299  0.1  %
(7)(8)(10)
1,299  1,279  1,299 
Finexvet Consumer Cyclical First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 3/22 3/29 2,122  2,162  2,063  0.2  %
(3)(7)(8)(14)
2,122  2,162  2,063 
FinThrive Software Intermediate Holdings Inc. Business Equipment & Services Preferred Stock (6,582.7 shares) 11.0% PIK 3/22 N/A 7,263  7,695  0.6  %
(7)
7,263  7,695 
FitzMark Buyer, LLC Cargo & Transportation First Lien Senior Secured Term Loan LIBOR + 4.50%, 5.5% Cash 12/20 12/26 4,237  4,171  4,165  0.3  %
(7)(8)(10)
4,237  4,171  4,165 
Five Star Holding LLC Packaging Second Lien Senior Secured Term Loan SOFR + 7.25%, 8.8% Cash 5/22 5/30 13,692  13,422  13,418  1.0  %
(7)(8)(16)
LLC Units (966.99 units) N/A 5/22 N/A 967  967  0.1  %
(7)
13,692  14,389  14,385 
Flexential Issuer, LLC Information Technology Structured Secured Note - Class C 6.9% Cash 11/21 11/51 16,000  14,828  14,806  1.2  %
16,000  14,828  14,806 
Footco 40 Limited Media & Entertainment First Lien Senior Secured Term Loan SONIA + 5.75%, 6.8% Cash 4/22 4/29 1,504  1,556  1,441  0.1  %
(3)(7)(8)(20)
1,504  1,556  1,441 
FragilePak LLC Transportation Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.4% Cash 5/21 5/27 4,661  4,499  4,612  0.4  %
(7)(8)(9)
Partnership Units (937.5 units) N/A 5/21 N/A 938  938  0.1  %
(7)
4,661  5,437  5,550 
Front Line Power Construction LLC Construction Machinery First Lien Senior Secured Term Loan LIBOR + 12.50%, 14.0% Cash 11/21 11/28 3,990  3,786  3,890  0.3  %
(7)(8)(10)
Common Stock (192,000 shares) N/A 11/21 N/A 219  121  —  %
3,990  4,005  4,011 
FSS Buyer LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.5% Cash 8/21 8/28 6,878  6,754  6,779  0.5  %
(7)(8)(9)
LP Interest (1,160.9 units) N/A 8/21 N/A 12  14  —  %
(7)
LP Units (5,104.3 units) N/A 8/21 N/A 51  60  —  %
(7)
6,878  6,817  6,853 
GC EOS Buyer, Inc. Automotive First Lien Senior Secured Term Loan LIBOR + 4.50%, 6.2% Cash 2/22 8/25 2,474  2,473  2,451  0.2  %
(8)(9)(32)
2,474  2,473  2,451 
16
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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
GPZN II GmbH Healthcare First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 6/22 6/29 $ 449  $ 427  $ 422  —  %
(3)(7)(8)(13)
449  427  422 
GTM Intermediate Holdings, Inc. Medical Equipment Manufacturer Second Lien Loan 11.0% Cash, 1.0% PIK 12/20 12/24 10,559  10,512  10,559  0.8  %
(7)(30)
Series A Preferred Units (1,434,472.41 units) N/A 12/20 N/A 2,166  1,063  0.1  %
(7)(30)
Series C Preferred Units (715,649.59 units) N/A 12/20 N/A 1,081  1,482  0.1  %
(7)(30)
10,559  13,759  13,104 
Gulf Finance, LLC Oil & Gas Exploration & Production First Lien Senior Secured Term Loan LIBOR + 6.75%, 8.4% Cash 11/21 8/26 827  798  609  —  %
(8)(9)
827  798  609 
Heartland Veterinary Partners, LLC Healthcare Subordinated Term Loan 11.0% PIK 11/21 11/23 1,189  1,157  1,160  0.1  %
(7)
Subordinated Term Loan 11.0% PIK 11/21 11/28 9,170  8,969  8,989  0.7  %
(7)
10,359  10,126  10,149 
Heartland, LLC Business Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.0% Cash 8/19 8/25 14,004  13,919  13,803  1.1  %
(7)(8)(10)
14,004  13,919  13,803 
Heavy Construction Systems Specialists, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 11/21 11/27 7,368  7,234  7,251  0.6  %
(7)(8)(9)
Revolver LIBOR + 5.75%, 6.8% Cash 11/21 11/27 —  (47) (42) —  %
(7)(8)(9)
7,368  7,187  7,209 
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) Insurance First Lien Senior Secured Term Loan EURIBOR + 5.00%, 5.0% Cash 09/19 9/26 3,166  3,676  3,116  0.2  %
(3)(7)(8)(14)
3,166  3,676  3,116 
Highpoint Global LLC Government Services Second Lien Note 12.0% Cash, 2.0% PIK 12/20 9/22 5,489  5,468  5,489  0.4  %
(7)(30)
5,489  5,468  5,489 
Holland Acquisition Corp. Energy: Oil & Gas First Lien Senior Secured Term Loan LIBOR + 9.00%, 11.3% Cash 2/22 11/22 3,754  —  —  —  %
(7)(8)(11) (29)(32)
3,754  —  — 
Home Care Assistance, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.7% Cash 3/21 3/27 3,811  3,749  3,735  0.3  %
(7)(8)(9)
3,811  3,749  3,735 
Honour Lane Logistics Holdings Limited Transportation Services First Lien Senior Secured Term Loan SOFR + 5.25%, 6.7% Cash 4/22 11/28 20,000  19,413  19,400  1.5  %
(3)(7)(8)(18)
20,000  19,413  19,400 
HTI Technology & Industries Electronic Component Manufacturing Second Lien Note 12.0% Cash, 4.0% PIK 12/20 9/24 24,736  24,080  24,241  1.9  %
(7)(30)
24,736  24,080  24,241 
HW Holdco, LLC (Hanley Wood LLC) Advertising First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.0% Cash 12/18 12/24 11,012  10,838  10,816  0.8  %
(7)(8)(10)
11,012  10,838  10,816 
IM Analytics Holding, LLC (d/b/a NVT) Electronic Instruments & Components First Lien Senior Secured Term Loan LIBOR + 7.00%, 8.7% Cash 11/19 11/23 8,085  8,054  6,581  0.5  %
(7)(8)(9)
Warrants (68,950 units) N/A 11/19 11/26 —  —  —  %
(7)
8,085  8,054  6,581 
IM Square Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.5% Cash 5/21 4/28 2,614  2,918  2,573  0.2  %
(3)(7)(8)(15)
2,614  2,918  2,573 
Infoniqa Holdings GmbH Technology First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 11/21 11/28 2,747  2,897  2,687  0.2  %
(3)(7)(8)(14)
2,747  2,897  2,687 
17
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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Innovad Group II BV Beverage, Food & Tobacco First Lien Senior Secured Term Loan EURIBOR + 5.75%, 6.0% Cash 4/21 4/28 $ 6,193  $ 6,779  $ 5,673  0.4  %
(3)(7)(8)(15)
6,193  6,779  5,673 
Innovative XCessories & Services, LLC Automotive First Lien Senior Secured Term Loan LIBOR + 4.25%, 5.9% Cash 2/22 3/27 2,931  2,877  2,357  0.2  %
(8)(9)(32)
2,931  2,877  2,357 
INOS 19-090 GmbH Aerospace & Defense First Lien Senior Secured Term Loan EURIBOR + 5.4%, 5.4% Cash 12/20 12/27 4,846  5,506  4,846  0.4  %
(3)(7)(8)(14)
4,846  5,506  4,846 
Iqor US Inc. Services: Business First Lien Senior Secured Term Loan LIBOR + 7.50%, 9.2% Cash 2/22 11/24 2,696  2,725  2,676  0.2  %
(8)(9)(32)
2,696  2,725  2,676 
Isagenix International, LLC Wholesale First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.9% Cash 2/22 6/25 1,579  1,160  931  0.1  %
(8)(10)(32)
1,579  1,160  931 
ISS#2, LLC (d/b/a Industrial Services Solutions) Commercial Services & Supplies First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.8% Cash 2/20 2/26 8,357  8,238  8,190  0.6  %
(7)(8)(10)
8,357  8,238  8,190 
ITI Intermodal, Inc. Transportation Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.4% Cash 12/21 12/27 718  703  704  0.1  %
(7)(8)(9)
Revolver LIBOR + 4.75%, 6.4% Cash 12/21 12/27 —  (2) (2) —  %
(7)(8)(9)
Common Stock (1,433.37 shares) N/A 1/22 N/A 144  143  —  %
(7)
718  845  845 
Ivanti Software, Inc. High Tech Industries Second Lien Senior Secured Term Loan LIBOR + 7.25%, 8.8% Cash 2/22 12/28 6,000  5,989  5,460  0.4  %
(8)(10)(32)
6,000  5,989  5,460 
Jade Bidco Limited (Jane's) Aerospace & Defense First Lien Senior Secured Term Loan EURIBOR + 6.25%, 6.3% Cash 11/19 2/29 3,999  4,077  3,910  0.3  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan LIBOR + 6.25%, 8.0% Cash 11/19 2/29 6,714  6,506  6,564  0.5  %
(3)(7)(8)(11)
10,713  10,583  10,474 
Jaguar Merger Sub Inc. Other Financial First Lien Senior Secured Term Loan LIBOR + 5.25%, 7.5% Cash 12/21 9/24 3,780  3,734  3,733  0.3  %
(7)(8)(10)
Revolver LIBOR + 5.25%, 7.5% Cash 12/21 9/24 —  (5) (5) —  %
(7)(8)(10)
3,780  3,729  3,728 
Jedson Engineering, Inc. Engineering & Construction Management First Lien Loan 12.0% Cash 12/20 6/24 2,650  2,650  2,650  0.2  %
(7)(30)
2,650  2,650  2,650 
JetBlue 2019-1 Class B Pass Through Trust Airlines Structured Secured Note - Class B 8.0% Cash 8/20 11/27 3,887  3,887  3,897  0.3  %
3,887  3,887  3,897 
JF Acquisition, LLC Automotive First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.3% Cash 5/21 7/24 3,846  3,755  3,635  0.3  %
(7)(8)(10)
3,846  3,755  3,635 
Jon Bidco Limited Healthcare First Lien Senior Secured Term Loan BKBM + 5.50%, 7.1% Cash 3/22 3/27 3,519  3,781  3,396  0.3  %
(3)(7)(8)(27)
3,519  3,781  3,396 
Jones Fish Hatcheries & Distributors LLC Consumer Products First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 2/22 2/28 2,785  2,732  2,735  0.2  %
(7)(8)(11)
Revolver LIBOR + 5.75%, 6.8% Cash 2/22 2/28 —  (8) (7) —  %
(7)(8)(10)
LLC Units (974.68 units) N/A 2/22 N/A 97  97  —  %
(7)
2,785  2,821  2,825 
18
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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Kano Laboratories LLC Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan LIBOR + 5.00%, 7.0% Cash 11/20 11/26 $ 5,684  $ 5,552  $ 5,548  0.4  %
(7)(8)(10)
Partnership Equity (203.2 units) N/A 11/20 N/A 203  203  —  %
(7)
5,684  5,755  5,751 
Kene Acquisition, Inc. (En Engineering) Oil & Gas Equipment & Services First Lien Senior Secured Term Loan LIBOR + 4.25%, 6.5% Cash 8/19 8/26 7,188  7,098  7,070  0.6  %
(7)(8)(10)
7,188  7,098  7,070 
Kid Distro Holdings, LLC Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 10/21 10/27 9,279  9,113  9,140  0.7  %
(7)(8)(10)
LLC Units (637,677.11 units) N/A 10/21 N/A 638  607  —  %
(7)
9,279  9,751  9,747 
Kona Buyer, LLC High Tech Industries First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.8% Cash 12/20 12/27 8,966  8,793  8,786  0.7  %
(7)(8)(10)
8,966  8,793  8,786 
LAF International Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 3/21 3/28 1,505  1,697  1,505  0.1  %
(3)(7)(8)(15)
1,505  1,697  1,505 
Lambir Bidco Limited Healthcare First Lien Senior Secured Term Loan EURIBOR + 6.00%, 6.0% Cash 12/21 12/28 4,612  4,782  4,457  0.3  %
(3)(7)(8)(14)
Second Lien Senior Secured Term Loan 12.0% PIK 12/21 6/29 1,382  1,445  1,348  0.1  %
(3)(7)
5,994  6,227  5,805 
Lattice Group Holdings Bidco Limited Technology First Lien Senior Secured Term Loan SOFR + 5.25%, 5.8% Cash 5/22 5/29 610  587  586  —  %
(3)(7)(8)(16)
Revolver SOFR + 5.25%, 6.7% Cash 5/22 11/28 35  35  35  —  %
(3)(7)(8)(16)
645  622  621 
LeadsOnline, LLC Business Equipment & Services First Lien Senior Secured Term Loan LIBOR + 5.00%, 7.3% Cash 2/22 2/28 10,328  10,157  10,171  0.8  %
(7)(8)(10)
Revolver LIBOR + 5.00%, 7.3% Cash 2/22 2/28 347  305  308  —  %
(7)(8)(10)
LLC Units (52,493.44 units) N/A 2/22 N/A 52  52  —  %
(7)
10,675  10,514  10,531 
Learfield Communications, LLC Broadcasting First Lien Senior Secured Term Loan LIBOR + 3.25%, 4.9% Cash 8/20 12/23 135  95  118  —  %
(7)(8)(9)
First Lien Senior Secured Term Loan 3.0% Cash, LIBOR + 10.0% PIK 8/20 12/23 8,369  8,334  8,327  0.6  %
(10)
8,504  8,429  8,445 
Legal Solutions Holdings Business Services Senior Subordinated Loan 16.0% PIK 12/20 3/23 12,319  10,129  —  —  %
(7)(29)(30)
12,319  10,129  — 
Liberty Steel Holdings USA Inc. Industrial Other Revolver SOFR + 5.00%, 6.0% Cash 4/22 4/25 20,000  19,814  19,800  1.5  %
(7)(8)(16)
20,000  19,814  19,800 
Lifestyle Intermediate II, LLC Consumer Goods: Durable First Lien Senior Secured Term Loan LIBOR + 7.00%, 8.0% Cash 2/22 1/26 3,154  3,154  3,091  0.2  %
(7)(8)(10) (32)
Revolver LIBOR + 7.00%, 8.0% Cash 2/22 1/26 167  167  117  —  %
(7)(8)(10) (32)
3,321  3,321  3,208 
LivTech Purchaser, Inc. Business Services First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.0% Cash 1/21 12/25 862  854  854  0.1  %
(7)(8)(10)
862  854  854 
LogMeIn, Inc. High Tech Industries First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.3% Cash 2/22 8/27 1,975  1,957  1,496  0.1  %
(8)(9)(32)
1,975  1,957  1,496 
19
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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Long Term Care Group, Inc. Healthcare First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.3% Cash 4/22 9/27 $ 8,082  $ 7,925  $ 7,920  0.6  %
(7)(8)(9)
8,082  7,925  7,920 
Magnetite XIX, Limited Multi-Sector Holdings Subordinated Notes LIBOR + 8.77%, 9.8% Cash 2/22 4/34 5,250  5,107  4,534  0.4  %
(3)(32)
Subordinated Structured Notes Residual Interest, current yield 12.38% 2/22 4/34 13,730  9,332  7,595  0.6  %
(3)(32)
18,980  14,439  12,129 
Marmoutier Holding B.V. Consumer Products First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 12/21 12/28 1,788  1,877  1,739  0.1  %
(3)(7)(8)(14)
Revolver EURIBOR + 5.00%, 5.0% Cash 12/21 6/27 —  (4) (3) —  %
(3)(7)(8)(14)
1,788  1,873  1,736 
Marshall Excelsior Co. Capital Goods First Lien Senior Secured Term Loan SOFR + 5.50%, 7.7% Cash 2/22 2/28 10,973  10,800  10,781  0.8  %
(7)(8)(17)
Revolver SOFR + 5.50%, 7.7% Cash 2/22 2/28 964  937  935  0.1  %
(7)(8)(17)
11,937  11,737  11,716 
MC Group Ventures Corporation Business Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 8.4% Cash 7/21 6/27 3,669  3,587  3,610  0.3  %
(7)(8)(10)
Partnership Units (746.66 Units) N/A 6/21 N/A 747  833  0.1  %
(7)
3,669  4,334  4,443 
Media Recovery, Inc. (SpotSee) Containers, Packaging & Glass First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.8% Cash 11/19 11/25 2,926  2,890  2,926  0.2  %
(7)(8)(10)
First Lien Senior Secured Term Loan SONIA + 6.00%, 7.2% Cash 12/20 11/25 3,970  4,294  3,970  0.3  %
(7)(8)(20)
6,896  7,184  6,896 
Median B.V. Healthcare First Lien Senior Secured Term Loan SONIA + 6.00%, 7.2% Cash 2/22 10/27 9,048  9,773  8,166  0.6  %
(3)(8)(20)
9,048  9,773  8,166 
Medical Solutions Parent Holdings, Inc. Healthcare Second Lien Senior Secured Term Loan LIBOR + 7.00%, 9.9% Cash 11/21 11/29 4,421  4,380  4,067  0.3  %
(8)(10)
4,421  4,380  4,067 
MNS Buyer, Inc. Construction and Building First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.2% Cash 8/21 8/27 916  900  903  0.1  %
(7)(8)(9)
Partnership Units (76.92 Units) N/A 8/21 N/A 77  64  —  %
(7)
916  977  967 
Modern Star Holdings Bidco Pty Limited. Non-durable Consumer Goods First Lien Senior Secured Term Loan BBSY + 6.0%, 7.1% Cash 12/20 12/26 7,915  8,302  7,697  0.6  %
(3)(7)(8)(22)
7,915  8,302  7,697 
Murphy Midco Limited Media, Diversified & Production First Lien Senior Secured Term Loan SONIA + 4.75%, 6.1% Cash 11/20 11/27 993  1,051  971  0.1  %
(3)(7)(8)(20)
993  1,051  971 
Music Reports, Inc. Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.1% Cash 08/20 8/26 7,424  7,289  7,279  0.6  %
(7)(8)(9)
7,424  7,289  7,279 
Napa Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 6.00%, 7.2% Cash 03/22 3/28 19,133  19,484  18,583  1.4  %
(3)(7)(8)(23)
19,133  19,484  18,583 
20
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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Narda Acquisitionco., Inc. Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.25%, 7.5% Cash 12/21 12/27 $ 5,665  $ 5,574  $ 5,439  0.4  %
(7)(8)(10)
Revolver LIBOR + 5.25%, 7.5% Cash 12/21 12/27 —  (21) (52) —  %
(7)(8)(10)
Class A Preferred Stock (4,587.38 shares) N/A 12/21 N/A 459  385  —  %
(7)
Class B Common Stock (509.71 shares) N/A 12/21 N/A 51  —  —  %
(7)
5,665  6,063  5,772 
Navia Benefit Solutions, Inc. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.8% Cash 02/21 2/27 2,708  2,655  2,670  0.2  %
(7)(8)(9)
2,708  2,655  2,670 
Nexus Underwriting Management Limited Other Financial First Lien Senior Secured Term Loan SONIA + 5.25%, 5.9% Cash 10/21 10/28 1,555  1,681  1,513  0.1  %
(3)(7)(8)(21)
Revolver SONIA + 5.25%, 5.9% Cash 10/21 4/23 186  202  186  —  %
(3)(7)(8)(21)
1,741  1,883  1,699 
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) Energy Equipment & Services First Lien Senior Secured Term Loan LIBOR + 4.25%, 5.9% Cash 10/18 10/25 4,728  4,716  4,718  0.4  %
(7)(8)(9)
4,728  4,716  4,718 
Northstar Recycling, LLC Environmental Industries First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.0% Cash 10/21 9/27 2,488  2,443  2,450  0.2  %
(7)(8)(10)
2,488  2,443  2,450 
Novotech Aus Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 5.75%, 7.6% Cash 1/22 1/28 3,539  3,661  3,472  0.3  %
(3)(7)(8)(24)
First Lien Senior Secured Term Loan SOFR + 5.25%, 7.6% Cash 1/22 1/28 474  437  450  —  %
(3)(7)(8)(18)
4,013  4,098  3,922 
OA Buyer, Inc. Healthcare First Lien Senior Secured Term Loan LIBOR + 6.00%, 8.3% Cash 12/21 12/28 9,613  9,431  9,421  0.7  %
(7)(8)(10)
Revolver LIBOR + 6.00%, 8.3% Cash 12/21 12/28 —  (25) (27) —  %
(7)(8)(10)
Partnership Units (210,920.11 units) N/A 12/21 N/A 211  211  —  %
(7)
9,613  9,617  9,605 
OAC Holdings I Corp Automotive First Lien Senior Secured Term Loan SOFR + 5.00%, 7.8% Cash 3/22 3/29 3,630  3,560  3,563  0.3  %
(7)(8)(18)
Revolver SOFR + 5.00%, 6.7% Cash 3/22 3/28 1,076  1,050  1,051  0.1  %
(7)(8)(16)
4,706  4,610  4,614 
Odeon Cinemas Group Limited Hotel, Gaming, & Leisure First Lien Senior Secured Term Loan 11.3% Cash 2/21 8/23 3,602  4,079  3,422  0.3  %
(3)(7)
3,602  4,079  3,422 
Offen Inc. Transportation: Cargo First Lien Senior Secured Term Loan LIBOR + 5.00%, 7.9% Cash 2/22 6/26 3,744  3,707  3,651  0.3  %
(7)(11)(32)
3,744  3,707  3,651 
OG III B.V. Containers & Glass Products First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 6/21 6/28 3,312  3,669  3,229  0.3  %
(3)(7)(8)(14)
3,312  3,669  3,229 
Omni Intermediate Holdings, LLC Transportation First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.0% Cash 12/20 12/26 11,177  11,067  10,907  0.8  %
(7)(8)(9)
11,177  11,067  10,907 
Options Technology Ltd. Computer Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.2% Cash 12/19 12/25 2,302  2,274  2,266  0.2  %
(3)(7)(8)(11)
2,302  2,274  2,266 
Oracle Vision Bidco Limited Healthcare First Lien Senior Secured Term Loan SONIA + 5.25%, 5.7% Cash 6/21 5/28 2,780  3,146  2,729  0.2  %
(3)(7)(8)(21)
2,780  3,146  2,729 
21
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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Origin Bidco Limited Technology First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 6/21 6/28 $ 347  $ 394  $ 341  —  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.2% Cash 6/21 6/28 597  583  586  —  %
(3)(7)(8)(10)
944  977  927 
OSP Hamilton Purchaser, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.25%, 7.5% Cash 12/21 12/27 2,269  2,227  2,232  0.2  %
(7)(8)(10)
Revolver LIBOR + 5.25%, 7.5% Cash 12/21 12/27 56  53  53  —  %
(7)(8)(10)
2,325  2,280  2,285 
Pare SAS (SAS Maurice MARLE) Health Care Equipment First Lien Senior Secured Term Loan EURIBOR + 6.50%, 6.5% Cash 12/19 12/26 4,263  4,483  4,250  0.3  %
(3)(7)(8)(15)
4,263  4,483  4,250 
Path Medical, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan 13.0% PIK 2/22 10/22 11,764  —  —  —  %
(7)(29)(32)
First Lien Senior Secured Term Loan 10.5% PIK 2/22 10/22 8,465  4,571  4,732  0.4  %
(7)(29)(32)
Warrants (36,716 units) N/A 2/22 N/A —  —  —  %
(7)(29)(32)
20,229  4,571  4,732 
Patriot New Midco 1 Limited (Forensic Risk Alliance) Diversified Financial Services First Lien Senior Secured Term Loan EURIBOR + 6.75%, 6.8% Cash 2/20 2/27 2,780  2,844  2,638  0.2  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan LIBOR + 6.75%, 8.2% Cash 2/20 2/27 3,539  3,473  3,359  0.3  %
(3)(7)(8)(10)
6,319  6,317  5,997 
PDQ.Com Corporation Business equipment & services First Lien Senior Secured Term Loan LIBOR + 5.00%, 7.3% Cash 8/21 8/27 7,508  7,259  7,285  0.6  %
(7)(8)(10)
Class A-2 Partnership Units (28.8 units) N/A 8/21 N/A 29  39  —  %
(7)
7,508  7,288  7,324 
Perimeter Master Note Business Trust Credit Card ABS Structured Secured Note - Class A 4.7% Cash 5/22 5/27 109  109  106  —  %
(3)(7)
Structured Secured Note - Class B 5.4% Cash 5/22 5/27 109  109  109  —  %
(3)(7)
Structured Secured Note - Class C 5.9% Cash 5/22 5/27 109  109  104  —  %
(3)(7)
Structured Secured Note - Class D 8.5% Cash 5/22 5/27 109  109  101  —  %
(3)(7)
Structured Secured Note - Class E 11.4% Cash 5/22 5/27 5,564  5,564  5,178  0.4  %
(3)(7)
6,000  6,000  5,598 
Permaconn BidCo Pty Ltd Telecommunications First Lien Senior Secured Term Loan BBSY + 6.50%, 7.8% Cash 12/21 12/27 2,817  2,852  2,753  0.2  %
(3)(7)(8)(23)
2,817  2,852  2,753 
Polara Enterprises, L.L.C. Capital Equipment First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 12/21 12/27 1,236  1,214  1,212  0.1  %
(7)(8)(10)
Revolver LIBOR + 4.75%, 5.8% Cash 12/21 12/27 71  61  60  —  %
(7)(8)(10)
Partnership Units (7,409 units) N/A 12/21 N/A 741  741  0.1  %
(7)
1,307  2,016  2,013 
Policy Services Company, LLC Property & Casualty Insurance First Lien Senior Secured Term Loan LIBOR + 6.00%, 8.8% Cash, 4.0% PIK 12/21 6/26 48,699  47,381  47,238  3.7  %
(7)(8)(10)
Warrants - Class A (25,582 units) N/A 12/21 N/A —  —  —  %
(7)
Warrants - Class B (8,634 units) N/A 12/21 N/A —  —  —  %
(7)
Warrants - Class C (888 units) N/A 12/21 N/A —  —  —  %
(7)
Warrants - Class D (2,282 units) N/A 12/21 N/A —  —  —  %
(7)
48,699  47,381  47,238 
22
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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Polymer Solutions Group Holdings, LLC Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan LIBOR + 7.00%, 8.7% Cash 2/22 1/23 $ 1,023  $ 1,023  $ 1,023  0.1  %
(7)(8)(9)(32)
1,023  1,023  1,023 
Premium Franchise Brands, LLC Research & Consulting Services First Lien Senior Secured Term Loan LIBOR + 6.25%, 8.5% Cash 12/20 12/26 14,740  14,508  14,499  1.1  %
(7)(8)(10)
14,740  14,508  14,499 
Premium Invest Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan EURIBOR + 6.00%, 6.2% Cash 6/21 6/28 3,764  4,123  3,764  0.3  %
(3)(7)(8)(15)
3,764  4,123  3,764 
Preqin MC Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan SOFR + 5.25%, 5.5% Cash 8/21 7/28 2,789  2,714  2,731  0.2  %
(3)(7)(8)(18)
2,789  2,714  2,731 
Process Equipment, Inc. (ProcessBarron) Industrial Air & Material Handling Equipment First Lien Senior Secured Term Loan LIBOR + 4.25%, 6.6% Cash 3/19 3/25 6,174  6,128  5,840  0.5  %
(7)(8)(10)
6,174  6,128  5,840 
Professional Datasolutions, Inc. (PDI) Application Software First Lien Senior Secured Term Loan LIBOR + 4.50%, 5.5% Cash 3/19 10/24 1,827  1,826  1,805  0.1  %
(7)(8)(10)
1,827  1,826  1,805 
ProfitOptics, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.5% Cash 3/22 3/28 1,774  1,740  1,743  0.1  %
(7)(8)(10)
Revolver LIBOR + 5.75%, 6.5% Cash 3/22 3/28 —  (9) (9) —  %
(7)(8)(10)
Second Lien Senior Subordinated Term Loan 8.0% Cash 3/22 3/29 81  81  79  —  %
(7)
LLC Units (241,935.48 units N/A 3/22 N/A 161  166  —  %
(7)
1,855  1,973  1,979 
Proppants Holding, LLC Energy: Oil & Gas LLC Units (1,668,106 units) N/A 2/22 N/A —  —  —  %
(7)(32)
—  — 
Protego Bidco B.V. Aerospace & Defense First Lien Senior Secured Term Loan EURIBOR + 6.00%, 6.0% Cash 3/21 3/28 1,423  1,565  1,385  0.1  %
(3)(7)(8)(14)
Revolver EURIBOR + 5.25%, 5.3% Cash 3/21 3/27 2,048  2,272  2,013  0.2  %
(3)(7)(8)(14)
3,471  3,837  3,398 
PSP Intermediate 4, LLC Technology First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 5/22 5/29 854  822  811  0.1  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.9% Cash 5/22 5/29 866  842  842  0.1  %
(3)(7)(8)(10)
1,720  1,664  1,653 
QPE7 SPV1 BidCo Pty Ltd Consumer Cyclical First Lien Senior Secured Term Loan BBSY + 5.50%, 6.0% Cash 9/21 9/26 1,896  1,959  1,876  0.1  %
(3)(7)(8)(23)
1,896  1,959  1,876 
Questel Unite Business Services First Lien Senior Secured Term Loan LIBOR + 6.25%, 7.3% Cash 12/20 12/27 6,892  6,808  6,892  0.5  %
(3)(7)(8)(10)
6,892  6,808  6,892 
RA Outdoors, LLC High Tech Industries First Lien Senior Secured Term Loan LIBOR + 6.75%, 9.0% Cash 2/22 4/26 12,917  12,658  12,658  1.0  %
(7)(8)(10) (32)
Revolver LIBOR + 6.75%, 9.0% Cash 2/22 4/26 —  —  (25) —  %
(7)(8)(10) (32)
12,917  12,658  12,633 
Recovery Point Systems, Inc. Technology First Lien Senior Secured Term Loan LIBOR + 6.50%, 7.5% Cash 8/20 7/26 11,589  11,420  11,589  0.9  %
(7)(8)(10)
Partnership Equity (187,235 units N/A 3/21 N/A 187  127  —  %
(7)
11,589  11,607  11,716 
23
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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Renovation Parent Holdings, LLC Home furnishings First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.5% Cash 11/21 11/27 $ 4,830  $ 4,720  $ 4,735  0.4  %
(7)(8)(10)
Partnership Equity (197,368.42 units N/A 11/21 N/A 197  197  —  %
(7)
4,830  4,917  4,932 
REP SEKO MERGER SUB LLC Air Freight & Logistics First Lien Senior Secured Term Loan EURIBOR + 5.00%, 6.0% Cash 6/22 12/26 9,409  9,274  9,220  0.7  %
(7)(8)(15)
First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.7% Cash 12/20 12/26 8,101  7,921  7,920  0.6  %
(7)(8)(9)
17,510  17,195  17,140 
Resolute Investment Managers, Inc. Banking, Finance, Insurance & Real Estate Second Lien Senior Secured Term Loan LIBOR + 8.00%, 9.2% Cash 2/22 4/25 5,081  5,107  4,802  0.4  %
(7)(8)(10) (32)
5,081  5,107  4,802 
Resonetics, LLC Health Care Equipment Second Lien Senior Secured Term Loan LIBOR + 7.00%, 8.6% Cash 4/21 4/29 4,011  3,938  4,011  0.3  %
(7)(8)(10)
4,011  3,938  4,011 
Reward Gateway (UK) Ltd Precious Metals & Minerals First Lien Senior Secured Term Loan SONIA + 6.75%, 7.4% Cash 8/21 6/28 2,919  3,224  2,851  0.2  %
(3)(7)(8)(20)
2,919  3,224  2,851 
Riedel Beheer B.V. Food & Beverage First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 12/21 12/28 1,746  1,838  1,703  0.1  %
(3)(7)(8)(14)
1,746  1,838  1,703 
RPX Corporation Research & Consulting Services First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.7% Cash 10/20 10/25 7,436  7,299  7,311  0.6  %
(7)(8)(9)
7,436  7,299  7,311 
RTIC Subsidiary Holdings, LLC Consumer Goods: Durable First Lien Senior Secured Term Loan LIBOR + 7.75%, 9.0% Cash 2/22 9/25 10,434  10,434  10,288  0.8  %
(7)(8)(10) (32)
Revolver LIBOR + 7.75%, 9.0% Cash 2/22 9/25 3,968  3,968  3,913  0.3  %
(7)(8)(10) (32)
Class A Preferred Stock (145.347 shares N/A 2/22 N/A 4  2  —  %
(7)(32)
Class B Preferred Stock (145.347 shares N/A 2/22 N/A —  —  —  %
(7)(32)
Class C Preferred Stock (7,844.03 shares N/A 2/22 N/A 450  325  —  %
(7)(32)
Common Stock (153 shares) N/A 2/22 N/A —  —  —  %
(7)(32)
14,402  14,856  14,528 
Ruffalo Noel Levitz, LLC Media Services First Lien Senior Secured Term Loan LIBOR + 6.00%, 8.3% Cash 1/19 5/24 9,470  9,470  9,470  0.7  %
(7)(8)(10)
9,470  9,470  9,470 
Safety Products Holdings, LLC Non-durable Consumer Goods First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.6% Cash 12/20 12/26 11,994  11,785  11,838  0.9  %
(7)(8)(9)
Preferred Stock (372.1 shares) N/A 12/20 N/A 372  464  —  %
(7)
11,994  12,157  12,302 
Sanoptis S.A.R.L. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 6/22 7/29 9,381  8,918  8,918  0.7  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan SARON + 5.50%, 5.5% Cash 6/22 7/29 3,240  3,151  3,151  0.2  %
(3)(7)(8)(28)
12,621  12,069  12,069 
Scaled Agile, Inc. Research & Consulting Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.8% Cash 12/21 12/28 1,744  1,705  1,726  0.1  %
(7)(8)(10)
Revolver LIBOR + 5.50%, 7.8% Cash 12/21 12/28 —  (6) (3) —  %
(7)(8)(10)
1,744  1,699  1,723 
24
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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Scout Bidco B.V. Diversified Manufacturing First Lien Senior Secured Term Loan EURIBOR + 6.00%, 6.0% Cash 5/22 3/29 $ 6,353  $ 6,273  $ 6,138  0.5  %
(3)(7)(8)(14)
Revolver EURIBOR + 6.00%, 6.0% Cash 5/22 3/29 —  (25) (25) —  %
(3)(7)(8)(14)
6,353  6,248  6,113 
Sereni Capital NV Consumer Cyclical First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 5/22 11/28 81  69  68  —  %
(3)(7)(8)(15)
First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 5/22 5/29 480  478  467  —  %
(3)(7)(8)(15)
Revolver EURIBOR + 5.75%, 5.8% Cash 5/22 11/22 —  (1) (1) —  %
(3)(7)(8)(15)
561  546  534 
Serta Simmons Bedding LLC Home Furnishings Super Priority First Out LIBOR + 7.50%, 9.0% Cash 6/20 8/23 7,313  7,228  7,079  0.6  %
(8)(9)
Super Priority Second Out LIBOR + 7.50%, 9.0% Cash 6/20 8/23 3,589  3,373  2,505  0.2  %
(8)(9)
10,902  10,601  9,584 
SISU ACQUISITIONCO., INC. Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.25%, 7.5% Cash 12/20 12/26 6,970  6,861  6,692  0.5  %
(7)(8)(10)
6,970  6,861  6,692 
SMART Financial Operations, LLC Banking, Finance, Insurance & Real Estate Preferred Stock (1,000,000 shares) N/A 2/22 N/A —  130  —  %
(7)(32)
—  130 
Smartling, Inc. Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.3% Cash 11/21 10/27 13,776  13,490  13,530  1.1  %
(7)(8)(10)
Revolver LIBOR + 5.75%, 7.3% Cash 11/21 10/27 —  (21) (18) —  %
(7)(8)(10)
13,776  13,469  13,512 
Smile Brands Group Inc. Health Care Services First Lien Senior Secured Term Loan LIBOR + 4.50%, 6.1% Cash 10/18 10/25 4,559  4,540  4,527  0.4  %
(7)(8)(11)
First Lien Senior Secured Term Loan LIBOR + 4.50%, 6.1% Cash 12/20 10/25 470  460  465  —  %
(7)(8)(11)
5,029  5,000  4,992 
SN BUYER, LLC Health Care Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.8% Cash 12/20 12/26 18,129  17,846  18,129  1.4  %
(7)(8)(10)
18,129  17,846  18,129 
Sound Point CLO XX, Ltd. Multi-Sector Holdings Subordinated Structured Notes Residual Interest, current yield 18.99% 2/22 7/31 4,489  2,252  1,784  0.1  %
(3)(32)
4,489  2,252  1,784 
Springbrook Software (SBRK Intermediate, Inc.) Enterprise Software & Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.8% Cash 12/19 12/26 21,035  20,736  21,035  1.6  %
(7)(8)(10)
21,035  20,736  21,035 
SPT Acquico Limited High Tech Industries First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.0% Cash 01/21 12/27 658  645  658  0.1  %
(3)(7)(8)(10)
658  645  658 
SSCP Pegasus Midco Limited Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan SONIA + 6.75%, 7.7% Cash 12/20 11/27 2,469  2,552  2,370  0.2  %
(3)(7)(8)(20)
2,469  2,552  2,370 
Starnmeer B.V. Technology First Lien Senior Secured Term Loan LIBOR + 6.40%, 6.9% Cash 10/21 4/27 2,500  2,466  2,471  0.2  %
(3)(7)(8)(10)
2,500  2,466  2,471 
Superjet Buyer, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 12/21 12/27 13,142  12,897  12,923  1.0  %
(7)(8)(10)
Revolver LIBOR + 5.75%, 8.0% Cash 12/21 12/27 —  (34) (30) —  %
(7)(8)(10)
13,142  12,863  12,893 
25
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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Syniverse Holdings, Inc. Technology Distributors First Lien Senior Secured Term Loan SOFR + 7.00%, 8.3% Cash 5/22 5/27 $ 20,003  $ 19,051  $ 17,578  1.4  %
(8)(17)
Series A Preferred Equity (7,575,758 units) N/A 5/22 N/A 7,424  7,424  0.6  %
(7)
20,003  26,475  25,002 
Syntax Systems Ltd Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.2% Cash 11/21 10/28 2,040  2,009  2,009  0.2  %
(3)(7)(8)(9)
Revolver LIBOR + 5.75%, 7.2% Cash 11/21 10/26 564  555  556  —  %
(3)(7)(8)(9)
2,604  2,564  2,565 
TA SL Cayman Aggregator Corp. Technology Subordinated Term Loan 7.8% PIK 7/21 7/28 2,084  2,050  2,055  0.2  %
(7)
Common Stock (1,227.79 shares) N/A 7/21 N/A 50  75  —  %
(7)
2,084  2,100  2,130 
Tank Holding Corp Metal & Glass Containers First Lien Senior Secured Term Loan SOFR + 6.00%, 7.6% Cash 3/22 3/28 19,127  18,712  18,733  1.5  %
(7)(8)(16)
Revolver SOFR + 6.00%, 7.6% Cash 3/22 3/28 364  345  346  —  %
(7)(8)(16)
19,491  19,057  19,079 
Team Car Care, LLC Automotive First Lien Senior Secured Term Loan LIBOR + 8.00%, 9.0% Cash 2/22 6/24 12,492  12,492  12,317  1.0  %
(7)(8)(10) (32)
12,492  12,492  12,317 
Team Services Group Services: Consumer First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.7% Cash 2/22 12/27 9,887  9,887  9,492  0.7  %
(8)(9)(32)
Second Lien Senior Secured Term Loan LIBOR + 9.00%, 10.7% Cash 02/22 12/28 5,000  4,975  4,900  0.4  %
(7)(8)(9)(32)
14,887  14,862  14,392 
Techone B.V. Technology First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 11/21 11/28 3,674  3,781  3,573  0.3  %
(3)(7)(8)(14)
Revolver EURIBOR + 5.50%, 5.5% Cash 11/21 5/28 278  274  264  —  %
(3)(7)(8)(14)
3,952  4,055  3,837 
Tencarva Machinery Company, LLC Capital Equipment First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.5% Cash 12/21 12/27 5,458  5,356  5,366  0.4  %
(7)(8)(10)
Revolver LIBOR + 5.50%, 7.5% Cash 12/21 12/27 —  (18) (16) —  %
(7)(8)(10)
5,458  5,338  5,350 
Terrybear, Inc. Consumer Products Subordinated Term Loan 10.0% Cash, 4.0% PIK 4/22 4/28 256  251  251  —  %
(7)
Partnership Equity (24,358.97 units) N/A 4/22 N/A 239  244  —  %
(7)
256  490  495 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan LIBOR + 4.25%, 5.9% Cash 10/21 12/27 843  778  798  0.1  %
(7)(8)(9)
Revolver LIBOR + 4.25%, 5.9% Cash 10/21 12/27 —  (13) (10) —  %
(7)(8)(9)
Subordinated Term Loan 9.00% Cash 10/21 12/27 3,333  3,272  3,282  0.3  %
(7)
4,176  4,037  4,070 
The Hilb Group, LLC Insurance Brokerage First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.8% Cash 12/19 12/26 482  432  436  —  %
(7)(8)(10)
First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 12/19 12/25 5,680  5,574  5,565  0.4  %
(7)(8)(10)
First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 12/19 12/26 14,486  14,230  14,190  1.1  %
(7)(8)(10)
20,648  20,236  20,191 
26
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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
The Octave Music Group, Inc. Media: Diversified & Production Second Lien Senior Secured Term Loan SOFR + 7.75%, 8.2% Cash 4/22 3/30 $ 12,522  $ 12,277  $ 12,272  1.0  %
(7)(8)(17)
Partnership Equity (676,880.98 units) N/A 4/22 N/A 677  677  0.1  %
(7)
12,522  12,954  12,949 
Total Safety U.S. Inc. Diversified Support Services First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.0% Cash 11/19 8/25 6,309  6,151  6,025  0.5  %
(8)(11)
6,309  6,151  6,025 
TPC Group, Inc. Chemicals First Lien Senior Secured Term Loan SOFR + 4.50%, 6.0% Cash 06/22 12/23 40,678  40,141  40,116  3.1  %
(7)(8)(17)
40,678  40,141  40,116 
Transit Technologies LLC Software First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.2% Cash 02/20 2/25 6,035  5,977  5,860  0.5  %
(7)(8)(10)
6,035  5,977  5,860 
Transportation Insight, LLC Air Freight & Logistics First Lien Senior Secured Term Loan LIBOR + 4.25%, 5.9% Cash 08/18 12/24 11,258  11,210  11,128  0.9  %
(7)(8)(9)
11,258  11,210  11,128 
Trident Maritime Systems, Inc. Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.0% Cash 02/21 2/27 14,850  14,652  14,590  1.1  %
(7)(8)(10)
14,850  14,652  14,590 
Truck-Lite Co., LLC Automotive Parts & Equipment First Lien Senior Secured Term Loan SOFR + 6.25%, 8.5% Cash 12/19 12/26 19,467  19,138  19,077  1.5  %
(7)(8)(10)
19,467  19,138  19,077 
True Religion Apparel, Inc. Retail Preferred Unit (2.8 units) N/A 02/22 N/A —  —  —  %
(7)(32)
Common Stock (2.71 shares) N/A 02/22 N/A —  —  —  %
(7)(32)
—  — 
Trystar, LLC Power Distribution Solutions First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.2% Cash 09/18 9/23 6,952  6,882  6,799  0.5  %
(7)(8)(10)
Class A LLC Units (440.97 units) N/A 09/18 N/A 481  317  —  %
(7)
6,952  7,363  7,116 
TSM II Luxco 10 SARL Chemical & Plastics Subordinated Term Loan EURIBOR + 8.75%, 8.8% Cash 03/22 3/27 10,454  10,676  10,036  0.8  %
(3)(7)(8)(15)
10,454  10,676  10,036 
Turbo Buyer, Inc. Finance Companies First Lien Senior Secured Term Loan LIBOR + 6.00%, 8.2% Cash 11/21 12/25 7,592  7,424  7,456  0.6  %
(7)(8)(10)
7,592  7,424  7,456 
Turf Products, LLC Landscaping & Irrigation Equipment Distributor Senior Subordinated Debt 10.0% Cash 12/20 10/23 8,697  8,384  8,487  0.7  %
(7)(30)
8,697  8,384  8,487 
Turnberry Solutions, Inc. Consumer Cyclical First Lien Senior Secured Term Loan SOFR + 6.00%, 7.1% Cash 07/21 9/26 5,000  4,916  4,870  0.4  %
(7)(8)(17)
5,000  4,916  4,870 
U.S. Gas & Electric, Inc. Energy Services Second Lien Loan 9.5% Cash 12/20 7/25 2,285  1,785  1,844  0.1  %
(7)(30)
Second Lien Loan 9.5% Cash 12/20 7/25 2,485  —  —  —  %
(7)(30)(31)
4,770  1,785  1,844 
U.S. Silica Company Metal & Glass Containers First Lien Senior Secured Term Loan LIBOR + 4.00%, 5.7% Cash 08/18 5/25 1,464  1,466  1,406  0.1  %
(3)(8)(9)
1,464  1,466  1,406 
UKFast Leaders Limited Technology First Lien Senior Secured Term Loan SONIA + 7.25%, 8.4% Cash 09/20 9/27 11,039  11,421  10,824  0.8  %
(3)(7)(8)(20)
11,039  11,421  10,824 
27
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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Union Bidco Limited Healthcare First Lien Senior Secured Term Loan SONIA + 5.50%, 6.7% Cash 06/22 6/29 $ 818  $ 797  $ 798  0.1  %
(3)(7)(8)(20)
818  797  798 
United Therapy Holding III GmbH Healthcare First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.7% Cash 4/22 3/29 764  729  700  0.1  %
(3)(7)(8)(15)
764  729  700 
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) Legal Services First Lien Senior Secured Term Loan SOFR + 5.50%, 7.7% Cash 11/18 11/24 16,097  15,898  15,736  1.2  %
(7)(8)(17)
16,097  15,898  15,736 
Utac Ceram Business Services First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 9/20 9/27 1,568  1,709  1,545  0.1  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan LIBOR + 5.25%, 7.5% Cash 2/21 9/27 3,517  3,460  3,467  0.3  %
(3)(7)(8)(10)
5,085  5,169  5,012 
Validity, Inc. IT Consulting & Other Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.4% Cash 7/19 5/25 4,783  4,700  4,783  0.4  %
(7)(8)(9)
4,783  4,700  4,783 
Velocity Pooling Vehicle, LLC Automotive Common Stock (4,676 shares) N/A 2/22 N/A 60  29  —  %
(7)(32)
Warrants (5,591 units) N/A 2/22 N/A 72  35  —  %
(7)(32)
132  64 
Victoria Bidco Limited Industrial Machinery First Lien Senior Secured Term Loan SONIA + 6.50%, 6.7% Cash 3/22 1/29 3,363  3,621  3,262  0.3  %
(3)(7)(8)(21)
3,363  3,621  3,262 
Vision Solutions Inc. Business equipment & services Second Lien Senior Secured Term Loan LIBOR + 7.25%, 8.4% Cash 2/22 4/29 6,500  6,497  5,711  0.4  %
(8)(9)(32)
6,500  6,497  5,711 
VistaJet Pass Through Trust 2021-1B Airlines Structured Secured Note - Class B 6.3% Cash 11/21 2/29 5,000  5,000  4,836  0.4  %
(7)
5,000  5,000  4,836 
Vital Buyer, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.6% Cash 6/21 6/28 7,723  7,588  7,716  0.6  %
(7)(8)(10)
Partnership Units (16,442.9 units) N/A 6/21 N/A 164  289  —  %
(7)
7,723  7,752  8,005 
VOYA CLO 2015-2, LTD. Multi-Sector Holdings Subordinated Structured Notes Residual Interest, current yield 454.7% 2/22 7/27 10,736  2,951  312  —  %
(3)(32)
10,736  2,951  312 
VOYA CLO 2016-2, LTD. Multi-Sector Holdings Subordinated Structured Notes Residual Interest, current yield 15.09% 2/22 7/28 11,088  3,452  2,556  0.2  %
(3)(32)
11,088  3,452  2,556 
W2O Holdings, Inc. Healthcare Technology First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.1% Cash 10/20 6/25 3,351  3,351  3,351  0.3  %
(7)(11)
First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.6% Cash 10/20 6/25 —  (38) —  —  %
(7)(8)(10)
3,351  3,313  3,351 
Walker Edison Furniture Company LLC Consumer Goods: Durable Common Stock (2,819.53 shares) N/A 2/22 N/A 3,598  2,112  0.2  %
(7)(32)
3,598  2,112 
Watermill-QMC Midco, Inc. Automotive Equity (1.62% Partnership Interest) N/A 2/22 N/A —  —  —  %
(7)(32)
—  — 
Wawona Delaware Holdings, LLC Beverage & Food First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.0% Cash 2/22 9/26 45  41  35  —  %
(10)(32)
45  41  35 
28
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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Wok Holdings Inc. Retail First Lien Senior Secured Term Loan LIBOR + 6.25%, 7.8% Cash 2/22 3/26 $ 48  $ 48  $ 44  —  %
(8)(10)(32)
48  48  44 
Woodland Foods, LLC Food & Beverage First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.1% Cash 12/21 12/27 8,470  8,314  8,333  0.6  %
(7)(8)(10)
Revolver LIBOR + 5.50%, 7.1% Cash 12/21 12/27 778  736  741  0.1  %
(7)(8)(10)
Common Stock (1,663.31 shares) N/A 12/21 N/A 1,663  1,663  0.1  %
(7)
9,248  10,713  10,737 
World 50, Inc. Professional Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.4% Cash 9/20 1/26 8,963  8,822  8,836  0.7  %
(7)(8)(9)
First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.9% Cash 1/20 1/26 2,624  2,568  2,624  0.2  %
(7)(8)(9)
11,587  11,390  11,460 
Xeinadin Bidco Limited Financial Other First Lien Senior Secured Term Loan SONIA + 5.25%, 6.2% Cash 5/22 5/29 13,541  13,313  13,004  1.0  %
(3)(7)(8)(20)
Subordinated Term Loan 11.0% PIK 5/22 5/29 4,629  4,569  4,479  0.3  %
(3)(7)
Common Stock (442,851 shares) N/A 5/22 N/A 550  538  —  %
(3)(7)
18,170  18,432  18,021 
ZB Holdco LLC Food & Beverage First Lien Senior Secured Term Loan LIBOR + 5.00%, 7.6% Cash 2/22 2/28 2,698  2,625  2,627  0.2  %
(7)(8)(10)
Revolver LIBOR + 5.00%, 7.6% Cash 2/22 2/28 —  (16) (15) —  %
(7)(8)(10)
LLC Units (152.69 units N/A 2/22 N/A 153  188  —  %
(7)
2,698  2,762  2,800 
Zeppelin Bidco Limited Services: Business First Lien Senior Secured Term Loan SONIA + 6.25%, 6.9% Cash 3/22 3/29 5,876  6,126  5,670  0.4  %
(3)(7)(8)(19)
Revolver SONIA + 6.25%, 6.9% Cash 3/22 5/22 —  (2) (13) —  %
(3)(7)(8)(19)
5,876  6,124  5,657 
Subtotal Non–Control / Non–Affiliate Investments (153.9%) 2,066,303  2,025,944  1,928,010 
Affiliate Investments: (4)
1888 Industrial Services, LLC Energy: Oil & Gas First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.0% Cash 2/22 5/23 4,264  419  —  —  %
(7)(8)(10) (29)(32)
Revolver LIBOR + 6.00%, 7.0% Cash 2/22 5/23 1,433  1,310  1,376  0.1  %
(7)(8)(10) (32)
Warrants (7,546.76 units) N/A 2/22 N/A —  —  —  %
(7)(32)
5,697  1,729  1,376 
Charming Charlie LLC Retail First Lien Senior Secured Term Loan 20.0% Cash 2/22 5/22 139  —  —  —  %
(7)(29)(32)
First Lien Senior Secured Term Loan 10.4% Cash 2/22 11/22 770  —  —  —  %
(29)(32)
First Lien Senior Secured Term Loan LIBOR + 12.00%, 14.3% Cash 2/22 4/23 4,178  —  —  —  %
(7)(8)(10) (29)(32)
First Lien Senior Secured Term Loan LIBOR + 5.00%, 7.3% Cash 2/22 4/23 3,413  —  —  —  %
(7)(8)(10) (29)(32)
Common Stock (34,923,249 shares) N/A 2/22 N/A —  —  —  %
(7)(29)(32)
8,500  —  — 
Eclipse Business Capital, LLC Banking, Finance, Insurance & Real Estate Revolver LIBOR + 7.25% 7/21 7/28 7,091  6,973  7,091  0.6  %
(7)(9)
Second Lien Senior Secured Term Loan 7.5% Cash 7/21 7/28 4,545  4,505  4,545  0.4  %
(7)
LLC Units (89,447,396 units) N/A 7/21 N/A 89,850  115,894  9.0  %
(7)
11,636  101,328  127,530 
29
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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Hylan Datacom & Electrical LLC Construction & Building First Lien Senior Secured Term Loan SOFR + 8.00%, 9.5% Cash 2/22 3/26 $ 3,917  $ 3,633  $ 3,839  0.3  %
(7)(8)(17)
Second Lien Senior Secured Term Loan SOFR + 10.00%, 11.0% Cash 2/22 3/27 3,850  3,850  3,773  0.3  %
(7)(8)(17)
Common Stock (102,144 shares) N/A 2/22 N/A —  5,219  5,219  0.4  %
(7)
7,767  12,702  12,831 
Jocassee Partners LLC Investment Funds & Vehicles 9.1% Member Interest N/A 6/19 N/A 35,158  40,361  3.2  %
(3)
35,158  40,361 
Kemmerer Operations, LLC Metals & Mining First Lien Senior Secured Term Loan 15.0% PIK 2/22 6/23 2,422  2,422  2,422  0.2  %
(7)(32)
Common Stock (6.78 shares) N/A 2/22 N/A 1,589  1,839  0.1  %
(7)(32)
2,422  4,011  4,261 
Sierra Senior Loan Strategy JV I LLC Joint Venture 89.01% Member Interest N/A 2/22 N/A 59,260  52,847  4.2  %
(3)(32)
59,260  52,847 
Thompson Rivers LLC Investment Funds & Vehicles 16.0% Member Interest N/A 6/20 N/A 70,624  61,389  4.8  %
(3)
70,624  61,389 
Waccamaw River LLC Investment Funds & Vehicles 20% Member Interest N/A 2/21 N/A 22,520  21,726  1.7  %
(3)
22,520  21,726 
Subtotal Affiliate Investments (25.7%) 36,022  307,332  322,321 
Control Investments:(5)
Black Angus Steakhouses, LLC Hotel, Gaming & Leisure First Lien Senior Secured Term Loan LIBOR + 9.00%, 10.7% Cash 2/22 1/24 5,647  5,647  5,647  0.4  %
(7)(8)(9)(32)
First Lien Senior Secured Term Loan 10.0% PIK 2/22 1/24 24,071  9,628  9,628  0.7  %
(7)(29)(32)
Common Stock (44.60 shares) N/A 2/22 N/A —  —  —  %
(7)(32)
29,718  15,275  15,275 
JSC Tekers Holdings Real Estate Management Preferred Stock (9,159,085 shares N/A 12/20 N/A 4,753  5,716  0.4  %
(3)(7)(30)
Common Stock (35,571 shares) N/A 12/20 N/A —  —  —  %
(3)(7)(30)
4,753  5,716 
MVC Automotive Group Gmbh Automotive Bridge Loan (6.0% Cash 6.0% Cash 12/20 6/26 7,149  7,149  7,149  0.6  %
(3)(7)(30)
Common Equity interest (18,000 shares) N/A 12/20 N/A 9,553  10,114  0.8  %
(3)(7)(30)
7,149  16,702  17,263 
MVC Private Equity Fund LP Investment Funds & Vehicles General Partnership Interest (1,831.4 units) N/A 3/21 N/A 225  189  —  %
(3)(30)
Limited Partnership Interest (71,790.4 units) N/A 3/21 N/A 8,899  7,452  0.6  %
(3)(30)
9,124  7,641 
30
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)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Security Holdings B.V. Electrical Engineering Bridge Loan 5.0% PIK 12/20 5/24 $ 5,871  $ 5,871  $ 5,871  0.5  %
(3)(7)(30)
Senior Subordinated Term Loan 3.1% PIK 12/20 5/24 10,371  10,371  10,371  0.8  %
(3)(7)(30)
Senior Unsecured Term Loan 6.0% Cash, 9.0% PIK 4/21 4/25 7,021  7,943  7,021  0.5  %
(3)(7)(30)
Common Stock Series A (17,100 shares) N/A 2/22 N/A 560  737  0.1  %
(3)(7)(30)
Common Stock Series B (1,236 shares N/A 12/20 N/A 35,192  68,850  5.4  %
(3)(7)(30)
23,263  59,937  92,850 
Subtotal Control Investments (11.1%) 60,130  105,791  138,745 
Total Investments, June 30, 2022 (190.7%)*
 $ 2,162,455  $ 2,439,067  $ 2,389,076 
Derivative Instruments
Credit Support Agreements
Description(d) Counter Party Settlement Date Notional Amount Value Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement(a)(b)(c) Barings LLC 01/01/31 $ 23,000  $ 9,340  $ (4,260)
Sierra Credit Support Agreement(e)(f)(g) Barings LLC 04/01/32 100,000  36,700  (7,700)
Total Credit Support Agreements, June 30, 2022
 $ (11,960)
(a) The MVC Credit Support Agreement covers all of the investments acquired by Barings BDC, Inc. (the “Company”) from MVC Capital, Inc. ("MVC") in connection with the MVC Acquisition (as defined in “Note 1 – Organization, Business and Basis of Presentation”) and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the investments acquired by the Company from MVC in connection with the MVC Acquisition (collectively, the “MVC Reference Portfolio”). Each investment that is included in the MVC Reference Portfolio is denoted in the above Schedule of Investments with footnote (30).
(b)      The Company and Barings LLC (“Barings”) entered into the MVC Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $23.0 million.
(c) Settlement Date means the earlier of (1) January 1, 2031 or (2) the date on which the entire MVC Reference Portfolio has been realized or written off.
(d) See “Note 2 – Agreements and Related Party Transactions” for additional information regarding the Credit Support Agreements.
(e)     The Sierra Credit Support Agreement covers all of the investments acquired by the Company from Sierra Income Corporation (“Sierra”) in connection with the Sierra Acquisition (as defined in “Note 1 – Organization, Business and Basis of Presentation”) and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the investments acquired by the Company from Sierra in connection with the Sierra Acquisition (collectively, the “Sierra Reference Portfolio”). Each investment that is included in the Sierra Reference Portfolio is denoted in the above Schedule of Investments with footnote (32).
(f)      The Company and Barings entered into the Sierra Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $100.0 million.
(g) Settlement Date means the earlier of (1) April 1, 2032 or (2) the date on which the entire Sierra Reference Portfolio has been realized or written off.
31
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Foreign Currency Forward Contracts:
Description Notional Amount to be Purchased Notional Amount to be Sold Counterparty Settlement Date Unrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD) A$69,982 $48,421 Bank of America, N.A. 07/07/22 $ (298)
Foreign currency forward contract (AUD) $51,174 A$68,223 Bank of America, N.A. 07/07/22 4,260 
Foreign currency forward contract (AUD) $1,211 A$1,759 BNP Paribas SA 07/07/22 1 
Foreign currency forward contract (AUD) $48,426 A$69,930 Bank of America, N.A. 10/06/22 302 
Foreign currency forward contract (CAD) C$3,251 $2,528 HSBC Bank USA 07/07/22 (8)
Foreign currency forward contract (CAD) $49 C$61 BNP Paribas SA 07/07/22 2 
Foreign currency forward contract (CAD) $2,549 C$3,190 HSBC Bank USA 07/07/22 76 
Foreign currency forward contract (CAD) $2,543 C$3,269 HSBC Bank USA 10/06/22 8 
Foreign currency forward contract (DKK) 2,159kr. $305 Bank of America, N.A. 07/07/22 (2)
Foreign currency forward contract (DKK) $323 2,159kr. Bank of America, N.A. 07/07/22 19 
Foreign currency forward contract (DKK) $310 2,178kr. Bank of America, N.A. 10/06/22 2 
Foreign currency forward contract (EUR) €105,535 $111,094 HSBC Bank USA 07/07/22 (748)
Foreign currency forward contract (EUR) $111,089 €100,635 Bank of America, N.A. 07/07/22 5,867 
Foreign currency forward contract (EUR) $5,201 €4,901 BNP Paribas SA 07/07/22 77 
Foreign currency forward contract (EUR) $10,597 €10,000 Bank of America, N.A. 10/06/22 73 
Foreign currency forward contract (EUR) $96,036 €90,657 HSBC Bank USA 10/06/22 620 
Foreign currency forward contract (NZD) NZ$11,801 $7,373 Bank of America, N.A. 07/07/22 (36)
Foreign currency forward contract (NZD) $8,151 NZ$11,801 Bank of America, N.A. 07/07/22 813 
Foreign currency forward contract (NZD) $7,346 NZ$11,771 Bank of America, N.A. 10/06/22 36 
Foreign currency forward contract (GBP) £23,156 $29,159 HSBC Bank USA 07/07/22 (1,037)
Foreign currency forward contract (GBP) $16,974 £13,500 HSBC Bank USA 07/07/22 579 
Foreign currency forward contract (GBP) $12,612 £9,656 Bank of America, N.A. 07/07/22 886 
Foreign currency forward contract (GBP) $16,274 £13,331 HSBC Bank USA 10/06/22 55 
Foreign currency forward contract (SEK) 1,976kr $195 Bank of America, N.A. 07/07/22 (2)
Foreign currency forward contract (SEK) $213 1,976kr HSBC Bank USA 07/07/22 20 
Foreign currency forward contract (SEK) $201 2,026kr Bank of America, N.A. 10/06/22 2 
Foreign currency forward contract (CHF) 3,100Fr. $3,241 Bank of America, N.A. 07/07/22 (2)
Foreign currency forward contract (CHF) $3,237 3,100Fr. Bank of America, N.A. 07/07/22 (2)
Foreign currency forward contract (CHF) $3,262 3,100Fr. Bank of America, N.A. 10/06/22 2 
Total Foreign Currency Forward Contracts, June 30, 2022
 $ 11,565 
_______________________________________________________________
*    Fair value as a percentage of net assets.
(1)All debt investments are income producing, unless otherwise noted. Eclipse Business Capital, LLC, Ferrellgas L.P., Thompson Rivers LLC and Waccamaw River LLC equity investments are income producing. All other equity and any equity-linked investments are non-income producing. The Company's Board of Directors (the "Board") determined in good faith that all investments were valued at fair value in accordance with the Company's valuation policies and procedures and the Investment Company Act of 1940, as amended (the “1940 Act”), based on, among other things, the input of the Company's external investment adviser, Barings, the Company’s Audit Committee and independent valuation firms that have been engaged to assist in the valuation of the Company's middle-market investments. In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. A majority of the variable rate loans in the Company's investment portfolio bear interest at a rate that may be determined by reference to LIBOR, EURIBOR, GBP LIBOR, BBSY, STIBOR, CDOR, SOFR, SONIA, SARON, BKBM or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate), which typically reset semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan.
(2)All of the Company’s portfolio company investments (including joint venture investments), which as of June 30, 2022 represented 190.7% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company's initial investment in the relevant portfolio company.
(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 27.7% of total investments at fair value as of June 30, 2022. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company's total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).
32
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled "Affiliate Investments" for the six months ended June 30, 2022 were as follows:
December 31, 2021
Value		 Gross Additions
(b)		 Gross Reductions (c)  Amount of Realized Gain (Loss)  Amount of Unrealized Gain (Loss)
June 30, 2022 Value
 Amount of Interest or Dividends Credited to Income(d)
Portfolio Company Type of Investment(a)
1888 Industrial Services, LLC(e)
First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash)(f)
$ —  $ 419  $ —  $ —  $ (419) $ —  $ — 
Revolver (LIBOR + 6.0%, 7.0% Cash) —  1,310  —  —  66  1,376  32 
Warrants (7,546.76 units) —  —  —  —  —  —  — 
—  1,729  —  —  (353) 1,376  32 
Charming Charlie LLC(e)(f)
First Lien Senior Secured Term Loan (20.0% Cash) —  —  —  —  —  —  — 
First Lien Senior Secured Term Loan (10.4% Cash) —  —  —  —  —  —  — 
First Lien Senior Secured Term Loan (LIBOR + 12.0%, 14.3% Cash) —  —  —  —  —  —  — 
First Lien Senior Secured Term Loan (LIBOR + 5.0%, 7.3% Cash) —  —  —  —  —  —  — 
Common Stock (34,923,249 shares) —  —  —  —  —  —  — 
—  —  —  —  —  —  — 
Eclipse Business Capital, LLC (e)
Revolver (LIBOR + 7.25%) 1,818  5,283  —  —  (10) 7,091  156 
Second Lien Senior Secured Term Loan (7.5% Cash) 4,738  2  —  —  (195) 4,545  170 
LLC units (89,447,396 units) 92,668  —  —  —  23,226  115,894  6,883 
99,224  5,285  —  —  23,021  127,530  7,209 
Hylan Datacom & Electrical LLC(e)
First Lien Senior Secured Term Loan (SOFR + 8.0%, 9.5% Cash) —  3,532  —  101  206  3,839  140 
Second Lien Senior Secured Term Loan (SOFR + 10.0%, 11.0% Cash) —  3,850  —  —  (77) 3,773  133 
Common Stock (102,144 shares) —  5,219  —  —  —  5,219  — 
—  12,601  —  101  129  12,831  273 
Jocassee Partners LLC 9.1% Member Interest 37,601  5,000  —  —  (2,240) 40,361  — 
37,601  5,000  —  —  (2,240) 40,361  — 
JSC Tekers Holdings(e)
Preferred Stock (9,159,085 shares) 6,197  —  (6,197) —  —  —  — 
Common Stock (3,201 shares) —  —  —  —  —  —  — 
6,197  —  (6,197) —  —  —  — 
Kemmerer Operations, LLC(e)
First Lien Senior Secured Term Loan (15.0% PIK) —  2,693  (271) —  —  2,422  131 
Common Stock (6.78 shares) —  1,589  —  —  250  1,839 
—  4,282  (271) —  250  4,261  131 
Security Holdings B.V(e)
Bridge Loan (5.0% PIK 5/31/2021) 5,451  —  (5,451) —  —  —  — 
Senior Subordinated Loan (3.1% PIK) 9,525  —  (9,525) —  —  —  — 
Senior Unsecured Term Loan (9.0% PIK) 7,307  —  (7,307) —  —  —  — 
Common Equity Interest 24,825  —  (24,825) —  —  —  — 
47,108  —  (47,108) —  —  —  — 
33
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
December 31, 2021
Value		 Gross Additions
(b)		 Gross Reductions (c)  Amount of Realized Gain (Loss)  Amount of Unrealized Gain (Loss)
June 30, 2022 Value
 Amount of Interest or Dividends Credited to Income(d)
Portfolio Company Type of Investment(a)
Sierra Senior Loan Strategy JV I LLC 89.01% Member Interest —  85,963  (26,703) —  (6,413) 52,847  1,602 
—  85,963  (26,703) —  (6,413) 52,847  1,602 
Thompson Rivers LLC 16.0% Member Interest 84,438  —  (8,790) —  (14,259) 61,389  5,492 
84,438  —  (8,790) —  (14,259) 61,389  5,492 
Waccamaw River LLC 20% Member Interest 13,501  8,800  —  —  (575) 21,726  774 
13,501  8,800  —  —  (575) 21,726  774 
Total Affiliate Investments $ 288,069  $ 123,660  $ (89,069) $ 101  $ (440) $ 322,321  $ 15,513 
(a)     Eclipse Business Capital, LLC, Thompson Rivers LLC, Sierra Senior Loan Strategy JV I LLC and Waccamaw River LLC equity investments are income producing. All other equity and any equity-linked investments are non-income producing.
(b)     Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.
(c)    Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(d) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.
(e) The fair value of the investment was determined using significant unobservable inputs.
(f) Non-accrual investment.
(5)    As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the six months ended June 30, 2022 in which the portfolio company is deemed to be a "Control Investment" of the Company were as follows:
December 31, 2021
Value		 Gross Additions
(b)		 Gross Reductions (c)  Amount of Realized Gain (Loss)  Amount of Unrealized Gain (Loss)
June 30, 2022
Value
  Amount of Interest or Dividends Credited to Income(d)
Portfolio Company Type of Investment(a)
Black Angus Steakhouses, LLC(e)
First Lien Senior Secured Term Loan (LIBOR + 9.0%, 10.7% Cash) $ —  $ 5,647  $ —  $ —  $ —  $ 5,647  $ 198 
First Lien Senior Secured Term Loan (10.0% PIK)(f)
—  9,628  —  —  —  9,628  — 
Common Stock (44.6 shares) —  —  —  —  —  —  — 
—  15,275  —  —  —  15,275  198 
JSC Tekers Holdings(e)
Preferred Stock (9,159,085 shares) —  6,197  —  —  (481) 5,716  — 
Common Stock (3,201 shares) —  —  —  —  —  —  — 
—  6,197  —  —  (481) 5,716  — 
MVC Automotive Group GmbH(e)
Bridge Loan (6.0% PIK 12/31/2021) 7,149  —  —  —  —  7,149  216 
Common Equity Interest 7,699  —  —  —  2,415  10,114  — 
14,848  —  —  —  2,415  17,263  216 
MVC Private Equity Fund LP General Partnership Interest 188  —  —  —  1  189  (921)
Limited Partnership Interest 7,376  —  —  —  76  7,452  — 
7,564  —  —  —  77  7,641  (921)
34
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
December 31, 2021
Value		 Gross Additions
(b)		 Gross Reductions (c)  Amount of Realized Gain (Loss)  Amount of Unrealized Gain (Loss)
June 30, 2022
Value
  Amount of Interest or Dividends Credited to Income(d)
Portfolio Company Type of Investment(a)
Security Holdings B.V(e)
Bridge Loan (5.0% PIK, Acquired 12/20, Due 05/24) $ —  $ 5,871  $ —  $ —  $ —  $ 5,871  $ 144 
Senior Subordinated Term Loan (3.1% PIK, Acquired 12/20, Due 05/24) —  10,371  —  —  —  10,371  169 
Senior Subordinated Note (5.0% PIK, Acquired 12/20, Due 05/22) —  14,567  (13,754) (813) —  —  174 
Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK, Acquired 04/21, Due 04/25) —  7,610  —  —  (589) 7,021  516 
Common Stock Series A (17,100 shares, Acquired 02/22) —  560  —  —  177  737  — 
Common Stock Series B (1,236 shares, Acquired 12/20) —  38,753  —  —  30,097  68,850  — 
—  77,732  (13,754) (813) 29,685  92,850  1,003 
Total Control Investments $ 22,412  $ 99,204  $ (13,754) $ (813) $ 31,696  $ 138,745  $ 496 
(a)     Equity and equity-linked investments are non-income producing, unless otherwise noted.
(b) Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.
(c)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(d)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.
(e) The fair value of the investment was determined using significant unobservable inputs.
(f) Non-accrual investment
(6)Some or all of the investment is or will be encumbered as security for the Company's $1.1 billion senior secured credit facility with ING Capital LLC initially entered into in February 2019 (as amended, restated and otherwise modified from time to time, the "February 2019 Credit Facility").
(7)The fair value of the investment was determined using significant unobservable inputs.
(8)Debt investment includes interest rate floor feature.
(9)The interest rate on these loans is subject to 1 Month LIBOR, which as of June 30, 2022 was 1.78671%.
(10)The interest rate on these loans is subject to 3 Month LIBOR, which as of June 30, 2022 was 2.28514%.
(11)The interest rate on these loans is subject to 6 Month LIBOR, which as of June 30, 2022 was 2.93514%.
(12)The interest rate on these loans is subject to 3 Month GBP LIBOR, which as of June 30, 2022 was 1.66920%.
(13)The interest rate on these loans is subject to 1 Month EURIBOR, which as of June 30, 2022 was -0.50800%.
(14)The interest rate on these loans is subject to 3 Month EURIBOR, which as of June 30, 2022 was -0.19500%.
(15)The interest rate on these loans is subject to 6 Month EURIBOR, which as of June 30, 2022 was 0.26300%.
(16)The interest rate on these loans is subject to 1 Month SOFR, which as of June 30, 2022 was 1.68597%.
(17)The interest rate on these loans is subject to 3 Month SOFR, which as of June 30, 2022 was 2.11654%.
(18)The interest rate on these loans is subject to 6 Month SOFR, which as of June 30, 2022 was 2.63063%.
(19)The interest rate on these loans is subject to 1 Month SONIA, which as of June 30, 2022 was 1.19310%.
(20)The interest rate on these loans is subject to 3 Month SONIA, which as of June 30, 2022 was 1.54990%.
(21)The interest rate on these loans is subject to 6 Month SONIA, which as of June 30, 2022 was 1.97950%.
(22)The interest rate on these loans is subject to 1 Month BBSY, which as of June 30, 2022 was 1.14000%.
(23)The interest rate on these loans is subject to 3 Month BBSY, which as of June 30, 2022 was 1.81320%.
(24)The interest rate on these loans is subject to 6 Month BBSY, which as of June 30, 2022 was 2.67220%.
(25)The interest rate on these loans is subject to 3 Month CDOR, which as of June 30, 2022 was 2.75500%.
(26)The interest rate on these loans is subject to 3 Month STIBOR, which as of June 30, 2022 was 0.00802%.
(27)The interest rate on these loans is subject to 3 Month BKBM, which as of June 30, 2022 was 2.68000%.
(28)The interest rate on these loans is subject to 3 Month SARON, which as of June 30, 2022 was -0.62710%.
(29)Non-accrual investment.
(30)Investment was purchased as part of the MVC Acquisition and is part of the MVC Reference Portfolio for purposes of the MVC Credit Support Agreement.
(31)In 2017, MVC received $5.7 million of 9.5% second lien callable notes due in 2025, in lieu of an escrow to satisfy any indemnification claims associated with MVC’s sale of its equity investment in U.S. Gas & Electric ("U.S. Gas"). Effective January 1, 2018, the cost basis of the U.S. Gas second lien loan was decreased by approximately $3.0 million due to a working capital adjustment. This loan is still subject to indemnification adjustments.
(32)Investment was purchased as part of the Sierra Acquisition and is part of the Sierra Reference Portfolio for purposes of the Sierra Credit Support Agreement.


See accompanying notes.
35
Barings BDC, Inc.
Consolidated Schedule of Investments
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Non–Control / Non–Affiliate Investments:
1WorldSync, Inc. IT Consulting & Other Services First Lien Senior Secured Term Loan LIBOR + 6.25%, 7.3% Cash 07/19 07/25 $ 16,434  $ 16,185  $ 16,434  2.2  %
(7) (8) (10)
16,434  16,185  16,434 
Accelerate Learning, Inc.
Education Services First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 12/18 12/24 7,568  7,486  7,429  1.0  %
(7) (8) (10)
7,568  7,486  7,429 
Acclime Holdings HK Limited
 Business Services First Lien Senior Secured Term Loan LIBOR + 6.5%, 7.0% Cash 08/21 07/27 1,211  1,138  1,147  0.2  %
(3) (7) (8) (10)
1,211  1,138  1,147 
Accurus Aerospace Corporation Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 4.5%, 5.5% Cash, 1.50% PIK 10/18 10/24 24,874  24,684  24,016  3.2  %
(7) (8) (11)
24,874  24,684  24,016 
ADB Safegate Aerospace & Defense Second Lien Senior Secured Term Loan LIBOR + 7.75%, 8.8% Cash 08/21 07/25 5,500  5,091  5,106  0.7  %
(3) (8) (10)
5,500  5,091  5,106 
Advantage Software Company (The), LLC Advertising, Printing & Publishing Class A1 Partnership Units (8,717.76 units) N/A 12/21 N/A 280  280  —  %
*(7)
Class A2 Partnership Units (2,248.46 units) N/A 12/21 N/A 72  72  —  %
*(7)
Class B1 Partnership Units (8,717.76 units) N/A 12/21 N/A 9  9  —  %
*(7)
Class B2 Partnership Units (2,248.46 units) N/A 12/21 N/A 2  2  —  %
*(7)
363  363 
Aftermath Bidco Corporation Professional Services First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 04/19 04/25 9,425  9,299  9,303  1.3  %
(7) (8) (10)
9,425  9,299  9,303 
Air Canada 2020-2 Class B Pass Through Trust Airlines Structured Secured Note - Class B 9.0% Cash 09/20 10/25 6,170  6,170  6,822  0.9  %
6,170  6,170  6,822 
Air Comm Corporation, LLC Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.3% Cash 06/21 07/27 11,540  11,265  11,280  1.5  %
(7) (8) (10)
11,540  11,265  11,280 
AIT Worldwide Logistics Holdings, Inc. Transportation Services Second Lien Senior Secured Term Loan LIBOR + 7.75%, 8.5% Cash 04/21 04/29 6,460  6,325  6,460  0.9  %
*(7) (8) (10)
 Partnership Units (348.68 units) N/A 04/21 N/A 349  689  0.1  %
*(7)
6,460  6,674  7,149 
Alpine US Bidco LLC Agricultural Products Second Lien Senior Secured Term Loan LIBOR + 9.0%, 9.8% Cash 05/21 05/29 18,157  17,642  17,975  2.4  %
(7) (8) (10)
18,157  17,642  17,975 
Amtech LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.3% Cash 11/21 11/27 4,091  3,958  3,955  0.5  %
(7) (8) (9)
Revolver LIBOR + 5.5%, 6.3% Cash 11/21 11/27 —  (13) (14) —  %
(7) (8) (10)
4,091  3,945  3,941 
Anagram Holdings, LLC
 Chemicals, Plastics, & Rubber First Lien Senior Secured Note 10.0% Cash, 5.0% PIK 08/20 08/25 14,395  13,459  16,051  2.2  %
*(3)
14,395  13,459  16,051 
AnalytiChem Holding Gmbh Chemicals First Lien Senior Secured Term Loan EURIBOR + 6.25%, 6.3% Cash 11/21 11/28 2,801  2,580  2,576  0.3  %
(3) (7) (8) (14)
2,801  2,580  2,576 
36
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Anju Software, Inc. Application Software First Lien Senior Secured Term Loan LIBOR + 6.25%, 6.3% Cash 02/19 02/25 $ 13,528  $ 13,355  $ 13,284  1.8  %
(7) (8) (9)
13,528  13,355  13,284 
AP Aristotle Holdings, LLC Oil Field Services Subordinated Term Loan 19.8% Cash 12/21 06/25 1,883  1,890  1,854  0.2  %
*(7)
1,883  1,890  1,854 
Apex Bidco Limited Business Equipment & Services First Lien Senior Secured Term Loan GBP LIBOR + 6.25%, 6.8% Cash 01/20 01/27 1,974  1,869  1,970  0.3  %
(3) (7) (8) (12)
Subordinated Senior Unsecured Term Loan 8.0% PIK 01/20 01/27 278  264  278  —  %
(3) (7)
2,252  2,133  2,248 
Aptus 1829. GmbH Chemicals, Plastics, & Rubber First Lien Senior Secured Term Loan EURIBOR + 6.5%, 6.5% Cash 09/21 09/27 4,656  4,717  4,552  0.6  %
(3) (7) (8) (14)
Preferred Stock (13 shares) N/A 09/21 N/A 120  111  —  %
(3) (7)
Common Stock (48 shares) N/A 09/21 N/A 12  11  —  %
(3) (7)
4,656  4,849  4,674 
Apus Bidco Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan SONIA + 5.5%, 5.5% Cash 02/21 03/28 3,902  3,874  3,823  0.5  %
(3) (7) (8) (17)
3,902  3,874  3,823 
AQA Acquisition Holding, Inc. High Tech Industries Second Lien Senior Secured Term Loan LIBOR + 7.5%, 8.0% Cash 03/21 03/29 20,000  19,510  20,000  2.7  %
(7) (8) (10)
20,000  19,510  20,000 
Aquavista Watersides 2 LTD Transportation Services First Lien Senior Secured Term Loan SONIA + 6.0%, 6.1% Cash 12/21 12/28 6,042  5,696  5,766  0.8  %
(3) (7) (8) (17)
Second Lien Senior Secured Term Loan SONIA + 10.5% PIK 12/21 12/28 1,510  1,446  1,465  0.2  %
(3) (7) (8) (17)
Revolver SONIA + 6.0%, 6.1% Cash 12/21 12/22 —  (4) (5) —  %
(3) (7) (8) (17)
7,552  7,138  7,226 
Arch Global Precision LLC Industrial Machinery First Lien Senior Secured Term Loan LIBOR + 4.75%, 4.8% Cash 04/19 04/26 9,248  9,244  9,248  1.2  %
(7) (8) (10)
9,248  9,244  9,248 
Archimede Consumer Services First Lien Senior Secured Term Loan EURIBOR + 6.0%, 6.0% Cash 10/20 10/27 8,415  8,761  8,255  1.1  %
(3) (7) (8) (14)
8,415  8,761  8,255 
Argus Bidco Limited High Tech Industries First Lien Senior Secured Term Loan SONIA + 5.5%, 5.8% Cash 12/20 12/27 2,682  2,559  2,682  0.4  %
(3) (7) (8) (16)
First Lien Senior Secured Term Loan LIBOR + 5.5%, 5.8% Cash 05/21 12/27 672  653  672  0.1  %
(3) (7) (8) (10)
3,354  3,212  3,354 
Armstrong Transport Group (Pele Buyer, LLC ) Air Freight & Logistics First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 06/19 06/24 4,020  3,961  3,939  0.5  %
(7) (8) (10)
4,020  3,961  3,939 
ASPEQ Heating Group LLC Building Products, Air & Heating First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 11/19 11/25 8,464  8,377  8,464  1.1  %
(7) (8) (9)
8,464  8,377  8,464 
Astra Bidco Limited Healthcare First Lien Senior Secured Term Loan SONIA + 5.75%, 5.8% Cash 11/21 11/28 5,786  5,479  5,535  0.7  %
(3) (7) (8) (16)
5,786  5,479  5,535 
Auxi International Commercial Finance First Lien Senior Secured Term Loan EURIBOR + 6.25%, 6.3% Cash 12/19 12/26 1,592  1,521  1,439  0.2  %
(3) (7) (8) (15)
First Lien Senior Secured Term Loan SONIA + 6.25%, 6.3% Cash 04/21 12/26 907  897  820  0.1  %
(3) (7) (8) (17)
2,499  2,418  2,259 
37
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Avance Clinical Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 5.5%, 6.0% Cash 11/21 11/27 $ 6,457  $ 6,040  $ 6,158  0.8  %
(3) (7) (8) (20)
6,457  6,040  6,158 
AVSC Holding Corp. Advertising First Lien Senior Secured Term Loan LIBOR + 3.25%, 4.3% Cash, 0.25% PIK 08/18 03/25 4,867  4,405  4,458  0.6  %
(8) (10)
First Lien Senior Secured Term Loan LIBOR + 4.5%, 5.5% Cash, 1.0% PIK 08/18 10/26 748  693  693  0.1  %
(8) (10)
First Lien Senior Secured Term Loan 5.0% Cash, 10.0% PIK 11/20 10/26 5,514  5,399  6,404  0.9  %
11,129  10,497  11,555 
Azalea Buyer, Inc. Technology First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 11/21 11/27 4,606  4,496  4,494  0.6  %
(7) (10)
Subordinated Term Loan 12.0% PIK 11/21 05/28 1,260  1,235  1,234  0.2  %
*(7)
Common Stock (192,307.7 shares) N/A 11/21 N/A 192  192  —  %
*(7)
Revolver LIBOR + 5.25%, 6.3% Cash 11/21 11/27 —  (9) (10) —  %
(7) (10)
5,866  5,914  5,910 
Bariacum S.A. Consumer Products First Lien Senior Secured Term Loan EURIBOR + 5.5%, 5.5% Cash 11/21 11/28 6,482  6,236  6,244  0.8  %
(3) (7) (8) (14)
6,482  6,236  6,244 
BDP International, Inc. (f/k/a BDP Buyer, LLC) Air Freight & Logistics First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 12/18 12/24 14,849  14,643  14,626  2.0  %
(7) (8) (9)
14,849  14,643  14,626 
Benify (Bennevis AB)
High Tech Industries First Lien Senior Secured Term Loan STIBOR + 5.25%, 5.3% Cash 07/19 07/26 1,286  1,222  1,286  0.2  %
(3) (7) (8) (18)
1,286  1,222  1,286 
Beyond Risk Management, Inc. Other Financial First Lien Senior Secured Term Loan LIBOR + 4.5%, 5.3% Cash 10/21 09/27 2,427  2,336  2,327  0.3  %
(7) (8) (10)
2,427  2,336  2,327 
Bidwax Non-durable Consumer Goods First Lien Senior Secured Term Loan EURIBOR + 6.5%, 6.5% Cash 02/21 02/28 7,960  8,062  7,741  1.0  %
(3) (7) (8) (14)
7,960  8,062  7,741 
BigHand UK Bidco Limited High Tech Industries First Lien Senior Secured Term Loan GBP LIBOR + 5.25%, 5.4% Cash 01/21 01/28 909  880  878  0.1  %
(3) (7) (8) (13)
909  880  878 
Black Diamond Equipment Rentals LLC Equipment Rental Second Lien Loan 12.5% Cash 12/20 06/22 10,000  10,000  10,000  1.4  % (7) (25)
Warrants (4.17 units) N/A 12/20 N/A 1,010  864  0.1  % (7) (25)
10,000  11,010  10,864 
Bounteous, Inc. Technology First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 08/21 08/27 4,911  4,752  4,756  0.6  % (7) (8) (10)
4,911  4,752  4,756 
Brightline Trains Florida LLC Transportation Senior Secured Note 8.0% Cash 08/21 01/28 5,000  5,000  5,005  0.7  %
*(7)
5,000  5,000  5,005 
Brightpay Limited Technology First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 10/21 10/28 1,918  1,883  1,862  0.3  % (3) (7) (8) (14)
1,918  1,883  1,862 
BrightSign LLC Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 10/21 10/27 12,811  12,687  12,683  1.7  % (7) (8) (10)
LLC units (1,107,492.71 units) N/A 10/21 N/A 1,107  1,135  0.2  %
*(7)
Revolver LIBOR + 5.75%, 6.8% Cash 10/21 10/27 —  (13) (13) —  % (7) (8) (10)
12,811  13,781  13,805 
38
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
British Airways 2020-1 Class B Pass Through Trust Airlines Structured Secured Note - Class B 8.4% Cash 11/20 11/28 $ 810  $ 810  $ 916  0.1  %
810  810  916 
British Engineering Services Holdco Limited Commercial Services & Supplies First Lien Senior Secured Term Loan SONIA + 6.75%, 7.0% Cash 12/20 12/27 15,530  15,081  15,406  2.1  % (3) (7) (8) (17)
Revolver SONIA + 6.75%, 7.0% Cash 12/20 06/22 —  (2) (5) —  % (3) (7) (8) (17)
15,530  15,079  15,401 
Brown Machine Group Holdings, LLC Industrial Equipment First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 10/18 10/24 6,634  6,587  6,634  0.9  % (7) (8) (9)
6,634  6,587  6,634 
Cadent, LLC (f/k/a Cross MediaWorks) Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 09/18 09/23 6,913  6,888  6,913  0.9  % (7) (8) (9)
6,913  6,888  6,913 
CAi Software, LLC Technology First Lien Senior Secured Term Loan LIBOR + 6.25%, 7.3% Cash 12/21 12/28 9,057  8,877  8,876  1.2  % (7) (8) (10)
Revolver LIBOR + 6.25%, 7.3% Cash 12/21 12/28 —  (19) (19) —  %
9,057  8,858  8,857 
Canadian Orthodontic Partners Corp. Healthcare First Lien Senior Secured Term Loan CDOR + 6.5%, 7.5% Cash 06/21 03/26 1,640  1,697  1,625  0.2  % (3) (7) (8) (21)
1,640  1,697  1,625 
Carlson Travel, Inc Business Travel Management First Lien Senior Secured Note 8.5% Cash 11/21 11/26 6,050  5,654  6,161  0.8  %
Common Stock (94,155 shares) N/A 11/21 N/A 1,655  3,084  0.4  %
6,050  7,309  9,245 
Centralis Finco S.a.r.l. Diversified Financial Services First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 05/20 05/27 807  739  807  0.1  % (3) (7) (8) (14)
807  739  807 
Ceres Pharma NV Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 5.5%, 5.5% Cash 10/21 10/28 4,556  4,444  4,355  0.6  % (3) (7) (8) (15)
4,556  4,444  4,355 
Cineworld Group PLC
Leisure Products Super Senior Secured Term Loan 7.0% Cash, 8.3% PIK 11/20 05/24 1,786  1,591  2,128  0.3  %
*(3)
Super Senior Secured Term Loan LIBOR + 8.25%, 9.3% Cash 07/21 05/24 994  961  1,054  0.2  %
*(3) (8) (11)
Warrants (553,375 units) N/A 12/20 N/A 102  244  —  %
*(3)
2,780  2,654  3,426 
Classic Collision (Summit Buyer, LLC) Auto Collision Repair Centers First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 01/20 01/26 12,587  12,384  12,448  1.7  % (7) (8) (10)
12,587  12,384  12,448 
CM Acquisitions Holdings Inc. Internet & Direct Marketing First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 05/19 05/25 19,106  18,897  19,106  2.6  % (7) (8) (10)
19,106  18,897  19,106 
CMT Opco Holding, LLC (Concept Machine) Distributors First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 01/20 01/25 4,144  4,090  3,999  0.6  % (7) (8) (10)
LLC Units (8,782 units) N/A 01/20 N/A 352  227  —  %
*(7)
4,144  4,442  4,226 
Coastal Marina Holdings, LLC Other Financial Subordinated Term Loan 10.0% PIK 11/21 11/31 17,608  15,965  15,966  2.2  %
*(7)
LLC Units (547,591 units) N/A 11/21 N/A 1,643  1,643  0.2  %
*(7)
17,608  17,608  17,609 
39
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Cobham Slip Rings SAS Diversified Manufacturing First Lien Senior Secured Term Loan LIBOR + 6.25%, 6.4% Cash 11/21 11/28 $ 4,303  $ 4,199  $ 4,196  0.6  % (3) (7) (8) (10)
4,303  4,199  4,196 
Command Alkon (Project Potter Buyer, LLC) Software First Lien Senior Secured Term Loan LIBOR + 8.25%, 9.3% Cash 04/20 04/27 13,779  13,290  13,658  1.9  % (7) (8) (9)
Class A Units (90.384 units) N/A 04/20 N/A 90  101  —  %
*(7)
Class B Units (33,324.69 units) N/A 04/20 N/A —  186  —  %
*(7)
13,779  13,380  13,945 
Contabo Finco S.À R.L Internet Software & Services First Lien Senior Secured Term Loan SONIA + 5.25%, 5.3% Cash 11/21 10/26 5,949  5,819  5,830  0.8  % (3) (7) (8) (16)
5,949  5,819  5,830 
Coyo Uprising GmbH Technology
 First Lien Senior Secured Term Loan EURIBOR + 6.5%, 6.5% Cash 09/21 09/28 4,062  4,050  3,938  0.5  % (3) (7) (8) (14)
Class A Units (440.0 units) N/A 09/21 N/A 205  587  0.1  % (3) (7)
Class B Units (191.0 units) N/A 09/21 N/A 446  252  —  % (3) (7)
4,062  4,701  4,777 
Crash Champions Automotive First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 05/21 08/25 14,567  14,040  13,968  1.9  % (7) (8) (10)
14,567  14,040  13,968 
CSL DualCom Tele-communications First Lien Senior Secured Term Loan GBP LIBOR + 5.5%, 5.5% Cash 09/20 09/27 1,341  1,203  1,301  0.2  % (3) (7) (8) (13)
1,341  1,203  1,301 
Custom Alloy Corporation Manufacturer of Pipe Fittings & Forgings Second Lien Loan 15.0% PIK 12/20 04/22 45,000  37,043  27,450  3.7  % (7) (24) (25)
Revolver 15.0% PIK 12/20 04/22 4,255  3,738  2,596  0.3  % (7) (24) (25)
49,255  40,781  30,046 
CVL 3 Capital Equipment First Lien Senior Secured Term Loan EURIBOR + 5.5%, 5.5% Cash 12/21 12/28 5,913  5,724  5,766  0.8  % (3) (7) (8) (14)
First Lien Senior Secured Term Loan SOFR + 5.5%, 5.5% Cash 12/21 12/28 3,382  3,298  3,298  0.4  % (3) (7) (8) (22)
6-Month Bridge Term Loan EURIBOR + 5.5%, 5.5% Cash 12/21 06/22 796  772  788  0.1  % (3) (7) (8) (14)
10,091  9,794  9,852 
CW Group Holdings, LLC High Tech Industries First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 01/21 01/27 2,817  2,762  2,774  0.4  % (7) (8) (10)
LLC Units (161,290.32 units) N/A 01/21 N/A 161  112  —  %
*(7)
2,817  2,923  2,886 
Dart Buyer, Inc. Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 04/19 04/25 12,217  12,047  11,734  1.6  % (3) (7) (8) (10)
12,217  12,047  11,734 
DecksDirect, LLC Building Materials First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 12/21 12/26 727  713  713  0.1  %
*(7) (8) (9)
Revolver LIBOR + 6.0%, 7.0% Cash 12/21 12/26 —  (4) (4) —  %
*(7) (8) (10)
LLC Units (1,280.8 units) N/A 12/21 N/A 55  55  —  %
*(7)
727  764  764 
Discovery Education, Inc. Publishing First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 10/20 10/26 11,815  11,626  11,815  1.6  % (7) (8) (10)
11,815  11,626  11,815 
Distinct Holdings, Inc. Systems Software First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 04/19 12/23 6,880  6,841  6,715  0.9  % (7) (8) (9)
6,880  6,841  6,715 
40
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Dragon Bidco Technology First Lien Senior Secured Term Loan EURIBOR + 6.75%, 6.8% Cash 04/21 04/28 $ 2,729  $ 2,812  $ 2,676  0.4  % (3) (7) (8) (15)
2,729  2,812  2,676 
DreamStart Bidco SAS (d/b/a SmartTrade) Diversified Financial Services First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 03/20 03/27 2,418  2,295  2,385  0.3  % (3) (7) (8) (15)
2,418  2,295  2,385 
Dune Group Health Care Equipment First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.0% Cash 09/21 09/28 1,230  1,205  1,202  0.2  % (3) (7) (8) (10)
First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 09/21 09/28 131  105  113  —  % (3) (7) (8) (14)
1,361  1,310  1,315 
Dwyer Instruments, Inc. Electric
 First Lien Senior Secured Term Loan LIBOR + 5.50%, 6.3% Cash 07/21 07/27 4,563  4,452  4,516  0.6  % (7) (8) (10)
4,563  4,452  4,516 
Echo Global Logistics, Inc. Air Transportation Second Lien Senior Secured Term Loan LIBOR + 7.25%, 8.0% Cash 11/21 11/29 14,469  14,210  14,216  1.9  %
*(7) (8) (10)
Partnership Equity (530.92 units) N/A 11/21 N/A 531  531  0.1  %
*(7)
14,469  14,741  14,747 
Ellkay, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 09/21 09/27 4,988  4,892  4,898  0.7  % (7) (8) (10)
4,988  4,892  4,898 
EMI Porta Holdco LLC Diversified Manufacturing First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.5% Cash 12/21 12/27 9,576  9,141  9,136  1.2  % (7) (8) (10)
Revolver LIBOR + 5.75%, 6.5% Cash 12/21 12/27 —  (59) (59) —  % (7) (8) (10)
9,576  9,082  9,077 
Entact Environmental Services, Inc. Environmental Industries First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 02/21 12/25 5,705  5,657  5,631  0.8  % (7) (8) (10)
5,705  5,657  5,631 
EPS NASS Parent, Inc. Electrical Components & Equipment First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 04/21 04/28 5,813  5,695  5,715  0.8  % (7) (8) (10)
5,813  5,695  5,715 
Eshipping, LLC Transportation Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 11/21 11/27 5,965  5,799  5,795  0.8  % (7) (8) (9)
Revolver LIBOR + 5.75%, 6.8% Cash 11/21 12/27 255  226  225  —  % (7) (8) (10)
6,220  6,025  6,020 
F24 (Stairway BidCo Gmbh) Software Services First Lien Senior Secured Term Loan EURIBOR + 6.0%, 6.0% Cash 08/20 08/27 1,621  1,649  1,621  0.2  % (3) (7) (8) (14)
1,621  1,649  1,621 
Ferrellgas L.P. Oil & Gas Equipment & Services OpCo Preferred Units (2,886 units) N/A 03/21 N/A 2,799  3,146  0.4  % (3) (7)
2,799  3,146 
Fineline Technologies, Inc. Consumer Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 02/21 02/28 1,306  1,283  1,306  0.2  % (7) (8) (10)
1,306  1,283  1,306 
FitzMark Buyer, LLC Cargo & Transportation First Lien Senior Secured Term Loan LIBOR + 4.5%, 5.5% Cash 12/20 12/26 4,269  4,197  4,184  0.6  % (7) (8) (10)
4,269  4,197  4,184 
Flexential Issuer, LLC Information Technology Structured Secured Note - Class C 6.9% Cash 11/21 11/51 16,000  14,817  15,609  2.1  %
16,000  14,817  15,609 
41
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
FragilePak LLC Transportation Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 05/21 05/27 $ 4,697  $ 4,519  $ 4,541  0.6  %
*(7) (8) (9)
Partnership Units (937.5 units) N/A 05/21 N/A 938  926  0.1  %
4,697  5,457  5,467 
Front Line Power Construction LLC Construction Machinery First Lien Senior Secured Term Loan LIBOR + 12.5%, 13.5% Cash 11/21 11/28 4,000  3,872  3,880  0.5  % (7) (8) (10)
Common Stock (50,848 shares) N/A 11/21 N/A 130  111  —  %
4,000  4,002  3,991 
FSS Buyer LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.5% Cash 08/21 08/28 6,913  6,773  6,790  0.9  %
*(7) (8) (10)
LP Interest (1,160.9 units) N/A 08/21 N/A 12  30  —  %
*(7)
LP Units (5,104.32 units) N/A 08/21 N/A 51  132  —  %
*(7)
6,913  6,836  6,952 
GTM Intermediate Holdings, Inc. Medical Equipment Manufacturer Second Lien Loan 11.0% Cash, 1.0% PIK 12/20 12/24 11,500  11,449  11,500  1.5  % (7) (25)
Series A Preferred Units (1,434,472.41 units) N/A 12/20 N/A 2,166  2,290  0.3  % (7) (25)
Series C Preferred Units (715,649.59 units) N/A 12/20 N/A 1,081  1,184  0.2  % (7) (25)
11,500  14,696  14,974 
Gulf Finance, LLC Oil & Gas Exploration & Production First Lien Senior Secured Term Loan LIBOR + 6.75%, 7.8% Cash 11/21 08/26 832  799  774  0.1  % (8) (9)
832  799  774 
Hawaiian Airlines 2020-1 Class B Pass Through Certificates Airlines Structured Secured Note - Class B 11.3% Cash 08/20 09/25 6,093  6,093  7,213  1.0  %
6,093  6,093  7,213 
Heartland Veterinary Partners, LLC Healthcare Subordinated Term Loan 11.0% PIK 11/21 11/27 9,343  9,096  9,093  1.2  %
*(7)
9,343  9,096  9,093 
Heartland, LLC Business Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 08/19 08/25 14,075  13,976  13,794  1.9  % (7) (8) (10)
14,075  13,976  13,794 
Heavy Construction Systems Specialists, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.5% Cash 11/21 11/27 7,368  7,199  7,221  1.0  % (7) (8) (10)
Revolver LIBOR + 5.75%, 6.5% Cash 11/21 11/27 —  (54) (53) —  % (7) (8) (10)
7,368  7,145  7,168 
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) Insurance First Lien Senior Secured Term Loan EURIBOR + 5.0%, 5.0% Cash 09/19 09/26 8,789  9,380  8,612  1.2  % (3) (7) (8) (15)
8,789  9,380  8,612 
Highpoint Global LLC Government Services Second Lien Note 12.0% Cash, 2.0% PIK 12/20 09/22 5,416  5,395  5,416  0.7  % (7) (25)
5,416  5,395  5,416 
Home Care Assistance, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 03/21 03/27 3,830  3,762  3,753  0.5  % (7) (8) (10)
3,830  3,762  3,753 
HTI Technology & Industries Electronic Component Manufacturing Second Lien Note 12.0% Cash, 4.8% PIK 12/20 09/24 22,746  22,096  22,215  3.0  % (7) (25)
22,746  22,096  22,215 
HW Holdco, LLC (Hanley Wood LLC) Advertising First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 12/18 12/24 13,437  13,189  13,137  1.8  % (7) (8) (9)
13,437  13,189  13,137 
42
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
IGL Holdings III Corp. Commercial Printing First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 11/20 11/26 $ 4,324  $ 4,231  $ 4,268  0.6  % (7) (8) (10)
4,324  4,231  4,268 
IM Analytics Holding, LLC (d/b/a NVT) Electronic Instruments & Components First Lien Senior Secured Term Loan LIBOR + 7.0%, 8.0% Cash 11/19 11/23 8,126  8,085  6,603  0.9  % (7) (8) (10)
Warrants (68,950 units) N/A 11/19 N/A —  —  —  % (7) (8)
8,126  8,085  6,603 
IM Square Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 05/21 04/28 7,051  7,232  6,938  0.9  % (3) (7) (8) (15)
7,051  7,232  6,938 
Infoniqa Holdings GmbH Technology First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 11/21 11/28 9,243  8,947  8,989  1.2  % (3) (7) (8) (14)
9,243  8,947  8,989 
Innovad Group II BV Beverage, Food & Tobacco First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 04/21 04/28 6,256  6,321  5,876  0.8  % (3) (7) (8) (14)
6,256  6,321  5,876 
INOS 19-090 GmbH Aerospace & Defense First Lien Senior Secured Term Loan EURIBOR + 6.13%, 6.1% Cash 12/20 12/27 5,271  5,495  5,263  0.7  % (3) (7) (8) (14)
5,271  5,495  5,263 
ISS#2, LLC (d/b/a Industrial Services Solutions) Commercial Services & Supplies First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash 02/20 02/26 6,737  6,639  6,407  0.9  % (7) (8) (10)
6,737  6,639  6,407 
ITI Intermodal, Inc. Transportation Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 12/21 12/27 721  705  705  0.1  % (7) (8) (9)
Revolver LIBOR + 4.75%, 5.8% Cash 12/21 12/27 —  (2) (2) —  % (7) (8) (10)
721  703  703 
Jade Bidco Limited (Jane's)
Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 4.5%, 4.5% Cash, 2.0% PIK 11/19 12/26 2,315  2,257  2,315  0.3  % (3) (7) (8) (11)
2,315  2,257  2,315 
Jaguar Merger Sub Inc. Other Financial First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 12/21 09/24 2,543  2,487  2,486  0.3  % (7) (8) (10)
Revolver LIBOR + 5.25%, 6.3% Cash 12/21 09/24 —  (6) (6) —  % (7) (8) (10)
2,543  2,481  2,480 
Jedson Engineering, Inc. Engineering & Construction Management First Lien Loan 12.0% Cash 12/20 06/24 2,650  2,650  2,650  0.4  % (7) (25)
2,650  2,650  2,650 
JetBlue 2019-1 Class B Pass Through Trust Airlines Structured Secured Note - Class B 8.0% Cash 08/20 11/27 4,165  4,165  4,805  0.6  %
4,165  4,165  4,805 
JF Acquisition, LLC Automotive First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash 05/21 07/24 3,866  3,763  3,711  0.5  % (7) (8) (10)
3,866  3,763  3,711 
Kano Laboratories LLC Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 11/20 11/26 9,002  8,773  8,728  1.2  %
*(7) (8) (11)
Partnership Equity (203.2 units) N/A 11/20 N/A 203  205  —  %
*(7)
9,002  8,976  8,933 
Kene Acquisition, Inc. (En Engineering) Oil & Gas Equipment & Services First Lien Senior Secured Term Loan LIBOR + 4.25%, 5.3% Cash 08/19 08/26 7,225  7,125  7,080  1.0  % (7) (8) (9)
7,225  7,125  7,080 
43
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Kid Distro Holdings, LLC Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 10/21 10/27 $ 9,362  $ 9,168  $ 9,174  1.2  %
*(7) (8) (10)
Partnership Equity (637,677.11 units) N/A 10/21 N/A 638  638  0.1  %
9,362  9,806  9,812 
Kona Buyer, LLC High Tech Industries First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.3% Cash 12/20 12/27 8,994  8,785  8,994  1.2  % (7) (8) (10)
8,994  8,785  8,994 
LAF International Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 6.0%, 6.0% Cash 03/21 03/28 1,478  1,543  1,446  0.2  % (3) (7) (8) (15)
1,478  1,543  1,446 
Lambir Bidco Limited Healthcare First Lien Senior Secured Term Loan EURIBOR + 6.0%, 6.0% Cash 12/21 12/28 5,017  4,770  4,810  0.7  % (3) (7) (8) (14)
Second Lien Senior Secured Term Loan 12.0% PIK 12/21 06/29 1,417  1,363  1,375  0.2  % (3) (7)
Revolver EURIBOR + 6.0%, 6.0% Cash 12/21 12/24 314  292  295  —  % (3) (7) (8) (14)
6,748  6,425  6,480 
Learfield Communications, LLC Broadcasting First Lien Senior Secured Term Loan LIBOR + 3.25%, 4.3% Cash 08/20 12/23 135  95  128  —  % (8) (9)
First Lien Senior Secured Term Loan LIBOR + 3.0%, 3.0% Cash, 10.2% PIK 08/20 12/23 7,954  7,909  7,959  1.1  %
*(10)
8,089  8,004  8,087 
Legal Solutions Holdings Business Services Senior Subordinated Loan 16.0% PIK 12/20 03/22 11,836  10,129  5,918  0.8  % (7) (24) (25)
11,836  10,129  5,918 
LivTech Purchaser, Inc. Business Services First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 01/21 12/25 918  908  910  0.1  % (7) (8) (10)
918  908  910 
Marmoutier Holding B.V.
Consumer Products First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 12/21 12/28 1,944  1,872  1,880  0.3  % (3) (7) (8) (14)
Revolver EURIBOR + 5.0%, 5.0% Cash 12/21 06/27 —  (4) (4) —  % (3) (7) (8) (14)
1,944  1,868  1,876 
MC Group Ventures Corporation Business Services First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash 07/21 06/27 3,687  3,598  3,656  0.5  %
*(7) (8) (10)
Partnership Units (746.66 units) N/A 06/21 N/A 747  761  0.1  %
*(7)
3,687  4,345  4,417 
Media Recovery, Inc. (SpotSee) Containers, Packaging & Glass First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 11/19 11/25 2,933  2,892  2,933  0.4  % (7) (8) (10)
First Lien Senior Secured Term Loan GBP LIBOR + 6.0%, 7.0% Cash 12/20 11/25 4,442  4,303  4,442  0.6  % (7) (8) (12)
7,375  7,195  7,375 
Medical Solutions Parent Holdings, Inc. Healthcare Second Lien Senior Secured Term Loan LIBOR + 7.0%, 7.5% Cash 11/21 11/29 4,421  4,377  4,362  0.6  % (8) (10)
4,421  4,377  4,362 
MNS Buyer, Inc. Construction & Building First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash 08/21 08/27 921  903  905  0.1  %
*(7) (8) (9)
Partnership Units (76.92 units) N/A 08/21 N/A 77  78  —  %
*(7)
921  980  983 
Modern Star Holdings Bidco Pty Limited. Non-durable Consumer Goods First Lien Senior Secured Term Loan BBSY + 6.25%, 6.8% Cash 12/20 12/26 8,368  8,281  8,299  1.1  % (3) (7) (8) (19)
8,368  8,281  8,299 
MSG National Properties Hotel, Gaming, & Leisure First Lien Senior Secured Term Loan LIBOR + 6.25%, 7.0% Cash 11/20 11/25 2,437  2,378  2,486  0.3  % (3) (7) (8) (10)
2,437  2,378  2,486 
44
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Murphy Midco Limited Media, Diversified & Production First Lien Senior Secured Term Loan GBP LIBOR + 4.75%, 4.8% Cash 11/20 11/27 $ 5,252  $ 4,951  $ 5,104  0.7  % (3) (7) (8) (13)
5,252  4,951  5,104 
Music Reports, Inc. Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 08/20 08/26 7,462  7,288  7,313  1.0  % (7) (8) (10)
7,462  7,288  7,313 
Narda Acquisitionco., Inc. Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 12/21 12/27 5,680  5,581  5,580  0.7  %
*(7) (8) (10)
Revolver LIBOR + 5.25%, 6.3% Cash 12/21 12/27 (23) (23) —  %
*(7) (8) (10)
Class A Preferred Stock (4,587.38 shares) N/A 12/21 N/A 459  459  0.1  %
*(7)
Class B Common Stock (509.71 shares) N/A 12/21 N/A 51  51  —  %
*(7)
5,680  6,068  6,067 
Navia Benefit Solutions, Inc. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 02/21 02/27 2,727  2,668  2,703  0.4  % (7) (8) (10)
2,727  2,668  2,703 
Nexus Underwriting Management Limited Other Financial First Lien Senior Secured Term Loan SONIA + 5.25%, 5.3% Cash 12/21 10/28 1,691  1,620  1,630  0.2  % (3) (7) (8) (17)
First Lien Senior Secured Term Loan SONIA + 5.25%, 5.3% Cash 12/21 04/22 103  102  101  —  % (3) (7) (8) (17)
1,794  1,722  1,731 
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) Energy Equipment & Services First Lien Senior Secured Term Loan LIBOR + 4.25%, 5.3% Cash 10/18 10/25 4,753  4,734  4,677  0.6  % (7) (8) (9)
4,753  4,734  4,677 
Northstar Recycling, LLC Environmental Industries First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 10/21 09/27 2,500  2,452  2,450  0.3  % (7) (8) (10)
2,500  2,452  2,450 
OA Buyer, Inc. Healthcare First Lien Senior Secured Term Loan LIBOR + 6.0%, 6.8% Cash 12/21 12/28 8,501  8,331  8,331  1.1  %
*(7) (8) (10)
Revolver LIBOR + 6.0%, 6.8% Cash 12/21 12/28 —  (27) (27) —  %
*(7) (8) (10)
Partnership Units (210,920.11 units) N/A 12/21 N/A 211  211  —  %
*(7)
8,501  8,515  8,515 
Odeon Cinemas Group Limited Hotel, Gaming, & Leisure First Lien Senior Secured Term Loan 10.8% Cash 02/21 08/23 3,954  4,055  4,033  0.5  % (3) (7)
3,954  4,055  4,033 
OG III B.V. Containers & Glass Products First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 06/21 06/28 2,916  2,997  2,843  0.4  % (3) (7) (8) (14)
2,916  2,997  2,843 
Omni Intermediate Holdings, LLC Transportation First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 12/20 12/26 11,831  11,461  11,491  1.5  % (7) (8) (9)
11,831  11,461  11,491 
Options Technology Ltd. Computer Services First Lien Senior Secured Term Loan LIBOR + 4.5%, 5.5% Cash 12/19 12/25 2,313  2,282  2,267  0.3  % (3) (7) (8) (10)
2,313  2,282  2,267 
Oracle Vision Bidco Limited Healthcare First Lien Senior Secured Term Loan SONIA + 5.25%, 5.3% Cash 06/21 05/28 3,100  3,141  3,028  0.4  % (3) (7) (8) (17)
3,100  3,141  3,028 
Origin Bidco Limited Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 06/21 06/28 597  582  584  0.1  % (3) (7) (8) (10)
First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 06/21 06/28 377  394  369  —  % (3) (7) (8) (14)
974  976  953 
45
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
OSP Hamilton Purchaser, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 12/21 12/27 $ 2,281  $ 2,235  $ 2,235  0.3  % (7) (8) (9)
Revolver LIBOR + 5.75%, 6.8% Cash 12/21 12/27 —  (4) (4) —  % (7) (8) (10)
2,281  2,231  2,231 
Pacific Health Supplies Bidco Pty Limited Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan BBSY + 6.0%, 6.5% Cash 12/20 12/25 8,779  8,730  8,529  1.1  % (3) (7) (8) (20)
8,779  8,730  8,529 
Pare SAS (SAS Maurice MARLE) Health Care Equipment First Lien Senior Secured Term Loan EURIBOR + 6.75%, 6.8% Cash 12/19 12/26 4,638  4,478  4,638  0.6  % (3) (7) (14)
4,638  4,478  4,638 
Patriot New Midco 1 Limited (Forensic Risk Alliance) Diversified Financial Services First Lien Senior Secured Term Loan LIBOR + 6.75%, 7.8% Cash 02/20 02/27 3,764  3,685  3,591  0.5  % (3) (7) (8) (10)
First Lien Senior Secured Term Loan EURIBOR + 6.75%, 6.8% Cash 02/20 02/27 3,216  3,017  3,068  0.4  % (3) (7) (8) (14)
6,980  6,702  6,659 
PDQ.Com Corporation Business Equipment & Services First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 08/21 08/27 9,062  8,710  8,707  1.2  %
*(7) (8) (10)
Class A-2 Partnership Units (26.32 units) N/A 08/21 N/A 29  29  —  %
*(7)
9,062  8,739  8,736 
Permaconn Bidco Ltd Tele-communications First Lien Senior Secured Term Loan BBSY + 6.5%, 6.5% Cash 12/21 12/27 15,012  14,386  14,599  2.0  % (3) (7) (8) (19)
15,012  14,386  14,599 
Polara Enterprises, LLC Capital Equipment First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 12/21 12/27 4,243  4,159  4,158  0.6  %
*(7) (8) (10)
Revolver LIBOR + 4.75%, 5.8% Cash 12/21 12/27 —  (11) (11) —  %
*(7) (8) (10)
Partnership Units (3,820.44 units) N/A 12/21 N/A 382  382  —  %
*(7)
4,243  4,530  4,529 
Policy Services Company, LLC Property & Casualty Insurance First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash, 4.0% PIK 12/21 06/26 45,831  44,018  44,008  5.9  %
*(7) (8) (10)
Warrants - Class A (28,260 units) N/A 12/21 N/A —  —  —  %
*(7)
Warrants - Class B (9,537 units) N/A 12/21 N/A —  —  —  %
*(7)
Warrants - Class CC (980 units) N/A 12/21 N/A —  —  —  %
*(7)
Warrants - Class D (2,520 units) N/A 12/21 N/A —  —  —  %
*(7)
45,831  44,018  44,008 
Premium Franchise Brands, LLC Research & Consulting Services First Lien Senior Secured Term Loan LIBOR + 6.25%, 7.3% Cash 12/20 12/26 14,853  14,597  14,556  2.0  % (7) (8) (10)
14,853  14,597  14,556 
Premium Invest Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan EURIBOR + 6.0%, 6.0% Cash 06/21 06/28 4,094  4,113  4,010  0.5  % (3) (7) (8) (14)
4,094  4,113  4,010 
Preqin MC Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan SOFR + 5.5%, 5.5% Cash 08/21 07/28 2,789  2,695  2,764  0.4  % (3) (7) (8) (23)
2,789  2,695  2,764 
Process Equipment, Inc. (ProcessBarron) Industrial Air & Material Handling Equipment First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 03/19 03/25 6,174  6,115  5,945  0.8  % (7) (8) (10)
6,174  6,115  5,945 
Professional Datasolutions, Inc. (PDI) Application Software First Lien Senior Secured Term Loan LIBOR + 4.5%, 5.5% Cash 03/19 10/24 1,836  1,833  1,809  0.2  % (7) (8) (10)
1,836  1,833  1,809 
46
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Protego Bidco B.V. Aerospace & Defense First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 03/21 03/27 $ 2,227  $ 2,269  $ 2,195  0.3  % (3) (7) (8) (14)
First Lien Senior Secured Term Loan EURIBOR + 6.0%, 6.0% Cash 03/21 03/28 1,548  1,561  1,495  0.2  % (3) (7) (8) (14)
3,775  3,830  3,690 
QPE7 SPV1 BidCo Pty Ltd Consumer Cyclical First Lien Senior Secured Term Loan BBSY + 5.5%, 6.0% Cash 09/21 09/26 1,632  1,564  1,605  0.2  % (3) (7) (8) (20)
1,632  1,564  1,605 
Questel Unite Business Services First Lien Senior Secured Term Loan LIBOR + 6.25%, 6.8% Cash 12/20 12/27 6,892  6,802  6,851  0.9  % (3) (7) (8) (10)
6,892  6,802  6,851 
Recovery Point Systems, Inc.
 Technology First Lien Senior Secured Term Loan LIBOR + 6.5%, 7.5% Cash 08/20 08/26 11,648  11,460  11,648  1.6  %
*(7) (8) (10)
Partnership Equity (187,235 units) N/A 03/21 N/A 187  150  —  %
*(7)
11,648  11,647  11,798 
Renovation Parent Holdings, LLC
 Home Furnishings First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash 11/21 11/27 4,854  4,735  4,733  0.7  %
*(7) (8) (11)
Partnership Equity (197,368.42 units) N/A 11/21 N/A 197  203  —  %
*(7)
4,854  4,932  4,936 
REP SEKO MERGER SUB LLC
 Air Freight & Logistics First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 12/20 12/26 7,614  7,416  7,478  1.0  % (7) (8) (10)
7,614  7,416  7,478 
Resonetics, LLC Health Care Equipment Second Lien Senior Secured Term Loan LIBOR + 7.0%, 7.8% Cash 04/21 04/29 4,011  3,934  3,930  0.5  % (7) (8) (10)
4,011  3,934  3,930 
Reward Gateway (UK) Ltd Precious Metals & Minerals First Lien Senior Secured Term Loan SONIA + 6.75%, 6.8% Cash 08/21 06/28 2,869  2,807  2,776  0.4  % (3) (7) (8) (17)
2,869  2,807  2,776 
Riedel Beheer B.V. Food & Beverage First Lien Senior Secured Term Loan EURIBOR + 5.5%, 5.5% Cash 12/21 12/28 1,899  1,835  1,843  0.3  % (3) (7) (8) (14)
Revolver EURIBOR + 5.5%, 5.5% Cash 12/21 06/28 —  (5) (5) —  % (3) (7) (8) (14)
Super Senior Secured Term Loan EURIBOR + 5.5%, 5.5% Cash 12/21 12/28 230  222  223  —  % (3) (7) (8) (14)
2,129  2,052  2,061 
RPX Corporation Research & Consulting Services First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 10/20 10/25 7,612  7,426  7,455  1.0  % (7) (8) (10)
7,612  7,426  7,455 
Ruffalo Noel Levitz, LLC Media Services First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 01/19 05/24 9,543  9,524  9,543  1.3  % (7) (8) (10)
9,543  9,524  9,543 
Safety Products Holdings, LLC Non-durable Consumer Goods First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 12/20 12/26 12,026  11,798  11,755  1.5  %
*(7) (8) (9)
Preferred Stock (372.1 shares) N/A 12/20 N/A 372  510  0.1  %
*(7)
12,026  12,170  12,265 
Scaled Agile, Inc. Research & Consulting Services First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.3% Cash 12/21 12/28 1,748  1,705  1,705  0.2  % (7) (8) (10)
Revolver LIBOR + 5.5%, 6.3% Cash 12/21 12/28 —  (7) (7) —  % (7) (8) (10)
1,748  1,698  1,698 
Serta Simmons Bedding LLC Home Furnishings Super Priority First Out LIBOR + 7.5%, 8.5% Cash 06/20 08/23 7,350  7,229  7,409  1.0  % (8) (9)
Super Priority Second Out LIBOR + 7.5%, 8.5% Cash 06/20 08/23 3,607  3,374  3,365  0.4  % (8) (9)
10,957  10,603  10,774 
47
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
SISU ACQUISITIONCO., INC. Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 12/20 12/26 $ 7,009  $ 6,869  $ 6,771  0.9  % (7) (8) (10)
7,009  6,869  6,771 
Smartling, Inc. Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 11/21 11/27 16,471  16,102  16,094  2.2  % (7) (8) (10)
Revolver LIBOR + 5.75%, 6.8% Cash 11/21 11/27 —  (23) (24) —  % (7) (8) (10)
16,471  16,079  16,070 
Smile Brands Group Inc.
 Health Care Services First Lien Senior Secured Term Loan LIBOR + 4.5%, 5.3% Cash 10/18 10/25 4,593  4,571  4,553  0.6  % (7) (8) (10)
First Lien Senior Secured Term Loan LIBOR + 4.5%, 5.3% Cash 12/20 10/25 —  (12) (6) —  % (7) (8) (10)
4,593  4,559  4,547 
SN BUYER, LLC Health Care Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 12/20 12/26 18,394  18,080  18,394  2.5  % (7) (8) (9)
18,394  18,080  18,394 
Springbrook Software (SBRK Intermediate, Inc.) Enterprise Software & Services First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash 12/19 12/26 10,346  10,179  10,346  1.4  % (7) (8) (10)
10,346  10,179  10,346 
SPT Acquico Limited High Tech Industries First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 01/21 12/27 658  644  658  0.1  % (3) (7) (8) (10)
658  644  658 
SSCP Pegasus Midco Limited Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan GBP LIBOR + 6.75%, 6.8% Cash 12/20 11/27 2,754  2,488  2,722  0.4  % (3) (7) (8) (12)
2,754  2,488  2,722 
Starnmeer B.V. Technology First Lien Senior Secured Term Loan LIBOR + 6.4%, 6.9% Cash 10/21 04/27 7,500  7,391  7,388  1.0  % (3) (7) (8) (10)
7,500  7,391  7,388 
Superjet Buyer, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.5% Cash 12/21 12/27 23,175  22,711  22,711  3.0  % (7) (8) (10)
Revolver LIBOR + 5.75%, 6.5% Cash 12/21 12/27 —  (37) (37) —  % (7) (8) (10)
23,175  22,674  22,674 
Syniverse Holdings, Inc. Technology Distributors First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash 08/18 03/23 17,314  16,493  17,192  2.3  % (8) (10)
17,314  16,493  17,192 
Syntax Systems Ltd Technology First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.3% Cash 11/21 10/28 2,056  2,018  2,016  0.3  % (3) (7) (8) (9)
Revolver LIBOR + 5.5%, 6.3% Cash 11/21 10/26 442  432  432  —  % (3) (7) (8) (9)
2,498  2,450  2,448 
TA SL Cayman Aggregator Corp.
 Technology Subordinated Term Loan 8.8% PIK 07/21 07/28 1,995  1,957  1,960  0.3  %
(7)
Common Stock (1,227.79 shares) N/A 07/21 N/A 50  65  —  %
(7)
1,995  2,007  2,025 
Techone B.V. Technology First Lien Senior Secured Term Loan EURIBOR + 5.5%, 5.5% Cash 11/21 11/28 8,726  8,428  8,441  1.1  % (3) (7) (8) (14)
Revolver EURIBOR + 5.5%, 5.5% Cash 11/21 05/28 108  97  97  —  % (3) (7) (8) (14)
8,834  8,525  8,538 
Tencarva Machinery Company, LLC Capital Equipment First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash 12/21 12/27 5,486  5,375  5,374  0.7  % (7) (8) (10)
Revolver LIBOR + 5.5%, 6.5% Cash 12/21 12/27 —  (20) (20) —  % (7) (8) (10)
5,486  5,355  5,354 
48
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan LIBOR + 4.25%, 5.3% Cash 10/21 12/27 $ 847  $ 776  $ 776  0.1  % (7) (8) (10)
Revolver LIBOR + 4.25%, 5.3% Cash 10/21 12/27 —  (14) (14) —  % (7) (8) (10)
Subordinated Term Loan 7.8% PIK 10/21 10/28 3,333  3,268  3,267  0.4  %
*(7)
4,180  4,030  4,029 
The Hilb Group, LLC
Insurance Brokerage First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 12/19 12/26 20,279  19,880  19,874  2.7  % (7) (8) (10)
First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.3% Cash 12/19 12/26 55  (1) (2) —  % (7) (8) (10)
20,334  19,879  19,872 
Total Safety U.S. Inc. Diversified Support Services First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 11/19 08/25 6,583  6,393  6,482  0.9  % (8) (11)
6,583  6,393  6,482 
Transit Technologies LLC
 Software First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 02/20 02/25 6,035  5,946  5,846  0.8  % (7) (8) (10)
6,035  5,946  5,846 
Transportation Insight, LLC Air Freight & Logistics First Lien Senior Secured Term Loan LIBOR + 4.5%, 4.6% Cash 08/18 12/24 11,330  11,260  11,160  1.5  % (7) (8) (9)
11,330  11,260  11,160 
Trident Maritime Systems, Inc. Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash 02/21 02/27 14,888  14,665  14,888  2.0  % (7) (8) (10)
14,888  14,665  14,888 
Truck-Lite Co., LLC Automotive Parts & Equipment First Lien Senior Secured Term Loan LIBOR + 6.25%, 7.3% Cash 12/19 12/26 15,002  14,623  14,611  2.0  % (7) (8) (10)
15,002  14,623  14,611 
Trystar, LLC Power Distribution Solutions First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash 09/18 09/23 11,988  11,777  11,778  1.6  % (7) (8) (10)
Class A LLC Units (440.97 units) N/A 09/18 N/A 481  412  —  %
*(7)
11,988  12,258  12,190 
Turbo Buyer, Inc. Finance Companies First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 11/21 12/25 8,430  8,226  8,220  1.1  % (7) (8) (10)
8,430  8,226  8,220 
Turf Products, LLC Landscaping & Irrigation Equipment Distributor Senior Subordinated Debt 10.0% Cash 12/20 10/23 8,697  8,384  8,627  1.2  % (7) (25)
8,697  8,384  8,627 
Turnberry Solutions, Inc. Consumer Cyclical First Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash 07/21 09/26 4,500  4,406  4,423  0.6  % (7) (8) (10)
4,500  4,406  4,423 
U.S. Gas & Electric, Inc. Energy Services Second Lien Loan 9.5% Cash 12/20 07/25 2,285  1,785  1,785  0.2  % (7) (25)
Second Lien Loan 9.5% Cash 12/20 07/25 2,485  —  —  —  % (7) (25) (26)
4,770  1,785  1,785 
U.S. Silica Company Metal & Glass Containers First Lien Senior Secured Term Loan LIBOR + 4.0%, 5.0% Cash 08/18 05/25 1,472  1,474  1,437  0.2  % (3) (8) (9)
1,472  1,474  1,437 
UKFast Leaders Limited Technology First Lien Senior Secured Term Loan SONIA + 7.0%, 7.1% Cash 09/20 09/27 12,312  11,399  12,090